Simon Johnson Warns Ireland: Seek IMF Bailout Or Risk Bankruptcy

The Independent:

"For the sake of the Irish people, it's time to go to the IMF. If you go in now and if you go in with your partners, you will get a good deal. You may not get such a good deal next week. It would have been a much better deal if they'd gone in February because Ireland wouldn't have had to go through all this discretionary tightening along the route."

Read the whole story: The Independent

Comments

[orbs]

08:12 AM on 11/15/2010

The world, civilization and humanity itself...has no need for banks.

It well past time for people to stop believing what greed & control has been foisting upon the world for far too many generations now.

Banks, and bankers...are irrelevant to progress, stability and the pursuit of happiness.

[Dameocrat]

03:32 AM on 11/15/2010

He is a former chief economist to the imf. Real objective!

[talkofliberty]

11:41 PM on 11/14/2010

The citizens of Ireland are far better off defaulting. They will be debt slaves to the IMF for life if they kiss the IMF's ring.

[Non-Compassionate Liberal]

10:56 PM on 11/14/2010

If they take the bailout, then the IMF owns them. Don't do it Ireland.

[-swift]

09:37 PM on 11/14/2010

Every country that has taken an IMF "bailout" seems to be in much worse shape than those that don't.

[antonymous]

09:26 PM on 11/14/2010

Ireland? Isn't that that third-world country that everybody pretends isn't a third-world country because it's in Europe?

[fintan stack]

10:08 PM on 11/14/2010

Ireland is far from a third world country having among the highest gdp per capita in the world, among the highest wage rates, among the highest minimum pay rates, very high social welfare and pension rates, 3-4 times higher payments than Britain or many other west European countries, and a free public health service and free education, including all universities, that ensures over 60% of school leavers go to college. The UN places Ireland 5th from top on the human development index, far ahead of either the US or UK. You might also like to know that Irish exports are up 12% this year.
An ignorant character like you sure needs an education, I'm sure someone will give it to you some day.

[Sorti]

11:30 PM on 11/14/2010

That's the point, the bankers want to smack down the Irish and cut way back on these things you have pointed out.

Bankers want to remind everyone, bankers rule and everyone else is less than zero.

[ProudToBeVeryLiberal]

12:32 AM on 11/15/2010

And exactly how would you know? How many teabaggers have a passport? Sarah Palin got her first one when she was 44, and only because she was invited to join a conference in Canada as the governor of Alaska.

[logicanada]

08:39 PM on 11/14/2010

Debt and Owing are what Jesus preached against. What part of that does our Christian western society not understand?

[ProudToBeVeryLiberal]

12:26 AM on 11/15/2010

Republicans worship supply-side Jesus.

[logicanada]

08:33 PM on 11/14/2010

Maybe the Queen should contribute. (and no I don't mean Rudy Guliani )

[vippy]

07:22 PM on 11/14/2010

And who is behind the IMF, the USA!  Figures!  Our crooked politicians are everywhere. 

[vippy]

07:21 PM on 11/14/2010

Ireland should choose bank ruptcy!  At least they will have a way forward.  If they go with IMF they will be in their claws forever.  Look what Argentina made after they freed themselves from the IMF.

[qzpm111]

07:19 PM on 11/14/2010

Ireland, please do what Iceland did and tell the banksters to shove it.

[Krek]

06:27 PM on 11/14/2010

Isn't this a problem with Ireland's banks recklessly lending to land developers? Taxpayers had to bail out their banks on top of an already severe recession. Two thirds of the $60 billion they need to find is money to buy the bad debt from the banks. If the bankers hadn't lent money the way they did, then maybe the 'boom' wouldn't have been so large, but they would be have been able to weather this recession far better and hang on to their low corporate tax rates etc. How bankers around the world are not behind bars is an absolute mystery.

[talkofliberty]

11:42 PM on 11/14/2010

It is always the tax payers bailing out the rich and connected through force of government. There is no government that can be trusted.

[Rick Eriksen]

05:31 PM on 11/14/2010

Brazil told the IMF to shove it where the sun don’t shine a few years ago…guess who’s economy is thriving while everyone who took IMF money is dying…The B in Birc countries stand for Brazil…

Ireland, just send those IMF gangsters out of town on a rail…and lose the EU while you are at it…

[RavDov571]

05:24 PM on 11/14/2010

Confessions of an Economic Hitman by John Perkins.

Read it.

[Quinny]

07:44 PM on 11/14/2010

I have...and it is a MUST read for anyone who wants to know
how the world banking system really works. These "Bankers"
are nothing less than vultures....

[whitemale08]

05:20 PM on 11/14/2010

Ireland and indeed the Western world needs to default and declare bankruptcy - PERIOD

If the leaders of Ireland, Europe and the United States had courage it will tell the banksters/creditors: "We default...we rather rebuild our economy from scratch and be FREE".

Latin America andd Africa submitted to the IMF/World Parasites and most of their countries are slaves and debt-serfs suffering from never ending AUSTERITY cuts in social programs and education.

The IMF is like the mafia, once you touch their paper-money you submit your SOVEREIGNTY and the banksters write all laws and regulations to conform to their predatory loans.

It would be better to sacrifice extreme short-term pain then to slave forever to the IMF.