What the fuck is a promissory note?
For that matter what the fuck is a bond?
And why, nearly four years on are we still trying to pay the debts of a bank which has gone bust?
As far as I can make out, Anglo Irish Bank still needs money to pay the gamblers so it borrows from the Central Bank. The Central Bank doesn’t have the money so it gives a “promissory note” or a bond or something to Anglo. Apparently the promissory note is worthless and can be torn up in a few years [why not now?] but in the meantime the Central Bank has to borrow money from Europe to cover the cost of the promissory note which is worthless. And apparently we can only borrow from Europe as the money market doesn’t trust us and the profligate way we chuck money into dead banks.
It’s doing my fucking head in.
As far as I can make out, there was a shed load of invented money floating around five years ago. When the crash happened they suddenly realised that there was a couple of trillion in banks and elsewhere that didn’t actually exist. All they found was a couple of trillion IOUs that were worthless. Instead of tearing up the IOUs, they decided that someone had to pay them so they are shunting them around Europe trying to find some fucking idiot who will pay hard cash for them. And we all know who that fucking idiot is, don’t we? You and me.
They can fuck off.
I have had it with Noonan and his “great deal” that he has done whereby we don’t have to pay one of
our the gamblers’ debts for fourteen years or one year [no one seems to know which].
I am sick of hearing about the fat cats who are running banks making billions in losses but who are still paid funny money salaries and stellar bonuses. How come the head of Anglo [which is bust and is being wound down] got paid €800,000 last year out of my taxes? How come €200,000 of that was “relocation expenses”?
Worst of all, I am sick and tired of that fucking “troika” ordering us around, and our gubmint licking their arses at every opportunity.
I have decided to pay the property tax.
No. They aren’t getting their grubby little hands on my cash.
I’m sending them a promissory note.