They Let 'em Fail
Iceland refused to take a loan
From Banksters at the IMF
Instead let banks fail,
Kept the debt...
And sent the loan sharks home
ROTMS
Source: Bloomberg
Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued.
“The difference is that in Iceland we allowed the banks to fail, ” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”
Ireland’s Prime Minister Brian Cowen said this week his government has discussed an 85 billion-euro ($112 billion) bailout with the European Union and International Monetary Fund after the country’s banks threatened to bring the euro member to the brink of bankruptcy. Iceland’s banks, which still owe creditors about $85 billion, were split to create domestic units needed to keep the financial system running, while foreign liabilities remained within the failed lenders.
As a consequence, “Iceland is faring much better than anybody expected, ” Grimsson said. The Icelandic state’s liability on foreign depositor claims stemming from Icesave accounts at failed Landsbanki Islands hf should be put to a national referendum, he said.
“How far can we ask ordinary people - farmers and fishermen and teachers and doctors and nurses - to shoulder the responsibility of failed private banks, ” said Grimsson. “That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries.”
poem by Ray Lucero
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Related quotes
Interest Rate
Interest rate should be fixed
In such a manner and style
So that both the commercial banks
And their clients are benefited
But unfortunately many people
Incur loss as a result of
High interest rate
The central bank should encourage
The commercial banks
To go for investment
In the lucrative sectors
In order to create more fund
And to enable them to give more loans
And lower interest rate
For the entrepreneurs
If the commercial banks
Lower interest rate
For the depositors
The latter will not be discouraged much
Since people deposit money mainly
To keep it in a safe place
If the commercial banks
Lower interest rate
For the entrepreneurs
Many more people will take loan
As a result
Both the parties will be benefited
According to Islam
If there is more good elements
Than bad effects
Exist in a thing
It becomes halal
Therefore if most of the people are benefited
By taking loans it becomes okay
poem by Asif Andalib
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The (Not-So-Great) Bailout of 2008
Gather round children,
as I tell the tale,
Of how all the banks
started to fail.
About how the government
bailed out the rich,
Rather than the poor,
which would have been a switch.
People were greedy,
for something called cash,
Brokers on Wall Street had plenty,
so what they did seems rash.
And so they started
robbing regular people blind.
That's how America (and the World)
got into a bind.
The banks began approving loans for homes,
to anyone who might need.
The value would go up,
and you could re-mortgage indeed.
People started spending
what they never had.
The way money was their religion
was awfully sad.
People would spend thousands of dollars,
On luxury items and diamond rings,
While poor children went without
food, braces and things.
The world was on a bubble
about to break.
Still banks pushed loans and investments
with ratings that were fake.
The economy crashed
like a run away train.
Regular people watched as their savings
and retirement went down the drain.
The president and congress
fearing another crash,
put together
a bailout plan fast.
They reasoned, if we don't fix the economy
the whole ship will sink.
'You don't understand, ' they claimed
the world is on the brink.
And so the government taught future generations,
handing (the rich) a bone,
That's it's okay to spend
more than you own.
poem by Joseph DeMarco
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European Union Austerity Measures Inflicted On Greece
an interesting development...
an online censor clerk,
has learned, an innovative, art
a strategic censorship perk
instead of banning...
problematic whole book,
article, poem, attacking
austerity measures
a strategic strike intriguing...
a crafty innovative hook,
just delete, fine tune, targeting
precisely, paragraph, paragraphs
referencing offending...
sponsorship bankers bank,
austerity, measures, mince meating
Greece, Greek, citizens
a lie shrouded adjustment...
offered by Germany her allies,
austerity, leads to, internal deflation repeat
Greece, will regain, competitiveness
proposed solution a no-brainer neat...
suppose miraculously austerity succeeds,
actually, could deliver, deflation sweet
growth, nominal GDP suppressed, decreases
turns negative burden of debt...
will increase reducing Greek wages,
relative, to Germany, in prime position seat
Greece, has sacrificed made, 'progress':
private-sector wages fell 5.4%...
in the third quarter of 2011,
from, a happier, year earlier 12%
since, peak first quarter, of 2010
leaked European Commission report...
called for nominal wages in business,
economy, to be reduced, by a further 15%
during,2012-2014, exploitation finesse
will Germany accept...
undesired price of inflation,
for stability, political, benefit
of keeping, intact, pet eurozone?
upside inflation will to start...
with make happy Germans,
their wages, rise, right smart
inflation, adjusted, sensations
positives but ECB monetary policy strict...
catering to prime German desires,
for low, German inflation, verdict
put out, threat undesired inflation, fires
Merkel moved to counteract...
ECB monetary policy which might,
stoke, inflation, in Germany
cementing, certain, impossibility
of an economic recovery...
for struggling EU countries policy,
eurozone, adjustment, locked out by Germany
economic, hardship, elsewhere in the currency
block actually...
suits Germanys' export-oriented economy,
it causes, the euro, to depreciate
makes, German exports, cheaper competitive hot
Germany's unemployment...
continues downward trend to record lows,
German, select, financial institutions
scooped, the lion's, share tenderloin slices
more than 80 percent...
of Greek rescue package goes to creditors,
a huge, chuck, to hyena stalking banks
outside Greece, the ECB, takes choice slices
billions of taxpayer euros are not...
saving Greece their purpose saving banks,
shifting, liabilities, from European banks
to fleeced, targeted, European taxpayers
staggering slaughter public debt...
Greece owes foreign governments,
including, debt, to EU/IMF loan facilities
debt, through, manipulated eurosystems
increased by €130 bn...
from €47.8 bn to €180.5 billion,
between, January,2010 and September 2011
brutal, severity austerity, measures in European Union
imposed on Greece by boots German...
French leadership of European Union,
importance, of honouring people, individuals nation
treating people, with humility respect, compassion
is a lesson...
sadly not learned by evil men,
women, who prey, upon the divine
breath, heartbeats, dreams of a working class citizen
poem by Terence George Craddock
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The Economy Part 1
The Economy
Burning bed, the mattress, afire; under it I had two thousand Euro,
as banks can go belly up any time bolt their doors and call the law
to keep the screaming multitude at bay.
Too late, my poor man´s saving burnt to ashes. I shall not cry, soon
the euro will be quite valueless when 10.000 is worth ten pence,
and for that I can´t even buy an ice-cream.
I do regret I wasn´t a good consumer didn´t help the economy
by not using credit cards to buy stuff I didn´t need, I have failed
in my duty as citizen and now harvest devastation.
poem by Oskar Hansen
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National Song (E.C.)
There is no land like England
Where banks rise day by day,
There are no banks like English banks
To make the people pay.
There is no such land of castles
Where an Englishman is free
To read his smutty literature
With muffins at his tea.
Chorus:
For the French have comic papers
Not that nice Britons read 'em,
But the bawdy little Britons
Have bank sharks to bleed 'em
And to keep an eye on their readin' matter
Lest they should overhear the distressing chatter
Of the new economical theories
And ask inconvenient queetfes.
poem by Ezra Pound
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On The Banks Of The Old Ponchartrain
Recorded by: hank williams, sr.
Written by: hank williams sr. & ramona vincent
I [a] travelled from [a7] texas to [d] old louis-[a] anne
Thru valleys, oer mountains and [e7] plains
Both [a] footsore and [a7] weary I [d] rested a-[a] while
On the [e7] banks of the old ponchar-[a] train.
The fairest young maiden that I ever saw
Passed by as it started to rain
We both found a shelter beneath the same tree
On the banks of the old ponchartrain.
We hid from the shower an hour or so
She asked me how long Id remain
I told her that Id spend the rest of my days
On the banks of the old ponchartrain.
I just couldnt tell her that I ran away
From jail on a west texas plain
I prayed in my heart I would never be found
On the banks of the old ponchartrain.
Then one day a man put his hand on my arm
And said I must go west again
I left her alone without saying goodbye
On the banks of the old ponchartrain.
Tonight as I sit here alone in my cell
I know that shes waiting in vain
Im hoping and praying someday to return
To the banks of the old ponchartrain.
song performed by by Hank Williams
Submitted by Lucian Velea
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My Question to Alan Greenspan and Ben Bernanke
When banks went bankrupt, to bail them out
The government gave them a cushy handout
When the rest of economy went to recession
The government tried to make a good impression
It printed trillions of fiat money
To rescue all friends of the Easter Bunny
To provide the necessary wherewithal
To spend its way out of the hole
The politicians were not aware
While they built the bridges that lead to nowhere
That money is also a finite resource
They had good intentions: for better or for worse
Inflation and taxes beyond any doubt
Caused my retirement fund wipe out
My finances were trapped, I couldn’t get any cash
When stocks and bonds have turned into trash
I was paying my mortgage & credit card debt
I spent money wisely, my expenses were capped
With banks in default, the dollar’s inflating
I still retain 5-star credit rating
Hey, Mr.Bernanke and Mr.Greenspan
Something is wrong with your genius plan
Would you, please, tell me, whose fault is that -
People are suffering and banksters are fat?
***
August 23,2009
poem by Slava Olchevski
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“the Grapes Of Wrath”
80 years, another “Great Depression”
Deep ruts in a troubled Nation’s path
Failed Banks, no jobs, no fabrication
Eat again Steinbeck “Grapes of wrath”
ROTMS
poem by Ray Lucero
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Economic Development
Economic development is the precondition of higher living standard
Therefore we should focus on economic development at first
We know infrastructural development is a must
For economic development of any country
So the government should go for it in the first place
And if necessary they should go for partnership with private entrepreneurs
Now it’s an open market economy
If we want to take off to the sky of prosperity
We need to utilize our own resources including manpower
We need to figure out our competitive advantages
Because it’s not a hard task for us in the information era
Now-a-days tourism is a lucrative sector for any government
Because we are living in the time of globalization
Protectionism is now a history
That’s why
The role of commercial banks and other financial institutions
Is more pivotal than ever
They should provide loan to the industrialists
In such a manner and style
So that the latter can import cutting-edge tech
In order to survive in the fierce competition of open market
poem by Asif Andalib
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Credit crunch!
I hear no sound of joy or laughter
As the markets crash like thunder
Take a look at the whole financial bunch
Many made money on just a keypunch
Banks which once stood brave
Are now begging to be saved
With Governments pumping billions into banks
Because many claim to have empty money tanks
People’s savings are wiped off the record
Sit home! Sit home! Calculate what you can afford
For fast is this growing curse flowing
As the financial chaos wind keeps blowing
On each lip only two words are spoken
Credit-Crunch!
Behold the whole Financial Market is broken!
Copyright 2008 - Sylvia Chidi
poem by Sylvia Chidi
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Genetic studies in Iceland have found that many of the women who were the founding stock of Iceland came from England and what is now France. Some were probably captured and carried off in Viking raids only 40 generations ago.
quote by Keith Henson
Submitted by Lucian Velea
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The Auld Triangle
A hungry feeling
Came oer me stealing
And the mice were squeeling
In my prison cell
And that auld triangle went jingle-jangle
All along the banks of the royal canal
Oh! to start the morning
The warden bawling
Get up out of bed, you! and clean out your cell!
And that auld triangle went jingle-jangle
All along the banks of the royal canal
Oh! the screw was peeping
And the loike was sleeping
As he lay weeping
For his girl sal
And that auld triangle went jingle-jangle
All along the banks of the royal canal
On a fine spring evening
The loike lay dreaming
And the sea-gulls were wheeling
High above the wall
And that auld triangle went jingle-jangle
All along the banks of the royal canal
Oh! the wind was sighing
And the day was dying
As the loike lay crying
In his prison cell
And that auld triangle went jingle-bloody-jangle
All along the banks of the royal canal
In the womens prison
There are seventy women
And I wish it was with them
That I did dwell
Then that auld triangle could go jingle-jangle
All along the banks of the royal canal
song performed by by Pogues
Submitted by Lucian Velea
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On The Banks of The Shore
have i wandered too far this time
to feel the presence of Your hand
i cant say that i've been blind
building castles in the sand
seems kinda funny for me to say
words i've said before
feeling's too heavy for me to pray
on the banks of the shore
on the banks of the shore
at the foot of the cross
my heart's aching and sore
and my soul's feeling lost...
could You spare an angel or two
put a rainbow in the sky
just to let me know that You
care if i live or die
maybe i'll get it right this time
find the key to the door
just need some peace of mind
on the banks of the shore
on the banks of the shore
at the foot of the cross
my heart's aching and sore
and my soul's feeling lost
on the banks of the shore
at the foot of the cross
my heart's aching and sore
and my soul's feeling lost....
poem by Eric Cockrell
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Private Money
Dynasty private banks hate the State
Dynasty private money hate the fate
we all were told,
The world sold all gold. Honey, honey
Private money. Mankind find in mind,
Front page, low wage,
David Ricardo’s dangerous offence,
Makes no sense. Honey, honey
Private money. Interest of money out of nothing,
You knew the true, anything.
Bless confess negligence,
Birth of earth impotence. Honey, honey
Private money. They are not the world to neglect
The true of this world ugly content.
Their hate will attend tough low blow,
Their fate is a soon end down below. Honey, honey
Private money.
poem by Vladimir Funduc
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Banks have a new image. Now you have 'a friend,' your friendly banker. If the banks are so friendly, how come they chain down the pens?
Spanish Justice?
Beleaguered Spaniards have had it
"M15" are going after Bankster Chief
File suit, for fraud he did commit
They also hope to jail this vile thief
If Courts rule in favor of fraud victims;
Similar suits may be filed in U.S. Courts
Halls of justice would flood with Dictums
After litigators ferret-out relevant torts
B of A, Wells Fargo and other large banks;
Are put on notice for any wrongful deed
Many Wall Street banks will join the ranks,
To also pay for their heinous acts of greed
'We the people" will ultimately prevail
After all the "99%" is much too big to fail
ROTMS
poem by Ray Lucero
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Negro banks, as a rule, have failed because the people, taught that their own pioneers in business cannot function in this sphere, withdrew their deposits.
quote by Carter G. Woodson
Submitted by Lucian Velea
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I think a failed state is the responsibility of the people who have made that state fail, and those are generally the people of that country.
quote by Lakhdar Brahimi
Submitted by Lucian Velea
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Civilization is a stream with banks. The stream is sometimes filled with blood from people killing, stealing, shouting and doing the things historians usually record, while on the banks, unnoticed, people build homes, make love, raise children, sing song.
quote by Will Durant
Submitted by Lucian Velea
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International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief.
quote by Joseph Stiglitz
Submitted by Lucian Velea
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