Day 1278 of the Recession

As we head into the summer months, the world still finds itself troubled with Greece about to go its own way and Spain about to take some pain, how much is still to be decided. I am sure Christine Legarde of the IMF, who has been chiding Greeks for not paying tax while she enjoys a tax free salary, will decide how much pain to apply to Spain and Greece and leave Germany in a better position. Does it not dawn on people like Christine that the rest of us are the market place for German goods and if we have no money...... I am currently reading the biography of Harry S Truman, under the new deal that Roosevelt was implementing there were only 94 Republican Senators in the Senate and the house had less. He also had 4% of the population in 1935 controlled 80% of the money, so if Obama and America want to get a new deal in, they need to have less republicans around. Our own troubles in Ireland are compounded by the bank guarantee, we as a nation are now controlled by this debt, with no way to offset it. we have the faintest hope that NAMA will be able to sell off the 39B in assets and loans it now has at a small profit and only then will we be able to get out of the debt crisis we find ourselves in. This will prove to be a task too far, until we have debt forgiveness or indeed default we will not get rid of this debt. All those in favour of default stand up.......thought so, well you can sing for forgiveness.