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A recent article by Lisa O’Carroll highlighted the interesting phenomenon of bankruptcy tourists from Ireland heading to the UK to discharge their debts. Due to more favourable insolvency laws – a bankrupt in the UK is discharged after just twelve months, whereas in Ireland it’s a draconian twelve years – Irish debtors are doing the sensible thing and crossing the sea for a quick release from debt.

Fish 'n' Chips, Tea, Becoming Debt Free

The most fascinating revelation in the article was that, ‘as few as 29 people were made bankrupt in Ireland last year’, a staggeringly low number considering the severity of the property crash in the Republic, especially when compared to the 79,000 who went bankrupt in the UK during the same period. It’s not difficult to deduce that the UK is effectively operating as Ireland’s bankruptcy court, which is considerably more helpful to Irish citizens than another bailout loan. Although ascertaining exactly how many of the UK’s bankrupts are made up of Irish citizens would be difficult, and clearly some Irish debtors will be eloping overseas without bothering with any formal debt discharge procedures (I would love to hear from you guys).

I just hope the message is getting through to the people at the bottom. The Irish banks have had their bailout, in turn subjecting citizens to some of the most brutal cuts in Europe. Now we hear tales of Irish property speculators bailing themselves out, by utilising UK laws. I’ve already called for a ‘People’s Bailout’, and now I extend this call to the people of Ireland – don’t be the chump left with a sackful of debt whilst everyone else extricates themselves from the mess. Get yourselves over to the UK and get rid of that debt!

Update: I have found a great article with information for Irish citizens wishing to go bankrupt in the UK. If you wish to know more then click here.

Thou shalt remain in servitude

The latest insolvency statistics were released yesterday and, as usually follows such announcements, the comment threads of news sites were awash with the protestations of indignant moralisers, complaining about the unjustness of it all – at how people can simply walk away and leave a trail of bad debts. Perhaps these preachers should stop for a moment to consider the absurdity of their outdated position?

Post- economic crisis, the banks have been bailed out leaving the citizens of this country to bear the brunt of savage cuts, which are the result of a huge deficit caused by the bankers’ unchecked greed and recklessness. Yet nothing has changed – the rotten system remains unfixed, and huge bonuses are being paid out once again. Proof of a return to ‘avarice as usual’, on the part of the global elite, was confirmed by Bob Diamond, CEO of Barclays, who last month brazenly told the Treasury Select Committee that, “there was a period of remorse and apology for banks and I think that period needs to be over”.

Ten Hail Marys...

In light of the gross inequalities of a rigged system – where the rich and powerful continue to profit and the masses take the pain – crying foul over those at the bottom freeing themselves from the debt shackles handed to them by the global lever pullers, is to effectively disseminate the banks propaganda for them, helping to keep the system functioning. 

A People’s Bailout

So the bankers have had their bailout and announced that their period of penance is over, but what of the millions of indebted people who don’t have anyone coming to their rescue? The people have an escape route too – in the form of easy insolvency laws. So if you’re over-indebted then don’t think twice about opting to bail out. Certainly don’t listen to the howls of righteous indignation as you announce your decision. Grab the parachute, take the leap, and float down into the land of freedom…

Can't handle life in a cage man

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