What is truth?

If you want a cogent metaphor for the central bank enabled crack-up boom now underway on a global basis, look no further than today’s scheduled chapter 11 filling of met coal supplier Alpha Natural Resources (ANRZ). After becoming a public company in 2005, its market cap soared from practically nothing to $11 billion exactly four years ago. Now it’s back at the zero bound.
ANRZ Market Cap Chart

ANRZ Market Cap data by YCharts

Yes, bankruptcies happen, and this is most surely a case of horrendous mismanagement. But the mismanagement at issue is that of the world’s central bank cartel.

The latter have insured that there will be thousands of such filings in the years ahead because since the mid-1990s the central banks has engulfed the global economy in an unsustainable credit based spending boom, while utterly disabling and falsifying the financial system that is supposed to price assets honestly, allocate capital efficiently and keep risk and greed in check.

Accordingly, the ANRZ stock bubble depicted above does not merely show that the boys, girls and robo-traders in the casino got way too rambunctious chasing the “BRICs will grow to the sky” tommyrot fed to them by Goldman Sachs. What was actually happening is that the central banks were feeding the world economy with so much phony liquidity and dirt cheap capital that for a time the physical economy seemed to be doing a veritable jack-and-the-beanstalk number.

In fact, the central banks generated a double-pumped boom——first in the form of a credit-fueled consumption spree in the DM economies that energized the great export machine of China and its satellite suppliers; and then after the DM consumption boom crashed in 2008-2009 and threatened to bring the export-mercantilism of China’s red capitalism crashing down on Beijing’s rulers, the PBOC unleashed an even more fantastic investment and infrastructure boom in China and the rest of the EM.

full article at source: http://davidstockmanscontracorner.com/pop-goes-the-alpha-natural-resources/

I went up to Redcross Co;Wicklow this morning and cane across this Gem! “Tweedle Craft”
Specialists in soft furnishings, including curtains, chair covers matching cushions, bedheads, indeed anything that can be stitched or stuffed. A handy one to remember! If you are looking for something special for the home you will not be disappointed pay this place a visit! I saw bead Double spreads for 50 euro I know you pay 125 euro elsewhere ! I might just go back and get one for my Hippy bus !

Three former Anglo Irish Bank officials have been jailed for between 18 months and three years for conspiring to conceal or alter bank accounts being sought by Revenue.

Former chief Operations Officer Tiarnan O’Mahoney, former company secretary Bernard Daly and former assistant manager Aoife Maguire were found guilty by a jury on Thursday on all charges after nearly seven hours deliberations and a two month trial.

O’Mahoney, who was second in command at the bank, received a three year sentence. Daly was sentenced to two years and Maguire got 18 months. All sentences are to begin immediately.

The judge called Anglo a “very sick bank” which “took a very, very dishonest approach to Revenue.”

He said the accused’s actions were “done out of misplaced loyalty but were still dishonest and were against all good banking principle and practices.”

The court heard that there is no statutory maximum prison term for the charge of conspiracy as it is a common law offence. However Judge McCartan indicated he will treat the maximum term for all offences as five years as they all related to the same scheme.

The sentencing hearing began at noon today during which the court heard a summary of the case from an officer from the Garda Bureau of Fraud Investigation. The judge also heard defence arguments for a non-custodial sentence, including the fact that former Anglo chairman Sean FitzPatrick was the “prime-mover” and main beneficiary of the fraud and that none of the accused profited from it in any way.

Counsel for Daly, Sean Guerin SC, asked the judge to bear in mind that the case against Mr FitzPatrick, who has never been charged in relation to the fraud, was stronger than the one against his client. He asked Judge McCartan to consider “the impunity that Mr FitzPatrick has been fortunate enough to meet in these matters.”

Counsel also said Daly, who was previously employed in the banking supervision division of The Central Bank, is acting as a co-operating prosecution witness in a separate case against Anglo Irish Bank.

Representing O’Mahoney, Brendan Grehan SC, said that at the time of the offences his client was in line to succeed Mr FitzPatrick as CEO of the bank but lost out to David Drumm who came from the lending side of the bank.

Counsel said O’Mahoney came from the “more prudential” treasury side of Anglo and he was “deemed not to fit in with the culture of the bank.”

Shortly afterwards he left and went on to head up a company which failed “disastrously” and “publicly” during the downturn. He was forced to step down from the board of another company after he was charged with these offences.

Mr Grehan asked the court to remember that the bank itself is not on trial. He observed that “it’s a case that’s hard to divorce from the adverse publicity that attracts to anything with the toxic name Anglo or Anglo banker.”

Patrick Gageby SC, representing Maguire said that, unlike her co-accused, she was never an officer of the company and was far from it. He said she held the grade of assistant manager and that no-one answered to her.

He also presented evidence of Maguire’s involvement in the Good Counsel GAA Club in Driminagh. He said she left Anglo in 2005 to care for her sick mother and has been unemployed for the last number of years.

Daly (67) of Collins Avenue West, Whitehall, Dublin, O’Mahoney (56) of Glen Pines, Enniskerry, Co. Wicklow and Maguire (62) of Rothe Abbey, South Circular Road, Kilmainham, Dublin had pleaded not (NOT) guilty to seven charges.

The charges alleged that in 2003 and 2003 they conspired to hide or omit accounts, connected to Mr FitzPatrick from Anglo’s Core Banking System (CBS) or from documentation provided to Revenue, who were conducting an investigation into bogus non-resident accounts which may have been liable for Deposit Interest Retention Tax (DIRT).

There was a delay in taking the verdict yesterday because of an anonymous phone call to the office of the DPP saying that the jury foreman’s wife was “very friendly” with Maguire. Judge McCartan decided that it was a hoax call after the jury foreman denied the claim.

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By Thomas Aengus O Cléirigh
This is outrageous!!!! :

There are poor people who cant pay their TV licence in jail for longer and these crooks have helped to destroy the country and the livelihoods of hundreds of thousands of our people: How many people have taken their own lives because of the financial distress they are going through because of this toxic den of thieves and all they get is a slap on the wrist ? They will all be out in an open prison before the end of next week and then out perusing their trade in Death in a few months ! Sickening , Disgusted :(THIS IS NOT JUSTICE ) did you know 411 people jailed last year for not paying their TV licence , these 3 bankers will be out before you can count 10 !We as a people must not allow this blatant distortion of the real facts and the real crimes that remain hidden from us! Drum and Fitzpatrick must be brought before a peoples court and the full story and individuals must pay for their crimes!

OF course this will never happen unless we start a REVOLUTION

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machholz:

I agree with every word except I would change the end : I want revolution Now ! We thew public have had enough of these parasites and we must have a total change if we want to have any future

Originally posted on Awaken Longford:

The following is a letter which was sent to the Irish Times in response to an article by Conor Brady, titled “Tide turns as political system struggles to keep its head above water” 26th July 2015…..not a hope of having it printed of course but, here it is for all to see, I am proud to print it…thank you to the author who shall remain nameless as requested:

If I were a reader from outside the state and dependent on the author for an accurate account of what was going on, I might be forgiven if I ended up with the conclusion that Democracy and the Citizenry of this state were being terrorized by an army of 100,000 fascists who beat & coerce poor gardai & beleaguered politicians who have only the purest intentions. “Foul mouthed protestors” compared to O’Duffys blueshirts is a reversal of the fact, that description is far…

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