This is a fine example of Catholic/Christian Power Rock.Its Christian lyrics are particularly appropriate for the season of Lent.
"Katholicus" is the ancient Greek word for "universal." This name was chosen to signify God's universal love, and that His revealed Word/Truth is universal for all men to believe and obey. Visit the band website at Katholicus
Friday, April 8, 2011
Thursday, April 7, 2011
Ireland: Vincent Browne incorrect on FG policy on Senior Bondholders
Tonight Vincent Browne claimed that the FG Manifesto promised a unilateral burning of Senior Bondholders. He promised to produce the relevant section of the Manifesto. Now of course he failed to do so as there is no such thing in the Manifesto. Here is the relevant section of the Manifesto:
Agreed Procedures for Restructuring the Debts of Troubled Banks: Fine Gael in Government will force certain classes of bond-holders to share in the cost of recapitalising troubled financial institutions. This will be done unilaterally for the most JUNIOR bondholders (owners of preference shares, sub-ordinated debt and similar instruments), but COULD be extended – as PART OF A EUROPEAN-WIDE FRAMEWORK –FOR SENIOR DEBT focusing on insolvent institutions like Anglo Irish and Irish Nationwide that have no systemic importance.
Agreed Procedures for Restructuring the Debts of Troubled Banks: Fine Gael in Government will force certain classes of bond-holders to share in the cost of recapitalising troubled financial institutions. This will be done unilaterally for the most JUNIOR bondholders (owners of preference shares, sub-ordinated debt and similar instruments), but COULD be extended – as PART OF A EUROPEAN-WIDE FRAMEWORK –FOR SENIOR DEBT focusing on insolvent institutions like Anglo Irish and Irish Nationwide that have no systemic importance.
Tuesday, April 5, 2011
Sacramento Video: Our Lady of Medjugorje appears to Marija March 26, 2011
Our Lady of Medjugorje appears to Marija March 26, 2011 in Sacramento, California at a Medjugorje Conference. The day before she gave the following message to the world:
March 25, 2011"Dear children! In a special way today I desire to call you to conversion. As of today, may new life begin in your heart. Children, I desire to see your 'yes', and may your life be a joyful living of God's will at every moment of your life. In a special way today, I bless you with my motherly blessing of peace, love and unity in my heart and in the heart of my Son Jesus. Thank you for having responded to my call."
Sunday, April 3, 2011
Ireland:The Dunphy Show- Economist Marc Coleman gets it horribly wrong AGAIN (3/3/2011)
Today's Dunphy Show was compered by Ger Colleran. On the panel were Leo Varadkar, Marc Coleman,Constantin Gurdgiev and Jennifer O'Connor.
Jennifer O'Connor made her points in a measured manner. However Marc Coleman and Constantin Gurdgiev adopted a hectoring, lecturing, "know all" tone.
Marc Coleman presumed to have all the answers. Unfortunately for him he got caught out BADLY in some of his pronouncements.
He argued for a referendum on the bailout on the basis that it was necessary to educate German taxpayers in relation to Ireland's problems. He then proceeded to state that Angela Merkel’s CDU lost Baden-Wuerttemberg in the state elections last Sunday mainly because of German voters perceptions on Ireland. This is pure and utter nonsense. Leo Varadkar CORRECTLY pointed out that the Greens made huge gains because of Merkel’s nuclear power policy. Coleman continued to bluff his way through the argument. Marc Coleman should read this article from the Washington Post on the Baden-Wuerttemberg elections and keep up to date on European politics.
Coleman also argued that there was a relatively easy way of cutting €12 billion from public expenditure. Once more he is talking through his hat.
He argued for cuts in public sector pay on those earning over the average
industrial wage. He proceeded to claim that this would insulate teachers nurses et al. Once more he displayed an astounding ignorance. Most teachers and nurses earn over the average industrial wage. Leo Varadkar pointed this out to him. Coleman failed to outline where the 12 billion in cuts would come from. Oh of course he spoke about the salaries of Irish professors being far in excess of those in other European countries. Cutting their salaries to European levels would at best save a couple of MILLION euros. This is a far remove from 12 BILLION euro.
The approach being advanced by Coleman would further crash the economy.
When challenged about the effects such cuts would have in relation to public sector mortgage holders Coleman’s only retort was to talk about the suffering of the private sector. He DID NOT address the fact that several hundred thousand mortgage holders (public servants and public servants married to those in the private sector) would default.
Coleman needs to wake up. Many public servants are married to people in the private sector.
In the discussion on the Croke Park deal one of panellists was heard to utter "bring it on" in relation to public sector strikes- if the Croke Park deal were torn up unilaterally. We need strikes like a hole in the head. Varadkar pointed this out.
Coleman should listen to a podcast of this programme. His comments on ESB workers were over the top. I will not dignify them by repeating them here. He should apologise.
A word of advice for Coleman: populist sound bytes will not solve the economic crisis.
Also I want to see a DETAILED plan from Coleman spelling out EXACTLY where the 12 billion in public expenditure cuts would come. Marc you FAILED ABYSMALLY to spell it out this morning. It is time for you to "put up or shut up"
Jennifer O'Connor made her points in a measured manner. However Marc Coleman and Constantin Gurdgiev adopted a hectoring, lecturing, "know all" tone.
Marc Coleman presumed to have all the answers. Unfortunately for him he got caught out BADLY in some of his pronouncements.
He argued for a referendum on the bailout on the basis that it was necessary to educate German taxpayers in relation to Ireland's problems. He then proceeded to state that Angela Merkel’s CDU lost Baden-Wuerttemberg in the state elections last Sunday mainly because of German voters perceptions on Ireland. This is pure and utter nonsense. Leo Varadkar CORRECTLY pointed out that the Greens made huge gains because of Merkel’s nuclear power policy. Coleman continued to bluff his way through the argument. Marc Coleman should read this article from the Washington Post on the Baden-Wuerttemberg elections and keep up to date on European politics.
BERLIN — Chancellor Angela Merkel pledged Monday to press ahead with a review of nuclear power’s future in Germany after her coalition suffered a “very painful” defeat in a weekend state election dominated by Japan’s nuclear crisis...The nuclear issue determined the outcome. Period. So Mark learn to admit that you can be wrong. A little humble pie is in order.
Coleman also argued that there was a relatively easy way of cutting €12 billion from public expenditure. Once more he is talking through his hat.
He argued for cuts in public sector pay on those earning over the average
industrial wage. He proceeded to claim that this would insulate teachers nurses et al. Once more he displayed an astounding ignorance. Most teachers and nurses earn over the average industrial wage. Leo Varadkar pointed this out to him. Coleman failed to outline where the 12 billion in cuts would come from. Oh of course he spoke about the salaries of Irish professors being far in excess of those in other European countries. Cutting their salaries to European levels would at best save a couple of MILLION euros. This is a far remove from 12 BILLION euro.
The approach being advanced by Coleman would further crash the economy.
When challenged about the effects such cuts would have in relation to public sector mortgage holders Coleman’s only retort was to talk about the suffering of the private sector. He DID NOT address the fact that several hundred thousand mortgage holders (public servants and public servants married to those in the private sector) would default.
Coleman needs to wake up. Many public servants are married to people in the private sector.
In the discussion on the Croke Park deal one of panellists was heard to utter "bring it on" in relation to public sector strikes- if the Croke Park deal were torn up unilaterally. We need strikes like a hole in the head. Varadkar pointed this out.
Coleman should listen to a podcast of this programme. His comments on ESB workers were over the top. I will not dignify them by repeating them here. He should apologise.
A word of advice for Coleman: populist sound bytes will not solve the economic crisis.
Also I want to see a DETAILED plan from Coleman spelling out EXACTLY where the 12 billion in public expenditure cuts would come. Marc you FAILED ABYSMALLY to spell it out this morning. It is time for you to "put up or shut up"
Friday, April 1, 2011
Ireland: Bank Stress Tests Results-Time to drop the negativity.
Irish banks have undergone the most stringent stress tests of any banks in Europe. The results announced yesterday indicate that in a worst case scenario €24bn more will be required to recapitalise the banks.
The European Central Bank is expected soon to produce a new loan package specially designed for Ireland involving medium-term loans in excess of €60 billion fashioned to replace most short-term funding for Ireland.
Finance Minister Michael Noonan said he hopes to progress the plan at an EU finance ministers meeting in Hungary next week.
The decision of the government not to burn the senior bondholders has been greeted with hysteria in many quarters. FG and Labour in opposition certainly implied that in government they would take a hard line on this issue. Burning the senior bond holders MIGHT save €8 billion at best after intense negotiation and legal challenges. This would result in a maximum annual saving of approx €500 million in interest payments. This would not solve our economic crisis. In addition burning of senior bondholders in AIB and Bank of Ireland would stymie funding of the new pillar banks announced by the government yesterday. Certainly the country will be put to the pin of its collar to meet debt repayments(socialised bank debt and sovereign debt).
It is time to jettison the negativity. Some people are making a living spewing out negativity. The country has booming exports. It will come out of this.
I have listened to consumers quoting the prophets of doom and decide to cut spending based on this and for no other reason. I have listened to people complain who have taken their money out of Irish banks often based on stupid scare stories. This further exacerbates the banking problem. Wake up Ireland.
The constant negativity in some elements of the media is definitely causing consumer sentiment to nosedive thereby reducing economic activity and tax revenue.
There is no easy way out of this. The government bank guarantee of 2008 has socialised bank debt and placed it on the backs of Irish taxpayers. This now has the status of sovereign debt. Decoupling government debt from bank debt is no easy task. The Irish banks are almost totally reliant on the ECB for funding thanks to an outflow of bank deposits. I would love to see the senior bondholders burned but AT THIS JUNCTURE it would be unwise. I think the government has judged correctly on this for the present. The ECB has provided €150 billion in funding at 1% interest rate for Irish banks and is resolutely opposed to a burning of bond holders. It has promised maintain this funding.
The idea of two new strong pillar banks is fundamentally sound. Business is starved of finance. If lending to small businesses can be increased the country has a great future. The government is introducing a jobs budget. Hopefully it can come up with worthwhile ideas to help business.
Ireland must attempt to grow itself out of the crisis and with the right pro business policies it can. Now if the growth is insufficient a STRUCTURED DEFAULT is then an option not to be ruled out.
It is time to get on with it and drop the negativity. Perhaps if we lived in Japan we would have something to complain about. It is time to stop wallowing in self pity. Ratings Agency Standard and Poor's believes that the sharp contraction in Ireland's nominal GDP and gross national product since 2008 is at an end, and that the Irish economy will now gradually recover.
The European Central Bank is expected soon to produce a new loan package specially designed for Ireland involving medium-term loans in excess of €60 billion fashioned to replace most short-term funding for Ireland.
Finance Minister Michael Noonan said he hopes to progress the plan at an EU finance ministers meeting in Hungary next week.
The decision of the government not to burn the senior bondholders has been greeted with hysteria in many quarters. FG and Labour in opposition certainly implied that in government they would take a hard line on this issue. Burning the senior bond holders MIGHT save €8 billion at best after intense negotiation and legal challenges. This would result in a maximum annual saving of approx €500 million in interest payments. This would not solve our economic crisis. In addition burning of senior bondholders in AIB and Bank of Ireland would stymie funding of the new pillar banks announced by the government yesterday. Certainly the country will be put to the pin of its collar to meet debt repayments(socialised bank debt and sovereign debt).
It is time to jettison the negativity. Some people are making a living spewing out negativity. The country has booming exports. It will come out of this.
I have listened to consumers quoting the prophets of doom and decide to cut spending based on this and for no other reason. I have listened to people complain who have taken their money out of Irish banks often based on stupid scare stories. This further exacerbates the banking problem. Wake up Ireland.
The constant negativity in some elements of the media is definitely causing consumer sentiment to nosedive thereby reducing economic activity and tax revenue.
There is no easy way out of this. The government bank guarantee of 2008 has socialised bank debt and placed it on the backs of Irish taxpayers. This now has the status of sovereign debt. Decoupling government debt from bank debt is no easy task. The Irish banks are almost totally reliant on the ECB for funding thanks to an outflow of bank deposits. I would love to see the senior bondholders burned but AT THIS JUNCTURE it would be unwise. I think the government has judged correctly on this for the present. The ECB has provided €150 billion in funding at 1% interest rate for Irish banks and is resolutely opposed to a burning of bond holders. It has promised maintain this funding.
The idea of two new strong pillar banks is fundamentally sound. Business is starved of finance. If lending to small businesses can be increased the country has a great future. The government is introducing a jobs budget. Hopefully it can come up with worthwhile ideas to help business.
Ireland must attempt to grow itself out of the crisis and with the right pro business policies it can. Now if the growth is insufficient a STRUCTURED DEFAULT is then an option not to be ruled out.
It is time to get on with it and drop the negativity. Perhaps if we lived in Japan we would have something to complain about. It is time to stop wallowing in self pity. Ratings Agency Standard and Poor's believes that the sharp contraction in Ireland's nominal GDP and gross national product since 2008 is at an end, and that the Irish economy will now gradually recover.
We believe that the Irish economy has stronger growth prospects than the Portuguese and Greek economies considering its openness (Ireland's exports are forecast at 107% of GDP for 2011 compared with Portugal's 30% of GDP), its flexibility, and its competitiveness. We anticipate that Ireland's current account will post a full-year surplus of more than 2% of GDP during 2011, for the first time since 2003, while net exports will continue to be the major contributor to headline GDP performance.Finally the editorial in today's Irish Independent strikes the right note. It may be accessed here
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