Europe agrees bank crisis action - without bailout fund

The government of Ireland Decided to guarantee all deposits in the 6 main Irish banks to an unlimited amount for the next 2 years.

Now I'm not going to comment on what i think about that, nor my government, you wouldn't know what I'm on about and I'd only piss myself off.

What I'd like to point out is the sheer hypocrisy of the Big EU players who gave out about this. Yes it does give the The Irish banks an advantage in the market, undeniable.

But not one red cent has actually been pumped into an Irish bank, when the likes of Fortis got hundreds of millions of Taxpayers money.

Northern Rock and Bradford and Bingly who are now nationalised, also have an unlimited guarantee on deposits as the British Government owns them and is therefore responsible, where as in say Barclay's you are only covered to £35 000 or so.

So Ironicly B&B and Northern Rock are the safest Banks to have Deposits in bar the Irish ones.

There was a situation in Sweden I believe in the early 90's when a bank got into trouble and the government basically kept them solvent by buying shares and in the end made a net profit from the whole deal.

Isn't this the approach we should be trying if we are to step in and let no bank fail?

To guarantee people's saving you have to have something that will always have a global base value ie gold. Otherwise you have to rely on your currency which as we all know can become worthless, especially when your borrowing madly to support it and people begin to think you might not be paying back. The next option you have is to start printing money, which the US is doing now, and that defiantly dosen't work and weakens the currency in the long run. Last but not least you need Gold. The US has stopped selling recently cos they're gonna need as much as they can get. The UK government sold half of its gold reserves a few years ago! It has now over the last few months been franticly buying gold (mainly from the French) otherwise they won't with any certainty be able to guarantee anything.

And now Angela Merkel, the person most critical of the Irish Banks unlimited guarantee has gone and given an unlimited guarantee to the German banks.

Holy Massive Hypocrisy Batman

These bailouts 1. Take responsibility away from the people who made the bad calls, and 2. make it acceptable to do it in the future when times are good.