by Gabriel Donohoe
Journalist Paul Drury launched a vitriolic personal attack on Sean Quinn in The Irish Daily Mail on Friday, January 20th, 2012.
With stirring braggadocio Drury declares that he wants “to grab this miserable little Cavanman by his lapels and shake him until the knife, fork and salt cellar come tumbling out of his pockets…”
Drury, former Executive Editor of the Irish Daily Mail and one of four journalists nominated for the 2011 Columnist/Commentator of the Year Award, [he didn’t win] starts his piece with a sneering lampoon of ‘cute hoor’ Cavan men who ‘eat their dinner out of a drawer’ in case a visitor would arrive unexpectedly and expect to be fed. In the hands of Niall Tóbín this Cavanman story is funny, but in Drury’s case it is quite contrived. Most people know that Sean Quinn is a Fermanagh man – that is, most people except some award-nominated journalists.
Drury goes on to say that Quinn “is the man who single-handedly did more than any other person – with the possible exceptions of David Drumm, Seanie Fitz and Michael Fingleton – to bring this country to its economic knees.”
Now we’re down to the heart of the matter. Drury’s article is a clear illustration of how the mainstream media (MSM) shape and spin the news to distort the truth and broadcast the propaganda that the International Money Trust want hammered into the hearts and minds of the people.
This writer is no apologist for Sean Quinn. Mr. Quinn knows he made mistakes and has said so publicly. The real issue here is not the merits or demerits of Sean Quinn’s purchase of so many Anglo Irish Bank shares – the issue is about how the MSM portrays the likes of Sean Quinn as a bête noire to divert public attention from the real villains, the banksters and their government lickspittles.
Sean Quinn’s travails with Anglo Irish Bank should have remained a private matter between himself and the bank. Quinn, a private individual, owned private companies which he used as collateral for borrowings from Anglo Irish Bank, also a private company. The entire matter should have remained a private affair. With the Quinn Group earning almost half a billion euro per annum, an accommodation could have been reached to pay off the bank.
Then, when the bank became insolvent it should have been let fall. There might have been repercussions for the Irish economy but nothing like the devastation we have now thanks to egregious government intervention.
Without permission or consultation the government of the day took it upon themselves to take hold of the private debt of a private company and clamp it on the backs of the Irish people. This was an outrageous act of treachery that will cause untold damage and hardship to the Irish people for generations to come. There were other alternatives that would have much better served the interests of the Irish people.
Let’s make no bones about it – Ireland’s financial woes are directly attributable to the malfeasance of Brian Cowen and Brian Lenihan and their cohorts and advisors. There is a clear prima facie case of government criminality to answer. To inflict such brutal punishment on the whole Irish nation to save the fortunes of a few profligate banksters is as disgusting as it is shocking. It is quite disingenuous of Paul Drury to land the entire blame for the banking fiasco on Sean Quinn, or even Seanie Fitz or Drumm or Fingleton for that matter, despite their appalling cupidity and chicanery.
The current Fine Gael/Labour Government has shown itself willing to continue the criminality of its predecessor. Next week Michael Noonan will hand over €1.25 billion to Anglo Irish bondholders – convicted fraudsters like Goldman Sachs, JP Morgan, and others of that ilk. This will be followed by billions more, on top of the billions already paid to these already mega-rich, corrupt corporations.
A few years ago, Iceland told these SOBs to go take a hike and now Icelanders are well on their way towards a healthy recovery. Greece also told the SOBs to stick their austerity where the sun don’t shine and now Greece is about to get a write-down on their borrowings of some €100 billion. But Michael Noonan meekly accepts the diktats of the banksters and shrugs and tells the Irish people to ‘grit their teeth’. Just who in hell is this hustler working for?
Paul Drury is undoubtedly a talented writer but appears to have lost his journalistic integrity. The bias in his writing is all too obvious and very unprofessional. For example, in an attempt to add to his belittlement of Sean Quinn, Drury says that Quinn did create “hundreds of jobs.” In fact, according to Wikipedia, Quinn created some 8,000 jobs, with more than 5,500 of them in Ireland. There is a huge difference between hundreds of jobs and five thousand, five hundred jobs.
Disappointingly, in Drury’s writings, we don’t see any in-depth investigations or any hard questions being asked by him of the banksters or their pals in government. He seems more comfortable in running with the official line. If he chose to use his talent to its highest potential he could be instrumental in delivering important truths to the Irish nation and helping shape Ireland’s future for the better.
Most visitors to this website will be aware to some degree of how the banks fraudulently create money.
Many are learning that the banks have been securitizing mortgages for the past decade or more. This means they have been paid in full (often as much as 2 or 3 times) for the total amount of the alleged loan. Having sold off the mortgage they are no longer a party of interest and have no standing to foreclose in a court of law. But they still persist in fraudulently deceiving the mortgagors and the courts and end up seizing properties to which they have no legal or moral right.
And a growing number of readers are becoming aware of the fact that the banks do not lend money at all in the first place. What they do, in this age of fiat currency and paper securities, is to monetize a borrower’s signature on the promissory note, now a negotiable instrument that can be encashed for its full value. They then return this money to the borrower, pretending that they are lending him their own money. (Most banks’ charters do not allow them to lend out depositors’ money or shareholders’ money, which must be lodged as trading security with the central bank.)
As unbelievable as it sounds, the borrower funds his own loan. What occurs is merely an exchange of credit. The ‘borrower’ unwittingly loans the bank the full amount of the loan in the form of a promissory note, a gift which the bank thankfully deposits as an asset of its own. The bank then creates a liability on its books to balance the asset (matching principle) and returns like value to the ‘borrower’ in the form of a cheque or electronic transfer. The ‘loan’ doesn’t cost the bank one cent, yet they stand to make huge profits without disclosing this information to the ‘borrower’. It is a huge global fraud that is ignored by the mainstream media, the government, and the courts.
The fraud works the same way when countries ‘borrow’ from the international banksters. Governments issue bonds which, like promissory notes, are very valuable financial instruments. The banksters gratefully accept these bonds as assets of their own and lend out their own credit in exchange. (It is universally illegal for a bank to lend its own credit and then charge usurious rates of interest for money it never even lent.) Currently, Ireland is in hock to the eyeballs to the international banksters for money the people never actually received.
[As an exercise, do some research on Money of Account and Money of Exchange. Basically, Money of Account is created effortlessly by tapping figures on a computer; Money of Exchange (cash, coins, gold & silver) has to be earned by sweat and toil. Banks lend out Money of Account but expect to be paid back in Money of Exchange.]
Take the Sean Quinn situation. Mr. Quinn and his family built up a number of highly profitable businesses over decades of hard work and effort. Mr. Quinn then purchased shares in Anglo Irish Bank which soon collapsed leaving him with a debt of some €2.8 billion. (It is not in the scope of this article to go into Sean Quinn’s avarice in acquiring bank shares or the criminality of Anglo’s directors in cooking the books to make their bank appear solvent.)
What has happened, in the light of the above explanation of how the banks create money, is that Anglo Irish Bank, now the Irish Bank Resolution Corporation (IBRC), has shafted Sean Quinn, with the help and blessing of the government. IBRC unlawfully took Quinn’s highly profitable businesses away from him on the basis of the old Anglo Irish Bank deceptively exchanging Mr. Quinn’s valuable promissory notes for a matching amount of its own worthless credit.
We see this happening every day in Ireland. The banks are fraudulently repossessing hundreds if not thousands of homes and businesses across the country. (Repossessing is not an appropriate word – did the banks ever actually possess the property in the first place?) The country is becoming a hotbed of anarchy and revolution. Criminality reigns supreme as the bankster Troika have destroyed any sovereignty we had remaining and now lecture our government like a teacher in a crèche.
And not a word about this from Paul Drury and the mainstream media. Their silence is deafening. Instead, they have been programmed to slant their articles with official spin and misinformation.
There are many people in Ireland, including this writer, who would like to grab Drury by the lapels and shake him until the rose-coloured glasses fell from his eyes and his forefinger popped out of his back passage. But that kind of aggression is ultimately not very productive.
If Paul Drury and the other mainstream journalists of Ireland were to recover their lost integrity and do the job they are supposed to do, then we would have a much happier, prosperous little country. They could start with putting a couple of simple but extremely pertinent questions to the government. These question should appear on the front page of every newspaper in the country and should remain there until we either have an acceptable answer or bring in a new government that will actually work for the interests of the people.
“Why doesn’t the Irish government instruct the Treasury to issue debt-free and interest-free money based on the productivity of the people and on the billions, maybe trillions, of natural resources secreted in huge amounts on the land and in the sea? Why does the government persist in borrowing credit from private international banksters, credit that was originally stolen from the people themselves? Why should the Irish people pay interest on their own credit which is currently costing them billions of euro a year?”