Green Room

Europe Is Done: Ireland Cut to “Junk” Status

posted at 4:40 pm on July 12, 2011 by

OK, this is the equivalent of a European economic Armageddon. First Greece came along, then, a few days ago, Italy. And now Ireland: Moody’s downgrades Ireland to “junk” status.

So, when can we officially roll up the European Union?

Quote from the article:

Credit ratings agency Moody’s has cut Ireland’s bonds to junk status and warned of further downgrades as the euro zone economy struggles to pull out of a financial crisis. Moody’s said it had reduced Ireland’s government debt ratings by one notch, to Ba1 from Baa3, saying there was a ‘growing possibility’ that the country would need more bail-out aid in late 2013, when the current EU/IMF programme is due to end.”

This is absolutely insane. We’re nearing a cliff… and instead of using the break to stop this ridiculously expensive car, we speed up. We can’t afford to continue this insane behavior much longer, the weaker European states can’t be bailed out time and again.

The political elite have to make a decision (and I kindly ask my fellow citizens to force them into making the right one): either the EU now has to become more powerful than most of them ever dreamed of, or it’s time to end it, at least partially (by pushing out the weak countries, for starters).

As an aside, I don’t believe the first option is truly possible (although some of them may certainly try). The EU is set to implode.

This post first appeared at Right Across The Atlantic.

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Immoral societies always implode. It is the way it is supposed to be. Through trials may they turn some towards goodness, but for most, they are simply lost sheep that think they are still safe from the wolves grasp.

astonerii on July 12, 2011 at 6:09 PM

astonerii: in what way, exactly, do you consider Ireland an “immoral society”?

Michael van der Galien on July 12, 2011 at 6:20 PM

We’re nearing a cliff… and instead of using the break to stop this ridiculously expensive car, we speed up.

yikes…doing a thelma and louise on you….

cmsinaz on July 12, 2011 at 8:13 PM

It is immoral to spend more than you make.

Thus, Ireland…and us.

BlameAmericaLast on July 12, 2011 at 11:05 PM

BlameAmericaLast on July 12, 2011 at 11:05 PM

Much less to do so with burrowed money.

Uncle Sams Nephew on July 12, 2011 at 11:18 PM

OK, in that case you’re right. Sadly though, that goes for most western countries these days – which is the problem, of course. It’s progressivism in action.

Michael van der Galien on July 13, 2011 at 4:56 AM

Progressivism in action means stealing your kids and grandchildrens’ possible prosperity in order to keep a Ponzi scheme running that has Zero chance of succeeding.

So yeah, it is highly immoral; and it is inevitably going to cause a lot of misery, and possibly much worse.

hillbillyjim on July 13, 2011 at 8:15 AM

and instead of using the break to stop this ridiculously expensive car

PEEVE. Its BRAKE, not break.
If you only ever spell check one word in the blogosphere, please do it with this one.

Topic. Next up retirement plans/401K seizures.

orbitalair on July 13, 2011 at 8:28 AM

astonerii: in what way, exactly, do you consider Ireland an “immoral society”?

Michael van der Galien on July 12, 2011 at 6:20 PM

They allow divorce.

lexhamfox on July 13, 2011 at 1:10 PM

It is immoral to spend more than you make.

Thus, Ireland…and us.

BlameAmericaLast on July 12, 2011 at 11:05 PM

I tend to think that’s less to do with morality and more to do with wisdom and naivete. There’s nothing inherently immoral about social programs that suck up all government resources. They’re just based on extremely naive expectations and unwise fiscal decisions.

MadisonConservative on July 13, 2011 at 2:54 PM

Erin go broke.

J.E. Dyer on July 13, 2011 at 4:05 PM

I tend to think that’s less to do with morality and more to do with wisdom and naivete. There’s nothing inherently immoral about social programs that suck up all government resources. They’re just based on extremely naive expectations and unwise fiscal decisions.

MadisonConservative on July 13, 2011 at 2:54 PM

You don’t think there’s anything inherently immoral about theft when government does it? I guess this is yet another salient point that you and I disagree on. The money must come from individuals. It must go to other individuals. The only question is, who is doing the taking?

gryphon202 on July 14, 2011 at 2:35 AM

Excellent point, Gryphon!

MC, you make a good point about wisdom but it is still immoral to have social programs suck up all Gov resources, as that leaves nothing left for the legitimate functions of Gov.

BlameAmericaLast on July 14, 2011 at 3:53 AM

either the EU now has to become more powerful than most of them ever dreamed of, or it’s time to end it, at least partially

That was the plan from day one. It always is.

But “ending it” can never be done peacefully. Socialism never works that way. The EU has a stranglehold on the European money supply. And trust me: they will use it.

logis on July 14, 2011 at 9:54 AM