Friday, January 21, 2011

Irish Government Collapses, Six Cabinet Members Resign

From Mish:

In a fitting tribute to a disgraceful performance by Irish Prime Minister Brian Cowen in which Cowen crammed losses of Irish banks down the throats of taxpayers, his government has at long last collapsed. Six cabinet members (40%) resigned representing justice, health, trade and enterprise, defense and transport. Earlier in the week his foreign minister resigned making the total six.

I have a wide selection of articles to choose from. Here is a representative sample.

Irish Central reports Irish leader Brian Cowen calls an election for March 11

Irish Prime Minster Brian Cowen has called an Irish election for March 11th.

Speaking to a packed parliament, Cowen stated that he was reassigning six cabinet portfolios after six of his ministers resigned.

The proceedings in Irish Parliament had been suspended as opposition leaders refused to move forward until Prime Minister Brian Cowen explained the six recent ministerial resignations.

Rumors of an impending collapse of the government and an immediate election were circulating as the Green Party met to decide whether they would withdraw support for the government.

Earlier today parliament was suspended after rowdy scenes. Opposition leader, Fine Gael’s Enda Kenny demanded that proceeding be suspended until Cowen could explain what was going on within the Government.

Kenny said “This is the worst government in history…This would not have happened even in the days of great dictators. It is unprecedented, what you have done.”

He continued “These are the last days of the worst government in the history of the state.”

Minister for Enterprise, Trade and Innovation Batt O’Keefe tendered his resignation this morning. Wednesday saw Mary Harney from Health, Dermot Ahern from Justice, Noel Dempsey from transport and Tony Killeen from defense all resigned. These followed the resignation of Micheal Martin from foreign affairs who resigned after a failed leadership challenge.

Kenny said that the actions of Cowen had been a “cowardly, disgraceful act” and said he was “refusing to come in here today to tell the people of his country what is happening with a Government that has imploded, with a Government that is dysfunctional, that has disintegrated, and that had let our people down” on

Marc Faber's Outlook for 2011 - Mature economies to beat EMs, food inflation worrying

Time to switch from gold to silver?


Everybody is starting to talk about gold prices and how best to buy gold. Very few people talk about silver. The Financial Times left it out of their best investments of 2010 review, although it would have come top.

Now Rich Dad books’ author Robert Kiyosaki is trying to persuade gold bugs to swap their yellow metal for silver. He has actually been plugging away recommending gold and silver since 2005. Then gold was $600 an ounce and silver $10. Today gold is up by 125 per cent and silver prices have on

Keiser Report: Corrupt Kleptocracy