Much is being made here of Biden being a “friend indeed to Ireland.” Actually if you examine these paeans what you generally find is that the purveyor of this means that he will be a friend to their friends, and unlike Trump, knows some mediocre poet who is also their chum. Real cosmopolitans are our bien pensants.
Leo the Leak, for whom the outgoing POTUS appears to have had proper contempt, is also pleased that Biden will “have our back on Brexit.” What he really means is that Biden will have the EU’s back on Brexit.
We all know what the EU did to our back when the European Central Bank with the support of our “allies” forced us into the €64,000,000,000 bank bailout in 2010. What is less known is that the then Obama/Biden administration in Washington was a key factor in imposing that on their Irish “friends.”
As then Irish Ambassador to Canada, Ray Bassett recalls in his book Ireland and the EU Post Brexit, the Obama/Biden Treasury Secretary Tim Geithner “lined up with the faceless officials of the ECB to pressure Ireland into the Bailout.” (p40.)
When it appeared in November 2010 that Finance Minister Brian Lenihan’s proposal that the senior bondholders might bear the burden of the banking collapse rather than force the state and its citizens into potential ruin, it was Washington through Geithner which “argued strongly against any losses being imposed on senior bonds.”
The Obama/Biden stance completely undermined Lenihan who had the support of the International Monetary Fund. Once Geithner made known Washington’s position it was game over and our “friends” in the other EU states had free run and stabbed us in the back and imposed an interest rate and conditions that would have made an illegal money lender blush. All to save the financial elite and their own banks.
According to UCD Professor of Economics Morgan Kelly, Lenihan had refused to be bullied into accepting a bailout on November 16, 2010, but was basically betrayed by Central Bank Governor Patrick Honohan who, with the support of probably the majority of the Irish bourgeois elite including its liberal wing, came out publicly in support of a bailout. An act of treachery according to some, but what would you expect from that quarter.
As Kelly stated in 2011, this was tantamount to accepting that “bank losses could and should be repaid by Irish taxpayers”, and that this precipitated the “financial collapse and international bailout of the Irish state.” According to Kelly, the British Chancellor George Osborne was the only EU minister to support Lenihan’s proposal regarding the bondholders.
Geithner’s support of the bondholders was not surprising given his role in using American taxpayer’s money to the tune of €13 billion to bailout Goldman Sachs who were also coincidentally one of the beneficiaries of the bailout here and stood greatly to gain as a major Anglo Irish bondholder by the Democrats rejection of any “hair cut.”
Goldman Sachs was described by Matt Taibbi as a “great vampire squid wrapped around the face of humanity.” Goldman Sachs incidentally was an unremitting opponent of Trump and a supporter of the Biden campaign.
An insight into Geithner and the Democrat’s role in bailing out their backer at the expense of the American people was described in a piece by Matt Stoller of Vice in 2014. Aptly titled, ‘The Con-Artist Wing of the Democratic Party,’ Stoller nails the pretence that Sleepy Joe and the Clinton/Obama crew are the friends of the working man.
No more evidently than they are “a great friend to Ireland.” So when Biden turns up, if he remembers, in a Mayo jersey some time in the next few years, remember that when this state and its citizens were standing on the edge of ruin, that the message from Sleepy Joe was: “Here’s the deal. Jump, man.”