Hello everyone
Hello everyone. Yesterday, Thursday, October 15th, the National Treasury Management Agency, that's the NTMA, that is tasked with managing the public assets and liabilities of the Irish state, ended its fundraising for 2026 in the bond markets. And wait for it, they offered 1.25 billion euro worth of 10-year bonds at an interest rate or a yield of 3.5%. This is the highest yield seen since the bank bailout. Absolutely astounding and just ties in with what's happening around the financial markets around the.
World. We've seen the massive debt crisis in the United States, and this is cascading into many countries right around the world. Here in Europe also, as well, we see stagnating growth at the same time, massive amounts of expenditure to indebt countries even further. And many institutional investors, private equity firms, and rich investors are looking now at these massive yields to make off government's debt. You've seen other countries such as Italy and France hit nearly 5%. Same.
As Britain, over 5% for those 10-year yields also. This comes at the same time when the National Treasury Management Agency has gone to the markets this year, the bond markets, and pulled in about 12.3 billion euro. It was estimated they were going to pull in between 10 and 14 billion. And this is an economy or society that the Irish government say is doing fantastically well, running budget surpluses, and transferring billions of euro of public cash into.
Private hands to enrich them and create wider inequalities in our society, and at the same time loading more debt onto the people of Ireland. Currently, our national debt stands around 217 and 1/2 billion, which is about 34% of GDP. And we all know that GDP is completely artificially inflated because of the overblown emphasis on the multinationals and so much foreign direct investment in Ireland that the Irish government has left us completely open to any international financial shocks rather.
Than building a strong domestic resilient economy. So much of that has been sold off through the European Union neoliberal policies. So many resources and industries have been decimated because of these agenda. And interestingly enough, in the most recent budget it said it was a 9 billion euro surplus. But if you strip away all those big corporations, for instance, only a handful really that supply so much of the corporation tax, there was a real deficit of up to 20 billion euro.
“So much of that has been sold off through the European Union neoliberal policies”
Absolutely astounding
Absolutely astounding. And at the same time, they're still borrowing to push more debt onto the people. And who pays back for it? Of course, it's ordinary people with more cuts to public services. And at the same time, we see more money being transferred upwards in our society. And I can't emphasize it enough. This is in a country where you have the richest 10% with 50% of the wealth. But what's taking place, we see from that around the world in terms of.
The crises we see in terms of what's happening in the Middle East with the war, also with Ukraine, and the implications of successive central banks' decisions to push more money into the supply right around Europe. We see the quantitative easing policies and the fallout from what's taken place during COVID leads to massive devaluation of people's money. And that has come through inflation. We have seen a massive spike and increase, and it's still completely unsustainable for ordinary people getting by day to day.
And at the back of it, we have the National Treasury Management Agency who are going into the market to borrow more money, to saddle more money back onto the debts of children of ordinary working people here in Ireland. And this happens at the same time when the government are trying to claim that they're fiscally prudent. But they have invested in so-called sovereign wealth schemes and what they call as a future Ireland funds and an infrastructure climate and nature fund.
And this only pulled in around 2.2% in the last year. But you have to go to the bond markets and then borrow money to put into these savings funds. It's absolutely ludicrous and nonsensical. And this is what's driving this artificially inflated economy that's Ireland has become essentially. And at the same time, we've seen so much of our national debt being owned by foreign actors and foreign investors. And people who are making massive, massive windfalls from the misery of ordinary.
People. And they demand so much of the Irish government in terms of dictating so much of their policies that they'll never be sold out, much the same as the bondholders were bailed out. We all know through the times of financial crash where 50% of the total bonds are owned by foreign investors making massive windfalls from what's taken place here in Ireland. [clears throat] All at the behest of the government who were just loading more debt on the people. And.
This is what's going to really implode the whole economy in the coming period. We see what's happening for instance in the United States in terms of being unsustainable, the inflation. Look at them pushing interest rates up again and forcing more and more people over the edge. And it's very interesting to see the massive amounts being offered by the National Treasury Management Agency. And they say the economy is doing well. This is something to have to really watch and see what's.
Taking place right under our noses while they're claiming
Taking place right under our noses while they're claiming that they're representing the best interests of the people of Ireland. They've no interest in serving the best interests of the people of Ireland. Their gods are the markets and not basic needs of the people in Ireland to be met such as a right to dignified existence where you can have a home, a decent health service, access education, and access to affordable energy where so many people are struggling as as I speak. Uh this is.
What's taking place right in front of our eyes. It's all about those private equity investors, those rich cash rich investors, bankers also making a massive windfalls who are also these so-called bondholders. Remember years ago what Trichet said about the bondholders. He said if Ireland were contemplating to burn the bondholders, then a bomb would go off in Dublin. That says it all about their agenda, isn't it? They've no interest in representing the people. It's all about pushing more money upwards while.
Ordinary people will suffer from the imploding imploding or impending financial collapse. So thanks so much for all the support with my videos. Really appreciate them and thanks for sharing them far and wide as well. I'm in Dublin this evening. It's longer for all season. I'll see you soon. Bye-bye.
