Wednesday, December 08, 2010

Pipeline Masters

The most perfect wave in the world?

Starting probably today swell-dependent - the 2010 Pipe Masters. Here's the 2008 trailer...

The debt and the defacit

I've got to admit, I don't get the IMF/EU bailout of Ireland. I mean, I understand it from the IMF/EU point of view - Ireland was about to take down the Euro due to systematic risk, sovereign default, bond jitters, etc.

What I don't understand, is why Ireland is taking the so-called "bailout". If the state needs to borrow in order to keep funding services, logic might suggest that there are too many services going on and that they need to be cut. To borrow in order to pay for them surely just means paying interest on the loans, as well as for services that we can't afford anyway.

So never mind the defacit (which I take to be the gap between annual revenue and expenditure) - if the overhanging total debt is not payable, would it not be better to default now, face all the consequences early and get it done with, rather than kicking the can down the road on a debt that will ultimately require default anyway - while we all make the money-lenders a bit richer via interest in the meantime?