Economy Rigging 1

BSK log in June 25, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 5:51 pm

ITEM 1

BY: TOM DOWLING – IRELANDS AND MOVIE BUSINESS

The following article appeared in The Sunday Times on June 20th 2010 written by Brian Carey. I was one of those who contributed to this article.

For a very long time most within the industry have refused to acknowledge that all in the Irish film industry is not well and requires a good shake up. Years of tax incentives have failed to develop a stable sustainable industry.

And who’s role is it to ensure we get the best return for investment? Should it be the film board, producers or….? At the moment the industry has almost come to a standstill without focus or vision.

I would very much welcome any comments you may have on our industry…more/…..

Tom Dowling

ITEM 2

BY: MICHAEL HUDSON

Europe is committing fiscal suicide – and will have little trouble finding allies at this weekend’s G-20 meetings in Toronto. Despite the deepening Great Recession threatening to bring on outright depression, European Central Bank (ECB) president Jean-Claude Trichet and prime ministers from Britain’s David Cameron to Greece’s George Papandreou (president of the Socialist International) and Canada’s host, Conservative Premier Stephen Harper, are calling for cutbacks in public spending.

The United States is playing an ambiguous role. The Obama Administration is all for slashing Social Security and pensions, euphemized as “balancing the budget.” Wall Street is demanding “realistic” write-downs of state and local pensions in keeping with the “ability to pay” (that is, to pay without taxing real estate, finance or the upper income brackets). These local pensions have been left unfunded so that communities can cut real estate taxes, enabling site-rental values to be pledged to the banks of interest. Without a debt write-down (by mortgage bankers or bondholders), there is no way that any mathematical model can come up with a means of paying these pensions. To enable workers to live “freely” after their working days are over would require either (1) that bondholders not be paid (“unthinkable”) or (2) that property taxes be raised, forcing even more homes into negative equity and leading to even more walkaways and bank losses on their junk mortgages. Given the fact that the banks are writing national economic policy these days, it doesn’t look good for people expecting a leisure society to materialize any time soon.

Michael Hudson: Europe’s Fiscal Dystopia: the “New Austerity” Road

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