Economy Rigging 1

DMcW’s blog posts XIII May 21, 2010

  • LUNACY OF NAMA BAILOUT WILL TIP US OVER THE EDGE:
    namawinelake says

    The Institute of Fiscal Studies (IFS) yesterday published research which showed that none of the three UK parties had shown in their manifestos the true extent of the savings, cuts and tax increases needed to plug the UK deficit. Great though that the UK has such a respected institution to keep all the politicians straight. And interestingly the UK will probably have no choice but to increase VAT to 20%+ which might lessen the attraction of cross-border trading.
    What is our equivalent of the IFS? The ESRI? Many say that has become politicised in recent times – “the bank bailout is manageable at a cost of €25bn”. Where is the national house price index that was suspended in February 2010 and which was supposed to be replaced with a quarterly index published in April?

    April 28, 2010, 9:24 am Log in to Reply
    • G says

      Mandelson indicated cuts of £78 billion after the election, he said it would be impossible to forecast now given the ‘uncertainty’, but he did say the cuts will be unlike anything (since the postwar period possibly), they will get themselves re-elected and then you will see a blood bath in terms of public service provision etc

      April 28, 2010, 10:08 am Log in to Reply
    • Deco says

      The ESRI would be more likely to address such an important topic with a projection like

      “Growth will return to the economy in the second half of ….” “We must make the decisions now which will position us correctly to take advantage of the recovery” “The property market has now hit the bottom…..represents….good value….for the first time buyer…..” “smart economy”…..”digital hub”…..growth hubs…..regeneration….expansion…..fiscal measures…..productivity.

      You know something, this is same sort of PR drivel produced in the US under Greenspan and Bush !!!!

      April 29, 2010, 8:37 pm Log in to Reply
      • Stephen197 says

        David,

        I am just reading your book, follow the money. It is so spot on its frightening. I dont know how you get it so right. I have lived in Bondi for 3yrs and came back hoping to make a go of it. I am on my way back to Bondi for good. I luckily was granted a resident visa but your synopsis of how the Irish are now coming into Oz and the way the ‘new’ emigrants operate is 1000% correct. It is affecting the way us old irish are viewed. I think these new emigrants get a shock when they arrive. They are expected to do an honest days work for an honest days pay which for most is alien…

        May 1, 2010, 3:07 am Log in to Reply
  • laughingbear says

    I keep saying this since more than 10 years, it is a war against the Euro for Dollar supremacy. – Hussein threatened to sell his Oil in Euro not dollar anymore! Bye bye Iraq. –

    The Wall Street fascists deliberately targeted Greece, next in line is Portugal and Spain, in mission to destroy the Euro.

    http://www.stoxx.com/indices/index_information.html?symbol=SX5E

    April 28, 2010, 9:36 am Log in to Reply
  • G says

    Mandelson said at a conference that Britain was not Greece, nor Portugal………contagion set to spread, Ireland…………………………..interesting that leading US financial institutions have played a major role in ‘unraveling the European project’…………..

    April 28, 2010, 10:07 am Log in to Reply
    • Deco says

      Here we go again…
      “When you hear the official denial, then you know with added certainty that the rumours of the problem are true”.

      Everything that Mandelson has been put in charge of has been a disaster. Mandelson is to Britain what Martin Cullen is to Ireland. Except Cullen never got sacked. Mandelson got sacked three times, and the urge to sack him is worth a few hundred thousand votes to both the Conservatives and the Lib Dems.

      If the Labour Party get a hammering, journalists here will talk of the similarities with FF.

      I have always held that FF are the Irish version of the Labour Party, that FG are the Irish version of the Conservative Party, and that the ILP are the Irish version of the Lib Dems. The comments made by Eamon Gilmore recently merely confirm this theory.

      The similarities between “our three” and “their three” are striking and remarkable.

      April 28, 2010, 6:22 pm Log in to Reply
      • G says

        “Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.” ~ Thomas Jefferson

        I was actually quite shocked and annoyed that Labour hired a former PD, TD, Mae Sexton from Mayo!!Have Labour any principles? You just can’t take them seriously when they do sh*t like this!

        What did good Mae say –
        “the situation had changed very dramatically since she was elected as a PD TD in 2002, and claimed different circumstances and different problems required a different set of responses.”

        http://www.irishtimes.com/newspaper/breaking/2010/0427/breaking21.html

        April 29, 2010, 3:56 pm Log in to Reply
        • G says

          Correction – “Ms Sexton, an Independent councillor in Longford, is expected to contest the next general election in the Longford-Westmeath constituency alongside sitting Labour deputy Willie Penrose.”

          I wonder how Willie feels about that. What was Rabbitte’s line: ‘my job is to looked pleased when I am not” – great, worthy of Gordon Brown but then that was the same guy praising Michael O’Leary (Ryanair) on Vincent Browne’s show after Lisbon II – Orwellian!

          April 29, 2010, 4:00 pm Log in to Reply
        • Deco says

          G
          I noticed the same thing. Suddenly a member of the PDs, the IBEC political wing, goes and joins the ILP, and becomes a socialist.

          Of course the only thing that she has remained in an opportunist. That was the common thread through her political career.

          She was a career neo-Liberal, and now she has become a career socialist !!!

          April 29, 2010, 7:49 pm Log in to Reply
  • patmoore says

    All we need now is an Earthquake in San Francisco and the whole lot comes tumbling down.
    What do we do then? Delete all the debts and start a new financial system from scratch?

    April 28, 2010, 10:07 am Log in to Reply
    • G says

      Apparently certain US States like Colorado have preparations in place for just such an eventuality and the human tide that will follow eastwards………..but they won’t be waiting with bottled water and blankets………..typical US solution if you know what I mean…….

      April 28, 2010, 10:13 am Log in to Reply
  • cbweb says

    I’m positive about an Irish exit from the Euro, should make us positive against our neighbour, get some of the diaspora spending money here at last

    Salutes to the great GRA and their standing ovation from the Irish Gardaí for their President’s, Michael Boyce,

    speech attacking the Clowen Gang of economy wreckers. Miriam O Callaghan of PrimeTime from Pravda RTE was almost apologetic to Ahearne for Boyce’s ‘tell it like it is’ ‘reality’ speech. Ahearne practiced in jack boot tactics used on any opposition was allowed to denigrate Boyce at will.

    It was a great whistle blower speech from Boyce.

    On the one hand, business news this morning gave upbeat remarks about our economy turning the corner from Davy mining the news over BOI; then news in another item, the real news, mounting Irish debt costs soaring differentially due to increasing pressure because of the Greek situation.

    The real world is beginning to prick the propaganda bubble we live under.

    http://bit.ly/9F1d1N

    “Dermot Ahern, the justice minister with responsibility for drafting legislation on casinos, lobbied fellow ministers to support a friend’s proposal to build a Las Vegas-style winter sports and casino development in Dundalk.”

    The Clowen gang might be given jobs in Ahearn’s Casino Amadán as bouncers.

    OT there’s an emergency meeting of the EU leaders next May 10th to discuss the Greek situation. I revise
    early post prediction of Greece out of the Euro within 4 weeks of yesterday, refining it a little.

    New forecast,

    Greece to get the thumbs down on that day. No bad deal for Greece/Ireland, say 20% devaluation in time for the tourist season (Bord Failte take note, time to target value holidays at the USA/Europe) We need to clean up the NAMA FF mess.

    P108, Sorkin, ‘Too Big To Fail’,

    “For the last several weeks Lehman has been complaining. Academic research and our experience indicate that when management teams do that, it is a sign that management is attempting to distract investors from serious problems”…..”Lehman was in for some serious pain when the market opened the following day; the
    shares would fall as much as 5%”

    Greece is Europe’s Lehmans, Groundhog Day here we come.

    Take a bow D and others on the list who’ve called this Greek event inside the Irish bubble of FF RTE Pravda propaganda.

    Posters, keep on posting and telling it like it really is on NAMALAND BanaRama Scamarama.

    April 28, 2010, 10:12 am Log in to Reply
    • G says

      Very strong comments from Head of the GRA, to the Minister for Justice (who refused to attend)

      On the government –

      “…..self-serving, overpaid, underworked, dishonest people with over generous pensions…………..a government corrupted by
      years in power, lost touch with reality, whose only agenda was to protect economic traitors, gombeen businessmen who have sacrificed our chilrdren, and children’s children
      to those who bankrolled the FF party, that the government of which Dermot Ahern was a long serving member has mismanaged the wealth of this country for more than a decade, by allowing the States assets to be robbed and plundered by bankers and speculators”

      (From Pravda/RTE news)

      April 28, 2010, 10:14 am Log in to Reply
    • cbweb says

      Papandroeu since March doing his best to protect Greece against the speculators, rising interest rates/cost of borrowings for Ireland, Ireland already under similar attack….the shorts!

      http://bit.ly/95dded

      April 28, 2010, 10:29 am Log in to Reply
      • cbweb says

        Good wishes to UK…………..

        Henry V Speech

        Feast of Crispen’s Day

        Why should they mock poor fellows thus….Our hearts are in the trim….Come thou no more for ransom, gentle Herald

        http://bit.ly/M5mH

        Above vaguely linked to usury and economic theory 🙂

        April 28, 2010, 11:20 am Log in to Reply
  • Malcolm McClure says

    David: Brilliant piece evocative of London and with sound financial insight. The Jew’s ploy of buying Greek bonds when intrest rates were low and selling when they rise makes sense as an investment in Irish bonds only if Ireland comes closer to the brink of default. Paradoxically, if enough Jews buy Irish bonds in large quantities expecting a default, their action makes default less likely to happen.
    By pointing this out you have done the country a great service. Thanks for that.

    April 28, 2010, 10:22 am Log in to Reply
    • Irish Sovereignty says

      Does buying bond when rate are low and selling when they rise make sense to you Malcolm? Thats a quick way to lose money. As rates rise the value of the bond DROPS. These guys are trading CDS contracts, a sort of insurace product or method of shorting, in this case Greek bonds.

      April 28, 2010, 12:35 pm Log in to Reply
      • Malcolm McClure says

        Irish Sovereignty: I’m obviously no bond guru but I believe the situation with bonds can be more complicated than you suggest, and often can become counter-intuitive. To establish worth, we need to distinguish between the bank rate and the coupon rate. Typical bond coupons pay a semiannual rate until maturity, say in 2020. I buy a @10K bond and get my capital back in full on maturity regardless of bank rate but devalued by inflation of the “big, solid” Euro. The value of the bond depends on whether the coupon rate floats with inflation or, as in the Greek case, is enhanced to tempt gamblers. Zero-coupon bonds make up another gambler’s rat-bag.

        The yield on a Greek 10-year bond shot above nine percent, while a two-year bond rose above 11 percent, both record highs since Greece joined the eurozone. Weirdly, short-term debt financing is now more expensive than long-term funding. This situation is referred to as an “inverted yield curve,” and it is generally considered a harbinger of financial doom. This means that investors think that Athens is more likely to experience problems sooner rather than later but by 2020 it will all be sorted and the IMF will cough up the principal.

        April 28, 2010, 8:41 pm Log in to Reply
  • machholz says

    ref. The Minister for Justice has withdrawn from his scheduled appearance at the Garda Representative Association annual conference.

    This political peacock can go back to the other economic terrorists and tell them they can expect to get the same treatment everywhere else the show up
    The ordinary people of this country have had enough
    Mr.Ahern and his associates have brought this country to its knees and we the people will not stand for any more nonsense
    Fair play to the GRA for telling the truth and saying openly what every member of the Force hears on a daily bases from their real bosses (The people)
    Well done to the GRA

    April 28, 2010, 10:26 am Log in to Reply
  • machholz says

    With all the western countries now carrying huge debts
    I have to question who exactly is behind the buying all this debt?
    I mean where do they get all this money?
    I know that the US is printing so many Dollars that the real value of the dollar is now probably only worth less than a cent!
    And the Euro, well just read the newspapers!
    Total EU External Debt 18,302,319.trillion $

    Total US External Debt 13,703,567.trillion $
    These mountains of debt cannot be repaid and the markets will have to wake up to this fact soon or later!
    There isn’t enough gold in the ground to cover these vast amounts of debt
    The only thing that is keeping the financial markets stable is the use of obscure derivatives tools, but these are just promissory notes with nothing behind them, something
    Like the emperor with no clothes syndrome.
    Which brings us to another question and that is why is gold so cheap!
    It should be somewhere around $6,000 an ounce at least.
    Somewhere, sometime the market will face up to this reality and we will see the mother of all crashes then.
    make no mistake the ball is already rolling!

    April 28, 2010, 10:27 am Log in to Reply
    • MK1 says

      Macholz, I have been saying something similar for a long time.

      You see, the financial system of the globe is based on trust, and the debts are to paid off in the future, so future work is the only thing that can pay it off. In fact, Earth Inc is in net debt right now to itself.

      The system is based on trust, and perhaps one day, that trust will be lost and the system will come down like a house of cards.

      MK1

      April 28, 2010, 12:07 pm Log in to Reply
    • mcsean2163 says

      Th Chineese are buying the US debt. Pensions funds too are big investors in government debt

      April 28, 2010, 12:38 pm Log in to Reply
      • Ruairí says

        The Chinese WERE buying it. They’re quietly building heir gold reserves and they’ve also become net sellers of US bonds as of last month.

        April 30, 2010, 12:13 am Log in to Reply
  • David McWilliams says

    Malcolm,

    Interesting points but just to get the record straight, my friends the other night were not involved in the present currency/bond travails. So its not a case of “Jews” selling bonds. That’s a bit too much like the “elders of zion” stuff that went around years ago. However, they are people who have seen how the world works and their opinion is, for me, worth 1000 press releases from the ECB/Department of Finance.

    Best David

    April 28, 2010, 10:31 am Log in to Reply
    • Malcolm McClure says

      David: Agreed. I have Jewish friends too and abhor stereotypification.
      As you described so eloquently, it is the variety of racial types in London that makes living there so interesting.

      April 28, 2010, 11:26 am Log in to Reply
  • delatroy says

    I don’t quite follow this article among others. David states:

    “Britain is in a precarious financial position, but at least it is exceedingly lucky in that it can print its own currency.”

    How is inflation a good thing? It would be hard if they couldn’t print their currency but its going to be much harder for them if they do. Either way pain has to be taken and printing only prolongs and deepens the situation.

    David goes onto say:
    “Sterling’s fall means that in Dundalk, Cavan, Letterkenny and all across the country north of Athlone, the retail trade seizes up. People go north for bargains…”

    An inflated currency effectively forces retailers to go on a permanent sale. If an inflated currency is good for trade, then why don’t they just inflate all the time? Surely this would perpetually increase exports and everyone would be happy? Inflation and higher exports is an illusion. Its not like the UK treasury is getting any richer just because they collect more ‘notes’ if the value of those notes isn’t worth the paper its written on.

    Persuasive copy with little economic sense.

    April 28, 2010, 10:41 am Log in to Reply
    • tony_murphy says

      devaluation = the nation takes a pay cut en masse

      everyone takes the medicine

      pound is worth less, inflation goes up yes.. imports go down, exports go up, people don’t holiday aboard, money stays in the country.

      the 3 holidays a year burning on the med while tanking up on booze on the back of public purse is a thing of the past

      April 28, 2010, 11:29 am Log in to Reply
    • roc says

      He said ‘able to print their own currency’.

      If you put this extra money into the pockets of people and business, they are able to pay down debt, strengthen cash positions and go shopping for things they may need.

      When people go shopping for goods and services, their demand requires other people to work to meet their demand, so JOBS are created.

      Inflation only becomes a problem when means of payment increases more rapidly than the total output of goods and services.

      We are a long way from that – we would need to be getting nearer to full employment for inflation to become a factor – means of payment is still rapidly shrinking.

      Alternatively, inflation comes about when people lose confidence in the currency – this can be very dangerous inflation – however in the case of sterling, this is a long way away, notwithstanding the hubbub internet and goldbug nerds make about the possibility.

      Anyway, a bit of inflation is what is most needed in a recession – the trouble is stoking it in a controllable manner – that said, the efforts that have already been made in this regard has left quite a legacy of incipient inflationary forces bubbling just under the surface.

      April 28, 2010, 1:41 pm Log in to Reply
      • delatroy says

        Absolute Keynesian dribble.

        April 28, 2010, 3:59 pm Log in to Reply
        • roc says

          Quite different – The Keynesian view advocates running big deficits and government spending. What is being advocated above is controlled printing of currency and putting it straight into the pockets of people and business. As I said, quite different to a Keynesian philosophy.

          April 29, 2010, 7:53 am Log in to Reply
          • delatroy says

            So incur more debt to get out of debt right? Putting devalued printed money in the hands of people to presumably buy stuff – why? Your premise is a Keynesian one but not as severe.

            De-inflation is what we want, not inflation because it makes things more affordable for business and it encourages saving for production and investment just at the time that capital is required.

            May 1, 2010, 1:40 pm
  • laughingbear says

    Worth noting:

    2/3 of the greek population do NOT want to take money from the EU and have the IMF Mafia step in.

    Any action taken from the greek government to allow the IMF and possible EU money to go forward would be against the clear majority will of greeks population.

    April 28, 2010, 11:04 am Log in to Reply
  • Sean_Kelly says

    David, printing money isn’t the answer. Its downright criminal theft. If it was the answer, Argentina would be the wealthiest nation on Earth. Yes, I know we did it in the mid 90s, but Ireland was small and in the right position to attract multi-nationals. Today that is no longer the case.

    The UK is screwed and I can see Scotland eventually splitting from the Union due to financial reasons. Scotland has the wind and wave farms. England’s economy is dependent on the now being exposed corrupt, heavily manipulated financial market. Silver for example is leveraged 100/1. Don’t believe me, then google Andrew McGuire and GATA.

    Yes this decade will be a lost decade for Ireland, but we will rise from the ashes. FF will get the boot and we will become a net exporter of energy. This alone will not only save our economy, but lead to another boom time.

    As for Nick Clegg, his policies are by far the best. On immigration for example, he says it is far too high and a points system like that of Australia should be in place. I’ve been calling for that in Ireland for years now.

    In Ireland, people are always running to the government to look after them. How bout we get up off our asses and look after ourselves and stop moaning. Yes things are bad, but we are still a wealthy nation with advantages other nations could only dream of. We have gotten fat and lazy, its time to shape up.

    April 28, 2010, 11:15 am Log in to Reply
    • Irish Sovereignty says

      Yes Sean it is time that we grew up and began to look after ourselves. The Germanns realised this after WWII and quickly grew to be a world power. Meanwhile in our “Republic” we were looking to the church and state for leadership while exporting our talent.http://irishsovereignty.wordpress.com/

      April 28, 2010, 12:18 pm Log in to Reply
      • G says

        How true and depressing! Don’t forget the role old money played along with the professions who sought a tight game – no wonder Gates and Buffet never emerged out of Cork!

        J. J. Lee does a pretty good job highlighting this in his exhausting work: Ireland – 1912-1985.

        April 29, 2010, 4:03 pm Log in to Reply
  • SM says

    Just in response to that note regarding Aherne and the casino in Dundalk.

    I’ve long suspected that FF and their cronies would try to legalise large scale gambling casino resorts. It’s an excellent way to launder dirty money and it’s a huge revenue generator and a perfect change of use for Nama hotels.

    We don’t even need to rely on a domestic market because serious gambler-tourists will fly around the world to spend a week gambling and playing golf.

    I can see it now, Citywest Casino and PGA Golf course. All the bling and tack you can handle in one five star resort within 30 mins of Dublin Airport.

    I can also see the thousands of low earners and desperate gamblers from the hinterland destroying themselves and their families.

    April 28, 2010, 11:19 am Log in to Reply
  • laughingbear says

    Schaeuble, DSK and IMF held a conference call this morning, hold on to your butts…..

    April 28, 2010, 11:27 am Log in to Reply
  • laughingbear says

    Question is….Will the debt Junkies continue to share their needles or go cold turkey?

    Have a lucky guess!

    The debt spiral is in full motion, so is the contagion!

    April 28, 2010, 11:42 am Log in to Reply
  • MK1 says

    Hi David,

    An interesting people watch bus ride on the Kilburn High Road.

    DavidMcW> For Ireland, the next few weeks in Britain will be crucial. The UK is still our biggest trading partner.

    The problem that the voters have in the UK is that they do not know what they are voting for economically. They have no idea what shape a Lib-Lab or Con-Lib government would have and the economic policies it would follow. I think that whatever government emerges wont last that long as all parties will be eager to get to the public again and they have no track record of being in a coalition.

    I agree that what happens in the UK is important to us, not only trading, but also as an emigration ‘valve’. That 1950’s Mohill you mentioned was also the 1980’s Dublin, Cork and Limerick.

    UK’s debt is huge, as is the US’s as is Japan’s as is the EU’s. And the governments debt has only been added to in recent years as private banking debt has been moved to government public debt. And QE tricks by one and all doesnt work.

    Many problems need to be fixed … UK debt and Greek debt are just a couple of them, yet solutions are few on the ground. No-one wants to give up the easy money they make in this global financial system, least of all Goldmine Sucks (ie: Goldman Sachs).

    MK1

    April 28, 2010, 12:15 pm Log in to Reply
    • tony_murphy says

      I wonder what hedged positions fabulous suds and fabulous fibs have on Ireland.

      April 29, 2010, 8:28 am Log in to Reply
  • AndrewGMooney says

    Hey Malcolm: See. I’m still here! Reading, learning, enquiring. It’s all good. Developing my tran-generational social equity post-Keynesianism of the ‘learn, earn, save, spend, donate’ variety.

    Having ‘brainstormed’ another pre-visit ‘blue-sky thinking’ for the supposed visit of pope Benedict/Gregory XV1, I was in Regents Park yesterday afternoon. Watching the caravanserai of humanity moving from one shoppathon to another. Beautiful sunshine. Ice-cream. My favourite place in my favourite city. Playing some songs on the aul’ I-Pod:

    “I’ve been dreaming of a time when the English/Irish are sick to death of Labour/Tory/Fainna Fail/Fine Gael….etc.” Morrissey/Mooney mash-up remix.

    And now, it may finally be happening. This side of the Celtic sea, at least. ‘None of the above’: I want a ‘hung’ parliament. Actually, I want them hung, drawn and quartered. I want them all pushed into a pressure cooker/torture chamber where they have to actually ‘right-size’ this Disunited Kingdom politically, economically, socially, militarily. On every level, in every way: Enough is truly enough. “We are all in this together” says Cameron as he threatens to turn off the spigot of taypayer funding to Northern Ireland. That will create happy outcomes I’m sure. David, you could always just hand the place back to Ireland. I’m sure they’ll be happy to fund it. *rollseyes*. No, David, we are not ‘all in this together’. It’s not that you went to Eton. So did Orwell. It’s your membership of The Bullingdon Club. Ditto Boy George Osborne. There are competing narratives and agendas which are irreconcilable without compromise and co-operation. The same cauldron will come to the boil by 2012 in Ireland if the FF/FG sham can manage to maintain a ‘consensus reality’ until then. Which I very much doubt.

    If the Tories where honest about spending cuts, the Olympics would be first on their list. They’d pay China to re-host the extravagant drug-fuelled charade in that abandoned Birds Nest stadium, and invest the money in another tube line. The tube reached Hackney / Dalston yesterday. Won’t solve the boroughs drug and knife crime problems but so much better for everyone living in a right-on mansion around Victoria Park. They’re finally ‘on the map’: ‘Electioneering row as Boris Johnson opens East London Line at ceremony’

    http://www.timesonline.co.uk/tol/news/uk/article7109423.ece

    The whole Greek ‘eurodrachma drama’ will be rival the world cup for retinas this summer. It’s good to see David mapping out the interconnectedness of various nation state fates. Germany. Greece. UK. Ireland. I get weary of ‘nationalist’ competition to see who can deflate themselves into oblivion fastest.

    http://www.independent.ie/opinion/analysis/why-we-have-one-up-on-the-formerly-mighty-blighty-2151609.html
    One day, ‘Chermany’ will realise there is no Mars to export to and that a global reordering of hoarders and spendthrifts is inevitable to avoid another war. But not until they realise they are precipitating a deflationary catastrophe in their PTSD about Weimar.

    I liked David’s article on Michael Hudsons’ biblical economics but a debt jubilee implies a reset button whereby the whole nonsense can start again. In effect, the Biblical Jubilee institutionalised debt peonage rather than solved it. Geometric debt curves will never match the s-bend of human political economy. And that s-bend currently resembles flushing a toilet. So, why is Hard-Core Euro ‘helping’ the flaky periphery by giving them even more debt to drown in? Write it down and/or write some of it off. This nonsense can’t carry on. As an aside, If David had taken another bus, he might have ended up in Camden. Arlington House. Where the child soldiers of the Industrial Schools sought sanctuary in an oblivion of alcohol. So much for the ‘third sector’ of faith-based charities replacing the bureaucratic state. Yeah, that really worked in previous decades in Ireland, Mr Cameron….

    London isn’t ‘England’. London isn’t the U.K. London is The Metropolis. And, as Michele Obama realised in a blinding flash at that school : London is a post-colonial vision of the future. If there is a future, and it’s gonna work. It’s gonna start in London. Dublin and Ireland appear to be hell-bent on self-destruction. Catholic guilt after sinful pleasure, etc. The ‘decadent Keynesianism’ of the British will, I sense, prevail over the alien Chile-Chicago Thatcherite aberrations. As well as a ferocious cultural pride and optimism when not talking about the weather: People here usually vote for Santa not Scrooge, no matter that Santa is paying for the sleigh with credit cards and may have his credit lines abruptly cut! Whatever, ‘the Brits’ will come through. Thatcher had North Sea Oil and Gas to fund her class-war. ‘The Brits’ need a bigger, brighter vision and inspiration in the post-resource rich decades ahead. High speed rail to Birmingham. A post-modern Green Industrial Revolution is up for grabs. James Dyson has moved his hoover production back from Malyasia, etc. The benefits of a ‘free floating currency’ will probably emerge and UK holidays will be in Turkey and Egypt rather than Greece and Spain. Life will go on in amended, straightened circumstances. But it will still be the U.K. Which is a cultural vision as well as a federation of nation states. Cameron sees the benefit of unity amongst UK nations but recoils from similar in EU. Cognitive dissonance. Kenneth Clarke will blow the Tories to bits over Europe. And Clegg wants the Euro! Cameron’s ‘Big Society’ is just a concept. It hasn’t been fleshed out. It’s essentially an appeal to common British decency. But that won’t pay for CCTV and high tech medicine. The N.H.S is a sacred cow. Cameron lauds the Swedish private school model, but no ideas how to fund it. Ignores the French leading-edge health model which is insurance based rather than run by an internal Soviety monlith similar to the Red Army. Sir Gerrard Jude “Gerry” Robinson from Donegal tried to raise the alarm, but no use. ‘Can Gerry Robinson Fix The N.H.S?’ BBC 2007, etc.

    Ireland is also in a bit of a pickle. Triangulating, reaching out towards a 3 leaf clover of US/UK/Eurozone may have made sense in ‘99 when the millennial euphoria stopped any sensible discussion of the flaw underpinning the Euro Project, but now it’s decision time. I can see why some argue that Ireland needs to abandon trading with the bizarre QE funded shenanigans of its’ incorrigible neighbour, but getting into bed with Angela and Nicholas seems to have ended up with Ireland being spit-roasted. As Malcom Tucker might have said “Angela is about as much use as a marzipan dildo’. When I see that FF are introducing emergency legislation to mandate German and French for all kindergartens and Bundesliga games replace the Champions League: I’ll believe that Ireland has ‘joined Europe’. Until then, I think David is right about leaving the Euro. But not as a panic lone bolt for the exit, but as part of a planned strategy if and when the containment of this crisis fails. I’m sure the Brians are on the case. The UK must ‘walk a tightrope’ between reigning in debt/deficit and stimulating economic activity. Here are the articles which led me to that view. Key point from Martin Wolf. Key point:

    ‘None of the parties has a convincing plan.’

    http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2010/04/19/uk-economy-must-perform-a-rebalancing-act.aspx

    So, I hope there will be a ‘hung’ parliament which forces all 3 main UK parties into a pressure cooker / Govt of National Unity type scenario where they have to stop the boo! ya! posturing and actually, finally, put this country on a road to ideology-free prosperity. And I dearly hope that something similar emerges in Ireland as and when the ‘implosion’ takes place. Alastair Darling is on the telly. The future Prime Minister once the clusterfcuk circle jerk of this election and ‘hung’ Parliament plays out. Another Scot! Maybe Ireland needs a few Scottish Taoiseachs. [*raised eyebrow*] Where am I going with this? Lol! Ireland and the U.K have a commonality of purpose in stopping the dysfunctional German juggernaut. As high-tech and beautifully engineered as it is: It won’t work. The whole world can’t be a balanced budget fanatic. Cue Keynes. IMF to introduce ‘The Bancor’ and so on.

    regards
    AndrewGMooney
    ‘An Irish Childhood In Birmingham’ 20:12, 20/12, 2012.
    The Irish Centre. Connaught Square. Birmingham. Eng-Eire-Land

    ps: Gordon Brown has just blown his brains out by calling a wonderful woman voter ‘a bigot’! We really are in ‘The Thick Of It’ today.

    April 28, 2010, 12:34 pm Log in to Reply
    • Deco says

      Brown is the Labour Party’s biggest problem. (a remarkable acheivement given that John Prescott, Steven Byers, and Lord Mandelson are in the same organization).

      Clegg knows this and shoots at Brown at every opportunity.

      April 28, 2010, 1:11 pm Log in to Reply
      • tony_murphy says

        I actually think that Gordon Brown isn’t all that bad – I think he realizes all the mistakes he has made.

        I would certainly trust him more than Cameroon and Clegg.

        The really scary thing about Labour are the millibands. They are blarites/parasites. Labour will get rid of Brown regardless so Phony Tony types can take control of the party again

        April 28, 2010, 1:16 pm Log in to Reply
        • tony_murphy says

          speaking of phony tony’s

          http://www.youtube.com/watch?v=-FnmnuDiVno

          April 28, 2010, 2:54 pm Log in to Reply
        • Deco says

          Not a fan of Phony Tony either. Was delighted to see him go. Not impressed with the way his crony Mandelson got back into office. They are preparing to put Milliband in as PM. It will be a Libour Gov. Milliband did his best to create a massive crisis between the EU and Russia over the Georgia affair 18 months ago. Milliband is really dangerous. He has Blair’s tendency to jump too quickly, and when you putting on his honesty act, then you know that he is lying through he teeth.

          April 28, 2010, 6:59 pm Log in to Reply
          • G says

            Here, here Deco, I monitored the Georgian situation very carefully and Miliband made very dangerous comments, really inflammed things, he was looking to Washington, part of the acceptable coup against Brown?

            As the Oracle says in the Matrix, what do men of power want? More power!

            He is an amateur par excellence!

            April 28, 2010, 9:06 pm
    • Malcolm McClure says

      AndrewGMooney: Always a pleasure to read your carefully crafted insights, all relevant to understanding.
      I’d fault your comments on Hackney though, as I know it well. Five or ten years ago it might have been regarded as an up and coming ‘new Islington’, but even that is passé as it has developed its own richly distinctive character.
      The new rail line is overland (not tube) and parallels the Kingsland Road. Unfortunately for the ‘right-on’ types (and unlike Islington) it provides no convenient connections to the West End. (Dalston Station is still a good 20 mins walk from Vic Park).
      Victoria Park (not ‘mansions’ but mid-Vic terraces – perhaps you were thinking of de Beauvoir?) is a gem but London Fields and Broadway Market are key ‘East Enders’ material as are Hoxton and Shoreditch. The new Bridge School beside the Regents Canal is an architectural gem and it is a delight to see its kids walking home proudly in their neat school uniforms. Clissold Park and London Fields have excellent pools. Homerton hospital works well and the Olympic stadium is within walking distance.
      The entire borough is a miracle of international integration, and I’d hazard that drugs and knife crime are no worse than most other inner city boroughs.
      Holidays in Hackney anyone?

      April 28, 2010, 10:47 pm Log in to Reply
      • AndrewGMooney says

        Malcolm, appreciate the feedback. Enjoy your contributions too. I also love Hackney. I was just being a sarcastic smartarse. For a change….Holidays in Hackney? Well, there’s the Lovebox Festival in Victoria Park which would make for an entirely pleasant urban city break if you’re into bangin beats and 80s retro nouveau:

        http://www.lovebox.net/events/event/uk/23/

        I class £1,250,000 as an ‘urban mansion’. This example on Brookfield Road needs work, but has a useful layout with separate accomodation for staff / home office, etc. UK house prices up 10+% y/o/y due to devlish QE. It was either halve the price of houses or debauch the currency. ‘An English(wo)mans’ home is their castle’, so it was an easy call to make, for good or ill:

        http://www.foxtons.co.uk/search?location_ids=93&property_id=724214&search_form=map&search_type=SS&submit_type=search

        It won’t be sold to any local bus driver. If you can afford it, you can afford a taxi to the new train line, avoiding that 20 min walk and all those ‘difficult’ street scenes which initially thrilled with their ‘edgy vibrance’. I, too, was thinking of the whole ‘Spitalfields / Janet Street-Porter gentrification thang, whereby the focus of London has shifted to the East. I support the Olympics. I support the Stratford hub infrastructure. It’s certainly a different place from when I squatted on The Morningside Estate in the early 80s, whilst Tony & Cherie were getting ‘on the ladder’ nearby:

        http://property.timesonline.co.uk/tol/life_and_style/property/investment/article1741849.ece

        To wrap this up: Tony now has a gaffe in Connaught Square. Madonna has been secretly buying up half of Marylebone during the downturn. I was in Marylebone on Tuesday. It would have been funny if I bumped into DMcW as I, too, prefer the symphony of the streets and bus travel. My Dad was Paddy ‘On The Buses’ for 35 years. I will take to the stage in Connaught Square in Birmingham, become absurdly rich and famous, buy a house in Connaught Square next to Tony and Madonna, invite them to dinner parties and live happily ever after. Perhaps!

        I think DMcW could branch out and become a major media figure here in the U.K. I’d like him to begin with a series on ‘The Irish In Britain’. I’ve done the ‘lift pitch’ at the Beeb, but it hasn’t been green-lighted due to the budget challenges. Fingers crossed. I see David as a potential ‘Wogan’ type provocateur in UK society. It took donkeys years for the cognescenti to realise how subversive Terry was. Now he’s sadly retired. Still, we have Graham Norton *rollseyes*. Oh, for the days of Dave Allen on primetime UK t.v. He really pushed the envelope. I remember that Pope in Drag striptease sketch which made my Dad pull the plug off the set. Hilarious. I must reprise it for the ‘welcome’ I’m organising for Benedict in Sept:

        ‘The Pope Performs A Striptease – Dave Allen At Large Series 4 1975′

        http://www.youtube.com/watch?v=pANRjBLsDDk

        Anyway. Must stop rambling as per instruction from ’stiofanc02′ @22. Need to stick to praising DMcWs unconditionally so he carrys on with the writing lark. He’s a tender wallflower, needs constant approval from ‘fans’ to bolster his self esteem. ’stiofanc02′: Locate the button on your keyboard called ‘Pg Dn’. Get Ronan to limit replies/comments to 250 characters, etc.

        April 29, 2010, 11:02 am Log in to Reply
        • Malcolm McClure says

          AndrewGMooney: By coincidence I too drove through Connaught Square a couple of weeks ago. Not impressed. If I wanted to live that close to the West End, I would choose not Marylebone but the other side of the TC Rd in Bloomsbury, where I think you’d be completely at home.
          I like the idea of a celebration of the Irish contribution to London. Not just in Kilburn but Holloway and Seven Sisters Road. Think Arsenal, Spurs, not Chelsea or Fulham.
          For me the natural replacement for the irreplacable Wogan would be Tom Dunne of Newstalk radio.

          April 29, 2010, 1:47 pm Log in to Reply
  • Deco says

    The British General Election, and the impact on Ireland, deserve at least one article. Simply on the basis of the potential for whatever happens in England to impact Ireland. Britain is still our main export market, and especially it is relevant to the middle Ireland that depends on lowpaid industrial employment for sustainance.

    The problem for Ireland is that our boom was sync’d with the British boom. We are now in sync with Britain’s bust. This means that when we need export derived growth, we are finding it hardest to attain. And forget about our builders being able to fill gaps in British construction when the British banking system is on life support after a massive heart attack brought on from a decade of high fat living.

    The Lib Dems are not going to fix Britain. And the Labour Party (the real one that is, not the ILP), are unlikely to turnaround and fix Britain. The Conservatives did turn around Britain twie before under Thatcher and Major. But the Thatcher method was painful. What people forget is the state of Britain before Thatcher. There were periods in the 1970s when the electricity was cut off every second day. Try competing with the Japanese Industrial competence when you have no power in Dagenham. This not saying that Cameron will be a big plus to Ireland. But Ireland’s economic interest is more likely to be well served by a Tory administration than one of the alternatives, purely based on previous performance. Simply put, the Tories try to do the one thing that our politicians seem incapable of doing for Ireland – when the Tories take over, Britain really means business.

    Funny enough, I am not as concerned as David concerning retail. Not everybody will go North for the shopping. And bear in mind that Northern retailers are liable at some point to push their prices up from greed. We have heard a lot of discussion about people going up North to fill the trolleys. But we do not hear about the people who simply downscale their lifestyle, to more humble and modest proportions. There is deflation occurring in Ireland, and we need it to occur to enable the economy to generate jobs. This is the complete opposite to the normal perception of economics, because generally the political establishment, the business sector and the trade union bosses prefer inflation. We are having simplification of the distribution process in the part of Ireland that is North of the Royal Canal, Athlone-Galway Road.

    A far more insidious and galling problem is our industrial competitiveness. Our wage rates are too high. Our indirect costs are too severe. Our regulations are too rigidly enforced. And there are layers of government that owe their existence to need to police the rest of the population, and provide justification that the rest of the population need policing.

    And where does this lead us to ? Back to the way we all used to behave when the British were in charge. And that ethic became the organizational ethic of the Catholic Church, and many other organizations that were in charge. Not saying that we are part of an Empire or anything like that….But there seems to be an element of this in the current British Election. Clegg is promising too much to each side of this authority conundrum. In other words Clegg is a fake. The British do sometimes far for these types, but usually it cartoon characters like Mr.Blobby, or soccer players like Rooney. It never happens in politics or religion because the British have always taken these areas to be very serious topics.

    The British might have Clegg-mania, but is quite possible that when they enter the ballot box that they leave this completely behind.

    I don’t trust Nick. Something just doesn’t quite add up….

    April 28, 2010, 1:06 pm Log in to Reply
    • SM says

      Yeah, because you’re a Tory, that’s why.

      April 28, 2010, 8:36 pm Log in to Reply
    • AndrewGMooney says

      Deco, usually love your contributions. But!
      I don’t understand…. Wayne Rooney is a fake? You could get yourself fk-ukin killed for saying that in certain Dublin hostelries I now studiously avoid. And what’s your problem with Mr Blobby? Next you’ll be dissing Mr Bean and then you’ll be in real trouble.
      best
      AndrewGMooney/Clooney/Rooney.

      April 29, 2010, 11:07 am Log in to Reply
      • Deco says

        Actually maybe Wayne Rooney is not fake. But I was having a go at the whole celebrity culture nonsense. It is a sign that the media have too much power in a society. And that applies to Ireland as much as England.

        I am alsoreading a book called “Affluenza” about the whole mani engripping the English speaking world.

        It will end in debt, social chaos, and possibly a war with some part of the world that has natural resources, like the Russia Federation or the Spanish speaking part of Latin America. Perhaps the US might even take over Canada. Basically these countries need real wealth to back up dodgy paper money. It is not a great prospect. But hard work seems to have gone out of fashion when the media took over Western culture.

        April 29, 2010, 1:00 pm Log in to Reply
  • paddyjones says

    The problem with Greek debt being junk status is that pension funds and banks cannot hold them any longer. There is 300 billion of Greek bonds out there somewhere that is now going to come on the market.
    The EU are playing a dangerous game , it is a front that there will be no default but the 45 billion on the table will not be enough. The greeks need 100 billion for 2010. The Germans are now saying that any bailout will not be repaid , so the 450 million Ireland will pay will go directly on our deficit.
    It is gone time to liquidate investments and hold euros. In Ireland deflation will deepen and there will have to be another budget in the next few months.
    Lenihan cannot sit this one out he must act quickly. Ireland will owe 140 billion by end 2010 that is way worse than Greece and Portugal.
    Be prepared for the worst.

    April 28, 2010, 1:35 pm Log in to Reply
  • G says

    Ireland mentioned twice on CNN ‘Greek briefing’

    http://edition.cnn.com/2010/BUSINESS/04/28/greek.debt.qanda/index.html?hpt=C1

    April 28, 2010, 2:18 pm Log in to Reply
  • stiofanc02 says

    Am I the only guy who skips over the looooonnnnggg posts? These fall into the category of “dont try this at home”, in my opinion. Daivds articles and some of our amature opinions are what this forum is for, I think. A sort of sounding board.Not the lengthy missive going on and on and on,link after link and more and more………………………….need air.

    April 28, 2010, 4:16 pm Log in to Reply
  • John ALLEN says

    WOBBLE – the last one as Apr 5 th and we saw what did do to mountains and airlines .Maybe the next one will throw ash over the Euro as we burn more in a Greek Tragedy .After the EU Euro summit in early May will smoke signals rise once more and towards the end of June will we see the begining of the next Moon Wobble that will peak on 3rd July .Its time to dig a bunker and hide .

    April 28, 2010, 4:22 pm Log in to Reply
  • John ALLEN says

    Bus 328 is one of many Time Machines to observe in the metropolis of London .step on a bus near you and see does it set you back of bring you forward .

    April 28, 2010, 4:30 pm Log in to Reply
  • wills says

    Macholz @9.

    Maybe the debt and the debt buying is not what we are told that it is.

    Maybe the debt is a con.

    Maybe the debt is merely a reality get seperate from the cash money printed through the printing presses.

    People are sold the idea that the loan at the bank comes from money in the banks safe.

    It does not.

    A customer loan from the bank comes from the bank opening up a debt for the customer for the bank to accrue into the account a set sum of numbers.

    The actual cash is not there in the account it is merely figures on the statement.

    The cash itself is all together a whole different reality run through the printing presses and nothing to do with debt opened up on accounts.

    April 28, 2010, 5:03 pm Log in to Reply
  • Josey says

    Spain just downgraded by S&P gangsters….ireland next?

    April 28, 2010, 5:38 pm Log in to Reply
    • G says

      Portugal next, then Ireland, watch Eastern Europe, Hungary etc as well as Baltic Republics, bowling pins……………………France and Germany will find themselves surrounded (for once)………failure on all sides.

      April 28, 2010, 5:53 pm Log in to Reply
      • Deco says

        I think David mentioned the Domino Theory, which was the thinking that prevailed under LBJ when the US started to escalate it’s involvement in Vietnam. VietNAMA. And Ireland being the domino that the ECB were trying to contain.

        April 28, 2010, 6:53 pm Log in to Reply
  • Dilly says

    So, is it true. Have the EU stepped in and told our feudal landlords Fianna Fail to close Anglo. or maybe it is just a wicked rumour.

    April 28, 2010, 5:54 pm Log in to Reply
  • noonep says

    “The ESRI? Many say that has become politicised in recent times – “the bank bailout is manageable at a cost of €25bn”.

    Everything is managed purely on expedient gombeen political terms in ROI. They’ve taken on the church but Irish ‘citizens’ appear happy to be treated as gormless peasents by the establishment.

    ‘Is leatsa e’ me a-se, yes its yours €140 billion of debt incurred by gombeen politicians, bankers and developers coked out in a delusion high roll with this country’s future, who have copperfastened ‘contractual pension cushions’ and feather bed emoluments to shield themselves from the forces of destruction they’ve unleashed on the ordinary Joes of Ireland and their families.

    ‘is leatsa e’, what patronising crap!

    April 28, 2010, 6:13 pm Log in to Reply
    • Deco says

      IS LEATSA E = “It is yours”.

      Anglo Irish Banks…..”IS LEATSA E”
      Bank of Ireland………”IS LEATSA E”
      Allied Irish Banks…..”IS LEATSA E”
      Irish Nepotists BSoc……”IS LEATSA E”
      Educational BSoc…..”IS LEATSA E”
      (as if we did not get a sufficient education from the other financial institutions).
      The report that found that Anglo got a loan from Permo that inflated what the Department thought Anglo were worth……..”IS LEATSA E”
      NAMA…..”IS LEATSA E”
      Ghost Estates in NAMA…..”IS LEATSA E”
      Dublin Docklands Dev Authority…..”IS LEATSA E”
      The HSE with layers of wasters……”IS LEATSA E”
      Bankrupt local authorities…..”IS LEATSA E”
      hundreds of hotels that are unviable…..”IS LEATSA E”
      Hundreds of commercial retail units that are idle…..”IS LEATSA E”
      A big long fat dole queue…..”IS LEATSA E”
      The most expensive electricity in western Europe and pointless ads from Eirgrid that are supposed to patronize you to bits……”IS LEATSA E”
      The partnership process which makes democracy a sham, and means that the dominant entity governing Ireland is IBEC……”IS LEATSA E”
      Union bosses who cosy up to politicians and get multiple earners in all sorts of semi-state organizations for doing nothing……”IS LEATSA E”
      Cronies of Bertie Ahern like Bullshit Cullen running semi-state organizations……”IS LEATSA E”
      400 000 000 Euro thrown at the FAI to build a second stadium that was smaller than one that already existed by Johnny Cash on the eve of sweeping cutbacks………”IS LEATSA E”
      Hundreds of pointless quangoes………”IS LEATSA E”
      The media that whipped up the euphoria that praised people for financial recklessness and took the advertising revenue, and which now wants to get back on your good side again……..”IS LEATSA E”
      Useless politicians, inept civil servive departments, lossmaking semi-states, bungling local authorities, and quangoes full of political appointees……..”IS LEATSA E”
      Tribunal reports which have not put the crooks in jail…..”IS LEATSA E”
      Stupid laws, excessive regulation, and stealth taxes…..”IS LEATSA E”
      Towns and cities that are covered in litter, where alcoholics damage each other and nervous pedestrians at the weekend, where drug dealers divide up into sales territories, where planning policy is a result of brown envelopes…..”IS LEATSA E”

      Yes, all yours.

      April 28, 2010, 6:50 pm Log in to Reply
  • John ALLEN says

    Is it a biscuit or is it a bar ?
    I am thinking of Bismark and I am also thinking of Charlemaign .Do we have twins? Its late this evening and I am also thinking of Kaffee mit System as in Volksprung mit System.I am thinking of a farmer with lots of animals .
    Now I am trying to fit them all together either as insiders or outsiders .Weather does not dictate what decision I make .It bloody does not matter .
    Now I think of myself and wonder if I am a lobster with red hair.

    April 28, 2010, 6:56 pm Log in to Reply
  • Alan42 says

    Actually NAMA makes perfect sense . I was watching Prime Time from a week or so ago with David and Eamon Ryan the Minister for Green something or other debating the growth forcast for next year .
    I know little about economics but i actually thought Ryan was joking . His evidence of things picking up was that he had talked to his relations who are in tourism and they had told him that things were picking up .
    This is not some guy talking to his mate on the bus . This is an Irish Government Minister .

    So if the Irish government has a ‘ ring your Auntie and ask how business is at the B+B ‘ type attitude well NAMA has to work and its off balance sheet . What can go wrong ? Its all Greeces fault .

    April 28, 2010, 7:35 pm Log in to Reply
    • PMC says

      LOL, +1, I had the very same thoughts myself. I was stunned by the comments on the family business, and how it somehow demonstrated a general turnaround in consumer trends.
      From now on, lets use Eamon Ryans family business as the consumer spending barometer.. Gombeenism in its truest format. There’s no hope for us if that’s the standard of public representation.

      April 29, 2010, 11:33 am Log in to Reply
  • wills says

    David.

    The crux of the article for me is the domino effect from international money handlers denying Greece purchase of their government issued bonds, including the ECB saying NO.

    Now, the ECB will buy the greece government bonds and the ECB will buy the NAMA bonds.

    The european insiders will ensure the ECB will do what is necessary to preserve the EU project and if this means print running free money to funnel into Ireland and Greece this will happen.

    I do not see this chain reaction happening along the lines the article proposes.

    Now I do see the Greek bond meltdown happening for other reasons other than what the media nad mainstream commentators are saying and here it is below I think which is the actual contagion putting the financial banking system and its debt creation scam system in peril.

    ‘ But the $1.5 trillion in subprime mortgages were dwarfed by the $15 trillion US residential real estate market, to say nothing of the $1.5 thousand trillion world derivatives bubble. But, starting with Bush-Goldman Sachs Treasury Secretary Henry Paulson, the talk has been of a “housing correction,” not a derivatives panic. It must be pointed out that derivatives are nothing but wagers, bets placed from a distance on securities which themselves are often not mortgages, but rather other derivatives. The bettor buying a synthetic CDO or CDO² does not own the underlying mortgages or mortgage-backed securities, any more than someone who bets on a racehorse owns part of the horse. Blankfein and others tried to portray derivatives as a service to hedgers and end-users, but it’s clear that the vast majority of derivatives involve neither hedgers nor users, but only bettors on both side of the transaction. It is in any case this mass of kited derivatives which blew up in 2008, bringing on the present world economic depression.’ webster tarpley

    April 28, 2010, 7:51 pm Log in to Reply
  • silverbullet says

    What financial institution said :

    We don’t make a drachma out of a crisis ?

    April 28, 2010, 8:50 pm Log in to Reply
  • paddythepig says

    Have we the fattest police force in the world? These guys are meant to be lean, mean and fit. The GRA benches had the finest set of beer bellies I’ve ever seen. Crowd of chancers. Sack the wasters.

    I heard David on Matt Cooper this evening. Bizarrely, he said the Greeks could never be more competitive than the Germans. Why not? They could be if they wanted to be.

    Paddy.

    April 28, 2010, 10:07 pm Log in to Reply
    • Colin_in_exile says

      Paddy,

      Perhaps if the Greeks switched from Eastern Orthodox to Lutheran, quit smoking cigarettes & cigars, moved en masse to a location with a cooler climate, ate 3 square meals promptly each day, became interested learning foreign languages, and got over their phobia of working in private enterprise, then there’s a chance they could be more competitive than the Germans. But somehow, I think they’d rather stay the way they are.

      The Greeks want to have their cake and eat it. The German’s are realising they’ll have to pick up the bill for the cake.

      April 28, 2010, 10:19 pm Log in to Reply
    • AndrewGMooney says

      The Greeks can’t compete with The Germans because the Germans are ‘different’. As they lecture everyone to grind down costs to compete and pay back money German/Austrian/Swiss banks should never have loaned in the first place: They are also planning another round of grinding ‘efficiencies’ in their own consumer-free economy, neurotically hoarding themselves into an economic pariah basket case. Once Angela’s re-elected, she’ll hopefully get real. Or I can see the hard-core Euro nations having a complete hissy fit and leaving the Euro. Or maybe they’ll be expelled by their peripheal vassal state debtors. Now, that would be interesting……Greek culture is also very, very ‘different’. Germany has to take responsibility for allowing Greece into the Euro in the first place. The Greeks know this. They hold all the cards and they’ll play them in true hubris/katharsis/tragedy style. We covered all this last year. What’s next?

      April 29, 2010, 11:17 am Log in to Reply
      • G says

        @ Colin_in_exile – have you lost your senses –

        Let’s not forget the Germans wrecked Greece during WWII, stole the gold from their central bank, killed a few hundred thousand GreeKs, in the post-war period a civil war broke out, hundreds of thousands more killed, Britain and US heavily involved to prevent left wing government emerging, followed by a brutal military dictatorship with customary crony elite!

        Indeed, the Germans got the mother of all bailouts in 1946/47, so the irony is not wasted on me!

        Come on man!

        April 29, 2010, 4:14 pm Log in to Reply
        • Colin_in_exile says

          G,

          If I was Greek, I’d refuse to change my ways too. I wasn’t having a go at the Greeks, I see the Greek lifestyle as superior to the German one. However, the Germans have a superior economy.

          It was in America’s self interest to re-build post war Germany. It was a case of USA shovelling money to West Germany and telling them to take it. The risk was that if America had not done that, then the Red menace would have been a much larger problem for America, my point being West Germany did not demand a bailout as far as I know.

          April 30, 2010, 4:19 pm Log in to Reply
      • paddythepig says

        Strip us all down to our jocks, take away our soothers, and we’re all pretty much the same regardless of where we come from. Culture takes a back seat then.

        The Greeks could compete with the Germans if they wanted to, or if they were forced to. It’s a matter of will.

        They may calculate they have the upper hand in the game of roulette, but if they push the boat too far they’re screwed, and deservedly so.

        Paddy

        April 29, 2010, 5:45 pm Log in to Reply
  • Philip says

    I feel we are looking at that picture of the unfortunate falling man in the 9/11 atrocity. Week after week blog after blog we are merely reporting that the poor guy is going faster and has reached an ever lower floor befor his inevitable demise.

    Many of you are yammering on about the scams and you seem to have eloquently nailed it. But enough! It is well proven

    I am getting weary, The financial mismanagement is for me a symptom of a deeper malaise which goes beyond a few idiots gambling with “cash” to acquire more “wealth”. Ignorant gits whose blingified company would drive me to distraction – people who are utterly unappreciateive of the fact vthat they live at all. idiots. I say leave them be. They are diseased.

    As for the machinations of govrenments of the UK etc. Fcek em. Yet a symptom of the same malaise. I love the ordinary folk of the UK
    jews, blacks, brumies, cocknies you name them…I have friends of them all. They are sound. I also love the froggies and the krauts and the chinks…sound people to be found everywhere. We are rich for company – get a fceken grip!!!

    All I need is a beer, a good book or 2 , a few laughs and plain grub and some place dry and reasonably warm and health. The rest will follow, but I shall not hunger for it.

    Greeks are marvellous and proud people. I wish them luck in the midst of this nonsense. The Acropolis will be there long after we are all pushing up daisies.

    Two fingers to all the charlatans.

    April 28, 2010, 10:33 pm Log in to Reply
  • laughingbear says

    —- BRIAN LENIHAN —-

    Ok, here is your chance to redeem yourself, all the Lies and BS from the past shall be forgiven and you can resign without being disgraced. How?

    Use our VETO power to support the greek people, that with 2/3 majority overwhelmingly refuse EU money and Worldbank/IMF Mafia to come in.

    The Irish contribution of 0,5 bn has just doubled, money we don’t have and would borrow to give to greece, only to extend this Heist shifting debts and allowing banks to make huge profits.

    Deutche Bank reported 2.8 bn profit MAINLY from Investment banking sector, at the same time, they were raided by german revenue agents, a 180 million carbon tax scam surfaced.

    Invest into the future of the Irish people, infrastructure and strategic industries and projects, close Anglo and Irish nationwide and tell the bond holders, sorry, but you lost, we all lost!

    THE MARKETS WILL NOT PUNISH THIS, ON THE CONTRARY!

    April 28, 2010, 11:06 pm Log in to Reply
  • Furrylugs says

    Wonderful well made comment and counter comment. No more I can say that hasn’t been said but for two important things.

    1. Philip @35 has a good point in that we’ve predicted and witnessed this accelerating farce over two years. We should have put our money where our mouths were and made a fortune. Not too late yet.

    2. I can confirm that John ALLEN is not a red haired lobster. Au Contraire Mein Freund.

    April 28, 2010, 11:23 pm Log in to Reply
      • Furrylugs says

        Georg,
        We should launch an economics summer school up there in Donegal a lá Willy Clancy week in Clare. A kind of economics cult with DMcW as The Heavenly One.

        You provide the teutonic insight into banking, Deco Malcolm & MK1 the sober analysis, I’ll counter that with ribald public house critique and John ALLEN would be cultural attaché.

        When they come to take us away, we do a Waco, burn the place and jump into a flotilla of waiting currachs bound for Iceland.

        But empty your bank accounts before the bank holiday weekend first. Those markets are going to come back Tuesday very depressed.

        April 28, 2010, 11:56 pm Log in to Reply
        • laughingbear says

          5 years ago may be, now, it is too late. The Euro Lie will not survive, not a sausage!

          It is a double dip, and stage one has started on 23rd April.

          In July Spain has to refinance 25 bn, with a massive housing bubble bursted and virtually no growth sector….

          Euro? What Euro?

          The Mafia with DSK/Zoellnick and Trichet had Merkel in submission in no time. Clear majority in Germany does NOT want to pay greece, Hell the greeks themselves want to stay clear of that debt shift.

          The Euro Lie is going to burst inevitably, only question is, how much more profit the banks will make from here on and leave countries behind in poverty.

          April 29, 2010, 12:14 am Log in to Reply
          • Furrylugs says

            So what if all the PIIGS defaulted together and told the banks/ bonds/hedgers/betters to go to Hell in a bucket?
            Then annex all the auslander holiday homes, golf courses and yachts?

            Or threaten to?
            These Pirates are roving the world looking for a carcass to ransack. Put it up to them. From what I’ve learnt here, they don’t like surprises, so issue a mini-union statement of solidarity. If the union is going to fail, so be it but bring these bastards down with us.
            They are people after all, those who lurk in the shadows plotting. Find them. And ruin them.
            This dithering makes us soft and weak. Find these people who profit from the ruination of our jobs and way of life and deal with them.

            April 29, 2010, 12:22 am
    • Furrylugs says

      BTW. For anyone that doesn’t know London at closing time.
      It’s not wise to get on a bus, even through Kilburn.

      April 29, 2010, 12:15 am Log in to Reply
  • Furrylugs says

    http://www.marketwatch.com/story/what-greece-means-for-the-stock-market-2010-04-28

    Good, balanced article here from the other side of the pond and broadly in agreement with David McW that sovereign defaults are somewhat manageable.
    Nasty, but manageable.

    April 29, 2010, 12:12 am Log in to Reply
  • Furrylugs says

    Full post here from the Huff Posts Richard Eskow. Well worth a read.

    “”What we’ve been witnessing in Washington isn’t just political positioning by one party looking to deny the other a victory, although it’s certainly that. We’re also seeing the death struggle of a dying ideology. This ideology provided intellectual cover to business and political elites for decades, but events have proved conclusively that it doesn’t work. What’s more, people are beginning to see that it’s inconsistent with the country’s traditional values of competition and free enterprise.

    The ideology was cooked up in think tanks and boardrooms, then packaged and sold under a variety of conservative and libertarian guises. While the theories and rationalizations varied wildly, the conclusions were always the same: Deregulation was always the right approach, even (especially) for the most concentrated and rapacious businesses. Consumer regulations should be avoided because they hurt everybody, especially (somehow) consumers. And cutting taxes for the rich magically made things better for everybody else.

    The arguments changed but the results were consistent: greater upward distribution of wealth, and more concentration of power, delivered by those the special interests funded and placed into positions of influence.

    While the ideology was traditionally a Republican one, it had willing enablers in the Democratic Party who pushed for the same goals: Less regulation. More “unfettered” innovation in financial products, with “unfettered” a code word for “untested.” Less transparency. More centralization of financial products through growth and acquisition, as if the world had never seen oligopolies before.

    Now the ideology lies in ruins. The world has seen its fruits in a worldwide economic collapse, massive structural unemployment, and revelations of dirty dealings by our largest and most respected financial institutions. The two most prominent architects of the New Economic Order, Alan Greenspan and Robert Rubin, are publicly discredited by the collapse of the edifice they built. And, as we’ve discussed before, Greenspan’s philosophy was particularly colored by his extreme ideological leanings and Ayn Rand worship (the money quote for Greenspan: “Parasites who persistently avoid either purpose or reason perish as they should.”)

    And yet privilege rewards its own. The same elites are being drafted into service, this time to recommend slashing benefits for older Americans in service of the wealthy. The Economic Night of the Living Dead that is Pete Peterson’s “deficit summit” is the perfect example of this. (See Dean Baker’s reaction here.)

    But old warhorses like Greenspan and Rubin don’t have the mojo they used to. Public anger at banks and financial institutions is staggeringly high, and nobody but the die-hard ideologues believes that deregulation has been a good idea. Not that this has been an upsurge in socialism, mind you — as much as some might hope and others might fear. If anything, it’s a return to what might be called “traditional American economic beliefs.” Here are a few of them:

    Free markets should be free. Ideologues can no longer use the phrase “free markets” to describe a system where wealth and political influence are amassed by a few. The public recognizes that this encourages cheating, politician-buying, and the stifling of competition. And competition is the engine of a free market. What they call a “free market” is one where opportunity and growth have been crushed by the power of a few.

    Transparency is vital. The Greenspans and Rubins of the world have long resisted rules that would require public disclosure of financial transactions. Yet disclosing deals, whether through exchanges or other mechanisms, is completely in line with the concept of “perfect competition.” That’s a market model that requires, first and foremost, “perfect information.” Transparency’s not just vital – it’s fair. And what’s a more American concept than fair competition?

    Everybody gets to play. How effective is a marketplace where some people get to buy at one price, others have to buy at another price, and still others never get to buy at all? Whether it’s through so-called clearing houses or other mechanisms, reform can ensure a more effective market with more participants on a level playing field. It’s hard for those who label themselves free-marketers to oppose reform of this kind.

    People should be rewarded for doing things, building things, inventing things … not moving money. America’s financial heroes have always been inventors, leaders, creators. Instead these ideologues have built an economy where an ever-increasing percentage of the nation’s profits are captured by the people who move money around. That leaves less for the people who create wealth and more for the people who drain wealth from the system.

    With ideas like this emerging, and the old theoretical double-speak disproved by events, what’s an ideologue to do? Judging by recent events, the answer is to flail around a lot. First Republicans (and one Democrat) began filibustering to prevent debate on financial reform. But they’re politicians, and keenly aware that their ideology’s been discredited, so they had to articulate the very principles they were opposing. Yesterday they released an alternative proposal that oscillates between vagueness and repetition of ideas in the bipartisan-negotiated Dodd bill. (If they’re really this close on the shape of reform, it undercuts their position even more: Surely they’re close enough to be able to debate the bill’s contents.)

    Now Sen. Shelby has apparently reiterated the two parties’ inability to strike a deal, while at the same time seemingly releasing Republican Senators to vote in favor of bringing the bill to the floor. If that’s really what has happened, debate may begin shortly. But the zig-zag arguments of the past several days underscore the deeper narrative: The ideology that served Wall Street special interests for the last 40 years has broken down, and there is nothing to replace it.

    You can’t argue for free markets and still fight for the giant companies. Those positions are mutually exclusive. You can’t paint the picture of an agrarian past and then serve the giant corporations. The fact is, the American dream can’t survive without regulation. Without it, the powerful will always crush a free market where the little guy has a chance to make it. It’s like the old Western movies and dime store novels, but this time with an unhappy ending: The giant ranchers will always drive out the independent cowboys. The combines will always throttle Main Street business. The frontier will always be fenced. The railroad will always destroy the town.

    And those who speak up for giant, faceless, unethical forces will always be what they’ve been in Western movies and dime store novels from time immemorial:

    The bad guys.””

    This should be put up on every streetlamp in Ireland.

    April 29, 2010, 12:40 am Log in to Reply
    • cbweb says

      @Furrylugs,

      Fair points you have there. But the picture is a little incomplete. There is another component that is a product of our technological age and globalisation of markets included. This component is the growing sophistication of financial markets that have allowed the development of financial products such as CDO’S, Derivatives, the slicing and dicing of equities into complex financial products sometimes 10 times removed from the underlying assets.
      Yes, deregulation was built on a naive trust that Greenspan deregulation assisted by rating agencies such as Moody’s or Standards & Poor sheriffs could maintain order and trust. But Greenspan himself observed he who had a large staff of PHD’s under his wing, couldn’t make out the mathematical formulas of logic upon which these were based. Combine this with lax rules on leverage vs equity held by banks and technological innovations such as the internet and lo and behold we have a HOUSE BUILT OF STRAW, any spark can set fire to. So now we got a huge system of IED’s Improvised Explosive Devices e.g the SEC is trying to defuse in Goldman’s at the moment. New regulatory rules have to be system wide agreed to bring the system into better order and purpose.

      Bit like Toyota pushing the profit line at the expense of safety. Lots of faulty cars returning means the whole system of production needs to be changed.

      As I’m an amateur in these matters I expect the above to be seen as an oversimplification, but some points might serve some use. There is of course the whole underlying crazy ethos of our Fractional Reserve Banking system explained and understood much better by Zeitgeist experts e.g Wills who has a brilliant grasp of this. In summary, I don’t think you’ll find a bunch of puppeteers pulling the strings as the origin of our financial woes, you got to go back further and see that the system itself generates puppeteers and all the inequality goes along with that….

      April 29, 2010, 9:53 am Log in to Reply
      • Furrylugs says

        cbweb,
        Like yourself, I’m an amateur in these matters too but learning fast.
        I think the IED analogy is perfect, where IED stands for Improvised Economic Device.

        I don’t think there’s a complicated series of formulas to prove the Theory of CDO’s. Rather some collection of barrow-boys have cloaked naked unethical gambling in convoluted language, of which, as you point out, wills has a gift in deconstructing.

        April 29, 2010, 10:16 am Log in to Reply
      • coldblow says

        “As I’m an amateur in these matters…”

        Of course that’s a big part of the problem as the term ‘amateru’ includes everyone (including governments) except for a tiny cabal who all (with a handful of exceptions such as DMcW) make their living from it.

        April 29, 2010, 12:42 pm Log in to Reply
    • Deco says

      Interesting article.
      But the comment
      { The ideology was cooked up in think tanks and boardrooms, then packaged and sold under a variety of conservative and libertarian guises.} is not not entirely correct. Because the entire spectrum both left and right bought into it.

      Greenspan and Rubin were in charge under Clinton. Clinton deregulated the mortgage market in the US in his first term of office, which eventually blew up in the Subprime Crisis. Clinton and Greenspan also got China (not a regime that is big into human rights etc) into the WTO. They also took advantage of Chinese trade policy to juice up the private sector.

      What I am saying is that article is blaming everything on the Wall Street part of the Republican Party. But the Wall Street element of the Democratic Party is also responsible. And to deny this is in my mind bias on behalf of the Huff Post.And why should be worried. Because letting one party that causes the problem continue to pretend that they are fixing it, is ensuring that it will never get fixed. In other words it is allowing the media to perpetuate the same policies.

      April 29, 2010, 12:55 pm Log in to Reply
      • Furrylugs says

        A good point Deco.
        But that’s the past dealt with.
        I wonder what the next 20 years will bring? The risk of one of the main players being hauled up was probably identified 20 years ago when this scam was born, hence GSucks CEO not looking too bothered yesterday. The responses are all in place and even if someone of note goes down, they do 3 months, are diagnosed with an incurable disease and are then released on humanitarian grounds. Fanciful??

        Remember Ernest Saunders.

        April 29, 2010, 2:19 pm Log in to Reply
  • laughingbear says

    This here is Greeks debts exposure, source: Bank for International Setllements

    http://av.r.ftdata.co.uk/files/2010/04/Greek-exposure.jpg

    April 29, 2010, 12:43 am Log in to Reply
  • Incident says

    Time to change the government?
    Time to open a foreign bank account?
    Time to move your € to $ ?
    Time to revolt?
    Time to decide if god really exists?
    Time to think?
    Time is not on our side?

    Any comments?

    April 29, 2010, 7:39 am Log in to Reply
    • John ALLEN says

      Incident :
      You are thinking and thats a good thing to do .

      Reflect on ‘ Da Wu Yu Code’ where Wu = before Heaven and Yu = Heaven and Earth

      Now think of Atlantis and the remaining semi circle of Dun Aengus perched high above the cliffs beside the Ocean.

      Now ask yourself where is the full circle.

      April 29, 2010, 8:18 am Log in to Reply
  • John ALLEN says

    Acropolis & Dun Aengus

    Ozymandias
    by Percy Bysshe Shelley
    I met a traveler from an antique land
    Who said: Two vast and trunkless legs of stone
    Stand in the desert. Near them, on the sand,
    Half sunk, a shattered visage lies, whose frown,
    And wrinkled lip, and sneer of cold command,
    Tell that its sculptor well those passions read
    Which yet survive, stamped on these lifeless things,
    The hand that mocked them, and the heart that fed;
    And on the pedestal these words appear:
    “My name is Ozymandias, king of kings:
    Look upon my works, ye Mighty, and despair!”
    Nothing beside remains. Round the decay
    Of that colossal wreck, boundless and bare
    The lone and level sands stretch far away.

    April 29, 2010, 8:11 am Log in to Reply
  • John ALLEN says

    Who we are .

    ‘When the sun shines on the Ring Fort daily , it never shows its object twice .Only the blindness of habit and new time of modern life convince us that we continue to live in the same place and that we see the same beauty on the landscape.The changing elements of nature collude and conspire to tease the sentient man into submission and darken the senses into a false sense of security.’

    April 29, 2010, 8:31 am Log in to Reply
  • laughingbear says

    LENIHAN’S ANGLO PLAN MIGHT GET THE EU BOOT

    Hold on to your butts, there are significant rumors that the EU does not approve of Lenihans Anglo restructuring plans.

    Drum roll………….

    April 29, 2010, 10:22 am Log in to Reply
    • cbweb says

      @Laughingbear 44,

      ECB have been badly caught out both by NAMA and Lenin’s plan for Anglo. If they pour billions into Greece on top of this, this will only serve to weaken the euro bigtime. Better to allow Ireland/Greece go for safer sanctuary outside the euro and return to the fleet after repairs are made. Otherwise, they just be pouring ballast onto sinking ships!
      Ireland INC ^^ sunk by The Clowen Gang!

      April 29, 2010, 10:39 am Log in to Reply
  • Furrylugs says

    A Eureka moment. This is the craic behind the ratings agencies.

    From the FT
    CDO fees flow to ratings agencies

    By Aline van Duyn in New York

    Credit rating agencies are still being paid millions of dollars a year to report on the performance of collateralised debt obligations that have lost most of their value despite having been issued in many cases with triple A stamps of approval.

    The fees, known as “ratings surveillance” payments, are paid to the agencies ahead of any payments to investors under the terms of the CDO contracts – and without regard to how accurate the original ratings were.

    More FT video

    US regulators including the Federal Deposit Insurance Corporation have proposed new rules to link such fees to the performance of the underlying deals. This was not a common practice in the run-up to the financial crisis.
    EDITOR’S CHOICE
    John Gapper: Rein in the ratings agencies – Apr-28
    Video: Credit rating agencies – Apr-29
    Letter: Let regulators select rating agencies – Apr-29
    In depth: Ratings agencies – Nov-30
    Call for ‘responsible’ credit ratings – Apr-28
    Senate inquiry faults rating agencies – Apr-23

    The terms of the CDO contracts highlight how lucrative these instruments were for the agencies, with annual pay-outs of up to $50,000 made to track deals. Such payments come on top of the fees received to rate the initial transactions. The fees paid to the rating agencies have become controversial following the collapse of so many securities that were issued with the highest ratings.

    A congressional investigation found last week that Moody’s Investors Service and Standard & Poor’s, the biggest rating agencies, were unduly influenced in assigning ratings on CDOs by the banks that paid these fees.

    Ratings surveillance fees are still being paid on CDOs that have suffered “an event of default”, meaning payments to some investors have ceased. Such CDOs often escape liquidation because of the complexity of the underlying contracts.

    Ramius, which handles CDO liquidations, estimated that 290 mortgage-related CDOs that have had an “event of default” have not been liquidated yet.

    As long as these CDOs are not liquidated, they typically allow for payments to service providers, including ratings agencies.

    These payments are at the top of the “waterfall”, the term used to describe the way money is passed through CDOs, which pool debts or securities and distribute the cash to investors. Even the most distressed CDOs often still generate some cash.

    From 2004 to 2007, Moody’s and S&P produced a record number of ratings and record revenues, primarily because they expanded their business rating mortgage-backed securities and CDOs.

    The liquidation of CDOs has created friction between investors in different tranches. In some cases the rights of various investors are not clear in the contracts underpinning the deals. These legal battles mean even toxic CDOs can continue to exist for many years.

    Moody’s and S&P declined to comment.

    April 29, 2010, 11:33 am Log in to Reply
  • Deco says

    Jim McDaid.
    Winner of the useless waste of space in Kildare Street of the month award.

    Remind me again what exactly we the taxpayers are getting in return for Jim McDaid being a TD ? I cannot seem to remember.

    I do remember McDaid making a comment once that people who commit suicide are selfish.

    And I do remember McDaid driving up the wrong side of the Naas-Dublin Road, heavily under the influence of alcohol.

    Can we impeach McDaid for being unfit for duty ? Can we cut his pay as punishment for the fact that he is a waste of space ?

    People are really angry.

    http://www.independent.ie/opinion/letters/this-matter-shows-need-for-real-principles-2156874.html

    Can we stop TDs pensions and senators pensions ?

    It seems that this arrogant p***k McDaid has decided that he must defend democracy from the people. This is the type of BS that gave us Donie Cassidy telling us he was defending the constitution. Really these gombeens are looking after their own pockets.

    Let’s hope democracy responds to and puts these scoundrels on the dole-without any pension !! I am saying on the dole, because neither of them is fit to work. McDaid should not be in medicine, and I have no idea what Cassidy does in real life….

    April 29, 2010, 11:39 am Log in to Reply
    • cbweb says

      @Deco 47,

      Didn’t that gobshite come out against the shutting down of headShops recently….Also, he was filmed on RTE news outside his house in lovely sunshine presumably beautiful Donegal blowing his crap about his pension and someone made the comment, Shouldn’t he be in Leinster House earning his salary as a TD …… Craggy Island all over again. Lol

      April 29, 2010, 11:48 am Log in to Reply
      • cbweb says

        There’s the other pension fund scams wrought on taxpayers eg Irish Life PRSA down currently down approx 30% where client gets locked in until retirement age(you cannot get out of it), then can only withdraw 25% rest is taxable. They’ve crazy names like Safe Deposit Fund, Secured Performance Fund, Capital Protection Fund. Again these were risk free, safe harbours promoted as, not game of blackjack? Most of these losing money and people still locked into them. Should the regulator be looking at the management of these?

        April 29, 2010, 12:26 pm Log in to Reply
      • Deco says

        I don’t think McDaid opposed Headshops out of a matter of principle. It was more a case of opportunism long after the controversy erupted.

        There is something unreal about reformed and unreformed alcoholics dealing with the subject of headshops….

        April 29, 2010, 8:31 pm Log in to Reply
    • coldblow says

      Deco

      No argument about the pensions of course, but just out of interest who started this latest round of media outrage, who fired the first salvo?

      Also I know you’re not a fan of Brown but what do you make of yesterday’s events where he referred to someone in private as bigotted? Why was this a story? Because the word ‘bigot’ is not acceptable? Because it was followed by the word ‘woman’? Because he said it at all or because he didn’t say it to her face? On Morning Ireland, in the ‘what the papers say’ bit, one paper described it as the moment Labout lost the election. There was later a piece from a breathless commentator who described how damaging this was while the presenter suggested that this will lose votes as Brown’s real behaviour is now perceived as being at odds with his public image.

      This is monumentally imbecillic in my opinion, they are obsessed with appearances, with the ‘meta story’ as it were as opposed to what is real and important. And that seems to be the Irish approach to elections, it’s a sporting event to bet on and joke about, it’s more light entertainment, with ‘characters’ and ‘gaffes’ and ‘Josie will do well to hold his seat this time round’ smart arsery. And then they jump around with joy when their man is elected, maybe have a singsong… RTE should be dissecting this crap not endorsing it. Miriam should be on the case, stamping her foot and pouting with fury. Charlie should be doorstopping them (himself?). Our wonderful media – is leatsa é.

      How can I put it? The British election is reported in terms of a simplistic narrative for idiots. The makebelieve world of the PR people, the manipulators and deceivers is given more importance than the real issues. When we get to look behind the curtain and see them pulling the strings we are to applaud them for their skill and daring. The underlying message is that there are no real issues and, if there are, there is absolutely nothing you can do about it.

      I mentioned Kundera a couple of weeks ago and I was reading one of his books recently (Immortality I think) where he goes on about the ‘imagologists’ or something (it wasn’t in English) who were at the same game (in a French context) and getting more of the limelight than the politics itself. He found this noteworthy and so do I. I mean, if you just stop and think about it. it’s like telling the man who is torturing you where he needs to put the electrodes so as to maximize the pain!

      April 29, 2010, 1:20 pm Log in to Reply
      • Colin_in_exile says

        Coldblow,

        You have to first look at the context. Under New Labour, the immigration floodgates have been thrown wide open. Hundreds of thousands of Somalis, Turks, Chinese, Albanians, Bosnians etc…. have arrived in England, primarily London and the large cities. These immigrants are usually unskilled. They also have no intention of assimilating into British culture.

        So, when you are in England, and you speak to a native white English person, they will privately tell you that they don’t like all this kind of immigration into their country. They will tell you that England is not obliged to take in these people, yet these people still arrive. They won’t give out about immigration in public since they’re afraid of being called racist, (the irony is racism has nothing to do with border control, yet the liberal left happy clappy media have made sure that the two are either side of the same coin).

        So, what happened is that the likes of Brown (who doesn’t live on the same street as immigrants) doesn’t see immigration as a problem, and therefore he is out of touch with society, and when the genie was let out of the bottle by Mrs Duffy, it made Brown uncomfortable, resulting in him playing the bigot card to make him feel morally superior, only for him later to realise that what he said just made him appear to be aloof and out of touch.

        April 29, 2010, 4:40 pm Log in to Reply
        • liam says

          Sorry for adding to what is already off topic on an off topic thread.

          This is hilarious.

          I;m not going to argue with you, you’ve clearly made up your mind, but its a story because the media have made it one, and because people have been programmed to think this kind of thing is more important than that complicated political and economic stuff!!

          What on earth is a ‘native white English person’? Did you hear Nick Griffin on the radio this morning, talking about the Irish being essentially British? He and his shower of deluded idiots certainly would not have been saying that 30 or 40 years ago.

          “they will privately tell you that they don’t like all this kind of immigration into their country”

          Don’t kid yourself: you can certainly hear the same opinions from 3rd or 4th generation British offspring of migrants from south asia and various other parts of the Empire as well.

          The only reason immigration and therefore race is an issue at all is because there is bugger all else to differentiate between the main parties, and its an easy platform for crazies like the BNP and UKIP to catch a few votes.

          I don’t know is meant by the ‘liberal’ media in the UK, I’ve heard this expression before but found no proof of its existence, despite spending many years living there. Evidence of this lies in a labour supporter conned in to spouting a load of nonsense about immigration to the PM. Someone who gets their opinions from the newspapers deserves to be called a bigot. I’m certainly not a fan of the man but in truth Browns only mistake was to be heard saying it.

          Its funny that one the one hand the opinion you express here, which is not uncommon, that there is a ’silent majority’ of people who have had enough with immigrants, is generally regarded as acceptable truth, but somebody getting caught calling an idiot, an idiot is not.

          I totally agree with you that the media took this as an opportunity to generate some copy about Brown being aloof.

          This is why I rarely watch TV or read the papers beyond a very sceptical scanning any more. Why pay for these lies and manipulations?

          April 29, 2010, 6:08 pm Log in to Reply
          • Colin_in_exile says

            Liam,

            You’re entitled to your opinion of course, and so are the British Public. I expect to see huge growth in numbers voting for BNP & UKIP this week.

            By the way, “liberal” media is the mainstream media these days, how else could policital correctness have succeeded?

            Gillian Duffy had to say “Eastern European” when she spoke to Gordon. If she had said “Somail/Turk/Afghan etc…” she would have been dismissed as a racist and she knew that, so she chose White European EU Member states, which is actually a misnomer since Poles, Latvians, Lithuanians, Slovaks etc… are free to work in UK, just as I’m free to work in 27 European countries.

            May 2, 2010, 6:23 pm
          • liam says

            Hello Colin,

            I imagine we could save a lot of unnecessary debate by recognising that we probably disagree as to what constitutes ‘liberal’ media, but I’d say PC doesn’t really strike me as a particularly liberal attitude. Just because they are called the liberal media certainly does not make them so (maybe that’s your point?).

            What you say about Mrs Duffy is also true for the newspapers/broadcasters. I don’t feel the need to stick up for Brown, he clearly goofed, but I see no point in sticking up for Duffy and those like her who will vote for BNP and UKIP next week, because nobody decided to push a real debate on the matter and instead left it up to headline writers.

            May 2, 2010, 9:26 pm
      • Deco says

        Coldblow.
        This is my analysis of Brown vs Gillian Duffy.

        1) A lot of people in Britain vote for the Labour Party for the same reasons that people here vote for FF. The think back to their families in previous generations, and the tough times and the fact that FF did many things of great practical benefit to the Irish people. (I am talking about before 1979 when Squire Haughey took over FF). And these people never actually make a decision on who to vote for. their decision is whether or not to vote for their preferred party. Gillian Duffy was the auto-voter. Brown has been spending this entire campaign trying to press these voters into doing as they are expected, by making remarks about the background of the other two candidates (who were from far more priveleged backgrounds and salubrious surroundings than him). But the problem is that he left all of that behind many years ago.

        2) Let’s examine what exactly Mrs. Duffy said. She mentioned Eastern Europeans in Britain, who are in Britain because of the EU expansion eastward. She did not mention refugees, assylum seekers, or people coming to Britain and living on the state. East Europeans in Britain are there to work and send money back to their home countries. I presume the nexus of her argument concerned employment for young people. arge proportions of urban and regional Britain have severe problems, and employment is often the escape route that simply does not exist. Therefore I am drawn to conclude that Gillian Duffy’s views are no different from official Labour Party policy, or official policy of the TUC in Britain. (I remember a certain leftist union carrying placqards saying British jobs for British workers, with the union logo underneath).

        3) She mentioned a list of other issues. The one issue that seemed to me to irritate Brown was the comment “What are you going to do about the national debt Gordon ?”. The fact is that Brown has avoided the national debt. In fact British National debt is frightening. Debt is the one topic that Brown will avoid as effectively as Cameron avoids hereditary peers, and Clegg avoids the fact that Lib Dem are promising different conflicting promises to different people.

        4) Brown’s biggest problem is that his credibility has been destroyed. We can see that he can be very two faced. The remark that comes around is “fixed smile”. Effectively the smile is constructed and is stiff. then when he turns the smile turns to a sneer.

        6) Brown does not like answering questions like this. In fact it is becomming now obvious that he has purposely avoided the common people who faithfully turn up and vote for him without really knowing what he really is. (a bit like the leader thing in FF under Ahern and now Cowen).

        7) It is not just the British media that fails to provide thorough analysis. The BBC, the Mirror, the Observer, the Guardian are all pro Labour. Murdoch can change sides but is currently pro-Tory. Murdoch is very powerful. The Telegraph, The Express and ITV have always been pro-Conservatives. And the London Independent is pro-LibDem.
        RTE are flexible in the sense that they always adapt to the party in power. They effectively prop up the party in power. They also prop up the political system so that they basically limit your options so as to limit what can happen with public policy. It is not just RTE (which has elements that are supportive of FF, GP and ILP). The Irish Times has a scitzophrenic attachment to the ILP and the business elite. It is a kind of an each way bet. They can get sustainence from the state and from big business. The IT are the IBEC and ICTU media organ. I have never seen an IT article that ever criticize the way that IBEC and ICTU run the country, ever. Please find an article for me !!!
        Denis O’Brien is an avid FG fan, but was also close to the Ditherer when the ditherer was in his heydey. Therefore DOB’s radios are all filled with FG perspective. This was most avidly shown in the Tony O’Reilly will back FF as he burned his bridges with FG years ago. None of the Irish media tries to get a serious analysis. Instead they analyze the side that they want to see losing. In fact the intellectual damage done by the Irish media is so severe, that the internet is full of Irish people who do exactly the same as the Irish media and paid journalists. They just use the internet as a means to take potshots at the opposition. The same bias is being transferred to the internet.

        A better idea would be to critique the lot. It would be of greater service to the society as a whole.

        April 29, 2010, 8:21 pm Log in to Reply
        • AndrewGMooney says

          I thought Gillian Duffy was funny, but not exactly clued up about the issues.

          East European immigration to the U.K and Ireland is legal, legitimate and balanced by emigration. I’m sure you’d find an Andalucian Gillian Duffy asking ‘What are all these retired Brits doing here scrounging off our Spanish health service” on the Costa del Crime. Or French folk bewailing the loss of the Dordogne to retired Telegraph readers. Or there’s Chianti-shire where Blair managed to ruin Tuscany by attracting the upper class hoi-polloi.

          I’m tired of listening to complaints about Polish plumbers and fruit pickers when the more insidious issue of Chelski, Moscow-on-Thames is ignored. Last time I looked Russia isn’t part of the E.U. If you’re rich you can swamp West London so long as you donate enough cash to either of the big 2 parties.

          Gillian could usefully interrogate why the local lads behind her were apparently NEETs ‘Not in Employment, Education or Training’. What are they expected to do? Go and live 6 to a room to be cleaners to the Russian elite in Kensington and Chelski? Why did it take a financial collapse to realise that the U.K isn’t just London and the South East? Gordon Brown put his foot in his mouth, but he was making a valid point with the wrong word. Gillian isn’t a bigot, she’s just ignorant of, and uninformed about the real parameters of the debate. That debate will, no doubt, surface with a ‘Gillian in Dublin’ as and when Fianna Fraud seek another mandate to wreak further havoc on the Irish Nation.

          The fraudulence of the Blair/Ahern/Brown/Cowen years is coming to a crescendo. The sham society whereby the taxpayer backstopped the gambling dens of the rich has been exposed. The fiction that the financialisation of society would endlessly enable a ‘trickle-down’ of FIRE economy largesse to pay for public services is now revealed to be crony capitalism, tax-funded with citizen as ponzi-insurer of last resort. No major party in the U.K or Ireland is prepared to openly acknowledge their craven fawning before Greenspan’s altar. So, the ‘debate’ drones on without ever actually addressing the issues.

          Ireland has managed to source funding required on the debt markets for this year according to the NTMA. The UK has masses of long-term stable funding. Contrary to alarmist nonsense, the UK is rock-solid, as the graph at the tail of this article below shows:

          http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/04/safe_haven_for_now.html

          The £ was supposed to collapse below parity with the Euro. That scenarios no long used to scare the credulous into panic. The biggest threat to UK recovery comes from ideological knee-jerk posturing from the incoming Tory/LibDem ‘alliance of anxiety’. I thought it would be a Tory Titanic, but it looks like Clueless Clegg wants a hand on the wheel to steer the ship onto the iceberg. S’funny! We’ll see what they do when they actually have to rule rather than rant.

          Ireland, meanwhile, needs to decide whether to become another East German province to be absorbed into Germania or whether it’s going to defend itself against cultural and economic extinction. Kevin Myers, whilst pertinent on the foundational errors which have banjaxed the Republic since formation, seems to want to throw the baby out with the bathwater in his current counsel of despair:

          http://www.independent.ie/opinion/columnists/kevin-myers/kevin-myers-we-now-know-theres-no-such-thing-as-europe-admit-it-and-be-grateful-deutschland-uber-alles-2154962.html

          The logic of the current FF position would entail a strategic shift to fit in with whatever ‘plan’ is behind current German policy. But what is that plan? Fc-uk’d if I know. It isn’t a plan. It’s an hysterical, recurring neurotic cultural crisis. Germany demands other nations rack up more debt to resuscitate demand for German industry whilst suppressing internal demand for same. Yeah, that’s gonna work long term. A future exporting to German consumers? Good luck with that one.

        • When you hear the official denial, then you know with even greater certainty, that rumours of the event are true….

          http://www.irishtimes.com/newspaper/breaking/2010/0430/breaking11.html

          The fact is that Spain is doing a lot of off balance sheet accounting. The latest stimulus package is money that will be injected into the economy but will not show up in the accounts until 2014. Talk about funny accounting methods !!! Spanish fiscal accounting makes Greece look like a model of transparency.

          Then we have the Spanish banking system. It is literally floating on ECB money, because the ECB purchased “asset-backed-securities” from the Bank of Spain, and gave billions of Euros back in return. This is effectively the same as buying subprime debt. This is completely unprecendented.

          Spanish debt is not under control if unemployment is 20%, if public expenditure is out of control, if the Spanish trade balance is the worst inside the Euro area, and if the Spanish government is playing accounting tricks in order to increase borrowing. Basically Greece can be kicked out, but kicking Spain out will cost the rest of Europe so much, that it Spain is effectively the Eurozone’s Anglo Irish Bank, and Zapatero is effectively the Eurozone’s Seanie Fitz.

          The latest news concerns the ECB applying pressuring to “BIN ANIB”. This is because it is undermining the confidence of the market in Irish debt. And thereby undermining confidence in the Euro.

          And what we are seeing here is that the ECB is playing confidence games, and not actually dealing with the serious subject matter. This is proof that things are getting worse.

          April 30, 2010, 8:53 am Log in to Reply
          • laughingbear says

            Morning,

            Yeah, that is all correct, unfortunately. I think it is reasonable to assume that large parts of the greek debts now made their way into ECB accounts as repo collateral. However they are banned to buy government bonds directly.

            Politicians try to talk up bonds, which of course is nothing but a big steaming pile of pig shit.

            This here is the European Lunacy Version:

            When Trichet and Greeks make statements that any debt restructuring is off the table, it is nothing but the same BS when Politicians try to talk up bonds.

            Trichet should take his hat and leave when making such idiotic statements! As if liquidity would be the main problem, hence a restructuring to be avoided at all costs. Wrong!

            Of course Greece will restructure debts, pronounce default, at some point, the ECB’s role is to avoid the contagion to spread further than ‘only’ Portugal and Spain, to spread globally in deed. Guess that was the reason for Obama’s call to Merkel.

            That is why DSK is preparing the grounds, restructuring of greek debts will happen through IMF. The biggest looser of course germany and france when, not if, a haircut is applied.

            Through ownership of banks France has the largest exposure to Greece at around 80 billion. Germany comes in second with 45 billion.

            We have round about 8,5 billion exposure.

            My Prediction:

            In the negotiations, Germany will insist on Greeks debt restructuring.

            As for Spain, July is the next step hen 25 billion are to be re payed.

            April 30, 2010, 9:54 am Log in to Reply
            • laughingbear says

              P.S.

              Assuming DSK pressured Merkel, they will now ‘insist’ on debt restructuring.

              In this light, Ireland will face more pressure, so we should default NOW and not later. Should have done that already, but then again, well, we have Lenin in charge.

              April 30, 2010, 10:05 am Log in to Reply
            • Dilly says

              “Politicians try to talk up bonds, which of course is nothing but a big steaming pile of pig shit.”

              This is the best description I have come across, of what the Political class are up to. Have you heard that our guys want to create a bond with the word ’solidarity’ in it. Using patriotism to pull in suckers again. Telecom Eireann all over again ? what year was that again ? the government are blessed that people have short memories.

              April 30, 2010, 10:37 am Log in to Reply
              • cbweb says

                @Dilly,

                Forgot to wish you Happy Birthday as well yesterday. That bond is not bad value http://www.rte.ie/business/2010/0429/ntma.html
                100% guaranteed, gives 1% plus bonuses, 50% return over the 10 yrs.

                But as you suggest, with currency fluctuations, meltdown, mismanagement of our economy etc…caveat emptor. With ‘Savings Certs/Prize Bonds maybe a much safer haven and way to go if yu’r saving for a pension and giving pension funds to blighters gambling in Casino Nama

                April 30, 2010, 10:51 am Log in to Reply
                • Dilly says

                  @cbweb,

                  Thanks for the kind words.

                  I suppose I am just very wary of anything the Government do, after listening to 30 odd years of lies.

                  April 30, 2010, 12:55 pm
              • Deco says

                Dilly,

                Concerning that quote.
                I would replace bonds with property.

                And it is not just the politicians who are doing the talking. A whole list of liars have lined up to throw it at us again.

                The estate agent that you would recommend to a enemy.
                Honest Tom. TP has been telling all the way down the housing crash curve “now is a great time to buy”…
                Myhomwe-dot-ie,
                Bank economists,
                the ESRI,
                various government ministers,
                etc…

                And as laughingbear says it is ” a big pile of pigshit”.

                April 30, 2010, 11:05 am Log in to Reply
                • Dilly says

                  They don’t want to binge to end I suppose.

                  April 30, 2010, 1:03 pm
          • coldblow says

            Deco

            Your last para. “…confidence games… This is proof that things are getting worse.”

            In his “Great Crash/ Wall St Crash 1929″ (can’t remember the exact title) Galbraith says that in response to the Crash Hoover stated one occasion that talking up the stock market was what one shouldn’t do – and then that’s exactly what he went on to do for the following months with disasterous consequences. Interesting historical parallel.

            April 30, 2010, 3:11 pm Log in to Reply
        • Deco says

          Irish Whisky…..none of which is Irish owned anymore.
          http://www.rte.ie/business/2010/0430/candc.html

          April 30, 2010, 9:10 am Log in to Reply
          • laughingbear says

            Last year I wanted to send a special reserve Tyrconnel single malt to a friend in Los Altos. I even talked to the brewery, coincidently a Lady from Germany on the phone living since 17 years in Ireland.

            Making a long story short, sitting in Donegal, I purchased this bottle in Sam’s in Chicago and had it delivered currier next day to Los Altos.

            Including delivery costs, it came 35 Euros cheaper, than buying the same bottle in Ireland excluding delivery.

            April 30, 2010, 12:18 pm Log in to Reply
          • Ruairí says

            Almost true, but not quite.

            I’ve been a cheerleader here before for Irish whiskey and in particular John Teeling’s work at Cooley distillery but in particular my beloved Kilbeggan and Locke’s Whiskey (as my ancestor Patrick Brett (Fallon, Brett and Codd) owned Kilbeggan before Locke purchased it). Seeing as Kilbeggan has just won international whiskey of the year (but can’t fund the marketing required to capitalise on it), I think you should all consider bottles of Kilbeggan / Cooley and Lockes as presents; as they are now the official Irish -owned and Irish-made whiskies.

            John Teeling, like Sean Quinn, puts his heart into his place; be it Cooley, Kilbeggan or Cavan (not interested in any Quinn diatribes today, thanks, I’m referring to his great works, of which there are many; not his foibles).

            http://www.kilbegganwhiskey.com/default.aspx The oldest licensed distillery in the world. Plus, if you ever get a chance (and you will when you’re unemployed folks after the 2 Brian’s are done in the kitchen), please pay a visit to http://www.lockesdistillerymuseum.ie/home.htm

            Let’s support our own this year. Support those who support you and yours and cut off at the knees (or whatever weapon you choose) those who don’t .

            Over and out 😀 as I’m nipping and tucking 2 YCYC proposals, the cowboy that I am.

            April 30, 2010, 2:45 pm Log in to Reply
        • cbweb says

          @ Deco 9

          @ Deco,

          Great post, Deco.

          OT Pravda RTE Morning Ireland virtually silent on Anglo news filling up the empties with rehashed Quinn stories, I guess they were caught on the hop again.

          The real story on the Anglo wind down is apparently the €22 cost of the wind down is to be gifted from taxpayer purses. No bankruptcy/insolvency negotiations whatsoever apparently.

          Could do with a lot more info on the ECB angle on terms of the wind down closure of Anglo apart from the
          kick the can way down the road duration of this ………….22yrs…..

          NTMA cancelling its monthly bond auction because of escalating 5.5% interest rises, upbeat because they say they have reserves, but how long can they hold out as the markets begin to teach PIIGS a lesson?

          Take Anglo brick by brick from Stephens Green to Co Louth, part of a FF decentralisation exercise.

          Convert Dempsey’s E Polling Machines to slot machines.

          Clowen gang as bouncers.

          ………CASINO NaMA…………….

          April 30, 2010, 9:36 am Log in to Reply
          • cbweb says

            Its also ECB policy for the future to wind down banks like Anglo to forestall any likely threat to a member state’s economy because of the threat such banks pose.

            So is Anglo to be treated differently, waht are the parameters of this wind down, e.g will subordinate debt be covered.

            Does the ECB expect taxpayers of member states to pay the gambling debts of rogue banks?

            Amazing nothing about this on Pravda RTE!

            April 30, 2010, 9:51 am Log in to Reply
            • laughingbear says

              You always make me laugh with your Pravda/RTE analogy. :o)

              April 30, 2010, 10:07 am Log in to Reply
              • cbweb says

                @ Deco 9 also Jack Bauer aka Goerg Laughingbear @ 9

                Eurostat getting new powers for its statisticians to examine the real mark to market debt and get behind the coverup figures and down to the real one’s

                Italy, Belgium, Poland, Germany Greece already signed up, notice we havn’t and from waht Deco says, I understand why Spain is shy.

                http://www.europarltv.europa.eu/

                first 4 minutes…

                interview with Burkhard Baltz ( hope i got the spelling) German MEP

                Baltz says nothing but interestingly the question of a TARP €600bn eurowide bailout mentioned

                May 10 is D Day for EU

                Which way will they jump? My prediction earlier posts is Greece will be asked to leave. If they try to bailout Greece, then Spain…..this will only weaken the euro.

                Best way to go imho is they raise the bar for euro membership and ask those states who’re damaging the project such as Greece/ Ireland/Spain/Portugal/Italy either to jump over the bar, or leave.

                With NAMA unfortunately my belief is
                we’ve flushed bond money down the toilet and already weakened the euro plus our own economic viability, so we need to get out and fix this place fast.

                That means taking it back, Jack, from the Gombeen men.

                thkx for the cool posts from you above, Georg

                April 30, 2010, 10:29 am Log in to Reply
              • cbweb says

                You should only listen and watch through lotsofsycophanticbutteringupof scoundrels 3d glasses:)

                They cut through the nonsense, ask the real questions.I’m looking for a pair of those for myself

                Forget the cosy chat sit down PrimeTime bullshit.

                For starters interviewers and interviewees should stand up e.g as inhttp://www.europarltv.europa.eu/ above.

                🙂

                April 30, 2010, 11:04 am Log in to Reply
          • Deco says

            Casino NAMA.

            That phrase sticks in my mind.

            April 30, 2010, 10:57 am Log in to Reply
            • cbweb says

              yep, the chips are the assets, the trick is knowing how long to hold them b4 you go mark to market and scare the livin daylights out of the present depleted bottoms up prices! No worries, taxpayers can join in the fun knowing they’re funding the games

              April 30, 2010, 11:08 am Log in to Reply
        • Deco says

          The purpose of this article was to examine the British General Election, the next British Administration, and from the Irish perspective the key trade arrangement centred on the exchange value of the British pound.

          At this stage even the Observer has decided that Cameron won last night. And that is as strong as sign as any that New Labour are on the way out.

          One very interesting argument last night centred on the housing problem in the UK. New Labour introduced a realm of legislation that has pushed down the level of construction in Britain. Vast areas of British cities are derelict and lying empty because of various stipulations that mean that projects are completely unviable. The developers are waiting on the Conservatives to throw the whole lot out, so that they can build as many, and whatever they like. These NewLabour policies also dovetailed nicely with the NewLabour preference for high housing prices. (By now you will be seeing my point that New Labour and Fianna Fail are both fans of expensive property prices, debt and high level consumption).

          Now, of the Conservatives deregulate the housing sector in the UK, this could have a dramatic effect on the Irish dole queue. It could be the biggest bailout that Cowen ever got from anybody.

          And then we have the Gillian Duffy factor. Duffy’s argument is not any more bigoted than the policies of the unions in France, Germany or Italy. (and these are very leftist). Polish plumbers are not allowed work at all in France. Cameron has already indicated that he is in favour of a cap. We can presume that this will be similar to limits that exist in some continental countries.

          This will have the effect that Irish labour will be able to gain work on it’s neighbouring country. The currency might not be much when it is converted back to Euros.

          I expect to see two things in the next six months.
          I expect the dole to get cut, and the minimum wage to be cut. This will provided increased incentive for Irish construction workers to work in England. A cap on Eastern European employment levels in the UK, will mean that Irish labour, even from Irish builders who stagger through the week too drunk to be work, will find a market. This is postively enlightened compared to the labour regimes by that bastion of institutional socialism that is France, by the way.

          It will be like the 1950s again. No work at home. Economic contraction. Professional vested interests will control the system, and use their control to squeeze the lifeblood out of the rest of the population. And Ireland’s labour force will be working in England in construction.

          The only difference is that IBEC will be unspoken of power in the land the country instead of the Church. Power will come from Straffan instead of Maynooth. And IBEC will be able to buy media power across the board via the advertising budget. There will be no critique of IBEC, except for the odd lone ranger like Senator Shane Ross.

          As Mark Twain said, history does not repeat itself, but it sure does rhyme !!!

          April 30, 2010, 10:53 am Log in to Reply
        • David McWilliams says

          Morning All,

          Thanks for all the comments. On a totally different tac from Greece etc and in response to Mooney’s discussion of the Irish in Britain. Here’s the first chapter of the Uk version of the Pope’s Children which was published back in 2007. Its on the Irish in England. Have a gander if you have time.
          D

          file:///Users/davidmcwilliams/Downloads/2101%20Initiatives/irish%20blood%20english%20heart.webarchive

          April 30, 2010, 11:02 am Log in to Reply
          • cbweb says

            @ 13 D can u make file reference an url download?

            April 30, 2010, 11:20 am Log in to Reply
          • coldblow says

            Can’t use the link. I remember the Irish edition – is that the bit about Rooney and the others in Liverpool etc? Rang true.

            On the subject of London Irish, has anyone ever heard of Cockney (or Cocker?) Daly who was a Kilburn navvy famous for his drinking ability. Some say he was second gen. Irish while others tell me he was a native of Cahirciveen, and indeed there was a big funeral with many strangers in attendance there a few years back for a Cocker Daly.

            I only heard of him since I came here, seeing as Sarf East London was cut off from the ghettoes of Kilburn and elsewhere. These threw up some odd cultural phenomena. My uncles lived in one in Leicester and my cousin (some years younger than me) recently told me that he used to spend all his pocket money on Jim Reeves records…

            Cockney Daly was apparently more famous in the Kilburn of his day than Mohammed Ali although he doesn’t appear on the official record. Some more vindictive than usual Conamara men grew jealous of his reputation and got him drunk one evening on the pretext of a wedding which they invited him to. At the end of the evening they emerged from the pub to go to the ‘party’ and then scarpered and he was left standing in the middle of the road the worse for wear. Then, ‘by accident’, a black maria rounded the corner and he was arrested and therewith his reputation in ruins.

            I like the story of him on a crowded commuter train with his battered ’suitcase’ up in the luggage rack. As more and more well dressed city types got into the carriage it got very crowded. He had a frying pan tied on to the outside of his bag, and with the heat the fat melted and came dripping down… Begorrah.

            April 30, 2010, 1:13 pm Log in to Reply
            • coldblow says

              Thinking on from this, I wonder if the typical Irish experience in England was that of the ‘ghetto’. Mine was outside of this. As I mentioned a long time ago, half of the kids at school had one or two Irish parents and hafl of the people from the local church were Irish, Irish pp, Irish headmistress, Irish GP. This seemed just normal and I don’t think people from either side of the fence even noticed it. At primary school every March 17 there would be a mass and everyone, including the Motts, Dobbs, Manners and Smiths, would sing along to the hymn: For God and St Patrick and our native land. Which I always thought was quite funny. But I think my experience is more typical than those who lived in Kilburn. The latter is more dramatic and maybe that’s why it gets the attention. There is so much bullsh*t mythmaking. Does anyone remember the poster for the film of Angela’s Ashes with some miserable looking drip of a boy? Yet the book is a good laugh. It gets to the point that just looking at anything on film or in print on the subject elicits the response: “That’s (probably) just b*ll*cks.”

              And when you think of it the emigrants had very little experience of Ireland outside the immediate locality. I don’t think any of my dozen and a half aunts and uncles from either side would have set foot in Dublin before taking the boat or the plane. My own mother was from a quiet place between Castlerea and Ballaghaderreen (or BalaDREEN as everyone insists on pronouncing it nowadays – shades of Douglas Hyde’s The Necessity for De-Anglicizing Ireland), 5 miles from the latter and 6 from the former. So BalaDREEN was where they went when they had to. She went to train as a nurse in London in 1937 aged 21 (it was the first time she’d been on a train) and guess how many times she had set foot in Castlerea by that time, a mere 6 miles away? Once. I have no reason to believe that this was untypical.

              April 30, 2010, 3:38 pm Log in to Reply
            • Colin_in_exile says

              There was a “character” called “Elephant John”, aka John O’Donoghue from Cahirciveen, was John Murphy’s (Construction – Green Coloured) right hand man for many years. Apparantly he was a champion pint drinker too, and lived on his wits which rarely let him down.

              April 30, 2010, 4:27 pm Log in to Reply
              • Furrylugs says

                And Smelly Mick McBride who let drops of sweat drip into the pints he served.

                It wasn’t all dancing diddley round the Kilburn Crossroads.

                Ask anyone who had the misfortune to stand on Chicheley Road looking for work.

                April 30, 2010, 4:39 pm Log in to Reply
              • coldblow says

                Yeah, I heard of him now you mention it. Being from Cahirciveen/ Cahersiveen (the one spelling at one end of town and the other at the other end) that might explain the confusion.

                May 4, 2010, 1:00 pm Log in to Reply
          • Dilly says

            I thought I would post this here. It was found in the pocket of an Irish homeless man who had died.

            Is sit in Cafs and drink black tea, and try to think of whats wrong with me. The nights are weary and full of crys, but I cant join in, ive got no eyes. I left them buried in Londons clay, they will stay there now until judgement day. Flashing green and flashing red, as the traffic roars above my head. In the pub you hear the saddest crap, straight from their souls onto your lap. A fella shouts “I left there years ago and theres no one alive I know”. There is a woman walking down the street with autumn hair and winter teeth. I would like to kiss her and tell her lies, but shed only see my face has got no eyes. Londons torn them from their sockets, destroyed my mind and emptied my pockets. The drink has all but ruined my liver, and the subby sold me down the river. So ill walk with the rest of them up and down, between Mornington Crescent and Camden Town. Pains in my belly and sore in the head, aimlessly wondering immigrant dead.

            April 30, 2010, 9:17 pm Log in to Reply
            • Dilly says

              typo that should say ‘wandering’

              April 30, 2010, 9:28 pm Log in to Reply
            • AndrewGMooney says

              Dilly, thanks for posting that. I’ve not seen it before. I’ll be setting it as song as lyrics. Following in a venerable tradition:

              “In the tube station the old ones who were on the way out would dribble and vomit and grovel and shout. And the coppers would come along and push them about
              And I wished I could escape from the old main drag”

              Shane went to the same school as Nick Clegg. Briefly! I went to see Nick Clegg on Saturday at a pub here in Malvern. It was hilarious. “He’s such a nice man! So fresh! I’m tired of the others, they’re not fresh….” That’s the level of political debate in the U.K as far as I could tell. Trying to engineer a ‘Gillian Duffy’ moment, I asked him a question:

              “What are you going to do about the alien invasion Nick?” He replied:
              “Look, immigration is a difficult issue. I understand that. But we need an amnesty to stop more people drowing in Morecambe Bay enslaved as cockle-pickers by ruthless gangmasters”.
              “No, Nick, that’s not my question. What are you going to do about the alien invasion of Pope Benedict and Crimens Solicitationis? You looked pretty shifty about the Papal Visit on the Sky Leader’s Debate. Your wife’s Spanish. Catholic. Are you a true Brit, Nick? Are you?”
              Then the police grabbed me and bundled me into the van for a good kicking. As usual!

              May 3, 2010, 9:44 am Log in to Reply
              • AndrewGMooney says

                Forgot to link to this:

                http://www.worcesternews.co.uk/news/8133016.Party_probe_launched_after_Clegg_is_mobbed___video/?ref=mr

                Oh dear, it’s all getting nasty. David’s article on the UK election is interesting. It will get even more ‘interesting’ if the Tories get a majority and try to outdo Germany on the aul premature- fiscal-terror front. Lots of smart Paddy farmers around Malvern/Hereford. Sold up and brought land at a fraction of the price. Very smart. Are they good immigrants or bad ones? Are they still Irish? What would Ned O’Keefe have to say *smirks*

                May 3, 2010, 2:44 pm Log in to Reply
              • Dilly says

                It was found on the pocket of an Irishman in Camden Town. When I lived in London we always looked out for these lads when we could. They had come to London in the 50’s 60’s or 70’s to find work. We would help them with everything, from giving the price of a meal, to fixing their washing machine as my mate Johnny did one day. I have left London now, but many of these old men are still there. I thought I would post it here, so that it is not forgotten.

            • coldblow says

              “Pócaí falamh, cloigeann tinn”

              May 4, 2010, 1:01 pm Log in to Reply
        • laughingbear says

          Posters:

          I would like to ask all of you a question.

          If countries are ‘attacked’ and in deed being defeated by debt is as deadly as a phalanx of AH-64 A/D Apache Helicopters firing Hydra70 and Hellfire missiles from a great distance on you, then I ask, who do you think attacked us?

          When I talk of attacks, then I mean a wide spectrum, not only the vigilante hedgefund managers, but also economic hitmen deliberately targeting single countries, such as iceland more than likely was attacked this way.

          I think it is fair to say, the entire Eurozone is under attack in one way or the other.

          So who do you think has instructed to launch the financial hellfires? I do not mean who executed it, but who instructed the launch!

          Think about it if you wish. I look forward to your thoughts!

          Best
          Georg

          April 30, 2010, 12:58 pm Log in to Reply
          • cbweb says

            Recommend Sorkin, ‘Inside The Battle To Save Wall Street’ ‘ definitive story of the most powerful men in finance and politics grappling with success and failure, ego, greed and ultimately, the fate of the world’s economy’
            …………………………………Dick Fuld of
            Lehman’s, Bernanke of the Federal Reserve, large cast of characters on leadup to Lehman’s demise and $700bn TARP.. fascinating stuff ….

            There’s no single individual behind the tsunami waves of global economics , like a musical metronome with a life of its own that flawed human beings for want of a better system try to control and sometimes sabotage?

            Part of the metronome is a lot more money flowing from south to north than the other way!

            Also see
            http://bit.ly/cAtTpq

            Could be Goldman’s responsibility for CDO’s could have played a large part creating the vulnerability to attack you mention. These financial instruments still causing havoc everywhere.

            “At that hearing, Blankfein denied fraud arising from Goldman’s activities involving debt securities known as collateralized debt obligations — at the center of the SEC fraud charge.”

            I’m away now, have a great weekend!

            April 30, 2010, 2:00 pm Log in to Reply
            • AndrewGMooney says

              ‘a lot more money flowing from south to north than the other way!’

              Yes, the ‘Third World’ debt crisis which originated from irresponsible lending from the banks of The North to gangster cliques and crooks in Africa, Asia and Latin America. Now Core Euro have enslaved The South: Club Med + Ireland, Sicily In The Rain. And they seriously imagine they will be paid back with onerous interest payments in perpetuity.
              lol!

              May 3, 2010, 9:49 am Log in to Reply
        • Furrylugs says

          It dawned on me yesterday following Wills & Dilly announcing their birthdays, that I hadn’t adequately celebrated my own birthday some weeks ago. So off I went, studiously avoiding any commentary about the economy or steaming piles(brilliant Georg) and proceeded to thoroughly enjoy myself.

          I was brought down to Earth with a bump this morning when I read this fait accompli.
          http://www.irishexaminer.com/business/greek-bailout-to-cost-state-13bn-118515.html

          Not content with doling out our money to our own fat cats, we’re now doling it out to the Greeks. Meanwhile, this money is being borrowed at exorbitant rates because the system says so.

          I would like to see wills in charge for one week.
          This has to stop.

          April 30, 2010, 2:49 pm Log in to Reply
        • Colin_in_exile says

          Off Topic, but RTE 2FM DJ & RTE Presenter Gerry Ryan has passed away this afternoon.

          Rest In Peace Gerry. You were a pioneer in radio here, allowing ordinary people to air their views on different topics on the radio.

          April 30, 2010, 4:08 pm Log in to Reply
        • AndrewGMooney says

          Deco said @comment 12:’Now, if the Conservatives deregulate the housing sector in the UK, this could have a dramatic effect on the Irish dole queue. It could be the biggest bailout that Cowen ever got from anybody. ‘

          There’s a massive pent up demand in the British housing sector. Britain had a house-price boom but not a house-building boom. So whoever wins the UK election: There’s going to be yet another almighty price boom once the circle is squared about bank lending/capital requirements. Never mind what another QE binge will do to house prices. However, I doubt that means Cowen and Lenihan will survive to preside over their permanently shrunken economy, as a de-facto region of Germania with jobs and pensions ring-fenced for FF Insiders. They won’t be bailed out of election defeat because there will be incandescent anger at the loss of productive capacity and the return of the tragedy of emigration. Ireland needs a UK recovery, the UK needs a Eurozone recovery, but neither will do much good if Ireland lost it future wealth generating powers, and is in permaslump having lost a generation of its talent to the UK.

          DMcW has written about the need for Ireland to expand its economic capacity by poaching talent from around the world. The Brians seem to be orchestrating a reverse flow of talent. ‘Ireland’s Got Talent’. So gift it to the British! You couldn’t make this up. For all the pseudo-babble about immigration in the UK election debate you can bet that there’ll always be room for talented ambitious people educated at the expense of the Irish taxpayers! That’s why the Poles had to come to the U.K in droves, because there was a sudden drying up of cheap, flexible Paddies during the Celtic Circus class act.

          ‘The Irish In Britain’? The Brits will always shamelessly and colonially poach nurses, doctors, engineers. So much easier to plug the gaps from elsewhere rather than retrain and re-skill the abandoned industrial working class. The Americans are even more egregious and shameless on this issue.

          Gillian Duffy was right to be angry about immigration and the deficits, but she needs to focus on the real issues. Hang on: Duffy doesn’t sound very English as a surname…. It doesn’t matter who wins the UK election, I doubt they’ll be doing much to rescue the poor and the badly educated citizens marooned outside the economic cauldron of London and the South East. Isn’t the great British taxpayer tired of bailing out inefficient agricultural gangmasters with cheap foreign labour? The UK won’t earn its crust in the future by forcing its youth to pick uneconomic apples for £1 an hour so its vagrant class can drink cheap industrial cider. Same as there’s no point growing scallions in Kildare any more, there’s no point growing anything in the U.K other than via cutting edge systems like Thanet Earth. In a sane world the UK feral yoof would be retrained, retooled with something more useful than Stanley knives and Staffordshire Bull Terriers.

          http://www.thanetearth.com/

          That’s what was so funny about Gillan vs Gordon. He’s toast. Irrevocably tainted by his association with Tony B.Liar. Speaking of which. He’s back on the campaign trail, permatanned and willing to ‘help’ his old friend and colleague. That’s the final nail in the Labour election coffin then….. Maybe Bertie will return to ‘help’ Cowen. ROFLOL!

          April 30, 2010, 4:23 pm Log in to Reply
          • Deco says

            B liar turned up a few weeks ago to ‘endorse’ Gordon Brown, and there was a deafening silence from Brown. I actually have a theory that the resentment that Brown buried druing the B Liar years, is buried inside him, burning away and that it was never let go…..

            Ahern tried to help Cowen in Lisbon 1.0, and made such an impact that he was noticeably absent in Lisbon 2.0…

            Not impressed by B Liar’s current Orange hue and his almost lizard like appearance….

            April 30, 2010, 8:37 pm Log in to Reply
            • G says

              Not sure about Blair, just a vibe, saw a photo of him in today’s English Independent, the man looks hollowed out, aged, just got a vibe looking at it, something wrong from his perspective…….

              As regards the election, he is toxic, he was kept far away……

              • AndrewGMooney says

                Deco, G: Blair trashed the UK Labour Party with his lies and delusions, whilst staying firmly in the closet as a Catholic. He terrifies me now that he’s on a ‘peace’ mission in the middle east. The Abrahamic ‘faiths’ are the single most likely cause of oblivion facing the planet. Blair has already engineered 2 ‘just wars’ whilst reading the Penguin Guide to St Augustine. He was in cahoots with Dubya. It wouldn’t surprise me if he’s infected with a fundamentalist Catholic version of ‘the Rapture meme’. I’ve spent 25 years rooting out the infiltration of ‘The Unholy See’ into British politics and culture. Blair is out to get me after he’s destroyed Gordon Brown. Blair and Ahern: Peas in a pernicious papal pod. Deco says Blair looks like a lizard. Well, that’s certainly true! *giggles*

                ‘Icke alleges that Tony Blair is secretly a genocidal twelve-foot tall space lizard who drinks human blood and is plotting to enslave humanity’

                http://skepticwiki.org/index.php/David_Icke

                Thankfully, this blog is written by a sensible economist and all the replies are written by equally sensible citizens of Tara, near and far.

                May 1, 2010, 7:54 am Log in to Reply
        • Deco says

          An interesting article from the US.

          http://www.marketwatch.com/story/labor-force-polarized-as-middle-skill-jobs-vanish-2010-04-30

          Tim, you might like to show your students so that they will realise that they will not have great job prospects if they think that it is allo going to happen for them, and they think that they can be lazy at school….

          April 30, 2010, 8:40 pm Log in to Reply
          • AndrewGMooney says

            As Tony Blair said before he was colonized by The Illuminati: “Education! Education! Education!” Nothing has changed. My kids got to a good school, in that it isn’t actively destroying them. They say it’s boring but I can’t face that home schooling lark and the missus says I’d damage them with my unusual worldview. I once thought of being a teacher when I was a political optimist in ‘97. Soon gave that up when I found out how exploited they were. I hope Tim continues his vocation without ending up being driven over the edge: ‘CCTV footage released of techer’s ‘die, die, die’ attack’:

            http://www.timesonline.co.uk/tol/news/uk/crime/article7113698.ece

            My children aren’t taught much about how to think, how to learn, nothing about money. They hear the mantra from me everyday: “Learn, earn, save, spend, donate”. They often ask me over breakfast, “Daddy, please explain to us again what trans-generational post-Keynesian sweat equity is all about? Why is Keynes as important as Shakespeare? ”

            I went to St Philips, attached to the Birmingham Oratory. Run by sadists and religious psychotics. Yet Mom and Dad struggled and saved so I could get the posh uniform, the good start in life they never had in Attanagh. ‘Because of my poor education’, etc.

            The jobs of the future will come from the imaginations of the children at school today. They rightly look on with scorn and disgust at the trashed landscape their elders and betters coerce and cajole them into conformity with. It’s not laziness. It’s not sham Sex Pistols rebellion. It’s justifiable existential despair which, undiagnosed, can lead to feral lawlessness as per the above attempted murder tragedy. So much for ‘the ethos of faith schools’ always trumping secular mores. We have a lot to learn from our youngers and betters. And we need to reach out and support our teachers, not judge and blame them for everything as we sack half of them to bail out the banks and balance our crooked books. I’ve enjoyed getting this off my chest. Time to walk the dog.

            ‘There’s too many people planning your downfall.When your spirit’s on trial these nights can be frightening. Sleep transports sadness to some other mid-brain. And somebody here will not be here next year
            So you stand by the board full of fear and intention. And, if you think that they’re listening: Well, you’ve got to be joking. Oh, you understand Change, and you think it’s essential. But when your profession
            is humiliation…say the wrong word to our children …we’ll have you, oh yes, we’ll have you. Lay a hand on our children and it’s never too late to have you. Mucus on your collar. A nail up through the staff chair. A blade in your soap and you cry into your pillow. To be finished would be a relief ‘

          • When you hear the official denial, then you know with even greater certainty, that rumours of the event are true….

            http://www.irishtimes.com/newspaper/breaking/2010/0430/breaking11.html

            The fact is that Spain is doing a lot of off balance sheet accounting. The latest stimulus package is money that will be injected into the economy but will not show up in the accounts until 2014. Talk about funny accounting methods !!! Spanish fiscal accounting makes Greece look like a model of transparency.

            Then we have the Spanish banking system. It is literally floating on ECB money, because the ECB purchased “asset-backed-securities” from the Bank of Spain, and gave billions of Euros back in return. This is effectively the same as buying subprime debt. This is completely unprecendented.

            Spanish debt is not under control if unemployment is 20%, if public expenditure is out of control, if the Spanish trade balance is the worst inside the Euro area, and if the Spanish government is playing accounting tricks in order to increase borrowing. Basically Greece can be kicked out, but kicking Spain out will cost the rest of Europe so much, that it Spain is effectively the Eurozone’s Anglo Irish Bank, and Zapatero is effectively the Eurozone’s Seanie Fitz.

            The latest news concerns the ECB applying pressuring to “BIN ANIB”. This is because it is undermining the confidence of the market in Irish debt. And thereby undermining confidence in the Euro.

            And what we are seeing here is that the ECB is playing confidence games, and not actually dealing with the serious subject matter. This is proof that things are getting worse.

            April 30, 2010, 8:53 am Log in to Reply
            • laughingbear says

              Morning,

              Yeah, that is all correct, unfortunately. I think it is reasonable to assume that large parts of the greek debts now made their way into ECB accounts as repo collateral. However they are banned to buy government bonds directly.

              Politicians try to talk up bonds, which of course is nothing but a big steaming pile of pig shit.

              This here is the European Lunacy Version:

              When Trichet and Greeks make statements that any debt restructuring is off the table, it is nothing but the same BS when Politicians try to talk up bonds.

              Trichet should take his hat and leave when making such idiotic statements! As if liquidity would be the main problem, hence a restructuring to be avoided at all costs. Wrong!

              Of course Greece will restructure debts, pronounce default, at some point, the ECB’s role is to avoid the contagion to spread further than ‘only’ Portugal and Spain, to spread globally in deed. Guess that was the reason for Obama’s call to Merkel.

              That is why DSK is preparing the grounds, restructuring of greek debts will happen through IMF. The biggest looser of course germany and france when, not if, a haircut is applied.

              Through ownership of banks France has the largest exposure to Greece at around 80 billion. Germany comes in second with 45 billion.

              We have round about 8,5 billion exposure.

              My Prediction:

              In the negotiations, Germany will insist on Greeks debt restructuring.

              As for Spain, July is the next step hen 25 billion are to be re payed.

              April 30, 2010, 9:54 am Log in to Reply
              • laughingbear says

                P.S.

                Assuming DSK pressured Merkel, they will now ‘insist’ on debt restructuring.

                In this light, Ireland will face more pressure, so we should default NOW and not later. Should have done that already, but then again, well, we have Lenin in charge.

                April 30, 2010, 10:05 am Log in to Reply
              • Dilly says

                “Politicians try to talk up bonds, which of course is nothing but a big steaming pile of pig shit.”

                This is the best description I have come across, of what the Political class are up to. Have you heard that our guys want to create a bond with the word ’solidarity’ in it. Using patriotism to pull in suckers again. Telecom Eireann all over again ? what year was that again ? the government are blessed that people have short memories.

                April 30, 2010, 10:37 am Log in to Reply
                • cbweb says

                  @Dilly,

                  Forgot to wish you Happy Birthday as well yesterday. That bond is not bad value http://www.rte.ie/business/2010/0429/ntma.html
                  100% guaranteed, gives 1% plus bonuses, 50% return over the 10 yrs.

                  But as you suggest, with currency fluctuations, meltdown, mismanagement of our economy etc…caveat emptor. With ‘Savings Certs/Prize Bonds maybe a much safer haven and way to go if yu’r saving for a pension and giving pension funds to blighters gambling in Casino Nama

                  April 30, 2010, 10:51 am Log in to Reply
                  • Dilly says

                    @cbweb,

                    Thanks for the kind words.

                    I suppose I am just very wary of anything the Government do, after listening to 30 odd years of lies.

                    April 30, 2010, 12:55 pm
                • Deco says

                  Dilly,

                  Concerning that quote.
                  I would replace bonds with property.

                  And it is not just the politicians who are doing the talking. A whole list of liars have lined up to throw it at us again.

                  The estate agent that you would recommend to a enemy.
                  Honest Tom. TP has been telling all the way down the housing crash curve “now is a great time to buy”…
                  Myhomwe-dot-ie,
                  Bank economists,
                  the ESRI,
                  various government ministers,
                  etc…

                  And as laughingbear says it is ” a big pile of pigshit”.

                  April 30, 2010, 11:05 am Log in to Reply
                  • Dilly says

                    They don’t want to binge to end I suppose.

                    April 30, 2010, 1:03 pm
            • coldblow says

              Deco

              Your last para. “…confidence games… This is proof that things are getting worse.”

              In his “Great Crash/ Wall St Crash 1929″ (can’t remember the exact title) Galbraith says that in response to the Crash Hoover stated one occasion that talking up the stock market was what one shouldn’t do – and then that’s exactly what he went on to do for the following months with disasterous consequences. Interesting historical parallel.

              April 30, 2010, 3:11 pm Log in to Reply
          • Deco says

            Irish Whisky…..none of which is Irish owned anymore.
            http://www.rte.ie/business/2010/0430/candc.html

            April 30, 2010, 9:10 am Log in to Reply
            • laughingbear says

              Last year I wanted to send a special reserve Tyrconnel single malt to a friend in Los Altos. I even talked to the brewery, coincidently a Lady from Germany on the phone living since 17 years in Ireland.

              Making a long story short, sitting in Donegal, I purchased this bottle in Sam’s in Chicago and had it delivered currier next day to Los Altos.

              Including delivery costs, it came 35 Euros cheaper, than buying the same bottle in Ireland excluding delivery.

              April 30, 2010, 12:18 pm Log in to Reply
            • Ruairí says

              Almost true, but not quite.

              I’ve been a cheerleader here before for Irish whiskey and in particular John Teeling’s work at Cooley distillery but in particular my beloved Kilbeggan and Locke’s Whiskey (as my ancestor Patrick Brett (Fallon, Brett and Codd) owned Kilbeggan before Locke purchased it). Seeing as Kilbeggan has just won international whiskey of the year (but can’t fund the marketing required to capitalise on it), I think you should all consider bottles of Kilbeggan / Cooley and Lockes as presents; as they are now the official Irish -owned and Irish-made whiskies.

              John Teeling, like Sean Quinn, puts his heart into his place; be it Cooley, Kilbeggan or Cavan (not interested in any Quinn diatribes today, thanks, I’m referring to his great works, of which there are many; not his foibles).

              http://www.kilbegganwhiskey.com/default.aspx The oldest licensed distillery in the world. Plus, if you ever get a chance (and you will when you’re unemployed folks after the 2 Brian’s are done in the kitchen), please pay a visit to http://www.lockesdistillerymuseum.ie/home.htm

              Let’s support our own this year. Support those who support you and yours and cut off at the knees (or whatever weapon you choose) those who don’t .

              Over and out 😀 as I’m nipping and tucking 2 YCYC proposals, the cowboy that I am.

              April 30, 2010, 2:45 pm Log in to Reply
          • cbweb says

            @ Deco 9

            @ Deco,

            Great post, Deco.

            OT Pravda RTE Morning Ireland virtually silent on Anglo news filling up the empties with rehashed Quinn stories, I guess they were caught on the hop again.

            The real story on the Anglo wind down is apparently the €22 cost of the wind down is to be gifted from taxpayer purses. No bankruptcy/insolvency negotiations whatsoever apparently.

            Could do with a lot more info on the ECB angle on terms of the wind down closure of Anglo apart from the
            kick the can way down the road duration of this ………….22yrs…..

            NTMA cancelling its monthly bond auction because of escalating 5.5% interest rises, upbeat because they say they have reserves, but how long can they hold out as the markets begin to teach PIIGS a lesson?

            Take Anglo brick by brick from Stephens Green to Co Louth, part of a FF decentralisation exercise.

            Convert Dempsey’s E Polling Machines to slot machines.

            Clowen gang as bouncers.

            ………CASINO NaMA…………….

            April 30, 2010, 9:36 am Log in to Reply
            • cbweb says

              Its also ECB policy for the future to wind down banks like Anglo to forestall any likely threat to a member state’s economy because of the threat such banks pose.

              So is Anglo to be treated differently, waht are the parameters of this wind down, e.g will subordinate debt be covered.

              Does the ECB expect taxpayers of member states to pay the gambling debts of rogue banks?

              Amazing nothing about this on Pravda RTE!

              April 30, 2010, 9:51 am Log in to Reply
              • laughingbear says

                You always make me laugh with your Pravda/RTE analogy. :o)

                April 30, 2010, 10:07 am Log in to Reply
                • cbweb says

                  @ Deco 9 also Jack Bauer aka Goerg Laughingbear @ 9

                  Eurostat getting new powers for its statisticians to examine the real mark to market debt and get behind the coverup figures and down to the real one’s

                  Italy, Belgium, Poland, Germany Greece already signed up, notice we havn’t and from waht Deco says, I understand why Spain is shy.

                  http://www.europarltv.europa.eu/

                  first 4 minutes…

                  interview with Burkhard Baltz ( hope i got the spelling) German MEP

                  Baltz says nothing but interestingly the question of a TARP €600bn eurowide bailout mentioned

                  May 10 is D Day for EU

                  Which way will they jump? My prediction earlier posts is Greece will be asked to leave. If they try to bailout Greece, then Spain…..this will only weaken the euro.

                  Best way to go imho is they raise the bar for euro membership and ask those states who’re damaging the project such as Greece/ Ireland/Spain/Portugal/Italy either to jump over the bar, or leave.

                  With NAMA unfortunately my belief is
                  we’ve flushed bond money down the toilet and already weakened the euro plus our own economic viability, so we need to get out and fix this place fast.

                  That means taking it back, Jack, from the Gombeen men.

                  thkx for the cool posts from you above, Georg

                  April 30, 2010, 10:29 am Log in to Reply
                • cbweb says

                  You should only listen and watch through lotsofsycophanticbutteringupof scoundrels 3d glasses:)

                  They cut through the nonsense, ask the real questions.I’m looking for a pair of those for myself

                  Forget the cosy chat sit down PrimeTime bullshit.

                  For starters interviewers and interviewees should stand up e.g as inhttp://www.europarltv.europa.eu/ above.

                  🙂

                  April 30, 2010, 11:04 am Log in to Reply
            • Deco says

              Casino NAMA.

              That phrase sticks in my mind.

              April 30, 2010, 10:57 am Log in to Reply
              • cbweb says

                yep, the chips are the assets, the trick is knowing how long to hold them b4 you go mark to market and scare the livin daylights out of the present depleted bottoms up prices! No worries, taxpayers can join in the fun knowing they’re funding the games

                April 30, 2010, 11:08 am Log in to Reply
          • Deco says

            The purpose of this article was to examine the British General Election, the next British Administration, and from the Irish perspective the key trade arrangement centred on the exchange value of the British pound.

            At this stage even the Observer has decided that Cameron won last night. And that is as strong as sign as any that New Labour are on the way out.

            One very interesting argument last night centred on the housing problem in the UK. New Labour introduced a realm of legislation that has pushed down the level of construction in Britain. Vast areas of British cities are derelict and lying empty because of various stipulations that mean that projects are completely unviable. The developers are waiting on the Conservatives to throw the whole lot out, so that they can build as many, and whatever they like. These NewLabour policies also dovetailed nicely with the NewLabour preference for high housing prices. (By now you will be seeing my point that New Labour and Fianna Fail are both fans of expensive property prices, debt and high level consumption).

            Now, of the Conservatives deregulate the housing sector in the UK, this could have a dramatic effect on the Irish dole queue. It could be the biggest bailout that Cowen ever got from anybody.

            And then we have the Gillian Duffy factor. Duffy’s argument is not any more bigoted than the policies of the unions in France, Germany or Italy. (and these are very leftist). Polish plumbers are not allowed work at all in France. Cameron has already indicated that he is in favour of a cap. We can presume that this will be similar to limits that exist in some continental countries.

            This will have the effect that Irish labour will be able to gain work on it’s neighbouring country. The currency might not be much when it is converted back to Euros.

            I expect to see two things in the next six months.
            I expect the dole to get cut, and the minimum wage to be cut. This will provided increased incentive for Irish construction workers to work in England. A cap on Eastern European employment levels in the UK, will mean that Irish labour, even from Irish builders who stagger through the week too drunk to be work, will find a market. This is postively enlightened compared to the labour regimes by that bastion of institutional socialism that is France, by the way.

            It will be like the 1950s again. No work at home. Economic contraction. Professional vested interests will control the system, and use their control to squeeze the lifeblood out of the rest of the population. And Ireland’s labour force will be working in England in construction.

            The only difference is that IBEC will be unspoken of power in the land the country instead of the Church. Power will come from Straffan instead of Maynooth. And IBEC will be able to buy media power across the board via the advertising budget. There will be no critique of IBEC, except for the odd lone ranger like Senator Shane Ross.

            As Mark Twain said, history does not repeat itself, but it sure does rhyme !!!

            April 30, 2010, 10:53 am Log in to Reply
          • David McWilliams says

            Morning All,

            Thanks for all the comments. On a totally different tac from Greece etc and in response to Mooney’s discussion of the Irish in Britain. Here’s the first chapter of the Uk version of the Pope’s Children which was published back in 2007. Its on the Irish in England. Have a gander if you have time.
            D

            fi

            April 30, 2010, 11:02 am Log in to Reply
            • cbweb says

              @ 13 D can u make file reference an url download?

              April 30, 2010, 11:20 am Log in to Reply
            • coldblow says

              Can’t use the link. I remember the Irish edition – is that the bit about Rooney and the others in Liverpool etc? Rang true.

              On the subject of London Irish, has anyone ever heard of Cockney (or Cocker?) Daly who was a Kilburn navvy famous for his drinking ability. Some say he was second gen. Irish while others tell me he was a native of Cahirciveen, and indeed there was a big funeral with many strangers in attendance there a few years back for a Cocker Daly.

              I only heard of him since I came here, seeing as Sarf East London was cut off from the ghettoes of Kilburn and elsewhere. These threw up some odd cultural phenomena. My uncles lived in one in Leicester and my cousin (some years younger than me) recently told me that he used to spend all his pocket money on Jim Reeves records…

              Cockney Daly was apparently more famous in the Kilburn of his day than Mohammed Ali although he doesn’t appear on the official record. Some more vindictive than usual Conamara men grew jealous of his reputation and got him drunk one evening on the pretext of a wedding which they invited him to. At the end of the evening they emerged from the pub to go to the ‘party’ and then scarpered and he was left standing in the middle of the road the worse for wear. Then, ‘by accident’, a black maria rounded the corner and he was arrested and therewith his reputation in ruins.

              I like the story of him on a crowded commuter train with his battered ’suitcase’ up in the luggage rack. As more and more well dressed city types got into the carriage it got very crowded. He had a frying pan tied on to the outside of his bag, and with the heat the fat melted and came dripping down… Begorrah.

              April 30, 2010, 1:13 pm Log in to Reply
              • coldblow says

                Thinking on from this, I wonder if the typical Irish experience in England was that of the ‘ghetto’. Mine was outside of this. As I mentioned a long time ago, half of the kids at school had one or two Irish parents and hafl of the people from the local church were Irish, Irish pp, Irish headmistress, Irish GP. This seemed just normal and I don’t think people from either side of the fence even noticed it. At primary school every March 17 there would be a mass and everyone, including the Motts, Dobbs, Manners and Smiths, would sing along to the hymn: For God and St Patrick and our native land. Which I always thought was quite funny. But I think my experience is more typical than those who lived in Kilburn. The latter is more dramatic and maybe that’s why it gets the attention. There is so much bullsh*t mythmaking. Does anyone remember the poster for the film of Angela’s Ashes with some miserable looking drip of a boy? Yet the book is a good laugh. It gets to the point that just looking at anything on film or in print on the subject elicits the response: “That’s (probably) just b*ll*cks.”

                And when you think of it the emigrants had very little experience of Ireland outside the immediate locality. I don’t think any of my dozen and a half aunts and uncles from either side would have set foot in Dublin before taking the boat or the plane. My own mother was from a quiet place between Castlerea and Ballaghaderreen (or BalaDREEN as everyone insists on pronouncing it nowadays – shades of Douglas Hyde’s The Necessity for De-Anglicizing Ireland), 5 miles from the latter and 6 from the former. So BalaDREEN was where they went when they had to. She went to train as a nurse in London in 1937 aged 21 (it was the first time she’d been on a train) and guess how many times she had set foot in Castlerea by that time, a mere 6 miles away? Once. I have no reason to believe that this was untypical.

                April 30, 2010, 3:38 pm Log in to Reply
              • Colin_in_exile says

                There was a “character” called “Elephant John”, aka John O’Donoghue from Cahirciveen, was John Murphy’s (Construction – Green Coloured) right hand man for many years. Apparantly he was a champion pint drinker too, and lived on his wits which rarely let him down.

                April 30, 2010, 4:27 pm Log in to Reply
                • Furrylugs says

                  And Smelly Mick McBride who let drops of sweat drip into the pints he served.

                  It wasn’t all dancing diddley round the Kilburn Crossroads.

                  Ask anyone who had the misfortune to stand on Chicheley Road looking for work.

                  April 30, 2010, 4:39 pm Log in to Reply
                • coldblow says

                  Yeah, I heard of him now you mention it. Being from Cahirciveen/ Cahersiveen (the one spelling at one end of town and the other at the other end) that might explain the confusion.

                  May 4, 2010, 1:00 pm Log in to Reply
            • Dilly says

              I thought I would post this here. It was found in the pocket of an Irish homeless man who had died.

              Is sit in Cafs and drink black tea, and try to think of whats wrong with me. The nights are weary and full of crys, but I cant join in, ive got no eyes. I left them buried in Londons clay, they will stay there now until judgement day. Flashing green and flashing red, as the traffic roars above my head. In the pub you hear the saddest crap, straight from their souls onto your lap. A fella shouts “I left there years ago and theres no one alive I know”. There is a woman walking down the street with autumn hair and winter teeth. I would like to kiss her and tell her lies, but shed only see my face has got no eyes. Londons torn them from their sockets, destroyed my mind and emptied my pockets. The drink has all but ruined my liver, and the subby sold me down the river. So ill walk with the rest of them up and down, between Mornington Crescent and Camden Town. Pains in my belly and sore in the head, aimlessly wondering immigrant dead.

              April 30, 2010, 9:17 pm Log in to Reply
              • Dilly says

                typo that should say ‘wandering’

                April 30, 2010, 9:28 pm Log in to Reply
              • AndrewGMooney says

                Dilly, thanks for posting that. I’ve not seen it before. I’ll be setting it as song as lyrics. Following in a venerable tradition:

                “In the tube station the old ones who were on the way out would dribble and vomit and grovel and shout. And the coppers would come along and push them about
                And I wished I could escape from the old main drag”

                Shane went to the same school as Nick Clegg. Briefly! I went to see Nick Clegg on Saturday at a pub here in Malvern. It was hilarious. “He’s such a nice man! So fresh! I’m tired of the others, they’re not fresh….” That’s the level of political debate in the U.K as far as I could tell. Trying to engineer a ‘Gillian Duffy’ moment, I asked him a question:

                “What are you going to do about the alien invasion Nick?” He replied:
                “Look, immigration is a difficult issue. I understand that. But we need an amnesty to stop more people drowing in Morecambe Bay enslaved as cockle-pickers by ruthless gangmasters”.
                “No, Nick, that’s not my question. What are you going to do about the alien invasion of Pope Benedict and Crimens Solicitationis? You looked pretty shifty about the Papal Visit on the Sky Leader’s Debate. Your wife’s Spanish. Catholic. Are you a true Brit, Nick? Are you?”
                Then the police grabbed me and bundled me into the van for a good kicking. As usual!

                May 3, 2010, 9:44 am Log in to Reply
                • AndrewGMooney says

                  Forgot to link to this:

                  ref=mr

                  Oh dear, it’s all getting nasty. David’s article on the UK election is interesting. It will get even more ‘interesting’ if the Tories get a majority and try to outdo Germany on the aul premature- fiscal-terror front. Lots of smart Paddy farmers around Malvern/Hereford. Sold up and brought land at a fraction of the price. Very smart. Are they good immigrants or bad ones? Are they still Irish? What would Ned O’Keefe have to say *smirks*

                  May 3, 2010, 2:44 pm Log in to Reply
                • Dilly says

                  It was found on the pocket of an Irishman in Camden Town. When I lived in London we always looked out for these lads when we could. They had come to London in the 50’s 60’s or 70’s to find work. We would help them with everything, from giving the price of a meal, to fixing their washing machine as my mate Johnny did one day. I have left London now, but many of these old men are still there. I thought I would post it here, so that it is not forgotten.

              • coldblow says

                “Pócaí falamh, cloigeann tinn”

                May 4, 2010, 1:01 pm Log in to Reply
          • laughingbear says

            Posters:

            I would like to ask all of you a question.

            If countries are ‘attacked’ and in deed being defeated by debt is as deadly as a phalanx of AH-64 A/D Apache Helicopters firing Hydra70 and Hellfire missiles from a great distance on you, then I ask, who do you think attacked us?

            When I talk of attacks, then I mean a wide spectrum, not only the vigilante hedgefund managers, but also economic hitmen deliberately targeting single countries, such as iceland more than likely was attacked this way.

            I think it is fair to say, the entire Eurozone is under attack in one way or the other.

            So who do you think has instructed to launch the financial hellfires? I do not mean who executed it, but who instructed the launch!

            Think about it if you wish. I look forward to your thoughts!

            Best
            Georg

            April 30, 2010, 12:58 pm Log in to Reply
            • cbweb says

              Recommend Sorkin, ‘Inside The Battle To Save Wall Street’ ‘ definitive story of the most powerful men in finance and politics grappling with success and failure, ego, greed and ultimately, the fate of the world’s economy’
              …………………………………Dick Fuld of
              Lehman’s, Bernanke of the Federal Reserve, large cast of characters on leadup to Lehman’s demise and $700bn TARP.. fascinating stuff ….

              There’s no single individual behind the tsunami waves of global economics , like a musical metronome with a life of its own that flawed human beings for want of a better system try to control and sometimes sabotage?

              Part of the metronome is a lot more money flowing from south to north than the other way!

              Also see
              http://bit.ly/cAtTpq

              Could be Goldman’s responsibility for CDO’s could have played a large part creating the vulnerability to attack you mention. These financial instruments still causing havoc everywhere.

              “At that hearing, Blankfein denied fraud arising from Goldman’s activities involving debt securities known as collateralized debt obligations — at the center of the SEC fraud charge.”

              I’m away now, have a great weekend!

              April 30, 2010, 2:00 pm Log in to Reply
              • AndrewGMooney says

                ‘a lot more money flowing from south to north than the other way!’

                Yes, the ‘Third World’ debt crisis which originated from irresponsible lending from the banks of The North to gangster cliques and crooks in Africa, Asia and Latin America. Now Core Euro have enslaved The South: Club Med + Ireland, Sicily In The Rain. And they seriously imagine they will be paid back with onerous interest payments in perpetuity.
                lol!

                May 3, 2010, 9:49 am Log in to Reply
          • Furrylugs says

            It dawned on me yesterday following Wills & Dilly announcing their birthdays, that I hadn’t adequately celebrated my own birthday some weeks ago. So off I went, studiously avoiding any commentary about the economy or steaming piles(brilliant Georg) and proceeded to thoroughly enjoy myself.

            I was brought down to Earth with a bump this morning when I read this fait accompli.
            http://www.irishexaminer.com/business/greek-bailout-to-cost-state-13bn-118515.html

            Not content with doling out our money to our own fat cats, we’re now doling it out to the Greeks. Meanwhile, this money is being borrowed at exorbitant rates because the system says so.

            I would like to see wills in charge for one week.
            This has to stop.

            April 30, 2010, 2:49 pm Log in to Reply
          • Colin_in_exile says

            Off Topic, but RTE 2FM DJ & RTE Presenter Gerry Ryan has passed away this afternoon.

            Rest In Peace Gerry. You were a pioneer in radio here, allowing ordinary people to air their views on different topics on the radio.

            April 30, 2010, 4:08 pm Log in to Reply
          • AndrewGMooney says

            Deco said @comment 12:’Now, if the Conservatives deregulate the housing sector in the UK, this could have a dramatic effect on the Irish dole queue. It could be the biggest bailout that Cowen ever got from anybody. ‘

            There’s a massive pent up demand in the British housing sector. Britain had a house-price boom but not a house-building boom. So whoever wins the UK election: There’s going to be yet another almighty price boom once the circle is squared about bank lending/capital requirements. Never mind what another QE binge will do to house prices. However, I doubt that means Cowen and Lenihan will survive to preside over their permanently shrunken economy, as a de-facto region of Germania with jobs and pensions ring-fenced for FF Insiders. They won’t be bailed out of election defeat because there will be incandescent anger at the loss of productive capacity and the return of the tragedy of emigration. Ireland needs a UK recovery, the UK needs a Eurozone recovery, but neither will do much good if Ireland lost it future wealth generating powers, and is in permaslump having lost a generation of its talent to the UK.

            DMcW has written about the need for Ireland to expand its economic capacity by poaching talent from around the world. The Brians seem to be orchestrating a reverse flow of talent. ‘Ireland’s Got Talent’. So gift it to the British! You couldn’t make this up. For all the pseudo-babble about immigration in the UK election debate you can bet that there’ll always be room for talented ambitious people educated at the expense of the Irish taxpayers! That’s why the Poles had to come to the U.K in droves, because there was a sudden drying up of cheap, flexible Paddies during the Celtic Circus class act.

            ‘The Irish In Britain’? The Brits will always shamelessly and colonially poach nurses, doctors, engineers. So much easier to plug the gaps from elsewhere rather than retrain and re-skill the abandoned industrial working class. The Americans are even more egregious and shameless on this issue.

            Gillian Duffy was right to be angry about immigration and the deficits, but she needs to focus on the real issues. Hang on: Duffy doesn’t sound very English as a surname…. It doesn’t matter who wins the UK election, I doubt they’ll be doing much to rescue the poor and the badly educated citizens marooned outside the economic cauldron of London and the South East. Isn’t the great British taxpayer tired of bailing out inefficient agricultural gangmasters with cheap foreign labour? The UK won’t earn its crust in the future by forcing its youth to pick uneconomic apples for £1 an hour so its vagrant class can drink cheap industrial cider. Same as there’s no point growing scallions in Kildare any more, there’s no point growing anything in the U.K other than via cutting edge systems like Thanet Earth. In a sane world the UK feral yoof would be retrained, retooled with something more useful than Stanley knives and Staffordshire Bull Terriers.

            http://www.thanetearth.com/

            That’s what was so funny about Gillan vs Gordon. He’s toast. Irrevocably tainted by his association with Tony B.Liar. Speaking of which. He’s back on the campaign trail, permatanned and willing to ‘help’ his old friend and colleague. That’s the final nail in the Labour election coffin then….. Maybe Bertie will return to ‘help’ Cowen. ROFLOL!

            April 30, 2010, 4:23 pm Log in to Reply
            • Deco says

              B liar turned up a few weeks ago to ‘endorse’ Gordon Brown, and there was a deafening silence from Brown. I actually have a theory that the resentment that Brown buried druing the B Liar years, is buried inside him, burning away and that it was never let go…..

              Ahern tried to help Cowen in Lisbon 1.0, and made such an impact that he was noticeably absent in Lisbon 2.0…

              Not impressed by B Liar’s current Orange hue and his almost lizard like appearance….

              April 30, 2010, 8:37 pm Log in to Reply
              • G says

                Not sure about Blair, just a vibe, saw a photo of him in today’s English Independent, the man looks hollowed out, aged, just got a vibe looking at it, something wrong from his perspective…….

                As regards the election, he is toxic, he was kept far away……

                • AndrewGMooney says

                  Deco, G: Blair trashed the UK Labour Party with his lies and delusions, whilst staying firmly in the closet as a Catholic. He terrifies me now that he’s on a ‘peace’ mission in the middle east. The Abrahamic ‘faiths’ are the single most likely cause of oblivion facing the planet. Blair has already engineered 2 ‘just wars’ whilst reading the Penguin Guide to St Augustine. He was in cahoots with Dubya. It wouldn’t surprise me if he’s infected with a fundamentalist Catholic version of ‘the Rapture meme’. I’ve spent 25 years rooting out the infiltration of ‘The Unholy See’ into British politics and culture. Blair is out to get me after he’s destroyed Gordon Brown. Blair and Ahern: Peas in a pernicious papal pod. Deco says Blair looks like a lizard. Well, that’s certainly true! *giggles*

                  ‘Icke alleges that Tony Blair is secretly a genocidal twelve-foot tall space lizard who drinks human blood and is plotting to enslave humanity’

                  http://skepticwiki.org/index.php/David_Icke

                  Thankfully, this blog is written by a sensible economist and all the replies are written by equally sensible citizens of Tara, near and far.

                  May 1, 2010, 7:54 am Log in to Reply
          • Deco says

            An interesting article from the US.

            http://www.marketwatch.com/story/labor-force-polarized-as-middle-skill-jobs-vanish-2010-04-30

            Tim, you might like to show your students so that they will realise that they will not have great job prospects if they think that it is allo going to happen for them, and they think that they can be lazy at school….

            April 30, 2010, 8:40 pm Log in to Reply
            • AndrewGMooney says

              As Tony Blair said before he was colonized by The Illuminati: “Education! Education! Education!” Nothing has changed. My kids got to a good school, in that it isn’t actively destroying them. They say it’s boring but I can’t face that home schooling lark and the missus says I’d damage them with my unusual worldview. I once thought of being a teacher when I was a political optimist in ‘97. Soon gave that up when I found out how exploited they were. I hope Tim continues his vocation without ending up being driven over the edge: ‘CCTV footage released of techer’s ‘die, die, die’ attack’:

              http://www.timesonline.co.uk/tol/news/uk/crime/article7113698.ece

              My children aren’t taught much about how to think, how to learn, nothing about money. They hear the mantra from me everyday: “Learn, earn, save, spend, donate”. They often ask me over breakfast, “Daddy, please explain to us again what trans-generational post-Keynesian sweat equity is all about? Why is Keynes as important as Shakespeare? ”

              I went to St Philips, attached to the Birmingham Oratory. Run by sadists and religious psychotics. Yet Mom and Dad struggled and saved so I could get the posh uniform, the good start in life they never had in Attanagh. ‘Because of my poor education’, etc.

              The jobs of the future will come from the imaginations of the children at school today. They rightly look on with scorn and disgust at the trashed landscape their elders and betters coerce and cajole them into conformity with. It’s not laziness. It’s not sham Sex Pistols rebellion. It’s justifiable existential despair which, undiagnosed, can lead to feral lawlessness as per the above attempted murder tragedy. So much for ‘the ethos of faith schools’ always trumping secular mores. We have a lot to learn from our youngers and betters. And we need to reach out and support our teachers, not judge and blame them for everything as we sack half of them to bail out the banks and balance our crooked books. I’ve enjoyed getting this off my chest. Time to walk the dog.

              ‘There’s too many people planning your downfall.When your spirit’s on trial these nights can be frightening. Sleep transports sadness to some other mid-brain. And somebody here will not be here next year
              So you stand by the board full of fear and intention. And, if you think that they’re listening: Well, you’ve got to be joking. Oh, you understand Change, and you think it’s essential. But when your profession
              is humiliation…say the wrong word to our children …we’ll have you, oh yes, we’ll have you. Lay a hand on our children and it’s never too late to have you. Mucus on your collar. A nail up through the staff chair. A blade in your soap and you cry into your pillow. To be finished would be a relief ‘

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