Ireland has one month left till its collaspe

[Mega]

http://www.businessinsider.com:80/ir...ndgame-2010-11

Ireland getting KILLED!

[makimanos]

Re: Ireland has one month left till its collaspe

In one month because of CDS? Too many professors.

[Diarmuid]

Re: Ireland has one month left till its collaspe

It may be because CDS spreads are indicative of






In December 2009, the Irish Government outlined plans for phased cuts in deficits over 2011-2014 that would have added up to a gross value of €6.5 billion. This was supposed to reduce borrowing of €18.8 billion in 2010 to a deficit of ca €9 billion in 2014. All courtesy of robust economic growth of more than 4% per annum (rofl) penned into the Department of Finance fantasy assumptions for 2011-2014.

Of recent, Brian Lenihan the Minister for Finance revised estimates for his Department. Courtesy of continuously expanding unemployment, declining tax revenues, plus ever-growing interest bills on Government debts (approaching 7.5%) , the headline gross savings target for 2011-2014 has been increased to €15 billion.

The Irish government to date has given or pledged circa €73bn of Irish tax payers money in bank bailouts, this wil lleave, according to some estimates, every individual in Ireland owing circa 170,000 Euro plus personal liabilities by 2015. Presently figures are difficult to get hold of in a country where a consolidated media is not reporting any of the real issues, of which is confined to blogs of Irish academics. The derge in information is exasarbated by the lack of any level of detail on the specifics of the bailouts. The government, which to prevent said, has invoked the official secrets act on occasion.

The policies have saddled ordinary families and individuals (regardless of whether they work in public sector or private sector, employed or unemployed, young or old) with the full cost of stabilizing vested interests and elites. Resulting in devastation of private entrepreneurship and businesses.

What is happening in Ireland today reminds of something I read here in Itulip a few years back concerning the last thing vested elites do before the collapse of a country is raid the treasury. I fear Ireland is being abandoned to its fate and this saddens me deeply.

[ThePythonicCow]

Re: Ireland has one month left till its collaspe

I fear Ireland is being abandoned to its fate and this saddens me deeply.

Quite possibly, and yes quite sad.

There may be more nations to follow, I fear.

Is there anyone from Ireland active on the iTulip forums? Some live reporting from the scene could be quite informative, over the next few months.

[pianodoctor]

Re: Ireland has one month left till its collaspe

So the Celtic Tiger is actually a Roadkill Kitty?

[thunderdownunder]

Re: Ireland has one month left till its collaspe

So the Celtic Tiger is actually a Roadkill Kitty?

The Celtic Tiger had its teeth pulled and was de clawed by big business and Investment banks. Once they got the deal they wanted they proceeded to "offshore the profits" and socialize the cost of production. Eventually there was little left to get cheaply from the government and the workforce, then it was over to India, Indonesia and any other countries that would give them favorable start up benefits and cheap educated workforces. Talk about being used as a whore. Ireland has a history of being screwed over. Now they have to pay for the Party they held.
I read a bit on this subject some time ago - and fell in love(sarcasm) with Multi-Nationals and Globalization - 'Tis a good read.'
http://www.eui.eu/RSCAS/WP-Texts/00_16.pdf (Circ 2000)
For any Australians reading it gives ample warning of what will happen in a small, open,two speed economy that relies on one or two industries that are price takers.
I love how my Father was correct when he said "When Uncle Sam invites you to Dinner you leave both hungry and broke from paying the Tab."

[Grail]

Re: Ireland has one month left till its collaspe

I returned from an 8 day business trip to Ireland in mid September. I was hugely impressed by the beauty of the country and civility of it's people. Ireland has a population of approximately 4 million of which 50% are original Irish and the remainder have immigrated. It is seems to have the characteristics of a large family as many islands do rather than a large population. Immigrants are welcomed and the Irish view their place in the EU as a significant benefit for them. At any point in time 1/4 of the population is in school and university education is both excellent and free. Literacy and education are prized by the culture. A walk through St. Stephen's green in Dublin surprised me with the diminutive sculptures of Irish dissident scholars. London parks in comparison are littered with large sculptures of generals, churchmen and politicians....a conqueror culture versus Ireland a post colonial culture.

The Irish lived under the repressive boot of their British masters for hundreds of years, and were forced from their land, forbidden to educate themselves or worship in the way that they desired. Hardships are well understood by this people and the current economic set back for this young republic, with it's positive birth rate, and youthful and well educated population is trivial compared to past burdens imposed on them and calamities such as massive famine in recent centuries.

Doing business in Ireland was a pleasure. The IDA (Investment Dealers Association) came to meet me in my hotel at short notice. Dublin was far easier and significantly less expensive to do business in than London. One can walk around the city; people are friendly and helpful; no soccer hooligans and newspaper stands full of tabloids written for morons like in London, or numerous homeless people like in Toronto, or streets full of heroin addicts like in Vancouver; in short a civilized city, with good food, drink, galleries, theater, etc.

The public transit systems are first class and a train trip to the Tipperary area was delightful. The Irish Times my local news paper of choice told the Irish people of their fiscal dilemma in clear and pointed terms. The average man on the street that I had discussions with had a clear understanding of their economic situation. Irish elites both economic and political are relatively small in number and well known to the Irish family. As the population is not "dumbed" down they have their eyes on these people. Like elsewhere on the planet hanging the investment bankers from the tallest trees would be the quickest and best solution to the problem. This unfortunately is unlikely to happen.

Nonetheless, I strongly recommend taking advantage of the current Irish sale on brokerage houses, real estate, etc. I plan to use Dublin as my gateway to Europe. Now that I've met the Irish I will forgo the British at every turn.

[ThePythonicCow]

Re: Ireland has one month left till its collaspe

Thank-you, grail, for that delightful and encouraging report.

[shiny!]

Re: Ireland has one month left till its collaspe

Illuminating and beautiful, thank you! I've always wanted to see Ireland, now I have to go.

[Diarmuid]

Re: Ireland has one month left till its collaspe

Ah Grail, Ta se sceal allain, ach cheapim go bhfuil tu ag obair leis na IDA, tu fein. ;-)

[razor edge]

Re: Ireland has one month left till its collaspe

I returned from an 8 day business trip to Ireland in mid September. I was hugely impressed by the beauty of the country and civility of it's people. Ireland has a population of approximately 4 million of which 50% are original Irish and the remainder have immigrated. It is seems to have the characteristics of a large family as many islands do rather than a large population. Immigrants are welcomed and the Irish view their place in the EU as a significant benefit for them. At any point in time 1/4 of the population is in school and university education is both excellent and free. Literacy and education are prized by the culture. A walk through St. Stephen's green in Dublin surprised me with the diminutive sculptures of Irish dissident scholars. London parks in comparison are littered with large sculptures of generals, churchmen and politicians....a conqueror culture versus Ireland a post colonial culture.

The Irish lived under the repressive boot of their British masters for hundreds of years, and were forced from their land, forbidden to educate themselves or worship in the way that they desired. Hardships are well understood by this people and the current economic set back for this young republic, with it's positive birth rate, and youthful and well educated population is trivial compared to past burdens imposed on them and calamities such as massive famine in recent centuries.

Doing business in Ireland was a pleasure. The IDA (Investment Dealers Association) came to meet me in my hotel at short notice. Dublin was far easier and significantly less expensive to do business in than London. One can walk around the city; people are friendly and helpful; no soccer hooligans and newspaper stands full of tabloids written for morons like in London, or numerous homeless people like in Toronto, or streets full of heroin addicts like in Vancouver; in short a civilized city, with good food, drink, galleries, theater, etc.

The public transit systems are first class and a train trip to the Tipperary area was delightful. The Irish Times my local news paper of choice told the Irish people of their fiscal dilemma in clear and pointed terms. The average man on the street that I had discussions with had a clear understanding of their economic situation. Irish elites both economic and political are relatively small in number and well known to the Irish family. As the population is not "dumbed" down they have their eyes on these people. Like elsewhere on the planet hanging the investment bankers from the tallest trees would be the quickest and best solution to the problem. This unfortunately is unlikely to happen.

Nonetheless, I strongly recommend taking advantage of the current Irish sale on brokerage houses, real estate, etc. I plan to use Dublin as my gateway to Europe. Now that I've met the Irish I will forgo the British at every turn.

A couple of points of correction Grail. The immigrant population in Ireland is nowhere near 50%. Our population before the Celtic Tiger and substantial immigration was about 3.75 mil. It is currently about 4.5 mil. The difference is only partly due to immigration,as our birth rate is still in positive territory. We had a large influx of East Europeans, especially from Poland and the Baltics when they entered the EU in 2004, and we, along with the UK, allowed immigration immediately, unlike other EU countries such as France and Germany.

Also, the IDA, or as you call it, the Investment Dealers Association, is actually the Industrial Development Authority, a state body tasked with encouraging FDI. It has had a pretty sparkling success rate, putting Ireland at the top of countries benefitting from FDI. The downside unfortunately, is that we do not have very many indigenous Irish companies competing on the world stage. Being a small country with a small population, it is difficult for Irish companies to achieve sufficient scale to compete and grow in global markets. There are of course exception, such as Ryanair for example, and in an earlier period, Smurfit Group, which became a world leader in its sector, the box board industry. But mostly, apart from the food sector, Irish industry does not have sufficient scale to take on world markets. The more successful of the Irish IT companies set up here during the dot com boom were bought out by mostly US companies.

For myself, I think we need to withdraw from the Euro, and relaunch the Irish pound. Then we default on the banksters who loaned money foolishly, and let them take some of the hit. After all, it was not Irish taxpayers who took on these obligations, so there is no good reason why we should pay. I know this would be a drastic step with hugely difficult consequences, but we will have those anyway with the takeover by the IMF/ECB. Better we retain our sovereignty and rebuilt by oursevles. Sinn Fein was the party at the turn of the last century (Not IRA) whose policy, literally from the Irish/Gaelic language was "ourselves alone" This was the party behind the rising against the British in 1916 and in the later War of Independence of 1918 -1921.

[razor edge]

Re: Ireland has one month left till its collaspe

Ni Cheapim me a Dhiarmuid, as he has a little difficulty with the actual name of the IDA, beyond its initials.

[Diarmuid]

Re: Ireland has one month left till its collaspe

Bron orm. Bhi me ag obair me fein, nuair a bhi me ag leabh, agus leabh me go tapaidh. Cheap me, bhi se an rud as bord failte :-) ta se an mhaith ar fad.