November 23, 2011

The Archives

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Dear Reader,

This website was set up eleven years ago. Jesus, time flies. Back in 2000, it was clear to me that we were at the beginning of a cycle which would see an enormous bout of credit-driven inflation, leading to a crash and giving way to a period of deflation and stagnation. This can be seen as a twenty year super-cycle which will take a few more years to complete.

Many argue that we can learn a lot from history so, as the archives on the site are now substantial, it is interesting to go back and see what was on my mind ten years ago and five years ago. As result, just for curiosity and also to keep us wise to the fact that what happened in Ireland can happen elsewhere in different assets or countries, I will post a link each week to what I was writing on that very week ten years ago and five years ago. I hope you enjoy it.

10 years ago this week
Borrowing Bubble About to Burst

5 years ago this week
Our Future is not in the EU Alone

Best and thanks for your support, comments, critiques and suggestions over more than a decade.

David


  1. I always found it to strange, and of course this is only a personal observation, to what extend economists in general have cultivated a self referential sense of Importance.

  2. straboe1

    As you say David, “Many argue that we can learn a lot from history” however I was learned long ago that what we learn from history is that we don’t learn from history. This is obvious when we consider the ACT of Union of 1800, we joined with a entity that was much larger than us, and would always make decisions in it’s own interest, rather than for the good of all. So it was with Britain, so it is with Germany. Germany is too strong in Europe, and even more so in the Euro zone. We were wrong to join the EEC, and it will be wrong in the long run for us to continue in it. Our future was as envisaged by the 1916 leaders, an independent republic looking after the interests of our own people. The pity was that those with the real imagination were all executed. Fromm giants we were left with minnow. If we stay in the EU we will have another 1916 in about 30m years time. That’s what I learned from history.

  3. molly66

    The budget December 2011 will be the straw that broke the camels back.

    • Kof

      I’d be far more concerned about the budget in December 2012 actually.

      • molly66

        I though when the new government took over that things would improve instead they have go a he’ll of a lot worse.
        This government is in cloud cuckoo land.

    • Eireannach

      No it won’t – it’ll just coincide with the next few months when people unneccessarily mired in personal debt can no longer meet their commitments.

      They’ll be very upset, their homes will be threatened…but it was never going to end otherwise.

      The personal debt tragedy occured DURING the boom years. What’s happening now is just pay-back time, and with Germany blocking ECB emergency purchase of PIIGS bonds, pay-back time is NOW.

      It’s the payback that’ll break the camels back. But the payback was always going to happen, it was baked into the cake when people took out insane loans.

      • molly66

        You can’t get blood out of a stone even if people did take out insane loans I feel iam bracing myself for what’s coming down the tracks.
        I find things hard and I have no mortgage ,weather we like it or not there problem is in some way our problem .

      • This country wasn’t in unmanageable debt before the bank guarantee.
        That was the reason for the bank guarantee.
        Servitude was the aim, good shot.
        Greedy people are so easily manipulated, they rode the ponzi scheme but didn’t realise what it was doing to their country, or didn’t care(in the case of politicians/senior civil servants).

        The budget will be harsh, but in a couple of years time when they are looking for votes this will be forgotten, the budget before the election will be much nicer.

  4. Adam Byrne

    Been reading this blog for about three years and have thoroughly enjoyed it and learned a lot. Keep up the good work.

  5. crazy cat

    It seems to me that I’ve seen this before, but as we’re on a review day…

    http://dai.ly/uba6yS

  6. coldblow

    David

    I think events have (unfortunately) proved you to have got it more or less right.

  7. stiofanc02

    “what was once a radical idea becomes mainstream over time” In recent times the time it takes seems to be getting shorter and shorter. Thanks for the gutsy and selfless information over the years. I like to read the opening chapter about you riding your bike to school with your Dad following behind every so often. It is one of the best stories I have ever read for a multitude of reasons. It chokes me up alittle bit each time. All the best Steve

  8. Rory

    David, I would love to know your view on how much of economics is science and how much is ideology.
    The three dominant economic ideologies of the 20th c and were marxism, keynesianism and friedmanism. We are presently dominated by the latter. Public ownership bad / private good, deregulation, anti-trade unionism, economics as science, utterly free markets etc. As far as I can see this ideology has led us into the disaster that has presently engulfed the globe yet all the solutions we are provided with by the commentarati work from the same ideology because most media are owned by those that profit from this bankrupt ideology. Of course these solutions are doomed to failure because they are locked into the thinking of the ideology that created the problem in the first place.
    Love to know your take.

  9. Tony Brogan

    after spending 800 years getting fid og the English, I can not understand why the Irish gave away their sovereignty to Europe within 2 generations

    The Irish are a creative people of cuture and enterprise. They have had huge success in foreign lands, leaders in every sphere. (Ned Kelly in the US, Jack Doogan in OZ–just kidding, Many of Britains generals were Irish )

    The problem is the money system. Without the control of your own currency you are an indebted,servitude slave)Belonging to a trade group or association is good. Belonging to a currency leads to servitude and enslavement. IIt is why the bankers want one world currency. It enables one world government.

    Getting back to the money. Unlimited paper script leads to inflation. The first recipients of this fiat currency get to spendit at current prices (read the international bankers) while when the man on the street gets any of the extra (he’ll be lucky) the value of that currency is already diminished and bys less. thus the rich get richer and the poor get poorer. An issue unaddressed by D.McW.

    We must return to hard commodity currency that can not be easily replicated. It will remove the inflation, provide stability, and lead to prospertity.

    Ireland must have its own currency and it must be silver coin. Larger transactions will use gold. We must return to honest sound money.

    For starters buy and read 3 times,
    “Paper Money collapse” by Detlev Schlichter.

    It will be an eye opener and point you to the road to financial liberty and thus to personal freedom and thud to a vibrant Republican Free State of Ireland.

  10. Tony Brogan

    Sorry for the typos, I’ll edit the next time!!

  11. Willie C

    Congrats on ten years of archive posting David. You’ve been a pillar of sense in an ocean of madness… keep up the good work.

  12. Colin

    First saw you on Agenda, the TV3 programme on Sunday Lunchtime back in 2000/2001, and immediately sat up and began to take notice of what you were saying. You always communicated very well and clearly were courageous in taking on Insider Ireland Inc. Listening and taking your advice has saved me lots of headaches.

    Keep up the great work.

    Kind Regards,
    A Grateful Illiterate Economist.

  13. Colm

    David’s opinions over the years have been, in most cases, accurate, true and sane. I thank him for standing up to the vested interests and political elite – I’m sure that it has personally damaged him over the years, both financially and mentally. It’s not easy to stand up against the majority and be ridiculed and shunned by your peers. It takes courage.

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