May 23, 2013

The €44.6m May miracle

Posted in Behavioural Economics · 119 comments ·

“Hi our FHC on this Sunday. Silly me assumed hairdresser open at 9, and thought the two of us cud go up then. I know very stupid to assume anything about communions. Would anyone know a hairdresser who works on Sundays?? We r in S county Dublin?Thax - Shnoggi”

The above conundrum, raised by a south Dublin mother who goes by the rather unusual moniker of “Shnoggi” on is just one of the many decisions faced by close to 60,000 mothers this month. May is communion season, after all.

In the true spirit of rigorous economic research, for which this column has become rightly known, this morning I bring you some important economic dilemmas faced by Irish mothers this weekend. The mothers on are not happy. There is so much to organise, so many choices to make and so many essential “must haves”.

During the four weekends of May, there will have been 60,000 odd communions in Ireland. Based on birthrates in the early to mid-2000s, there are 64,000 children of communion age and, give or take a few thousand, the vast majority make their First Holy Communion.

This coming weekend is the big one. The last weekend always trumps the rest. Our local hairdresser told me that she took three bookings in January for May 25.

Whole houses at the moment are up to high doh. Just look around your estate this weekend and you’ll witness a massive national mobilisation as houses and gardens are readied for the occasion.

There are few ways to avoid it.

I told Hector on 2FM as he considered, half-petrified, his coming communion weekend that he should’ve married a Protestant. It’s still, after years of scientific advances, one of the few proven antidotes to communion fever. A few years ago, our little daughter sat glumly opposite her mother at the kitchen table in the middle of May and sobbed “Mum, I want to be a Catholic”.

“Why darling”, responded her Northern Irish mother.

“Because they’re the ones with all the money.”

And she wasn’t wrong.

After all, her friends came gushing into our house having just trousered hundreds of euro from their relations.

This year, according to Ulster Bank, the average Irish kid will “make” €432 and of this, the majority – €325 – will be saved. On average €107 will be spent. A typical family will spend €744 on the whole shebang, from clothes to food, to dresses, slabs of Bavaria and, of course, the obligatory bouncy castle.

When writing ‘The Pope’s Children’ in 2005, I went out around west Dublin with a bouncy castle man on Communion day. He was one of my favourite characters from the boom.

The funniest thing about the day was coming back at dusk trying to get the castles back. By this stage the kids were long gone, glued to the DVD and we faced the prospect of hammered, sun-burned dads and uncles (who had been model boy-scouts when we were putting them up) now full of gargle, flaying around on ‘Desperate Dan’ bouncy castles trying to bribe us with fifties not to take the things until morning!

Communions are big business. Every May €44.6m is spent in the local economy alone just kitting up the gaff and getting ready.

The huge sum of €25.9m will be handed over to the nation’s children, who reveal extraordinary restraint in saving €19.5m of the total. That said, close to €6.5m is spent immediately. This used to be spent exclusively in the local economy but in recent years internet savvy children are spending more and more online, displaying a recurring theme in economics, which is the child’s natural eye for a bargain.

A crucial aspect of communion behaviour is the keeping up with the Jones’s effect.

If your neighbour has a bouncy castle; you need one too, preferably a bigger one. If your neighbour’s daughter has a tiara and parasol, then you’d better get one as well and before you know it, you’re looking for designer communion dresses.

Well don’t worry because in line with these recessionary times, Paul Costelloe – the couture designer – has made available a range of silk designer communion dresses called “Occassionwear” for Dunnes Stores, apparently at marked down prices.

From silk dresses and parasols to simply having enough gin for the mother-in-law, the things that mums have to worry about this weekend are many and varied.

I will leave you with a flavour of the concerns on this week.

One is from one distressed mother looking for “edible cup cake decorations” – just imagine the familial tragedy if she doesn’t get her hands on such an essential? Another mum is up the walls seeking “little table gifts for the guests” – pretty essential don’t you think? Yet one more nervous mother absolutely needs a “mobile tanning service in Cork” – enough said. One mum, realising what she’s in for, is seeking advice on a “children’s entertainer for a few hours” while, finally, a mother who calls herself “Cailindeas” is seeking a “giant game of connect four”. What could possible go wrong?

Sometimes I count my blessings for marrying into east Belfast.

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  1. breltub

    Please don’t do this subscribe thing!

  2. Lius

    OK – Prescribe

  3. breltub

    I cannot remember my FHC, but I do remember my confirmation. Made 105£ and bought a mountain bike for 100£. Best investment I ever made. Had it up until I was 24. It was a dinger, 18 gears, easily repaired, used it to cycle to my first job, to college, to hurling training, then my sister took it to Uni and it was stolen!
    So I upgraded to a racer. Got all the gears and speed, but it just isn’t the same!

  4. michaelcoughlan

    Unsuscribe the subscribe joke.

    • michaelcoughlan

      It’s a wonder bonbon hasn’t managed to warp the subscribe joke into a comment on splitting the banks.

      Surely he can make some connection between holy communion and splitting the banks probably along the lines that the FHC money should be saved in a branch of a retail bank split from it’s investment arm.

      • whatamess

        poking fun at the “Subscribe” fiesta here, is very Tiger mentality….It’s actually v.serious business..deadly serious!..”warp” drive to oblivion!
        So unsubscribe to such foolishness and split the banks,what? Are you brave enough to ponder this imponderable ?

        FHC – another monetarist ploy to render us all to servitude….the real meaning of the globally extended British Empire…
        so forget the golden trinkets, tiaras and Vera Wang communion dresses….defuse the ticking bomb with Glass Steagall !

        • michaelcoughlan

          When I read this I found myself still laughing to myself 5min later. Bonbon must be right. I must be a complete nutcase.

          Superb post Btw.

  5. 5Fingers

    Excellent anecdotal article. Now, if we could get a few more holidays and festivities going, we’d be laughing. One only has to see what happens here when a good spell of nice weather comes and let’s hope for same in the coming June Bank holiday.

    Excellent observation on the way the free money leaks out courtesy of the internet. Yep, the kids know the story. We should be listening to them more than the suits who really do not have a breeze.

    Irish trading online content is still shamefully low. We should have a ridiculous and utterly outsized representation on the net to capture the transactions for all festivities in the world. DOT I E could mean the GOTO for all Internet Entertainment etc. I think we are not trading enough on our eye for the craic. That is Ryanair’s secret – they know that the willingness to do work and celebrate is there – just lower the barriers a bit and the rest follows.

    Holy Communion – A celebration of the age when you arrive at the age of reason and can tell good from evil. Let’s not trivialize the meaning of this ritual (try not criticize too much the pomp and jone’s effects so common of all ritual – grey stoicism needs parking now and again). Confirmation – the notion of letting the light in. It’s about an awakening and reminding – ultimately this is what sparks all economies.

  6. CitizenWhy

    Predatory children, abused parents, religious hysteria. Is there any relief?

    At my FHC I argued on the altar with the nun in charge about a theological point. She got very loud.

    She insisted that I wear a green scapular (remember them?) and I said it was not essential and a superstition (that’s what my mother said, and you know how children listen only when they are not being talked to). Finally the Monsignor came by and took my side. Then he whispered to me: “Please don’t argue theology with the nuns. They’ll make my life miserable. Remember, the highest requirement is charity.” I remember the words pretty accurately because they made a big impression on me. Otherwise FHC involved no fuss, a small denomination. I didn’t care one way or the other as long as I could get out of my suit and go out and play.

  7. michaelcoughlan

    You know an observation which never gets mentioned in Ireland. We have 65k or so kids making their communion doing their leaving every year. There must be at least 40k people retiring every year. That leaves a nett 20k. 1.8m people at work so if the economy only grows at 1% every there is an extra 18k jobs. Yet we had 80k people leave Ireland ladt year. Someone some where is telling massive porkyies.

    • Colin

      There isn’t a linear relationship between economic growth and employment growth. There are too many other variables. We had some annual growth rates of almost 10% during the boom, but that did not correlate with a 10% increase in employment. Productivity did rise though, mainly through automation or improved work practices.

      • bonbon

        Right about the “correlation”, but do you mean agricultural productivity (improved), or financial “productivity” (skyrocketing robbery) ?

        • Colin

          I mean manufacturing productivity, everything from Viagra made in Cork to Heaters assembled in Dundalk.

          • bonbon

            It sure is a Viagra economy all right. Very productive.

          • Colin

            I guess many women have been made pregnant with the help of their husbands/boyfriends/lovers under the influence of viagra.

            You could call that productive if you like.

  8. Deco

    In the 80s (the last recession) it was a case of the first suit (going to the local draper, who was in the business of making sure it was not too expensive, but looked satisfactory). Well, he was a man of simple existence, who did it for the joy it brought the kids and their mothers. He never got rich out of it. But you could see that he was happy seeing mothers and their kids kitted out. That was a simple, effective Ireland. An Ireland that has been pushed into a corner, by the movers and shakers, and mania that gripped the country later.

    He is still alive and in business, though he is finding this recession harder because of absurd fixed costs. He jokes that he is sorry he never became an accountant. Something about there being more money in counting money than in providing people with value. I suppose that is what sums up the inherent deception of what happens in modern Ireland. Nothing is ever as it seems.

    And the day also included a visit to Dublin Zoo. Well, that was something that you would remember for months. In fact it made the summer.

    Can’t remember of there was much money involved, and no booze for the adults. We could not afford it. But whatever it was, it made me a saver. Went into a bank account. That was extremely important. Probably the best lesson that I learned in those years, after learning about the library.

    I suppose the whole country went superficial in the intervening time period. Television destroyed the importance of reading in people’s lives. Superficiality took over from logic. The simple things were never enough. A journey to the zoo was too simple, too authetic even. Show took over in Ireland from simplicity, and show destroyed the intellectual space.

    The financial future of a child concerned is predictable, based on how they handle their communion money.

    • Colin

      My FHC outfit was a hand-me-down. I protested and got a clip on the ear for my trouble. I was also forced to put it on and visit all the people who gave me money (something the other kids never had to do). I had to wear it to Mass for the next 3 months, and I used to pray that I would grow quickly out of it and therefore wouldn’t have to wear it again.

      My collection was mediocre, all grandparents were in their graves, uncles and aunts not inclined to send money. We also went to an unfashionable restaurant on Communion Day, and felt like I had missed out when we were back in school. There was no keeping up with the Joneses in our house. That was real austerity. It did teach me valuable lessons though.

      • bonbon

        Today imagine how many older brothers, never mind uncles, who emigrated, by choice of course as Noonan said, for fun.
        How many can afford to fly back for this? Or are the kids told tales of postcard streets paved with gold yet again?

        • Colin

          Some do emigrate by choice bonbon, including some of Noonan’s children. There’s only so much rotten corrupt cronyism a person can take.

          • Adam Byrne

            They are letting Afghanis into the UK now though Colin – those guys are nutters – big mistake:


          • Colin


            They’ve been letting all and sundry into the UK, and we saw some of the fallout of this blase approach on the streets of London yesterday. It has been noted that one of the suspects was trying to go on holidays to Somalia a few years ago. Maybe he overheard you extoling the virtues of the Somalians?

          • Adam Byrne

            The man was born in the UK, haha. Unlike you, and me. Now how on earth you are going to eliminate ‘unsavoury people’ from the very country they were born in, is beyond me. One of the main precepts of the UN convention on human rights, is that a person cannot be declared ‘nationless’ but that’s another story (not that I even believe in so-called ‘nations’). There are root causes to these kinds of events, that go beyond a superficial assessment – whether they be mental health issues, – the imperial conduct of the Western powers in far flung (but oil rich) places, or some combination of both. You love to profess your humble and austere background (which I believe to be true, and share to a certain extent) but by rights, you shouldn’t be let into the UK either, if we were to follow your train of logic. Anyway, see you for a drink at Kilkemonics – me, you and my new Somalian bird.

          • Adam Byrne

            I had better cancel my honeymoon in Mogadishu as I might get place on an undesirable’s list.

          • Colin

            Adam, try becoming a Dad in Saudi Arabia, if you can get him a Saudi passport, I’ll eat my shorts.

          • Colin

            I am a law abiding citizen here. I’ve no inclination to behead anyone and quote a religious text while I do it.

          • Colin

            The root cause is a paedeophile murdering false prophet from Arabia who lived 1400 years ago. What was done yesterday is in keeping with his wishes and it is written in his book.

          • Adam Byrne

            Don’t believe in passports Colin, they are fake constructs to control and discriminate against man.

            Additionally, I don’t believe what people tell me 1400 seconds ago, never mind 1400 years.

            There’s no denying that there are mentally ill people and extremists but most people have parents and kids and just want to get on with a happy life, doesn’t matter what ‘country’ they come from or what religion they practice.

          • bonbon

            But not 78,000 by choice. They may paint it that way, but the economic collapse is a real chooser, a scythe. Noonan’s bestial attitude, even possibly using his poster kid to sell, it reminds me of Riva Degli Sciavioni in Venice, the slave trading pier.

          • Colin


            here are the facts….


            30,000 Irish people left each year during the Boom. They did so out of choice, not neccessity, as there were plenty of jobs. Now will you please give it a rest?

          • Colin

            Adam, I have a right to work in the UK, as much as David Cameron does. He does not have more of a right than me.

            You eliminate those unsavoury types by telling them to leave for a country where they feel like they can ‘fit in’, like Saudi Arabia. You lock up any imam who is sympathetic to terrorism, as ask them to leave.

            You talk about parents wanting the best, well Nutjob No. 1 alarmed his mum with his zeal for his new found faith (religion of peace we are told), and what did she do? She sent him off to a mosque to get guidance. Sorry mate, that’s just damn reckless. Then she takes herself back home to Nigeria, leaving her home made problems behind her. I’m all right Jack, says she.

            Please explain how I should not be allowed into the UK, by my own logic. All the natives I work with are happy I am a guest in their nation (most regret throwing the borders wide open to let in all the foreigners from outside these islands). They do not regard Irish people as foreign, just a home nation like the Scots and Welsh. I live by their rules. I do not attempt to change the national identity of the nation. I am happy for the English to be English.

  9. joe hack

    Holy Communion batman! Did I just read an advertisement for Costello and Co.?

    Funny thing I was about to go in to Dunes to do some shopping and Costello’s face was smiling at me so I turned away Cant think why as he never said or done anything to directly offend me that I can recall but branding and kids Ahhh! But branding and adults Ahhh!

    I am arrogant enough to be an atheist so at my kid’s communion we celebrated a kind of coming of awareness to the world around them if only the adults were more child like when it comes to logic – at the moment I would trust the logic of seven year old when it comes to economics.

    I come to the realisation that a twat/twitters are a bit narcissistic I mean do you care if Mick for example is going for a pint with Anto.

    Listen all you twats you have my approval to just go and enjoy yourselves without the need for my approval stop boasting as I don’t much care that you got your car washed. I am not your dad so grow up -man up -just enjoy what you’re about to do – or don’t…

    @baldwin_aaron @thedavebarrett lads I was so drunk the other night that anto lost me for an hour and i cant remember who i was wiv:L

    Why does this lad need to tell the world he is a drunk?

  10. joe hack

    I spent my communion money!

    Macaroons bars bulls eys and black jacks

    I think some prod has it now it’s probably sitting in a bank city of London?

  11. jaysus

    You can also marry an atheist and be one too, problem solved. Here in Norway you can also have a civil confirmation for the 14 yr olds so they can have a big day too and also shake down the friends and relatives for cash.
    They dont do the manky wafer thing here thanksfully.

  12. Adam Byrne

    Hilarious article David, hahahaha

  13. Adam Byrne

    ‘the obligatory bouncy castle’ hahahahaha

  14. Adam Byrne

    ‘a giant game of connect four’ oh God, I am going to die laughing, hahaha

  15. Bamboo


    Great article.
    I also listened to your interview on RTE radio yesterday afternoon – highlighting the issues in your previous article. Great Interview

    Good luck with the Dalkey Book Festival.

  16. irishminx

    For your information folks and remember never keep your money in a bank, especially over a bank holiday weekend!!

    • michaelcoughlan

      I love the holy trinity minx, my land, my rifle and my gold. The monetarists can shove their fiat currency where the sun don’t shine.


      • bonbon

        Adoring gold at the altar, sounds like a true monetarist! It is indeed a religion, a very ancient one.

        Human sacrifice at the Temple of Mammon, Gaia or Magna Mater is only an inch away.

        At least we know now what Ireland is up against, and always was.

    • Adelaide

      I’m fed up with our Public Broadcast Service RTE constantly running factual documentaries informing the public about the realities of banks, fiat money, IMF, bail-outs bail-ins, bla bla bla, every bloody night there’s some dreary program detailing the true nature of some socio-economic-political aspect that impacts our lives.

      Night after night, it is totally ruining television, ok RTE thank you for informing me about the myth of my bank deposit, I now know that I in fact lent it to the bank at my own risk, right, I get it, can we not move on and you show us some ‘entertainment’ programs like you did in the old pre-crisis days.

      Really, when they started showing their own three-part version of ‘Money As Debt’ and constantly repeated it, moving ‘Coronation Street’ to a later slot, I gave up!

      RTE should be ashamed of its dereliction of ‘Entertainment’.

  17. michaelcoughlan

    Hi All,

    It’s worth remembering what the whole thing is about. It’s the introduction of the child to the first reception of the Eucharist (holy communion) which in the catholic churches Is believed to be the body and blood of christ. The ritual is commemorated as part of the instruction of Christ to “do this in memory of me” at the last supper.

    However it’s deeper significance is the introduction of the child to the concept that uniquely amongst living things on earth we alone can conceive the idea of morality ie the dilemma of making sure we do right rather than wrong.

    It’s a pity the bankers seemed to have
    missed out on this message.

    • bonbon

      Eh, what was that you posted above : “I love the holy trinity minx, my land, my rifle and my gold. ”

      Are you sure you can lecture anyone?

    • whatamess

      very heartfelt and greatest of respect Michael ,but why is it that morality seems to always get ‘hitched’ to a religion ?

      FHC – what a brain washing ,money grabbing sham.. . “Hoooo Yaaa !!”

      • michaelcoughlan

        Thanks for your response whatamess. You raise a very important point and I am so glad you highlighted it. You are of course correct. I think though its the other way round in that religion got hitched to morality.

        I know people who are deeply spiritual and very moral who don’t need to go to mass, service, synagogue, mosque or what ever
        To feel they are living very moral lives.

        • whatamess

          spot on ! rather “religion got hitched to morality”

          and i know people with no religion Michael and zero ‘spirituality’ ,who live very moral lives…

          • Adelaide

            “Without Religion Good Men will continue to do good things and Bad Men will continue to do bad things. With Religion Good Men will do bad things.” – source of quote?.

          • whatamess

            Lady Adelaide,

            steve weinberg

            But for good people to do evil things, that takes religion

            ain’t that the TRUTH

      • CitizenWhy

        In the early New England Puritan/Calvinist colonies the preachers used to identity the good and moral person indifferent to religion as the greatest enemy of religion, more so than the wanton (their word). Obviously there were such people around and they must have gained some admiration form the preachers’ congregational members.

        I often think it is easier to lead a good moral life with loving respect for one’s neighbor without religion than with religion. Religions seems always to encourage the tribal thinking that requires making enemies of “outsiders” and making hating them into a virtue.

        • Adelaide

          “In the early New England Puritan/Calvinist colonies…”

          I recently watched native American history documentaries. I concluded that The ‘Pilgrims’ must have obviously been ‘Pilgrims of Satan’, their WTF shenanigans makes complete sense once you factor in their Satanic motivations. Everything becomes clearer once you prefix the word ‘satanic’. “The Satanic Mayflower” “Satanic Plymouth” “Satanic Religious Persecution” and so forth. Those conniving bad-ass devil worshippers, who’d have known!

          • CitizenWhy

            There attempts by the Puritan colonist to convert the native Americans, and some converted. But converted also meant accepting English culture, especially in regard to property ownership, language, marriage and dress. Property ownership quickly became a big issue, with the English carving up the land to be owned by a specific individual/family instead of being a commons, there for all to use, as the Native Americans saw land. English ownership meant more and more of an unsustainable loss to the Native Americans.

            The Puritans were not that different from any other religion. They all end up as idolators, believing an act or passion of theirs is an an act or sentiment of God (Gesta Gallorum, Gesta Dei). They think they own God as a kind of dog, nice when they want God to be and vicious when they want God to be.

        • That is not the message of the good news in the Gospels.
          “Peace on earth and goodwill to all mankind” is the message there. Quite revolutionary.

          • CitizenWhy

            “We have just enough religion to make us hate, but not enough to make us love one another.” … Jonathan Swift

      • Colin

        I heard recently that the great Socialist Hero of 1916, James Connolly rekindled his Catholic faith shortly before he died.

        As the fella said, you don’t find many atheists on a sinking ship.

    • whatamess

      stevie weinberg ?

      ….but for good people to do evil things, that takes religion.

      ain’t that the truth

      • bonbon

        Mithra, Babylonian, called Magna Mater, is the religion of pure evil. Best symbolized by the winged lions at Venice, Piazza San Marco.

        • whatamess

          just had a look see….

          v.interesting stuff as always

          ..stick a couple of wings on Obama et al,what? ;)

          • bonbon

            Rome, the wh*re of Babylon as Paul put it, made Mithra the official cult at Capri. Today’s global British Empire is the self proclaimed Fourth Rome. Nerobama has already got the mustache, but his imperial owners are indeed flightless winged lions.
            Mithra, a religion of pure evil, the enemy of mankind which liberals would prefer to puh-puh, as the cull goes on.

  18. bonbon

    DMcW, play the religious (cup-cake) card? Divide anyone and anything except the banks. The picture is becoming clearer.

    Soon there should be a border poll and sooner or later the country will be re-united. The Brits have played this card since 1921, with disastrous consequences, like the Brit Sykes-Picot lines in the Palestine sand.

    It is a cheap trick!

    • breltub

      So dividing or separating things is a cheap trick, yet you spend your time on here ranting about dividing the banks.

      Can you not see the flaw in your own reasoning?

      It appears that you are a believer and not a thinker.
      I will call you Apostle Bonbon from now on, or is you prefer Saint Bonbon, or even St.Bonbon of lost causes.
      Perhaps in your bright future you will replace st jude.

      • bonbon

        To keep it simple, stupid, the KISS principle, DMcW and bankers would divide ANYTHING, including your account, except the Holy Banking Empire.

        Get it?

        Glass-Steagall unites us all going after that doomed, damned empire, dividing its single weak point.

        FDR showed how to do this, a flanking action, that the KISS people totally miss.

        So KISS guy, stop bible thumping, dump the golden calf, and get smart!

    • CitizenWhy

      Religion as an absolute. Ideology as an absolute (Nazis, Leninists/Stalinists, etc.).

      When you believe you own the absolute truth, then anyone who does not agree with you is either stupid or malign or both. In the Low Countries, when under the control of Spain, the Dominicans/Catholics believed that once they explained the truth of Catholicism to a heretic Calvinist, that heretic would be compelled by the natural structure of the mind to see that truth unless … the heretic were deliberately malign. In that case the heretic would deserve punishment as an evil-doer. Didn’t work out too well, so they gave up and compromised.

  19. bonbon

    “In the true spirit of rigorous economic research, for which this column has become rightly known, this morning I bring you some important economic dilemmas faced by Irish mothers this weekend. ”

    DMcW, I think you need to go to confession. Only problem you might get Quantitive Easing Penance with no end in sight!

    • michaelcoughlan

      If you weren’t so brainwashed by the people you keep company with you would have picked up from the article that McWilliams is a Protestant. They don’t do confessions like they do in the catholic church.

      Your like Kevin Myers. You do so much damage to yourself every time you say something the people with intelligence around you meerly sit back and allow you to speak at every opportunity.

      • breltub

        In defense of Kevin Myers, it is hilarious when people take his articles seriously and work themselves up into a lather!

      • Bamboo

        Let’s not get too upset about posts from bonbon as there is no actual person behind it.

        I am sure it is some sort of a script or add-on that is run on this forum – obviously a script that copy and paste random words, sentences and links. As you can see nothing make any sense.

        Best to ignore it.

    • bonbon

      Actually one can do confession. It is optional, in various brands :

      It would all be very funny, if people of Ireland were not doing paying penitence for Quantitative Sleazing, a perversion of religion.

      DMcW should take the option, who knows, he might even be forgiven. Others here have golden morality, another perversion.

      • moneydoesnotmatter

        Nice one Bonbon.
        Does anyone remember Mr Myers hosting the quiz show for Students ?.
        That was hilarious alright.

  20. HoChi

    Magic – FHC on Sunday, I WILL be busy then with all the good Irish catholics wanting to out-do each other. That’s what I love about this country, the public is so stupid and gullible, always was , always will be. Will always vote in the same politicians, keeping all the cute hoors up at the feeding trough in Kildare St – and then the Irish complain ? Look at yerselves in the mirror first before complaining about anything in this counmtry !

  21. michaelcoughlan

    Hi Bonbon,

    Hay-soous (Jesus pronounced in Spanish) must have been a scumbag moneterist: look at the three gifts given to him by the three wise men and notice which was the first. If it’s good enough for Jesus and the three wise men……………..

    • bonbon

      I’m afraid you are again showing the late-state monetarist degeneracy, a kind of galloping insanity posing as “normal”.

      Look at a Roman coin, one side a denomination, the other side “Caesar son of god”.

      Now you know what “Give to Caesar what is Caesar’s, and to God what is God’s” actually means.

  22. michaelcoughlan

    Hi David,

    Your reference to bouncing castles couldn’t be more apt. Mr Bernanke is pursuing bouncing castle type economics. Know why: a bouncing castle works by using a fan to blow air up its shute to inflate it and everyone feels happy when their sitting on top.

    When the inflation is turned off however, everyone hits the floor and breaks their own shutes. Mr Bernanke hints that he is going to pull back on monetary easing and all the markets go off a cliff in a violent deflation. Bernanke is in a warped market of his own making, even more warped than the posts by bonbon and his colleagues and just like them he cant be reigned in either.

    The three wise men knew what they were doing all right.

    • Right Michael.

      QE to infinity is the order of the day. Dare not stop and it is in the exponential growth phase and the graph of the money expansion is in rocket mode. The buying power of the currency is reversed looking like a burning out piece of space junk. Bright for a moment but nothing left on re-entry.

      • bonbon

        Instead of showing your helpless panic in the face of the “inevitable”, get your thinking apparatus into gear!

        Intervention, much as von Hayek would like you to avoid, is the way forward, creative intervention against a statistical “destiny”.

        After all statistically we should not be here at all! So there is something rotten in your numbers game.

        • nowhere near as rotten as your thinking process.
          Larouche acolyte. Followers who brandished baseball bats.

          • bonbon

            You proposed we should milk goats, after all.
            Any other fascist economics to propose now?

            Hayek’s fascism sooner or later embarrasses his followers, making a public display. You were fooled by Hayek’s nudge-nudge wink-wink, not me.

  23. time to sign off for a few days as I am in travel mode.

    I’ll be around Dublin area a few days Monday to Friday. Then to england for a wedding and some family visits. Backagain for three weeks on the east coast to the end of June.

    Anyone fancying a chat and a pint, please contact
    I’ll buy the first round!!

    Can you be found ‘Under the influence’ while riding a bike? Just asking {:-)

  24. redriversix

    Religion is for people who are afraid of Hell…

    spirituality is for people who have been there

    Morning All

    Welcome back Mr Brogan

    • bonbon

      AFAIK, Hell is a one-way ticket, as Satan found out.
      Those of a hellish mind, such as the Mithra cultists, and its modern expression, monetarism, would like more company.

      Most religions warn about this, except one.

      They are going to attempt the utterly hellish coup of the U.S.E, where work makes you free!, sold as a Banking Union.

      Hell on earth, we had that before.

    • On my way in an hour Barry.
      Looking forward to meeting good friends!

  25. bonbon

    Imagine Venice stealing the body of Saint Mark from Egypt, claiming they then were Christian, and putting up a statue of Mark on a Winged Lion in Piazza San Marco, looking east to Babylon, the cult of Mithra? The local “convent” was, well, a profit center of vice. How many made the pilgrimage to Venice?

    Well that Venice is now today’s global financial empire, the Troika ambassadors.

    People are getting a taste of what Mithra means! Ireland is the Piazza Degli Schiavione, Noonan and Enda handlers.

    Lions with golden wings, anybody?

  26. I am curious as to how in this theme it is implied that saving is a virtue when last month we were berated as horders for saving.

    The age old lessons are distorted.

    In good times save for the rainy day. When that day arrives there will be resources to deploy.

    All credit is evil and usurous. The current banking system is the most evil of all as it binds mankind to de4bt based poverty and slavery.
    The central banking system needs to be rooted out and destroyed.

    In the meantime, avoid all banking except day to day transactions and move your savings out of the banking system. That includes stocks and bonds and pension funds. all will be b

  27. cont…
    “bailed in” to your permament loss.

  28. Dorothy Jones

    Gosh. It was an economy blog once. And now its FHC {again} a host to Larouche script pisspot and an itenerary for people’s holiday arrangements.
    Ah well.

    • bonbon

      Still parading the financial Reeperbahn sidewalks are we? Do not like the public exposure, the naked truth?

      Economics plays a very small part today, what parades as economics is merely statistics, very easy to expose publicly.

      Today, finance is known for what it is.

      • Dorothy Jones

        Shower of w*nkers like you spammers would be familiar with the Reeperbahn alright

      • bonbon

        Oops, it appears some financial feathers were ruffled. Flightless birds of a feather are the financiers and their servants indeed.

        Glass-Steagall will trim the feathers, and the grounded investment geese can waddle along to everyone’s mirth!

    • Harper66

      Well said Dorothy.


  29. Issue state money from treasury. Interest and debt free. Backed by the full faith and credit of the state. RRepeal legal tender laws and monetize silver and gold.

    • bonbon

      Seems to refer to Lincoln’s Greenback. Anyway in 1875 the Specie Resumption Act to redeem in gold, ending Lincoln’s famous action, caused the Long Depression. See :

      This Depression was overshadowed by the 1930′s.

      Any attempt now for a metal Specie Resumption Act would cause an unimaginable Depression, von Hayek’s dreamt-of crash.

      That is why we must break banking first and then issue massive credit that cannot be diverted into the old cesspit, and rebuild our economy. Those who want to milk goats can have comfortable stables with straw to watch our progress.

      • Massive credit is QE to infinity. The opium of the banksters which you promote. Of course there will be a depression when the fix is removed. Patient dies now or later but the credit fix will destroy the economy.

        Every debt based boom is followed by an inevitable bust.

        After the bust, implement the proper honest money system that does not allow a credit based boom to occur. Therefore there is no boom for a subsequent bust to happen.

        The banks to close are the central banks given they have the monopoly over money production and which money is always issued as interest bearing debt. QE is effectively smothering the world with more and more debt. The economy will be suffocated by such debt.

        • bonbon

          You have difficulty reading I see. Have a look again st the Long depression, caused by specie – gold.

          The world knows this. Mises has miserably alligned itself with a bygone age. Do not hitch your wagon (bike) to that parade.

  30. bonbon

    Delay and Pray, Extend and Pretend, the new U.S.E religion, the Men In Black the Troika of high priests. Confession and Communion with this crowd anyone? Enda got his penance, and made the country pay.

    Spanish Banks “Extend and Pretend” They Ain’t Bankrupt

    May 24 (EIRNS)–As the Troika’s infamous “men in black” tromp around Madrid inspecting Spain’s banks, it became public this week that the Bank of Spain had caught Spanish banks rolling over 200 billion euros in bad loans to their clients before they came due, in order not to have to declare those loans in default on their books. The practice, common in the recent period across the Trans-Atlantic sector, is brazenly called “extend and pretend,” or, alternatively, “delay and pray”!
    The Bank of Spain’s reaction has been to say that these large banks would have to up their capital by 10B euros by September, as if this would “cover” 20 times that much in newly revealed bad debts on their books. And under new rules that go into effect then, loans will be assumed to be substandard, unless proven otherwise. A May 10 Reuters wire forecast that the new rules could double admitted bank non performing loans from the current 10.4% to 20% of all loans, and force a new wave of corporate bankruptcies.

  31. bonbon

    President Michael D Higgins: The Global Consequences of the Repeal of Glass-Steagall Were Not Benign

    Thank God for a President who speaks out and fully understands what real economics is all about – creative innovation and intervention. Glass-Steagall, a creative intervention in 1933, was repealed in 2000 for “financial innovation” and we all know the result, not benign to say the least!

    • paddythepig

      Higgins needs a muzzle attached to his gob.

    • whatamess

      “….But this innovation, GS, did not come about by accident. As Alan Greenspan put it “The market was screaming for PRODUCT.” Again, that particular innovation changes the relationship between democratically elected parliaments, regulatory bodies, Central Banks, investment funds and rating agencies with the latter acting as underwriters for the launch of derivative products for their clients, evaluating risk in an ALLEGEDLY scientific way and going on to define State policy as so many Central Banks had put their states at risk through involvement in the NON-collaterised products.”….

      “screaming for product”! sounds like a Heroin epidemic …then derivatives became the new trendy crack cocaine….both drugs of course do maximum damage and kill in a very short time,but with HUGE profit ,for the few


      • bonbon

        Right, derivative crack – Dodd-Frank is all about keeping the fix unregulated.

        Glass-Steagall means for these guys cold-turkey – to the rubber room with them so they cannot hurt themselves. We can even give them monopoly euro’s to play with.

        The damage these junkies have done is beyond belief.

  32. joe hack

    Religion the opium of the people -communion a right of passage to the opium den – a from a child abuse…

    • Colin

      Atheism, becasue you love your lie-ins on a Sunday morning and couldn’t be arsed being humble enough to acknowledge a Higher Power and too proud to serve Him – a form of sloth.

      • joe hack

        Yes Colin the earth is flat and you god Allah isn’t that his name is a “Him” I suspect your Allah is white and likes little boys called Colin too. ad hominae to you too!

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