January 20, 2014

The Deadly Ds - Demography, Deflation, Debt and Deleveraging

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Ahead of the big World Economic Forum (WEF) annual jamboree in Davos this week, the big institutions – such as the IMF – are setting out their stall, making predictions about the next year or so.

Many years ago the people at the WEF debased their currency dramatically by making me one of their “Young Global Leaders”. This allowed me access into the inner sanctum behind the scenes at Davos. One wonderful aspect about Davos is the people watching. My favourite event was seeing Rupert Murdoch being escorted out of a hotel by a young Swiss army conscript who had no idea who the media baron was. Apparently Murdoch didn’t have the right badge. The look on his face, a man who is not used to people standing up to him, was worth the airfare.

You do meet lots of interesting people, but unless you have a strict timetable planned out, you can spend the entire time there lost, trudging around in the snow, missing events and meetings, because the town is so packed and security so tight.

My first visit was a blizzard of hits and misses in minus 10 degrees. I learned my lesson. I won’t be going this year; you can Skype the people you need to meet all year round, and in any case most of what is said there is posted online.

One of the set pieces will be the IMF’s worldview, where the heads of the IMF – an institution not famed for its forecasting accuracy or policy consistency – will be addressed as if they have some all-knowing sagacity. They will nod their heads wisely, adopt a grave pose and deliver some morsel of wisdom to the cameras.

The IMF’s big idea was outlined on Thursday by the chief bottlewasher, Christine Lagarde: Europe and Japan must fight against deflation at all costs.

Deflation is a killer particularly if the country, company or individual has large debts. Japan has the largest debt/GDP ratio in the world. Europe, which has only 7 per cent of the world’s population, makes up 25 per cent of the world economy but 50 per cent of the world’s social welfare payments and commitments. These economies need inflation not deflation because deflation with debt is almost impossible to escape.

The major issue for both Europe (particularly Germany) and Japan is demography. I am taking Germany as the example here because it is by far the most important country in Europe. Both Japan and Germany are old countries, without enough children.

 

Old countries tend to save, not spend, and countries that are not spending are deflationary by nature. Look at the chart to see why Japan and Germany’s populations differ dramatically from the rest of the world average.

Dodgy Pyramids

If you look at the world’s population pyramid, this is what the world’s population should look like and has looked like since time immemorial. There are lots and lots of young people and fewer and fewer people as you go up the pyramid. This means that there are loads of young people to pay for the old of the country – and before that the tribe. It is easy to look after the old when there are loads of young people working, paying taxes and buying stuff.

This activity creates its own inflation because there are lots of people working, buying and selling, pushing up prices. Young societies are by definition inflationary.

But what happens when this stops?

To see what happens, first have a look at the chart with Germany and Japan.

The populations of these countries are perverse. They are breeding themselves out of existence. The populations have a massive bulge of middle aged people and then, reflecting the fall off in the birth rate, the populations are not replacing themselves. As this continues, the amount of old people begins to outstrip the amount of young people.

Young people spend and go through spending spurts (when kids are born for example), but populations with aging profiles don’t have these spending spurts. Thus prices tend to fall.

And because old populations tend to be savers, they want low inflation so that they can be assured that their savings don’t lose their value. Therefore, typically the broad policy mix of these type of countries is “steady as she goes” – but this tends to lead to low growth and low inflation.

If this low inflation tips over to deflation where prices are actually falling, it is very difficult to get out of that spiral. This is because people see prices falling and think they will keep falling so the very act of falling prices postpones demand. This means that one of the basic rules of economics – the one that says when the price falls the demand goes up – is turned on its head. When there is deflation, when the price goes down, demand goes down too.

The only way to get out of this spiral is to print money as much as you can in order to boost inflation. This is precisely what the Japanese are trying to do. The Germans on the other hand are not going to countenance that in Europe. Even if they did, the European banks are so crocked that even if the central bank printed money, it’s hard to see that money cascading into the economy when the banks are not prepared to lend.

The other way to do this is to get the central banks to finance governments and simply give the cash to governments who spend it, boosting demand and prices. Such a novel idea is heretical to the Germany mainstream, who are worried about rising prices when falling prices are the problem.

One last part of the equation is debt. The more debt you have the more inflation you need. High levels of debt and deflation lead to stagnation because if you have debts but your wages and prices are not rising fast, the debt burden will overwhelm you.

Chart 20 Jan

This is where Ireland comes in. Look at the chart. It shows total debt as a percentage of income all over the world. Ireland is a delinquent outlier here, with total debt levels that completely surpass even our most indebted neighbours. Without inflation, this will never be paid because there is simply too much of it. Maybe – like the promissory notes – it can be rolled over, kicked out a generation and forgotten about for now. But the creditors, the old countries, wouldn’t like that.

Interestingly, Madame Lagarde of the IMF stopped short of saying that was the cure. I wonder will she say it at Davos? I suspect that is highly unlikely because a recent survey in the Financial Times reported that most people at Davos were over 60. These are hardly the people to stand up for the young and the indebted who need inflation, because old creditors like “Davos Man” want deflation, modest returns and an easy retirement.

DAVID MCWILLIAMS’S DAILY FINANCIAL UPDATE IS OUT NOW ON GLOBALMACRO360.COM

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  1. Paul Divers

    World Economic Forum Meets at Davos on Wednesday. Seemingly they are nervous.

    Davos warning: World’s 85 richest people have as much as half the rest of us.
    Oxfam calculated that almost half the world’s wealth – $110trn – is owned by just 1 per cent of its population.

    http://tinyurl.com/nq5vvow

    Davos HotPhrase Generator: now you, too, can share Big Ideas – interactive

    http://tinyurl.com/pgk26dq

    • Ryu Hayabusa

      Saw that article on The Beeb, it was not a complete shock but still startling. The inequality pendulum is swinging ever more violently to the right with the passage of time!

      • Paul Divers

        Neoliberalism, like traditional reactionary conservatism, also shuns the role of empathy in the public sphere, seeing in it a weakness or a trap, from which the “clean” purity of the market and competition would free us. In the neoliberal worldview, everybody is almost entirely self-interested and no one, including political leaders, is doing anything out of a sense of human solidarity or obligation to humanity as a whole but rather out of a self-interested calculus.

        http://neweconomicperspectives.org/2013/05/like-a-wasting-disease-neoliberals-libertarians-the-right-are-eating-away-societys-connective-tissue-part-1.html

        • Jill Kerby

          Er, do you mean like the c€20 billion annual wealth transfer in this country (much of it borrowed) via the Social Protection budget?

          Seems to me that there’s rather a lot of human ‘solidarity’ going on here (and every other western country with massive wealth/welfare transfers), albeit imposed by those self-same political leaders whose self-interest is rewarded with the votes of recipients of that €20bn (especially the elderly, the single largest recipient group). They also do a pretty good job of rewarding their other big ‘welfare’ recipients: rich corporations and their shareholders, executives who enjoy such splendid tax rates, compared to the rest of us tax serfs.

          • whatamess

            Welcome to the blog Jill

            “They also do a pretty good job of rewarding their other big ‘welfare’ recipients: rich corporations and their shareholders, executives who enjoy such splendid tax rates, compared to the rest of us tax serfs.”

            That’s dead right!

            That is the “serfs” being force fed cockroaches while empire dine on trout,as outlined in my rather lengthy post below

          • Paul Divers

            “a market economy will not be sustainable without a commitment to social solidarity as its undergirding”

            Adam Smith

            Hope Lies in Ruins: Deconstructing Neo-liberal Myths

            http://www.lepanoptique.com/sections/histoire/hope-lies-in-ruins-deconstructing-neo-liberal-myths/

          • whatamess

            @Paul

            +1

            Professor Robert Pollin “claims that the root of the problem was planted in 1990s, with the rise of “bubble economy” under Clinton’s directive [ of deregulating Wall St..ah shur,what's the worst that could happen! and Clinton says he was "bullied into it!!"] which has been marked as the fastest and most alarming economic expansion in history (2) Pollin states that “the springs of economic growth under Clinton came from a levitating stock market setting off a debt-financed spending boom […] for the wealthy [… and] for corporations” (3). He further argues that the rewards of the economic growth flowed increasingly in the pockets of the wealthy while most workers faced stagnating or declining wages”

            Entropy ,resulting in AUSTERITY!!!! and growth can’t happen as much as they have tried with QQE ! hmmm i wonder why?Let’s just IGNORE Science and keep our masters happy ,at ALL costs!!!!

          • paddythepig

            Paul would have us spend 30 billion on welfare if he could, and wouldn’t have the foggiest how to pay for it.

          • Deco

            +1.

            The state as Santa Claus is not a “construct” for “grownup thinking”.

            Actually it is turning society steadily more “brat” like.

            The pursuit of other people’s money in the fulfillment of our our individual and group delusions, is making us all morally and intellectually bankrupt. It is “outsourcing” responsibility.

        • whatamess

          Esther George[ president and chief executive of the Federal Reserve Bank of Kansas City] ” used much of her speech to advocate for policy changes that could reduce the threat from so-called “too-big-to-fail” banks, and suggested that one possibility is to adopt a modern version of the Glass-Steagall Act that prevented banks from reaching into non-bank businesses.”

          http://www.reuters.com/article/2014/01/09/usa-fed-george-idUSL2N0KJ1VL20140109

          “In the near-term, timely shifts in monetary policy and better calibration of regulatory requirements may offer potential relief to smaller banks,” she said, but for the longer-term, ending too-big-to-fail through policy change is key to a healthy economy”

  2. Adelaide

    Only fools and horses work in a Kleptocracy.

    Our family will be moving out of Dublin this summer for good. Money-wise, moving will mean exchanging high Dublin rents for a non-mortgage cash-purchase 40k house, yes, a 40k ready-to-live-in house, (location unimportant, search 50k max price houses on daft.ie for your own satisfaction).

    Rent-free and mortgage-free means we can afford a reduction in income which means more quality time with our family.

    This was no rose-tinted RTE Nationwide move. Our fulltime jobs have become a waiting game to redundancies. Consequently, renting and seeking employment in this environment makes one ponder the prospect of
    homelessness, do the calculations of eating into one’s life’s savings and you reach a timeline, and then assume by that stage the social welfare system no longer exists, it’s not such a leap of imagination. After a lifetime of work, this country house is within our humble budget, as for Dublin, it is a pipedream, we are condemned to a lifetime of renting here on the condition that we are both working to afford the rent. And then what?
    When your take home pay is significantly less now than it was five years ago and you find yourselves, both working adults, dipping into your savings safety net, it’s time for reassessments, like working no longer pays, like claiming social welfare is not based on one being unemployed but because one has paid a lifetime of taxes and it’s your due to serve your family’s purpose, why even pay taxes in future just so to pay off banksters’ odious debts or when the government are borrowing multiples of your tax against your name to institute your and your country’s bankruptcy.

    We firmly believe that working nowadays amounts to nothing more than propping up a corrupt sordid hierarchy. Regarding the purpose of work, the incentive of the social contract has been replaced by the incentive of the avoidance of destitution. My heart is naturally optimistic but my head has read enough sociology and economic books to know that history
    is about repeating patterns, and optimism is a poor substitute for realism when faced with a brutish society in stark decline.

    I often hear the refrain that Ireland’s situation is unsustainable and the reset button will inevitably be pressed. But peruse global history and those Pheonix-from-the-Flames occurrences are rare. Far more common is the dilution to prolonged deprivation. To put it bluntly Ireland is going down the toilet and it will languish in the sewers for a very long time.

    Against that backdrop we’ve decided to act. We may be poorer in a rural setting but we’ll have our own family home without the prospect of eviction. It’s not much, but it’s ours. And time, time again will be ours. Esther Rantzen of all people said the most profound quote in my opinion. “True happiness is not being with people to do something, it is being with one person to do nothing.”
    And as amateur astronomers we’re looking forward to enjoying the best dark skies in Europe on our doorstep.

    Stay focused, Work hard and Hang on, we did that, but the game is rigged, now it’s time to Tune in, Turn on and Drop out.

    • ps200306

      Congrats on your move Adelaide. I decided all of 15 years ago that the Dublin housing situation was insane, and avoided buying into a Celtic Tiger mortgage. Ten years ago I bought, mortgage free, in a cheap rural location. While the rest of the country seemed to be spending like there was no tomorrow, I saved. Then when tax rates were hiked to pay the bills of yesteryear’s spending, and even money in the bank seemed under threat, I realised there was no point continuing to work just to accumulate more of the same. Money might soon enough be valueless, so I reckon I might as well enjoy a few years spending it rather than working to still end up broke. Oh, and I’m an amateur astronomer too, and the skies are awesome.

      • Bamboo

        @ ps200306
        You are lucky to have that foresight 15 years ago that it is all going to go belly up and now able to live mortgage free. I was lucky too but I certainly didn’t have the foresight 15 years ago that it is going to be go belly up so bad. Like many young families they do what they can do to raise a family. Innocent young adults who just want to do what is done before by so many generations. That is the done thing and the banks encouraged you to borrow more and more. In essence “when you snooze you lose” concept.
        I moved to Ireland and Dublin in the early 90s and bought a property because of my family circumstances. Doing the things that so many of us did.
        I was lucky enough to be mortgage free in my early 40s. Not because I had lots of money or had an inheritance or won the lotto. It was just working morning till very late and most of all pure luck because of the time. My mortgage went up to 14 % in the early 90s.
        I didn’t buy another property or upgraded to a more expensive property simply because we thought in Ireland no property is worth it. Again not because I had the foresight or was able to see the bigger picture.

        Now, no matter how hard they work – the young families in Ireland who bought in the wrong time will have such a hard time to make the best out of what society can offer them. That I can see.
        My advice for young people who want to move on and are not stuck in a mortgage is not only to look outside Dublin but also outside Ireland – I am sorry to say this. Certainly not because Ireland is such a bad place to live, no not at all. There are much worse things happening outside Ireland but you may stand a better chance to make a happy life for yourself.

        All the best.

        • Jill Kerby

          Adelaide, ps200306 and Bamboo’s comments reflect a mind-set I’ve come across a lot this past year: 2013 seems to have been a turning point for many for whom the penny has finally dropped: this is a bankrupt state with unsustainable levels of debt. The powers that be insist that the debt be paid, no matter how self-defeating, no matter how many generations become debt serfs.

          Downsizing, earning only up to the standard tax threshold, spending only what is necessary to have a modest/comfortable vs luxurious lifestyle(that is, acknowledging the difference between need and want)and substituting nature, family, knowledge and learning for a consumer rat-race seems to be the common goal.

          I have my doubts about whether even this modest goal is possible here, especially not now that all savings, assets and wealth are in the state crosshairs in order to maintain the economic status quo. Bamboo might have the right idea about planning that new, down-scaled life somewhere else. (I recently interviewed a highly paid woman in financial services, 10 years younger than me, who is already planning her downsized, early retirement in another country. She has a five year plan.)

          Meanwhile, we’ve certainly been preparing our children for that better life outside Ireland (hopefully with modest lifestyle goals – they won’t find any more solace in the consumer rat-race than we did). Perhaps we should be joining them?

          So here’s a question: How old/frightened/brow beaten do you have to be before you lose the nerve to even imagine starting a new life – a third life – outside of Ireland let alone in a lower cost destination within this island?

          • Bamboo

            I am actually curious to find out the where the notion of living abroad is related to downsizing or down-scaling come from.

            In the last four years during my travels, I’ve met so many young people that have taken the big step and are perfectly happy with their new situation – their job, their accommodation and their circle of friends that they were able to build up so easily. In fact I haven’t met any who aren’t happy and pining for home. Of course these are people who are lucky enough to find employment abroad and most of them have found it in their own field of studies. Even those who are not working in their own field would have found something else and treat it as an in-between job while embracing their opportunities. I also met a very interesting young Irish man in his mid twenties who has found his niche in car electronics in New Zealand. He told me that he was diagnosed dyslexic only when he was 16 and therefore missed some opportunities in his earlier years. It is only that he was abroad that he had no other option than to take on any job that was going. Having said all that I also met many East Europeans who have found a happy lifestyle in Ireland and are not planning to go back home unless absolutely necessary.

            While the 80’s and early 90s brought people to overseas out of necessity, Ireland has been so lucky enough to experience the Celtic years. That means that the younger generation took their opportunities to go abroad and party wherever they are while learning how hard it can be in the big bad world. Their parents told them to “might as well enjoy traveling while you’re still young.” They also encouraged each other to go abroad and I think without these Celtic years it wouldn’t have happened. Those who stayed abroad and didn’t come home probably found out that the Celtic years in Ireland was more like a St Vincent de Paul comparing to what the rest of the world is experiencing. Is the Celtic Dream indeed dreamed up?

            I think the big step for the older generation living abroad is the dilemma of leaving their children. In essence detaching you from the nest you built yourself. Well, that is in our particular case and still is a problem that won’t go away. I am sure many can empathize with that. Our children have all done the Australia and South America thingy and have returned to their nest in Ireland and have since moved on to their own accommodation. Why did they come back? I am sure because they missed their mam and dad so much(LOL).

            So, where does the notion of downsizing come into the picture? Surely the highly paid businesswoman you interviewed is hardly downsizing. Downsizing from a penthouse apartment in the city to a bungalow overlooking the sea and plenty of sunshine? Or from a trophy Semi-D in up-market Dublin to a place at the beach or in the mountains? Is the young couple really downsizing from their expensive pokey little 2-bed room apartment in the city to an even smaller 2-bed room apartment?
            Can one really find a world free of a rat-racing consumer society without going into a rain forest jungle in Borneo?
            The real question is: Are we really doomed to down-scaling from a comfortable luxurious to a modest lifestyle when you go abroad or do we choose continue to live in this dream that we are living in the so “up-scaled” society in Ireland?

            FYI: I am not in the planning stage of going abroad. The planning is ticked off and am now abroad.

    • joe hack

      There going to build a motorway true me back garden there going to build a motorway there digging up the tree and now there will be trucks and cars where me cabbages and peas us to be.

      • joe hack

        O, to have a little house!
        To own the hearth and stool and all!
        The heaped up sods against the fire,
        The pile of turf against the wall!
        To have a clock with weights and chains
        And pendulum swinging up and down!
        A dresser filled with shining delph,
        Speckled and white and blue and brown!
        I could be busy all the day
        Clearing and sweeping hearth and floor,
        And fixing on their shelf again
        My white and blue and speckled store!
        I could be quiet there at night
        Beside the fire and by myself,
        Sure of a bed and loth to leave
        The ticking clock and the shining delph!
        Och! but I’m weary of mist and dark,
        And roads where there’s never a house nor bush,
        And tired I am of bog and road,
        And the crying wind and the lonesome hush!
        And I am praying to God on high,
        And I am praying Him night and day,
        For a little house – a house of my own
        Out of the wind’s and the rain’s way.
        Padraic Colum

      • Where is that joe? General area.

    • Bamboo

      Adelaide, did you do some calculations before and posted it in this forum how you’re going to manage to get a 40K house?

    • Congratulations Adelaide, I think you are making a great decision. Dublin is not all it’s cracked up to be and Ireland is small enough that you can still get up and down if required.

      Having lived the first 10 years of my adult life in big cities and the second 10 years on a remote Caribbean island, I can honestly say cities hold no mysteries for me. They are unnatural conflations of people, noise, sewers, traffic and crime etc.

      Taking my own optimistic slant, in the future cities will be a thing of the past. All the best from Lucan, which still has a nice bit of countryside on its west side – for now.

      • bonbon

        I presume you do not mean the Caribbean of Haiti, turned into a disaster by Obama’s refusal to use the Marines full logistic capability after the natural disaster.

        That genocidal lurch is quite Royal, who fully intend massive population reduction, a knighthood just cannot be far away. You could join the ranks of sir Bill – see below.

        But Zeus of times immemorial did intend to eradicate that noisy species-of-a-day, and start again. Aeschylus makes no error in reporting this (not the Indo mind you).
        “EVERY ART POSSESSED BY MAN COMES FROM PROMETHEUS”

        • Never said anything about genocide you daft twit haha! Just a different way of living. We won’t be around to see it though.

        • No I have never lived in Haiti Mr. bonbon.

          We all know it was in a terrible way, long before the earthquake.

          • bonbon

            And after? Obama’s true colors came out, ‘stache and all.

          • I don’t disagree with you on that Mr. bonbon.

            Obame is a dishonest failure.

          • Ryu Hayabusa

            Indeed. What happened to all the relief money that was ‘pledged’?

            Place has been a post colonial wasteland with 200+ years, then you toss in that earthquake as the cherry on top.

            Poor wretches are still in an awful way.

            FG often reference Haiti when anyone has the gall to complain about their lot.

            “Sure wouldn’t you thank your lucky stars, couldn’t you be in Haiti… with all them Haitians,, livin’ in squalor!

          • whatamess

            @Ryu

            “Sure wouldn’t you thank your lucky stars, couldn’t you be in Haiti… with all them Haitians,, livin’ in squalor!”

            It’s like empire telling us,as they exsanguinate us for the very last drop of blood ,”well cockroaches are tastier than furry caterpillars !!” and that’s all on offer, peasant !”

            And as soon as you do the Oliver Twist,and ask for some more,well the greenies lurching ,pounce and tell you that you’ve some cheek to question the rations they provide!!

            What a sham!!*white knuckles*

          • Ryu Hayabusa

            Roger.. Picking you up Loud n’ Clear!

            “Please sir, can I have some more?”

            “…You want…. MMORRRRE!!?!?!

            http://www.youtube.com/watch?v=IT05hySTl6g

            “Fetch Mr.Beadle.”

    • Ryu Hayabusa

      That’s quite an uprooting. Good Luck with it!

    • Concise

      I’ve enjoyed your posts for a time and commend you on your decision. Today the Arg peso has fallen to 50% of its 2008 value. This is what can (and will) happen. We have to structure our lives on what we have and not rely on what we think/thought we might have. Love your Timothy Leary reference and enjoy your stars.

    • joe hack

      eejit: Irish and Scottish form of idiot …

      I Would not used that word she is far from that!

    • Ryu Hayabusa

      Yes and she also has a funny beak! ‘Une Grande Pif’ as the French might quip. :)

      Still compared with Sarko’s, suppose she should just be thankful!
      She was quite pally with Brian Lenihan, with Noonan it;s more a pat on the head like the bald sidekick on Benny Hill.

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

    • Deco

      I agree with your sentiments, concerning Lagarde, Adam.

      I think she is completely out of here depth. She produces the same rubbish (in favour of the financial services sector) in every speech. She is worse than Thatcher. She has done no fresh analysis of the problem – jus the same mantras about the terrible consequences that will happen if the banks are not given more liquidity (a share of the sweat of other people outside the banking system).

      When we see the Irish Times and RTE talking with deep reverence about this spoofer, it tells us legions about the “quality” of their analysis of the situation.

      People would find more truth about economics in the Beano or an episode of Peppa Pig.

  3. 2% of Kuwaitis are over the age of 65

  4. Bamboo

    David, It would be nice to have the second chart more readable like the first one. Thanks

  5. More D’s. Deficit. Democracy. Demographic deficit. De-industrialisation. Debenture. Delusional. There’s the long-term debt & the short-term deficit. Ability to grow to service the former is compromised by austerity to reign in the latter. Democracy post-Troika is an interesting concept in Ireland. Not clear how Fine Gael square the circle of last pre-election promises dumped with next election strategy ‘going forward’. De-industrialisation. Well, Ireland never really got going before putting all bets on farming & magic finance pixie dust stuff in the IFSC leading to delusional debenture situations.

    The IMF sat back and watched as Germany/France/UK stitched future Irish generations up with Odius Debt. Now, realising that even that isn’t going to work, they deny they were the architects and mourn the lack of balls/spine in Irish negotiation teams who were shafted ‘for the greater good of Europa’. Having watched the IMF sit back whilst they won the last poker game, why on earth would German politicians now listen to Lagarde’s sermons over Deflation? They have the young, peripheral populations of Europa exactly where they want and need them, as pliant consumers of German products via more and more debt. If you’re in Frankfurt, what’s not to like? And they have Russia/China as Plan B, or Plan A in a few years if it all goes tits up with the Euro. Smart guys in Berlin. Patsies in Dublin. There’s nothing to stop young Irish folk taking Noonan’s Lifestyle Travel Advisory advice and learning German. Get rid of the Man U/Celtic shirts, those days are gone. Ireland has repeatedly voted for integration with/absorption by the greater European project. Time to face up to the implications of those choices. The UK has traditionally benefitted from ‘surplus to requirements’ Irish labour, but it looks like the next century’s beneficiaries will be Germany. Why not? I’m sure the sight of German recruitment roadshows will become commonplace across Ireland once the South and East of Europe’s young talents are harvested. And, thank God, there’s no legacy of historical cultural dissonance like what’s involved in moving to the island of Britain!

    http://www.spiegel.de/international/germany/elite-young-immigrants-could-provide-future-stability-for-german-economy-a-885647.html

    Auf Widershien Paddy, Pedro, Paulo. Etc. Actually, I might go and live in Germany for a while to finally crack the language, do the whole Berlin beatnik semi-retirement thing. But only as an artistic re-invention and without needing to sever links to family. Or take a crap job. It can’t be any more boring than London or Dublin. Can it? *thinking* Seriously, what will happen to Ireland Inc’s legacy Total Debt Burden when the interest rate cycle turns? Does anyone imagine that Germany (or anyone else) will care about crushing generations of Irish beneath the yoke of compound interest? Finally “Davos Man” is not the only player. There’s also “Dublin Man” who, so long as he’s in the right middle-class enclave area, will get house-price inflation, be rescued from Tiger era housing burdens and join the Europa elite competing with Gunter for the sunbeds twice a year. As for “Culchie Man” in Kilkenny? Paddy, you’re fcuk’d, but this time not by the UK (or not only) but by your new German gaffer. However, intriguingly, tomorrow is a special day for some Irish people who aren’t just content to turn their country into a heritage theme park for German/British & American tourists:

    “…peace in Ireland will not be truly reached until the British monarch removes the Irish sovereign seal which still takes up a quarter of the royal standard. Not many people know that. It is also a strange anomaly of Irish history that the Seanad sit with their back to the Sovereign Seal which is on the back of their chairs. This happened because members of the house initially sat facing symbols of the British Crown.”

    http://www.irishcultureandcustoms.com/ACalend/1.21GreatSeal.html

    “Dr Ruan O’Donnell, a history lecturer at the University of Limerick, said it would appear that “the Irish Government does not feel it necessary to reassert national sovereignty which has, in any case, been severely diluted by our deep engagement in the EU.”

    http://www.limerickleader.ie/what-s-on/features/askeaton-s-billy-reasserts-sovereignty-1-2186836

    Interesting times..

    • oops! Erratum: “The IMF sat back and watched as Germany/France/UK stitched future Irish generations up with Odius Debt.” Apologies to German, French &, especially, “British” readers of this blog for not giving equal credit to Ireland’s BFF America for shafting the Republic of Ireland:

      “According to Morgan Kelly “The deal was torpedoed from an unexpected direction. At a conference call with the G7 finance ministers, the haircut was vetoed by US treasury secretary Timothy Geithner who, as his payment of $13 billion from government-owned AIG to Goldman Sachs showed, believes that bankers take priority over taxpayers. The only one to speak up for the Irish wasUK chancellor George Osborne, but Geithner, as always, got his way. An instructive, if painful, lesson in the extent ofUS soft power, and in who our friends really are””The only one to speak up for the Irish was UK chancellor George Osborne, but Geithner, as always, got his way.”

      http://namawinelake.wordpress.com/2011/06/13/there%E2%80%99s-no-mystery-to-us-treasury-secretary-timothy-geithner%E2%80%99s-intervention-in-the-irish-bailout-wikileaks-has-already-revealed-the-reason/

      ” Geithner is as doctrinaire and short-sighted a defender of bankers’ privileges as the Allied Powers were of their rights to make Germany pay for the costly and bloody Great War. We had noted that the Irish could have stared down the EU and held out for a bailout of its banks only, and were mystified at the quick capitulation. Consider this section of a very instructive op-ed by Ireland’s highly respected economist Morgan Kelly.”

      http://www.nakedcapitalism.com/2011/05/on-the-treasurys-curious-denial-that-geithner-blocked-deal-on-irish-debt.html

      “The IMF were scathing of the Irish performance, with one staffer describing the eagerness of some Irish negotiators to side with the ECB as displaying strong elements of Stockholm Syndrome.”

      http://www.nakedcapitalism.com/2011/05/geithner-blocked-imf-deal-to-haircut-irish-debt.html

      Still, that nice President O’Bama baloney and green beer whilst singing anti-Brit rebel songs should see the GAA Lumpen Herd satisfied with a revisionist narrative for the next 100 years whilst the ‘risk free Capitalists’ get every dollar and cent back for their financial colonialist adverturism in Ireland during the last decades of the C20th. Morgan Kelly…wonder what he’s up to these days?…

      • So, I googled “Morgan Kelly” and came up with this Irish Autopsy article from 2 days ago:

        “Bank lending in most European economies rose to around 100pc of national income; but in Ireland, such lending rose to nearly 200pc and most of this was funded by borrowing from overseas banks.According to economist Morgan Kelly, “Everything that happened in Ireland between 2000 and 2008 stems from this simple fact”.

        2008-2018/28/38 to pay it back? Ireland Inc: Boomers

        http://www.independent.ie/lifestyle/the-irish-noughties-boom-to-bust-29926142.html

        ^THIS!

        And where did lots of this money all go? Into ridiculous land speculation based on artificial scarcity whilst neglecting to build enough family homes around the capital. Same as UK, same strategy, same ring-fencing of wealth and reducing anyone ‘beyond the Pale/M25′ to debt peon. Not that all inside the Dublin/London city-states are safe, but there’s a general picture emerging. Insider Elites unconsciously perpetuating themselves at the expense of the Outsider Other. King/Queen. D4/IFSC Banking Cabals/Trojan Horses for Wall St/The City/ECB: what’s the difference?

  6. joe hack

    “Global inequality has increased to the extent that the €1.2 trillion combined wealth of the 85 richest people is equal to that of the poorest 3.5 billion — half of the world’s population — according to a new report from development charity Oxfam.”

  7. joe hack

    DMW

    Your looking at the wrong numbers for answers:
    85 richest people as wealthy as half of the world’s population

  8. If you take a step back for a minute and get some perspective, it’s apparent that this country has been a peasant society since time immemorial and, apart from a brief credit-fuelled period, when everyone thought they were rich geniuses, that’s exactly what it still is and probably always will be.

  9. One for you cooldude:

    Bob Geldof backs Russell Brand’s call for political revolution

    http://www.independent.ie/woman/celeb-news/bob-geldof-backs-russell-brands-call-for-political-revolution-29932794.html

    “He went on to condemn capitalism as a failure. Banks, he says, have been allowed to go “out of control”, while pure human greed has led to the invention of “completely spurious” financial products.

    “They ceased to [give money to others] and gave it to themselves through fraud, outright international global gangsterism,” he claimed.”

    • cooldude

      Thanks for the links Adam. Banks should have been allowed to go “out of business” after they went “out of control” as that is what happens in any functioning economy. We have long gone past that and are stuck in the worst type of crony capitalist “crapitalist” system that has existed since Mussolini. Fraud and corruption everywhere and no one with the liathroidi to stand up to these banksters who are riding rough shod over the whole economy and basically running everything to suit themselves. I truly expect to see this bail in carry on this year but not too sure where it will start.

      I have just finished reading Life after the State by Dominic Frisby. It sets out the argument for less state interference in all aspects of our lives very well and I am sure you would enjoy it. Still haven’t got round to buying any bitcoin mainly because I don’t have much dosh at the moment but hopefully I can participate in this form of insurrection against our banker overlords in the near future.

      • cooldude

        By the way interesting side fact about these wealthy gobshites who attend Davos. Guess who they voted as world bank of the year in 2005…. none other than Seanie’s Anglo Irish Bank. That’s all you need to know about these twits. Promote the reckless lending and then come in and clean up the cheap hard assets after the inevitable bust. Nice work if you can get it.

      • Ok thanks cooldude, I will get a hold of that book.

  10. Another one:

    The ‘too big to fail’ problem just got worse

    http://www.telegraph.co.uk/finance/comment/liamhalligan/10581764/The-too-big-to-fail-problem-just-got-worse.html

    “Banks like a leverage ratio in the low single digits, of course, as it allows them to make more profits, which are then channelled into executive pay.”

    The banksters are getting a hammering today but they don’t give a flying f**k as long as the bonuses are still flowing.

    Something has to give.

  11. And here’s the hatrick:

    Trickle-down economics is the greatest broken promise of our lifetime.

    “Wealth inequality in the US was at its highest levels, historically, in 1928 and 2007, one year before its two biggest financial crises, notes Reich. The base of the pyramid atrophies and begins to crumble.”

    http://www.theguardian.com/commentisfree/2014/jan/20/trickle-down-economics-broken-promise-richest-85

  12. bonbon

    DMcW : “The only way to get out of this spiral is to print money as much as you can in order to boost inflation. This is precisely what the Japanese are trying to do. The Germans on the other hand are not going to countenance that in Europe. Even if they did, the European banks are so crocked that even if the central bank printed money, it’s hard to see that money cascading into the economy when the banks are not prepared to lend.
    The other way to do this is to get the central banks to finance governments and simply give the cash to governments who spend it, boosting demand and prices. Such a novel idea is heretical to the Germany mainstream, who are worried about rising prices when falling prices are the problem.”
    ——–
    DMcW has calculated not to disturb his cronies at Davos. What he should do and cause a right ruckus is go straight ahead with Glass-Steagall, and Hamiltonian Banking, propose restoration of the US National Bank, put the FED back in Treasury modifying its charter, and Ireland with other nearby nations going along with this.

    Here are the ideas, change the game Mr DMcW – do not play ball :

    Draft Legislation to Restore the Original Bank of the United States

    And most especially to dump the D’s, the playthings of the 1% kicking us all around :
    For a NEW CREDIT SYSTEM

    Who says the rules are what you just published, that 1% , that obscene 85 ?

  13. bonbon

    The Indo reports some of the Davos obscenity :

    http://www.independent.ie/world-news/davos-warning-worlds-85-richest-people-have-as-much-as-half-the-rest-of-us-29931970.html

    Missing here is, just for example, how Sir Bill Gates Explains His Genocidal Calculus.

    “Yes, someone in the society has to deal with the reality that there are finite resources and we’re making trade-offs…. [W]hen you made it reimbursable for a doctor to ask, ‘Do you want heroic care at the end-of-life,’ that was a death panel. No, it wasn’t a death panel! It was asking somebody to make a decision.”

    Bill Gates received an honorary knighthood from Queen Elizabeth II in March 2005. Well earned, what?

    Will we have to say Sir DMcW soon I wonder?

    • Paul Divers

      That is the third time the Oxfam link at the Indo has been posted. I went first and included the title. Please take the time to read and follow the conversation young man.

      I am pleased you opened by paraphrasing McWilliams because his solution sounds absurd. I don’t know why it sounds absurd. It just does and I want to know what sort of world vision this guy has. Is he a right wing nut?

      He appears vain and insecure by thinking it important to mention that he was once touched on the shoulder by Davos man and I guess the Oxfam article has made this day quite different from how it first appeared this morning.

      The contrast is remarkable. Question is who would YOU trust – Oxfam or Old Dicky Davos Man and his hangers on?

      • bonbon

        Just to make sure everyone sees the auld Indo reported. After all you said UK press was more informative, which it can be at times.

        I hope I show it is beyond absurdity, and very defensive – see just below.

        Ye see yon birkie, ca’d a lord,
        Wha struts, an’ stares, an’ a’ that;
        Tho’ hundreds worship at his word,
        He’s but a coof for a’ that:
        For a’ that, an’ a’ that,
        His ribband, star, an’ a’ that:
        The man o’ independent mind
        He looks an’ laughs at a’ that.

        Right! But while laughing and a’ that, see below what Sir Bill Gates actually said.

    • Paul Divers

      Start using Linux.

  14. Paul Divers

    “COMPETE OR BUST”

    Neo-liberal myth number one: “Export-led growth, and international competitiveness must be the cornerstone of our economic policy”. To achieve competitiveness we must rigidly and uncritically comply with GATT agreements and other trade ‘liberalisation’ measures.”

    http://www.nelsonmandela.org/omalley/index.php/site/q/03lv02424/04lv02730/05lv03005/06lv03006/07lv03096/08lv03102.htm

    • Paul Divers

      Neo-liberal myth number two: “The key tb getting reconstruction and development going is foreign investment, and in order to win foreign investment we need to send the ‘right messages’ out to the world.”

      Communist Journal Extracts – No 139/140 – First Quarter 1995

      Sounds familiar.

      • bonbon

        The red light calculus of the Bordello. Has a very bad effect on the young and not so young aspiring wannabees who think Davos philanthropists will shower the masses with their wealth.

        • Ryu Hayabusa

          “What need you being come to sense,
          But fumble in a greasy till
          And add the ha’pence to the pence,
          And prayer to shivering prayer, until
          You have dried the marrow from the bone,”

          Really a bunch of Misanthropes devising more cunning and fiendishly effective strategies for extracting more marrow from the collective bone of the ‘peasants’

  15. bonbon

    It is but a short step from the Calculus of the Deadly D’s, to Bentham’s Hedonistic Calculus, and then to Sir Bill’s royal Genocidal Calculus. The danger of maths, anyone?

    This is where Hamilton’s productive power of labor, progress, economic growth is now much more urgently required. The Limits to Growth calculus of that aging 68′er boomer population is really the calculus of mass cull. After all that Club of Rome textbook of genocidal calculus hit the shelves when those were tweenies, fresh for brainwashing.

    Why There Really Are No Limits to Growth

  16. Ryu Hayabusa

    …And the 5th Deadly D. . . Davos!

    Where the French and the English go to poke fun at each other.

    http://www.youtube.com/watch?v=9V7zbWNznbs

    Also, noteworthy For Dame Edna’s use of the now nefarious ‘De Secret Agent Twang’

  17. Ryu Hayabusa

    “Your mother was a hamster &your father smelt of elderberries!

    Now go away, I do not wish to taunt you a 2nd time!” :)

  18. Ryu Hayabusa

    And whatamess…. The ‘D’ that as you affirm dare not even be uttered!!!
    The most dastardly perversion of all.

    D.. d.. d.. Derivative! It brings the Letter D down the route of ill-repute. Vile disgusting denigration.

    D is also for Dimon (Jamie) who also happens to be a D***head!!

    • whatamess

      Ballistic derivatives targeting humanity Ryu

    • Derivatives!

      Took me an age to figure out what the meant, or rather, to believe that such “financial weapons of mass destruction” had been allowed to be developed by “light touch regulation”

      “whatamess” Yes, targetting humanity and no way out other than Collapse. Can’t see a planned demolition/Glass Steagall being agreed by the main players.

      • whatamess

        @Andrew

        i’m sure the gamblers at the battle of David and Goliath had their ‘smart’ money on Goliath

        • whatamess

          And as Elizabeth Warren bravely says regularly these days, “We just have to pick up our sling shots again !!!!”

          There are moments where a group of people,a country,a group of countries in one voice, proclaim “no more!” …For Glass Steagall to liberate us, the public, en masse ,must be ‘up to speed’ on the REALITY …what choices we have and GS is simplicity meeting complexity!

          Then a set of solutions ,as LaRouche/Mr.Bonbon propose ,which are Science and our creative humanity fused in order to solve our problems and create a future of sustained hope!

          Empires End everybody and this empire has a very faint pulse indeed!

          i of course don’t have any youtube clips that could come close to capture the above en masse moment of resonance, to motivate a nation to proclaim “NO MORE” ,but this is as close as i can get,as posted here once before,

          4mins
          http://www.youtube.com/watch?v=azWVPWGUE1M

          Our economics models are “bottom up” ,and the system is imploding and LIVES are on the line!!

          No one said splitting the banks would be easy,but we simply have NO other choice ….The Wall St Frankenstein monster must be pulvarised!It’s him or us!

          Denis Hopper’s chaacter in True Romance ,even in is his predicament with the Sicilian mobster,knew he had,even then, a CHOICE and his choice was very brave and took a huge sacrifice!

          The banksters and all colluding with them ,have no problem whatsoever in sacrificing you and your loved ones ! History has MANY examples !!

          So what’s it gonna be ?

        • whatamess

          @Hayabusa

          100%

          same as the evolution of our species,against All the odds!!!

          Some people need to find their own moral compass ,coz anyone who endorses and supports policies that suppress humanity’s growth and progress ,is essentially,however unwittingly! compliant with policies of genocide!! ( and boys and girls , we do have lots of examples in history of the ” i didn’t know what i was doing wrong ” and ” i was forced to do it”

          Genocide is to suppress necessary progress that hits the relative potential population density, and life expectancy of our species.

          That’s maybe very difficult to compute for some here, but there are only two possible sides to this battle.

          Pick a side !!

          as Bonbon said recently,

          choose between , “a user of fire or farts !!”

          Prometheus unbound!!

  19. michaelcoughlan

    Hi David.

    “This is because people see prices falling and think they will keep falling so the very act of falling prices postpones demand

    Any chance it’s because people have no money left to spend after the basics?

    Not everything is so cynical you know.

    • cooldude

      This idea that falling prices postpones demand is one that all Keynesian economists use to defend the use of money printing to induce inflation.
      Well does this idea really bear up the reality? If you take the area of high tech devices such as tv’s or mobile phones we see prices falling consistently over a number of years due to innovation. A new tv is now less than half the price of five years ago and has much better specs. Yet contrary to the idea that demand should be falling people are constantly buying new tv’s even though they know the price will be lower in a years time. Even more so with new iphones where people literally queue up for hours to buy the latest phone even though they know it will be cheaper in six months time. In other words this whole concept doesn’t bear any relevance to our reality and is just used as an excuse for money printing which only benefits the bankers and their buddies.

      In reality a mild deflation in consumer prices suits consumers but it is hated by the large corporations because it cuts in to their bottom line and makes them become more competitive. This whole system of economics is devised to benefit the bankers not the consumers and this can be seen by the increasing disparity between the wealth of the 1% and the rest of us who are stuck with this system of constant currency debasement.

      • whatamess

        @Cooldude and anyone else interested in Science, based on fact , and not wishful spontaneity !!

        As you said: “This whole system of economics is devised to benefit the bankers and not the consumers and this can be seen by the increasing disparity between the wealth of the 1% and the rest of us who are stuck with this system of constant currency debasement”

        EXACTLY Cooldude!!

        But not just currency debasement ALONE however,it’s the debasement or Entropy of the entire imploding system itself !! Naturally this is the case ,as this is how a closed system behaves,with resulting entropy, each and every time!

        I’m certainly no scientist,but the 2nd law of Thermodynamics states that in any closed physical system there “can be exchange of energy (as heat or work),but NOT matter ,with its surroundings.”So when talking here of real world PHYSICAL systems,we’re talking of our current financial systems,yes, but MUCH more so, our physical economies that are scientifically UNSOUND in design and so consequently ,entropic,IN EVERY WAY.

        Entropy will be the eventual outcome, each and every time in a closed system, “while in an OPEN system ,it’s “Successfully higher forms of energy” that is the purpose/goal and the landmine to sidestep here,is to NOT LOOSE energy between steps,rather,we must strive to the INCREASING of energy flux density of the ENTIRE PHYSICAL system, and ALL of the time …That’s an ANTI-entropy approach!! )

        [A very basic and just one example of increasing energy flux density is the comparing of energy output from different fuels : from wood ,to the more energy dense coal,to the then more energy dense nuclear fuel ..i.e. one more energy dense/rich than the one before,right?]

        Example :The number of trout needed to support just one human being for a year,is let’s say,300 trout,and these trout,in turn,need 90,000 frogs to consume,in order to SUSTAIN the 300 trout,that sustains the 1 human being and …stay with me now ;), these 90,000 frogs need 27,000,000 grasshoppers to be available to consume,in order to sustain the frogs that in turn sustain the 300 trout ,that sustains the 1 human being.Phew! Those 27,000,000 grasshoppers then need 1,000 tonnes of grassland available for them to eat, in order to sustain the 27,000,000 grasshoppers that sustain 90,000 frogs ,that then sustain the 300 trout, in order to feed the 1 human being.I’m exhausted !!That was all painfully necessary as a basis to my next bit, but for me anyway, this ‘bit’ and the following bit, shows the grotesque logical fallacies of our current Unscientific and Unsound economic policies and it’s costing LIVES each and every day and won’t stop without our intervention…there MUST be radical change,but in our minds first!

        “This highly narrowing pyramid of activity to sustain life” [the example above] is the Oligarch’s DESIGN and in their view, it would be ‘more efficient’ or put how the elite say , it’d be LESS WASTEFUL ,if we humans were to just choose to eat the fuc*ing grasshoppers. That’s the level of creativity we face!!!! They don’t want us to choose the “more efficient” approach (e.g Nuclear )to extradite ourselves, but rather,have the “less wasteful” approach FORCED upon us , that is,to eat grasshoppers in order for the financial imperialists to have all the trout for themselves and gorge themselves!!!!!!!!!!!!!

        When you have an ‘expected’ future world population of 20+ billion, this oncentrates the mind wonderfully, especially if who are in POWER are of the mindset and their policies reflect that it would just be better all round if we peasants all ate ONLY bugs..This is their solution to population growth!!!…. This is also Oligarch’s approach with the current monetary system ,as DEBT loads are so so great now, REAL growth cannot happen and humanity itself,while being asphyxiated,is deemed “wasteful” !!!!

        This indoctrinated ,poisonous limits to growth belief system, naturally results in our entropy as a species and is classically a “bottom up” model!!!

        The Noosphere has a much higher energy flux density than the Biosphere,so adopting a “top down” approach ,when we enhance the Noosphere ,the Biosphere, at a lower density benefits and this in turn benefits the 1,000 acres of grass, which benefits the grasshoppers, that then benefits the frogs, then the trout, then the person,in a “top-down manner” ..”Top Down” is anti-entropy ! e.g. Humanity choosing to green desserts increases the amount of land available,and so the density and again is, top down!

        Thus the need to Focus on the Physical economy in a top down manner….like choosing the more efficient Nuclear option and dealing with Noosphere,in a top down manner,just like LIFE evolving over eons.

        In an open system there can be exchange of heat, work AND matter…like for example in ecology and the evolution of life theory [ thus my specific references to Richard Dawkins of late, the evolutionary biologist remeber, and had nothing to do with Richard Dawkins the Atheist ,as he is sometimes better known and maybe understandably so ,as he has actively marketed himself in that way, certainly in the last 5 years )

        http://larouchepac.com/node/18937 ..This guy explains all of the above much better and dispels the illusions we have ,as a consequence of a)our brainwashing re limits to growth and b) our proper understanding of a top down approach!

        • whatamess

          It’s not a ‘failing’ financial system,it’s a failed financial system,and more importantly a failed economic model ,in it’s last throes …just a matter of timelines now

          Surely our host sees this ?

          So many people TRUST him all over the country !!

          He too has a responsibility to tell us the TRUTH

          • whatamess

            silence

            If we choose a mission based strategy (a top down approach of ADDITION,not subtraction!!) targeting the choice of ways that humanity,with Science as the tool and not tea leaves,, can increase the energy flux density via infrastructural projects e.g. greeening deserts / choosing a superior energy source ,we are then in MANY ways ,always and ADDING!!

            That’s a Future everybody !

            That’s Freedom
            That’s Real

            That’s TRUTH

            End the illusion and delusion,NOW,before it’s too late!!

            carpe diem

          • michaelcoughlan

            hi,

            You really don’t have a hope. A few months back you were still some bit connected to the real world but you are more and more morphing into bonbon whose already a simple extension of the cult that captured you as well as him.

            You apply the second law of thermodynamics to an economic scenario when there is already a faculty dedicated to that area called economics and clearly you have no understanding that its just another one of the reasons no one takes you serious.

            You make the same mistake with truth.

            Let me synopsise for you;

            Thermodynamics is for physics,

            Economics is for the economy,

            Truth is for religion and Philosophy.

            Do you really want to wind up a madman looking at the world out of the window of a nuthouse in which you Live? Because if you do you sure are going about it the right way.

          • whatamess

            That’s ok Michael , you are very entitled to you opinions

            your man of faith in a spontaneous economic growth from the gutter where we find ourselves

            your ad hominem arguments are just hollow and as usual you deny Science …and as Senator Levin said during the Senate hearing with George Galloway ,”i would protect your right to voice your beliefs” ,however unscientific and devoid of creativity ,i might find them.

          • michaelcoughlan

            hi,

            Your going down the same road as bonbon projecting your madness onto me and everyone else. You are totally brainwashed. You know fuck all about what I think because you have never asked me. I don’t live in the gutter. I doubt if you do either. I don’t believe anyone else on the board does either.

            Your slipping further and further into your total disconnect from the reality of the world around you.

            More simply; its not very scientific of you to apply a physics theory to an economic problem and proclaim it as evidence of superior religious or philosophical insight is it?

          • whatamess

            @Michael

            The increases in the principle of energy flux density pervades in the history of life as we know it,or rather as Science shows us. Yes i mentioned religion linked with Dawkins to focus on his arguments on biology and the evolution of life and not his counter creationist views??! Oh i see another knee jerk reaction to your belief systems being challenged eh? well being challenged creates character i say ;)

            you’re not asserting that the earth is only 6,000 to 10,000 years old as the bible says are you?straight forward enough question,in fairness.I don’t Adam and Eve it ..do you deny the even now outdated Science of carbon dating that can prove otherwise

            1 minute
            http://www.youtube.com/watch?v=UyaF3e9EZaQ

            Put away the ‘Beano’ and turn off the hypnotising tv shows and read the link “the limits to growth” that Bonbon selflessly posted to all who are interested in Truth..

            When given the choice of being:

            “more efficient”

            or

            “less wasteful”

            the practical man cheerleads windowsill carrots and cabbage to feed the 20billion people…do you get what’s terribly terribly wrong with that??

            Just as a final effort with you to bend your mind a little ..At 43mins in the anti-entropy video :..”Life evolving into successive higher states of organisation and energy flux density in order to maintain that higher energy flux density and becoming more and more independent of their environment and define and create its own conditions for its own survival..(that’s just taking about mammals a long time ago but the PRINCIPLES are the same now!)

            Expand your mind

          • whatamess

            So at the bottom of that pyramid of people,frogs,grasshoppers and grassland ,we,humanity,are the grassland, sustaining the top 1% and their vulture like greed has put the flawed system under so much pressure that throuput is collapsing (to be vulgar) at the very wide base(humanity)in order to SUSTAIN the narrow on top of pyramid i.e. Wall St,London Stock Exchange,BIS, Rothchilds ..whoever ,,,the 1% ..Zeus !!! ) and with debt loads at NEVER before seen chaotic levels ,the DEMAND by the 1% of course puts HUGE pressure on the mankind/womankind that are at the base forced to Downsize!! just more imevitable subtraction in a closed system whose FOCUS or axiom IS MONEY and they wonder where the bubbles and casinos came from ??! what a sham! we’ve been duped!!!!!!

            i for one am not happy about being fooled and not being told the TRUTH by economists and other such experts !!

          • michaelcoughlan

            hi,

            “you’re not asserting that the earth is only 6,000 to 10,000 years old”

            Only deluded people take such writings literally.

            I am going back to my beano now.

            Take care.

            Michael.

          • michaelcoughlan

            Hi,

            I’m going to set aside the banter to level with you so that you get clear into your head a very important point which I will try to explain to you in your own speak.

            You say above that THEY (I presume you mean the financial establishment) are the 1% and money is their axiom and end goal.

            Wealth is their end goal and MONEY is ONLY the TOOL. EVERYBODY knows the top 1% control everything. You can set yourself free by understanding that MONEY is only a tool and it is a tool YOU and EVERYONE else is free to choose or NOT to depending on the circumstances.

            The gobbeldegook is only a distraction!

        • I’m waiting for a plague of locusts so we can all eat like kings.

  20. Monbiot on his usual theme. Still you have to tell the great unwashed something 1,000 times before they listen – and even then they might still not.

    “Freedom is something to use or lose – we must fight the antisocial behaviour bill”

    http://www.theguardian.com/commentisfree/2014/jan/20/freedom-use-lose-antisocial-behaviour-bill

    “We appear to possess an almost limitless ability to sit back and watch as political life is seized by plutocrats; as the biosphere is trashed; as public services are killed or given to corporations”

    • whatamess

      “freedom from tyranny, freedom from slavery, freedom from hunger

      – do we act as if we don’t?”

      but it’s just more feeble efforts of making a broken evvverr subtracting system,maybe work “a bit better” …i hear the ‘tip tap’ of a blind man’s cane!!!…”tactics” when strategy is what’s needed

      2mins

      Chris knows corruption , and long before Obama started to encourage to burn food in gas tanks and people starving !!! what a bloody disgrace !!!

      http://www.youtube.com/watch?v=G7P4iFg048k

      • Ryu Hayabusa

        Lol Think he saw Michael Moore’s Sicko docum. in the run-in.

        “You think they gonna cure AIDS? …They can’t even cure Athlete’s Foot…. Sheeeee-attt!” :)

  21. McGoo

    “Europe and Japan must fight against deflation at all costs.”
    So, Davos is a very, very expensive way of stating the very, very obvious.
    Seriously, how can such senior people say these things to a room full of professional economists and keep a straight face? How does the audience not roll on the floor laughing?

    • bonbon

      What does Lagarde mean by “all costs”, one might ask. It is no laughing matter – she certainly does not mean a the cost of Wall Street/London, rather us.

      Much better to do what her bottlers will no even mention, Glass-Steagall , break the rules of their game.

      Then let’s get on with growth, progress, and laugh outright at her screaming there are limits to that.

      There will be plenty to chortle at alright.

    • Deco

      The big wigs in Davos are not worried about inflation or deflation.

      Neither are they too bothered about austerity.

      Where is Lula to organize a competing Davos ?

  22. bonbon

    Between Nietzsche quotes, economics lecturer Stephen Kinsella tells us that economics is way too complex for mere humans to understand!

    Now where have we heard all that before I wonder? Mere mortals-of-a-day should let economics to others, perhaps Davos-ians?

    Why it is Adam Smith’s edict all dressed up in “complexity” :

    “To man is allotted a much humbler department …. Nature has directed us to the greater part of these by original and immediate instincts. Hunger, thirst,the passion which unites the two sexes, the love of pleasure,and the dread of pain, prompt us to apply those means for their own sakes, and without any consideration of their tendency to those beneficent ends which the great Director of nature intended to produce by them.” — Adam Smith Theory of Moral Sentiments — 1759

    The “complexity” twist, is of course von Hayek, the Austrian School principal. And who is the class he lectures to, pray tell, why none other than we the people. Why Setpehn Kinsella chooses now to quote the icon of nazi fascism, Nietzsche, is revealing, pure Fabian.

    What is the economics lecturer up to?
    http://www.independent.ie/opinion/columnists/stephen-kinsella/stephen-kinsella-ratings-agencies-dont-deserve-our-trust-so-why-are-we-getting-excited-29933761.html

    • Ryu Hayabusa

      “So why are we getting excited?”

      What’s he talking about, who’s getting excited?

      I don’t pay any heed to them no more to when they were giving AAA ratings to the trashy sub prime mortgage instruments pre crash. They are front houses for the Banksters, nothing more. Laggards who engage in spin, spin& more spin!

      Adam Smith. Adam Smith didn’t care to wear the Adam Smith necktie according to Herbert Stein.

  23. Ryu Hayabusa

    Sarah Carey reckons Michael Noonan needs to toughen up on our banks.

    Hello Blueshirt, he’s in their hip pocket.

    Case in point, cutting the interest rate on Post Office accounts at their behest!

    Cui Bono…

    From the way she drones on you’d swear she was referring to someone with a measurable conscience.
    As time passes this whole situation descends further and further into farce. It is like a Greek tragedy.

    “Friends show their love in times of trouble, not in happiness”
    Euripedes

    It’s no joke to the down-trodden though, and the human misery and suffering being left in its wake.

    • Deco

      She concludes this, purely for PR reasons. So as to make sure that FG look like they are something different from what they really are.

      Does anybody care what Sarah Carey thinks ?

  24. Corruption rules the world. All are corrupted. No moral structure left. The Gimme, gimme generation are at the levers of power.

    DOOMED to a Devastating Destructive Demise. (3D is passé)

    Bill Black and Max Keizer were the only two worth listening to at Kilkenomics 2013.

    Here is Bill Black or world wide unprecedented fraud. The economy cannot be saved.

    http://usawatchdog.com/jp-morgans-frauds-are-epicunprecedented-in-world-history-william-black/

    • michaelcoughlan

      hi,

      This rate of 37.2% is probably accurate. Begs the question of the people who are employed how many are in the private sector? Surely many of those employed are in the public sector. A smaller and smaller ratio of wealth producers it seems is evident.

  25. “”Old countries tend to save, not spend, and countries that are not spending are deflationary by nature. Look at the chart to see why Japan and Germany’s populations differ dramatically from the rest of the world average.”

    So which is it. Deflation because of debt or deflation because of savings.

    Anybody living on savings love deflation as their spending power of the savings is increased. I am waiting for deflation to take a hold with a vengeance. Then my retirement is sustainable. Deflation benefits the prudent not the profligate who love inflation.

    Those getting out of debt and downsizing will be the survivors.

    Was the advice of old–Cut your suit according to your cloth. A penny saved is a penny earned. Can’t make a silk purse out of a sow’s ear. Live within your means.

    All coming back into fashion!!

    • michaelcoughlan

      “I am waiting for deflation to take a hold with a vengeance”

      They are not going to let it happen. You may have to do the unthinkable Tony and learn to play by the rules as they are. Unpalatable as it is we must endeavour to view the world as it is not as we would like it to be.

      • I am viewing the world as it is going to be and I do not like what is going to happen.
        Monetary inflation will lead to economic collapse.AKA deflation
        boom followed by bust.
        Can’t be any clearer.
        It can not be stopped.
        Well it can, by instituting a new system and abandoning the old money system with a debt jubilee. But that isn’t going to happen in time.

        • bonbon

          Hide under the horse manure, and shiver.

          Those with two feet, not four or more, know better. Glass-Steagall, that New World idea is on the way. History is made not from those on all fours.

          Out of the wallet, and look at the economy, the unbelievable scale of the necessary development. Start there, not with Hayek’s smallness and old world Hapsburg swooning.

  26. Deplacing Deceit and Deception with

    Reality Onslaught (Daylight)

    http://blog.milesfranklin.com/reality-onslaught

  27. This is what unlimited credit does to the debt level. notice the 1972 start of the graph after going off the gold standard

    http://www.moneymarketing.co.za/files/2013/08/1929-IS-A-MOLEHILL-COMPARED-TO-THIS-MOUNTAIN.png

  28. Shane F

    Michaelcoughlan to whatamess earlier in thread

    ” you are more and more morphing into bonbon ”

    You’re getting close…

    Regards

    • whatamess

      “getting close” to a REAL understanding , rooted in Truth you mean Shane ???

      Yes,i do hope so ,because Truth and Humanity’s progress is ALL i care about

      We are standing on the shoulders of Giants everybody : Pick from : Einstein,Da Vinci,Riemann,Beethoven,Thomas Paine,Vladimir Vernadsky,Plank … some take the time,make sacrifices of their free time to study these Giants,others here are busy picking their noses ! They care not for Truth ,but merely the skim on it’s teeth !

      Economists say (vacuous claim) that Science has no place in economics ? what a sham!!!( and Michael just google “economics+ 2nd law of thermodynamics” )

      don’t be fooled!!! Don’t be duped!!!!!

      Science is the pathway to Truth

      • The truth is you do not understand the role of money. You do not know what makes good money or bad money. Therefore your solutions are no solution at all

        • bonbon

          You are bedazzled by the wallet, just like the greasy till accountants. You actually believe an economy springs forth from, but in an unknowable way – it’s so complex after all, from a piece of metal. That is just slightly more daft than the others who think it’s from paper. Ye have the monetarist schizophrenia, even if the paper fiat clowns go after the metal heads (heavy metal it may be too).

          So cop on. Money is a means of the Credit System, sans casino of course, not the other way around. So stop the tail wagging, get up on two feet, use your mind, and help get the economy functioning again.

          • Ryu Hayabusa

            You’re worse than Dr. Eva bb…

            Will you please Cop On…!!!!

            You’ve only lost 3&1/2 pounds this week! Come on, So Cop On! :)

          • Sad to say you do not know the difference between sound money and credit.
            Credit is what our current money is, it is what we a deluged with AKA QE to infinity.

            My mind is free and open. Yours is commandeered by a cult. Hollowed out and surrendered. You have been coopted. So cop that. You lipsync LaRouche. You can no longer think or debate . You are full of inanities.

            Having been asked several times to explain your proposed credit system you are unable to do so. We are all agog waiting a concise explanation for the saving of the world.

      • Ryu Hayabusa

        There’s an irony in that Economics can be considered a ‘Pseudo Science’

        People are so disillusioned with the way it is taught that many consider it alchemy or a form of witchcraft!

        It’s history and teachings are being twisted and manipulated by shadowy forces in a vain attempt to maintain a status quo which has ZERO chance of holding in any case.

  29. Paul Divers

    “In the United States […] the two main business-dominated parties, with the support of the corporate community, have refused to reform laws that make it virtually impossible to create new political parties (that might appeal to non-business interests) and let them be effective. Although there is marked and frequently observed dissatisfaction with the Republicans and Democrats, electoral politics is one area where notions of competitions and free choice have little meaning. In some respects the caliber of debate and choice in neoliberal elections tends to be closer to that of the one-party communist state than that of a genuine democracy.”

    Robert W. McChesney, Profit Over People: Neoliberalism and Global Order

    http://www.goodreads.com/quotes/tag/neoliberalism

  30. Paul Divers

    “For the compulsive “free market” globalizers, led by The New York Times’ Thomas L. Friedman, the certainty of their economic science was not falsifiable no matter how often it failed. Any of neoliberalism’s corporate-led globalization fiascos could be blamed on corrupt governments or crony capitalism or cultural barriers or not having the right version of market fundamentalism or not having enough capitalism or, or…or something.”

    Marketing a Myth: the Selling of Neoliberalism

    http://parklandinstitute.ca/post/story/marketing_a_myth_the_selling_of_neoliberalism

    • Truth is we do not have capitalism , Paul. We have crony corporatism. AKA pure fascism.
      There is no such thing as a free market operating today so please do not blame free markets for the problems.
      We have controls, manipulation, unenforced rules and regulations, lack of moral structure and a creed of might is right, And I have the right to take what I want, and devil take the hindmost.

      Corruption rules, not free market enterprise, in the financial markets and corporate enterprises.

      • Paul Divers

        I suspect you are correct Tony

      • bonbon

        There never existed that will’o the wisp “free trade”. It’s auld Adam Smith’s looney mantra for the plebs.

        Stuck in a record track.

        Corruption is after all the key that icon Hayek praised – the Grumbling Hive, Private Vice. It is very strange to hear the Austrian kindergarten sounding off – on such thin ice.

        • Free trade existed between people for centuries, thousands of years. They also used gold and silver as money.
          Reliable, fungible, immutable, divisible, a storage of wealth and a medium of exchange.
          Without it we would still be bartering.
          I doubt if I would barter with you has you offer me nothing of value that I desire or need.
          If I had money I certainly would not part with it for the same reasons.
          So as far as you are concerned I do not care if I have money or not. You are worthless.

  31. whatamess

    http://www.irishtimes.com/business/economy/world/income-disparity-tops-the-agenda-at-davos-1.1663348

    “Mr Kenny will meet US treasury secretary Jacob Lew as well as business leaders such as Facebook chief operating officer Sheryl Sandberg and Citi Group European chief executive James Cowles.”

    and

    ..”Kenny joining European Commission president José Manuel Barroso and Swedish prime minister Fredrick Reinfeldt to discuss how to close Europe’s “competitiveness gap.”

    But “you gotta be a wolf to catch a wolf!!!”

    The muinteoir will be Devoured ,as he goes ‘cap in hand’!!

    • Ryu Hayabusa

      He’s just there to provide some comic relief…

      Like in the king’s courts of old, “wheel out yon court jester for some mirth& merriment.”

      http://www.youtube.com/watch?v=wohtuqCv5A8

      A punch drunk moron wheeling around with his hands clasped in Mother Theresa mode and flashing that ‘smile’ …pressing the flesh and perhaps being tickled under the chin by some other wannabe despot. Oh to be belittled is such joy!

      Splurting out inane, pithy soundbites, “best little country in the world to do business,, irish people wint madd borroween.. blah blah, etc etc..”

      A white flag should be starched to the neck of his shirt!

        • Ryu Hayabusa

          hahaha If you could do a mash of that pic and the one from his yonder years you threw up where he looked like Mr Straker from Salem’s lot… that’d be Friday the 13th material!

          Poor ol’ Mata is going to have to bear an unreasonable load on his shoulders if he makes his proposed entrance!

          Behold the unveiling of Moyesie!

          http://www.youtube.com/watch?v=OHyL205enFE

          “Throw away your cross, face The Master!”

          • I had a long conversation with a Chelsea fan today on Twitter and we both agreed that Mata is stark raving mad to be joining Utd.

            He’s started 11 league matches this season – started mind you, not just come on as a sub. That’s half the matches in this age of squad rotation. He’s playing in a good, young team with a great coach.

            Chelsea fans moan that he should be in the team ahead of one of Oscar, Willian or Hazard but any one of them could get seriously injured tomorrow and he’d be back in.

            Mourinho said he wants to keep him, he can’t force him out anyway as the guy has a contract. Plus if he doesn’t play all the matches this season but keeps his place in the Spanish squad (highly likely) he’ll be fresher when the World Cup comes around having played 30 or 40 matches as opposed to the 60+ they usually play and would probably have more of an impact in the tournament in Brazil.

            Witness the impact Rossi and the Brazilian Ronaldo had on tournament after being out for most of the season prior to the tournaments they dominated. I personally think Messi is happy this season to step back a bit for Barcelona so he can play well with Argentina in Brazil.

            Another thing, can you imagine playing under Mourinho and then having to go and play under Moyes, what a disaster!

            Mata is a young boy and is going to regret this decision but in the immortal words of ‘Arry – “his head’s been turned”!

            Lunacy.

      • Ryu Hayabusa

        “and i found out soon, that to be a buffoon was a serious thing, as a rule…” ….”and a jester unemployed is nobody’s fool.”

  32. whatamess

    The Thorium Evolution and Revolution

    This short page dispels some myths:

    “The dangers of uranium – widely publicized in the wake of the Fukushima disaster – often lead analysts and others to consider thorium more seriously. As thorium is not fissile on its own, reactions could be stopped in case of emergency, according to Forbes. The publication suggests thorium could allow countries like Iran and North Korea to benefit from nuclear power without causing concern that they are secretly developing nuclear weapons, as well.”

    http://uraniuminvestingnews.com/17236/thorium-an-alternative-for-nuclear-energy.html

  33. Paul Divers

    “In 1975, the Government faced a dilemma: how to exploit the potential of its new oil fields without fuelling demands for Scottish independence. So it buried the evidence”

    “An independent Scotland’s budget surpluses as a result of the oil boom, wrote Professor McCrone, would be so large as to be “embarrassing”.

    How black gold was hijacked: North sea oil and the betrayal of Scotland

    http://www.independent.co.uk/news/uk/this-britain/how-black-gold-was-hijacked-north-sea-oil-and-the-betrayal-of-scotland-518697.html

    “There is No Alternative” – Debunking the Greatest Myth of Thatcherism

    http://www.scriptonitedaily.com/2013/04/12/there-is-no-alternative-debunking-the-greatest-myth-of-thatcherism/

  34. bonbon

    Anyone else notice that the login account was cleared? Maybe something to do with the massive data theft yesterday?

    • whatamess

      yea i noticed that too,but took ‘plenty of no notice’ ….

      and your black graph is blank ,as is Andrew G’s communion photo

      didn’t hear about the data theft tho?

    • bonbon

      That is the most disgusting cynical uttering from Burton I have ever heard. Those Ph.D’s had better get on the problem – and study up fast on Glass-Steagall. After all Ph.D’s have no excuse whatsoever.

      Yet FDR’s Glass-Steagall anyone can understand – no Ph.D needed. That’s the charming truthful simplicity of it.
      Restore Glass-Steagall

      “JobBridge is a scheme based on slave labour and the exploitation of the unemployed and should be scrapped.”

      Either we get Glass-Steagall and Hamiltonian Credit Systems through, or it is indeed the road to the Serfdom of Hayek, slave-labor camps and extermination.

  35. They can talk about whatever they want at Davos but he who has the gold makes the rules.

    *Dave from Denver…

    Wednesday, January 22, 2014

    The Golden Rule

    “He who has the gold makes the rules”

    Please note: the “Golden Rule” refers to actual physical gold in one’s possession and not futures contracts, GLD shares or even the gold that you have “invested” in via products marketed to wealthy bank clients that claim to have the gold sitting bank vaults (please see this: ABN Amro halts gold delivery and this: Rabobank halts gold delivery).

    Based on several inquiries in response to the article I co-authored with Dr. Paul Craig Roberts – LINK – I wanted to clarify a couple points.

    It is of critical importance to distinguish between paper gold and physical gold. The majority of gold commentary generically references the trading of gold, without differentiating between “paper gold” – Comex gold futures and other paper-derived products like GLD or bank investment accounts marketed to wealthy clients – and actual physical bars. The difference is crucial because paper gold contracts can be printed in unlimited quantities and dumped on the market. But the seller of real gold takes the risk that his buyer on the other side might demand delivery of the physical gold. If the seller of a futures contract or a bank investment product like the ones marketed by JP Morgan et al is selling security interest in gold that is not really in the vault, the buyer of that product does not own gold. He does not get to make any rules.

    The issue is that historically big buyers of physical gold would leave their gold in bank and Central Bank vaults rather than paying the cost of taking delivery in their own possession for safekeeping (cost of transporation + insurance). But China as well as other big buyers now require all purchases to be delivered to their own safekeeping because they no longer trust the western banks and Central Banks. The Fed and its banks have been leasing and borrowing gold from all the vaults in the west in order to have enough gold to deliver to the Asian/Indian buyers. This has kept the price down in order to support the U.S dollar and the euro. The ratio of paper gold products to actual physical gold is at least 90-100:1. At least.

    But this gold Ponzi scheme is coming to an end and all signs indicate that the Fed, BOE and ECB are out of physical gold other than some gold in the GLD Trust and scrap remnants sitting at the back of bank vaults that has to be melted and recast in order to deliver to Asia. We know for a fact that the scant 5 tonnes of gold shipped from the NY Fed vault to the German Bundesbank had to melted and recast. And now Germany is left holding 5 tonnes of the 1500 tonnes it gave to the U.S. after WWII for safekeeping.

    The bottom line is that the Fed does not have Germany’s gold and there will eventually be consequences. This is how sacred the German public considers gold: Imagine that Germany came to this country, took over all the Starbucks, shopping malls and reality tv production studios. Next imagine that they shut them all down and forbid any access to them at all. None. Imagine the response of the U.S. public. That is what is starting to foment in Germany over the missing gold issue.

    As I mentioned in the article linked above, Venezuela was able repatriate 160 tonnes of gold in four months. Why is it going to take the U.S. 7 years to ship back 300 tonnes to Germany when it would require just two trans-Atlantic cargo shipments via air? The cost of shipping and insurance is miniscule compared to the value of 300 tonnes. It’s because the gold is not there. It’s gone. No public official is willing to state the obvious and mostly oblivious Americans have no clue it’s even an issue.

    But it is an issue and the severity of that issue will grow with time. Already German politicians are preparing legislation that will demand the repatriation of ALL of Germany’s gold from the U.S. and France. That will be fun to watch our Government if the legislation passes.

    But the bottom line is that the U.S. gold being held by the Fed – all of it – is gone. And soon the U.S. will not be making any rules in the global geopolitical arena.

    • bonbon

      The 85 want to make the rules. They already have 50% of the entire planet’s wealth. 85 people of property. Life, liberty and property, anyone?

      • Ryu Hayabusa

        Cheer up.
        Enda and Burras-o are sharing a debate platform tomorrow, should be superly scintillating!!

        The Maoist//Fascist boot boy and Inda the ‘suave’ “i might try being a socialist for a minute like Bertie!” pathetic, grovelling, spineless time server.

        What a pair of w*****s!!!

      • That is what happens when you let the bankers have the monopoly of the production of money as they have.
        They put everyone in debt simply by issuing the money and cream off the productive process for themselves from the physical economy.

        Get rid of the central banking system and use peoples money from treasury. No credit needed. Repeal the legal tender laws and monetise bullion for the people have a right to choose what they want to use as money.

  36. 160K people will pay through the nose to see #GarthBrooks at #CrokePark in July. Just proves there’s 438 plonkers born every day in Ireland.

    • Look at these f**kwits – you couldn’t make it up:

      ‘We’ll plan a Garth Brooks themed wedding to keep our guests’

      http://www.independent.ie/entertainment/music/well-plan-a-garth-brooks-themed-wedding-to-keep-our-guests-29940107.html

      • Paul Divers

        A lot of comments beneath the ‘article’.
        Talk about airing your washing in public.

      • Ryu Hayabusa

        haha they’re doing interviews where he’s going “Ireland is a magical place, people are most welcoming in the world”…
        Little girl says “Welcome Home” Pu-leeeasse,
        He’s just here for the Spon-doo-lucks.

        Wouldn’t be my cup of tea either!
        Throw that spanner Damian Dempsey on the undercard for good measure. :@

        • HAHA yeah the useless Damien Dempsey – awful, awful stuff.

          Brooks has more talent I would say (not that I know any of his songs – have never even heard one) but at this stage he’s probably on the ‘pension scheme tour’ as I call them.

          They all do that and the lumpen proletariat suckers gladly pay for their hefty retirement fund.

          It’s disposable income too – it’s not like it’s tax that you can’t get out of, haha. Dopes.

          • PS. if anyone needs any tickets when it gets sold out then let me know – I’ll gladly part a fool and his money. That goes for any concert on in Ireland. I can get anything.

          • Adam, Rya: attending the shows is not compulsory! My Dad used to love Country & Irish/Western. What’s with the snobbery? Kilkenomics/Garth Brooks/Damien Dempsey: on one level it’s all Bread’n'Circus stuff, but for lots of people a simple song or a few jokes can really lighten the load. Lighten up!

          • Kilkenomics is cheap and intimate.

            Totally different than paying hundreds of Euros to stand in a field with 80,000 screaming, drunken twats.

            I’m sure Garth Brooks sounds great on the iPod at home.

            Damien Dempsey sounds shite no matter where you listen to him but that’s another story.

            But hey, if people want to go to Croke Park to see Garth then be my guest. My margins are good on it.

            Cheers Andy.

          • paddythepig

            ‘patience’ by Damien Dempsey is a cracking track, check it out.

          • Wojous and disgraceful.

            Riding on the coattails is right.

            How could you look at yourself in the mirror every morning making a living like that?

            If his music was good I would admit it but fucking awful stuff.

            And they talk about ‘derivatives’ on this blog.

            See the New Model Army link I posted from 86 for originality.

    • bonbon

      Imagine how much Roman “citizens” paid for the Friday Circus? And the cheer?

      Return of he Roman Empire anyone? Basically what the Hapsburg is chortling about with his Pan Europe “by other means”, is’nt it?

      We need the New World idea, FDR’s Glass-Steagall to break up this circus.

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