February 4, 2016

Why the next government, whoever that is, is on a collision course with a very new, different and extremely fragile EU

Posted in Irish Independent · 130 comments ·

In global economics and finance there is a phenomenon called a “super cycle”. This is a large structural shift in the world economy that can go on for a long time. Unlike normal business cycles, which last approximately seven or eight years, super cycles can last decades. A good example of these super cycles is what is happening in world markets right now.

The emergence of China in the 1990s as an economic powerhouse is one super cycle because it is a one-off event that prompted a shift in global production from West to East. China’s ferocious demand for raw materials drove up the prices of commodities all over the world, enriching countries like Russia, Brazil and Chile that supply raw material to China.

This super cycle has now come to an end and the collapse in commodity prices from oil to copper is the result of the end of the super cycle, which has been signaled by China’s economy – eventually after 35 years of growth – slowing down. It’s not likely that the world will experience such a huge shift again for another generation.

In politics there are also super cycles. These are once-in-a-generation events that dictate the pace and direction of politics and policy. We are at the end of two major super cycles right now and our new government, whoever that is, will have to deal with the fallout that will have huge consequences for Ireland.

The first super cycle is the ending of the last 30 years of EU expansion and integration. This project is now fraying at the seams. As the EU comes under threat both from the migrant crisis and Brexit, the natural reaction of the Eurocrats will be to lurch for deeper integration. They always do this.

This reaction will involve more pooling of sovereignty and this means that the ongoing battle between Brussels and Apple over Ireland’s tax policies is likely to become a red line issue for the next government. These moves will bring an end to the other 25-year, super cycle whereby Ireland managed to hold onto its corporate tax polices in the face of further European integration. This is ending now.

During the course of the next Dáil, the relationship between Ireland and Europe is likely to change profoundly from a geo-political and a financial perspective.

Let’s examine first the European political super cycle, which began in 1989 and is now ending. Starting with the fall of the Berlin Wall in 1989, the EU has been in expansion mode. In 1990, we had German unification, followed by the single market in 1992, the EU’s drive to the East in the mid- to late-1990s, the accession of the central European states, the adoption of the euro and, ultimately, the Schengen Agreement allowing for the free movement of people within the EU’s borders.

This super cycle began to fracture in 2008/9 following the collapse of the peripheral banking system, austerity, bailouts and the euro crisis.

By pitting creditor nations against debtor nations, the euro crisis left the EU in the bizarre situation where preserving the euro came at the cost of weakening the EU itself. Remember, the euro was supposed to strengthen the EU.

Successive financial calamities have undermined the unity of the EU. However, these were nothing compared to the combination of the migrant crisis in 2015 and a Brexit vote in 2016.

Germany is at loggerheads with its – up until now – staunch allies in central Europe over the migrant issue. Poland, Hungary and Slovakia are in open revolt against Berlin. Germany wants the rest of the EU countries to take a proportional share of new migrants.

The central Europeans have refused. They see the migrants as a problem that Germany has brought upon itself by opening its borders.

Meanwhile, Brussels is hectoring Greece, a devastated country, on the frontline of the migrant crisis, to process migrants properly. Greece is saying it doesn’t have the resources because it is in a severe EU bailout programme.

The EU has responded by threatening to remove Greece from Schengen. At the same time, Poland is threatening to close its border to migrants, thus tearing up Schengen.

Over in Copenhagen, the government has introduced a “jewellery tax” for migrants who want to come to Denmark. This is a tax on migrants’ valuables in order to cover the costs of their potential deportation if they do not qualify as proper refugees.

The Danes are worried that as the transit nation between Germany and Sweden, Denmark will become a holding centre for migrants – going both north and those who have been kicked out of Sweden, returning south.

On top of all this chaos, the possibility of Brexit seems like small beer.

But yesterday the EU published the bones of an agreement in an attempt to keep the UK in the EU. It contains an understanding that the UK will not have to pay social welfare benefits to East European migrants for the first four years after they arrive in Britain.

This is not going down well in the capital cities east of the Elbe. Unfortunately for the EU, it has to get 28 member states to agree on the UK’s special status. This won’t be easy and already the Eurosceptics in London are suggesting that the special deal between the UK and the EU is a cop-out.

The EU without Britain is a much more integrated, continental EU. Ireland will lose its major economic ally and any new continental EU won’t tolerate one member state going all Anglo/American with low corporation taxes.

If you want to see what the future looks like, examine what is happening at the moment between the EU and Apple. From an Irish perspective you couldn’t make this story up. The EU wants Apple to pay the Ireland exchequer more money and Ireland is actively arguing against this! We – a county with a budget deficit – want Apple to pay us less, not more, money. Is this a first?

The stakes are huge. If the EU ruling goes against Apple, our government could be “forced” to collect between about $8bn and $19bn. Yes you read right: “forced” to collect!

The EU is saying that preferential tax deals are illegal state aids, which give the company an unfair advantage over their rivals.

Apple is worried. Why else would Apple’s CEO Tim Cook make a dash to Brussels two weeks ago? The EU wants multinationals to undertake “country-by-country reporting” where they’d have to make public their revenues, profits and taxes paid in each country where they operate.

This wouldn’t be good news for us at all because obviously our domestic market is tiny in comparison to the declared profits of multinationals operating here.

It’s not hard to see the world we know changing in front of us. The choices before the new government are stark, the issues are complex and the solutions not obvious.

However, one thing is clear: putting our heads in the sand in the hope of carrying on as before is not an option.

  1. Deco

    The new government will be a coalition of the previous two governments.

    Kenny is holding the election in a short camapign in a hope that the various disaffected elements like Anti-Water levy protestors don’t get organized.

    This government has wasted 5 years to clean up the inefficient, underperforming mess that is the institutional state. It now worse than even under Ahern – and that is a serious indictment.

    Don’t expect any of the various alternatives to do anything either. Gerry Adams wants to throw even more money at the institutional incompetence that produced soft touch regulation, FAS junkets, HSE overspends, Rehab director bonuses, etc.. Slab Murphy might even get to be a quango director.

    And Paul Murphy’s career socialism is an even bigger joke. Bear in mind that Murphy was an MEP who did zero for Dublin in the EP. Even more useless than your average hereditary politician. Interestingly enough, he inherited the MEP seat. Those that get it easy seem to be useless.

    We have many options. But none of them have any ability. If they had any ability, it is likely that the vested interests would be extremely annoyed. And the broad swathe of the voters know it.

    Kenny’s quick campaign is a ploy to minimize the level of debate and discussion, and instead let the media deliver a pro-government result.

    No debate please, this is how politics operates in the EU’s imperial construct. You will all take instructions.

    The sensible option would be to follow the Brits out of the EU. We followed them in. It is nothing to do with being at the heart of Europe.

    It has everything to do with the unaccountable centralization of power, the silent pandering to vested interests (as exhibited by the bullying of the ECB and the EU commission), and the sheer incompetence that is coming from Brussels (and more recently Berlin). In fact even the Germans are fed up with the incompetence of the government in Berlin now.

    In light of the last line of the article, the matra of “extend and pretend” has been in motion for two deaces in Brussels, and the in the entire “more Europe, more Empire” mindset. It is complete BS.

    We fought to get out of one imperial construct 100 years ago, because the price of membership was too much.

    The price of membership of the current empire is also excessive.

    Free trade is fine. But taking orders from an imperial power centre, and shoving it down people’s throats (like Redmond did in 1914, and and like Kenny does now) is excessive.

    We can have free trade, without needing the Empire building racket.

  2. Deco

    From an Irish perspective you couldn’t make this story up. The EU wants Apple to pay the Ireland exchequer more money and Ireland is actively arguing against this! We – a county with a budget deficit – want Apple to pay us less, not more, money. Is this a first?

    The Good Room syndrome again.

    I often wonder if the Irish political parties are in the pay of US mncs.

    Think about the way they behave, the choices they make, the side that they often take.

  3. Mike Lucey

    I read an article today that suggested should Apple be ‘forced’ to pay up it would backfire somehow with tax credits in the US and end up costing the US big time. I’ll try and find the link and post same.

    I can’t see how the EU argument regarding ‘state aid’ holds water. All Irish limited companies have the same tax rate of 12.5%.

    Then again if we are to be ‘forced’ to collect $8bn or better still $19bn from Apple and we used this windfall to develop a sustainable world class fisheries industry which gave employment to upwards of 200,000 workers that would not be such a bad thing.



    • Deco

      You have the right idea with what to do with the money.

      The problem is that you are not in power.

      The money will be squandered in adventures to make sure that hereditary politicians remain in their family seats.

      There are deep moral issues with respect to power, wealth and political office, at play here.

      Deep down they don’t want people becomming too clear minded, or sufficiently indepndent that they will not be looking for grants/welfare for votes.

      I am talking in reference to both the Irish institutional state, and it’s big brother in Brussels.

  4. Deco

    “The price of greatness, is responsibility” Churchill.

    David is asking Ireland’s politicians to be responsible.

    That is expecting too much. Really.

    Our leadership is predisposed to taking orders. In the realms of thinking and debate, we are not sovereign or independent. In the past three decades, we have become even less so, as the hope that we might be, as been quenched by EU grants and political party machines that can be bought, cheaply.

    Gombeenism is the accepted political ideology in Ireland, at this point of time.

    The post boxes were red, and then they got repainted green. At this point in time they may as well be repainted blue.

  5. mishco

    If Brexit did occur, the UK may well be tempted to bring in their own package to attract the multinationals. I fancy one or two might up sticks and cross over, especially if our lot bow to Brussels.

    • Deco

      Imagine that – our lot might have to grow testicles.

      A far more likely outcome is that they will patronize us, and lambast the Brits for not having Stockholm syndrome, as if it were some sort of character flaw to stand up for oneself.

  6. Deco

    By the way, China’s heavy infrastructure build is almost complete.

    China has debts, and massive scale infrastructure. Some of this is very impressive. And extremely efficient. Particularly in respect of metros, trains, airports, ports etc.. The efficiency gains are considerable. We in Ireland have failed to sort out the public transport mess in Dublin. And Galway is a case of mismanagement with relatively little traffic.

    The next phase in China’s development will be different.

    Is the world prepared for that ?

    Think about what graduates from Western universities are going to face in the coming years, as competition. All that student debt, and political systems that are rotten with nepotism, cronyism and sheer stupidity.

    I reckon China will get itself in order. Meanwhile, Ireland’s HSE spends a fortune and exists in a serial quangmire. China is not the problem.

    The institutional state here (and in the EU) is the real enemy of achievement.

  7. barrym

    Well done David, we may well live in interesting times.

    Two small items

    1. The Danes take “valuable” items, including property value, from welfare recipients, not just refugees.

    2. Cook dropped in to Brussels on his way to backslapping in Davos.

  8. michaelcoughlan


    Talking about super cycles David and no mention of out of control money printing and debt creation since Nixon took the US off the gold standard. It’s like sitting on the deck of the Titanic and saying to the person beside you you fear that the biggest threat to you from H2O in its solid form are the ice cubes in your Martini causing your indigestion.

    Back in the real world look what realists think about Deutsch bank and its 75 TRILLION DERIVATIVES EXPOSURE EQUALING 20 TIMES THE SIZE OF THE GERMAN ECONOMY!


    Look what the market thinks David of DB shares a near 90% collapse since 2008 from 140 to 16 approx US Dollars;


    We in Ireland can hold the Euro until it explodes but one part to our solution is I suggest the following;

    The credit unions are now mostly lending on a fully reserved basis but hold their savings in banks.
    Mandate that they are only legally allowed to lend on a fully reserved basis and that all their members savings are held in a vault separate to the banking system in CASH a new Irish currency only spendable in Ireland. If the Euro fails role out the Irish currency as an international one. Tell the bond holders in the banks to fuck off and let the banks fail just like Iceland.

    If the Brits exit and sterling falls against the Euro we will suffer again. Don’t you and O’Brien, McCarthy and Gurdedve not think its time to sound the klaxons on this out of control nuclear financial bomb ticking away?

    • Deco

      Derivatives are a lunacy in the realm of banking.

      Iceland was correct. The Eurozone is smaller than that Derivatives exposure level. I still reckon we are likely to see “more Europe” rather than “less derivatives”.

      Apart from anything else the financial sector owns the EU’s policy making.

      I would opt out of including Dan O’Brien in the same sentence as Constantin Gurdgiev. One comes across as being fully paid up. The other speaks fluent Russian.

    • cooldude

      Michael the credit unions become unsecured creditors like everyone else as soon as they lodge money in a bank. This means that under the now fully legal “bail in” legislation they would be way down the line for payout in the event of a bank going rupt. What they will get eventually is around 50% back and a load of useless equity in the new “restructured bank”. I know this is pure fraud but these are the real facts. The only safe place for savings is outside the banking system entirely. Bitcoin, gold and silver are some of the ways you can do this.

      It’s up to you but all three are now rising and seem to be entering new bull markets as the NIRP currencies are printed into oblivion. Here is an interesting article on our wonderful banking system. As for derivatives they should have been banned years ago.


      • michaelcoughlan

        Thanks for this cooldude. If you see in my post above you will see that i suggested that the credit unions hold their reserves entirely in cash in a vault completely separate to the banking system.

        • cooldude

          I reread it and understand what you mean. Zero chance of it happening though.

          I am investing in some small gold and silver producers at the moment who are starting to move. Email me at npadraic@gmail.com if you want to exchange ideas. A man has to live you know and this class look set for a major move.

          • michaelcoughlan

            Thanks for that. I am genuinely terrified that Deutsch Bank will blow up and what the consequences are.

  9. Con Burke

    “Ireland will lose its major economic ally and any new continental EU won’t tolerate one member state going all Anglo/American with low corporation taxes.”
    Would it not be in our interests to stick with our Anglo-American big brothers?
    i.e. Eire-Brexit

  10. Pat Flannery

    I think David is looking for a problem that does not exist. Politics aside the Irish have positioned themselves well in the competition for international capital. They have attracted a disproportionate amount of foreign direct investment (FDI) especially from America. Americans admire this small little island economy that holds its own in the battle between economic giants.

    What exactly is David suggesting? I didn’t get any clear policy suggestion for the next government. Here is what I wrote in an American publication recently, which brought a good deal of agreement from American readers. It may be relevant in David’s column:

    “From an Irish perspective these companies are American companies, end of story. They are fully enabled by American institutions, capitalized by American investors, through Wall Street, with their profits accruing to American shareholders. They should therefore be taxed by the American Government that gave them existence.

    The whole world is competing for American capital. Ireland is more successful than most. That achievement is the basis of our current economic success. How America deals with this outflow of its capital and how American external profits are taxed is a matter for Americans.

    We all live in a global capitalist system. The problem is how free capital can be taxed. There is a great reluctance in America to tax capital, before or after it leaves your shores, or how external profits accruing to that capital can be taxed. I don’t think pushing that responsibility onto host countries like Ireland can work.

    We in Ireland feel that our job is done when we attract that capital. We then provide the other two agents of production, land and labor. American companies employ an enormous number of our population who pay heavy domestic taxes on everything they do. We do not even need to tax the corporate profits to benefit from the inflow of American capital.

    It really is a systemic issue i.e. if host jurisdictions should tax mobile capital. In my opinion it will never happen. Perhaps we should be thinking about an international taxing authority. Now wouldn’t that be an interesting topic for the United Nations! I’m afraid that too will never happen. Corporate money is more powerful than all the governments of the world combined. Now what do we do?”

    What do we do indeed! I think David needs to take a broader view of this dilemma.

    • michaelcoughlan

      “Politics aside the Irish have positioned themselves well in the competition for international capital.”

      Sounds like the contortions (and is a good analogy for) a porn queen must exhibit to increase her share of “capital” from providing her “service” to paying customers and that of the Irish politicans.


  11. Deco

    Another issue for the next government, will be the deflating Nasdaq bubble.

    The Baltic Dry Index is screaming at us telling us that recession is starting. Shipments of trade in products has stalled.

    South Korean exports have contracted, a sign that demand for electronics, mobile phones, and cars has contracted sharply since December.

    For this government it is a case of get the election done before the economy comes to a halt, and they get found out as being failed to fix the moribound institutional state complex that has grwon out of control.

  12. Original-Ed

    Scary stuff ! without the multi-nationals we be as poor as Romania.
    Apart from Agri-business , we wouldn’t have much going for us.

  13. survivalist

    I suspect that adjusting the nominal rate of the corporate tax rate, if it happens, is nothing more than a sop to appease or assuage a ‘concern’ that has some attention -at best. I cannot see that there has been any major political development that is not a progression for business interest in recent years. The only question which remains is the degree to which nations and political institutions are now subsidiaries of corporations.

    ‘Concern’ in the sense that corporations’ have an apparent inability to find ways to pay tax has come under the spotlight-make of that what you will. What the relevance or purpose of taxation is in our current economic systems is another question.

    Oxfam’s recently released report (an economy for the 1%) is an example of that attention on corporate tax as in Australia where there is presently a senate enquiry into how corporations seem to be unable to pay their tax-despite their much vaunted ‘social responsibility’. Incidentally the ‘terms of reference’ of that enquiry basically render it effete.

    To the best of my knowledge the Australian corp. tax rate is 30% and it seems to make little if any difference to Irelands 12.5% as it is the usual suspects being asked to present submissions-Apple, Goolge, Microsoft etc. It is also the usual suspects voicing their indignation and appealing for justice – individuals or groups of citizens, unions and religious organisations.

    The massive US corporations are so much a part of the USA state structure and operation that it is practically impossible to separate them-and so too in this instance, so I am curious to know what is actually underway?

  14. [...] full article at source: http://www.davidmcwilliams.ie/2016/02/04/why-the-next-government-whoever-that-is-is-on-a-collision-c… [...]

  15. Off-topic but interesting short read:

    “The Evolution of Everything by Matt Ridley review – the rightwing libertarian gets it wrong”


  16. CorkPlasticPaddy

    Good article, David, and I have to agree with most of what you stated in it. Some of people who commented so far in regard to what’s happening in the EU as a whole and with the Euro as well I happen to agree with.
    Going back to when we had the introduction of the single market back in 1992 that was a great idea and then with the introduction of the single currency that was a good idea as well, up to a point. As far as I’m concerned everything went ‘tit’s up’when the EU came into being. Once that occurred that’s where everything started to go wrong and the blame for that I put down to the faceless bureaucrats in Brussels. More and more bureaucracy has come into play down through the years that now I’ve come around to the way of thinking that the Brits and ourselves should leave the EU and that we as David has been suggesting for a time should also abandon the Euro and go back to we having our own currency. As I mentioned previously both of the options we took up were good ideas at the start, but now look at the state of affairs that we along with most of Europe happen to find ourselves in and that’s all down to the fact that everything that’s happened up to now is a direct result of everything moving to far and to fast. And the reason for that is down to the ‘dickheads’ in Brussels along with the governments in all of the countries of the EU playing ‘ducks and drakes’.
    If the UK electorate decide to leave the EU then so should we and then we should form our own economic club with the USA and the UK and tell the rest of the EU, thanks, but no thanks.

    • Pat Flannery

      And what makes you think the USA would want to join your “own economic club with the USA and the UK”? Maybe if Donald Trump becomes President. Like you he hates all “wogs”. In an infamous Trump-like phrase I remember from my London days: “wogs begin at Calais”. Maybe a better phrase would be: “turn back your clocks 100 years when you land at Dover”.

      • Con Burke

        1. Donald Trump isn’t going to become president.

        2. “And what makes you think the USA would want to join your “own economic club with the USA and the UK””
        The exact same reasons they already invest so heavily here.

        • Pat Flannery

          It wouldn’t have anything to do with the fact that we belong to a club called the EU?

          • Con Burke

            Of course. That’s part of the reason. But does this override the fact that:

            1. We are in Europe;
            2. We speak English;
            3. We have a highly educated work-force;
            4. We have a low Effective rate of Corporation tax;
            5. We are the most physically accessible location in Europe, for people travelling from the U.S.
            6. We can work on their time-zone.
            6. They are already invested here;
            7. They love the Irish.
            8. Conor McGregor
            9. Guinness

          • Pat Flannery

            We will if they choose to leave the EU and it will be them not us that will be building a wall. If they choose to crawl back into their island cave we don’t have to crawl in there with them.

            So I agree, forget history, they don’t own us anymore.

          • Deco

            Con Burke,

            Concerning the “guinness” brainwashing that occurs with growing up in Ireland.

            The marketing behind Guinness is all pervasive, heavy and deep pcoketed. But the product is over-rated.

            Other countries make better beer.

          • cooldude

            Guinness is the best.

          • mishco


        • Pat Flannery

          I hope Britain actually does leave the EU. It would present an enormous opportunity for Ireland. Dublin would replace London as the American-European hub. In many respects it already has.

          The technology of the Fourth Industrial Revolution favors Ireland. Fiber optic cable and the jet engine are the new coal and steam.

          If you like to look backwards to a “Downton Abbey” past, go visit Britain. If you look forwards to the wonders of the technological age, come to Ireland. Americans sense that.

          Americans remember the very different roles played by the British and the Irish in the formation of America. The British were a regressive force while the Irish were a progressive force.

          You get a very different view of Ireland from America than you do from London. I prefer the American view. If the Brits exit the EU the view of Ireland from America will replace the stifling view from London that still afflicts many Irish. To paraphrase a 1916 phrase, Britain’s exit will be Ireland’s opportunity.

          • Con Burke

            We don’t need to choose one of the other. Forget history. Britain is our closest ally, both economically and politically. And we should not build walls with them, but bridges.

          • Deco

            If you like to look backwards to a “Downton Abbey” past, go visit Britain

            No. Just get a job in one of those bailed out Irish banks that continue to promote people based on anything but merit.

            I don’t watch Downtown Abbey. I seen too much of it in this country, to want to steer clear of it.

            DART line Dublin is still obsessed with class. Limerick also. Parts of rural Munster also. It seems to be less of an issue in the central plain, for some strange reasons. Maybe the flat terrain.

            It is also the dominant factor in society in NI after religion.

            Many Irish people of humble backgrounds went to England to get away from the class and status obsession that exists in Dublin.

            Some still do.

            Not a word of comment about it in Irish public discussion.

  17. goldbug

    “Germany is at loggerheads with its – up until now – staunch allies in central Europe over the migrant issue.”


  18. michaelcoughlan

    @tony brogan.

    Gold miner shares breaking out to the upside tony. Could be the big one?


  19. Deco


    Scottish investment guru parses China’s current debt problem.

    And he reclons China has the potential to unravel everything on the rest of us. Particular considering that it’s debts are in Yuan, and it’s assets are either in US Treasuries, or else hard assets like mines, and hydrocarbons.

    Will China devalue ?

    It’s main asset (that labour force that achieves the impossible in terms of hours worked) might get cheaper.

    Of course the Chinese standard of living will nosedive. Can China handle that shock internally ?

  20. Good day Michael

    I watched Hugo’s latest and he is correct and I agree we are on the way. Started months ago as I indicated many times and really is a continuation of the 2008 bust.

    The major problem for the world, Chinese, Indian, European, Asian, or American is DEBT SATURATION.

    This is a real super cycle that gets no mention. It is the real killer. discussing tax rates or trade partners is a side issue about to be overwhelmed by the DEBT. In Ireland’s case it already doubled the national debt but of course that is no longer an issue!!

    The debt is not a super cycle although some would have you believe so. It is deliberate policy of the central bank fraternity. All money as coin is issued as debt. It is issued at interest and even if at negative interest( so called free money) it still must be repaid.

    If the money system is expanded in order to (so they say) stimulate trade then is is either absolute stupidity or deliberate policy designed to in-debt the user. Currently that is the whole world regardless of which currency is used.

    The current money system in-debt us all on the way to economic slavery. Where is the debate on that David. I quote, ” However, one thing is clear: putting our heads in the sand in the hope of carrying on as before is not an option.”

    Actions speak louder than words David. On the issue of debt and the money system you are silent. You either disagree, do not want to comment, or are afraid to comment. Whatever, you do us no favours by remaining silent. It is no use sticking you head in the sand box hoping this topic will pass by because it is coming to eat you alive. It is, the debt that is, causing the great bear market, the greatest depression and will be a real super cycle if you insist.

    By the time Mr. Bear has finished with you there will not be a scrap of flesh on your bones and your reputation as a forward thinking economist will equally be in tatters.

    Until a people, country, regain control of the money they use for a medium of exchange they have abandoned sovereignty. They have no control over there own affairs. That is why countries want to own the reserve currency as they can then dominate world trade.

    That is why the world needs a currency owned by no one. A free un-manipulated currency that impartially acts as a medium of exchange and a storage of wealth. A currency easily divisible. A currency accepted wherever it is presented, that is fungible. A currency impossible to counterfeit or duplicate. A currency that is easily transportable because of a high value for low weight. A currency that is usable by technically proficient or ignorant. A currency that does not rot, rust, dissolve or evaporate (on or off a computer).

    There is only one currency that stands this inspection for the purpose of world trade and one that acts as well for day to day trade. You only have two guesses!!

    As this world economic collapse progresses and takes place there will have to be a grand reset of financial conditions. Foremost in this will be the acceptance of a new currency. There is only one that does not allow for spending excesses, and the accumulation of debt and leads to freedom. BUT if we continue with the current system the bankers remain in control and the cycle for the next bust will be on the move. The bust following will be the granddaddy that will enslave the world population to economic serfdom for a 1000 years.

    In the meantime, all other debate and chit chat are as leaves blowing in the wind. You freedom is in peril.

  21. “” I will say this, the global financial system will completely seize up and close for trading once gold delivery fails. This will only take 48 hours after a failure, and the ability to procure metal, sell stocks and bonds, or do anything else financial will not be an option.”"

    “Liquidity is drying up and no Ponzi scheme can survive without “new juice”! A very basic and core problem with no solution other than resetting, rebooting and revamping the system itself! We are living a global margin call that cannot be met. The system is clearly broken and you do not need to be a rocket scientist or even have higher than an 8th grade education to understand this. No matter what you look at, it is clear something is very very wrong.”

    ” A financial failure larger than any and all past crashes will end in social unrest all over the world. ”


    Time is long past to take steps to protect yourself. You are now on borrowed time. (Just as this generation borrowed the wealth and productivity of the future without regard, it is oblivious of the consequences)

  22. Authoritarian government wants total control over your money. Next it will be a card with the chip that controls you. Health care, social benefits, bank accounts, pensions. One error or suspicion and all benefits will be suspended.
    You will be on your own in a black market barter system… or dead.

  23. “In other words, the “Great Deformation” of monetary policy David Stockman warned of – which I highlighted in my MUST READ article of 13 months ago, “direst prediction of all” – is coursing through the economy like leukemia through the bloodstream; certain to destroy everything in its path via the most devastating deflationary wave in history. Yielding, of course, the most hyper-inflationary monetary response; and with it, the aforementioned “unspeakable horrors” – politically, economically, and socially. Such as, amidst yesterday’s financial market carnage, the utter implosion of countless currencies to new lows, across the four corners of the globe. Not to mention, Moody’s highest “financial stress” reading in six years; and oil prices, contrary to the hopes and dreams engendered by last week’s lies “rumors” of potential Saudi/Russian production cuts, oil prices again plunged below $30/bbl.”"


  24. “The class of those who have the ability to think their own thoughts is separated by an unbridgeable gulf from the class of those who cannot.” … Ludwig Von Mises

  25. “What hits home for us is that so much of what is occurring in the economic/financial world is finally playing out as articulated for some time by a number of the savants in our camp. They were never really wrong, just early and perceptive … which takes us back to a Big Short comparison. Those groups who saw the economy and financial markets falling apart re the mortgage backed securities fraud were never wrong, just early.”

    Midas du Metropole

  26. http://www.lemetropolecafe.com/Img2016/Midas/2/4/A.png

    Looks like our central bankers. Originally supposed to harbour the wealth of the nation as trusted custodian. Originally separated from the state to protect from political persuasion. Originally supposed to act in the public interest.

    Like the sheep dog, the protector now acts as a predator. At first site there is no difference between a banker and a politician. New brooms sweep clean and we need a good cleaning.

  27. “Last night ABC began its two-part series on the Bernie Madoff fraud. Viewers will be reminded about how investment expert, Harry Markopolos, wrote detailed letters to the SEC for years, raising red flags that Bernie Madoff was running a Ponzi scheme – only to be ignored by the SEC as Madoff fleeced more and more victims out of their life savings.” Posted at lemetropolecafe.com

  28. “This new technology could change mining and make more gold available in more parts of the world than ever before. Gold is still money, regardless of what the banksters or any government tells you. Gold has been money for approximately 4,000+ YEARS. Just because a couple of governments, in the last 100 years have abused their privileges regarding the use of gold, that does not change over four millenniums of history. Just ask China how important gold is to the world. Just ask an Indian or an Iranian about the importance of gold. You will get a much broader picture and better understanding of how gold is necessary to commerce, to the amassing of wealth and the livelihoods of people all around the world. – See more at: http://thedailycoin.org/?p=61462#sthash.T5keKorc.dpuf


  29. The London FIX is really a FIX. Established by Rothschild’s to control the pricing mechanism.


  30. CorkPlasticPaddy

    Did I mention anything about ‘wogs’ or ‘pakis’ or ‘chinks’ in my statement?? No I did not!! You were the one who mentioned ‘wogs’ in your reply not me!!

    The Brits maybe very insular in their outlook, but whatever you may say and think about them they’re still a sovereign nation within the EU for however that may last. Not like us who seem to have given up our sovereignty for a ‘mess of potage’!!

  31. http://www.telegraph.co.uk/finance/economics/12141369/Dollar-tumbles-as-Fed-rescues-China-in-the-nick-of-time.html

    Competitive devaluation of currencies was introduced to me a decade or so ago and I realized that this is the cause of world wide inflation.

    How does a currency become worth less than it was?
    Lower the interest rate.
    How is that done ?
    Make supply exceed demand.
    Produce more out of thin air and offer it to anyone who will take it.
    What is the desired outcome?
    Now the country can export more and it costs more to import.
    What is the actual effect ?
    Inflation increases.
    Other countries do the same thing.
    With what results?
    The first country’s efforts are nullified.
    What is the result.?

    All countries try to out devalue the others for a trade advantage
    With what result?
    All countries suffer inflation without any benefit to trade.
    All the free credit leads to miss-allocation of resources which impairs the economy. All people grow poorer.
    The economy is further in debt as all the extra money is issued as a loan.
    The ration of debt to all other metrics increases. Debt to income, GDP, Savings, Assets etc.

    The economies collapse.
    Why do the banks do this?
    Because the are controlled by the banking families.
    Why do they do it?
    They think they are superior beings. They lust for power and greed. They foreclose on the debtors and acquire all the assets.

    At some point we can talk about Monsanto etc. and agribusiness for similar control of the food supply.

    There is plenty of really important matter to discuss, David, far more important than the observations of a tourist or ramifications of local politics.

  32. What happens when an economy is mismanaged. Coming to one country after another in a place near you. Hyperinflation.


    • Tony, hyperinflation is not going to happen in the US. They live on a massive island basically, immune to invasion and starvation. Yes, I agree that the elites are taking the piss, but all nominal liabilities can be reaccounted as people get smarter. Life is better for everyone now, even in the poorest places, and we can all talk about it. An African guy from Somalia can even comment to his hearts content on this blog. Just think what life was like 100 years ago in a tenement in Dublin – never mind Mogadishu. Unlimited energy is just about to be unleashed, and soon enough we will be a multi-planetary species. The elites are trying to hang on to the wealth that doesn’t even give them any satisfaction. It may take longer than your life span, it may not. I hope not. I am positioned nicely to endure the odd up and down, deliberately – I enjoy the moment, but trust me I also want to be immortal imminently. I have the whole island manipulated like you would not believe – but there’s no contradiction in this – there is no law that says that constant invidualistic actions can not be good for the large majority of by-standers too – okay we can call it utilitarianism – guys don’t just talk about something – DO IT – I am a man of action, always have been. Always open guys though to help you all. Just say the word. What a great blog – very formative for the and still is, will never give up on it, 8 years and going strong.

      • Very formative for me I mean.

      • I am afraid you are incorrect about the US and inflation. They have an enclosed economy with only about 15% in the trade area.
        However as the owner and controller of the worlds reserve currency they have been able to export inflation even though they have been printing trillions of dollars.

        Most of these dollars have been exported to other countries around the world and in exchange for these dollars the US imports cheap goods. This keeps inflation in check or induces deflation. Also to do this millions of jobs have been exported too and the high wages lost to the local US economy.

        The age of the demise of the US dollar is at hand and it is now outright rejected by other nations who are setting up their own trade blocks using local currency. Plus there is evidence that the foreign reserves held in US dollars by others are being sold off and replaced with other currency and spent on local projects and infrastructure.

        The US dollars will come flooding back into the US bringing inflation with them. The US dollar may be the best of a bad bunch of currencies and may be the last to see the inflation.
        However they will not escape the inflation.

        First comes the deflationary collapse in the economy unless rescued by such as the Bradbury pound, or indeed the Canadian dollar until the 1970′s, as advocated by all my recent personal scribbling and so far ignored by most.

        Let me add my plea to David to discuss this crucial subject and air it thoroughly in a series of articles in the mainstream press. It is the root Ireland should follow with its own national currency issued debt free from treasury. It will replace the national debt, eliminate the interest on the national budget and allow income tax to be removed or significantly decreased. (This must be the 6th time I have said this to absolute silence so far. People are afraid to be free)

  33. “It is appropriate at this juncture to make a simple observation: you do not win a financial war by undermining your own currency. Instead, you should undermine the enemy’s currency.”

    Major-General Qiao Liang, the Peoples Liberation Army strategist.

  34. Hi michael


    Until the gold / silver ratio trends down there will not be a real advance in the precious metals. Until then it depends on a weak currency relative to the US to show a PM gain.

  35. cooldude

    Here is an interesting article on the Bradbury Pound which was issued by the Brittish Treasury during WW1. The interesting thing is that it was debt free money issued directly by the Treasury and paying no interest to the criminal banksters. Of course the banksters used their paid for politicians to get rid of it but it shows it can be done.

    I think this could make the basis for some interesting discussion and maybe ???? even an article on the benefits of interest free money.


    • Plus 100% Cooldude. A recommended read for all on this blog, then forward to family and friends.

      “”And if or when this contrived and unlawful global financial collapse does happen, HM
      Government can, and must, immediately underpin the entire lawful British economy
      by announcing the immediate and effective return of the Treasury Bradbury Pound
      so as to prevent any losses to people’s savings and pensions or damage to legitimate
      and law-abiding businesses. In addition, the Bank of England must be fully absorbed
      into HM Treasury whilst having its links to the criminal global central banking system
      and the Bank for International Settlements severed with immediate effect. There
      can be no half measures here – this is a simple case of black and white and there
      must be no grey area allowed where the fraudulent central bankers and their debt creating
      system can hide and re-emerge from! And having just seen the ‘one per
      centers’ meet once again in Davos for their annual World Economic Forum get together,
      let’s remember that this utterly immoral and corrupt global financial
      system means that today’s richest sixty-two people own as much as the poorest half
      of the world’s population!”"

  36. Deco

    The next government will have a new problem to tackle.

    The Time-Fiscal space continuum.

    Our “leadership” are lost in “fiscal space”…….making a mountain out of a molehill somwhere in fiscal space.

    Anyway, seeing as the January pay check arrived for most people, I hope that you are all in a better “fiscal space” now.

  37. coldblow

    This follows up on my comments above but there is more room here.

    A few years ago John Walters was on Brendan O’Connor’s Saturday Night Show talking about God. O’Connor interrupted him to ask him what was so special about us, we are just an insignificant speck in a vast indifferent universe. The audience exploded in laughter at his commonplace observation. O’Connor went on to say that John Gray had been a guest on the programme shortly before and had argued persuasively that the best we could do was to try to achieve a modest degree of happiness before our lives were extinguished. Some weeks afterwards Waters said that he was looking at the audience when they were laughing and could see in the faces of many of them that they wanted him to continue what he was saying, even though they had joined in the laughing themselves.

    Gray has some excellent insights but when I read him years ago I found that many of his conclusions, based on a logical and consistent interpretation of materialist and Darwinist dogma, were very strange. I assume that, like Ridley, he is an extravert. His acceptance of the climate change nonsense is a warning of how psychology trumps intelligence.

    I saw Ridley on a YouTube video over Christmas, introducing to a parliamentary committee the climate-sceptical Canadian journalist Donna Laframboise. Her presentation on the IPCC and why nobody in their right mind should have anything to do with it, let alone believe it, was succinct and enlightening.

    Another excellent journalist, the late Richard Webster (his website is called Sceptical Essays), was also a fully fledged Darwinist like Gray (and probably Ridley). This allowed him, like Gray, to see the obvious echoes of Christian fundamentalism in the crude evangelical ‘new atheism’ of the likes of Dawkins. His great insights were into the bizarre phenomenon of paedophile witch hunts which have swept the western world for the last three decades or so. Webster put this down to the revolutionary cultural changes brought about by fundamental Puritanism in 17thC England; the crusading moralistic journalism of the 19th C journalist WT Stead, and the Guardian in the 19th C of course (and ever since), and the gullibility of educated people, who should know better, to believe what they want to do (what he calls ‘good cause corruption’) are enduring echoes. I can’t find a direct reference to the clerical abuse scandal in Boston as he only refers to witch hunts sweeping North America but it would be easy to imagine his reaction to the ‘Spotlight’ film which has excited so many (including even Peter Hitchens). I was interested to read about the progressive Fr Paul Shanley who was convicted of abuse on the recovered memories of one plaintiff. The other three were withdrawn as witnesses because they were not reliable. I understand that each of them collected half a million dollars in earlier civil cases against the Church. (The Irish redress board only goes up to a paltry €300k so that would hardly attract chancers, would it?) The remaining witness suddenly got his memory back of incidents which had happened twenty years previously when his girlfriend phoned him (he was working on a US airbase in the west) and told him that an old school friend (one of the other three witnesses) had recovered his own memory. The best one, though, is from another case where the plaintiff was actually on the plane to Las Vegas to do some gambling when he had his own recovered memory epiphany.

    Webster seems also to have been an extravert.

    Gray chooses as his fountainhead of modern utopianism not the English Puritans but rather the apocalyptic aspects of later medieval Christianity. There were indeed some strange events across Europe following the trauma of the Black Death. Gray sees contemporary leaders acting out teleological Christianity (he sees this aspect of the religion as unique in the world) with its exlicit narrative of progress, hence I suppose our present cultural revolution. Whatever form it takes (and he mocks Dawkins and the New Atheists, this drive, this progress towards a distant utopia, is a thinly veiled continuation of apocalyptic Christianity, the hilarious bit being that its proponents are completely unconscious of it.

    For my own part, I think Crotty got the real significance of the Black Death. Apart from it shaking down the feudal order with the demand for labour it meant that everyone was wealthier for while the plague had reduced the population the sum of capital remained the same. In England this led crucially to the exploitation of land for profit (wool for the Flemish wool trade rather than mere subsistence which land had been used for hitherto) and the vast economic and political changes this brought about.

    So there we have it: Gray, Ridley, the Guardian, Crotty, Darwin, Dawkins, Webster, utopians, warmists, fantasists and extraverts.

    And talking of extraverts, I remember David on television (the Late Late I think) recalling the sexual shenanigans of shameless prelates behind the stage at the Papal visit in the Phoenix Park. I can’t find anything about it on the net. I was surprised to hear it at the time (a good few years ago) and didn’t take it seriously of course. Knowing what I do now it would be just another phantasm from the fantasy factory.

    • Deco

      The Puritans were driven by many factors, including a certain Calvinistic zeal (even though they were all CoE members) to follow their own “path to salvation”.

      Undoubtedly, emotion and pyschology, and a small amount of learning were involved.

      Ultimately, the world is too complex for Puritans.

      That applies to the Calvin inspired nuts in the 1640s, as much as the posh liberals looking for a path to easy existence and an absurd salary, in the state system in this era.

      The posturing that they produce is spectacular nauseating.

      But that does not stop them foisting their way on everybody else.

    • StephenKenny

      “And talking of extraverts, I remember David on television (the Late Late I think) recalling the sexual shenanigans of shameless prelates behind the stage at the Papal visit in the Phoenix Park. I can’t find anything about it on the net. ”
      Pretty sure you’ll find references to it in ‘The Popes Children’. A lot of young people hanging out in a field, tents, drinks, a certain air of excitement ……….

      • coldblow

        Good point, I hadn’t thought of that. Perhaps David will confirm. I thought he might have been making a point about the clergy.

  38. Grzegorz Kolodziej

    Welcome all.

    I’m not in a position to write a long comment right now (on my way to my friend’s wedding – I bought them Smith&Wesson).

    So in a few points:

    1. Excellent article. David is a good listener. Women must love him.

    2. “At the same time, Poland is threatening to close its border to migrants, thus tearing up Schengen.”
    David got the gist of it, but perhaps it would be germane to remind dear readers the context of that situation:

    - first, Germany, Austria, Belgium, the Netherlands and Luxembourg proposed to create a mini-Schengen zone to stop the migrants from entering their countries from countries like Hungary:


    - secondly, Germany urged Poland to prevent those migrants who do not want stay in Poland to prevent them from entering Germany by imprisoning them in refugee camps. Mr. Martin Schulz threatened Poland with using force should the German request not be met.

    - thirdly, the new Polish government began to remove German agents from the Polish media:


    thus removing a very important element of their Mittel-Europa project. Germany responded by attempting to impose sanctions on Poland and by speculative attack on Polish zloty (mitigated by lack of intervention of the Polish government – they let zloty to fall, which calmed down the markets).

    - only bearing this in mind the tearing up Schengen can be properly understood.

    - Poland will still take 8,000 “refugees” (which is 13 times more than Ireland is willing to take) the previous pro-German government agreed to. Prime Minister Beata Szydlo has also offered a voluntary financial help for the refugees, but only for those in actual places of conflict – embarking on a new policy that people threatened by war should be helped in their own countries, rather than rewarding those who move from safe camps in Turkey to avail of western social welfare systems.

    3. “Meanwhile, Brussels is hectoring Greece, a devastated country, on the frontline of the migrant crisis, to process migrants properly. Greece is saying it doesn’t have the resources because it is in a severe EU bailout programme.”

    Greece does not have the resources because when Prime Minister Victor Orban proposed last year to increase funds for defence of Greek borders, Germany blocked that proposal and even started placing paid adds encouraging migrants to come to Germany. The Vysehrad Groups (Poland, Hungary, Slovakia and Czech Republic) countries were the only ones to help Greece by sending their police forces to Greece to help Greeks controlling their borders, but this was only a drop in the ocean. The readers will find detailed report on that in my previous posts.

    4. I am not entirely happy that we – that includes me, being forced to explain the background – focus entirely on the migrants issue while analysing Germany being at loggerheads with countries like Poland.

    There is so many aspects to it, and everyone who has good will had an opportunity to get familiar with the Mitteleuropa project.

    That is not to say this issue should not be discussed – few discussed it more than me – that is to say that the stakes are much higher than only the issue of the migrants.

    There is the new Silk Road issue – Germany is petrified that by China choosing Poland to become the core of their Silk Road they will no longer be able to exploit Eastern and Central Europe by sucking out the capital of those countries while making sure that no competitive industries will be created. Ireland is the next step in their improved Mittel-Europa plan – already Irish banks offer German customers the interest rates on savings three times higher than the Irish customers.

    There is also the energy issue – there is no Mittel-Europa without making Poland dependent on the German-Russian energy, hence Germany is building Nordstream 2, which bypasses Poland.

    Poland is now counteracting by forging a political and energy alliance with Scandinavian countries to secure alternative energy routes:


    a move which made German politicians furious with rage.

    I am surprised that the issue of having alternative energy routes is not being addressed in the Irish elections campaign. The era of low energy prices may not last forever. The attempt to use the wind energy was just an attempt of the Green lobby to flog expensive, obsolete, mainly German-made, inefficient technologies.

    To make itself an energy-independent country, Poland plans to follow France and go nuclear within 10 years time.

    What is Ireland’s plan? To rely on foreign hedge-funds (Ireland services 40pc of world’s hedge funds). I am worried.

  39. It is absolutely essential that the UK leaves the EU, or as I like to summarise the debate: FcUKEU ! Up Your Delors-Redux….

    The surreptitious incursion of the Napoleonic Code into our Saxon heartlands is absolutely reprehensible but to be expected from the Norman Toraigh Whores of Londinium.

    The choice is between having the Overlords of The City Of London or the Overlords of Europa. No contest, as the City can be reigned in by Magna Carta and all the other priceless historic heritages of English and British culture. We do not need Europe and it’s Napoleonic Code, nor does Ireland which has a legal and social scaffolding based on it’s painful historic submission to England and then Britain. However, the plight of the Irish under Ireland Inc is extreme and is likely to become more so once ‘the Brits’ tell the Franco-Prussian alliance to get stuffed. The idea that the United Kingdom of Great Britain and Northern Ireland ‘needs’ the EU on terms dictated by the EU is fanciful in the extreme. It’s as risible as suggesting that China will ever get the cultural, social or economic muscle to establish hegemonic control over Japan or Korea without first imploding and allowing the Uighurs and Tibetans to secede.

    It’s terribly sad that the Republic of Ireland is no such thing and never has been. Terribly sad that the venal sleveen creature Haughey was ever allowed to trash the place so terribly, thus providing the template for the rest of the eejit Taoiseach’s who followed, EU fluffer Bruton, Bertie, Biffo and……the ultimate EUroWhore: Enda Kenny!

    I am beseiged with invitations for both St Paddy’s Day and The Rising with Montserrat calling me alongside the need to get back to Laois to pay my respects to my recenty departed Uncle and spirit guide.

    In Denmark, the Netherlands, Sweden, Ireland, Iceland and Greece last summer, my travels had me musing on the Nation State Project alongside lying by the pool or hiking over glaciers. If Iceland can liberate itself from the Neoliberal hell then promptly slide back towards those who orchestrated that hell, if the Danes, like the ‘Brits’ can keep their currency and culture whilst trading with the EU behemoth alongside Norway (next destination) then I cannot see why anyone imagines the UK ‘needs’ the EU anymore than Switzerland does. Nor Ireland.

    I went from one volcanic zone to another via various countries. Iceland with a population of 375000 people and a 1000 year old Norse/Paddy language and culture doesn’t ‘need’ the EU to trade fish and energy. It is likely to send a cable to Scotland with geothermal energy for the UK before the Irish manage to find their oil. Santorini on it’s own is too small for economies of scale with 14k folk but the Cyclades would be OK alongside Crete as it was when the volcano blew the lid off and formed the caldera 4000 years ago.

    Behind all this is the vexatious issue of the attempted Corporate usurpatio of the Nation State, of which Google’s meretricious co-dependent relationship is just one example, the various shenanigans of the same and similar corporations in the UK being behind the recent tax innovations of an British town going ‘offshore’ to mimic/mock the UK goverments prostitution of itself. But the Dail is way out front on that score. Who knew? As I’ve always said: “the real Plastic Paddies are sitting in the Dail”. Anyone who imagines the US is Ireland’s friend clearly is delusionally ignoring what Timothy Geithner actually did to Ireland during the GFC whilst the Baronet of Tipperary, George Osborne, rode to the rescue like a good aul gombeen robber on horseback with a cheque for a bailout loan the like of which Geithner brutally nixed.

    I can’t wait to wander Dublin during the Rising centenary smirking at the nth Gen ‘American-Irish’ trying to appropriate the history of the place. As anyone with a brain knows, it’s Patrick Pearse’ atheist Brummie code that could and should have been the template but his daft son, Padraig when the blood sacrifice route. But I digress, that’s all for the Proclamation of the 2nd Irish Republic of the 5th Estate Diaspora which I’ll make on Republic Day, April 24th, to an audience of confused tourists outside the GPO at dawn-ish when I declare myself Cultural An Taoiseach.

    What a hames the Irish made of the first 100 years of pseudo-liberation, to end up on all fours waiting for Angela’s strap-on. The ‘Brits’ hopefully will do the whole amor fati/carpe diem stuff and rock the world by telling the EU to go fcUK themselves. I will certainly be doing so not only for the Paddy Saxons who I move amongst but to send a message to the ancestral sod to get up off their knees and stop being the prison bitches of footloose International Capital. Do I make myself crystal clear? Excellent! Now, back to the hilarious Facebook Page where my alma mater St Philips-Birmingham Oratory is being reduced to reputational ruin by me and the boys. Us Birmingham Irish lads and lasses don’t take shit from anyone. Just ask Terry Wogan, oh wait….RIP mate. Ask the IRA instead…..I’ve told Enda we Brummie Irish want an apology as part of the Centenary. Bitch better deliver….you get me? YOU GET ME?

    “remember, remember…21t November. 1974.Belfast. Boston. Birmingam: So much to answer for….”

    Finally, the ‘alter’ known as @alfiemoone was/is/will be a homage to the LondonIrishArsenal as well as ‘Moone Boy’. The Eastenders offshoot set in Ireland which is coming up is a hilarious conclusion to that secret project. But all roads lead back to Birmingham, the centre of the universe, especially of the Irish universe. The truth about Ireland can only be found in the narrative of those who fled or were forced out. At Sonny’s funeral on Monday another toll of the bell ending the ear of 50s immigration to Brum ended and his body is now back in Kerry awaiting burial at the church he helped build before leaving for England to meet my mom, dad and uncle in the alien babylon that was Birmingham After The War. Let’s not dwell on Ireland’s shameful behaviour when the Brummies faced down the Nazis, let’s focus on the glorious tale of how young Irish folk came over to help rebuild the Eternal City and make it the real capital of Ireland for the last 7 decades. Now my last remaining Uncle has passed, I am deffo, deffo, deffo ‘THE KING OF LAOIS’ resident here in the Irish Shire.

    with every good wish
    yours, in jubilo
    BrummieBoy aka ‘mad Paddy from Brum’. Etc.

    ps: yes, I am dead but ‘Andy Mooney’ isn’t read to rise, not yet. “may the road rise with you” #Rise !

    The Chieftains – The March of the King of Laois Ruairi Og O Mordha


    “Although the Provisional Irish Republican Army have never officially admitted responsibility for the Birmingham pub bombings, a former senior officer of the organization confessed to their involvement in 2014, with an admission the Birmingham pub bombings “went against everything we [the Provisional Irish Republican Army] claimed to stand for”.”


  40. Apologies for the long post. It was the only way to copy it.
    The cabal exposed. Posted at lemetropolecafe.com

    *The Secret of the Cabal Necromancers, not so Secret anymore

    Hi Bill:
    Lately, for some reason, I have kept thinking on our friend T. Q. Nichols, author of the famous papers “The Short Seller’s Nightmare” and “The Stalk of Gold”.
    It turns out that I decided to re-read his papers and they have really turned out to be a veritable treasure of economic wisdom and simplicity that reflects reality with eerie accuracy.
    The root of the current economic problems of the western world (read DEPRESSION) stem from the outright looting of the whole of the society by the Necromancer Cabalists, through their banking and financial system at the hands of their acolytes, most of them members of secret societies.
    To explain further, the current low price of agricultural commodities, including mining and energy, distorts the whole economic system, as this low price reflects and gets amplified thorough the whole economic value added chain process of the economy.
    Normally, in times of prosperity when the economy is functioning as it should (obviously without the Invisible Hand of the Markets of Adam Smith, which is none other than the hand of the Cabalists) National Income will equal 5 times the whole value of the produced agricultural commodities plus energy (which by definition is the physical economic gain or new wealth in any one given year that an economy produces, and which is transformed into human beings by increasing our standard of living). If this is the case, the economy is said to be working under a Parity Pricing Mechanism, in which commodities or new wealth are not given a price in terms of money, but rather the contrary occurs, that is, “Money is given a Price in Terms of Commodities”.
    By examining the GDP figures of 2011, which are the most up to date with detailed information (I found out, for example, that the latest 2015 report for O’bomber does not have any relevant information), we find the following:
    2001 Data:
    Agriculture: $434.7 billion
    Mining (including oil): $556.1 billion
    Energy (including utilities): $400.8 billlion
    Total: 1,391.6 billion
    2011 GDP @5 Trade Turn: $6,958 billion
    2011 “real” GDP (2009 US $ chained dollars): $15,020.6
    Deficit of National Income: ($15,020.6- $6,958)=$8,062.6 billion
    So, then, the Cabal sorcerers destroyed and stole from the economy and the People of the US $8 trillion in 2011 by rigging and manipulating down all commodities, including Gold and Silver, to an average of 15% parity, or 6 times less than their true economic value.
    How did the Necromancer Cabal fill the gap between the 15% parity National Income and the GDP ?
    The missing $8,062.6 billion equals exactly the debt added in 2011 of $1,229 billion ($14,790 in 2011, $13,561 in 2010) plus the Federal Spending of approximately $4,506 billion in 2011, plus the Credit Card and Student Loan Debts of $2,327 billion.
    This is how the Cabal finances and executes the outright looting of the American People: the distortion introduced in the economy, by robbing people through 5 or 6 times during the economic process of the real value of their produced goods, at 15% parity pricing, has to be financed by “debt” aka Federal Spending, which is in turn owed to the interest bearing instruments aka Federal Reserve Notes of the banking cabal, on which the Treasury has to pay interest.
    This is why the Necromancer Cabal went hard after our friend T. Q. Nichols, because he had discovered their scheme and was educating us all about it.
    As things look now, the present rate of Federal Spending necessary to fill the National Income Gap is $6,420 billion, which means that the situation has deteriorated markedly from 2011.
    In 2011 we needed $3.24 of Federal Spending to support $1 of new wealth creation, under the currently existing 15% parity looting rate.
    Today, we need approximately $4.28 of Federal spending to support $1 in new wealth creation, when in reality, if Parity was at 100%, Federal Spending needs would be reduced to ZERO automatically as the economy would then be sound as people got paid what their labors really deserve.
    Our friend Nichols rightly stated that the Cabal was paralyzed with fear about the “Stalk of Gold”, since any increase in Gold reflects immediately in a revaluation of commodities to parity. In other words, if Gold and Silver are not rigged, there is no way that the Cabal can enforce their 15% parity looting scheme.
    As T. Q. Nichols stated on March 12, 2002:
    “Gold and Silver, as monetary commodities, are acutely aware of the deception being played out on a gullible public. Meanwhile, gold is stalking about and its fiat prey is at hand. Rather that operating an economy based on earned income from raw materials, we seem to be content to cannibalize existing capital. The history of civilizations flows from builders, to boomers and finally to busters. Bankruptcy courts, accountants, lawyers and appraisers will all feed from the trough of capital disintegration. The Stock Holders of the public corporation ‘America’ may soon be able to relate to the financial pain of the former employees of Enron. When the music stops, people will still need food, shelter and clothing. The question will be; at what cost? Gold and silver will ultimately provide the answer to that question.”
    It would seem now as if the Cabalists are running for the hills, and are actually loosing control of their Gold and Commodities manipulation scheme, through the demise of their petrodollar system. Therefore we should not be surprised to see that they want to create a big war, for as they are Necromancers they like very much wars to rob people and to cause death and destruction, as they cannot forebear a prosperous humanity for they themselves are Damned.
    Best Regards,

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