March 21, 2016

Nama sells to outsiders who have become insiders

Posted in Sunday Business Post · 88 comments ·

There is something a bit off-putting about watching Irish political leaders parade all over the world bragging about how great Ireland is, while they are presiding over the wholesale plunder of the Irish economy and its fixed assets by foreigners.

Ireland is now – and has been, as this column’s been pointing out for some years – a carcass over which vulture funds are feeding. There is one rule for the rich and one for the poor and the most extreme version of casino capitalism is being allowed wreak havoc in the Irish property, banking and credit markets.

This episode will, without doubt, become a textbook case in how not to rebalance the economy after a property crash. Huge parts of the Irish economy are being transferred to foreign vulture funds.

Worst still there appears to be an active campaign by our own government to debar local Irish investors from playing this massive get-rich-quick game.

If you doubt this, just ask the Irish developers and investors who have been seeking to buy back their loans at similar discounts to those being made available to the foreign vultures and have failed, despite having the funding.

Funding is the key to the game. If you have funding, you can buy stuff cheaply and if not, you have to sell expensively. On St Patrick’s Day, didn’t these politicians in the green ties and shamrocks understand what is happening?

To put it most simply, Ireland has been for sale for a while. If you are a rich, foreign fund you can buy hundreds of millions of euros worth of Irish property assets at an 80 per cent discount.

But if, at the other extreme, you are poor Irish person who is renting, you get evicted from houses where you have been paying rent. This is the story of Tyrrelstown, pure and simple. This week it is Tyrrelstown, next month it will be somewhere else.

Tyrrelstown is only the tip of the iceberg.

The great Irish fire sale is a story of Insiders and Outsiders but with a specific, kind of pathetic Irish twist.

Traditionally, when we hear of an Insider and Outsider story the positions are clear. The Insiders tend to be well-connected, cute-hoor, local people who do cozy backroom deals to plunder the wealth of gullible, naïve but well-intentioned foreigners who are the Outsiders.

But in Ireland 2016, the Insiders, the locals, have become Outsiders; and the Outsiders, the foreigners, have become Insiders.

Please digest this irony before we celebrate Easter 1916 where a revolutionary Ireland stood up against a foreign power in the name of the citizen.

This week we will have a pageant of faux nationalism while the commands and controls of this economy have been sold to foreign vulture funds at deep discounts by an agency of the state, Nama.

Nama was set up and funded to manage assets until 2020. Nama bonds, financed by you, were issued to give the agency time and funding to oversee the normal cyclical recovery in asset prices, which takes place as any economy stabilizes after a crash.

It was not set up or ever directed to sell assets at a deep discount to vulture funds.

Just to give you an idea of the type of people who own Ireland now here is a quote from some dude called Steve Schwarzmann, the chief bottle washer at Blackstone one of these outfits. He said ahead of his venture into Ireland.

“We’re basically waiting to see how beaten up people’s psyches get, and where they’re willing to sell assets”

Now I have no problems with these funds operating at the extreme end of the capitalist spectrum, that’s what they do. But I have a problem with the Irish state enriching these guys because for these guys to make money, they have to sell.

And here is the rub.

Who do you think they will sell to? Who do you think are the natural owners of Irish property? Irish people are, of course. The vulture funds are just glorified bridge finance merchants. They have no intention of owning Ireland in the long term. That’s not their game. They are just here because no one else has access to big piles of cash.

The vultures are waiting for Irish banks to recover so that they can sell Ireland back to the Irish at a massive profit.

Nama was set up and financed till 2020 to ensure that this fire sale didn’t happen – or at least, didn’t happen to the extent it is happening. It could have been a massive sovereign wealth fund that gradually, and in a well-financed manner, recovered wealth for the state. But it chose to do something else. It is using Nama bonds, which are paid for by you, the taxpayer, to deliver assets on a platter to vulture funds.

The strategy of a vulture fund is termed in the business “three and thirty”. This means they buy and hold for three years and when they have achieved a 30pc profit, they sell and they are gone to the next “distressed” country. The accumulation of wealth in this case in the hands of very few people is obscene.

However, the question is who pays for their extravagant returns?

This is where it gets tricky for Ireland because when the opportunity passes for significant double-digit returns, why would a property fund sniff around here? Who will buy from the vultures?

Of course these assets will revert to their natural owners, Irish people.

But where will the Irish get the cash? Why, we’ll borrow it from Irish banks and we will be back to where we started with Irish banks over-leveraged to expensive Irish property. Remember why we got into this mess. The Irish crisis happened because our banks were massively leveraged to over-expensive Irish property. When the vultures have flown, that’s where we’ll end up again and Nama will have been the broker.

How does that make you feel?

Tiocfaidh ár lá, how are ye!

  1. jjsalmo

    From the outset the Government defaulted to a tired and hackneyed approach, namely get the cash irrespective of the longer term harm.
    I have no issue with Vulture Funds, they are set up to exploit weakness and where there is an arbitrage opportunity seize it. The issue lies with our gombeen politicians who saw fit to sell out the country and in creating NAMA saw it morph into little more than a badly run hucksters store.
    It has long been recognised by those who run these funds that NAMA is a joke incapable of getting good value. Yet, during the election campaign rarely was NAMA ever mentioned, instead the risible cabal of AAA-PBP, SF FG, FF and whoever your having yourself obsessed about water charges, no mention made of the real and very live housing crisis and how it has been engineered by the antics of NAMA.

    • EugeneN

      It’s remarkable isn’t it? All the whining about the tiny increase in water charges and renters are paying 300 a month more.

      The reason it doesn’t fit into Irish leftisms script is because many private renters are “rich” that is they earn enough to pay 51%. Also they aren’t old. And they work.

      Irish leftism never really goes after wealth, inheritance, capital gains — just worker salaries.

    • bentley

      ” I have no issue with vulture funds ”
      Really ???,??? C??? !!!!! ????

    • Austin Byrne

      You are correct, a tired, intellectually redundant government which was basically lazy allowed banks handle the crisis they created an by extension, these funds got access, the “vultures” do not bear responsibility, they simple do exactly what it says on their tin. The circumstances have to near perfect for these funds to appear, government should and could have altered those circumstances or at least made it less attractive to come to Ireland, but they chose the path of least resistance, say and do nothing until it is too late. In saying this, there is absolutely no upside to a vulture fund ergo. they should be blocked/resisted from the very outset, the good bank/bad bank announcement was the starter pistol for the vulture race. I doubt we have even seen the tip of the vulture iceberg as yet, Tyrellstown/Eden are just sounding boards.

  2. Onda

    The “three and thirty” is now more like “Three and one thirty” or 130% on what the loans were bought from NAMA. A lot of property is being offered back at a minimum of 100% higher than the price the loans were bought form NAMA.

    • DJR

      Exactly, was thinking if they’d only fleeced us for 30% at this stage we’d have got off lightly – just shows how badly we’ve been sold out!

  3. Jeananne Crowley

    Spot on David, have been following this for a while now. What makes it even nastier is that the vulture funds are being financed by fiat currency printed & given to ‘em by the Fed & their friends….hence they picking up Irish assets for literally NOTHING. It’s such an obvious scam when you work it out and quite deliberate as the Big Idea behind this plundering would appear to be for the few to own it ALL. Just wondering what happens if the dollar collapses this year. Saw Janet Yellen being tee-totally inarticulate & obfuscating madly the other day. As for Obama announcing that anyone who said the American economy was in trouble was ‘peddling fiction’ well what a bare-faced lie that was eh?

  4. NAMA doesn’t disclose details of its commercial dealings. Where is the info/details coming from, regarding these deals and how many of these deals is it reckoned they have done or are in the process of doing?

    • EugeneN

      Why aren’t those deals public knowledge?

      • DJR

        Surely something the independents negotiating with FF/FG should be looking for (I wonder why Mick Wallace wasn’t invited in for a chat by Enda/Micheal!). Instead it’s all about post offices, garda stations & potholes.
        The irony is, their very actions ensure there won’t be enough money for these things for their constituencies in the future (remember Healy-Rae Snr getting bought off by Cowen?).

        • bentley

          I was driving into city centre yesterday morning about 10.00am ….
          Those Idiot pice State “Gardai” were trying to catch motorists SPEEDING at
          31 mph …health and safety you know


  5. Pat Flannery

    The Irish media is as much to blame as the Irish politicians. I gave hot tips to top Irish journalists but they were all “not interested”.

    I frequently travel backwards and forwards between Ireland and America and have observed the unreported presence of high-ranking Irish politicians in California where many of the hedge funds like PIMCO are located. I inquired into the purpose of these mysterious meetings and was given laughable “personal” explanations.

    Why is the Irish press “not interested”? It would appear that Irish politicians are deeply involved with NAMA and are financing their Parties through dirty property deals. And the Irish media is “not interested”? What does that tell us about Irish democracy? Clearly the people are being “played” by both the politicians and the media.

    We would know nothing about Northern Ireland’s First Minister Peter Robinson’s Stormont meeting with PIMCO, a California-based global investment company and NAMA’s Frank Cushnahan if independent TD Mick Wallace from Wexford had not raised “Project Eagle” in the Dail.

    Even then it was the BBC that ran with it. Where was the Irish media? In bed with the Irish politicians? Did Mick tell them everything he knew but got turned away, as I did? Unfortunately I am not a TD and cannot raise what I know in the Dail.

    But then there is always the BBC, or the American media, if I had the energy. It is not my job and I’m getting old for this shit.

    • Truthist

      Pat, u could try informing “The Phoenix Magazine” & / or wise choices from the alternative media on the internet & / or wise choices from blogs on the internet.
      And, there are many more choices than the above to whistleblow to 8-)


    Don’t deportate our illegals, no questions about corporation tax. In return, you can have unlimited use of Shannon air force base. Sold out to the Yanks and the vultures, hook, line and sinker.
    Even in the eighties, relatively few were homeless ; limitless immigration has made much of Dublin as expensive as London, the pc left has had it’s way. Multicultarilism screws the bottom 25 % of people. Dublin city centre is a dump.

  7. Grzegorz Kolodziej

    Today instead of my comments, I have translated from myself NAMA-related excerpts from my article on Irish Lisbon Treaty referendum, which I published on 1 October 2009:

    “I am writing this article before we know what the results of the Irish Lisbon Treaty referendum are. I have noticed that the Polish media focus on the referendum itself, but they know virtually nothing about something which can have the biggest influence on the future of the Irish, a freakish creature called NAMA.

    NAMA will be a “bad bank” and probably the biggest in the world (sic!) owner of property loans. Some time ago I wrote about the danger of the Labour Party potentially coming to power and resulting nationalisation of the Irish banks. Meanwhile, it turns out that it is among the ranks of the governing Fianna Fáil where a project was hatched, which – if implemented – not only will cost the Irish taxpayers more than nationalisation of the banks (54bn euro v 19bn euro as a cost of nationalisation), but it will have an even bigger influence on future tax hikes than an ‘ordinary’ nationalisation.”

    “The way the Irish government tries to portray NAMA in the media – as the only way of restoring the liquidity in the Irish banking system – reminds me indeed of the way the Balcerowicz Plan was being mentioned in the Polish media 20 years ago.”

    “In order to placate the outraged Irish voters before the referendum, a few weeks ago the top echelon of the Green Party has triumphantly announced that they had managed to persuade their coalition partner to introduce a few changes in the NAMA plan, aimed at “saving the taxpayer”.

    Where is the salvation going to come from? Well, first of all, from introducing a shared risk between banks and NAMA, secondly by introducing 80pc property gains tax for developers, thirdly by limiting the amount of money NAMA will be able to borrow (from 10 to 5bn euro) and finally, by obliging NAMA to produce a report to a Minister of Finance every 3 months rather than once a year.

    The short-sightedness of such thinking is plain to see, though sadly not for the electorate of a country where I live. First of all, an enterprise like NAMA will have to borrow money from somewhere, so to assume that the banks will be able to incur 54bn euro worth of bad debts, which then be will be purchased from them by NAMA, has an underlying assumption that such purchases will have to be financed by future borrowings, so eventually from tax hikes. I therefore think that NAMA will work out as an even worse deal for the Irish taxpayers than nationalisation, by basically borrowing money to buy properties expensively – because to get a clear picture, we have to include the cost of future tax hikes into property prices NAMA will purchase – and selling them cheaply when the market collapses again, using a mechanism which had worked so well for foreign speculative capital in the early nineties Poland, when on the one hand our western neighbours had managed to eradicate almost the entire Polish manufacturing base, and on the other hand the uninvited “open society” experts who had brokered that deal, siphoning off hundred billion dollars from pensioners life savings as their fee by using the infamous sudden change of interest rates – except NAMA will do with houses what had been done here with factories and bank deposits).”

    “Secondly, the Irish government is obsessively repeating day and night on radio and television that NAMA is not a property speculators bailout by the taxpayers. But if it is being denied that those bankrupt developers, speculators and lurking vulture hedge funds will have to be subsidised by taxpayers (unlike ordinary citizens who took loans), then what profits is the government going to tax?

    Thirdly, it is true that NAMA will not be able to borrow more than 5bn euro without the Minister of Finance agreement; but nothing prevents it from borrowing it with his agreement.

    Fourthly, why is this supposed to be better that the bosses of NAMA will be meeting the Minister of Finance every three months and not once a year – oh I know – more sweet deals with foreign vulture funds behind close doors.”

    • Truthist

      With what has transpired even since it would prompt a reasonable person to ask ;

      Why are not aborigine Irish citizens who are in the political scene asking & stating matters as u do Grzegorz ?

      Are all the Irish institutional state’s politicos sworn-in members to some long established secret organisation [ that obviously then "has secrets" ] that for sure is against the notion of Ireland ?

  8. BrianC

    Hi David

    In reply to your question ‘How does it make me feel?’ Well it makes me feel absolutely brilliant because we the Irish must be the dumbest most stupidest people on the planet and we deserve everything we get. I feel brilliant because it confirms my knowledge that we the Irish are stupid. How Irish people could return FG and FF with even 2 seats between them in the recent election is beyond words. We are just a stupid people and deserve everything we get; run by idiot stupid people such a Kenny et al. And as for 1916 it was a waste of time given we ended up with the likes Kenny et al. The Credit union approach the Irish Govt offering a means to finance and the Irish Govt could not even offer a response to seek a meeting to discuss. How does that make me feel? Once again brilliant. Why? We are a stupid people; not ignorant because if ignorant that can be changed by learning. We are STUPID.

    • Truthist

      For sure, from the very beginnings of the Irish State there has been massive fraud per Elections & Referenda:

      Not allowing Expats vote in abstentia

      Swamping of the media before voting :


      Biased opinion-pieces & biased reporting that serve to justify the eventual “rigged” result

      Biased Surveys & Samples for Polls & bogus Polls that serve to justify the eventual “rigged” result

      “Blatant’ Gerrymandering of Constituencies ; Carving in for us AND carving out the opposing candidates

      “Representation” ; Persons representing / pretending to be member of electorate

      “Stuffing” of illicit votes into Ballot Boxes [ Ballot Box Stuffing ]

      Easily modified Ballot Papers after the voter cast their preference[s]
      If voter inserts “n/a” or totally fills check-box AND selects other check-box[es] [ And, this practise would really be a smart one so as to prevent riggiing after the voting ], Irish State system decides this ballot / vote to be a “spoiled” vote.

      Lies & Threats & Fear=mongering [ e.g.'s Staged Events or Staged False Flag Events or False Flag Events or Strategically-timed in advance Media Blitz on "Sleeper / non-publicly known" Scandal or Strategically planned Opportunism for suitable event that arrives someday ] before the Voting by #”Insider” Civil / Public Service Bodies & / or #”Insider” Quasi-Civil / Public Service & / or #”Insider” Professional Organisations & / or #”Insider” EU Bodies & / or #Foreign Countr[y/ies].

      “Aye. But the ballot boxes are very safe because they are not-transparent 8-) & not registering incremental mass publicly per each voter event 8-) & these boxes are protected over-night by the Guards [ GLST ] 8-). So, were fine so.”

    • redriversix

      Were not stupid…just for sale.

      Every Country is now up for grabs…..its debt baby ! That is the new {old] commodity.

      I , and some others were writing about securitization and vulture funds over 3 years ago.

      This is the new normal.the new social and economic society, dumb down population , lower educational standards..less and less full time jobs…more migrant workforce , so we go were are 12 month contracts say we have to go.No more full time jobs.But lots of debt so your “freedom” is reduced

      No more middle class

      Next time anyone sits around a table to discuss Ireland, please be sure to put a aerial map of the Country on the table and view our little Island as a commodity.

      We are in the spotlight of Economic hit men…which is fine as long as you know…..perhaps Europe is more like the 30s than we would like to admit..?

      Anyway…dont stand still too long or you will be sold…..

      • BrianC

        I accept appreciate and understand your perspective. However, at the end of the day to simply accept the price tag of that of a slave which is the case for the Irish then this is not about realisation as a commodity, class structure, economic securitization it is about lack of basic intelligence where the simple end point of that is STUPIDITY which aptly describes the Irish. Blood spilt in the Stone Breakers Yard for a Nation full of dullards.

        • Truthist

          Yes ;
          But so many of them are ever so proud of their FETAC, & HETAC / QQI, & NUI Certificates as proofs of their IQ & Education & Competence.
          More like Proof of their ability to play the game with other Players of the System :
          Teachers [ Of course, not all are guilty ]
          Instructors [ Although, less the culprits than many of the teachers / lecturers ]
          School Administrators
          Social Welfare Special Schemes, or whatever, Civil Servants who agree to what “Mickey Mouse” courses merit as 2nd Chance Education for adults
          Politicos [ Civil Servants, Elected Politicians, & Quango / Quasi Public Servants ]
          E.U. Civil Servants specifically
          inter alia

  9. Mike Lucey


    You say,

    “When the vultures have flown, that’s where we’ll end up again and Nama will have been the broker. How does that make you feel?”

    To answer your question. If this is going to happen it would make me feel sick.

    You paint a picture of what you feel is going to happen and I agree that it looks to be the case unless ……….

    What I’d like to see you advising in your last paragraph is what ordinary Irish people can / should do to stop this from happening or have you no idea?

    • Truthist

      Be a f…king nuisance ! AND also Vote in Direct Democracy Ireland so that we finally have the Citizen-Power Mechanism that the Irish Freedom Revolutionaries like Michael Collins* wanted.
      With the “Plebiscite” Mechanism as in Switzerland finally in Constitution
      of Irish State,- u can then more democratically vote in the flavour of political policy that the Irish State has per issue & overall.
      *99 % of Clann na Gael & later Fine Gael would be repulsive to IRB man Michael Collins.


      Put ur Trust in “good family men” & “good family women” politicians 8

      • bentley

        Vote ???? You are kidding, right ? Democracy ” a place where you can cast a ‘free’ vote ” …. YeH right. Russia a dictatorship ? ” yes. Of course … They don’t have ‘free’ elections there ”

        Give me a break. Next speeding
        non- NCT bearing motorist please !!!
        I’m gonna seize your vehicle you
        bastard !! Welcome to the Irish ‘free State 2016′.

        • Truthist

          If possible, do not avoid voting ;
          Even “spoil vote” 8-)

          Yee all should get the names & structure of the Civil Service for scrutiny.

          Go into the Reference Department of ur local Library or if only a small Library, then that very library itself.

          Request viewing of Institute of Public Administration Year Book & Diary for Year 2016.
          Also, if u are going to do a deeper investigation, request the previous editions, vis, Year 2015, Year 2014, etc.

          This book is 1 of the most valuable books for u the citizen to view & preferably get ur hands on in Irish State.
          Encourage other citizens to do likewise.
          And, do not be telling Civil / Public Servants about this book.
          They are already censoring publication of the Salaries of many of the Grades.
          Previous editions stated the salaries.

          Scrutinizing the Civil Service as structure & its individuals is where Michael Collins would have put more emphasis than scrutinizing the publicly elected politicos.

      • Truthist

        Apologies for mistakenly using the name “Clan na Gael” when I really meant to use “Cumann na nGaedheal” ;

        And, further to that correction, I will be more exacting ;

        99 % of Cumann na nGaedheal + the National Centre Party + the National Guard [ the aul "Blueshirts" ] later malgamating to be Fine Gael would be repulsive to IRB man Michael Collins.

    • contact23

      Hell will be well frozen before Paddy sees how deeply he has been shafted, we are truly a lost cause…

      • McCawber

        Hell has already frozen over and there’s no room for Paddys It appears Lucifer was a mite too successful in his recruitment drive.
        Hell Overflow is currently under construction.
        NAMA is the lead agency. So if you thought hell was bad, you can just imagine what that’s going to be like.
        That’s the bad news.
        The good news.
        There is an over supply of good, affordable accommodation in Heaven.
        In fact it’s so affordable it’s free, all you have to do is die. The confessionals aren’t too busy either so there is no rush.
        A word of warning tho’ there might be a jump in demand after the Easter Rising er I mean Resurrection.

  10. Artificial Scarcity. The Norman-Irish-D4-KClub-clique who finagled the zoning last time around will do exactly the same again. Having seen the Bubble deflate they got their client politicians to pump it back up again with Bailout cash/NAMA and naked fear-mongering to allow the Troika to act so that German/French/USuk banksters were made whole again. But that’s not enough for these vultures. Having forced the citizenry of a faux-republic to bail them out they are back at the casino table and placing their bets with mates at Cheltenham that they’ll get away with it. Again.

    Poor Paddy pays for the bailout, backstops the last gambling spree with tax and is now poised to be forced to use post-tax income to pay the ramped up renta prices to ensure that new riches are passed on to those who should be both bankrupt and in jail. Artificial scarcity will ensure that another generation is forced to take on absurd mortgages once the baby arrives and the debt peonage prison is in place: college fees/car loan & commuter costs/health insurance after paying Scandinavian taxes for American public services/consumer lifestyle expectations/suits & boots for Status Anxiety job: all funded by credit from the same vultures who used taxpayer funds to escape the consequences of their last rampage yet still pose as Capitalists. Total nonsense on stilts.

    The same Norman Toraigh Irish families who ran the laissez-faire scams that caused the *Famine* and the *Emergency* are back on track with their next episode. It will end with another exodus, another mass emigration when the long overdue 2nd leg of the GFC kicks in.

    I was wandering around the Green Mile in Digbeth, Birmingham here in the UK on Saturday night. I passed the shiny gloss-black billboards for The Connaught Square development which is now back on track after being sold by NAMA. I’ve no idea or view on whether or not a fair price was paid to the Irish taxpayer by the new owners but it resonates with this article as I foresee another wave of young Irish people fleeing to Brum when HS2 links it to London and the canal-plans of James Brindley to make Birmingham the Hub Of England are turbo-charged for the C21st. Tokyo-Osaka. London-Birmingham.

    It’s all very odd. 70k of us ‘plastic paddies’ on the streets last Sunday to celebrate/commemorate the passing of the great waves of Irish emigrants from the 50s who were our parents. The county parades get smaller as the old folk pass on and we’re too full on #IronicIntersectionalIntertextuality to join in. Because we’re hybrid/Shire-Irish/arrogant that we’re even better than the real thing, etc.

    So, as the discarded Irish navvies from the 50s live out their days in poverty and alcoholic mental illness in Brum hostels watching the Muslim influx close every pub in Small Heath, they also get to see their Culchie Culture ‘re-branded’ by Diageo Stout Paddywhackery hats and techno versions of ‘Fiels Of Athenry’ in The Kerryman drowning out the memories of times spent there with mates from the sites as fickle young folk decide being a drunken Oirish eejit is totally hip. The Mob Is Fickle!

    I’ve no doubt that Connaught Square will be a roaring success and there’s a place for upmarket gaffs, shops and restaurants to service the new wave of middle-class professional Irish who still come here laden with degrees, no longer waiting outside pubs as day labourers as their ancestors and my grandfather did. But it all rather grates: the fact that the intrepid resourceful middle-class Irish professional will once again have to leave Ireland for Brum/Boston/London/Sydney. Rest assured that no ‘island based Irish’ politician gives a toss about the Diaspora other than as a Gathering/Wild Atlantic/Rising tourist cash-cow to milk. Cash cow-Sow-Farrow. Yeats. Etc. It’s all so old and tired now, almost beyond parody. Nobody serious can summon rage as the same old nonsense begins anew.

    But I am hopeful. We are all now Global Citizens whether we realise it or not, whether we want it or not. The dynastic families used Nationalism to hide their power and now they use Global Corporations. There is no such thing as Ireland anymore. Just Ireland Inc, a subsidiary of Europa Inc. Ghost Nation celebrates Counter-Revolution. You couldn’t make it up! Thus us Shire Irish will vote for #Brexit just to prove the point. I’m no longer Irish/English/British. I take what i want from each and offer allegiance to none just like a Premier League player/gladiator/racehorse who’s traded like a Thing for Corporate Profit. Just as the politicians and media donning the flags of both islands do.

    A new ‘irish psyche’ is being born amidst the dying whimpers of the bogus centenary. And there are many Cultural Taoiseachs of the 4th Estate/5th Province of the Global Post-Irish Diaspora as well as me. It’s been a fun trip debunking the very notion of ‘Being Irish’. 1916 is unfinished business but there’s nobody left to finish it.

    The real Plastic Paddies have always been in the Dail and Sinead. With the emerging global economy, the next generations of “Island of Ireland-born-Irish” will not look to the discredited meta-narratives of FF/FG/SF for purpose and meaning but to the hidden legacies of those who left before them as they use the only power left to them and vote with their feet to leave the rent/housing shortage scam and make a life elsewhere. And when the next collapse happens and the sleveen huckster gombeens beg for help they may find themselves facing Donald Trump as well as Angela Merkel and no amount of shamrock and ass-kissing the past will work. And even the hereditary Baronet of Tipperary aka UK Chancellor George Osborne will not be able to rescue Paddy from the Germans. Geithner screwed Ireland-no lube. Yet Biden calls Enda the most popular man in the US. Yes, the patsy stripped naked at poker is always popular. To laugh at. Who could now really care that much about a Ghost Nation trading on vanishing dreams and nightmares collectively enshrined in The Rising that wasn’t a Rising at all, at all, but a counter-revolutionary putsch that led to 100 years of utter nonsense. A Constitution written by Eamonn Devil Eire and Archbishop John Charles McQuaid? FFS! As the song goes “rip it up and start again!” But nobody will because Being Plastic Paddy is both easier and more profitable than being 4Real. Leave that to us Shire Irish Fugees as we avenge our ancestors with #Brexit thus triggering an inevitable #RoIExit when the shite hits the fan.. No need to thank us. We’re BlackSabbathPaddies, just how we roll….LOL!

    with every good wish
    PeakyPaddyBlinder aka Mad Paddy From Brum. Etc

    “MPC bought the site from administrator Begbies Traynor, acting on behalf of Ireland’s National Asset Management Agency.
    “We particularly like the dynamic of Digbeth which is a centre for creative industry in Birmingham.
    The scheme reflects the character of Digbeth, a vibrant area of real creativity in what we believe is a very progressive city.
    The original £150 million scheme comprised 658 apartments, a four-star hotel with sky bar and a new Irish Centre.
    However, the project was later stopped in its tracks after Begbies Traynor were called in by backers Allied Irish Bank which was owed £24 million by Connaught Square.
    The site is next to Birmingham coach station and runs between Digbeth’s two principal thoroughfares, the High Street and Bradford Street.
    It would have contained 1,000 underground parking spaces, two public squares that straddle the River Rea and public amenity space.
    The project was also renowned for its promise to bring Birmingham’s hidden river, the River Rea, back up to surface level in Digbeth – although it remains to be seen whether that will be a feature of any new plans.”

    “Everybody tells me it’s ’bout time that I moved on
    And I need to learn to lighten up and learn how to be young
    But my heart is a valley, it’s so shallow and man made
    I’m scared to death if I let you in that you’ll see I’m just a fake
    Sometimes I feel lonely in the arms of your touch
    But I know that’s just me cause nothing ever is enough
    When I was a child I grew up by the River Rea
    There was something in the water, now that something’s in me
    Oh I can’t go back, but the reeds are growing out of my fingertips
    I can’t go back to the river

    But it’s in my roots, in my veins
    It’s in my blood and I stain every heart that I use to heal the pain
    Oh, It’s in my roots, in my veins
    It’s in my blood and I stain every heart that I use to heal the pain

    So I blame it on the River Rea, the River Rea, the River Rea”

    [lyric by Adele, adapted by Andy Mooney & @alfiemoone:from East London to Brum via Grand Union Canal for Series 7 of 'Peaky Blinders: From Glam to Punk via Plastic Paddydom']

  11. Mike Lucey


    These days I think the ordinary man / woman on the street is starting to see how they have been and are still being shafted. Did not the results of our last election demonstrate this to some extend with the large block of independent TDs we now have in the Dail.

    I think the same thing is happening in the US at the moment with Trump and Sanders. I would like to share Paul Craig Roberts article of this morning in full here, I’m sure he wouldn’t mind as I’m a donor. The link to the article is


    It is like Margaret Mead said, “a small number of committed people can change the world.”

    With much help from the failures of neoliberal economic policy and neoconservative foreign policy, we are changing the world.

    Look at Bernie Sanders’ inroads on the corrupt Clintons’ control of the Democratic Party. Look at how easily Donald Trump defeated the Republican establishment’s candidates. Some Americans are catching on, shedding their unawareness. I am not confident that Sanders or Trump could bring change. In The Deep State (2016), Mike Lofgren concludes that powerful private interest groups, such as the military/security complex and the financial sector, have hijacked democracy. Still, voters’ interest in Sanders and Trump, despite the beating they receive in the media, is a positive sign. Voters are supporting them not so much for their positions on issues as for the fact that neither are part of the Washington establishment. Many voters now understand that the political establishment represents the One Percent, not them.

    A New Russia has appeared on the scene and demonstrated to the entire world its power to checkmate the hegemonic ambition of the crazed neoconservatives who have controlled the US government since Bill Clinton. The world now understands that the leadership for peace comes from Russia not from warmonger Washington.

    Washington’s vassals in Europe are in disarray, with the Northern European EU members plundering the Southern EU members, with all of Europe overrun with refugees fleeing Washington’s hoax “war against terrorism.” Europeans are beginning to realize that the establishment political parties that they have blindly supported since World War 2 are nothing but agents of Washington, who serve Washington and not Europeans. Merkel, Cameron, Hollande are puppets of Washington, not leaders of the German, British, and French people.

    The Chinese government is finally beginning to realize that the neoliberal American economic policies that it has so slavishly been copying have led it into economic difficulties. Perhaps China will now cease to follow America into oblivion.

    The Russians have learned that being part of the Western system subjects them to economic sanctions and makes it easy for Washington to interfere in Russian internal affairs. The Russians are beginning to show that their desire for their independence is greater than their desire to be accepted by a corrupt, immoral, decadent, and failing West.

    Donald Trump and Bernie Sanders speak to Americans’ loss of economic opportunity and financial independence. Today the 99 Percent are slaves to their debt burdens and lack of productive employment, while those who deceived them into these burdens and lowly-paid employment in domestic services are reveling in multi-million dollar annual paychecks.

    The US Treasury, Federal Reserve, and financial regulators are corrupted by the private financial interests that control them. The US government serves only the One Percent. Despite this obvious fact, many Democratic Party voters—-traditionally the less well off, union members, and American blacks—-are turning out for Hillary Clinton, a tried and proven representative of the One Percent. The Clintons have been enriched to the amount of $153 million by the ruling One Percent who own the Clintons lock, stock, and barrel. Yet the dispossessed vote for Hillary.

    Clearly, many American voters, as Thomas Frank made clear in his book, What’s the Matter with Kansas?, still have no clue as to their own interests and vote to elect their worst enemies.

    Many Americans are still trapped in The Matrix and kept there by the propaganda that masquerades in the US as “news.”

    Consider the possible implications if Americans were to enable Hillary Clinton to become President. Trump has said that he would work things out with Vladimir Putin, but Hillary has declared the President of Russia to be “the new Hitler.” How can Hillary work anything out with “the new Hitler”? She cannot.

    It is a great irony that the American lower class, traditionally served by the Democratic Party, could put in the White House not only a person who only represents the super-rich but also a person who cannot escape conflict with Russia, a country with possibly the most capable military force on the planet.

    The psychopathic Washington neoconservatives who have controlled US foreign policy since the Clinton regime, misinterpret Vladimir Putin’s peaceful diplomacy as a sign of Russian weakness. The neocons say: “See Putin is weak. He is pulling out of Syria.” But what Putin says is different. Putin says: “We have created the conditions for peace in Syria.” If Washington abuses these conditions, “Russia can, in several hours, build up its forces in Syria to a size capable of dealing with an escalating situation and use the entire range of means at its disposal.”

    Putin adds: “We hope the parties involved would show common sense.”

    From a position of strength, Putin has rolled the dice. Is there common sense in the West? I fail to see any. I see arrogance, hubris, idiocy, immorality, inhumanity, complete and total stupidity. These are the characteristics of Western governments. They amount to a deranged criminal enterprise organized against humanity.

    In the awards of medals to those Russians who served against ISIS, Putin stated: “Our uncompromising attitude to terrorism remains unchanged.” If we take this statement broadly, it means not merely Muslim jihadists but the terrorism of the West—-the destruction of seven or more countries by the US and its vassals in the 21st century, the long-term sanctions against Iran, Russia, and a number of other countries whose governments do not comply with Washington’s dictates. Putin has told Washington and Washington’s European puppets, Cameron, Merkel, Hollande, that he has had enough of them. They must reform themselves, become honorable governments committed to the welfare of humanity, and abandon self-serving policies of plunder.

    Considering the total failure of the United States to subdue after 15 years a few thousand lightly armed Taliban, the American people need to understand that the US military, corrupted by privatizations to enhance former vice president Dick Cheney’s stock options in Halliburton and by over-cost weapons systems that serve the profits of the armaments industries and not the military competence of the fighting force, has lost its edge in weapons superiority. The latest over-cost American fighter jet, for example, according to the Air Force’s own conclusions cannot match the old fighter it is intended to replace, whereas the latest Russian fighter is said to have the capability to electronically shut down American control systems, track simultaneously 24 enemy fighters and lock on 10 simultaneously for unavoidable destruction. Members of the US military command have expressed concern over the high quality of Russian weapon systems.

    Everyone needs to understand that the establishments of the two American political parties, the Republicans and the Democrats, are less interested in winning the election than in continuing to control the party. Trump and Sanders are hated by the party establishments, because Trump and Sanders are not members of the establishment. Control over the party by the party establishment is so important that we have many members of the Republican establishment declaring that if Trump wins the Republican nomination, they will vote for the Democrat. This has happened before. It was Republicans who denied the presidency to Republican candidate Barry Goldwater.

    The United States is a failing society. Citizens’ hopes are being snuffed out. There are few good jobs or enough jobs of any kind, as the collapse of the labor force participation rate confirms. People are drowning in debts that they have no prospect of ever paying off. Young adults cannot form independent households. The oligarchy that rules and controls the country has committed America to massively expensive wars and privacy invasions for the purpose of establishing a hegemony that enriches elite private interests.

    The corrupt and unrepentant financial sector, having survived its mortgage-backed security fiasco without prosecution or correction has repeated its previous folly with a new weapon of potential financial mass destruction. Speculators have bought up distressed properties and rented them. The rental streams are bundled into financial instruments, as were the mortgage payments previously, and sold to investors. Is a renter more committed and better able to pay than a person with a mortgage?

    Jobs offshoring and financialization have drained the US economy of the ability to grow. The ladders of upward mobility have been dismantled, and the service of debt curtails consumer demand for goods and services. The wage saving from offshoring jobs raises corporate profits and brings executive bonuses and capital gains to the One Percent. Financialization diverts consumer purchasing power into the service of debt. The result is stagnation and decline.

    Foreign policy based on threats and coercion means constant conflict. The US has been in constant conflict since the Clinton regime overthrew the government in Serbia. Constant conflict is expensive, and Americans have had these expensive costs imposed on them simultaneously with the costs of jobs offshoring and financialization.

    It was 20 months ago that Malaysian Airlines flight 17 was destroyed over Ukraine. Despite the inability of the investigation to come to a conclusion, from the first moment Western propaganda has blamed the loss of 298 lives on Russia. Three days after the airliner’s destruction, US Secretary of State John Kerry set in stone the blame on Russia with his claim that “we saw the take-off [of the Buk missile]. We saw the trajectory. We saw the hit. We saw this airplane disappear from the radar screens. So there is really no mystery about where it came from and where these weapons have come from.”

    If the US has all the evidence, why hasn’t the US government released it? Obviously, there is no such evidence. Why would Washington fail to release evidence that proved Russian responsibility? Kerry’s evidence no more exists than the alleged evidence the US government claims to have from numerous security cameras that a passenger airliner hit the Pentagon on 9/11. If the government had such evidence why has the government refused to release it for almost 15 years? If the government produced this evidence, it would be a death blow to the 9/11 Truth movement. The evidence no more exists than the alleged evidence that Saddam Hussein had weapons of mass destruction, that Iran had a nuclear weapons program, that Assad used chemical weapons, that Russia invaded Ukraine.

    The terms of the last three US presidents have been used to squander trillions of dollars on pointless wars and construction of a domestic police state on the basis of a non-existant “terrorist threat.” This alleged threat has been reinforced with false flag events and a fake history spun from lies repeated endlessly by government and its presstitutes.

    In 1994 Christopher Lasch wrote in The Revolt of the Elites: “In our time, the chief threat seems to come from those at the top of the social hierarchy.” As Lasch said, the greed of the elites for money and power have undermined the constitutional basis of the United States. The elites have used their power to betray democracy. Will the American people succeed in clawing back their democracy?


    It looks like the ordinary US man / woman on the street is now waking up and smelling the coffee.

    The thought crossed my mind on what would happen if Trump somehow doesn’t get the GOP nomination and at the same time Sanders looses out to Clinton. Could it be conceivable that they would run together as presidential and vice presidential candidate that together have cornered a huge swathe of the US electorate.

    Now that would through a spanner in the works and the more spanners we see going into the ‘works’ the quicker we will take back control of democracy from the ‘one percent’ or should that be the 0.001%?

    • Truthist

      Yes, Mike, Paul Craig Roberts is laudable & elequent with what he writes.
      But, it is only Pee Sea from PC Roberts.
      At best it is euphemistic attempt at laying blame where blame is.

      Trump & Sanders are both Insiders also.

      For the the Puppet-Masters Roths et all [ with their short-term plans & also long-term plans [ generational & indeed centurial ] ;
      “Whom do I care who gets elected so long as I can pick the candidates.”

      Sanders has made a life-vocation to campaign for policies that are anathema to most decent peoples around the world, e.g. Abortion.
      He is a dedicated to bringing Marxism to the Cattle [ Euphenism 8-) ].

      Some meat to the bone about these accusations :

      Bernie-the-Neocon waged war against Serbia that u sympathise with above ;
      Sanders supported the Nato bombing of Christian Serbia.

      And, Bernie-the-Neocon against innocent Iraq [ basically stated by u to be innocent ] ;
      Sanders repeatedly voted to fund the invasion of Iraq.

      And, Sanders blames 9-11 on Afhan cave-dwellers & Arabs who could not fly Cessnas despite all the real evidence points to it being a 5th-Column job.

      He promotes imposition of “homosexuality” rights & “feminism” [ hating of heterosexual males ].

      Sanders supported, & voted in favor of, another episode of the momentous-ongoing genocidal attack on the Gazan Palestinians in 2014.

      Pro-Gun & then Pro-disempowering the USA Citizens against the Police State
      Initially, Sanders had a Vermont “pro-gun” stance,

      Then, ever so recently, “realpolitik” for aim to gain for him USA high office persuaded Sanders to ‘adjust’ his position on guns ;
      Now he advocates for a gun ban that would outlaw most firearms used for home & self-defense.

      Previously pro-gun Sanders won his first House seat with the help of an endorsement from the NRA.

      So what if he changes his stance?
      Isn’t it more important to gain the Democratic party’s favor than to stick with “principle?”

      Question ;
      But what “principles” does someone Sanders have anyways ?

      Answer ;
      Bernie wants a good job with Hell-ary.

      Perhaps a new post ;
      Secretary of the Interior?

      Trump is a Shill for sure ;
      Just look at who is his background team.

      Hell-ary Clinton was in her earlier years a Republican & worked hard to get Republican “Goldwater’ elected as Prezzie.
      That is enough to have misgivings about ex-candidate Goldwater.

      U may welcome reading website ;
      More meaty & challenging stuff than the stuff regularly quoted on this blog.
      And, PC Roberts features there too if I remember correctly.

      Here is list of current featured columnists ;

      Alan Hart
      Allen L Roland, PhD
      Bob Nichols
      Camillo Mac Bica,..
      Col. Eugene Khrus..
      Dan Yaseen
      David Swanson
      Denis G. Rancourt
      Dr. Ingrid R. Zun..
      Ed Mattson
      George Galloway
      Gilad Atzmon
      Gordon Duff, Senior Editor
      Ian Greenhalgh
      Jack Heart
      Jack Speer-Williams
      Jane Rosenstein
      Jim W. Dean, Mana..
      Johnny Punish
      Jonas E. Alexis
      Kadir A. Mohmand
      Katherine Frisk
      Kevin Barrett
      Michael Farrell
      Mike Harris
      Moti Nissani
      Preston James, PhD
      Randall Baxter
      Richard Edmondson
      Sami Jamil JadallahSouth Front
      Thorne Dreyer
      World News Tommor..

      I am impressed with a few of the above.
      Of the others I have no opinion.

      Only occasionally, do I read an article from Veteran’s Today.
      Too busy.
      Of course, u must be aware when u read from such a site that there may be intentional “mis-information”.

      • Mike Lucey

        Thanks for that Truthist. It confirmed some niggles I had.

        • Truthist

          Mike, the way I figure it ;

          We have to go deeper in our investigations.
          The puppet masters are playing us with the stuff being served up to us by the “mainstream media”.

          PC Roberts is I believe a very nice man, & very admirable in what he writes.
          But, he is constrained — or at least self-constrained by political correctness — to say what he really knows.

          If u had a kid in chronic serious ill-health, u should start to go deeper in research than rely on what the very nice but mildly effective doctors offer u as diagnosis, treatment, & prognosis.

          Practically all the links given by our noble colleagues are well intentioned ;
          But, they are very tame, & dalliancing around the place.
          True enough, the links that the man who is consistently highlighting about the overall scam bundle that the # 1. “Private-Central Banking” & # 2. Fractional Reserve Banking & # 3. “the Currency that the governments insist we use only is only Non-Money [ i.e. not Gold only or Silver only ], & not even backed by Reserves of Gold or Silver” are very relevant.
          He mentions Griffin’s Book ;
          “The Creature of Jekyl Island”
          But, that book is a tame plagiarised version of Eustace Mullin’s pioneering book ;
          Griffin is said to be an agent of the Rothschilds so as to undermine Mullin’s more useful book
          “The Creature of Jekyl Island” is arguably a shill / false opposition / damage limitation effort for the Roths.

          The Secrets of the Federal Reserve.

          Available for free — apparently — on the internet.
          And, there exists many very illuminating youtube videos of Mullins elaborating about the Federal Reserve Scam, & the rest of the Scam Bundle.
          A Scam-Bundle that effects u & every other person in Ireland, & some devastatingly.

          Mullins died in very recent years.
          But, his interviews & publications are still sought for to determine what it is all about & where the scheme of things is headed.

          U may be more curious about this Scam-Bundle — the real starting point to getting to understand what is happening to the Irish nation — when I inform u that a friend of mine was meeting with refusal by a large banking group to allow him open a banking account with them.
          Upon he highlighting to the bank that were they to accept him as extra depositor to their bank the bank would now — courtesy of Fractional Reserve Banking Scam “Legal according to the Government” — be permitted by the government to loan out 40+ multiples of his deposit to borrowers, well be the hokey, the bank finally relented to allow him open account at their bank.
          Handy Info. that ; “Fractional Reserve Banking” Scam element of the Scam-Bundle.

          • Mike Lucey


            Just listened to PCR being interviewed by Shadow of Truth, ‘SoT – Paul Craig Roberts Part 1: The Establishment Can’t Control Trump Or Sanders’ here,

            It was an enjoyable listen. PCR’s take on Trump is that even if he takes the throne he will be stumped when it comes to filling the thousands of ‘establishment’ jobs and it will be business as usual with the neocons.

            PCR does however point out that he thinks the US electorate is slowly but surely realising that the ‘establishment’ candidates do not have their best interests in mind.

            They (US electorate) are taking much of what Trump and Sanders say / promise with a grain of salt. It looks more to be a case of kicking the ‘establishment’ with whatever boot is available.

            Now that I think about it, the Irish electorate did much the same thing.

            Surely this action by the electorate could be the first step towards direct democracy! Hopefully this will be the case.

          • Truthist

            i agree with u Mike about the bulk electorate basically trying to make the best of terrible choices.
            But, they have done so for many many elections, & each time the electorate & the rest of the world is still dragged down further.

            Trump has been racist against Mexicans in the way that he is arguing his manifestos.

            Beware of Pied Pipers leading the masses astray as did Hitler & his National Socialist German Workers Party ;
            Nationalist they ended up not ; Expansionist rather
            Workers they were not ; Elitist, & Racist, & Eugenicist etc.

  12. From a position of strength, Putin has rolled the dice. Is there common sense in the West? I fail to see any. I see arrogance, hubris, idiocy, immorality, inhumanity, complete and total stupidity. These are the characteristics of Western governments. They amount to a deranged criminal enterprise organized against humanity.–Paul Craig Roberts

    That is a pretty accurate summation of the situation.

    • “The United States is a failing society. Citizens’ hopes are being snuffed out. There are few good jobs or enough jobs of any kind, as the collapse of the labor force participation rate confirms. People are drowning in debts that they have no prospect of ever paying off. Young adults cannot form independent households. The oligarchy that rules and controls the country has committed America to massively expensive wars and privacy invasions for the purpose of establishing a hegemony that enriches elite private interests.’ Paul Craig Roberts

      The power originates with the ability to control the production of money.
      Without this there can be no funding of the policies and wars against humanity.
      The fiat money debt based money creation is controlled by the oligarchs. This Ponzi scheme must be closed and destroyed before mankind can save itself from the predators consuming our very existence. NAMA could never have operated as it has without access to unlimited fiat currency. The Irish banks would never have been bailed out and the taxpayer lumbered with the bill without access to the unlimited production of this money scam.

      Anyone who cannot see this is willfully blind, ignorant or stupid as others here opine. The 1% milk you dry and cast your carcass aside for the next victim.

      • McCawber

        What if there is another reason for the lack of good jobs.
        What if it really is the beginning of the rise of the machines and it’s happening now.
        The gap between automation/automaton and manual/human is closing all the time.
        It’s at the very least an ever increasing contributing factor.
        On top of that there is over capacity in many industries.
        Energy, commodities to mention just two sectors.

        • Maybe so but the Luddites argued the same case in the early 1800′s and yet the jobs they were protesting to protect were relatively new ones . First to go was the manual farm labourer as the combined agrarian /industrial revolution changed the landscape. Now 2% of the population feeds the other 98%.

          As machines replace the manual then another opportunity arrives.
          Personally I prefer the physical work and these days it is hard to find a good farm hand!!

    • Mike Lucey

      Yeah Tony, Roberts hits the nail on the head. He also is continuously being attacked by the ‘establishment’ for his honest speak!

      Tomorrow we will see Mr Kenny (the man with a portrait of Michael Collins behind his desk) taking some shots at Mr Martin as to why he isn’t ‘doing business’.

      The quicker we, the electorate, have another election and double down on what we wished for all the better. The question is, have the electorate the courage to vote for what is needed, Direct Democracy and not more school teachers trying to figure out which shoe to put on each foot each morning before they set about screwing things up.

    • McCawber

      Things must be pretty bad when somebody like Putin starts to look good.
      Churchill (as you probably know) once said that
      ‘Democracy is the worst form of government, except for all the others.’
      Maybe he was wrong about democracy.
      He also said
      ‘The best argument against democracy is a five-minute conversation with the average voter’
      He’s still right about that.

      • Truthist

        Someone said this about Putin ;

        The argument that Putin is a bad guy because he is “pro-multicultural” and doesn’t start cracking down hard on non-whites within Russia is not really convincing.
        This is because Russia, like its predecessor the Soviet Union, has been a multicultural nation for centuries.
        Ever since the Mongol invasions.
        Russia is not, like Germany, a European country.
        It is Eurasia: a hotchpotch and mishmash of peoples.

        What Putin has done, however, has been to give strong support to Christianity within Russia.
        What would the nation of Tolstoy and Gogol and Dostoevsky be without its religious and mystical traditions so deeply rooted in Orthodox Christianity ?

        Therefore, we have 2 independent situations ;

        Putin has been looking good, & is looking good ;
        And aside from “looking good”, heck, Putin “is” good.

        Things are pretty bad

        Aristotle said that Democracy is “Mob-Rule” ;
        Ultimately,- it is up to each & every person to be pro-active that “Mob-Rule” is not nasty.

    • bentley

      Vote ???? You are kidding, right ? Democracy ” a place where you can cast a ‘free’ vote ” …. YeH right. Russia a dictatorship ? ” yes. Of course … They don’t have ‘free’ elections there ”

      Give me a break. Next speeding
      non- NCT bearing motorist please !!!
      I’m gonna seize your vehicle you
      bastard !! Welcome to the Irish ‘free State 2016′.

  13. McCawber

    NAMA turned a “profit” in it’s first year, to much hoohaa and fanfare, as it put it up the ass of Joe citizen by selling off the best assets on it’s books at knock down prices.
    NAMA was set up to ass cover the politicians.
    Always remember politicians are only interested in three things.
    1. Getting elected/re-elected.
    2. Getting elected/re-elected.
    AND you’ve guessed it.
    3. Getting elected/re-elected.
    Nothing else matters and there are no exceptions, absolutely none.

    • Mike Lucey

      Interesting article Adam. 6 billion mobile phones in the world soon! If the point one percent move against cash we always have crypto currency, correct? Oh! and gold / silver if the proverbial really hits the fan.

      • Yep definitely Mike.

        Here’s some shots from Montserrat chaps, if anyone is interested.

        I particularly like the guy with the ‘Irish ish’ t-shirt.

        I highly recommend the trip. I met two very nice lads from Galway who made it after years of intending to, they had a blast.

      • McCawber

        Mobile phones are pure evil.
        Sure they have some good uses but their potential for bad is just unreal.
        The access they open up to our very young and innocent is just and example.
        They are anti-social is another.
        I won’t bore you with a long list.

      • McCawber

        Crypto currency.
        Be certain that the murkiest government agencies can decrypt/steal your currency. Be absolutely certain.
        You are probably safe for now but at some time in the (probably/hopefully distant) future they may well decide they want to own you.
        Just a hint of the truth of this.
        The US authorities are now saying they don’t need Apple’s help to get the info on the murder suspects Iphone.
        They never needed Apple’s help, they just didn’t want to admit it publicly.

        • Mike Lucey

          …. and thats why Apple played footsie with them. Apple knew it could be hacked so had to save face and reassure iPhone owners that their devices where secure.

    • Yep, keep repeating it Adam

      Cash is King and not to be deposed.

    • McCawber

      I pay for most things with cash and will continue to do so.
      I actively encourage my friends and family to keep using cash.
      Bad signs to look for. Shops ceasing to offer cash top out on your Debit card if you use it to pay for something.
      Offering the top out initially makes it attractive to use debit cards. Suck the punter in and then apply the squeeze.
      The whole cashless thing will be done gradually, insidiously.
      One and two cent coins gone out of circulation here and Ireland seems to be once again leading the rush, remember Nice, 2003, we were the first and only country not to use the 10 year moratorium on free movement of labour. Pathetic clowns that we were/are.
      We never seem to learn do we? Is it a desire to be seen as the best child in the play group? The goody two shoes?
      What ever it is it’s a serious defect in our racial portfolio of traits.

  14. mike flannelly

    The main concern of the Irish media during the 31st Dail was “penalty points”.


    Industry best practice split mortgage restructures for all ponzi overvalued debt instead of forced firesales by the state / NAMA.


    Defining real value debt.

    Despite the 2011 Nyberg banking report telling us that our intelligent professional bankers ignored the basic principles of banking while grossly overvaluing debt,


    why did we not question our failed bankers on their “methods” ?

    After shouting STOP, this would be step one in defining the basic principles of real value banking .

    How did our failed bankers overvalue land bank debt by 900%, apartments by 200% and houses by 100% ?
    What method did they use ?

    Why after ” 7 years ” have our media not asked this core question ?

    Instead they repeat pro bank sound bites like lap dogs.

    Turning the bank around/ recovery mode( code for 4000euro name your own profit variable rate and not allowing customers long term sustainable restructures for 2006 to 2010 ponzi mortgages)

    I dont agree with David that Irish banks will fund high debt ratios again in the very near future.

    The goms in the ersi tell us that increasing the household ratio of debt for shelter needs is the answer to increasing housing supply. Their golden solution.

    Ersi goms should look at the housing debt costs.

    Affordable mortgages for Irish citizens is the “quickest” and most obvious solution for shelter needs.

    25 yr fixed mortgages @ 2%

    The ponzi 2006 to 2009 buy to let mortgages need to be restructured to affordable rent to debt ratios. No write downs. Industry best practice split mortgage restructures. This will stabilize rents for that section of property.

    CPO the NAMA firesold property that is needed for social or first time buyers in Dublin.
    Edmund Honohan said we have the tools to do this.

    Then Do It.

    Media editors must be accountable for ignoring basic core questions. It is their duty of care to shout STOP.

  15. Mike Lucey


    Edmund Honohan is a very straight talker. I have read / listened to a few of his interviews and definitely feel he thinks outside the box.

    “Pay your Mortgage with a Promissory note”, says Master of the High Court Edmund Honohan Marrian Finucan Interview first broadcast April 2013

  16. [...] Nama sells to outsiders who have become insiders | David McWilliams The sellout of Ireland by FG.LABOUR, while time for action on Moriarty runs out. Welcome to Ireland 2016. Sign in or Register Now to reply [...]

  17. McCawber

    NAMA was set up in 2009 by a FF lead government.
    That’s FF not FG. Let’s not have any revisionism.
    What FG/Labour could realistically do about it after the fact, I’m not sure.
    It would be damage limitation at best because most of the pedigree horses had bolted at that stage.
    NAMA has a lovely web site which no doubt cost millions to set up.
    This can be for one reason and one reason only, PR, given the secrecy surrounding the organisation. Why were they allowed waste our money.
    The insiders were the businessmen who found themselves inside NAMA dealing with the mess created by themselves and others.
    for the appearance of transparency they may not have been dealing with their own portfolios but this has never been clearly stated that I’m aware of.
    I knew somebody who was in NAMA and I asked them the most obvious question.
    Were they incentivised by NAMA to negotiate the best deal possible for the taxpayer.
    The answer was an unequivocal NO.
    BTW they were not dealing with their own portfolio.

    • Truthist

      I have been attending to ur replies in previous article’s blog.
      Still ongoing.
      Hayek was very interesting about Keynes.

      Re ;
      Ur post here about Brussel’s Event

      Polish National Stadium lit up promptly after Brussels event casts major suspicions on the authenticity of the official version of what has happened over there in Belgium, & also the authenticity of the government — elected & permanent official / civil service — of Poland.
      Obviously, Poland is a N.A.T.O. puppet.

      These would be some of my initial ports of call for to enquire as to what really happened in Brussels yesterday :
      Although, I am always alert for mis-information.

      Makes u shudder what the proxy European Central Bank [ E.C.B. ] would do were “we” to “burn the bondholders”.

      And, Grzegorz, u hardly think that Iceland will not suffer revenge yet for its burning of the bondholders [ or whatever exactly that they did contrary to the Master Puppet Handlers / Roths ] ?

      • McCawber

        From what I’ve heard, Iceland is damn expensive place to visit and no doubt live.
        A scheme by the government to dole out a dividend to it’s citizens sounds fine but you’d have to wonder.

        • Truthist

          50 % of Icelandic DNA is from Irish female slaves brought over by Vikings.

          Here is a very interesting excerpt from from this link about Iceland ;

          Icelanders are avid consumers of literature ;
          With the highest number of bookstores per capita in the world.
          For its size, Iceland imports and translates more international literature than any other nation. Iceland also has the highest per capita publication of books and magazines.
          Around 10% of the population will publish a book in their lifetimes.
          Because of its rich literary tradition, Iceland has many educational opportunities for writers

          Iceland is another captive member country of N.A.T.O..
          Simon Coveney has been one of a long string of Politicians & Politicos & Civil Servants busy greasing the Irish State to slip into N.A.T.O..

  18. cooldude

    Great article and lots of excellent comments. Hard to pick the best one but my vote goes to AndrewGMooney who really has a gift for the English language and is brilliant at exposing the sad truth behind our not so free state. They really are making a show of themselves with all the 1916 gombeen stupidity when our sovereignty has been sold down the swanny.

    Anyway back to the markets. My top cycles man Bo Polny is calling for the next leg of the market meltdown to commence in the next few days. Don’t say you weren’t told. Here is his latest interview

  19. mike flannelly

    Bill Prasifka.

    Bill was the Financial Services Ombudsman in Ireland during the 31st Dail. He was mentioned in the papers last weekend where he dismissed complaints from people who lost their trackers.

    It appears to me

    Bill played a major role with regard to Irish bank customers struggles with high debt ratio financial mortgage products.

    In 2011 the Nyberg report told us that the Irish bankers were professionally negligent when grossly overvaluing mortgage products. The state promoted banks were grossly overvaluing mortgage debt for families.

    The mortgage arrears process and the central bank told bank customers to go to the ombudsman if they could not get their high debt ratio mortgage restructured by the failed Irish bankers.
    However the ombudsman said that he will not investigate the details of any renegotiation of the commercial terms of a mortgage.

    This is despite banking reports telling us that -

    The financial structure of the mortgage contracts did not meet the needs or objectives of the customers. The financial products were not financially sound and all the basic principles of banking were ignored by the intelligent professional bankers that sold them.

    Bill dismissed variable rate complaints whereby the Irish banks basically just named their own profits.

    These variable rate contracts were vague and unclear to customers who all thought that the interest rates would follow market rates.

    These contracts have completely unfair bargaining power favouring the stronger party to the contracts( state promoted banks).

    I could not explain the logic of any of Bills decisions to 15 year old junior cert students.

    The stronger party to the grossly overvalued mortgage contracts between 2004 to 2010 were (incompetently or intentionally) misrepresenting best practice banking while making unfair gain for themselves.

    I would love to hear Edmund Honohans opinions on the amazing decisions of Bill Prasifka.

    Banking reports have told us the financial structure and the sellers competence of mortgage contracts were unsound. Why was this ignored?

    How could you ignore the unsound backround to mortgage contracts when making decisions?

    I have never seen the unsound backround to mortgage contracts mentioned in case studies.

    Michael Noonans firesales need to be stopped. Selling for peanuts is an act of madness and against the greater public interest.

    Industry best practice split mortgage restructures need to be provided to all super high debt ratio mortgages to re align the rents.

    Lets pray that new ombudsman Ger Deering can help bank customers with real financial complaints.

    A country devestated by bankers failings needs cheap fixed rate mortgages to service our shelter needs.

    Not double interest rates to make banking failures and their shitty shares look good.

    • McCawber

      In Belgium at the moment, you can get a fixed rate mortgage for twenty years at 2%ish.
      Two observations-
      1. They obviously not expecting interest rates to rise anytime soon – They’s a whole article on that alone.
      2. There must be something seriously wrong with the Irish banking system. You read it here first.

  20. Wills

    David, spot on follow up to NAMA article couple of weeks ago.
    And confirms our worst fears on this blog 6 years ago that NAMA was a lie.
    We blogged here for months and months NAMA is a continuation of the ponzi economics
    the 00′s same monster different clothes.

  21. survivalist

    Ireland and the Irish deserve no special animosity or blame for the way they have been able to respond to the ongoing war of the ‘neo-liberal’ ideology against the people. This is a worldwide assault.

    While it is disappointing that on the election measure, where FF received the single largest gain, it appears that people are complicit in their own enslavement.

    But it is not all bad news there.

    The non-traditional party alternative options took 32 seats or 20% of the Dail which is about 30% of the electorate who bothered to vote.

    The idea of direct democracy as a means of governing has been re-born in Ireland and is a growing idea.

    12 % of the electorate abandoned the main political parties. These are all success given the degree to which the status quo is protected by the powers that should-not-be.

    However the resounding victory was in arresting the privatisation of water for however long that lasts.

    As an aside it is interesting to note the social engineering /revisionist history which is now underway where that success of thwarting a neo-liberal ideal through popular action is being painted as a bad thing, wasteful, a misguided campaign, distracting of resources or having been otherwise un-necessary and un-helpful!

    NAMA can only continue as it operates in secret and its machinations are simply off the radar or everyday experience of the people.

    The following quote may or may not be accurately attributed to David Rockerfeller but is presented here for example only of what is needed to ensure the enslavement of the people is a success;

    “We are grateful to the Washington Post, the New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost 40 years……It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years.”

    • According to William Engdahl in ‘Seeds of Destruction’ it is not the only thing the Rockefellers’ have been up to.

      “Gates’ interest in inducing population reduction among black and other minority populations is not new unfortunately. As I document in my book, Seeds of Destruction(8), since the 1920’s the Rockefeller Foundation had funded the eugenics research in Germany through the Kaiser-Wilhelm Institutes in Berlin and Munich, including well into the Third Reich. They praised the forced sterilization of people by Hirtler Germany, and the Nazi ideas on race “purity.” It was John D. Rockefeller III, a life-long advocate of eugenics, who used his “tax free” foundation money to initiate the population reduction neo-Malthusian movement through his private Population Council in New York beginning in the 1950’s.”

      Amongst other things is the development of spermicidal food. GMO of course.

      • Quote

        The results of the WHO-Rockefeller project were put into mass application on human guinea pigs in the early 1990′s. The WHO oversaw massive vaccination campaigns against tetanus in Nicaragua, Mexico and the Philippines. Comite Pro Vida de Mexico, a Roman Catholic lay organization, became suspicious of the motives behind the WHO program and decided to test numerous vials of the vaccine and found them to contain human Chorionic Gonadotrophin, or hCG. That was a curious component for a vaccine designed to protect people against lock-jaw arising from infection with rusty nail wounds or other contact with certain bacteria found in soil. The tetanus disease was indeed, also rather rare. It was also curious because hCG was a natural hormone needed to maintain a pregnancy. However, when combined with a tetanus toxoid carrier, it stimulated formation of antibodies against hCG, rendering a woman incapable of maintaining a pregnancy, a form of concealed abortion. Similar reports of vaccines laced with hCG hormones came from the Philippines and Nicaragua.9

        • Spermicides hidden in GMO corn provided to starving Third World populations through the generosity of the Gates’ foundation, Rockefeller Foundation and Kofi Annan’s AGRA or vaccines that contain undisclosed sterilization agents are just two documented cases of using vaccines or GMO seeds to “reduce population.”
          —William Engdahl

        • “Health experts point out that were the intent of Gates really to improve the health and well-being of black Africans, the same hundreds of millions of dollars the Gates Foundation has invested in untested and unsafe vaccines could be used in providing minimal sanitary water and sewage systems. Vaccinating a child who then goes to drink feces-polluted river water is hardly healthy in any respect. But of course cleaning up the water and sewage systems of Africa would revolutionize the health conditions of the Continent.

          Gates’ TED2010 comments about having new vaccines to reduce global population were obviously no off-the-cuff remark. For those who doubt, the presentation Gates made at the TED2009 annual gathering said almost exactly the same thing about reducing population to cut global warming. For the mighty and powerful of the Good Club, human beings seem to be a form of pollution equal to CO2.” W.E.

          • Truthist

            And, do u suspect that this conspiracy [ involving Scam attached to Vaccine ] is responsible for the all too common fertility problems experienced by European men & women ?

  22. McCawber

    I hate the following phrases.
    “I have no issue with. …..”
    “It is what it is. …….”
    “We are where we are……”
    I did nothing wrong…….”
    The above phrases are all about not taking blame or responsibility for what you have done.
    Inherent in them is We aren’t listening and we haven’t learn the lesson and we don’t want to know.
    Rant over.
    People like Bertie are worthy of our contempt because they didn’t do anything wrong.
    Oh and I really hate revisionism.
    Second rant over.

  23. McCawber

    In Belgium at the moment, you can get a fixed rate mortgage for twenty years at 2%ish.
    Two observations-
    1. They obviously not expecting interest rates to rise anytime soon – They’s a whole article on that alone.
    2. There must be something seriously wrong with the Irish banking system. You read it here first.

  24. The free trade fiasco and delusion.
    Free trade is touted as a benefit to people in the form of more goods at cheaper prices.
    In reality we get to lose well paying jobs and thus the ability to buy anything without going in to debt.
    The trade agreements profit the bottom line of the international corporations while the consumer can still buy the goods.
    The banking system provides the money available to be borrowed by those who try to maintain a lifestyle no longer affordable. The central banking system is the enabler of this system and soon there will be helicopter money floating down in your neighbourhood.

    Trump sees the fallacy of the trade agreements and thus is now under attack from the establishment.

    Excellent article from zero hedge


    With a real cost of living over 10% pa it is no wonder people are squeezed. This has been my observation personally. Groceries are up 20% here year over year. Insurance and other items are similar.

    John Williams at shadow stats dot com says the same at a rate of 8%.

    Why do governments massage the stats to lie to us. Possibly that then an economic “growth ” rate of 3% appears positive when actually it is in depression at negative 5%. also it saves on benefits such as allowances and pensions tied to the official inflation index.

    We are sinking into the mire.
    Corporatism and central bankers are the culprits.

  26. Being able to ‘cash in’ or ‘cash out’ will be a thing of the past soon. how will a game of cards look if you can’t cash in your chips when you feel like it.

  27. So you think you have a housing problem. Take this!!

    Posted at

    *Good grief, from K…

    Luke Iseman has figured out how to afford the San Francisco Bay area. He lives in a shipping container.

    The Wharton School graduate’s 160-square-foot box has a camp stove and a shower made of old boat hulls. It’s one of 11 miniature residences inside a warehouse he leases across the Bay Bridge from the city, where his tenants share communal toilets and a sense of adventure. Legal? No, but he’s eluded code enforcers who rousted what he calls cargotopia from two other sites. If all goes according to plan, he’ll get a startup out of his response to the most expensive U.S. housing market.

    Iseman collects $1,000 a month for each of the 11 structures parked in the 17,000-square-foot warehouse he rents for $9,100. Tenants include a Facebook Inc. engineer, a SolarCity Corp. programmer and a bicycle messenger.

  28. mike flannelly


    There is something seriously wrong with the Irish banking system.

    They have too much capital to reinvest in their business so they want to pay dividends.

    Failed Irish bankers with their name their own profit variable rate mortgages are costing Irish bank customers 4296 euro per year for their mortgages.

    The banks are paying .15% for money and charging 5% for mortgages.

    Irish bank customers, the housing crisis and the domestic economy need the 25yr fixed @ 2% mortgages.

    250000 euro for 25yrs @ 4.7% = 1418 e.

    250000 euro for 25yrs @ 2% = 1060 e.

    The failed Irish bankers and politicians are adding 34 % to the costs of housing/rents for young couples and families working hard in the domestic economy.

    Schoolteacher politicians and bailed out media outlets tell us that failed bankers shitty bank shares are more important than a real long term sustainable domestic economy for all citizens.

    Failed Irish Bankers that overvalued land bank debt by 900%, apartments by 200% and houses by 100% are


    costing Irish families 34% more for their shelter needs.

    Ireland has a failed banking system only because weak schoolteacher politicians allow short sighted aggressive profit growth strategies that have no benefit to the greater public good.

    They are repeating the same aggressive profit growth strategies and expecting a different result.


    They are the very same failed bankers.

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