April 4, 2016

Taking home the Canadian bacon

Posted in Sunday Business Post · 82 comments ·
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Irish investors will suffer again as Ireland’s largest private landlord bides its time to cash in

Why do you think the share price of Bank of Ireland, Ireland’s least bust bank, has been falling dramatically? Obviously, there are clear international factors at play, such as negative interest rates, but could there also be some significant local factors?

Could it be that the market has realised that a banking/land/credit crisis that started with Irish investors being overleveraged to expensive Irish property financed by the Irish banks, will end with Irish investors once again being overleveraged to expensive Irish property financed by Irish banks?

If this scenario were the case, why would you want to own stock in an Irish bank?

The vertiginous fall in Bank of Ireland’s share price at a time when the economy is motoring was on my mind as I read the annual report of a company that you have probably never heard of, but which is Ireland’s largest non-governmental landlord.

Now have I got your attention? Yes, you read right, the largest landlord in the county.

Do you know the name of Ireland’s largest private landlord?

Would you be surprised to know that the company comes from that nice country north of Buffalo? You know that polite place, full of decent folk, home of the two Justins – the first being the good-looking, liberal, gay-friendly new prime minister and the second being, well you know, simply the Bieber. Quite apart from their luxuriant tattoos, the thing that binds both Justins together, is that they are both Canadian – and so too is Ireland’s biggest private landlord.

The company is the Irish Residential Properties Reit, set up by the Canadian Apartment Properties Real Estate Investment Trust.

How did that happen?

It happened because the crash has involved a massive transfer of Irish property assets from the original Irish owners, who ran out of money, to foreign funds who had access to cash when the merry go round stopped. The foreigners bought these Irish assets at deep discounts and the difference between what they bought these assets for and what was originally lent out on them was paid by you in both Nama bonds – which are written in your name – and the money that went to pay the bondholders who were paid out in full.

So in effect, Ireland Inc sold its assets, which were worth something to foreigners at a discount and paid back bank debts to foreigners, which were worth nothing, at a premium.

All this was orchestrated by the Irish state. These moves were explicit choices made by the Irish government. The bondholders, we know, didn’t have to be paid back. Even the IMF admits this now. But they were all paid in full. That’s the debt side.

And on the other side of the national balance sheet, the assets side, Nama was financed with Nama bonds underwritten by the taxpayer until 2020 in order to prevent a mass fire sale. That was why the Nama bonds were issued. But Nama went ahead with the fire sale anyway.

No one is saying that it didn’t have to kick off some sales to get the market going, but mass, wholesale flogging is the type of desperate selling that goes on when a property company runs out of money and has to liquidate, not a state-financed public-sector entity that is fully financed until the next decade, with taxpayers’ money.

But the selling goes on, to those who have access to liquidity. Right now, as central banks are keeping interest rates below zero, large vulture funds can borrow for free and deploy this free capital where they see fit.

This is how a Canadian company came to be the biggest landlord in the country with 2,000 apartments. Assets were gifted to it. Sure it paid money, but it got a deep discount. All of which is good for the Canadians. This is capitalism as practised in post-bust Ireland. It is not illegal.

But when you read the chief executive’s letter to investors, you see how subsequent Irish policy – after the gift – is making the Canadians very rich at the expense of Irish renters. And don’t take my word for it. Read what David Ehrlich says about the state of the Irish property markets and the implication of these problems for the bottom line of his company.

This is from page 12 of the company’s annual report. This is from the Irish Residential Properties Reit.

“There is little new supply of residential housing coming to market, and new housing starts are expected to remain well under forecasted requirements over the next number of years. As a result, we continue to see strengthening fundamentals in the residential rental business.

“The current planning guidelines and the high cost of new construction will make it difficult for the severe shortage of accommodation to be rectified, at least over the short to medium term.

“The company will benefit in two ways; firstly, it helps it to continue to build on its strong operational performance, and secondly, the company has capacity at its existing properties to build between approximately 600 to 650 apartments, subject to required planning and any other necessary approvals.”

So you can see what is happening. Planning restrictions and the high cost of land, itself driven by land hoarding, is constricting supply and the company doesn’t see any change coming for a few years.

According to the chief executive, this will help the company’s “strong operational performance” which is corporate speak for being able to get higher rents out of every apartment they own. In addition, the shortage will allow the company build and sell lots of new apartments as high prices.

This is an extraordinary outcome.

Bottlenecks, which are entirely within the gift of the Irish state to solve, are enriching foreigners. Irish rents, which are paid by Irish workers, are going directly out of the country to Canadian investors.

In time, the company will probably want to realise its good fortune, sell its assets and head back to Canada. If it chooses to do this, who will buy its assets? Most likely Irish people who will have these investments financed by Irish banks.

So a crisis that started with Irish people over-exposed in and leveraged in Irish property, financed by Irish banks will end up with Irish people, over-exposed and leveraged in Irish property, all financed by Irish banks.

You know what else is likely to be happening around this time? Global interest rates are likely to be going up, not down.

Digest that.


  1. pancake

    Is our government really stupid? Or, are they corrupted? If corrupted, who are the ones getting benefits from this schema?

    • Stupid AND corrupted pancake. And put there by the only turkeys on the planet who vote for Christmas.

      • Truthist

        Put there by their cronies directly involved with the ballot stations :

        e.g.’s

        1.
        Representation ; Pretending to be other voter[s]

        2.
        Stuffing of Ballot Boxes with extra votes

        3.
        Ballot Boxes being totally open to abuse at least on 2 aspects :
        a]
        The Ballot Boxes are opaque / not transparent ;
        In countries that openly admit to being as corrupt as The Irish State [ Well, they do not quite put it that way 8-) ], the boxes are made of “clear” Glass or “clear’ Perspex only.

        b]
        Each ballot event should be linked to a meter that increments digitally the increase in mass of that particular Ballot Box immediately.
        And, that increment highly visible for all persons at ballot station to witness.
        Any excess beyond an agreeable limit warrants immediate investigation as to :
        the Citizen that put Ballot Paper in Ballot Box,
        & also
        the Persons who gave him the Ballot Paper[s].

        4.
        The Garda-Landlords are “protecting” 8-) the Ballot Boxes before counting in certain situations.
        The “mustached ones” were very proactive in ensuring that the Referendum for Homosexual Marriage was passed.
        They are sure to roar & shout & otherwise intimidate & ultimately refuse to register many a crime reported to them at their garrisons, but by golly they don’t fudge about to speed along the NWO.

        5.
        Voting should allow Citizen to completely fill empty boxes as they see fit on the basis that so doing the Citizen is protecting their 1 or 2 etc. preference from being converted into an 11 or other 2 digit or whatever multiple digit number by the planted persons at the ballot offices, & where it is simply a choice of ticking between 2 selections “Ta / Yes” & “Nil / No” in Referenda that the Blank Space left by the unwise voter be ticked other than the voter had actually voted & the actual vote then completely filled.

        inter alia

        • Deco

          There is a joke in some parts – the only time you see a garda around here, is when there is rent to be collected.

          They are more interested in their real estate portfolio than in fighting crime.

          And let’s be honest – crime is winning. Mostly because it is unopposed.

        • pat greene

          The only reason this continues is because the people do not have a real say in how this country is run…the power is too centralised causing a deficit in democracy. Solution direct democracy…reinstate an up dated version of article 48 of the 1922 constitution, where you as an individual can change this by collecting 50,000 signitures forcing the government of the day to hold a referendum and the result is legally binding on the government to act in accordance with the wishes of the people…not their cronies…but only when we have a direct democracy political system.

          • Truthist

            Direct Democracy Ireland should avoid developing & promoting political policies other than ensuring that The Irish State re-instates Article 48 of the 1922 Constitution.

            The issue is enacting meaningful Democracy “Mechanism” into the Irish State Constitution.

            If Direct Democracy Ireland members have other political policies to develop & promote, they should do that independently to their involvement with re-instatement of Article 48 of 1922 Constitution.

          • pat greene

            Truthist I don’t understand why you are saying that DDI should only give support to Reinstate48, they are a separate organisation that is apolitical. There is no point in having two entities doing the same task. As for Wikipedia yes it is interesting thank you but the reinstate 48 has a minor flaw, repeating the same mistake as before allows for the removal of article 48 again we need a differently worded replacement. The 1919 constitution is more interesting if you can get a copy of it.sorry I don’t have a link the copy I saw was an original.

          • Truthist

            Pat,

            Whilst I gave u the link for “reinstate48.com” it does not mean :
            I endorse what this organisation are doing specifically
            I properly perused the link ;
            Yes, I had a quick look.
            Seems very sketchy.

            I agree better to have a united singular organisation campaigning for having Plebiscite mechanism in Irish Constitution.

            I understand that D.D.I. is already infiltrated with persons from Institutional State of the Irish State [ I.S.I.S. ] trying to undermine it.
            Best way of dealing with this problem is for D.D.I. to Keep It Short & Simple [ K.I.S.S. ] by concentrating on re-instating Plebiscite mechanism, & yes with whatever enhancements as is necessary, ONLY.
            In fact, if ever there was a need for an organisation to keep its agenda totally narrow it would be an organisation campaigning to have Plebiscite Mechanism in the Constitution of the State [ Irish State of the Island of Ireland ; Not Irish State of the Federal European Union ].
            D.D.I. must not contradict their mandate.
            Mechanism ONLY please.

            But, there is nothing wrong with D.D.I. individuals or groups from exploring & developing & promoting political policies separately.

            To be expected from

          • pat greene

            DDI have infiltrated by “statests”, please tell me more, I like the ISIS bit. Unfortunately K.I.S.S. Doesn’t work with the electorate, single issue candidates, in general, are not wanted, and the people are afraid of change…..be afraid …be very afraid of taking responsibility for you own actions…remember….be afraid! Politics of fear needs to be over come…it’s a long road and narrowing the narrative will make it longer due to their fear of change. I was on the doorsteps…talk about intrenched views and civil-war politics…boys oh boys!

          • Truthist

            Pat,

            Ahead of giving u more considered reply per ur replies to me, I remind u per ur exact refutation about K.I.S.S. for getting candidates elected [or, I ask, should we not be thinking about forcing the Plebiscite Mechanism to be re-instated without relying on getting D.D.I. candidates elected firstly ? ] ;

            We have had independent candidates elected to Dail Eireann on the sole issue of ensuring that the electorate gets their “Multi-channel” stations.

            Waiting 4 years for opportunity is silly.

            U need to recruit a gifted Executive Director of Propaganda for to achieve ur objective.

          • Truthist

            Clarification ;

            Multi-channel T.V. Stations

          • pat greene

            Truthist, there are individuals elected on single issue platforms, as the lady doctor from Clare pushing for a doctor to be allocated to every village, these issues are usually very strongly debated in that candidates area resulting in a vote for the candidate they feel will sort the issue out. I would be delighted to work on a single issue, life would be so much more simple but the freedom that DD gives us is not on the electorates mind they in general feel that they, the people, are in power. If there was a feeling of helplessness across the country or in one specific area it would work, the demands for services are immediate and satisfying reinforcing the elusion of having power placating the need for more freedom. That is why I believe one issue doesn’t work for a ‘party’ but very well for individuals

    • matthewmacgabhann

      David, were you not the one who championed both the bank guarantee (a master stroke, I think you described it as) and setting up a bad bank (NAMA)?

  2. 5.30am and first!

    Rise and shine Ireland.

    Early bird catches the worm!

  3. rotring

    The new government needs to take some simple measures to address the housing crisis.

    Change to Zero rated VAT on new builds as in the UK.

    Total review of how Local authority development contributions are costed, possible exemptions or caps for certain types of housing development to get things going.

    Restructure the planning process for housing developments to a phased approval system as in the UK. In the current system any large scheme can be tied up in planning for years. Once something goes to an Bord Pleanala it is a total lottery, with sensible decisions often overturned on appeal.

    Provide incentives to empty nesters by lifting the stamp duty on retirement properties. Encourage developers to provide these properties by lifting the social housing requirement and reducing contributions for retirement schemes catering to downsizing retired couples. This would kick start development on prime sites and free up suitable houses for young families.

    4 storey height limit under the current DCC development plan needs to be lifted, it is ridiculous and is preventing housing density where it is needed most.

    Will they do any of it? I doubt it.

    • Deco

      The politicians (all political parties) have been implementing a series of measures to make residential real estate ownership as expensive as possible, in an effort to prop up bank valuations, and thereby make the state look less insolvent.

      The homelessness issue has been created by state policy, both at national and local authority level.

      The vast majority of newcomers working in google, etc.. do not desire a suburban house in Lucan, and Dublin bus to get to work. But there are not enough microapartments, or apartments in Dublin. And people are unwilling to move out of the city centre unless the job brings them to Galway or Kildare. And even there, they will bid up existing rates.

      The people who cannot get participate in this are therefore homeless.

      The labour market is being undermined by minimum wage laws, high state levies, and a bottleneck exercise that is driving up the cost of residential rent.

      • Truthist

        Inventors & Innovators / Architects / Engineers should devise good quality modular high rise mix of very large & large & medium sized apartments buildings that are :

        totally off the grid for utilities :
        electricity
        water supply
        sewage
        gas

        self-sorting for recycling of users’ waste

        easily & quickly built

        attractive

        child-friendly

        privacy facilitating

        noise & vibration insulated

        easily & quickly deconstructed

        well managed

        for purchase only outright or by installments ;
        Payments paid are automatically registered in State system that enables payer to resume at another location of this special type of housing.

        inter alia

        • Sideshow Bob

          Your points, answered -

          A) “Totally off the grid for utilities : electricity / water supply / sewage / gas´´.
          This is something of a fantasy. The Passivhaus standard of construction, if it could be applied, would deliver the best performing residential units in terms of energy consumption They can function for 200 euro PER YEAR total energy bill ( electricity )or even less. As for sewage – that needs to go somewhere and a lot people produce a lot of s**t, often as much as they talk so not possible. For houses in fields, maybe depending on local conditions. Energy generators from methane or biomass and the like typically only work on a block level, and would need communal or municipal organization and maintenance as well as capital for extensive the plant and plumbing involved. Gas? Would be the most efficient way to produce electricity, if no renewable source is available. Solar is at best only good for some water heating and running lights. It has

          B)“Self-sorting for recycling of users’ waste.´´
          Inhabitants have to take responsibility for their waste. Having good communal facilities can help.

          C) “Easily & quickly built.´´ This is a pickle. I presume you mean economically built too. You can build things quickly if you throw enough money at them and project manage it correctly. Prefabrication is key. However you may end up with Ballymun version 2.0 if you try to do that in mass, and for cheap. Effective procurement with the building lifetime in mind is key.

          D) “Attractive´´. Beauty lies in the eye of the beholder. One thing I will say is that if you want modern apartments with appropriate modern facilities, privacy balconies then no pastiche Georgian Townhouse treatments are acceptable. They don´t permit the other objectives listed here in your points. Some variation on modern architecture and a modern aesthetic is necessary. It can give nods to heritage, use quality materials and incorporate tradition but a mainly modern approach is key.

          E) “Child-friendly.´´ Apartments aren´t particularly child friendly, nor are they friendly for aged people and particularly so if they lack lifts. This is also particularly true for Irish families who normally are involved in outdoor sports and Irish people seem to have have a big psychological attachment to “the land´´ and the idea of a 3 bed semi-D as being the only acceptable form of housing for a respectable Irish family .

          F) “Privacy facilitating.´´ (?) Correct design and construction and careful consideration of material use can usually help this BUT it has major effects on any aesthetic. It is impossible to put large numbers of people living together in close proximity and expect the high levels of privacy. There has to be give and take. And see point D as well for it´s relationship to this point.

          G) “Noise & vibration insulated.´´ Extensive use of concrete ( insitu & blockwork ) better sound insulation , more generous design standards for common areas and some variation or relaxation in some aspects of acceptable Fire Design could result in two very significant chief benefits for Irish apartments in the future; improved sound insulation and much more flexible units with some possibility of interior re-modelling and refurbishment ( i.e. renewal ) during a prolonged unit life-time.

          H) “Easily & quickly deconstructed.´´
          Not achievable in my opinion for reasons of law, and health and safety in the main. De-mountable construction isn´t viable or cheaper for residential architecture. I don´t understand why you would require this or see it as necessary. Land law reform is very important though in general as the laws concepts on this come from feudal times and don´t reflect modern needs. Also please see the prior point for an alternative approach to building longevity.

          I) “Well managed`´. This is beyond the designers remit. I would note that from lived experience in apartments in three continents and four countries that Irish apartments have pitifully little in terms of communal facilities to offer residents. I am of the opinion that this must change if apartment developments are to truly be successful here. Live on site concierges, possibly creches and other obligatory communal elements such as games areas, gyms and social entertaining ( BBQ or buffet/lounge) / common rooms would be some ideas that I would propose. But the developer must be allowed to build higher, and some concession must be made on car parking. These could have a significant on your point E about child friendly-ness.

          • Truthist

            A most constructive reply.
            I will reflect upon it.
            And, afterwards, I will return to u.
            I might be in under next article of host.
            But, such a subject matter is relevant under any article of Davids given the continuing housing crisis that is part of the layered games being played by our “betters” all the way up to the Roths.
            Obviously, I could have elaborated on some points in my original comment.
            But, it is OK to do so iteratively ;
            Especially following such superb answers as urs Sideshow Bob.

          • Sideshow Bob

            No problem and you are welcome Truthist. I will keep an eye out for the subject. Please just mention my name here in the comments if you want to attract attention to anything.

            I can also pass you some links sometime, if you so wish, so you can look at things yourself you don´t need to take my word on stuff!

            Regards.
            Sideshow Bob.

        • Sideshow Bob

          There are some very good examples of relatively recent Irish sustainable urban social housing developments to be found on the link that follows, the York Street in Dublin City Center project in particular stands out:

          http://www.sha.ie/projects/

          Unfortunately projects like these are few and far between in Ireland.

  4. Mike Lucey

    ….and while all this is going on we have the tweedledum and tweedledee parties not doing what the electorate decided must be done. To put their minute differences aside and do the needful.

    I wonder if these new mega landlords and hovering vulture funds have picked this particular time / space to show their hand?

  5. Truthist

    The Excerpt quoted from that Annual Report of “Irish Residential Properties Reit Company of the Canadian Apartment Properties Real Estate Investment Trust” — a outfit that would be very shrewd & have secured certain guarantees from prospective leaders of The Irish State — betrays the fact that Me-hole Martin will betray the Irish nation again ;
    Just like he did when he was :

    1.
    Minister for Education and Science (1997–2000),
    Flooderer of the department with College Creeps
    Flooderer of mainly “Mickey Mouse’ courses for mature students
    Requester of expensive useless Reports from Consultants
    Facilitator of Quangos
    inter alia

    2.
    Minister for Health and Children (2000–04),
    Flooderer of the department with College Creeps
    Flooderer of the department with Bureaucrats
    Requester of even more multitude of expensive useless Reports from Consultants
    Narcotics Crisis escalates under his rule also
    inter alia

    3.
    Minister for Enterprise, Trade and Employment (2004–08)
    Flooding of the department with College Creeps
    Requester of expensive useless Reports from Consultants
    Facilitator of Quangos
    inter alia

    4.
    Minister for Foreign Affairs (2008–11)
    Flooderer of the department with College Creeps
    And God knows what else in this very secretive department that is reportedly useless or indeed prevaricator to the Irish citizens abroad

      • Truthist

        Yeah ; I just made up that word “onq” 8-)
        Why not ?
        God loves a trier.

        Doing as I have done is how most words of any language come to be.

        Anyway, what does “onq” mean ?

    • Deco

      Other M. Martin moments include that expensive stay in a hotel for a St. Patrick’s Day junket, when the expectation was that he would stay in the Irish Embassy (paid for by taxpayers).

      Then there was all that dithering by Martin when Ahern was Taoiseach.

      The episode where a property developer gave money to his missus. [Admittedly small scale compared to what a former Labour Party Leader's missus got from the taxpayer for a questionable deal].

      And of course his pronouncements after a rejected EU referendum that he was going to respect the result, before he went into overdrive spending the people’s money telling the people that the people were wrong.

      He should be on the political scrap heap. Well done the Irish media for rehabilitating him.

  6. Pat Flannery

    The ”Irish Residential Properties REIT Company’’ and the ‘’Canadian Apartment Properties Real Estate Investment Trust’’, IRES REIT and CAPREIT respectively are not what DMcW says they are, private landlords as the term would generally be understood, they are in fact publicly traded securities known as REITs.

    What are REITs? They are ”real estate investment trusts’’, a special kind of (US-originated in the ‘60s) mutual fund that are publicly traded on all major international security markets. Many private investors who do not want to be landlords prefer to buy and own REIT shares (or ”units’’ as they are legally called). The interest of each beneficiary under the trust is described as units of that particular trust (a little reminiscent of the original British ”unit trusts’’). There are now more ‘’trust units” in the world than there are company ‘’shares’’.

    I became very familiar with REITs during my almost 40-year career in real estate in the US. They were a great source of finance for some of the development projects such as apartment complexes that I became involved with. That kind of financing is (or was REITs’) main purpose. To us at the time they represented a collective investment by a large number of investors who pooled their money into a large investment fund rather than go it alone.

    The only thing Canadian about IRES REIT and CAPREIT is that Canadian law requires that a majority of trustees who exercise management and control of the trust must be resident in Canada (in this case Toronto) where the restrictions on activities and investments such as holding times and resale of assets are more liberal than in the US. That is probably why NAMA (who probably set up the IRES REIT) chose Canada.

    In my opinion the majority of IRES REIT’s investors are probably well-connected Irish. According to this Ontario Securities Commission decision document: http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20151119_211_irish-residential.htm
    the ‘’IRES REIT was incorporated in Ireland on July 2, 2013 as a company under the Irish Companies Act and is domiciled in Ireland’’.

    When it comes to ‘’cute hoors’’ the Irish are world champions.

    • Truthist

      Good sleuth work Pat.

      Perhaps u could develop a poster on this specific issue & display it publicly at ur convenience.

      With folks like u Pat, we can overcome the “cute hoors” despite the help they get from GCHQ Cheltenham Warehouse Filibusters also.
      Cozy Shop Ireland + Cozy Shop England + Cozy Shop E.U. are in cahoots against the Irish Nation.

      We are an international people ;
      It is time that the decent Irish, & their decent foreign cohorts, at home & abroad harness their talents & knowledge & understanding & skills & spirit to grabbing the bull by the horns & overcoming it.

    • Good comments Pat

      http://investorrelations.iresreit.ie/~/media/Files/I/IRES-IR/presentations/annual-report-2015.pdf

      I think this is the company. At least it allows your average Pat, Mick or Jo to reinvest in the economy and it pays a modest dividend.

        • Pat Flannery

          Thanks for those links Tony. I wonder why David wrote this stuff in The Sunday Business Post which presumably has a knowledgeable readership. If he had read the company’s annual report, as he said he did, surely he would have known that this was not a bunch of ”foreigners” profiting at the expense of cheated Irish investors.

          Personally I am glad that the biggest residential landlord in Ireland is a REIT externally managed in Toronto. We have had enough of how Irish cute hoors like David Drumm do things. And as you say it is safe for the average Irish Pat, Mick or Jo to put their hard-earned savings into.

    • StephenKenny

      I expect there are a lot of Irish investors, but when NAMA was announced, and launched, there was a bit of a feeding frenzy in the US, and it was US & Canadian investors who essentially laid down their terms for investing. It was a crazy time.

      • StephenKenny

        Possibly should add that thanks to the non-stop bail outs in the US & UK, these guys had cash almost coming out of their ears. Just like today, loads of cash with no place to go.

    • Sideshow Bob

      Pat Flannery,

      I would like to ask a question, if you would be so kind as to indulge me.

      You may remember that we swapped some comments about funding in relation to Social Housing a while back and I passed on a link to a Varoufakis/Stiglitz public debate on the Eurozone and funding to you which you found to be quite interesting.

      My question to you, and I am looking for your opinion, is that if Ireland was to engage in a large scale public housing program starting around now could REITs (a Government backed version perhaps, actually which the NAMA one was in a way) be a viable way to fund, for example, a number of regional Housing Associations provide BOTH Social and Affordable housing which would seek to have a similar number of units (say 2,000 each) as the landlord mentioned above?

      I have a second option for that question which would be to part fund instead of fully fund?

      (By viable I mean not extortionate in the long term to the Irish public and attractive enough to investors to be taken up in sufficient numbers to generate say 1-2 billion euros of funding a year for 10 years successively.)

  7. Pat Flannery

    Thanks Truthist,

    I am fully retired and wish only to travel the width and breadth of Ireland in my campervan until they lock me up in a nursing home when hopefully I will quickly die of boredom. In the meantime I am ”Paddy the Tinker”, I ‘tink’ a lot.

    To write all I would wish to write in this target-rich environment would require me starting my own Irish web site like the one I had in the US. I don’t mind the work but I worry about how easy it is to make enemies and become an outcast in hypersensitive Ireland. Irish people take offense very easily and never forgive. I fear I would not get away with what I got away with in America. But I will ‘tink’ about it.

    BTW I love your ”We are an international people”. That we are and our best are outside Ireland.

    • Truthist

      I liked u Pat for a long time on the blog before I started contributing myself.
      Ur sentiment is in the right place.
      And u are very knowledgeable about ur previous fields of activity.
      It may be that we will not agree on everything ;
      But, that is OK because u are gentlemanly in ur conduct on the blog.

      I glad to hear of ur observations about how Irish people are oft to be here [ Ref. my own spun phrase ; “The Land of Raints & Rholars”
      Always helpful to know that one is not the only one who thinks so.

      Pat, I regret to say that the bulk of our present Irish Expats are a poor substitute for the previous generations.
      They have been corrupted by their upbringings in modern Ireland.

    • StephenKenny

      Just set up a WordPress site, and start writing! I’d certainly sign-up.

    • Deco

      Truthist – the system in this country seems to bring out the very worst in our psyche.

      The latest escapade with the state propaganda organ interviewing a convicted criminal who discovered that in a South American country (which is capabla of growing bananas) that you do go into jail for smuggling drugs.

      Meanwhile, back in their own plush Donnybrook offices, there is a complete unwillingness to discuss how a prominent “personality” was on drugs for two decades, and he was never sent for treatment – because it would make the institution look like it had a problem.

      Call it RTE’s Jimmy Saville complex.

      If the drugs mule went through Dublin airport would they have found what she was doing ?

      And even if she got caught, would she have done time in the slammer ?

      Peru is not a banana republic. It is a real country, with real rules, and they are enforced.

      In Ireland, meanwhile we have Enda Kenny trying to form a government with the support of Michael Lowry.

      Kenny’s chum Frank Flannery is explaining himself again in another interesting episode involving a large sum of money.

      Kenny will have nothing to do with Shane Ross (who finished Flannery’s jolly in Rehab).

  8. unwashed. Do not be so sure the Canadian Bacon is as good as it was. When all levels of debt are considered Canada is no better than most countries today.
    Profligate spending by government. Huge unaccounted debt all sanctioned by a dumb, stupid electorate. Ireland is not the world leader in this regard.

    Charisma and good looks do not make for sound governance and stable economic policy. Like father like son. Pierre Trudeau too, was a spendthrift, adulated by the great unwashed. I cannot think of one positive thing PT did for Canada. I suspect the same to come with Justin Trudeau.

    http://www.equedia.com/justin-trudeau-broken-promises/

  9. “As always the “market experts” on TV identify the symptoms of the economic malaise as the problem rather than the actual cause: central banking.” -Mark Lundeen

    http://davidstockmanscontracorner.com/bubble-fracture-alert-subprime-auto-loans-heading-south/

    Twenty years ago there was mini-crisis in sub-prime auto loans; now we have another. With “monetary policy” set by Ivy-League Academics, how could we not have another pending crisis in sub-prime auto loans? The most frustrating thing for me is that with college education nearly universal these days, most people find it impossible to comprehend what is actually happening here: Janet Yellen, and the FOMC have their meat-hooks deep into everything and everyone. They are a menace to the “global community.” ISIS may be a concern of mine, but Janet (the clueless) Yellen haunts my sleepless nights with monetary mayhem.

    http://www.gold-eagle.com/article/fleecing-america-tech-stocks-cars-education-and-fracking-oil

  10. Deco

    James Howard Kunstler gets to the essence of why a society based on Television ends up as a pile of unsustainable pretence, to the point that people are no longer taking the lies any more.

    http://kunstler.com/clusterfuck-nation/an-unfiltered-mind/

    Trump’s genius is that he knows the others are liars. And he knows that the people deserve better.

    The liars in the Irish establishment are safe though. If they can achieve the type of scam that David highlighted in the article, and the only opposition they face is David, Constantin Gurdgiev, and the Ballyhay Protest marchers, then they will get away with it.

    EK and MM are both liars. I want to see them get some real opposition. and their backers need investigating.

    • Truthist

      MM is surely well known to the foreign embassy observers, & the Banksters of course too, as being a good family man.
      I trust that they will be well pleased at such an individual having “official” autocratic hand over Institutional State of Irish State [ I.S.I.S. ].

  11. Deco

    David,

    You know you are not supposed to write articles like that. Surely, you know.

    We are all just after witnessing the Easter Rising Centenary. And what a PR coup by Official Ireland. Loads of pretence about winning freedom. Not a mention that we are even less soverign, and much weaker now than in February 1916. Angela’s asses are trying to form a coalition for a supervisory body for the local authorities. No mention of the new Empire. Only coverage of the old one. No mention of the fact that we actually had relevance in the old one, to far greater extent than oin the current one.

    We are all green and fuzzy after this blitz of patriotism. To the extent that nobody will dare quote Hemmingway for fear of the reprimand that follows.

    And now you are telling us that we are led by incompetent donkeys.

    This is breaking with the script.

    Not a good time to tell the truth about the entire ediface of the Irish institutional state having an outbreak of “the good room” and a weakness for Potemkimism.

    • Truthist

      These public events are not patriotism.
      But ur line of argument about Institutional State of Irish State [ I.S.I.S. ( Non-False Flag I.S.I.S. ) ] is true patriotism.

      Even many of the modern freedom fighters for a free & united & just contiguous island of Ireland now know that terrorism was not the way to go when search & revealing of the “truth” would set u free.

      As follow-through on ur great work on DMW Blog, I again recommend that every citizen x] ‘buy’ or y] ‘borrow or view & photocopy’Ireland-A Directory 2016.
      And, I recommend that folks do likewise per other publication years.
      Previous to year 2016 version, previous publications are titled ;
      “Institute of Public Administration [IPA ] Administration Yearbook & Diary …” followed by the year of publication.
      This is the most valuable handle on our good auld I.S.I.S. in the public domain.
      It is available in the Reference Department of large Public Libraries, & I expect also at main desk of each of all other Public Libraries.

      Here is a link from Institute of Public Administration itself for this book ;
      And, with nice reassuring photo of the Lisbon Treaty Referendum Voters’ favorite EU-phile Mr. Dick Roche [ former T.D. ] fronting a book called Lord of the Files.

      http://www.ipa.ie/index.php?lang=en&p=page&id=238

      “If you know the enemy and know yourself, you need not fear the result of a hundred battles.
      If you know yourself but not the enemy, for every victory gained you will also suffer a defeat.
      If you know neither the enemy nor yourself, you will succumb in every battle.”

      ? Sun Tzu, The Art of War

      The Irish State’s Civil Service know more about u than what u need to know about them.

    • Truthist

      Deco,

      What particular Hemmingway quote do u have in mind ?

  12. Deco

    Of course the investors did well.

    The economic policy here is to Ponzify the entire economic system.

    Reaganomics is the state policy now, and it gets implemented regardless of who is in charge.

    The price of being subservient to the ECB.

    Suds has acheived his life’s work.

    The reversal of the entire struggle for independence. Now let’s have an expensive pagent and pretend that we are free. So that nobody will do anything about the fact that we are not free.

  13. The best thing any country can do it to revert to a gold standard in the handling of money. Then use block chain technology to enable anyone who wishes, the ability to handle transactions with a debit card or credit card.

    This will fix the money supply and eliminate the stealth tax of inflation.

    http://www.nysun.com/editorials/the-gilder/89521/

    Main stream media is awakening to the fact that the central banks are the basic problem

    • Truthist

      No !
      The worst thing any country can do is to revert to a Gold Standard.
      Well, vis. if they do so unilaterally / do it as sole country.
      Lest u wish sociopath puppets “Hilary Clinton”, & “Angela Merkel”, & ‘Sarkozy Mark 2 ‘Hollande’”, & “Dave-married-to-rave movie’Snow White’Samantha” execute another Libya destruction on such a country

      However, a carefully arranged coalition of countries could possibly succeed at doing as u say.
      They would have to have super-duper defence plans for the certain assaults by the dreadful few.

      • It is still the best thing a country can do. It is morally obligatory. The alternative is serfdom, slavery or worse.

        A politician can not do it alone, but a people in concert can. Waiting for the rest of the world to get onside is a wait to eternity.

        Still, having said that, it may not be long until the China/Russia coalition will do it for us. It is not long now until the physical bullion has all moved Eastward from the West.

  14. mike flannelly

    Central Bank Data
    Total mortgage loans declined at a rate of 2.4% in the 12 months to Feburary.
    A 327m decline in the size of the mortgage market.

    Bank of Ireland have too much capital they tell us. They want to pay dividends next year to boost their share price.
    1.5bn profits from non organic growth.

    ” Could it be that the market has realised that a banking ” – strategy that ignores the wishes and best interests of bank customers might impress a Clueless Michael Firesale Noonan eager to be a “yes man ” for proven failed bankers but is not a realistic business model with long term sustainability.

    Bank of Irelands strategy that the customer must come last is not impressing bank customers or the market. You cannot depend on state backed customer abuse as a business model.

    In Ireland from 2006 to 2009 the debt on land banks was overvalued by “900%” by Irish failed bankers.
    Apartments were overvalued by “200%” and houses were overvalued by “100%”.

    The top management at Bank of Ireland are people like,

    Archie Kane – connected to Lloyds Bank massive payment protection insurance mis-selling scandal that cost billions in clean-up costs.

    Richie Boucher was in charge of land banks and development loans with BOI from 2006 to 2009. What a CV for a man in charge of one of Michael Firesale Noonans pillar banks.

    Pat Farrell was head of the Irish Banking Federation from 2004 to 2012. His job spec was to provide a sustainable banking strategy for their(IBF) clients Irish Banks and the Banks customers. What a CV. Pat is now head of group communications and government affairs with BOI. This must mean that Pat was the BOI link man with the 31st Dail. The guy telling Michael Noonan and Kenny what the best banking strategy for State promoted BOI and Ireland is.

    In my poor opinion there is no logic or justification in any of these appointments.
    I dont get it.

    Perhaps the markets dont get it either.

    A sustainable long term banking strategy has to provide for the needs and objectives of bank customers.

    Simple as.

    25 yr fixed mortgages @ 2% interest.

    After 8 years of stonewalling and banks not cooperating in providing industry best practice split mortgage restructures for their bogus high debt ratio mortgages banks need to make amends to Irish bank customers.

    I dont agree with David and dont think that BOI will be selling the same grossly overvalued debt ratio mortgages like from 2004 to 2009 to Irish investors. There will be 50% deposits and the rents will be at least 140% of mortgage payments.

    • Truthist

      Here Mike is Wikipedia.org article about Pat Farrell ;
      And, as ever with Wikipedia.org it is to be taken with a grain of salt for most subjects other than mathematics or football results.
      But, as it is at least a stakeholder per its the subject matter, we should examine what it says.

      https://en.wikipedia.org/wiki/Pat_Farrell

      Surely ur Teachta Daile Me-hole Martin will give u the inside track on the bould Pat Farrell since u Mike are clearly a true patriot for Ireland ;

      Here is some more info. about good family man Me-hole Martin the prospective “official” supreme autocratic hand of The Institutional State of the Irish State [ I.S.I.S. ] ;

      Ref.
      https://en.wikipedia.org/wiki/Miche%C3%A1l_Martin

      START OF EXCERPT

      Martin attended Coláiste Chríost Rí before studying arts at University College Cork.[citation needed]
      It was during his time at university that Martin became involved in politics.
      He was a prominent member of the cumann of Ógra Fianna Fáil, the youth wing of the party before later serving as national chairman of Ógra.[citation needed]
      After graduating with a BA degree, Martin later completed his MA in political history. Martin subsequently completed a higher diploma in education and began a career as a history teacher in Presentation Brothers College.[citation needed]
      In 2009, he published his masters thesis as a book: Freedom to Choose: Cork and Party Politics in Ireland 1918–1932.[4]
      Early political career[edit]
      Martin’s time as a teacher was short-lived as he left after just one year to become a full-time politician when he secured election to Cork Corporation as a Fianna Fáil candidate in 1985.[citation needed]
      It was from this local base that he decided to embark on a career in national politics a little under two years later.[citation needed

      END OF EXCERPT

      I understand that Me-hole was drawing a lucrative teacher's salary up until recent years when it was expedient that he desist.

      Important to uncover what kind of teacher he was :
      After all, he is already in the dock for "funny stuff" with Bertie -- Rupert Murdoch's favorite father of would be novelist daughter to whom he gives 1 Million Smackers in advance of she writing a Chick-lit. Novel -- "The Boom just got Boomier" Aherne, & now he is wanting to be Taoiseach himself.

      Was he truly knowledgeable about his subject[s] ?
      Was he effective ?
      Was he civil to the pupils ?

  15. pat greene

    It is bewildering as to how many ways the Irish state can screw the Irish people,..Irish families. When reading this article emotions run high and hot with anger and rage, I find it difficult to believe that funding was put in place to negate the need for a fire sale but then a fire sale was implemented. Either this is gross negligence or fraud, either are illegal proving it is more difficult. So how do we describe our situation as it is rather than how we would like it to be?
    1) The power of Irish government is extremely overly centralised. We know it, the OECD know it.
    2) NAMA is similarly set up with no accountability
    2a) ref TD Mick Wallace’s revelations
    3) The deal has been done with Canadian company and others behind closed doors.
    4) the net outflows of funds from our economy will rise
    a) for the reasons stated in the article
    b) because of in action by successive governments
    b1) due to corruption
    b2) poor skills of elected ‘representatives’
    b2a) local authority training in back stabbing, skulduggery, deception etc.
    b3) no accountability
    5) The people are powerless to change any of the above points.

    What Needs to be don’t to rectify the situation…ie solution/s
    A) a new system of democracy..preferably direct democracy
    a1) the politicians are held accountable for their actions 365, 24/7
    a2) the people can instigate change when required, according to the people
    a3) the common good prevails
    B) changes to corporate governance legislation to insure the society that it derives it’s profit is paramount, shareholders are secondary (banks included)
    C) changes to selection process for our representatives to insure skills match the job requirements this is a difficult one but we need to move in this direction, the status quo can not remain.
    D) a education system/curriculum needs to allow for critical thinking/ debating skills, not just education for industry, an education for life.
    E) get elected to Dáil to instigate change

    These are some of the ideas I would implement if I was in government.

    What would you do? Any takers?

    • Truthist

      Very impressive Pat.

      Helpful that u have listed ur points & sub-points, & also made a few qualifications / comments where u felt necessary.

      I would question ur point D) ;
      No offence, but I am a touch leery of the calls for, or even boasts for, critical thinking skills in education systems.
      I am especially skeptical of claims by U.S.A. graduates as to the U.S.A. ed. system being superior per critical thinking skills.
      Most times, I gather that the advocate, or informer as the case may be, is inherently attesting for themselves as having high skills in critical thinking.
      Although, I do not perceive u as trying to make claims about urself.
      But, as it is fashionable to try to be urbane about critical skills, I would encourage the listener to challenge the speaker what exactly do they mean by critical thinking skills.
      A very useful proposal for the core of a good education system I contend is in a recent post by fellow poster Grzegorz ;

      Here is the excerpt Re ; A worthy Education System
      Redacted by me.

      Grzegorz Kolodziej
      March 18, 2016 at 6:59 pm

      I would be in favour of having mandatory micro and macroeconomics in secondary schools
      and
      universities;
      However, it should be taken into account that people have different sets of skills ;
      Even when it comes to sports
      i.e.
      I won some competitions in go-karting when I was 20 kg lighter.
      And I am not too bad at ice-skating.
      But, I was always last in all kind of group sports and hated them all ;
      And what about those who are wonderful nurses or storytellers ?

      I think that early school teaching should be practical ;
      We learn about DNA, but cannot name all trees in a forest.

      Having said that, since we have maths in schools anyway, some economics should definitely be mandatory ;
      And it should be A-level subject of choice ;
      As well as philosophy)
      I would not only have Austrian economics at schools ;
      I would have all 4 major schools,
      Keynesism,
      Austrian economics,
      Monetarism
      &
      the Supply-Side.
      And I would give students tools to arrive at their own conclusions.

      I would not have Marxism ;
      Because it is not economics.
      But I would not ban it either.

      No person should obtain a university degree of any kind if he/she cannot answer a simple question :

      Profit-maximizing firm will shut down in the short run if :

      A.
      marginal cost is greater than average total cost

      B.
      marginal cost is equal to average total cost

      C.
      price is less than average total cost

      D.
      price is less than average variable cost

      E.
      average variable cost is greater than average fixed cost

      Additionaly, I would make logic mandatory in secondary schools.
      Logic was mandatory in Poland until the late 40s ; Until social-realism.
      And, as a result, A-level exams guaranteed a very high standard of those who had passed them,
      i.e.
      1 of the most famous logicians, the American, Mr Willard Van Orman Quine, came to Warsaw before WW 2 specifically to learn Polish so as to get in touch with the Lviv-Warsaw school of logic ;
      The Lviv-Warsay School of Logic at the time the most advanced in the world ;
      1 of its luminaries, Mr Jan Lukasiewicz, who introduced (in 1917) a 3-valued propositional calculus – the 1st explicitly axiomatized non-classical logical calculus – chose Ireland over England or USA to emigrate after WW 2.
      And I happen to know a retired TCD Professor who is so old that he remembers him.
      From 1999 to 2004, the Department of Computer Science building at UCD was called the Lukasiewicz Building.

      • pat greene

        Thanks for your opening statement truthist, I agree with you entirely regarding the question of what is critical thinking. I use this description as a way to differentiate in people’s minds between what exists and passes for education and other ideas, other ways of educating our people, our society even the word education is very plastic. I find it difficult to explain what critical thinking means, as for education I could be trying to explain that for years when pushed I simply say it needs to change with the times but should serve firstly the individual then society. I would like education in debate and in the ability to differentiate between emotional thoughts and logical reason that is not to say separate them or demonise either side of the thought process but to be aware of when we are using one side or the other we influence others in away the can creat a mob with all the consequences of mob rule, and from the receiving end of pronouncements how we can be influenced by emotional language rather than reason/logic. It’s difficult, but I think we as a society need to address this issue.

        The excerpt from Grzegorz piece -thanks for going to the trouble of posting it -is interesting and has given me leads to follow up. His piece seems to be about the basics in life re. economics and I agree this information should be common place in out thoughts and I believe would help creat more honesty in the economic side of our society esp. in banking. I am more concerned with the over all concept of reason over emotions and visa versa and being able to distinguish the two parts whilst arguing a point.

        The basic economic principles out lined by Grzegorz should be thought at secondary level leaving it to degree level will miss a large section of society putting them at disadvantage and leaving them ripe for manipulation by politicians etc.

        I believe that if our society was more in tune with debating and reason, with the aide of Grzegorz ideas in education, the prospect of an economic bubble will be reduced. Then we would not have a Canadian company, or any other entity Irish or otherwise, getting the deal of a life time at the expense of our families, our people.

        Regards..Pat

  16. Regarding “Global interest rates are likely to be going up, not down.”
    – I don’t think so! IMHO David’s analysis is totally wrong! Local interests rates in countries like Argentina or Russia, may indeed go up but the global interest rates in the countries whose currencies are backed by US$ or tied to the US$ financial system must go down into negative territory causing deflationary spiral. Otherwise all financial paper assets held by the world upper classes and power elites, bonds, stocks, property and other assets would instantaneously crash as it has nearly happened this February! Before US Feds back-pedaled on the supposed rate increases.

    I think your biggest problem in Ireland is over-investment (in everything) due to very low and soon negative interest rates and the ensuing deflationary collapse in consumer prices (and banks due to the costs involved in handling negative rates) and wage inflation in the public sectors forced by special interest groups, labor unions, pro-government lobbyists and other economic parasites.

    Stan (Heretic)

  17. survivalist

    Noam Chomsky, in describing the mainstream medias’ operations, commented that if you hope to get even a close approximation to accurate reporting, you should read the business press-as these publications were in effect the business classes talking to one another, and therefore they had no need for deception.

    In reading the annual report Mr McWilliams referenced I think we have a good example of that. The report and the circulars of it in the business press read like a corporate wish list.

    In essence this company is nothing more than, a real estate based short term ‘revenue generator’. The dividend receiving shareholders are likely the former owners of the non-performing assets now bought back from NAMA.

    Anyway, the annual report lists what it needs from the Irish Government. Though the government is not mentioned but is instead given the code word; ‘the market ‘. The report describes the “Strong Real Estate Fundamentals” pg.6.

    These fundamentals are the wish list.

    With this in mind take a look at the strong real estate fundamentals:
    Step 1; “Significant supply and demand imbalance helps support the rental market”.
    Step 2; “…upward pressure being applied on employee compensation”
    Step 3; “Strong pipeline of future acquisitions available through Ireland’s National Asset Management Agency (“NAMA”) and private market opportunities”
    Step 4; “Intensification opportunity to add approximately 600 to 650 apartments…”

    Finally and perhaps on a somewhat controversial note, the population increase which is seen as benefiting the company’s revenue is something which will never be given serious discussion in the media. However I think we see evidence of the future trend for Ireland.

    ‘Employee compensation’ or wage increases are so far off the economic radar that the appearance of it in the report is suspicious.

    In my opinion rather than higher compensation what is being alluded to in the report is the desire for more as in volume of compensation available to be secured via rent. The increased volume will be via migration and the social securities this ‘generates’. Europe’s population increase is majority through migration not birth rate.

  18. Pat Flannery

    ”U.S. Moves to Thwart Use of Foreign Acquisitions to Dodge Taxes”

    Yesterday the New York Times reported new US rules aimed at what it calls ”the biggest inversion, Pfizer’s $150 billion takeover of Allergan, a Dublin-based drug maker”.

    http://nyti.ms/1qmBMSi

    It seems the US Treasury has Dublin in its sights.

  19. Grzegorz Kolodziej

    Meanwhile Senator Séan Barret (the Banking Inquiry) says that “responses to country’s housing crisis are laying the foundations for another economic crash” (I think this was obvious for every reader of this blog) and attributes the over-inflated house prices to “profit margins for developers building appropriately sized family homes were simply too small”.

    Well, I do not know about profit margins for developers, but profit margins for the Irish banks are certainly not too small – in Ireland they had risen by 250% (two hundred and fifty – that’s way more than rents, not to mention wages) since 2012 (by the way, on 7th June AIB will reduce the deposit rates on Demand Deposit Accounts from 0.05% to 0.01% – I have always been saying that investment comes from savings and savers are being hit, so the money goes into asset bubbles – just look at China; when they stopped saving and started spending (as David would advocate) around 5 years ago, the manufacturing start moving to countries like Vietnam and Bangladesh, and they had to incur more and more debt for the same percentaqe of their GDP growth – but mainstream media do not keep abreast of that and they had been writing on children factories in China when more and more children were escaping the poverty trap – in cities that is, where they had the experiment with capitalism – and they have been writing about China being the factory of the world when they actually outsource the manufacturing and become the biggest spender – here sadly Mr Trump is very misinformed too).

    He – Mr Seán Barrett correctly (and rarely in Ireland, because the economists who say so, like Messrs Constantin Gurdgiev, Brian Lucey and Stephen Kinsella are rarely invited to Frontline, Prime Time, Vincent Browne – in fairness, he did have Dr Gurdgiev a few times, but this has to be contrasted with LGBT representatives he had centillions of times, Marian Finuncan, whose morning shows sound like unedited pub conversations, and never to comment on 6 o’clock news) states in his working paper:

    “Why are we looking at houses for 1.7m euro, when we should be looking at houses that cost 160,000 euro – which is four time the average earnings?”.

    Wow, wow, wow, so someone other and smarter than me has actually said it in Seanad Éireann, which (and the President who claims to be an economic expert, but actually is a poet – but at least he does not run barmy and half naked on the streets like Mr De Valera in 1916) mostly consists of people who, by and large, work in the sweat of their brows, to bring in a new legislation which would increase the cost of living and doing business in Ireland!

    But amazingly, he does not seem to see a connection of all of this and zero interest rates (thus Ireland’s participation in the euro currency) and points out to changes in leadership and penalties enacted against senior bank leadership.

    While I agree that some bankers should be put into prison like in Iceland (which I publicly advocated when half of Ireland, inculcated by dumb journalists, was frightened that we may end up like Iceland), changes in leadership (but into who? – Mr Varadkar and his Dublin Bus privatisation failure record – a man who is unable to do away with a monopoly of one company says he can take on ECB and vulture funds?), this alone, while morally right, will have zero effect on house prices.

    Very informative and good article by David. I did not know about the Canadian company.

    “If it chooses to do this, who will buy its assets?”

    First the naive, then no one and prices will plummet like they did in Latvia.

    Although I do not agree 100% with all the economic analysis and, a fortiori, conclusion of that lecture – besides, the lecturer should have compared that with Ukraine (I know David would applaud the premises of this talk as it is a carbon copy of his, admittedly evolving, economic outlook), this lecture basically talks about the present and future of the Irish – yes, Irish; it’s the patterns that matter – property market, as it had already played out in Latvia):

    https://www.youtube.com/watch?v=HJEMK4uImLk

    Deco writes, in a somewhat pessimistic tone which I share – having observed the shenanigans of the two parties and the Independents, who pretend it is primarily about Ireland and not their seats – but maybe I am being too harsh on FF/FG (and sadly the Independents and SDs too – yes, I know SDs do not want to lose their virginity by supporting a government bound to collapse),

    “Not a good time to tell the truth about the entire ediface of the Irish institutional state”

    Well, let’s have some fun and be specific – the entire edifice can be examplified by Mr Seán FitzPatrick trying to prohibit Justice McCartan (who presided over the AngloIrish peoples wrongdoing cases) from his fortcoming trial.

    As I am not keen on having a court case myself and I adhere to the legal principle omnia praesumuntur legitime facta donec probetur in contrarium, this is not an opinion on Mr Fitzpatrick being guilty or not guilty.

    But one day, when I popped in to hear Mr Fitzpatrick’s case, I looked at him a few times and he did not seem to have been overly worried (an observation shared by two of my colleagues) – I thought I’d share that opinion with you just for the craic. Bread is too expensive, so let’s have a circus at least.

    Digest t h a t ( ?° ?? ?°)

    P.S. What an informative post by Pat Flannery on REIT and CAPREIT! That’s what I mean by having a debate.

  20. Grzegorz Kolodziej

    examplified – exemplified

    Finuncan – Finucane

    Quick look on property bubble in Latvia:

    http://www.tradingeconomics.com/latvia/housing-index

    And this has caught my attention as it came from once a pro-euro currency, pro-property bubble paper:

    http://www.ft.com/cms/s/0/a039b728-c067-11e5-846f-79b0e3d20eaf.html

    There is a centuries old saying in Polish:

    Polak, Wegier — dwa bratanki,
    i do szabli, i do szklanki

    (Lengyel, magyar – két jó barát
    Egyutt harcol s issza borát in Hungarian), which means:

    Pole and Hungarian cousins be,
    good for fight and good for party.

    Would it be exaggerated to say (in terms of those two cities main sources of income)

    Dublin and London cousins be,
    good for party and good for bubbled property?

  21. http://campaign.r20.constantcontact.com/render?m=1101357242253&ca=77680152-1390-4159-bdac-29193a51a294

    Here is a collection of articles that explain in detail why the concentration of wealth is the most extreme in 80 Years. Why there is a political divide more extreme than many years. Why the net result is pending catastrophe. The monetary, political and social divisions are tearing apart the civilized society.

    Yet I am reminded on this blog how we stand around like a bunch of farmers poking at a dead cow with sticks looking for signs of life.

    Oft repeated here and largely ignored is the base problem of the control of the money supply by an elite few families bent on one world government and authoritarian control of mankind.

    Don’t tell me the money system cannot be controlled and replaced with something that works for mankind in general. If you believe that then there is the acceptance of poverty, starvation, disease, population reduction, violence, chaos, martial law and serfdom as the end result.

  22. Never mind being misruled by those elected. How about considering why we are ruled by those unelected. Central bankers are the new royalty ruling by divine right.

    http://sgtreport.com/2016/04/coup-detat-the-banks-rule-the-united-states-john-titus/

  23. “First of all, we’re not at 5 percent unemployment. We’re at a number that’s probably into the twenties if you look at the real number,” Trump said. “That was a number that was devised, statistically devised to make politicians — and, in particular, presidents — look good. And I wouldn’t be getting the kind of massive crowds that I’m getting if the number was a real number.” —-Trump

    Trump gets it re the economy!!??

    https://www.washingtonpost.com/politics/in-turmoil-or-triumph-donald-trump-stands-alone/2016/04/02/8c0619b6-f8d6-11e5-a3ce-f06b5ba21f33_story.html

  24. http://www.thedailybell.com/news-analysis/protect-yourself-against-those-running-the-worlds-economy-for-your-benefit/

    Secret deals are a constant occurrence when it comes to the world’s central-banks. That’s because central banking is a legalized monopoly and central bankers are supposed to conspire together. The Bank for International Settlements acts like a Mafioso Kingpin, supervising the secret arrangements.—- Daily Bell

    But in this article we want to review important financial facilities along with the banking elite itself to reemphasize that they are not what they seem.

    We’ll remind you of why they are not to be trusted and how the current economic system worldwide has been rigged to collapse, and to take you down with it.

    The IMF, the World Bank, the Bank for International Settlements, the larger central banks and top banking elites are all complicit.—Daily Bell

  25. “Meanwhile, capitalist prosperity is in crisis because the central bank’s free money is destroying honest price discovery in the financial markets, deforming the free market allocation of investment and other economic resources, crushing savers, retirees and real entrepreneurs and generating unspeakable windfalls to traders and speculators.”

    ” Even if the likes of Bob Woodward haven’t figured this out, the unschooled Donald Trump apparently has. No wonder they fear Trump Unbound.”

    http://davidstockmanscontracorner.com/trump-unbound/

  26. [...] the disaster that is Fianna Fail. Taking home the Canadian bacon | David McWilliams Sign in or Register Now to [...]

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