April 11, 2016

As wages rise, so will the industrial temperature

Posted in Sunday Business Post · 136 comments ·

Economic cycles are as old as the Bible. And we are about to go through another one. But this one will involve industrial unrest.

Just to jog your memory. Do you remember when the pharaoh awoke petrified by a dream? The pharaoh dreamed that he was standing by the Nile and that seven cows, “attractive and plump”, came and fed in the rich grass by the waters. Then he saw seven skinny, ugly cows, and they proceeded to eat the fat cows. But having eaten the healthy ones, the cows remained skinny and ugly. Then in his second dream he saw seven ears of grain, “plump and good”, growing from one stalk. Yet again, he saw seven thin, sickly ears of grain emerging and, in front of the pharaoh, these thin ears swallowed up the healthy ones.

Joseph explained to the pharaoh that the dreams represented the fact that seven years of plenty tend to be followed by seven years of famine. The cows and ears of corn represented the good times, followed by the bad times.

This is biblical economics. We have Joseph, the first-ever truly prudent finance minister, explaining a seven-year economic cycle, the type of which we are used to in the western world.

The question is whether the next taoiseach will be our pharaoh, faced with the end of one seven-year economic cycle of subdued wages and elevated profits and the beginning of one where wages rise.

It’s likely that wages are going to rise in the years ahead and this will prompt a titanic struggle between workers and employers which could easily spill over into wildcat strikes and significant industrial disputes.

CSO statistics reveal that in 2011, in the depths of recession, there were just 3,695 days lost to strike action. By last year, that figure had risen to over 32,000 days. This is likely to continue.

But this is not the result of some extreme union activity; it is nothing other than the economic cycle. In recessions, wages fall and profits rise and rise significantly. Then, as the economy improves, the split between wages and profits gradually moves towards wages as workers look for their cut of the spoils. Industrial disputes happen when either workers want too much or employers want to give back too little.

I know it may be difficult to accept the notion that Ireland has been very profitable in the past seven years of the bust, recession and then patchy recovery, but it has been.

In recessions, profits don’t fall: they actually rise! This seems counter-intuitive, but it’s true. In fact, recessions are actually prolonged by too much profit. This might seem odd, but this is how the economy works. Marx made the point that capitalism was a constant struggle between workers and capitalists. He was – and still is – right.

When something is sold, either the returns go to workers in the form of wages, or to capitalists in the form of profits. When more of the returns go to wages, people have more money in their back pockets and more work. They then spend this cash – and this is how the economy grows, purchase by purchase. If more of the economic output goes to profits, these retained profits are saved and don’t re-circulate in the economy because they are usually owned by a small percentage of the population. Therefore, when there is a surge in profits in the economy, there is too little spending and the economy shrinks. This is how recessions can be prolonged.

In contrast, when there is a boom, the rate of unemployment falls dramatically – as it did in Ireland from 2000 to 2007 – and this drove up the share of wages in GNP and drove consumer spending, pushing up the growth rate further. Ironically, the boom was the period when companies in Ireland made least profit, not most profit. This point is rarely appreciated.

The bust occurs because companies try to increase their margins by laying off workers and squeezing wages. This process drives down spending and drives up savings, thereby suppressing activity.

We are now at an inflection point where wages are possibly lowest and profits are highest relative to GDP and a small minority whose wealth is dependent on profits and capital are much richer than the rest of society. This will now change as the pendulum swings back towards wages and employment and away from profits and capital.

Does this mean that Ireland is about to experience a significant rise in wages over the course of the next few years?

Yes, I believe that will happen, not because I have any insider knowledge, but because this is how economies behave and this is how humans behave. Expect the trade unions and workers very soon to demand their share of the pie. Does that mean industrial relations issues? Why, of course.

And naturally, if a government doesn’t get to grips with costs like housing costs, workers will clearly demand more wages. Or if a government increases taxes on workers, it means their take-home pay is smaller and at the first chance they will try to get some of their share back. Obviously, the more a government or political party continues to talk about a recovery, the more it is encouraging this process. All this talk of the recovery gives workers the permission to push for more wages, because they can say, “If the economy is so strong, why don’t I get a few extra quid?”

The implication of this is that the country is facing a summer of discontent as workers agitate, peacefully at first, for higher wages. Employers will point to a rising euro against sterling and say that we are already losing competitiveness. It may also coincide with the price of oil beginning to rise, modestly, driving up costs.

The next taoiseach will have to be like the pharaoh, able to deal with this new cycle. The economic cycle is turning and industrial relations could be very messy, particularly if workers try to claw back wage increases that they believe were postponed in the recession. This is coming at a time when Irish industrial policy is under massive international tax scrutiny, and Brexit is just over the hill.

Given what we have seen from our political leaders in the past few days, how confident are you that they will have the wherewithal to deal with such a poisonous cocktail?

  1. Grzegorz Kolodziej

    I agree with David’s discerning and thought provoking remark that during the recession margin profits are bigger, not smaller; and that booms increase pressure on wages. That increased pressure on wages is not a bad thing as such; what is bad (for country’s competitiveness and thus job opportunities) is when that increased pressure comes almost entirely from the unholy trinity of banks, trade unions and politicians, which results in, i.e., Dublin Bus workers getting 2.5 times more money for less hours of work than the hotel night worker who serves them, while not working near as hard as him or her (imagine a hotel receptionist being 20 min late every second day or forcing his customers to wait 10 min outside the hotel at night, because he is yapping with his colleague).

    Ireland is not about workers against capitalists: it is more about organised, loud lobbies against the Irish low income consumers (you pay 2,000 for annual ticket so that DB drivers can get twice as much as Brussels drivers and twice the legal secretary (in Vienna for example, where it cost 360 = savings of over 60,000 euro for a couple for 20 years)).

    High prices and new taxes to finance benchmarking explain why the cost of doing business in Ireland has gone up even though the real wages have gone down for most, all of this resulting in Dell moving from Limerick to Poland, then to Taiwan.

    Did you ever visit a ghetto (say Polish in Chicago or travellers in Dublin)? The first lesson is don’t; the second everything is overpriced. No competition. Monopolies abound.

    HIGH UNIONISATION (4x more workforce in unions in Ireland than in France according to NationMaster) + 0% RATES = HIGH PRICES. HIGH PRICES = LOW SAVINGS. SAVINGS = INVESTMENTS.

    In a country that does not have a fascist structure like Ireland has – with her over 140 social partnerships and transparency/oversight of state surveillance worse than in NSA-omnipresent USA or in General Pinochet’s Chile – in a free-market free country, the demand for workers comes from their bigger bargaining power; power – contrary to what Marx believed – comes from high job mobility; high job mobility comes from free market (ask your pub owner how much is the license) and innovations thanks to risk taking; trade unions having a monopoly in wage bargaining, like in state-owned industries such as Dublin Bus, NAMA or ECB, means no risk – monopoly rents – the last time trade unions run the British car industry – 70s – only Soviet cars were less reliable; now we have risk for night-porters who finance socialism for Bono, who is too big to fail, pay taxes in Ireland or get penalised for driving into an old man who later died from injuries).

    Oh, in case you think I am exaggerating with the fascism claim, did you know that even after Presidents G.W.Bush/Obama, a 1968 law requires US courts to submit annual reports to Congress on the number of authorisations for phone-tapping and e-mail interception, while under Section 13 of the 2009 Criminal Justice (Surveillance) Act “any information in connection with the operation of this Act in relation to surveillance” can result in a five-year prison sentence and €50,000 fine? Or that Gardaí, the Defence Forces (paradoxically, the Defence Forces do not do that!) – or Revenue can secretly put a tracking device on your or Bono’s vehicle, and follow your movements without permission from a District Court judge, and can secretly record you with audio and video devices?

    P.S. In 2013, Justice Iarfhlaith O’Neill said he was very happy with everything he saw in the report on state surveillance he reviewed (all in one day – McKee Barracks, the Department of Justice, Revenue and Garda Headquarters; he did not even include actual figures or any statistics in his annual review). Who would not be happy on two hundred grand, if he is only required to write one sentence in his report, as opposed to 104 pages like they do in the UK? Almost any intern on 238 euro would do a better job. See what I mean by overpaid lobbies? – 500 interns could be employed on a good wage for his (our) money. If the security of this state and its oppressed people depends on such reviews, maybe we will feel safer if we don’t have a government who employs people like very happy Mr O’Neill.

    • EugeneN

      Quite the rant. However in a free market the bargaining power of unskilled and semi skilled ( and increasingly higher skilled) labour is clearly weaker than capital, and without trade unions wages collapse or stagnate. As we have seen in the US — and I am sure David has shown this graph – there was a huge discrepancy in how much of the increases in productivity went to labour in the last 30 years, and how much to capital. Also most British workers were better off in the 70′s than the 40′s, far more, the last decade that isn’t true at all and is only marginally true of the last 30 years.

      The rest of this incoherent rant seems to equate social partnerships with fascism, which is nonsense of course it like saying building motorways in Nazzism.

      Then bono crops up and is subsidised by a hotel porter because… well thats not quite clear nor is the fact that this guy apparently crashed a car.

      And then Ireland has a surveillance state because well, a judge said it didn’t, but all of this is is related to having too many trade unions. I think.

      • Colm MacDonncha

        The bit about Bono and the Hotel Porter confused me too…glad I’m not alone in that…

      • Grzegorz Kolodziej

        1. You are quite right on productivity. I am glad you repeating what I said last time (I don’t mean it in a sarcastic way – it means some ideas are germinating). But maybe you should have read it fully:

        “A far more important chart (I cannot do it in Word Press) to the one David has presented would be the disconnect between productivity and a typical worker’s compensation; this, according to EPI, has grown in the US (since 1973) 7.8x more than pay; one has to wear blinkers to miss the connection between this and A far more important chart (I cannot do it in Word Press) to the one
        David has presented would be the disconnect between productivity and a typical worker’s compensation; this, according to EPI, has grown in the US (since 1973) 7.8x more than pay; one has to wear blinkers to miss the connection between this and President Nixon’s decision”.

        President Nixon’s decision.

        2. “and increasingly higher skilled) labour is clearly weaker than capital”.

        Zero interests rates and QEs are a huge factor in it. Why employ people if you, as a corporation, can get free money from central banks, buy back your own sock and increase share value that way?

        3. “Also most British workers were better off in the 70?s than the 40?s”.

        From Mr Tony Judt, a British historian, “Ill Fares The Land”:

        “Poverty – whether measured by infant mortality, access to medicine or regular employment or simple ability to purchase basic necessities – has increased steadily since the 1970s in the US, the UK and every country that has modelled its economy on their example.”

        – not if you compare them with German or Japanese workers (from the 40?s to the 70?s) – even though their had their holocaust.

        4. “seems to equate social partnerships with fascism, which is nonsense of course” – it is nonsense for someone knows nothing about fascism.

        5. “Then bono crops up and is subsidised by a hotel porter because” his losses are socialised and he gets all the benefits from porter’s taxes in Ireland while paying his in Holland.

        6. “And then Ireland has a surveillance state because well, a judge said it didn’t” – I don’t understand your sentence, I am sorry.

        Ireland has a surveillance state because

        6.1 No permission from a District Court judge is needed to secretly put a tracking device on your vehicle, and follow your movements

        6.2 Irish public is missing information on how often state agencies violate surveillance laws

        6.3 Government departments and state agencies have refused Freedom of Information requests

        6.5 There is no system of record-keeping when it comes to surveillance

        6.6 Investigations and decisions of the Complaints Referee are not published

        6.7 Journalists and members of the public cannot electronically access court documents

        So compared to a legal system in G.W.Bush’es America, Thatcher’s England, Mussolini’s Italy or Panama, Ireland is a surveillance state.
        But compared to Hitler’s Reich or Lenin’s USSR, it’s still very transparent.

        Now, do not get me wrong. Ireland is a great country. Therefore her people deserve a better legal system than fascism. And better political division than FF-FG.

        Would Renua/SDs not a better, more substantial political division?

        “In regione caecorum rex est luscus”
        Desiderius Erasmus Roterodamus.
        Adagia (1500)

        Btw, some Judges deserve 200 grand. For example, Justice Kevin Feeney produced reports that showed a intransparency of Ireland’s laws. He is dead now.

        P.S. On 6.7:

        Ms McDonald, the former Legal Editor at INM:

        “I’ve attempted to access legal systems in foreign countries such as India, Vanuatu and Panama. And I’ve come to the conclusion that it’s easier at times to navigate the shadowy legal system of Panama than it was to navigate part of our own open justice system.”

    • Realpolitik

      You cannot ignore Moore’s Law and the growth in power of the silicon chip over the same time period. The increase in productivity is in no small part, attributed to the rise of computing power and the investment in intellectual property.
      Your comments on Ireland’s fascist leanings border on the incredulous and have taints of paranoia running through them. Perhaps, I suspect, you have lived under totalitarian regimes in , perhaps a Central European country. Ireland in contrast, has always enjoyed freedom of speech, we have a fair judicial system, with some very progressive features, for example, the constructive use of technology in the pursuit of justice.

      • Grzegorz Kolodziej

        Ru2fucking thick2dig what I said? U know fuck all.

        “we have a fair judicial system”?

        “6.1 No permission from a District Court judge is needed to secretly put a tracking device on your vehicle, and follow your movements
        6.2 Irish public is missing information on how often state agencies violate surveillance laws
        6.3 Government departments and state agencies have refused Freedom of Information requests
        6.5 There is no system of record-keeping when it comes to surveillance
        6.6 Investigations and decisions of the Complaints Referee are not published
        6.7 Journalists and members of the public cannot electronically access court documents”

        • Grzegorz Kolodziej

          “The increase in productivity is in no small part, attributed to the rise of computing power and the investment in intellectual property.”

          “high job mobility comes from free market (ask your pub owner how much is the license) and innovations thanks to risk taking”

          • Grzegorz Kolodziej

            “Your comments on Ireland’s fascist leanings border on the incredulous and have taints of paranoia running through them.”

            And who da fuck are you?

          • Truthist

            Maybe ur unreasonable interlocutor is of Institutional State of the Irish State [ I.S.I.S. ] [ Very probably a Civil Servant ] & thus is, as to be expected, hostile to the truth.

          • Truthist


            Per the Surveillance State issue ;

            I have them by the balls even under their own rules with smoking g.n evidence of their very serious criminal actions in what u are highlighting.

            Perhaps some day we may convene to discuss privately.

          • Grzegorz Kolodziej

            “Maybe ur unreasonable interlocutor is of Institutional State of the Irish State [ I.S.I.S. ] [ Very probably a Civil Servant ]”

            This is a highly likely explanation – they just do not want people to know these things, so if someone comes up and reveals it, they try to attribute it things like factors like “taints of paranoia” and patronise you “I suspect, you have lived under totalitarian regimes”.

            It’s very telling that the asshole was not able to address any of my points.

            This is all covered by the legislation by the way, such as the 1993 Interception of Postal Packets and Telecommunications Messages Act, Communications (Retention of Data) Act 2011 and the 2009 Criminal Justice (Surveillance) Act.

            It’s also interesting that no one has ever brought me to court over my allegations, even though I named some names and I know for a fact that my phone calls were monitored (that’s why I said here that the best strategy is to be on the square .

            And how about the Operation under the codename “Mizen”?

            A Special Unit of An Garda Síochána has been spying on anti-water charge protesters.

            Look, if Ireland was a super-safe place to live, maybe we could have a discussion whether we want to have a fascist state or not – freedom for safety.

            But instead, all monitoring is focused on some petty things, like water protesters, while Russian planes with nuclear weapons are violating Irish airspace (to test Britain’s defense systems) putting Irish passengers in danger and you are almost six times more likely to be shot and killed in Ireland as you are in England/Wales.

      • Truthist

        Why if ur argument is lacking do u indulge urself in “ad hominen” attack on ur interlocuter ?
        Section 31 of the Broadcasting Act “hasn’t gone away u know” 8-)

        Search Term ;
        section 31 broadcasting act ireland


      • Truthist

        And, the Fascist / Communist Nomenklatura Institunional State of the Irish State [ I.S.I.S. ] also sentences people to prison on no evidence except the opinion of a Garda-Landlord
        Of course, there have been nasty persons sentenced through this means ;
        But, it is NOT a “just” mechanism.

        Search Term ;
        special criminal court ireland



        • Grzegorz Kolodziej

          When the Czech President Václav Klaus (the most pro-free market politician of that rank that any European country has ever had, and by far the most well-read economically) visited Ireland, Mr Sean Whelan himself (a former Europe Editor of RTE) said that the Irish media were not allowed to attend a press conference or question the Czech president but the Czech media were. The Irish Times had to turn to Czech TV to write an article on what President Klaus has said at the press conference.

          In case someone thinks this was self-censorship (that happens in Ireland too), the fact that the Irish journalists did not report directly on what the Eurosceptic President has said, he would have to look at the Irish Examiner from that day. It show President Klaus surrounded with Gardaí and preventing journalists asking him questions when on walkabout.

          Coincidentally, the latest opinion poll conducted by the agency STEM shows that 60pc of Czechs would have voted against joining the EU, if the referendum was today; but what’s more interesting, only 20pc of Czechs would regret if the EU fell apart.

          And these countries are supposed to be big beneficients of the EU enlargement.

          A comical development took place in the neighbouring Slovakia. The Slovakian government lodged a complaint in the Court of Justice of the European Union against… the EU; precisely against the EU decision to relocate 120,000 migrants (I’d like to remind that Mr Martin Schulz has threatened Poland that the migrants quota will have to be “mit Macht durchsetzen”; the new government did not budge which resulted in mass-hysteria in Europe (so much so that random Polish staff, not politically involved in anything, working for a caffé where the exhibition on Warsaw 1944 Rising was going to take place, were beaten up by mainly German-funded organisation Antifa – this included baseball bats, whereupon they found refuge in a pub belonging to an Irish owner, a decent guy who knew them)).

          The Irish owner (I don’t want to publish the name of that decent and courageous man in case something happens to him!) called the Gards, the Gards came down and… arrested the Polish staff (the Antifa people were still around), and interrogated them on the account of… their political views (are they even qualified to do that? – to learn the history of political doctrines well usually takes 5 years).

          If it was not tragic (one of the staff members has still not recover from his injuries), I would say it is Monthy-Pythonesque.

          Because no Irish media dared to report on it (and so there is no report from that event in English – can you imagine if a large group of the Poles or Irish had beaten up a small group of refugees, Gypsies or Israeli tourists?), so I am attaching a link of the previous topic:


          and on “mit Macht durchsetzen”:


          One positive outcome of that “Durchsetzung” is that once the cat’s out of the bag, one can finally see the true intentions of our friendly and powerful neighbours, and though I, living in Ireland would rather ally with EFTA countries than Germany, I don’t think however that too much caution can be exercised when it comes to Ireland’s big neighbours.

          My advice to Irish politicians – you want to run a state that is neutral and has good relations with neighbours? The best way too achieve it is to make this state powerful and independent militarily and economically, rather than interrogate baristas on their political views and rely on growth based on that we do not manufacture anything, but rather buy and sell houses to ourselves.

          • Truthist

            Very important info all that Grzegorz.
            Do u have any links elaborating on the scenario around visit by Czech Pres. Klaus ?

            Ain’t it notable too that Me-hole Martin did not make a political issue about this appalling censorship ?

            Wonder what Mr./Miss/Mrs./Ms. Realpolitik has to say about the visit from Czech Pres. Klaus ? 8-)
            “Messr.s Realpolitik’s” credibility is on the wire now methinks pending their reply.

          • Grzegorz Kolodziej

            The Irish Examiner photo itself (of the journalists being prevented from asking questions does not seem to be available)



            It’s a pity by the way that the nationalist movement in Poland (that particular branch of it happens to be very pro-free market, which goes contrary to virtually all other nationalist movements in Europe, many of them are state-controlled (i.e. German neo-Nazi parties) does not have means (or frankly speaking intentions) to sue the Irish media calling them fascist, as one of their leaders, Mr Grzegorz Braun, has won a court case in Poland – this was before Law and Justice government took power – against Mr Adam Michnik’s Gazeta Wyborcza (Mr Michnik is a Trotskyite Jew who made “soft landing” deal with a Communist General in 1989, a man who murdered 100 people).

            Since them referring to him as a fascist is considered a libel and they could use powerful Irish libel laws (in my conversation with the Chief of Justice of Ireland I suggested that these laws are intented mainly to censor media and that it was due to them that Ms Veronica Guerin lost her heroic life, even though the latter – but not the former – was an unintended consequence).

            I am meeting Mr Matthew Tyrmand today to discuss US election and its influence on Poland’s geopolitical situation.

            Listen from 9.48:


          • Truthist


            We can continue the thread of discussion in comments section of next article.

            I hope that u can give me one of ur typical stimulating & wide-ranging-yet-relevant & “on the square” responses to my post [ Ref. is at end of this very post ] @ u Grzegorz likewise in the comments section of next article ;
            Perhaps best to copy & paste my post into start of ur reply.

            April 14, 2016 at 9:03 am

      • OK , Adam , I’ll tick the box yet again but still I get no emails to notify me of contributions by you or anyone else!!!

        • That’s strange Tony, the emails are going out. Here are some things you can do.

          1. Check your junk mail / spam folder to check they are not in there.

          2. Add webmaster@davidmcwilliams.ie to your safe list and contacts of your mailbox. Send an email to that address if necessary which will also indicate that it’s an email address you happy to receive communication from.

          3. Failing that contact your email provider and/ or ISP. The emails may have been flagged as spam and blocked by one or the other or both before they even get to you. What email provider do you use? Gmail?

          • Hi Adam
            i have two addresses I use

            The first I have used for ever and my son looks after it via godaddy. both come to the same box as the first is automatically forwarded to the gmail account.

            I have posted the problem on the blog twice. You are the first response.
            i have written the webmaster @davidmcwilliams and written to davidmcwilliams.ie

  2. redriversix

    I believe the problem is that the historical cycle of 7 years has or is changing to a new dawn of cycles, maybe even economics.

    We cannot compare previous recessions to this one,although many commentators in the media continue to do so,using the 80s as a example.

    I say this is wrong because this is the first recession where we do not have Banking .

    Governments will do nothing regarding social housing or try to “control” building costs , not because they cant , because they wont, its all free market now. The strikes will happen as you outline David , but are people looking for wage increases or are they looking to have their wages restored to the level they were at prior to the pay cuts forced upon people.?

    If wages go up, then the costs go up..but what is a living wage now ? Where is the job security ? Where is the career path people once worked towards ?

    Their are very few full time jobs now , 9 month , 12 month or 18 month contracts are common as well as zero hour contracts which are still common place despite the absence of discussion from the media.

    What is promoted now , but not in the positive way it once was is self employment and entrepreneurship.

    If you would like to have a good lifestyle to take care of yourself and your family and leave a legacy to help the next generation , you must be self employed.

    If you cannot do this , the State will leave you behind , you shall be deemed a burden as the social supports that were payed for through your taxes are stripped away , Health , Housing and education etc.I also believe your State pension will be a thing of the past over the next 15 years , at 47 years old i doubt even i will receive the old age pension.

    Everything changed with the massive Bailout across the World of Banks and their insurance Companies from 2007. Their where bailouts before, but nothing on the scale that we see today.For my simple head i track everything back to 1971 and Nixon separating the dollar from Gold.

    The 6 day war , the rise in interference in the Middle east , the collapse of the Soviet Union, the stripping of the former USSR by the IMF and the spread of American / NATO influence into eastern Europe.

    Too simple ?……keep it simple…just follow World events from 71, from a time line perspective i found it easier to draw a line for research purposes.

    Banks are stronger now than ever , look at interest rates..A 10 year German bond pays -2.75 percent. Debt is now a commodity , perhaps it always was, for Governments,but now it is so mainstream , debt is good..How can this be ?

    Imperialism is rising , Human rights are falling , The War on terror will continue forever as it is a good way to control the masses.Fear.

    The armaments industry , how has its profitability grown in the last 27 years..well , we know how.

    As for Government ? we have a Government , the permanent Government of senior civil servants , the People who ACTUALLY run Countries.

    A rating agency recently downgraded Spain because it still does not have a “Government”…, but Rating agencies are owned by Banks and Banks will benefit from charging Spain for more through interest rate rises because of downgrade.

    Not very democratic is it..not really a action which shows that World Leaders and their Central Banks are interested in Helping Countries ? Maybe Spain should EXIT E.U ?.

    As continuous and expanding Wars become acceptable… and less news worthy , with the spread of fear and the constant drone that your life is in danger..maybe the next generation will find their minimum wage job in a Global Corporation as a acceptable alternative to conscription…Maybe they will be happy just to stay alive and report on their dark skinned neighbors for the greater good.

    If you respond to this…and please do…take a aerial view map of Ireland , study it..you will see us as the the Global Corporations and ,for example the U.S.A sees us……as a commodity.

    What can we do ..? solution ? get rid of debt , put you and your family first , treat every euro as a prisoner.

    Have a great day ,

    p.s. please don’t mention Gold , its manipulated and i cant eat it..my son would have a go..but my teeth couldn’t hack it .


    • “For my simple head i track everything back to 1971 and Nixon separating the dollar from Gold.”

      Good one RR6

      Any proper calculation of the stats will reveal that the greatest wealth of working people was the late 60′s and early 70′s.

      Approximately it shows that the purchasing power of an hours labour buys today 45% of what it did in 1970.

      The 7 year cycle for wages may be there(may be not) but the law of diminishing returns shows that the value of labour has consistently dropped for the last 45 years.

      The only way people have kept up wit the Jones’ is to go into debt. We are told over and over how we are a consumer society. Well we are! We have consumed all our past wealth as in the Pharaoh’s dream. We have used credit until we are debt saturated and the interest rates are at zero in order to squeeze the last but of credit from us.

      “What can we do ..? solution ? get rid of debt , put you and your family first , treat every euro as a prisoner”

      To get rid of debt we need to change the money system . Fire the central bankers. Replace central bank money with treasury money that is issued at no cost and will remove the national debt, and personal debts too. Not one person here will open this particular discussion. Going off the gold standard allows the unlimited production of credit(debt) and it is not a 7 year cycle.

      We are fed yet another line of BS if we think a 45 year trend is reversing itself tomorrow by a miracle.

      • redriversix

        Hey Tony.

        I agree entirely….but to achieve what you , we want..their has to be a Major conflagration..according to History.

        I said before Debt is the 21st Century version of Slavery.

        you are correct in your analysis of wages since the 60s / 70s…debt is what is keeping households and SMEs going today..if they can get it..if not they will be swept aside as those who couldn’t cut it in the New World


        • One could take control as has Iceland. But the people have to understand. My children tell be to not bother them. The majority of people I talk to have glazed eyes within two minutes. Most say that such a scheme as the central banking Ponzi Scheme would never be allowed.

          They have faith in government but none for them selves!!! It, for the most part, can not even be discussed.

          look after yourself,Barry, and good luck to you.

      • Grzegorz Kolodziej


        Is it true (official statistics I often distrust and double-check) that Toronto is the most expensive?

        How is Toronto v Dublin?

        • Sorry, Grzegorz,
          I am 2500 miles from Toronto.
          On my recent travels I found France, Briton and Ireland more expensive than home here on Saltspring. Everything apart from food in the stores.
          It was similar in New Zealand. In all cases the nominal rate is similar in the local currencies but as the CAD is the weakest currency it is more expensive for us because of the exchange rate.



          • Seems I just learned that Vancouver is nearly double the price of Toronto

          • Grzegorz Kolodziej

            Thank you, these are great links, Tony – especially the first one; I looked at each picture of every property listed there, and even though most of these offers are gone, it’s a food for thought.
            I have this habbit of comparing prices everywhere I go and I try to compile my own databases from it. Sometimes this gives me a very different picture from many “cost-of-living” websites, though it would be exaggerated to say that all statistic websites are lying – the truth is probably somewhere between government websites and doomsayers websites.

            You see, what they do now is that if the price of some basic good goes up too much, they take it out of the basket.

            According to my calculations if the statistics were still measured they were measuring it in the 80s (in the US), the inflation would be 7-8%.

            Anyway, I asked about Toronto (you told me once where you lived, but I forgot) because I just cannot fathom that Toronto can be more expensive than Dublin.

            Everyone tells us that London is the ultimate price madness, and yet none of my shopping I have ever done there would confirm that – to start with, in London you take a few stops on tube and you end up in places where you can buy very cheap food on the market or some small shops – you are talking 50pc cheaper (and fresh too); in Dublin markets can be even more expensive (morever, profit margins of supermarket chains are much bigger in Dublin than in London, I know that for a fact from people inside the industry – but they would never officially say it because it would show how Ireland is being screwed, like those German companies transferring every year 10bn euro in unpaid taxes in Poland via various tricks I once touched on in one of my posts).

            Yea, renting in London is more expensive, I know – but not everywhere in London, and then again, it would be unfair to compare Dublin with London – Manchester would be more fair. Besides, I am hearing about the first signals of London foreign speculators cooling down.

            I predict that one day in this decade most of those over 200-something skyscrapers planned to be build in London will end up with cranes staying idle, and I would be surprised if this was not before the end of 2017 – e v e n w i t h o u t a crash of global fiat system, let alone with it.

            And there is no way this will not have an effect on Dublin, even allowing for limited supply.

            A friend of mine has a property in Dublin and I am trying to convince him to sell when he can, at a good price.
            Yes, the prices will probably still go up for a while, but when the market crashes, you can still have the same price, and DAFT.ie might be listing the same average price – only no one will be buying when the market crashes.

            One advice I gave him was not to look at the average price of Dublin house where he has it, but trace it to the price that the house has actually sold for. In some districts of Dublin this can be sometimes 30% lower!

            Even near where I live (I am not like a D4-head, neither I live in Foxrock) there is a house advertised for… 800,000 euro. Good interiors designed by a lassie who does that for a living, but then you look at the photos from the links you sent me – and even if you doubled those prices for villas in Spain and towers in Toscany, 800,000 euro for a house near motorway – no f…g way.

    • Grzegorz Kolodziej

      “For my simple head i track everything back to 1971 and Nixon separating the dollar from Gold”

      Me too, in at least 80%. I think it has really set the cat amongst the pigeons.
      But also post-keynesian consensus that wages/cost can only go up.
      We are not being told the full truth about inflation.
      Beef under President Obama went up 150pc.

      London is supposed to be more expensive than Dublin. Last time I went there (I always compare bills):

      1. Eggs in Tesco in Dublin cost 44% more than in London
      2. Irish onions 51%
      3. Broccoli 201%
      4. A storage pouffe for cost €19.99 in Ireland (in Aldi) and £9.99 in the UK.
      5. A treason cost Lord Haw-Haw life and it cost nothing Mr Sean Garland:


  3. Pat Flannery

    As a non-aligned observer of the present party manoeuvrings in the Dail I must agree with David that the outlook is not good, at least in the short term. But there is hope. I believe we are currently witnessing the final days of the long-fought Irish Civil War which only started in 1922.

    The present manifestation of this Civil War is that Michael Martin wants Fianna Fail to govern from the opposition benches. He believes that Fine Gael as the successors of the Free State side in the Civil War are traitors to the Irish Republican cause and hates them as much as his Civil War forefathers hated the Free Staters. He fervently believes that his Fianna Fail supporters around the country gave him a Civil War mandate because as the successors of the Republican side in the Civil War only Republican Fianna Fail has the right to govern Ireland. The present political impasse therefore has nothing to do with economic or social policies, it is quite simply the last embers of the 1922 Civil War. The debate over water charges for example is a fig leaf hiding the real current problem, Fianna Fail’s supposed Civil War mandate.

    On the bright side however it is clear that this ridiculous situation will quickly become apparent to everybody, at home and abroad. How will Mr. Martin be able to adopt an adversarial position towards Mr. Kenny during Leaders Questions in the Dail, on policies they have both agreed to in advance? Mr. Kenny will be very careful not to champion any policy position without the previous public support of Mr. Martin.

    Gerry Adams will have a field day pointing that out every time Mr. Martin gets to his feet. Mr. Martin’s present position is making Mr. Adams the de facto leader of the opposition, which is exactly what Mr. Martin is trying to avoid. He does not want to cede leadership of the Republican cause to upstart Gerry Adams. I doubt that Mr. Martin has thought this thing through. He seems to be unwittingly painting himself into a Civil War corner which Mr. Kenny will exploit.

    His Fianna Fail Party will be forced to either find a new non-Civil War leader like Michael McGrath or go to the country when the people will quickly and decisively put an end Civil War politics for ever. Fianna Fail the Republican Party, successors of the losing side in the Civil War, will lose again.

    Until then we will have political chaos, as we did back in 1922. Fianna Fail can either do it the easy way, replace Martin with a progressive politician like Michael McGrath, or face the people at a moment of Mr. Kenny’s choosing and be annihilated. It is time to end Civil War politics. I think we may be witnessing just that, at least I hope so.

    • Sideshow Bob

      I reckon you are looking the wrong way at this Pat, it is more about a Europe wide trend and a reaction to the crash and subsequent austerity, but I hope to touch on that properly later.

      Could I bug you about something else in the mean time? You mentioned extensively about REITs a few articles back. In your opinion could they could be used to fund social & affordable housing in Ireland if took that housing provision took on the form of a network of regional Housing Associations?

      • Pat Flannery

        Sideshow Bob: Yes. REITs are a very powerful housing tool. They are the perfect tool to fund any kind of government-subsidized housing. REIT managers love the certainty of government-backed revenue streams.

        But it is time the Irish started to form them on their own and not have to go to Canada and elsewhere where enabling legislation is in place and mature.

        You appear to be thinking in terms of regional housing associations as providers of social and affordable housing. That’s fine. REIT managers won’t care how they are formed provided there is clear legislation backing them. I think REIT managers would like the local commitment implicit in regional associations.

        • Sideshow Bob

          Thank you, Pat.

          Yes, the funding angle is one off the sticks which the Establishment use to knock back the debate on Social and Affordable Housing. Usually first in any debate there is a mention by the Establishment side of the fact that we can´t be adding to the National Debt (EU won´t allow it, even now and we still aren´t a sovereign nation clearly) and the aspiration of having even low levels of Social and Affordable housing is therefore moot. The aspiration is also belittled as a utopian ideal from a bygone age ( the golden age of Socialism, State Provision or even Communism ) i.e with the implication would have to be as big a throwback as Joe Higgins to be proposing it seriously. Then at best PPP/PFI gets offered as a carrot, as a vague possibility by our politicos and mandarins as “the only game in town´´, and you know Pat very well what that entails for the public purse. Basically debate is controlled and the unsuspecting public are held up a certain path to a particular financially-lucrative gate, with no other options discussed or available. Even Labour were guilty of peddling this line, sometimes even more so than FG and FF, they have ( or had ) more left-wing credibility.

          The more radical left or other reformists do not know what to say when this combination of excuses and bad solutions is wheeled out in a debate on Social and Affordable Housing; usually they are well intention-ed but economically clueless. And they never learn. This is very frustrating.

          So that is why I am interested in how Social and Affordable Housing is currently created, funded and run particularly in other jurisdictions. I am particularly interested in jurisdictions where the PPP/PFI brigade don´t have the politicians as their mouthpieces. More usually ( as far as I can see ) this occurs in non-English speaking and hence non-Common Law jurisdictions.

          I agree too, that we shouldn´t have to look abroad for funding, but the Irish attitude to property investing (surprise, surprise) is dominated by amateur Landlord-ism, and at its core by pub-bragging matches, jealousy and social status more than anything. Ultimately REITs might be too sensible for us, I think. The Canadians see a killing, as they they are assessing the market coldly and correctly. This is while the Irish are still down the pubs licking their wounds and engaging in subtle one-upmanship with their drinking buddies.

          The Government are actually the ones bringing up Housing Associations as the way forward. It is a central plank of their fantasy picture of future provision in the area. It is being done cluelessly, possibly even more cluelessly than usual. It really doesn´t make any sense as it stands.

          With this bright idea of using Housing Associations for provision, we are as usual, belatedly copying Britain. And actually in real terms in the details of the proposals, we are not even copying them properly. At the back of it, once more we are showing ourselves to be incapable of thinking clearly or understanding any facet of the problem.

          Letting ourselves be infantilised continuously is bearing obvious results, I would say!

          • Pat Flannery

            Sideshow Bob: Capitalism can be quite a liberating system if used by The People rather than being ceded as the sole preserve of what we now call Capitalists. That is the problem with the ‘Joe Higgins’ manner of thinking.

            ‘We the People’ can use the financing instruments created by the capitalist system to accomplish social goals. Affordable social housing is one of those achievable goals. We did it in San Diego and became a national leader in redevelopment. I sat on several local boards over a number of decades where we thrashed out the financing mechanisms for redeveloping large tracts of decaying inner-city neighbourhoods into liveable, even desirable, residential areas. It can be done.

            It would take a book to describe the whole process but suffice it to say that we created marketable security instruments that proved very attractive to institutional investors such as pension funds. We did not rely on taxpayer funds. The same can be done here in Ireland.

            But it will not come from Government in the first instance. It will only come after the Irish people are educated about such methods of financing. Right now they look for everything from the Government Treasury, which is almost medieval, but not surprising in a country dominated by a medieval church.

            So, it will take time, but we must start somewhere. Why not here on David’s blog? Let’s socialize capitalism.

          • Sideshow Bob

            Hi Pat,

            I was hoping to do a Masters Thesis this year on the topic but it didn´t happen. Not for my want of trying though!

            It would be great if your expansive experience could garnered someway and put to good use in Ireland. How that could happen, I am not sure.

            As for me, I will keep on researching and talking about the topic as I best can.

            Thanks for the all the replies!

          • Truthist

            I dealt personally with Joe Higgins & his apparatus in trying to advance more than one serious issue for justice.
            Ahead of my face-to-face meeting with him, he proved himself to be a very able speaker, & pleaded for sincere questions & statements from the audience.
            However, the crowd were did not take him up on his offer.
            And, the “free” meeting suddenly became an petition for punts to be given by the bulk of the crowd for the costs of renting the 5 star hotel room for this meeting of approx 1 hour duration.
            When I dealt with him, he was anything but interested.
            Upon informing my intermediary of my disappointment with Higgins indifference it pleaded to me that “Joe” is really whacked from travelling & having to give the speech, & that I should try later in the pub around the corner where Socialist Party followers were having a session.
            “Joe” was even less interested at this venue.
            But, well able to rush down loads of beers he was.
            Conclusion ;
            Higgins & Socialist Party are very organised & militant, & definitely for the Socialist Revolution.
            But, … but, they are not for the Workers [ Jobless, Trainees, Employees, Contractors, & Self-employed ].
            They just want power baby ;
            They want to wield power in a totalitarian Socialist / Fascist Communist State !

            Phoenix Magazine have had very useful profiles on Higgins, & Co..

          • Sideshow Bob

            Hi Truthist,

            My example of Joe Higgins was rhetorical than anything I held him up because he is the most famous hard Socialist around or recently retired. I came across various incarnations of these SWP characters in the past and found something similar to what you describe. They had an Economist at a hgh level in the party, too, a UCD lecturer if I remember, and an outright Marxist, if I making seriously and obviously ridiculous Economic policy suggestions like the way to extracate ourselves from the recession in 2011 was to pay all our public servants ( both the over and underpaid ones) lots, lots more money. Which we would borrow, presumeably ffor the Troika, and this additional spending power ( if it got spent, at all ) would be enough on its own to refloat the Economy. He was one that stood to benefit from this. He was an aggressive domineering character and the rest of them were happy to go along with what he suggested, blindly. Didn´t say much for them, collectively.

          • Sideshow Bob

            Sorry, lot of mistakes and typos there, Truthist!I need a coffee! Biggest one was…

            *He was making seriously and obviously ridiculous Economic policy suggestions like for example that the best way to extracate ourselves from the recession in 2011 was….

            I don´t know why prehaps it is me or the typeface in the comment box, but I struggle to see my mistakes until it comes up on screen, and then you can´t edit!

          • Truthist

            Thanks Sideshow Bob for extra insight into Socialist Party & Socialist Workers Party too.
            From what I was told, & I too exhausted to confirm it, SP was breakaway from SWP.
            Anyway, I would not trust any of em, or any other likeness.
            Phoenix Magazine was at pains to explain that SP is controlled by HQ in England.
            They also said that Higgins was not the real leader of the party in Ireland ;
            Another individual — male — was the strategist etc.

            We need a holiday from all this Blog caper.
            Our intentions are decent.
            But, it can be very negative experience dealing with so much doom & gloom ;
            What else to expect when we live in a war.

          • Truthist

            Thanks Sideshow Bob for extra insight into Socialist Party & Socialist Workers Party too.
            From what I was told, & I too exhausted to confirm it, SP was breakaway from SWP.
            Anyway, I would not trust any of em, or any other likeness.
            Phoenix Magazine was at pains to explain that SP is controlled by HQ in England.
            They also said that Higgins was not the real leader of the party in Ireland ;
            Another individual — male — was the strategist etc.

            We need a holiday from all this Blog caper.
            Our intentions are decent.
            But, it can be very negative experience dealing with so much doom & gloom ;
            What else to expect when we live in a war ?

      • redriversix

        Hi Bob

        If REIT put a favorable proposal to DUBLIN CITY COUNCIL in relation to providing Affordable & Social and it all stacked up. D.C.C Could not accept it without putting their [REIT'S OWN] proposal out to tender !!!!!!

        Put it another way..if you walked into D.C.C and said

        “Hey Guys,here is 10,Million Euros, a donation to provide Housing around the City”…..

        They have to say …

        “Thanks Bob..that’s great..but we have to put out a public tender to see if anyone else wants to give us 10 million euro”…


        • Pat Flannery

          redriversix: actually REITs do not make offers of financing to government agencies or any other organization. They are registered on Stock Exchanges as highly regulated security trusts.

          It is up to the D.C.C. or any other organization to offer a property to a REIT for purchase i.e. it must already be built. The REIT is only interested in its rental revenue as investment yield. This raises the matter of interim or bridging finance. That is where Government legislation, oversight and guarantees are required.

          Every large commercial construction such as hotels, shopping centres, apartment complexes, or combinations of these must arrange two types of financing, construction financing and ‘take-out’ financing. REITs provide the latter. The legal work involved while complicated is a well-trodden path internationally.

          Ireland just needs to get beyond ‘County Council’ modes of governance and politics. Until then we are easy picking for foreign vulture capitalist or worse still, domestic vulture capitalists.

          • redriversix

            Thanks Pat

            Appreciate the clarification….although i was trying to show how Councils work today in relation to proposals put forward whether by a individual or a S.P.V , a Bank , a charity…

            The bureaucracy and Euro-tape…

            being from Navan English isn’t my native language..I just try to keep things simple…..please forgive me

        • Sideshow Bob


          Your skepticism is well placed, even if you didn´t quite get the details. DCC ( & Fingal CC, DLRCC & So.Co. Dub CC ) aren´t great and happened into a good deal of their recent provision ( I mean within the last 10 years )of Social & Affordable housing only by chance as houses and apartments which failed to sell on the open market in large developments were acquired for cheap just after the crash. They were cash rich from Part V and in the right place at the right time. All but one of their own much vaunted PPP schemes collapsed and they have been unable to restart new construction at any kind of a a scale that would be required.

          Far from impressive but there are actually worse councils out there with much worse performance with close to zero or zero new construction going on, and that keeps occurring year on year.


          “Ireland just needs to get beyond ‘County Council’ modes of governance and politics.´´

          But then the likes of the Healy-Rae´s wouldn´t be the ( seemingly ) powerful men that they are!

  4. Mike Lucey


  5. redriversix

    No Pat..

    That’s not it all…they are just hungry for power…and power is not necessarily “being in power”

    They care less about history , even though M.Martin is a historian..its just a game..don’t look to deep into it , its just crap..they could less about the Countries future and even less about its citizens.

    The resolution is FF/FG coalition which will last about 9 months and then their will be a General Election…i stated on this blog before the election that the result would be as i just stated and we would go through a period of several Governments within 18 months / 2 years…just like the 80s.

    They just cant stomach the idea of having Sinn Fein as the Main opposition.

    Not that any of this matters as i believe Governments are not in charge..its just optics , the illusion of free choice, and employment for lazy political Journos and commentators.

    • Pat Flannery

      redriversix: I for one am not ready to conceded that governments are not in charge, that it’s all opitics. I believe in the power of the People, despite all the dire predictions.

      I believe our civil institutions will prevail. Our President Michael D. Higgins for example will, as Martin Mansergh predicted yesterday, go down to the Dail if necessary and exert his Constitutional authority over the politicians in a powerful 2-hour speech. He will demonstrate the power of a republican form of government by reminding the politicians that he, the very embodiment of The People, is ultimately in charge.

      These are good days for Irish constitutionalism. You’ll see.

      • redriversix

        Hey Pat

        I hope your right..I really do..

        Some others were talking last week that the President nay get involved and knock heads together..but my predictions remain the same.

        I hope you do not see me as negative …I certainly do not wish to be…..but without getting into a look rant..nor to change your outlook..just look at the evidence..particularly since 2008 , i tend to view things now on a world wide scale rather then what goes on on this damp little Island of the Coast of Europe…..


      • redriversix

        ah yes Pat…

        The Life of Brian…

        also a notable scene in the film is the discussion about The Peoples front of Judea

        ….and the Judean Peoples Front.!!!!!

        Quite relevant today ,don’t you think ?

  6. Mike Lucey

    It looks to me that any group / trade union in Ireland that can hold the country to ransom do so and get away with it. Take for example ESB workers as mentioned in this article,

    ‘Revealed: A startling array of perks on offer for ESB staff’


    “A simple measure of payroll costs shows the average annual ESB salary, excluding pension contributions, stood at €85,000 last year, compared with €41,000 at the Viridian Group (Northern Ireland Electricity)”

    And if the current average ESB worker is not happy with his / her €85K per annum all they have to do is get a strike going, hold the country to ransom for a couple of weeks, and get whatever they demand.

    I really have no idea how this problem can be sorted out short of bringing in legistlation that State and Semi-State Bodies workers have to sign job contracts that make sense to the general population. If they don’t like the conditions there are plenty of unemployed people that will gladly sign them and take up the positions.

    I now see that teachers are pushing on the wages / salary front. It seems that the newly employed teachers are on somewhat low salaries but established teachers are on the pig’s back. Strikes are being threatened but they will not effect the national as severely as an ESB strike so will not have the same level of clout.

    If the government has realised that its appropriate to pay new (starting) teachers a certain level of salary surely it follows that the same levels should apply to established teachers? They would then be in the same boat so to speak.


    • Deco


      It is ridiculous.

      Eirgrid is an even bigger disgrace. Unaccountable. And a monopoly who can do whatever they wish.

    • Mike Lucey

      (Opps I hit enter before I finished. To continue with what I was saying / suggesting)

      …. my way of thinking so called benchmarking should automatically work both ways in the public and semi-public sectors. It works automatically in the private sector after all.

      If legislation was introduced for such a system I am sure the majority of the population would be all for it.

      This brings me back to the need for direct democracy as its the only way a fair and reasonable social system could ever be established. And if enough of the population demanded direct democracy we would get it. The question is when will the ‘speeple’ wake up and recognise that we are being controlled by the elite.

  7. Deco

    Ironically, the boom was the period when companies in Ireland made least profit, not most profit. This point is rarely appreciated.
    I find that very amusing. Looking at the debt figures this is very much in evidence.

    In Ireland, work is taxed heavier than corporate profits. Work is not just taxed directly – but indirectly via stealth taxes, local authority rates, VAT, and a list of levies, and charges which are often totally asinine. [ classic example the RTE tax for the provision of propaganda on the institutional state].

    In fact the tax system is designed to drive up the cost of living for those who work – by driving up the amount that leaves the pockets of the workers, and ends up maintaining the institutional state.

    And now we see the Luas drivers strike. It is based not on merit, but on an ability to grind the Dublin transport system to a halt. In other words power. The power of those who are essential to maintain a monopoly.

    I think David is on to something very big. I would call it the re-emergence of Ahernism. The idea that you can get rich by making the economic system more inefficient. In other words, an economic theory based on nonsense, that is flawed as the Drumcondra chancer’s funny personal finances.

    The recovery felt very statistical for many people. I reckon that wage rises will feel the same way.

    The greatest danger is that this new economy based on a belief in inflation as success, will drive up another absurd asset bubble (with the Irish media pretending that there is no debt behind it again).

    In other words, there were no lesson learned.

    We might even end up with Micheal Martin ( a truly sinister individual) becomming Taoiseach, to preside over it all.


    • Mike Lucey

      I wonder how many FF and FG voters actually realise what the are voting for. FF had in its beginning a very strong working class support but in the past twenty years I think FF does not been for this working class as it has been corrupted by big business. As for GF it was always supported by the business, big farmers etc. At least they didn’t change their colours.

      Off topic but never the less it shows possibly how business interests dictate to politicians.

      I did a little research recently with regard to private number plates. These are available in the UK and other countries but not in Ireland even though there is an obvious demand for them. In Germany you get a plate that you carry from car to car.

      Many folks change their cars these days because the number plate gets old even though the car itself is good for many more years. Having the year on the number plate was a great move for the car sales industry.

      The car sales industry here in Ireland does little to grow the economy, for the most part its money out the country.

      Here is an article on the matter,

      ‘Government rules out allowing personalised registration plates’

      “Noonan dismissed the proposal, however, saying he did not want to change the current system which allows prospective buyers to figure out the age, and registration place, of a vehicle at a glance.”

      Is he for real? A prospective buys will always look at a car’s log book to determine its details. As for place of registration goes a person in ballydehob just needs a friend living in Dublin to get a D reg.

    • Truthist

      Me-hole Martin is known by the foreign embassies & foreing placed persons as being a good family man.
      Country not compromised on that front ;
      Never ever.
      All honky dory.
      Aye, Yes Siree, To-be-sure-to-be-sure, That’s right, Certainly, Definitely, Yip, … Sea.

      • Truthist

        Me-hole Martin is known by the foreign embassies here & other special foreign operatives placed into Irish State as being a good family man.

  8. https://ellenbrown.com/2016/04/10/the-war-on-savings-the-panama-papers-bail-ins-and-the-push-to-go-cashless/

    War on Corruption or War on Savers?

    What we may be witnessing here is the 1% going after the 10% of people who, according to German researcher Margrit Kennedy, do not need to borrow but are “net savers.” Today the remaining 90% are “all borrowed up.” Either they are unwilling to borrow more or the banks are unwilling to lend to them, since they are poor credit risks. Who, then, is left to feed the debt machine that feeds the 1%, and more specifically the 0.001%? The power brokers at the top seem to want it all, and today that means going after those just below them on the financial food chain. The challenge is in squeezing money from people who don’t need to borrow. How to legally confiscate their savings?

    Enter bail-ins, negative interest, all-digital currencies, and the elimination of “tax havens.”

    • cooldude

      I think Ellen Brown is fully correct Tony. The banking system is a system of pure fraud and the derivative system is pure gambling with the depositors money. The banks have started bail ins and there was one in Hydro Bank in Austria today. Savers will lose at least 50% if and when they eventually get their hands back on their cash. The word on the street is Deutsche Bank has a serious problem with it’s derivative book. This will lead to serious repercussions in all European banks as they are all tied up together. Bail ins are coming soon and people need to stop trusting the banking system or else be prepared for the consequences.

      I think cycles have a huge bearing on the economy. Here is an interview with my favorite cycles expert Bo Polny discussing what comes next.

    • sravrannies

      Tony, what she doesn’t mention is the likely beneficiaries of the Panama Papers fall-out – the emerging new “tax-havens” in the US such as in Reno, Nevada (Rothschild)and others in Wyoming, South Dakota and Delaware. The FACTA Agreement between Switzerland and the United States has already resulted in US citizens having their accounts closed there and investors moving their money … back home!

  9. McCawber

    To simplify the issue of governance of this country.
    In almost a 100 years of home rule we have had two leaders who had any kind of vision for
    our country’s future.
    That’s two real leaders in a 100 years.
    No wonder we’re always in a mess.
    So that’s the problem.
    Find a solution on an ongoing basis and it’s game on.
    Any ideas for a solution.

  10. https://www.superstation95.com/index.php/world/1143

    Europe Bank Crisis Spreads: Italy Calls “Last Resort” Meeting to save banks

  11. McCawber

    Key question?
    What should our vision be tho’?
    Please not the usual claptrap.
    The vision must embrace and address the challenges coming down the road.
    I want a visionary vision.

  12. “All the leading bankers in the world will be in DC this week.

    Something wicked this way comes and it is coming very, very soon; within days we suspect.”


  13. survivalist

    Oh great! Wages will automatically rise merely as a result of the passing of 7 years!
    Phew! Workers can relax then; they will be looked after simply by the nature of economic cycles. How then did economic cycles not secure the 8hour day or 4weeks annual leave, or sick leave, parental leave, penalty rates…hmm odd that?

    Positioning the wage rates as related to the cycles of economics does make the efforts of people to oppose Gov-Corp look like un-necessary time filling though.

    Maybe, rather than demand wages through organised efforts people should allow an industrial tribunal to decide how much they are entitled to? Why not trust another arm of the Gov-Corp?

    Maybe wage increase should be based on productivity? Which oddly has risen leaving wages behind.

    Maybe on a measure that will ‘sustain the present economic recovery’-it is precarious after all… c’mon lads be reasonable, there’s only so many billions to divvy up between a handful of your rulers!!

    Anyway some points of information.
    1. “The boom was the period when companies in Ireland made least profit, not most profit. This point is rarely appreciated”. True but that is only when you compare profits to recent results. The boom was after a ‘Bank as Business’ boom aka flooding the place with loans.

    What is equally rarely appreciated is that since 1970 workers share of GDP had been in steady decline.

    2. If we start counting from 2009 on and until 2014, real wages per worker will have gone down by 22% in Greece, 7% in Spain and Portugal, 5% in Ireland and 2 to 3% in Austria, the Netherlands and Italy. So wages would have to go up by record levels to actually ‘go up’.

    The ILO global wage 2012/13 report does not make such optimistic reading .”The gap between wage growth and labour productivity growth is widening, the difference between the top and bottom earners is increasing, and the labour income share is declining”.

    3. Household savings are not rising! The have been declining consistently from 2009-2014! Data from the OECD clearly shows this is true for Ireland, Italy, Japan, UK, Greece and is also true for the Euro Union and Euro area.

    Wage increase as a poisonous cocktail…now that is a message as old as the Bible.

    • Hi Bamboo

      Well, it is a great discussion on a divided economy and the stresses in society. It is full of good intentions but as usual is ignorant of the root cause of the problem and therefore can offer no solution.

      The problem ignored is the money system ( oh, here he goes again)
      Mentioned is the availability of too much easy credit. but no discussion as to why.

      Simply put, and it is so simple that people cannot get their minds around this, it is the fiat central banking system that we use as money.

      Can we not see the simple fact that a system that provides a monopoly of anything results in an over priced and faulty product. It is central planning par excellence. We have provided an unaccountable central bank with the power to issue and regulate our money.

      In addition we allow the creation of money backed by nothing of substance. We allow the unlimited producing of such valueless money.
      We accept that this valueless currency be loaned into existence and secured by assets of value to society. Then we allow the imposition of interest on this phony currency.

      The net result is that we are all collectively in debt as soon as the system is authorized. The imposition of interest results in the people having to labour and create additional assets to cover the interest.

      As the money supply is expanded the debts get larger and the amount of annual interest greater. The people work harder and longer to meet the obligation of repayment. Eventually they can create no more or work any harder. The only way to prevent a collapse is to lower the interest rates. People remortgage the assets and refinance to borrow yet more. Saturation of debt and interest are quickly reached again . We are now at the bottom of the spiral with negative interest rates.

      Now we have the people withholding money, cash , from the banks deposits and so next cash is to be banned and all currency be electronic. The people are trapped by the banking system. IT IS AS SIMPLE AS THAT.

      in the meantime those at the bottom of the pyramid are bust. The upper lever is broke. The higher level works like maniacs to maintain a lifestyle, the top echelon stuff their accounts with expensive assets as they are next to the release of all that ever increasing currency.
      There day is coming in the financial crash already started.

      The elites who operate the system smile to them selves as the master plan of their one world government works to perfection.

      That is why the top 0.00001% control humanity. It is their creation. The creation of the central banking system of debt based money at interest.

      Now, do you get it? If not why not? It is a totally easy construct to understand. If you get it what can we do about it?
      Firstly look after yourself if possible.
      Secondly explain the system to others.
      Get a critical mass and politically change the banking system

      To what?
      First create a system of issuing money free of debt and interest. The National Treasury can do this in a heartbeat.
      Second, get rid of the monopoly by removing the concept of legal tender. Allow people to use what ever money they agree to use between themselves and not be coerced into accepting the national currency. That will help keep the national currency honest, limit its production, activate policies that cause the currency to retain value and thus avoid the stealth tax of inflation.

      Most nations will endeavor to back currency with something of value. What that will be will be decided by the marketplace. I would wager a bet that the asset backing currency will end up being gold and silver.

      Problem identified.
      Actions needed.
      Problem solved.
      Pretty simple really.

      Over to you. Your up next!!

      • Here is an article that effectively says the same thing.


        “Conclusion: Don’t be fooled by the kind of rhetoric we’ve just examined. The problem isn’t public banking or private banking. The problem is simply that the modern central bank has a monopoly on printing money. Get rid of the monopoly and society would prosper as it has before.”

        • Bamboo

          Hi Tony,
          This is flavoring our topics of the month or “trending” as they call it now. This will probably continue till the summer and will most likely come back after the summer. It is a suitable topic for continuous discussion and picked up again when suits.
          There are no solutions provided at all in these articles. No it ain’t happening. Bono comes with a list of warnings and comments but of course zero solutions.
          More and more high flyer individuals and/or institutions are joining the games of warning. From a pope to a singer to the IMF. Who are they actually addressing. Yes, great for cushioning the ego and self promotion. It all sounds good enough but who are they talking to?

          Can you tell me Tony? I have no idea.

  14. Mike Lucey

    I find Mike Moloney’s videos very informative as they are aimed at the ‘man in the street’ that wishes to have some kind of an understanding of whats going on in the US and World economy.

    His latest, in relation to the Obama / Yellen meeting under ‘Expedited Procedures’ raises much concern to say the least.

    ‘The April Emergency The Fed Doesn’t Want You To Know About – Mike Maloney’


    Are we looking are the ‘End Game’ as far as QE propping goes?

    • sravrannies

      Mike/Tony, a little late to the party but, I’m finally going to take the plunge and buy some physical Gold/Silver. Would you recommend Mike Maloney’s goldsilver.com or stick with celticgold.eu. Any advice appreciated.


      • Mike Lucey


        It all depends where you are located and delivery costs. Both have the ‘ComiBars’ which I like as I imagine they would be extremely difficult to counterfeit because of their thickness or should I say thinness, yeah I know I’m paranoid! Also if the worse come to the worse it might be easier to transact small 1gm pieces of gold.

        I’ve dealt with Celtic Gold and found Stefan very accommodating, he also gives talks in Dublin from time to time and I understand you can buy directly from him there.

        I also like BitGold as they seem to have a secure storage system in multiple safe(ish) locations around the World. They also make a credit card available to customers should they need to get their hands on cash via an ATM.

        If you are interested, follow this link BitGold.com/r/mWPVjY to get a free 0.500g Gold (€17.76) on signup.


        • sravrannies

          Hi Mike, thanks for that. I see Celtic only take € so, would have to convert my £ (Derry). Will take another look at BitGold. I’m also considering BullionVault although difficult to compare as they charge just a 0.5% commission on trades?



  15. Original-Ed

    Ireland is too small to have a real economy – Bertie tried to be the big boy with his outlandish wage hikes and look at what happened.

    It’s a great idea but can Ireland inc. afford it when it depends so much on foreign earnings from countries that are not doing that well. Henry Ford was a great advocate of pushing up wages and he was perfectly right but he insisted on pushed up productivity in line with every increase – everybody gained.
    Jack O’Connor and his LUAS demands are off the wall – It would be interesting to see how many of the LUAS passengers benefit directly and from trickle down effect from foreign earnings.

    Increases without productivity will set us on course for another recession in no time – forget about a seven year cycle in Jack’s world – two years could be it.

    • Mike Lucey


      I would be inclined to agree with you when you say that “Ireland is too small to have a real economy” if you are basing this on population alone.

      Ireland, area wise, is actually ten times bigger than many people think https://www.gsi.ie/NR/rdonlyres/658C9482-C629-447D-A982-513A9206F23B/0/ReaLMapIreland600.jpg

      Its simply a matter of reclaiming this hidden area and putting it to good use for the benefit of the nation.

      ‘Ireland measures up sea borders’



    • Mike Marketing

      Off the wall indeed Original-Ed.

      The Luas drivers who currently earn up to €42,000 per annum have demanded an incredible 50%+ increase on this.

      Does Mr. Jack O’Connor realise that light rail drivers in
      Germany are paid between €20 – €25,000 per annum? Does SIPTU intend by their high demands to make the Irish economy even more uncompetitive than it already is?
      The focus by Ireland needs to be on taking ‘Prime Cost’ out of the economy not increasing it.

      And the zinger question. Is this action by SIPTU a small taster of what they are planning for the near future, particularly via the Public Service Unions?

      The new government needs to bring in urgent legislation making it illegal for key industries to take strike action that will seriously damage the economy.

      Otherwise we are all in for a chaotic future.

      And those retired on fixed pensions will get a dose of high inflation and a torrid time financially.

  16. I repeat.

    The plan of the Elites is to crash the system in the guise of helping to avert the crisis.
    Chaos is desired and will occur.
    Authoritative controls will be enhanced.
    More freedoms will be obliterated.
    Wars, pestilence and plagues will be encouraged.

    Meanwhile world leaders meet to see what they can do next.


  17. Pat Flannery

    I wonder if the new EU tax disclosure rules will make it more likely that Britain will leave the EU. The City of London is an indispensable part of the British economy. It will be loath to lose its lucrative status as the global center for tax avoidance schemes.


  18. mike flannelly

    Rte radio
    News at 1 podcast

    Michael O’Keefe, Consultant Opthamologist on how on how nearly 12,000 people are waiting for their eye problems to be dealt with.

    Michael works in both the public and private system. He tells us that half the number of staff deliver twice the amount of work, taking half the time in the private system compared to the public system.

    So this must mean

    Twice the wage packets plus golden pensions for half the work. This means that sick children must beg for charity to fund health need shortfalls.

    Michael tells us that the public health care system needs a Michael O Leary to fix it.

    In my opinion, the public health care unions are killing the public health care system.

    Beds are a big problem. The refusal to accept more beds is now clogging up the ambulance service. A NEW LOW.

    Poland have 5.5 nurses per 1,000 pop servicing 6.5 beds.

    Ireland have 12.6 nurses per 1,000 pop servicing 2.8 beds.

    The Irish health care unions think that being the worst in class is a badge of honour as long as they look after their members.

    Plastic 2016 Patriots. It would give you the scour to hear them blabb on about 1913 and 1916.

    How do the plastic left measure their success?

    I agree with the notion of not wanting to have a race to the bottom. But all Irish public sector salaries should be measured against Spain, Italy, France, Germany etc.

    The measurements must be transparent and in line with other countries.
    There is no big magic money pot. Its like the insurance advertisements on our TVs say

    ” When Jack or another secure golden pensions and salaries greater than those in other European countries

    Then Jack is putting his hand in your pocket, taking money out of your pocket and mine through extra taxes plus less services. The higher ratio of budgets on inflated salaries and golden pensions, then the less services.”


    1. Does Irelands health care system spend 80% of budget on salaries compared to 55% in other countries?

  19. mike flannelly

    Lefties keep telling us to fire more and more money at our failed health care system.

    No measurement with other countries.

  20. Pat Flannery

    Sideshow Bob:
    $20,000 houses in America:http://bit.ly/1RatOlJ

    • Sideshow Bob

      Hi Pat,

      Cheers for that. I first heard of Rural studio nearly 20 years ago, and it is good to see the work there is continuing. Like you are pointing out it goes to show where there is a will there is a way.


      I have seen costs for American Social housing that were a fraction of the costs here so I am always curious to know more. Part of the problem in Ireland has been costs and possibly expectations. This approach is experimental and unfortunately as has been noted in the article it works against both common and industry norms and therefore creates many difficulties.

      On an interesting note he most recent winner of the Pritzker Prize ( architecture) was a Chilean architect whose most famous projects involve innovative approaches to low cost Social Housing. He has even put the designs ( in CAD files ) online for common download.


      There is loads of stuff online featuring him ( interviews,etc ) and his practice is at this address.


  21. https://youtu.be/yw3Jw_7nFrY


    Some say that the only solution is a revolution. But that is chaos just what the elites want in order to exercise their next part of the program

  22. “While ending the Fed may still seem like a pipe dream, at least until the market’s next major crash at which point the population may finally turn on the culprit behind America’s serial boom-bust culture, the U.S. central bank, Levin’s proposal would get to the heart of the most insidious conflict of interest in the US: the fact that the Federal Reserve works not for the people of America, but for its owners – the banks. Which is also why, sadly, this proposal will be dead on arrival, as its passage would represent the biggest loss for Wall Street in the past 103 years, far more significant than anything Dodd-Frank could hope to accomplish.”


    • I point out here that the booms and busts that are the central topic of this essay are largely a function of the private control of the economy by non market entities.

      As such the booms are engineered to ensnare everyone in debt. Then the interest rates are raised to bankrupt the unwary and the assets to be foreclosed upon. It is very convenient to wrap this into a 7 year biblical cycle and blame it all on the whipping boy, capitalism.

      The cycles are the result of central planning of the monetary system and are desired and planned. A form of socialism akin to Fascism.


      • Truthist

        Of course u are totally correct.

        But, again, I must say that u know that if any of most countries were to do so as a “sole” terminator of the central bank associated to it that the repercussions would be truly diabolically violent.

        Search string
        countries with no central banks



        In the year of 2000 there were seven countries without a Rothschild owned Central Bank:
        North Korea

        Why do u not devise a proper aul “pernicious”* recourse for each & all citizens to adopt informally in their everyday lives that snookers the Bankster Scam Bundle [ B.S. Bundle ] instead of waiting for the relatively “safe”** issue to be enacted by stupid state of cattle begging to be slaughtered by the dreadful few ?

        *”Pernicious” in the opinion to the Banksters

        **”Safe” as in campaigning for :
        saving the rain-forest
        ending for gun-ownership
        freedom for gun-ownership

        “All politics is local” ;
        More effective & elegant to devise something like :
        the Wheel
        double-entry book-keeping
        flying shuttle for weaving


        Devise a solution that is not dependent on politicians & civil servants agreeing to perform the mother of all positive economic actions ;
        Devise a solution that is analogous to “the internet of things”

        • Mike Lucey


          “In the year of 2000 there were seven countries without a Rothschild owned Central Bank:

          North Korea

          So it looks like a ?placed beside 4 of the above with nearing ? beside two of them and the remaining one is going to be troublesome with his latest announcements on nuclear delivery capability!

        • Truthist

          Make it insidiously good ! 8-)

        • Before a solution on an individual basis is proposed there has to be an understanding of the problem.

          What do you propose?

          The first thing is to do as little dealing with a bank as possible. I use a credit union. It is provincial legislation not federal. credit unions pay a dividend to shareholders if profits are accumulated but the object is to operate on a break even basis.

          Save your money outside the system.

          The people have to be educated and to change en-mass rather than a politician doing that which the people do not understand.

          • Truthist

            Variation of the Hugo Salinas Price proposal.

            The model must have the precious metal in circulation & in safe keeping by individual arrangement of the owners of each amount of the precious metal.

            There is to be NO Gold Standard in a Treasury or Central bank or Commercial Bank with I.O.U. Notes as Legal Tender.
            The only Legal Tender is the precious metal itself, & some suitable digital currencies as intermediaries between Precious Metal of the Buyer & Goods/Services of the Seller.

          • Truthist

            Edit ;

            The only Legal Tender is the precious metal itself, & some suitable digital currencies as intermediaries between Precious Metal of the Buyer & Goods/Services of the Seller whereby the Seller is assured of instantly receiving of the equivalent Precious Metal at mutually agreeable location.

          • Mike Lucey

            But Tony, Credit Unions use commercial banks for their transactions? Then again they are probably a safer bet and hopefully will become ‘People’s Banks’ in time.

          • gold and silver in general is not legal tender.
            Legal tender is defined as the currencies that cannot be refused by a citizen in payment of a debt.

            If I offer to redeem a debt in Canada using Canadian currency the payment cannot be legally refused. Likewise it is the only currency I can use to pay Canadian taxes.

            The only legal tender using gold and silver are those coins designated as having a legal value.
            For instance the Canadian Maple Leaf coins are silver stamped 5 dollars and the gold stamped 50 dollars. That is why they are not in circulation as currency as the actual value is much higher so they are saved.

            However the discussion here is about being rid of the central bankers.
            That requires legislation and that in turn requires understanding.

            Confusing this with gold and silver is a distraction. Stick to the topic.

          • Truthist

            I agree with ur big reform project.
            But, I am saying that an informal system should be devised to sidestep the official economy, & soon this informal system to become part of the official system, & not long after that it to be the official system for this category of money dealings.
            And, I am referring to a future Gold, & Silver, Money to be “de facto” Legal Tender.
            I am not saying that it is wise to use current legal tender Silver, & Gold, Coin per their stated legal tender value in transactions.
            I am stating that the S & G Coins, & G Paper, as issued according to Hugo Salinas Price should be the legal tender.

            This development should ease the enactment of ur big reform project.

          • FYI Truthist


            This program would not cost the Federal Government
            – or the taxpayers that support it – one single cent! And
            yet, it would constitute the greatest gift to the American
            people that any US Congress could possibly invent, next
            only in importance to the return of the Gold Standard.
            The restoration of the silver currency of the United
            States to circulation, in parallel with the fiat FRN, can
            be considered the prelude to the revived Gold Standard. —Hugo Salinas Price

          • http://www.tonybrogan.com/?p=25

            Proposal for the policy for the Government of Ireland
            Utilizing the Treasury, The Irish Mint, and An Poste
            The introduction of Sound Money to circulate alongside Irish Bank Notes

          • Truthist

            Hi Tony,

            Some Questions :


            Re ; Costs

            Costs associated with obtaining silver.
            Possible that governments, or government mints, can obtain silver at spot price but the price could be higher.

            Cost to the mint of :
            producing the coin
            Say 10%

            Re; The sentence

            Any overage is sovereignty to the government that allows the government to accumulate bullion as a reserve.

            My Questions :

            How are the Costs to the Gov., or Gov. Mint, recovered ?

            What does the following sentence mean ?

            “Any overage is sovereignty to the government that allows the government to accumulate bullion as a reserve.”

            Particularly, this clause ;

            Any overage is sovereignty to the government

      • http://www.zerohedge.com/news/2015-06-10/guess-how-many-nations-world-do-not-have-central-bank

        “Central banks are specifically designed to trap nations in debt spirals from which they can never possibly escape. Today, the debt to GDP ratio for the entire planet is up to an all-time high record of 286 percent. Humanity is being enslaved by a perpetual debt machine, but most people are not even aware that it is happening.

        It is time for an awakening. We need to educate as many people as possible about why we need to get rid of the central banks. For those living in the United States, my previous article entitled “On The 100th Anniversary Of The Federal Reserve Here Are 100 Reasons To Shut It Down Forever” is a good place to start. In other countries, we need people to write similar articles about their own central banks in their own languages.

        The global elite dominate us because we allow them to dominate us. Their debt-based system greatly enriches them while it enslaves the remainder of the planet. We need to expose their evil system and the dark agenda behind it while we still have time.”

  23. http://www.safehaven.com/article/41072/moving-to-the-post-lbma-era-gold-price-reset-watch-out

    “If one were to describe, in a word, the singular quality of gold that gives it value both as money and a wealth preservation asset, that quality is integrity. Physical gold cannot be printed, it cannot be conjured by a central bank or government official, it cannot be credited into existence by a bank. And over a period of four thousand years, the markets have selected gold and silver as money. The replacement of gold and silver sound money with unstable debt-based fiat paper currency by banking interests and their government partners over the past century has been a mere blip in humanity’s monetary history.”

    “In summary, central banks have been running a racket in conjunction with the LBMA and the bullion banks – and the mark for this racket is 99.999% of the population.”

    “Post Script: 1) This story need not have a catastrophic ending. Hundreds of millions of ounces of gold remain in the hands of citizens and by opening-up mints for striking of citizen gold and silver into sound money units along with an organized restructuring of the bond market, this impending crisis can be averted. Unfortunately, the rule in politics is to “never let a good crisis go to waste”. Our politicians and the financial interests who back them invariably use these crises to exert greater control over citizens and the call at this time is for banishing physical cash and expanding government control in society. Creating decentralized sound money and taking away the franchise that government and their banking interest sponsors have to create money from nothing is not aligned with those currently at the nodes of power. It is however in the interests of citizens.
    2) When the gold market crisis breaks it will rapidly become apparent that one of the few sources of real gold lies in the hands of miners. When this realization occurs, it will create a hellacious run into gold mining equities of miners that have real gold and silver resources. The question is whether these gold and silver equities traded in financial markets that will be undergoing paroxysms will provide any useful investment haven.

  24. Try farming for really low wages and little return on capital. We all live on the backs of farmers while the retailers make good profits and we complain about the cost of cheap food.



  25. Grzegorz Kolodziej

    Thinking of KILKENOMICS, I wonder if it would be possible to invite Mr Peter Schiff (probably the most famous Austrian economics broadcaster in the world right now), and one of his Nemeses, Messrs Harry Dent or Mish Shedlock (with Mr Shedlock I doubt Peter would come; as far as Mr Dent is concerned, when they met after many years, this has happened – if you are not interested in difference between fascism, communism and democracy – for me this stuff is too obvious – skip to 9.40 to see the fireworks):


    A glaring ommission on Kilkenomics was in my opinion Mr Niall Ferguson; and the unthinkable – I suppose there would not be a chance to invite God himself, that is Senator Ron Paul (he did agree to play in Mr Sacha Baron Cohen movie, so…), when He is still alive…

    And as I am soon meeting Mr Matthew Tyrmand, would that be an option (to invite him?).

    If you want to leave the EU and join EFTA, you want to have influential Brooklyn Jews with Wall St connections on your side ;-)


  26. Even OPEC is swamped by the debt.


    Damaged OPEC has lost the power to influence a world broken by debt: The Telegraph reported that OPEC has lost its power to shock or influence global oil prices. It said its not just divisions on strategy, or inability to act in a unified way, that has caused OPEC to lose influence. The problem for OPEC is that oil is just not as important to determining the ups and downs of the world economy as it used to be. It noted the global economy is not spurred by falling oil prices like it used to be, largely due to the increased debt levels. It pointed out that debt amounted to nearly 300% of global GDP at last count, far more than can ever be repaid given present levels of growth. Lemetropolecafe.com

  27. Truthist

    Hi Tony again,

    As I perceive that u do have the makings of a great part-solution to the Bankster Scam Bundle [ B.S. Bundle ] played on Irish nation, at home & abroad, with specifically the introduction of Silver Coin to the Irish economy, I am keen to fully understand what u mean, & thus have some further questions to put to u with hope of ur kind answering of them.

    Tony Brogan
    April 12, 2016 at 8:49 pm

    Get rid of the monopoly by removing the concept of legal tender.
    Allow people to
    use what ever money they agree to use between themselves
    not be coerced into accepting the national currency.

    That will help
    keep the national currency honest,
    limit its production,
    activate policies that cause the currency to retain value and thus avoid the stealth tax of inflation.

    My Questions ;

    With what medium of exchange — Real Money [ above Silver Coin ] or Unbacked Paper Fiat [ as currently the situation ] — does customer & tax payer give the Government ?

    How about the situation where Government insists on paying the creditor & tax rebator in Unbacked Paper Fiat ?

  28. Truthist

    To Grzegorz,

    Re; Interception of Mail by The Irish State

    What is the legal situation were the Irish State to intercept & interfere with the delivery of EMS international Courier Post private letter in sealed envelope from private citizen to a private citizen in Irish State Re ; a legal matter whereby the sender was clearly — reference the envelope — putting a question of great importance, & urgency, in respect of sender to addressee, by the Irish State instead pro-actively / executively bringing it to office of Irish State Court Service [ High Court ] in vicinity of addressee, & the Irish State’s Court Service / High Court [ & arguably all the way to the top ] retaining the Document until they eventually dispatch it by “allegedly” ordinary post whereupon it finally arrives to Addressee apparently some 15 days after the High Court had possession of the document ?
    And, the letter obviously in connection with estate involving arguably the most valuable bit of real estate in the central business district of any city in the Island of Ireland currently no doubt the topic of much discussion by the richest & most greedy persons / syndicates in the land [ including highest senior civil servants & government ministers ] ; And outside the land too – in Spain 8-)

    The events referred to above should be enough to immediately deter any prospective industrialists from setting up enterprises in the Irish State & saving the Irish State’s economy.
    Integrity of postal delivery is sacrosanct.

    • Grzegorz Kolodziej

      Dear Truthists,

      The question you are asking is very relevant and all debates on this blog should be like that. However, this is a very bad timing for me to write (hence no comments of mine under David’s excellent article today) as I have just met people from the Republican Party who know both Mr Trump and Mr Cruz and have a chance to meet Mr Cruz on Monday.

      All I can say is that under the 1993 Interception of Postal Packets and Telecommunications Messages Act Gardaí can open and read letters before they arrive to their recipient and monitor your phone calls for up to three months, which can be extended (on the grounds of i.e., an authentic, albeit extreme example, a Senior Officer being jelous – as in Ireland, unlike in Britain or the US – which have arguably more sophisticated and far-reaching controls, no one has to explain to anyone why people are being spied on), and this is the least transparent segment of the Irish surveillance system, with all separate designated judges producing identical one-sentence reports on wiretapping until 2007 for all those years.

      I think it is no longer reasonable for me to write about all of that; I think I have given enough information.

      P.S. Something big may appear on Mr Trump tomorrow, we’ll see

      • Grzegorz Kolodziej

        “The events referred to above should be enough to immediately deter any prospective industrialists from setting up enterprises in the Irish State & saving the Irish State’s economy.”

        I am ready and willing to promote Ireland as a place to set an enterprise, if only for personal reasons (I tie my future with this country); but these are valid points you have just made and therefore it’s about time to start moving from a system which is a strange mixture of fascism, socialism, as well as huge chunks of the Irish economy that actually work very well in relatively transparent and almost free-market conditions (Poland has the same: one part of the country is free market, the other one is full of socialist molochs, with wiretapping far more spread than in Ireland, but not as totally unaccountable) towards a more transparent system, and the most transparent system is free market – because there is very little you get from politicians.

        As long as the Irish only complain about these things rather than

        a) set up their own independent media
        b) demand it from their TDs

        Ireland will have elements of fascism embedded in her legal and economic system.

        And by the way, my remarks are not intended against young underpaid Gardaí. There are not politicians. The problem with the Irish is that they are not much interested in politics – people on this blog are exception – so they know, care and ask their representatives little about it all – the proof is that no one really tries to set independent media, David’s website (which encompasses all views) must be the only platform, because the rest is left to an absurd degree.

        • Grzegorz Kolodziej

          “young underpaid Gardaí. There are not politicians” = they are not politicians

        • Truthist

          Thanks for helpful reply Grzegorz.

          U should be very interested in seeing some of the correspondence & chain of events per this matter.

          “Land of Raints & Rholars” for sure.

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