May 2, 2016

We are seeing a winner-takes-all form of capitalism at the very top in Ireland

Posted in Sunday Business Post · 98 comments ·
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The gap between what the elite earns and the rest of us is causing a revolt.

Over the past few weeks, the massive disparity between the salaries and bonuses of some of Ireland’s ‘fat cat’ bosses, and the wages paid to employees of the same firms has become a serious issue for shareholders, and rightly.

Last week, CRH experienced a shareholder revolt over pay. Forty per cent of shareholders voted against a new plan that could earn chief executive Albert Manifold an annual bonus of more than €8 million, up from just over €5 million last year.

This shareholder revolt highlights the growing and frankly ridiculous gap that exists between the top brass of a company and the foot soldiers. The disparity between the boardroom and the shop floor has been a growing problem all over the world. Ireland is no exception.

Assuming that some workers in CRH are on the average wage of €40,000, the boss gets paid 200 times more than the average worker. This is questionable, to say the very least.

We are seeing a winner-takes-all form of capitalism at the very top in Ireland, where the few at the very pinnacle of Irish business make multiples of what is being earned by those below them. The market for the top Irish business people operates much more like the market for Premiership footballers than a market for the accountants that most of these people actually are.

The crux of this uneven sharing of the spoils stems from the advent of the winner-takes-all economy in Ireland.

This is not capitalism, but a flashy, show-off version of the old thing. It is very evident in sport, where the rewards for the winner are enormous, while there are few prizes for second place. So, for example, Raheem Sterling makes a fortune, but a talented winger in the lower echelons of football might only just get by. The talent gap between both players is probably modest, but Sterling is the winner and he takes the spoils. For years, sport and entertainment displayed this type of reward system.

In sport and entertainment, it was always understood that deciding to try to make it in these careers was a bit like buying a lottery ticket.

If you win, you could make hundreds of times more than if you had chosen a less risky career. If you lose, however, you earn much, much less.

Now, many professions work in a winner-takes-all fashion – arguably without much of the downside risk. So the best lawyers get paid multiples of the average lawyer’s earnings. The best accountants do likewise.

Look at the bar. There are those who make fortunes, and there are those who just scrape by.

Even in education, grind schools poach better teachers and pay them considerably more than the local school equivalents.

The reason for this is the hyper-competitive economy we live in. The stakes in every game have been raised enormously. If the best barrister can increase the likelihood that you will win the case, then he or she is worth the money.

Likewise, if the best teachers can give your child a comparative advantage and a place in college, then they are worth the price.

Similarly, if the best carpenter will make you furniture which you feel will distinguish you from your peers, he or she will be worth the price. It also exists in journalism, where the standout journalist – the one who is better known, a better communicator on TV or radio and therefore more public – makes more per word than other hacks who might actually be much better writers.

The winner-takes-all economy also works in the status vacuum that exists in Ireland.

How many times have you heard pompous, wealthy men saying: “I have engaged Mr Bigwig, senior counsel”?

This is not only a statement of fact, but a multi-faceted indication of where the pompous man sees himself in society, because only a certain type would either have the connections or the money to engage Mr Bigwig.

So the winner-takes-all economy, where rewards are skewed ludicrously to number one, embeds itself in society.

Being a mere worker or an average employee is simply not good enough. The entire society becomes obsessed with being number one, having the newest, biggest, brightest, latest car, house or kitchen, because with the winner-takes-all rewards come winner-takes-all possessions.

If society believes that it is totally defensible to have such a structure, those who get to the top are therefore to be admired. By extension, those who fall are to be shunned. We only want success, whatever that entails.

Ultimately, the gaps between the winners and the rest grow exponentially, as is happening in Ireland and has occurred in the US and Britain. And because most of the prizes and accolades go to the winners in the private sphere, the public arena gets marginalised.

This huge gap drives inequality, and obviously also drives a certain amount of political resentment. This is not hard to understand. If people see themselves falling behind and an out-of-sight elite pulling away, they will vote for the guy or girl who points at the elite and says, “They’re the problem.”

Inequality is what is driving the likes of Trump and Le Pen, and much of the Brexit debate, and it is also one of the reasons Fine Gael lost the election.

The political party that curries favour with the out-of-sight business community runs the significant risk of being turned on by the average voter. The solution is not to fix the political system, but to change the behaviour of those at the very top. This should be self-evident.


  1. mishco

    !

    I agree with most of this article, except where you say: “because most of the prizes and accolades go to the winners in the private sphere, the public arena gets marginalised.” What about the fat cats in the public sphere, from Enda Kenny down to the lower echelons of your average TD, or the bosses in the HSE? Hardly marginalised!

    For me, the answer is to know what you really need in life, materially and spiritually, and not to want more than what you know is enouigh. Become as self-sufficient as you can, ducking and diving when you have to, and above all, try to avoid greed and envy. Easier said than done, but the first step is to recognise when you don’t need something – the second step is to avoid wanting it. And never copy the neighbour, plough your own furrow!

    • Deco

      For me the greatest achievement of the article is that it did not mention “you-know-who” but it is clear that “you-know-who” (the backer of FG/LP) fits the description.

      Do any of you find the manner in which the media in this country continually props up Joan Burton, Alan Kelly, Eamon Ryan (GP) and other sell-out politicians who convert left wing promises into corporatist policies, a bit “concerning” ?

      From what I have seen since 2007, it seems to me that both the LP and the GP are “in the pocket”.

      • Truthist

        “You-know-who” = ?

        Surely the backer of FG, LP, & FF & GP & all the other political parties [ incl. SF ; Yes 8-) ; Because, the proof is that they have sold their soul ] are backed overall mainly by ;

        European Union [ E.U. ] ;
        ==> the European Central Bank ;
        ==> the International Bank of Settlements
        ==> the Rothschilds

        “Check” on u Ireland ;
        U need a Paul Morphy or Bobby Fischer to get u out of the corner now.

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

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

        http://www.edochess.ca/batgirl/TopTen.html

        • Truthist

          Sorry, main part ot the above I did not write coherently ;
          Rephrased now ;

          Surely FG, LP, & FF & GP & all the other political parties [ incl. SF ; Yes 8-) ; Because, the proof is that they have sold their soul ] are backed overall mainly by ;
          European Union [ E.U. ]
          ==> the European Central Bank
          ==> the International Bank of Settlements
          ==> the Rothschilds

      • Deco

        Media Oligarch.

        As Irish as money being thrown (pointlessly) at John Delaney in the FAI.

        • mishco

          lol, Deco – David will be glad you’re avoiding the need for Mr Bigwig, Senior Counsel to be summoned!

    • McCawber

      Knowing what you really need.
      Most people don’t know the answer to this.
      And it seems to be something they are incapable of ever learning.
      Greed just seems to get in the way.

    • “For me, the answer is to know what you really need in life, materially and spiritually, and not to want more than what you know is enouigh. Become as self-sufficient as you can, ducking and diving when you have to, and above all, try to avoid greed and envy. Easier said than done, but the first step is to recognise when you don’t need something – the second step is to avoid wanting it. And never copy the neighbour, plough your own furrow!”

      Well said mishco.

  2. I don’t think inequality is “driving Trump” at all to be honest

  3. Antaine

    Subscribe :-)

  4. Pat Flannery

    I think the Irish people should be encouraged watching their top politicians being forced to accommodate themselves to the less exalted positions imposed on them by the electorate. The political bosses thought they could rely on their party followers to perform the party tricks they had been taught. What they got instead is something called democracy.

    That is why I did not think that a coalition of Fine Gael and Fianna Fail would be a good thing. We are very fortunate that it did not happen.

    David is right. There is too much power concentrated at the top, both in business and in politics, not to mention the all-powerful church. I hope we have turned a corner in realizing this. The last election could be the beginning of a new age for democracy. God knows it is time.

    • Truthist

      Pat,

      The Church — & I trust u mean the Catholic Church in the Island of Ireland — has only very little power, or even influence, in the Irish State.

      Sure, u have many professional class people going to masses & funerals.
      But, it is mainly for show.

      And, of course, the Priests & Bishops have practically no power today.

      The main Church in the Irish State now is The Church of Secularism.
      Secularism = Atheism.
      And, Atheism is all for Paedophilia.

      So, the enemy of the Catholic Church infiltrated it to destroy it.

      And, I do not buy the conspiracy theories about the Jesuits holding enormous power ever.
      Certainly not today.

      But, yes, the Catholic Church had enormous power to influence the direction of the Irish State for close to 50 years.
      It is just a piddle of power now.

      However, Christ always has the supreme power over all.

      Another observation ;

      Do not trust Priests today about any matter.
      They are in the main for the Institutional State of the Irish State too.

      A great priest was Father Denis Faul ; R.I.P.

  5. Shane F

    Spot on observation.

    The big question is though, Where will this all lead to?

    Take the US. If Trump does not get elected, Whoever comes next will be more anti-establishment.

    Woe betide if he (Trump) gets assassinated.

    • Pat Flannery

      Yes Shane, the US is key. If it goes the wrong way the whole world will lose its direction. Unfortunately it is a classic example of winner-takes-all.

      Just think what the world would be like today if the US Supreme Court had not appointed George W. over the people’s choice Al Gore. The fact is that Gore won the 2000 election but 8 unelected people decided otherwise. Is that top-heavy or what?

      It makes what is happened here in little old Ireland more important. Perhaps we can show that a mixed government can get things done, without appropriating all power to itself. Much will depend on how the independents behave in government. Will they descent to single-issue demagoguery or act in the national interest. There is much at stake.

      • Sideshow Bob

        Was this written by Fox New’s Ace Undercover journalist or something? Ridiculously bad article.

        Yes, Venezuela’s a mess, no it isn’t like America or Europe as it is a developing country.

        Governments regularly organize the clock in their countries it is called “daylight savings time”.

        I doubt the guy even visited.

        • Well go back and research the dollar vigilante site and they show video of their trip to Venezuela.
          There is no reason to make up the story that I am aware of.

        • “Sadly, most of our young people don’t seem to understand how socialism slowly but surely destroys a nation,” Snyder asserts. “If you want to see the end result of socialism, just look at the economic collapse that is going on in Venezuela right now.”

          He points to a report on the dire situation in Venezuela — brought about by socialism.

          “Venezuela’s epic shortages are nothing new at this point … [n]o diapers or car parts or aspirin — it’s all been well documented,” Bloomberg reports in an article titled “Venezuela Doesn’t Have Enough Money to Pay for Its Money.” But now the country is at risk of running out of money itself.”

          http://www.gopusa.com/?p=9391?omhide=true

          • Sideshow Bob

            Are these avid Tea Party members, too?

            They are trying to equate the corrupt petro-state mess that is Bolivarian Venezuelan with Bernie Sanders policies in the US. They don´t resemble each other.

            https://berniesanders.com/issues/

          • Sideshow Bob

            They are also attempting to make a connection between a desire to ban guns in America and the lawless is a mess.

            Venezuela is a mess, and it is in a long running power struggle between populist “revolutionary´´ demagogues and an established cynical oligarchy. This pretty much goes back to the days of independence. Even the great Liberator Simón Bolivar gave up and legged after a few years.

            It is suffering in particular now, because of El Niño and a change in oil prices, in addition to 18 years of both “Chavismo´´ petro-state economics and targeted sanctions by the US. The following is in Spanish only and paints a vivid picture.

            https://www.youtube.com/watch?v=gngKQ48a8zQ

          • Bob, stop trying to paint people with labels.
            The world is breaking down in front of your eyes and it is hard to believe.

            Nobody can afford the debt any more which is why interest rates have gone to negative. It is why cash will be banned. It is why we are rapidly headed for a controlled world where government rules absolutely.

            A government that is big enough to give you anything you demand is also big enough to take it all away.

            Every country is bankrupted and they will steal the last bit of production they can. First the smaller then the larger and then the rest. We are lied to and deceived by those lies the deception means many people still believe what they read.

            Many do not. The world is astir and especially in the US. Sanders on one side and Trump on the other. If the people are denied either they will take to the streets.
            Then watch out for the government response.
            I really do not like what I see coming down the road.

            Here is a mile long convey depicting trouble.

            http://investmentresearchdynamics.com/why-was-mile-long-convoy-of-u-n-vehicles-travelling-north-through-south-carolina/

    • Pat Flannery

      WTF Tony? What did you just do to my gmail?

      • Mike Lucey

        Tony put up a wrong link. ‘Shit Happens’ {:-}

      • Sorry I posted by error an email address link. Sometimes when reading something one forgets it is on email rather than the broader web. my apologies to all affected.

        • Pat Flannery

          Tony, I was afraid somebody had stolen your identity and put up a viral link. We will click on just about anything here without thinking.

          Ooops, I hope I haven’t given some nasty crawler ideas.

          • Thanks for your concern.
            As an aside I heard from the webmaster and he said that that by last Thursday I would receive the email notices of postings. Alas that has not occurred and I still have to hunt and peck the site for new responses and so I am more delayed that would otherwise be the case.

            Is there anyone else developed this problem.

    • michaelcoughlan

      Hi,

      Once again your link shows my emails Tony. I don’t know why it keeps happening but please get someone with IT expertise to sort the problem.

      • The trouble is Michael I have not got a clue what you are talking about as I do not see what you see. Email me what you have and then I’ll have comprehension. Thanks.
        Sorry you were/are disturbed.

      • The links don’t show your emails Michael, you only see them because you are signed into your own email on your own computer. We can’t see your emails, it’s impossible unless we had your password. You have nothing to worry about.

  6. Truthist

    David, ur highlighting of the outlandish rewards for them at the top is very necessary in the overall mission to reform the Institutional State of the Irish State [ I.S.I.S. ].

    The folks who should have a grievance about this are :

    1.
    “taxpayers of” / “all citizens connected with” the Irish State when the monies are ultimately paid by the taxpayers / citizens

    2.
    shareholders of the companies

    3.
    employees & contractors of the organisation [ company or civil service department inter alia ] when their particular rewards are unfairly low

    4.
    suppliers to the organisation [ company or civil service department inter alia ] when they are being unfairly treated with Re ;
    Payment Rates
    Payment Dates
    inter alia

    5.
    customers of the organisation [ company or civil service department inter alia ] when the organisation has unfairly secured captive market

    6.
    taxpayers / citizens when all in the Irish State should be nationalistic [ which includes not being greedy ]

    7.
    artists, philosophers, religious persons ;
    We should always be conscious of the moral factor in everything we do, & the likes of these roles have a duty to intervene publicly when needed.

    However, some of ur analysis gets muddled ;

    a]
    “This shareholder revolt highlights the growing and frankly ridiculous gap that exists between the top brass of a company and the foot soldiers.
    The disparity between the boardroom and the shop floor has been a growing problem …”

    The shareholder revolt is not based on a sense of grievance for the pay of the lower levels of employees at the relevant company.
    Rather, it is based on the fact that the reward to the C.E.O. & senior management is too high vis-a-vis :

    x]
    obligations to re-invest monies into the company

    y]
    obligations to pay the shareholders as large a dividend as possible

    It would be very rare for shareholders to even investigate what the rewards & conditions of the very low levels engaged with the company are.
    And, presently, they are trying to avoid improving the lot of all lower levels regardless of actually being privy to the very lowest rewards & conditions.

    b]
    ” … pompous, wealthy men saying :
    “I have engaged Mr Bigwig, senior counsel”?
    This is not only a statement of fact, but a multi-faceted indication of where the pompous man sees himself in society ;
    Because only a certain type would either have the connections or the money to engage Mr Bigwig.”
    Redacted by Truthist

    This is muddled in that it contradicts the observation that hiring a lawyer is a “grudge buy” ;
    It is not an engagement where u feel comfortable & enjoy.
    U grudge paying it.
    Indeed, Re; lawyers, u suffer the constant worry that u may very well be fleeced by the scoundrel.

    Regardless whether the client is an actual pompous person, in these conversation pieces he is really trying to impress his listener for some advantage to be gained from them later.
    The “senior counsel’s” client is playing games on his interlocutor.

    c]
    ” … most of the prizes and accolades go to the winners in the private sphere, the public arena gets marginalised.”

    Really ?

    How about all the outlandishly rewarded elected Politicians ?

    How about the outlandishly rewarded & outlandishly accoladed middle to senior Civil Servants ?

    Senior Irish Civil Servants being rewarded in millions over the course of 4 years or so.

    How about the Quasi Civil Servants of the Quangos ?

    How about those persons who straddle both sectors ?

    Anyway, it is “fair” that there is a maximum reward for those in the public sector ;
    And, it should be no more than a reasonable reward.
    So it should be since it they are meant to be performing public service.
    The public SERVANT is the SERVANT.
    And, the PUBLIC is the MASTER ;
    But, a very fair master.
    Each & every citizen should be obliged to serve as a Civil Servant.
    It would be fulfilling ur public service duty.
    No person should be allowed to be there longer than 10 years in total ;
    Not just a limit of 10 consecutive years.
    Actually, the max should be 5 years.

    I regret to report that in the main there are very poor rewards & conditions for most heroes of the private sector ;
    Employers & Self-employed included.

    The typical private sector worker should get more income reward than the typical public sector worker ;
    Who ever would accept the situation where the master is less paid than the servant ?
    However, it seems to be unavoidable that the civil / public servant will enjoy better conditions in the permanent government [ Civil Service ] ;
    This is because the civil service has arrived at systems for dealing with most situations that reduce the situations to being easy work to solve.
    The private sector in most cases is having to re-invent the wheel or be a pioneer or improvise ;
    That is difficult work.

    As for “Accolades” ;
    Wow !
    They don’t fill the pot.
    And, increasingly more people are appreciating that fact.

    d]
    FINALLY A RECURRENT THEME OF URS DAVID.
    And, it a theme that since the 1970′s has crept in to be a very mischievous basis for almost every socio-economic & political discussion.

    EQUALITY / INEQUALITY

    “This huge gap drives inequality, …”

    “Inequality is what is driving the likes of Trump and Le Pen,
    And much of the Brexit debate,
    And it is also one of the reasons Fine Gael lost the election.”
    Redacted by Truthist

    No, “Inequality” is not driving the likes of Trump & Le Pen.

    First of all, Trump & Le Pen [ Marie ] are completely different politicians.
    So, they are not of a likeness.

    Trump is a Circus Showman & Gangster & crude person.
    And, in the U.S.A. election he is suspected by many to have entered the race solely to split the Republican Party so as guarantee the Prezzie Role for his long-time friend Hell-ary Clinton.
    And, with reference to his recent speech at A.I.P.A.C. he is clearly not a U.S.A. Firster.

    Le Pen is a much more low-key performer & has finesse.
    She is sincerely looking to be President of France.
    And, she is “probably” a France Firster.

    Inequality is not driving the debates involving any of the above or any other person having likeness to either of them.
    Their targeted electorate are concerned about fairness.
    Fairness for their country’s sovereignty.
    Fairness for their country not to be receiving any more immigrants.
    Fairness for …

    Likewise, the targeted electorate to vote for U.K.’s exit from EU ; Brexit
    They also want fairness for their country.

    Inequality is not 1 of the reasons that Fine Gael lost seats.
    The lack of fairness is.

    David has better reward & conditions than I do.
    We are not equal.
    And, we can never be equal.
    We are different people.
    I can totally accept that David has better reward & conditions than I do.
    But, I cannot accept that I am unfairly treated by the Irish State.
    If I am dealt fairly by the Irish State, David’s reward & conditions would still be better than the improved situation I would then have.
    But, I would not mind ;
    Because now I would be fairly treated.

    All this talk about “Equality” is the prelude to Communism for the whole of the Irish State.
    No thank u.

    • Mike Lucey

      @Truthist

      I’m inclined to agree with you on Trump.

      “Trump is a Circus Showman & Gangster & crude person.
      And, in the U.S.A. election he is suspected by many to have entered the race solely to split the Republican Party so as guarantee the Prezzie Role for his long-time friend Hell-ary Clinton.
      And, with reference to his recent speech at A.I.P.A.C. he is clearly not a U.S.A. Firster.”

      He contradicts himself on a daily basis and he seems to spout what the masses want to hear. Looking at his collection of world policy advisors puts him firmly in the Neocon boat which frightens me even more that Hillary that would at least have Bill softening her policies to some degree.

      So it looks that the US of A electorate will have have only one choice!

      http://i.imgur.com/AdKdjiel.jpg

      • Truthist

        A person has a better chance of improving the world by succeeding at most of the innovations that u promoted in the previous blog.

        We best avoid depending on Politicians & Civil Servants & Rock Stars & Corporate Suits & Movie Actors & …

        Best not to put ur trust in any Human Being.

        But, don’t get me wrong Mike ;
        I don’t hate people ; I am not a Misanthropist.
        Actually, some of my best friends are people.
        8-)

        Christ was correct of course.
        Children are better people than most adults.

  7. Mike Lucey

    I have no problem with the bosses in CRH getting a much as they can out of the company as long as they are not dipping into my pocket. If they are not worth what they are getting they will be sacked in time by the company shareholders.

    As far as I’m concerned the same should go for politicians. If we are ever going to get top notch people steering Ireland towards prosperity we will have to make the stint at the helm attractive for them. Currently the salaries are not attractive enough to bring in the proven ‘go getters’.

    What I would like to see happening is direct election of 13 (or more provided the figure is uneven) Ministers at salaries of €1m (minimum and tax free) with good bonuses if they deliver the goods over a five year period. These Ministers would also be allowed to choose the top three or four tiers of their Civil Servants. Also the cabinet table would put their group decisions to ‘We the People’ on a monthly basis via electron vote for endorsement. It should be a case of choose option 1, 2, 3 etc.

    This would eliminate Party Politics and we would have the best of both worlds. A group of top class (proven) brains contracting to run things with the continuously required approval of the people as a safeguard.

    It frustrates me to see what we have had (and more that likely will have more of) running things for us here and in Brussels.

    It would not be difficult and over complicated to set such a system up in today’s world with instant communication and it would garner an ongoing involvement of the 99% in governance.

    • McCawber

      At the core of what you are proposing is what kind of society do we want.
      I’m not sure a go getting government is the right approach.
      To be clear I’m not a socialist but I believe a fair days work is entitled to a fair days pay.
      What we actually have is a few self important go getters deciding that they are the entitled ones.
      Entitlement is the bane of our society but it’s not just the preserve of citizen socialist.
      The test question is what have you done for your country lately.

  8. Pat Flannery

    Mike, I like the idea of direct nationwide election of Cabinet Ministers at attractive salaries and bonuses for the term of each Government.

    Either that or the direct nationwide election of a Taoiseach who would appoint qualified non-politicians to appropriate Cabinet posts based on their experience and knowledge of the particular industry or economic sector they would oversee. It is called separation of powers. The Dail would become the Legislative Body separate and apart from the Executive.

    The system we inherited from the British is not suitable for a modern republic. It is based on antiquated theories of monarchical sovereignty.

    • McCawber

      Irish politicians are local focussed.
      A list system has at least the advantage of removing the parish pump from the equation.
      Any leader is going to want to appoint his own ministers.
      The key then is to appoint a leader who would be capable of picking a suitable team.
      Now your challenge. Give me five names you think could handle it.
      And what kind of government would they provide and would they provide what society needs.
      Think laterally.
      Eg Michael O’Leary jumps out but what Pat O’Doherty quite a bright sparj or if you fancy getting your feet wet Michael McNicholas or Eugene Murtagh might make you feel snug.
      Should they have a vision or should they be given the vision by the electorate (the mind boggles )

      • Mike Lucey

        No Taoiseach as we have currently. The elected group could nominate a spokesman from time to time should official appointments demand such.

        When these candidates put their names forward they would be required to identify the particular department / area they want to handle / manage and outline their plans / policies.

        When the 13 sit around the cabinet table they agree an overall general policy that encompasses each of their individual policies along with a budget and get the job done.

        The power would remain with the electorate, at all times at least those with an interest in getting involved via their monthly electronic voices. All general overall policies would have to be sanctioned by the electorate on an ongoing basis. This would keep things transparent and help to keep the cabinet on the straight and narrow.

        The continuous involvement by the electorate would also make it difficult for big business to influence / highjack policy as looked, at least to me, to have happened with Irish Water.

        An good analogy might we that Ireland be looked on as a company and we are the company’s shareholders, one share each! We simply employ managers with the required expertise and more importantly a track record of success for the various company sectors that need management.

        Party politics has passed its sell by date as each citizen is now more than capable of voicing his approval / disapproval at a moments notice and have it be instantly recorded with a touch of the finger.

        The collective wisdom of the Shareholders can, I think, be trusted to choose the best solution on offer for the general good at least 90% of the time if not more.

        ‘Always ask the audience’
        http://www.telegraph.co.uk/culture/books/3620109/Always-ask-the-audience.html

        • McCawber

          It’s hard to see 13 of our finest not figuring out a way to screw us and come out smelling of roses at the same.
          To exaggerate all you need is 50% of vote plus 1 to impliment your plans.
          That means 50%-1 could get screwed.

          • Mike Lucey

            @McCawber

            I don’t see how that could happen. A few things that would deter the possible tendency which I don’t believe would be there in the first place, with the right people put in place DIRECTLY by ‘We The People’, would as follows.

            Any candidate’s plan for a particular post would have to be firstly judged by the electorate and then vetted and modified if need be then brought into the overall general combined plan of the total 13!

            Added to this the electorate would have to sanction the overall general plan via their continuous electronic voice every month.

            Politicians that have been caught with their pants down fell by the wayside mostly via bribes, donations etc from the deep wallet merchants in turn for ‘favours’. Its still going on currently from what I can deduce and it looks like a particular pants is slipping rapidly. The ’13 ministers’ would each be on €1m+ (tax free) and unless they are stupid, which they won’t be, they would not succumb to the temptation.

            I don’t necessarily see the high flyers becoming the 13. The 13 could better come from successful low flyers that are ‘off the radar’. All they would need is a good track record, a good plan and the ability to see it through.

          • McCawber

            When the electorate voted to keep the Senate I lost all faith in the electorate.
            Maybe your idea might work elsewhere but not in Ireland.

  9. Yes, of course. That’s how “winners” win.

    And Ireland’s tax policies make sure that the “winners” can keep taking everything, everywhere else.

  10. Grzegorz Kolodziej

    “Inequality” is not driving the likes of Trump & Le Pen.
    First of all,”Trump & Le Pen [ Marie ] are completely different politicians.

    Yes, that’s a good point. I guess in support of David’s article (not his finest week in writing) it can be said that they are both populists in their own different ways, but then the same should be said about the jejune comments President Higgins constantly makes on capitalism (I am waiting for a Trotsky-style poem from Him), without even trying to define the word – which shows the decline of our education after they had eliminated logic from schools.

    So if we take so large a definition and say that this is what is driving politicians like Le Pen, Trump and Higgins, then I’d agree.

    I think that what’s driving Mr Trump is the fact that 1 out of 4 Americans is unemployed and they are pissed off that the government is trying to hide it by not counting all unemployed; all the rest is only a consequence of the first.
    Comparer l’incomparable, like with David’s “tax the drivers” dangerous proposal, Mr Trump has right diagnoses and wrong solutions (and bad manners, bad they work in his circle).

    I do not think that most of the Americans would mind the income gap if there was fairness imbued in the system and a healthy way of selecting the elite; had they minded it, they would not have come to it from more equal countries, like Europe in general and famine Ireland in particular, where in certain area everyone was equal in their starving.

    Villages in Galicja in Poland (the Austrian occupation zone) were one of the most equal places in 19th century Poland, and one of the poorest. And Cambodge had the best (from the Leftist perpective) Gini index.

    Galicja along with Sicilly and the West of Ireland, was 3 biggest providers of immigrants to unequal America (for example, the power of the Texas oil industry comes from an immigrant from Galicja).

    A good starting point to the debate on equality would be:

    https://www.youtube.com/watch?v=1tQIsrFTgXI

    (a bad, though psychologically fascinating starting point would be Trotsky’s arresting “My Life” – the starting point of Mr Vincent Browne).

    Madame Le Pen is by far more subtle a person than Mr Trump (the more I look into his business history, the less respect I have for him – he bankrupted all companies he put his name to and those he did not bankrupt, all he did was to put his name and use his inheritance to bribe local politicians; does it make Ms Clinton a better candidate? – it probably does not), but she seems to be economically as ignorant as our President.

    Like our President, she has interesting views on culture and good manners.

    What’s driving her is Ms Merkel’s decision to bring terror to Europe (a decision which I now see as a sabotage – either by other countries or by German state itself to give rise to national socialism, considering they control the Nazi parties anyway) + multimillion loans and world-wide marketing she gets from Russia to further Gazprom’s interest in Europe.

    As a person, I like her. As I reckon many readers have only heard about Madame Le Pen from skewed media news, I propose to watch a debate with her in Oxford University – she comes across as by far the best mannered of all the people there (some of them are simply rude):

    https://www.youtube.com/watch?v=XVkTcGcPLW8

    Her MEPs seem to be one of the best informed on the situation in European countries, unlike the arrogant, uneducated and unhygenic unelected leaders of the EU like Mr Schulz chairing the debate:

    https://www.youtube.com/watch?v=Dq06-dZhzY8

    As a whole though Front National is to me a party with no clear economic plan (apart from helping Gazprom).
    Hang on, can the same not be said about most of our parties?

    • Truthist

      Why no Journalists, nor Militant Socialist Activists, nor Right-Wing Politicians, in Ireland ever complain publicly that Marie Le Pen is not allowed to speak on France 24 TV Channel on Irish State’s permitted [ approved 8-) ] terrestrial TV broadcasts for population of Ireland to intake ?

      Marie Le Pen is arguably now “controlled opposition” ;
      Her co-operation with the narrative of False Flag operations alone points to that.

      Wonder what exact false flag Jean Claude Trichet had in mind with his threat to Irish State’s Minister for Finance Mr. Michael Noonan ;
      “U dare not burn the Bondholders [ David McWilliam's oft enthused advice & mantra ] ; Otherwise, there will be a B..mb go off in Dublin.” ?
      Redacted by Truthist

      • Truthist

        We should be allowed to listen to Marie Le Pen.

        So much for Irish State & France being democracies of any kind.

    • redriversix

      Its Capitalism at its worst….

      We are still paying taxes for services we struggle to get….

      We are either Capialist or socialist…?

      The rise of global corporations.the reduction in benefits,the destruction of the middle class & the criminalization of the working class.

      Privatise everything with no responsibility and zero requlation.

      Milton Friedman

      Game over

  11. McCawber

    In a way David you are posing a question that has been looking for an answer for a long time.
    IE What is the best political system.
    So far all systems that have been tried have failed or in the case of democracy may be about to fall.
    At the core of those failures has been the gap between the haves and the have nots.
    That gap is bigger now than ever before.
    So why hasn’t the system crashed.
    Is it because while the gap has increased all boats have been lifted by the capitalism that democracy inherently allows to thrive.
    Or is democracy dead and we just haven’t found out yet.
    An interesting thesis for final year students might be to design democracy’s replacement.

    • McCawber

      Evolution or Revolution?

    • Truthist

      Democracy ;

      We have been brainwashed by Hollywood, & the other media, & the Educators, & the Politicos into believing that :

      1.
      Democracy is an “only 1 system”
      Rather than a mother term for a choice of democratic systems

      2.
      Democracy — regardless of the failure to explain it as a mother system — is tbe best system ;
      And, this said often accompanied by the platitude ;
      “Although it is not perfect”.

      However ;
      It is becoming more apparent that there are better systems than democracy ;
      At least better than the typical democracy systems around the world today.

      Even so, the democracy system promoted by Democracy Ireland would be a vast improvement on what we have today.
      At least, the majority then can only blame themselves when their majority vote got it wrong about some issue or other.

      • Deco

        It is “Dumbocracy”.

        The populace is dumbed down. The political choices are neutered, to only server those with insane wealth levelds. The media dumbs down the “news” with “info-tainment” on celebrities, and circus stars.

        https://www.youtube.com/watch?v=I3uhTzs9be8

        Everybody is being manipulate to ensure consent.

        Now, get back on the couch and watch sports / soap operas. And “obey” the state institutional framework that obeys the super-wealthy.

        • Good man Deco. Relax, have another beer! {:-)

          The government will look after you from cradle to grave.

        • Truthist

          Outstanding ;

          Thank u ;

          Alan Watt would obviously be very familiar with Mr. Eustace Mullins, & Mr. Henry Makow.

          Eustace Mullins would be the pioneer researcher for much of what Watt is discussing.

          Makow is a whistle-blower on his own culture & his academic background.

          I just did a Google-Search for Alan Watt ;
          There is no Wikipedia.org result for him.
          Nil !
          Obviously, Wikipedia.org disapprove of Alan Watt, & have ensured that there is no feature for him.

          Wikipedia.org of course is also of the powers-that-be.

    • here is a part of the answer

      “I was especially curious to determine if the core mechanics of demand and supply, the stuff you learn in the first 10 minutes of your very first lecture in Economics 101, were still functioning as they should be…..

      Apparently not! What I found instead is that our society, our culture, has tacitly allowed traditional economics to be deliberately suborned and subverted by forces of highly dubious intent. What I found, in essence, is that the people we have entrusted to run our economy have, either deliberately or accidentally, thrown out the economic baby while stubbornly holding on to the dirty bathwater.”

      http://www.profitconfidential.com/economy/the-brink-of-economic-collapse-how-did-this-happen/

      As far as I can see it all boils down to too much top down planning. Heavy handed government augmented by lifetime bureaucrats, NGO’s funded by corporatists, politicians funded by the same and the whole thing enabled by a money system that will give anyone everything they want until the malinvestment crashes the system.

      Back to the central control of the central banking system. It is debt based at interest and so designed to bind to servitude the masses. The aggregation of wealth to the /10th of the one percent is just the beginning. The total is rapidly headed to belong to a dozen elitist families.

      Time you all woke up. David too. No debate means acquiescence.

      • McCawber

        The mechanics of supply and demand have broken down.
        Here’s a common example.
        It is quite common for shops nowadays to force the customer to buy something they don’t want.
        Here’s how it’s done.
        You need to buy one of an item.
        But the item only comes in packets of two.
        So you have no choice but to buy something you don’t.
        This is the supply side’s way of increasing demand (artificially).
        Ergo supply is exceeding demand and the imbalance is growing.

  12. http://www.profitconfidential.com/economy/the-brink-of-economic-collapse-how-did-this-happen/

    The Good News?
    Lest readers of this essay follow the example of this writer and start to reach for the tissue box, I want to end this essay on an optimistic note.
    As I have written before, the recent launch of the Shanghai Gold Fix—two daily gold fixes based entirely on demand and supply impacting real metal in real time—suggests that, with the will and the right tools, it is indeed possible to pull the world economy back from the brink that our alleged “betters” have taken it to.
    For almost a century, the gold pits in London and New York had been based on little more than wishful thinking, vicious bullying, collusion, cronyism, and rampant greed.
    History, I suggest, will show that the emergence of the SGE in early 2016 will ultimately bring the precious metals markets back to reality and undo literally one hundred years of damage in—I am guessing—36 months or less. So, the lesson here is that it can be done—if people want it done and are prepared to actually do it.
    Imagine in your lifetime a world where the value of assets—be they cash, debt, equity, commodity, or whatever—are set once again by true demand and supply…
    It could happen, should happen, and might happen. One can always dream, right?

  13. survivalist

    It seems none of the problems of capitalism are going to be owned by capitalism.

    We have every memorable alternative form of it presented to us, which, we must understand, are the distorted or misrepresented versions of capitalisms true nature.

    ‘Winner-take-all capitalism’ or ‘crony capitalism’ can take the blame when a problem is finally, finally, made evident; but it is never true or real capitalism that can be blamed for the faults.

    A system, both economic and political, which exists to support the control of trade and industry (at a minimum) by private owners for their own profit, could be recognised by some observers as unlikely to deliver just and perfect outcomes for society.

    But what of society? The capitalist might ask for an account of society with respect to the profit margin. Capitalism and the capitalist make prudential and pragmatic decisions they don’t necessarily make moral ones. No doubt ‘corporate social responsibility’ sounds like morality to some and to those we might extend our sympathy.

    Now keep in mind that the shareholders and their revolt are not a democratic organisation or rallying together of concerned citizens but are those represented by and managed by the capitalist firm Institutional Shareholder Services.

    The advice to their clients to vote against the CEO’s pay hike is done for prudential reasons not moral ones. Noting would prevent them as capitalists from recommending a CEO pay hike if it furthered the profit margin.

  14. Deco

    An even more extreme version than the CRH version of the points above exists.

    G-Sucks. And Suds. Bailed out by numerous taxpayers. Bailed out by central banks. Corrupt. Responsible for the theft of billions from ratepayers in the US, to Greeks in hospitals that cannot afford essential medecine. And now even going to suburban locations in West Dublin.

    And at the top a collection of banksters like Suds, who are shaping the system to ensure as much profit for their firms as possible, at as much expense to the common people as possible.

    The greed and lies of banksters like Suds, will drive people over the edge.

    Don’t blame the people. They are driven to it by theft and corruption. Blame those that drive the sort of policies that drive people to despair.

    • Yep, Blame the central banker community and the money issued as a debt.
      Ellen Brown called it the Web of Debt. Nobody escapes except the spider who consumes those entrapped and spits out the shell.

      We are all consumed by the debt. The exception are those who issue the debt as money. They are the winners and they are taking it all.

      The people must be educated to the problem and then the web can be destroyed. If the people remain in denial of the problem it will not and cannot be fixed.

      http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html?_r=0

      The figures in the graph in the link are 6 years out of date (2010). True amounts vastly exceed those shown.

  15. goldbug

    @DAVID

    THE GAP IS ABOUT TO GET BIGGER

    -> TRANS TRADE AND INVESTMENT PARTNERSHIP

    -> PUBLIC SERVICES ARE ABOUT TO GET LESS FREE

    -> NEGOTIATED IN SECRET WITHOUT REPRESENTATION

    http://www.ethicalconsumer.org/ethicalcampaigns/ttip/ttipandprivatisation.aspx

  16. michaelcoughlan

    “The solution is not to fix the political system, but to change the behaviour of those at the very top. This should be self-evident.”

    A thought provoking and insightful article but your solution is nonsense and indeed your paradigm itself is flawed. Let me explain;

    Michael O’Leary (accountant)presided over 1bn in profits last year I think in Ryanair. Will you ring him and tell him what you think and try and convince him that if he takes 50m out of that and distributes it to the bottom 5000 of ryanair’s 10000 plus official employees it will add 10k gross to their earnings with enormous positive knock on effects for their self esteem, their families, communities and govt taxes etc.

    Don’t hold your breath as I won’t be.

    The large salaries are not there to draw the smarter more talented people. They are there to attract corporate psychopaths who expand their own organisations by destroying everything else especially society and the people who live there. Especially in banks and auditors both types of organisations run by chartered accountants.

    Here is 2 examples from the construction industry. Take the building being built by bernard mcnamara in dublin for denis o’brien. Both men of course accountants. McNamara is Ireland’s most failed developer with no one else even coming close. So why would o’brien hand 40m to ireland’s biggest failure?

    Ans;

    because Bernard gave Denis a price substantially below the real cost of doing the job and anyone else. So how does Bernard do it? Ans; By forcing the losses onto the sub contractors. The more he fucks people and society up the more money Denis will give him. Its not rocket science professor.

    Take the ennis by pass a 147m job. Lost 30m. The cif rate for general operatives was 15euro/hr at the time but the workers were hired in turkey on turkish contracts at a defacto rate of 2euro/hr and it still “lost” this type of moola. What happened?

    I will bet that some parent company was set up by the accountants calling the shots in the cayman islands or somewhere like that. This holding company invoices for professional management fees to the irish registered subsidiary and transfers the capital to the holding company.

    Therefore the larger the loss shown in the Irish company through the extraction of capital to the the parent the BETTER. The parent of course pays no tax in the Cayman’s and the sub contractors are left holding the can of piss and shit backstopped by the Irish taxpayer. And guess what Dathi? The Irish gubernement has recently sold 100 YEAR IRISH BONDS which means the next 5 generations of Irish people are going to pay for this one.

    The regulators could of course stop all this by using the laws existing in the tax codes which state that if the management willfully cause a company to fail through bad practice or criminal practice then the company’s officers are personally liable. Does this happen in ireland?

    No.

    As we witnessed in the anglo case these laws were ignored with a few minnows being scapegoated using laws for misdemeanours they broke after the fact, with the substantive issue of corporate malpractice being ignored completely.

    Hello to you all. I still read the blog from time to time but I didn’t mean to contribute as I have decide to pull back.

    Best regards,

    Michael.

    • Keep pulling Michael!!!

    • Truthist

      Very important specific topic this.

      Also is more proof that the country is being run by psychopaths in :

      the elected government ;
      Cabinet, Dail, Seanad, & Local Councils ; And, of course – the E.U..
      Should add the United Nations too.
      There should be expose done as to the nefarious impact by the United Nations on Ireland.

      the permanent government ;
      The Civil Service

      the hidden government / the “deep state” ;
      Presume that it includes at times “The Council of State”

      Includes
      select person[s] from Central Bank of Ireland
      select Industrialists
      select Business Persons
      select Civil Servants
      select Lawyers
      select Garda-Landlords
      select Army officers
      select Newspaper owners
      select Journalists
      select persons from R.T.E.
      select persons from the Finance Real-Estate Insurance [ F.I.R.E. ] sectors,
      select academics
      select Politicians
      select Politicos [ other than actual politicians ]
      select Beards [ Male ] of the Unions ;
      Unlikely to include any Beardettes [ Female ] yet
      select Representatives of Catholic Church, & Church of Ireland
      select “official” Representative of the Freemasons ;
      At least is available as the most important Irish Ambassador to the international Masonic Lodges
      inter alia

      Likely that there is formal agreement within the Hidden Government that there is to be no input from :
      Wives
      Husbands
      Civil Partners [ Straight or L.G.B.T. or just "Fluid" ]
      Girlfriends [ Straight or L.G.B.T. or just "Fluid" ]
      Boyfriends [ Straight or L.G.B.T. or just "Fluid" ]
      Mistresses [ Straight or L.G.B.T. or just "Fluid" ]
      Gigolos
      Prostitutes [ Female ] [ Straight or L.G.B.T. or just "Fluid" ]
      Prostitutes [ Male ] [ Straight or L.G.B.T. or just "Fluid" ]

      Afterall, Her Ladyship Joan Fitzgerald [ Wife of Sir Garret Fitzgerald ] was controlling the country with Sir Garret’s acquiescence.

      • Truthist

        Oops, I should insert in the Hidden Government also ;

        select Judges
        Head of Irish States Secret Intelligence Services

        • Truthist

          Others in the “Hidden Government” / “Deep State” :

          Select persons from Agri-Food sector
          Select members of the Intelligentsia
          Select members of the Medical Profession
          Select members of the Engineering Institutes
          Select members of the Science Institutes

          The “Deep State” would have a Hierarchical Structure & would also grant some autonomy to all of the levels lower than the top-most.
          The structure would be some variation of pyramid I presume.
          This is also so as to protect the each level knowing who is in level above them.
          But, maybe the need its members to be secret from the bulk of each other may not be so.
          However, there would be a certain common sense of values & purpose that would facilitate good discipline.

  17. michaelcoughlan

    For you Adam;

    https://youtu.be/5DCAC1j2HTY

    Michael.

  18. michaelcoughlan

    @Tony brogan;

    Gold Tony up 30% since start of 2016. GDX gold miners up 50% since feb 9th. Gold broke out of a wedge to the upside 3 days ago. I think its safe to say that gold is back in a bull market. I wonder of the comex will start defaulting on delivery?

    Michael.

    • Mike Lucey

      Yep! Gold is hovering around the $1300 mark over the past few days which is talked about as being a threshold figure so it looks like we could be seeing the ‘emancipation of gold’ also silver.

    • Hello Michael. The final metric to watch is the gold silver ratio. The 5 year graph shows that if it holds below 74 then we are on the way to the renewed bull. The current ration has revisited 74 and must break down decisively here to confirm the new bull in PM’s. About time. The interference and manipulation by the central banks and governments have lead to 5 years of losses about to be recovered and them some.

      Why is this ratio important. silver always out performs gold both positive and negative. In the bull phase the ratio contracts. It is likely to return easily to 40:1 and possibly as low as 10:1 for reasons too lengthy to explain. suffice it to say that on an inflationary basis silver is at a lower price than any for 600 years. It is the investment of the century and with it the associated stocks.

      In CAD the returns are much more moderate as the CAD has rebounded from 145 for a US dollar to 126.

      However you are correct about the shares even in CAD as the largest PM share market is Toronto.

      Up 130% since Jan 1 2016. Sad to say I was not aboard until mid Feb early march so have to be satisfied with 45% gain on my paltry holdings!! I believe the train is pulling out and a couple of doors are still open to allow a few to jump aboard before it pulls out. This is the transcontinental express and it is a long time before it reaches its destination. Time to sit down and enjoy the ride.

    • Comex almost always settles in cash in lieu of gold. It have already defaulted in not settling in bullion. It trades 300 ounces for every ounce avaiable to deliver. It is nothing but a betting shop on the price. little gold changes hands.
      The Shanghai exchange just opened and demands that gold must be delivered and paid in cash. No dollars just Renminbi. This is a purely bullion exchange and will put the COMEX out of business if it does not reform its ways.

  19. McCawber

    The technological elephant in the room is being ignored.
    A possible solution would be to set a target to double (in real) terms the average industrial wage over a 15year period while at the same increasing social welfare payments to a level of 50% of the average industrial wage.
    NOW before your “rubbish” app kicks in make out a list of five pros and five cons.
    Then come up with solutions.
    No negative waves.
    Nothing is off the menu. Water Charges for example. A death duty payable to your country of birth rather than your residency and at 80% rates. Use it or lose it.
    It’s a tall order but society really needs to be looking at a scenarios of likely future rather than the same old past incrementing into the future.

    • Sorry, central planning never works.
      Get rid of the real problem.
      plaster patches do not heal a wound.

      The money system must return to honest money.
      Legal tender laws must be repealed.
      Central banks must be closed.
      governments must live within their means
      People must learn that capitalism , in order to work, is based on savings and not debt.

      Return Mr. MaCawber to
      Income 20 shillings, expenses 19s 6d = happiness
      income 20 shillings, expenses 20s 6d = misery

      • McCawber

        While I agree with what you are saying about debt and money the elephant is growing.
        When the elephant gets big enough there will no longer be debt or money.
        There will be either freedom or slavery.
        Ignore the elephant for too long and there will only be slavery.
        When the great reset comes what will be at stake. An IOU taken out in the Elephant.

      • McCawber

        The elephant is only a baby now.
        Once upon a time Central Banks were only infants too.
        Central Banks and the debt have gained so much momentum they cannot be stopped without doing almost irreparable damage.
        The rich own all the gold.
        Returning to a gold standard which will effectively be controlled by the Chinese doesn’t look very appetizing.
        We are at risk of becoming endentured to China.

        • “they cannot be stopped without doing almost irreparable damage.”

          The damage is already done. The question is whether to bite the bullet now or later.
          When selling a house in a down market there was an old adage that proved its worth time and again.

          Your first loss is often your best loss. The sooner we act the better.

        • Chinese citizens are buying gold gram after gram. Nothing to stop you doing the same.
          A little will go a long way!!

        • We will be indentured to China for sure if we do nothing but hope.

  20. “If debt were used for productive purposes, there would be light at the end of the tunnel. Unfortunately, however, it is not, leaving a black hole beyond that could swallow the economy and markets. The vast majority of debt is used for unproductive purposes including massive stock buybacks, leveraged buyouts, debt-financed M&A, consumption, housing and financial speculation. The fact that individuals at the top (the so-called 1%) profit enormously from unproductive activities is a fatal flaw in our economic arrangements.

    As Hoisington points out, in 2015 business debt increased by $793 billion while total gross private domestic investment (which includes fixed and inventory investment) rose by a mere $93 billion. This means that the other $700 billion was used for the unproductive activities listed above. At the same time, corporate cash flow declined by $224 billion and corporate profits fell by 15% to $242.8 billion, their lowest level since 1Q11 (another set of facts that is ignored by Wall Street and the mainstream financial media). Debt spent on unproductive activities does not create the income necessary to service and ultimately repay that debt. It does not create jobs, build plants or fund research and development. Nor does it increase the productive capacity of the economy or promote economic growth. It simply sucks financial and intellectual capital away from productive uses.”

    http://suremoneyinvestor.com/2016/05/my-2016-debt-report-plus-the-one-kind-of-debt-you-should-buy/?email=COLTA%40shaw.ca#deeplink

    All I have to say is this.
    It’s the debt is the problem.
    “Gold is money, all else is Credit.” –J.P.Morgan(credit is another word for debt). He should know!!
    Our money system is the problem.

  21. Mike Lucey

    Today while listening to Mike Maloney’s latest update I came across an interactive demographics site, ‘Population Pyramids of the World from 1950 to 2100. Here is Ireland’s pyramid http://populationpyramid.net/ireland/2016/

    This pyramid drives home that fact that we have lost a HUGE number of our 25-35 year olds. Unless we see huge change via productive immigrants the current 45-55 year olds cannot rely on seeing a state pension.

  22. McCawber

    There are a couple of obvious solutions to that problem and the government already has them in hand.
    Raise the retirement age and increase the number of public servants.
    Joking aside you kind of hit on the solution.
    Productive “something ”
    Maybe it’s time to consider “robots ” as taxable entities so that as they replace human there is no loss in income.
    Robot PAYE

  23. “I can certainly understand why they are doing it because when the extent of their Ponzi scheme in the paper gold and silver markets is revealed for all to see, the reaction is going to be a massive panic. And with the overall rot in global financial markets and the flagging economies worldwide, this will undoubtedly represent a historical turning point.

    However, I think the gold and silver shares are reflecting where this is all heading. As we speak, the index is up about 130 percent in less than 3 1/2 months. Ironically, despite their explosive gains, many stocks are only trading at fractions of their previous highs. As I believe that gold and silver are on the cusp of explosive upside moves, despite the best efforts of the anti-gold forces, the stocks have barely scratched the surface of their eventual moves.”

    http://kingworldnews.com/when-the-global-ponzi-scheme-is-exposed-there-is-going-to-be-a-massive-panic/

  24. ” Coupled with more than $2 trillion of stock buybacks since the crisis, Corporate America spent virtually all of its profits and free cash flow on cannibalistic activities rather than investing in new capital projects, research and development and other productive activities. It now sits on a ticking time bomb of debt that it cannot repay even if interest rates stay suppressed for years to come.”

    http://suremoneyinvestor.com/2016/05/my-2016-debt-report-plus-the-one-kind-of-debt-you-should-buy/?email=COLTA%40shaw.ca#deeplink

    There are no winners in this scenario!!

  25. Truthist

    Get ready — World War Three Has Already Begun

    By John Pilger
    April 17, 2016

    The propaganda war against Russia and China has already started, John Pilger points out.
    The US and its Nato allies are spoiling for a fight and tensions are escalating. It’s only a matter of time before the bombs begin to fall.

    And, Pilger is very candid about Kill-ary Clinton, & Larry Sanders.

    https://www.darkmoon.me/2016/get-ready-world-war-three-has-already-begun/#more-36718

  26. Truthist

    It would be remiss of me to not point out that David is doing society a great service in pointing out a particular insidious theme that has been carefully crafted by the masters of society for us all to be in agreement with,
    vis.

    The notion of “Winners & Losers”

    i.e.

    If u believe in the worthiness of society extolling Winners ;
    ==> u believe in the worthiness of society denigrating Losers.

    That is plainly sick / immoral / anti-Christianity

    And, I regret to say that it is a theme that is very present in many schools of Libertarianism.
    So, I advise to be choosy in accepting “principles” from Libertarianism.
    Libertarianism does have many merits ;
    But, some schools of thinking within its actual broad church is a code for unrighteous selfishness.

    • Truthist

      Typo ;

      But, some schools of thinking within its actual broad church ARE a code for unrighteous selfishness

  27. http://investmentresearchdynamics.com/category/gold/

    When you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you – you see corruption being rewarded and honesty becoming a self-sacrifice – you may know that your society is doomed. – Francisco’s “Money Speech,” from “Atlas Shrugged”

    If you reread that passage, think about how it applies to the Patriot Act, Homeland Security Act, Wall Street, the Justice Department and Hillary Clinton. It’s pretty obvious the U.S. is collapsing economically, politically and socially.

    Perhaps the one last chance at saving the United States is embracing the truth – the truth as it is and not the “truth” the U.S. Government would have you believe. But economic and political truth is seeded in honest money – think about the Federal Reserve, the Comex and the political elitists in the context of this passage from “Atlas Shrugged:”

    Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. – Francisco “Money Speech”

  28. Truthist

    “Man is a philosophical beast ;
    Woman is not.”

    This observation has been attested to by all the great philosophers, & writers.

    That is why we can have some hope that Nathanyahoo & other male psychopaths can be returned to their senses.

    But, Queen Elizabeth [ Slaughter of 10,000's of Irish Catholics, & Native Americans, inter alia ], Mary Queen of Scots [ Execution of 1,000's of English Protestants, & Slaughter of 1,000's of Irish Catholics ], Rosa Luxembourg [ Communist Psychopath ], Margaret Thatcher [ Willful destruction of British Industry, & Protector of Paedophile Cabinet Ministers ( Leon Brittan et all ), & Direction of Belfast's "Murder Triangle" Murders of non-combatants ( men, women, & children ) in Nationalist / Catholic areas ], Madeleine Albright [ "It was worth it" ; Genocide of millions of Iraqis ( men, women, & children ), , Victoria Nuland [ WW 3 Mongering ; Now in Ukraine ], … & Kill-ary Clinton [ "Kathy O'Brien", Genocide in Yugoslavia, Genocide in Iraq, Murder / Regicide by Sodomy with Knife ( "We came, We saw, He died" ; And, howls of cackling laughter from Kill-ary ), inter alia ] ?
    No !
    Indeed, women make the best terrorists.
    When an idea is firmly latched into a woman’s belief system, she will never let go.
    U CANNOT talk a woman psychopath out of her nasty thinking.
    But, u can do so to a man ; Although, it is very difficult to do so.

    So, of the psychopath front-runners, one must reject Kill-ary.

    Then decide between Trump or Sanders.

    Sanders is bad news.

    Trump is the better choice.
    But, he is still appalling.

    And, don’t say I did not tell u ;

    “Michael Glassner arranged the deal that gave the lease of the World Trade Center to the Larry Silverstein Group.

    Michael Glassner, formerly of AIPAC, is now Donald Trump’s top political planner.”

    Ref.

    http://aanirfan.blogspot.com/2016/03/trump-psy-op.html

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