October 3, 2016

Ireland needs to avoid another property bubble at all costs

Posted in Sunday Business Post · 121 comments ·

Today, I am writing about trends in the property market against the background of moving house, and so this article will be a little bit of testimony as well as proper analysis.


For the record, we are also moving from one area of south Dublin to another. Therefore, trends in the south Dublin market have been of acute personal, rather than professional, interest.


Luckily, we don’t have to move quickly, because it seems to me that things are taking a long time – both to buy and sell. This is a good thing, because what gets people into trouble – in any decision – is feeling that you have to execute too quickly. Taking your time is essential in any purchase or sale, unless of course you are in the speculative game.


One of the fascinating aspects of the past year is the way in which the property market in richer south Dublin has stalled, while less expensive parts of the city are doing well.


This is largely down to demographics. The baby boomers – the Pope’s Children – now want affordable family homes without massive leverage and they are bidding against each other in areas closer to the city. Talk to any thirtysomething who is trying to buy a family house now, and you will hear tales of intense competition, with bidding wars not uncommon.


Out in the slightly more rarified suburbs, people tend to be older, and are either trading down a bit – or more likely sideways – and so the market is slow and people can afford to take things slower.


The exceptions, of course, are those who bought on leverage in 2015 just before the Central Bank rules changed when things were booming, hoping to sell quickly in 2016.


These guys must be fretting a bit because a comprehensive piece of analysis in this paper today supports the anecdotal evidence that the market in south Dublin has weakened substantially.


The data show that in some of the most expensive areas of the city, the average sales prices achieved in 2016 have been substantially lower than the average sales prices achieved in the same period last year.


For example, analysis shows a fall of well over 20 per cent in Killiney North and the South Docks area. These two areas would have been seen as among the most expensive in Dublin, the former because it has been traditionally a wealthy area and the latter because of its proximity to the wealth-creating hub that is Silicon Dock and the IFSC.


Digging a bit deeper, the data reveals that in the electoral district of Foxrock-Carrickmines, one of the city’s swankiest areas, the average sale price has fallen more than 18 per cent between the two periods. Parts of Blackrock and Dun Laoghaire show a fall of about 15 per cent on average sales prices achieved.


Meanwhile, the salubrious northside areas – such as Sutton and the village of Malahide – have also fallen.


Although estate agents would not agree, not least because they make money on each transaction, a slower, more chilled-out process for buying and selling houses is no bad thing. In fact, it is a good omen.


Ireland needs to avoid another property bubble at all costs. In commercial property, there may be signs of a bubble emerging as foreign buyers who drove prices up and yields down now want to get out quickly.


However, in residential, there’s no sign of that. From here underlying factors such as demographics and the supply and demand of property as well as income growth in the economy will determine prices and the speed at which deals will be done.


In contrast in early 2015 and in 2014, there was a real risk of a bubble. Property was moving too quickly, with buyers and sellers in a frenzy, all suggesting a bubble. One of the greatest signs of a bubble is the mania whereby people feel if they don’t trade now, prices will move yet higher and this brings forward demand, creating a herd-like panic on the upside, which is typically matched by herd-like behaviour on the downside.


There is no fear of that right now. In fact, the market is determined much more by supply and demand today than it has been at almost any time since 2000.


So what’s going on in the rugby areas of Dublin? What explains the slump in the Ross O’Carroll Kelly backyard? Remember, this is the “million euro” bracket and typically these houses are not highly leveraged – at least not since the crash. In contrast, football areas, such as Balgriffin in north Dublin, are booming.


Well, the key aspect is value. In areas where nothing has happened for a couple of years and prices have remained low, the past few months have been a hive of buying and selling.


Whereas in areas that ran ahead of themselves in 2014/15, buyers are much more cautious.


We are seeing this trend for value all over Dublin and it can be seen in the disparity between asking prices and prices achieved.


So sellers in north Co Dublin and in the city centre area on average seem to have achieved substantial premiums of about 30 per cent on top of their asking prices in the past year.


In both the north city and south city areas the average selling price was around 10 per cent higher than the average asking price. But in the country’s most valuable property market, south Co Dublin, eventual average selling prices were about 3 per cent below average asking prices.


So what’s the outlook?


First, there is no bubble. This should be a relief to everyone. As someone who is both selling and buying, this is a blessing because what you think you gain on the sale, you give back on the purchase.


Second, demographics will determine the intensity of the market in certain areas. This means that family houses closer to the action in every urban centre will be keenly fought over by young families creating conditions that seem like 2006, but are highly localised.


Third, general income will determine the pace of house price growth. This is again a blessing. Fourth, because of the three preceding points, areas which have seen their prices fall in the past 12 months are likely to see a rebound.


Remember, we can’t take out human nature in Irish house-buying and selling. We all get giddy together and become temperate together. As soon as a few homes in south Dublin get bid up again, by let’s say a few professionals coming back from London, the rumour mill starts up again and people, particularly those with equity, jump in again.


Unfortunately, that’s the nature of things. As long as there’s no massive leverage in the system, decelerations and accelerations in housing activity are just a fact of life – more like mood swings than economic truisms.

  1. michaelcoughlan


    I had a cold night in the poly tunnel last night but it seems Deutsche bank opened this morning. Not for long I’d say.

    Your analysis is incomplete.

    The soccer areas are doing well because first time house buyers who only have to put up a 10% deposit can buy in these areas.

    The 20% rule which I thought was rescinded but doesn’t seem to be has killed the market sector where the second time house buyer would trade up to areas such as the leafier south Dublin suburbs. Talk about garrotting the patient with surgery to cure his ailment!

    I know many families with parents in their early to mid forties locked into shoe boxes in Dublin because the 20% rule at that point in their lives is an impossibly high bar to get to to allow a trade up.

    Your analysis previously of valuing a property over a 25 year period was better. Also valuing a BTL through using it’s yield calculation as a basis for deriving it’s true value is the way things are done but the Irish CB has ignored this.


    The 20% rule is an exercise in eugenics David not economics. Irish people young or middled aged are not wanted in Ireland by the banking establishment. The new entrants will have aspirations of getting paid properly which is not desirable from the establishment’s perspective so they will be replaced with the eastern Europeans. The middle aged middle Irish income families will need to be kept small with birth parents kept working to fleece them in taxes to keep the banks bailed out.

    Like I said; The 20% rule is an exercise in eugenics David not economics.


    • Grzegorz Kolodziej

      “The 20% rule is an exercise in eugenics David not economics.”

      Rather, the rentier culture is an exercise in eugenics and the 20% rule is an attempt (very lame – it would be better to introduce tax on properties lying idle) to prick a bubble created as a result of that rentier culture (what have the Brits ever done for us? Well, they gave us the sewage system and the income-from-rent-rather-than-from-manufacturing system).

      The average old Irish/British landlord is

      - a happy-go lucky amateur (70% of Irish landlords) with no ambition in life other than go to the pub and milk the tenants
      - receiving most of his income from a combination of sqeeuzing his/her tenants and cheating on taxes (there are towns in Ireland where 100% of rooms advertised on DAFT belong to landlords not declare their income)
      - in receipt of rent allowance for “living alone”
      - not giving a f…k about his house (I know many stories about properties leaking, infested with rats, etc.) because of the short-term thinking based on greed and chancing (it’s amazing how a city so rich as Dublin has arguably the worst quality houses in the EU – no cellars, fungi, etc)/
      - then complaining to newspapers about tenants who left hsi property disgusted or damaged his property (isn’t it amazing how one of the richest capitols of Europe has arguable the worst quality houses and flats in the EU: no cellars, fungi, no facilities around etc).

      The avarage young Irish landlord is:

      - paying for the old Irish landlord and Dublin Bus salary rise in his taxes, more progressive than in Sweden
      - paying 2,000 for either car insurance or Dublin Bus
      - well educated
      - clean (you have to be if your house is not bringing 3 times the average salary and you have to sell yourself)

      The average Irish tenants is either

      - a copy of the above, but even better educated but born later, so on much lower income [his/her better education results from more competition during the recession (I had an old Irish landlord who had been a BOI branch manager for decades and could not speak or write properly) - you can see that in RTE: journalists served by waiters whose knowledge of the world affairs is usually much higher than theirs; a well known female radio presenter was once directed into a topic she did not understand - that is 99% of political topics - so in order to go back to her comfort zone, she impatiently interrupted the economy lecturer saying "but there is this new book written by Michelle Obama (Michael Obama?!)")]


      - someone whose only life’s ambition is to drink and vomit


      The average EU immigrant worker is:

      - better educated still
      - on a lower wage still in simplest jobs, or equal wage in high-skilled jobs (i.e. what’s the point of having an IT sector if in most of them jobs you need to speak a second language and most natives do not – neither do their teachers)
      - generally cleaner still, with exceptions of the criminal margin, which sometimes I can observe with details they themselves do not know about themselves, due to working on the non-criminal side of the law
      - does not expect the city council to remove the snow from the front of his house and have 2 weeks of holidays because of it (authentic case of the 2010 snow, the eastern-Europeans being the only ones who were de-snowing their house entries, while the Irish tenants were busy rining to Newstalk and asking for the city council or the army to come and clean their courtyards)

      The average non-EU/non-Commonwealth/non-white/non-Asian tenant is

      - usually expecting everything and knowing/doing nothing in particular (although I have to say that in fairness, the African bus drivers tend to be the nicest of them all, which is an opinion of some elderly Irish too, and you have a much better chance for them to wait for you running than a local bearded unionised commie driver)


      “Irish people young or middled aged are not wanted in Ireland by the banking establishment. The new entrants will have aspirations of getting paid properly which is not desirable from the establishment’s perspective so they will be replaced with the eastern Europeans.”

      Well, yes, but there is no correlation between this and the eastern European immigration (btw, the number of Poles living in Ireland has decreased by 2/3 compared to its peak, while the number of English are increasing – I would not be surprised if the detailed census results showed that the English are the biggest ethnic minority in Ireland, as they had been in some years post 2007) – because EVEN MORE IRISH WERE IMMIGRATING and felt unwanted in Ireland when there was virtually no eastern European immigration – therefore, the reasons for Irish leaving (the rate of those who are leaving is decreasing) are not immigration, but

      - monopolies
      - jobs only within the family
      - central banks
      - old landlords and the likes of DB who squeeze out the low and the middle
      - supermarkets and insurance companies having much higher margins than in other western European countries
      - a general feature of the political Irish life namely that

      /it’s all about the form not the substance
      /personality, familiary through sexual relations and name is more important than IQ and education
      /the reason why one wants to become an Irish politician is not to implement change, but to sell planning permissions (hence the amazing amount of empty houses in Dublin, some of them have shrubs growing out of them) and end up as a consultant after 20 years spent on eating, drinking, travelling, vomitting and porking prostitutes

      “The middle aged middle Irish income families will need to be kept small with birth parents kept working to fleece them in taxes to keep the banks bailed out.”

      While I absolutely agree with the latter statement and was one of the first in the country to write a public letter to the communist Mr Eamon Gilmore pointing out his Anglo-Irish hypocrisy (but if he has roots in the party funded by KGB and STASI…), I have to add some modification to the former statement (with which I also agree):

      it’s not as if there was a plan to reduce the local population and replace it with immigrants; rather, the western societies found themselves in a post-hippie culture abortion/depopulation 60s shit which they had voluntarily and enthusiastically embraced through their own stupidity (it took Heinrich Himmler, bolsheviks and Wladyslaw Gomulka to implement the same shit in Eastern Europe and the USSR).

      Now they are depopulated, stuck in a Keynesian model which requires a constant population growth. That’s why they need the immigration – to fill the self-inflicted vacuum left by the counter-culture they themselves (well, with a small help of Mao and KGB) chosen.

      Btw, recently Ms Merkel and Mr Juncker changed their minds and said that the Visegrad Group countries were right all the way and they do not have to take any new migrants (they have also noticed that Poland has already taken 1,000,000 Ukrainians).

      Sometimes it pays to have balls (and a president who thinks before he speaks, which cannot be said about our President).

      Anyone interested in immigration problems should have a butcher’s a this map:


      • michaelcoughlan

        Hi Grzegorz,

        This is the best post you have put up as far as I am concerned. It is far more readable and much more in your face realistic than your other excellent posts most of which go over my head.

        When I said eastern Europeans I meant any misfortunate immigrant who lands here. My heart breaks for them.

        I understand and agree with your point re the reason Irish people are leaving that it is not because of immigration but immigration fills the gap.

        Re your view on the 20% rule;

        “the 20% rule is an attempt (very lame – it would be better to introduce tax on properties lying idle) to prick a bubble created as a result of that rentier culture”

        is not something I agree with so please let me explain. The 20% rule constricts supply as their is a real need but no demand for mid sized houses because people can’t afford the 20% deposit even with credit available. Supply constrictions as well as rich folks paying cash for these houses is what is driving the price up.

        Prices rising suits a govt’s need to bottle neck demand to drive prices up so they can off load AIB. Keeping middle income middle Irish families small keeps mommy going out to work and mommy paying income tax and the Moroccan child minder in her min wage Au pair job also paying tax.

        Your insights re the 60′s counter culture are fascinating. I was born in the early 70′s.

        Many thanks,


        • Grzegorz Kolodziej

          “This is the best post you have put up as far as I am concerned.”

          Thanks, Michael – I am probably blushing from the complement :-)

          Of course, I agree on your 20% deposit-rule analysis. At the end, our recession was primarily a balance sheet recession – the value of the FF/FG/Labour-does-not-work voters was halved while the cost of living went down only a few percent.

          The FG/Labour (as pre-crash Trinity College study showed their Dublin electorate are the richest of all big parties) government had a choice: restore the value of the assets or bring down the cost down to the cost of everything for everybody, down to the level of the fallen houses.

          Had they chosen the latter, there would have been a sharp, but short recession, and things would level out for everyone. However, that would mean their core electorate/families/friends would not lose out the most because they had the assets.

          So the other path was chosen – instead of adjusting the cost of everything down to the cost of the fallen property, they (they? we! someone voted them in even if it was not me) decided to restore the value of the assets. In order to do that, they limited the supply.

          So while I agree that deposit rules are element of FF/FG limiting the supply, what I am saying that out of two solutions, the one that would have worked better was to change the idle-properties tax laws (some statutory changes had been proposed, but wisely for their circle, they are to come into force in 2017, by which time the property bubble had been reflated).

          Here is a link to an article showing some activities our government had been carrying out in order to reflate the property bubble by curbing the supply:


          If I had a team and time, I could probably make a case out it. But, I would also need a party to make use of it…

          The thing is: no one cares. It is so much easier to watch the “Eastenders” or GAA, or collapse into smartphonic debilliating clickosphere.

          Everyone says the housing situation in Ireland is unacceptable (including my landlord, who last year conveyed the message our rent was going up by 10% with a face as if he was the injured party and it was causing him physical pain to say that, while not caring about rats (“sure there is this saying “you are never further than 6 feet from a rat”", heating problems, etc).

          Everyone then votes for the same parties, like in bad soap-opera where everything is predictable and we only watch it to fill in the emotional vacuum.

          Everyone is then angry and surprised by the results.

          Ireland: a country where every government and local council operates in 4 stages:

          - it would be premature to take any systemic decisions

          - “people feel pain and they are right”: systematic changes are urgently needed

          - attention is diverted to a Dublin-Mayo match and Ms Finucane’s perusal of Michael Obama’s autobiography
          - it is now too late to implement any systemic reforms

          An excerpt from an authentic conversation I have had with a guy who does not remember he told me he bought property for speculation:

          “Sure I knew there was gonna be a property crash; all me mates knew it”

          • michaelcoughlan

            “The thing is: no one cares”

            I know. I am Irish and 44 and only figured that out 2 years ago. Slow learner or what.

            Boo whooo.

          • Sideshow Bob

            (“sure there is this saying “you are never further than 6 feet from a rat””, heating problems, etc)

            Were you by any chance standing within 6 feet of him at the time? because for you it was most definitely true on that occasion.

            And that demand side argument is dud economics from the CIF ( the people who brought you the boom ). It is like saying that it is because the price of eggs is so low the chickens aren´t bothering producing any eggs when the problem is actually that there are no chickens! There is no supply…this is pure Venezuelan economics at play. NAMA and the Government are the Bolivarian Chavistas who have killed the supply off.

          • michaelcoughlan

            @ sideshowbob,

            “when the problem is actually that there are no chickens!”


            To take the analogy to its logical conclusion;

            The Govt. knows that its policies (AS DO THE BANKS DATHI) will cause the real world economy to continue to deflate and accelerate in this regard. So in order to save the banks and their investors (bond holders not the cannon fodder holding the shares/confetti) balance sheets they need to asset strip the population through asset/wealth taxes like water charges and property taxes to do this.

            So lets just say the Bolivian Govt. decides to asset strip its population by taking payment for wealth taxes in chickens. The population starves as the chickens are re sold for cents on their true value to the likes of suds who consumes the chicken helping the fucker to become even more hideously grotesquely obese and unhealthy looking than he already is and simultaneously impoverishing the ordinary population who don’t even have the cash to pay the much lower price and buy the chickens back.

            To stop riots from breaking out depopulation is necessary which is why bankers are talking through their holes about environmental concerns/world population levels. In other words they want to convince the world that we should reduce the population to save the environment. Central bankers don’t give a fuck about the environment either Dathi.


          • Grzegorz Kolodziej

            “Were you by any chance standing within 6 feet of him at the time?”

            That’s a good one, Bob!

          • Sideshow Bob

            @ Michael coughlan

            1) For I who think of as the “chickens´´ in my above comment please see my one below in reply to Pat Flannery. There are virtually no sites with valid permission left in the country I estimate 10,000 or so. I might be out by a bit on this the basis that I am underestimating the amount of sites in the late noughties that were granted permissions of 10 years but I am not out by that much. There is no meaningful supply incoming, and there is no-one gearing up to be a supplier 2-3-4 years or more. There is nothing out there. At the nadir of the eighties it was not this bad.

            2)My mention of “Bolivarian Chavistas´´ refers to the followers the late strongman of Venezuela, Hugo Chavez, who modeled himself, theoretically at least, on his fellow Venezuelan, Simón Bolívar, the almost George Washington of Latin America. Bolíva, was named Bolíva in his honour. It was previously referred to as Upper Peru. I never sought to involve the stoical, very poor and very dignified farmers of Bolívia, nor their chickens indeed, in this at any point.

      • “Now they are depopulated, stuck in a Keynesian model which requires a constant population growth.”

        Rather the Keynesian model requires ever increasing amounts of money printing. It is the Central bank money system that is the ponzi scheme and does not necessarily require population growth per se.

        The increase in money supply automatically increases debt by the same amount plus adding extra interest charges to the economy.

        The economy is suffocated by the additional debt and strangled by the constantly increasing levy of interest to be paid.

    • jaysus

      Polt tunnell?? Excellent point in your comment.

      • michaelcoughlan

        “Polt tunnell??”

        I was lampooning myself about a post I put up on Sunday night saying I was dug in in my poly tunnel with my gun bag of ammo and provisions waiting for Monday morning to see if Deutsche bank was going to open.

        It did but will either close soon or go like AIB and become a walking corpse.


  2. Tull McAdoo

    It is going to be interesting from here on to see on the one hand, the Central Bank and how rigidly it sticks to its rules on lending in the property market and on the other side we will have the big vulture funds who will be looking to offload property they bought at distressed levels.

    It will be interesting to see what puppets the vultures hire to lobby for them in the Dail.

    The ones shouting loudest to have lending criteria relaxed will be the one to watch out for!
    Any bets on who we think the puppets will be ?

    • Pat Flannery

      Tull McAdoo: I think most of the properties bought by the vulture funds were apartment complexes which they will flip to other large investors for a capital profit. These sales will not be affected by the CB’s lending restriction.

      The problem of the unfinished single-family ghost estates has yet to be tackled by either NAMA or the Government. When (if) it does an effective policy would be to provide up to 100% financing to qualified WORKING families at fixed property prices.

      The strategic release of such single-family properties into the market would guarantee that there would be no property bubble in Ireland. Such direct interference into a commodity market is one of the oldest and most effective regulatory tools known to governments.

      But there is a great reluctance in Ireland to interfere with the Free Market God and its 12 apostles among whom are the well-connected property developers. Worship of the Free Market God is the true religion of Ireland and the Dail is its cathedral (and money-changing clearing house).

      • Deco

        Did you watch “The Century of the Self” by Adam Curtis ?

        It seems to me that to be that shopping is the official regime sanctioned religion, with full approval from the main economic paly makers (because it drives up their profits).

      • Grzegorz Kolodziej

        Do not blame the housing problems to a free market because of the

        - zoning
        - tax incentives to hoard the empty properties
        - near-zero interest rates policies which caused housing bubbles in Ireland, the US and the UK

        That’s almost as if someone said that the solution to increase the Dublin Bus profitability is to increase their subsidy from 50% (that’s the real level, as I have showed before) to 100% and ban cars and bikes.

        That way, with the non-free market half-state owned transport monopoly changed into a non-free market, fully state owned monopoly, almost everyone in our smoky town would use Dublin Bus; as a result ticket prices could be increased from the current 5-times the Vienna level to 20-times the Vienna level as a result of bus drivers salaries being incresaed from 800 a week to 3,000 a week, and in order to remove the monopoly we would need not the Brasil-style riots (they rioted after 8 cent fare increase, we have annual tickets 5 times more expensive than in Vienna), but the IRA-style bombing campaign (I am a bit perplexed that David considers the against-the-Labour Court of Law salary increase as a good think, for either

        - this would mean everyone gets around 11% increase, as a result of which prices go up at around 11% and no one wins while Ireland’s competitiveness loses


        - only public sector gets around 11% increase, which results in a bigger public-private divide and i n c r e a s e s i n e q u a l i t y as a result (gotcha – did not tink about dat, David? – I’ll leave you with that problem to be resolved in one of your future columns ;-)

      • Sideshow Bob

        Hi Pat,

        A lot of the unfinished estates dotted around the country, particularly outside of Dublin never came under NAMA in any way. There was an entry limit of 20 million put on loans going into NAMA ,initially it was to be 5 million but then they realized that would bring in every unfinished house in the land into it, so they upped it to exclude the small fry, and permitted them to burn. These small developers were sometimes smaller builders or sometimes complete chancers who were often meddling with speculative development for the first time and bet stupidly. That is the problem that exists today, and why there is no development occurring nation-wide. The smaller operators who normally as time goes on become medium sized operators and are the back-bone of the construction industry were destroyed across the country. The roots of the industry was killed off to save a few big guns in Dublin. What survived ran of to the UK and beyond. Hence, there is no industry now.

        Actually, the NAMA estates are the better ones often and have had funds given to them to be fixed up. There are no funds available for the ones that fall into the sub-20 million grouping.

        And I am not so sure that so many places will be flipped quickly – rental incomes are very high at the moment and isn´t likely to change for a long, long time!

        A related article follows: http://www.irishtimes.com/news/environment/ghost-estates-19-000-families-individuals-in-unfinished-projects-1.2468424

    • Tull McAdoo

      Anybody want to explain how over 3 billion Euro is sloshing around the Irish property market in CASH?

      Half of the property bought in the first half of this year was for cash.

      New figures show that some 10,665 transactions were obtained without a mortgage in the first six months of this year.

      The value of the purchases for cash was more than €3bn, thought to involve buying by investors and corporates.

      This represents just short of 60pc of the value of transactions in the January to June period, according to figures compiled by estate agents DNG Residential.

      Less than €2bn in mortgages was issued in the first part of the year.

      Chronic supply shortages mean transaction levels are below those in Northern Ireland and in Britain, Keith Lowe of DNG said.

      Sales of properties here are just one fifth of those in the North, he said.


  3. patricia03

    How on earth you can say there is no bubble I do not know. It is world wide. And it is exponential. When the banks create money the way they do, on every revaluation of the property when it is sold, then that bubble is enlarged. I am am sure this bubble will be compared to the tulip bubble which we now just laugh at and wonder how on earth the people could have been so stupid.

    • Yep, the bubble is in financial markets. Interest rates at the lowest ever in mankind’s history and bond prices at heights never seen before.

      Stock markets are manipulated higher by direct intervention. The US has The Presidents working group on financial Markets, plus central banks around the world are now directly buying stocks and bonds with newly created funds..
      “So -not only do the plutocrats own half of everything on planet earth- their share of the booty is actually increasing every year. Nice, eh?

      The point is, none of this is accidental. These outcomes are the direct result of policy, the Fed’s policies. And the Fed is not alone either. This greatly-accelerated class war is a now global phenom. Just look at this tidbit I picked up from an article at CNBC:

      “Data from JPMorgan shows that the top 50 central banks around the world have cut rates 672 times since the collapse of Lehman Brothers, a figure that translates to an average of one interest rate cut every three trading days. This has also been combined with $24 trillion worth of asset purchases.” (“QE Infinity: Are we heading into the unknown?”, CNBC) “”

      Can anyone say “currency wars” or “hyperinflation”


  4. E. Kavanagh

    People making a sideways move should be happy with a fast market, so long as they can find and purchase a desirable property, as they can off load their old property quickly. This ensures the purchase and sale are part of the same market.

    If one is in a slow market the longer it takes to sell the old place, the more money is wasted on that property, and depending upon one’s ability to own two properties that may prevent a new purchase. It can also result in one entering a different market and loosing money.

    A fast slightly upward market gets the transition faster, and allows one to off set the cost of owning two properties with a little extra profit.

  5. E. Kavanagh

    On the idea of a property bubble being bad. It would seem that a big pop in prices would only make things more affordable, and that would be at the expense of property developers mostly; not those looking to purchase a property and live in it.

    If one is going to live in a property for a decent period, then the effect of any bubble loss made currently should be made back in a decade easily; and undoubtedly in a couple of decades.

  6. Deco


    Is the purpose of state policy not supposed to be look after dominant oligopolies, at cost to the wider public interest ? In other words, I thought the policy framework was designed to
    - restore AIB/BoI [ the two "pillar" banks ] to their previous “glory ( as in when they made ridiculous profits in the Trichet low interest rate era ).
    - enlarge the state’s impact on the economic activity, so as to ensure that all the insiders were looked after
    - higher house prices means more tax take which means more centralization, and more quangos, and more control
    - look after the Bondholders
    - Various buyers of NAMA real estate are now lobbying politicians
    - and anyway didn’t the “Irish” Times tell us that unaffordable house prices, is an indicator that we are getting rich, and that therefore we should go on another borrowing binge ?

    [ alright, all of the above was a swipe at the know-it-alls who are causing the current mess ].

    The housing market is rigged. Banking competition is rigged. Transport policy is hugely ineffective. Interest rate policy is encouraging the problem. Development regulation is desgined to ensure a shortage. And state benefits policy is designed to ensure that local authority councillors will always be needed by people who are smart enough to figure out a way of avoiding being gouged.

    The only policy that seems to offer some improvement, is in respect of peripheral regional politicians pushing for faster broadband, so that people from the regions can participate in the economy without needing such a large footprint.

    It would help if micro-apartments were an option, for people living in the regions, who are in the office in the East region or Galway city, three days a week. But these are also stopped.

    Workaround possibility – move one of the Dublin universities to Waterford. Because the lack of simple apartments, is caucing massive problems, in Dublin, for sudents. And it is also becomming a problem in Galway. Waterford is on the rail and motorway system. And it is not constrained. TCD will not move (even though it is the most contrained for space).

    Dublin is becomming unaffordable as a location for third level education.

    Also there needs to be some consideration given to moving state bureacracy to the empty quarter that is centred on Sligo.

    And lastly move the Children’s Hospital to Sallins/Naas.

    • EugeneN

      Waterford is the city in Ireland best able to grow significantly and it has pretty good dormitory towns as well, as far north as south tipp.

      I’ve always liked it and the people, and I say that as a dubliner. Cork, not so much. Galway is a big town.

      Limerick could also grow and its city centre is — unlike Galway — an actual city centre but it has a bad rep, possible unfair these days.

      • Deco

        To be honest, nobody from outside Limerick wants to move to Limerick. The crime situation there is problem numnber 1. It just hope that Waterford does not get destroyed also, from the kind of state planning that encourages disfunctional behaviour.

        There is a significant population in local counties, who are working in Dublin, and commuting. It might make more sense for them to commute to Waterford.

      • Grzegorz Kolodziej

        “Cork, not so much.”

        Can I take the liberty of asking why?

        Waterford’s big problem is its bigger than in other regions dependance on the trade with England. That’s gonna collapse now

        “possible unfair these days” – intriguing. I shared with a Limerick girl in 2006, who was working in BOI and claiming, based on what her colleagues believed, that rents will not go down if there is a property crash because BOI will be reluctant to reposses and the supply will not increase as a result. She was oblivious to any counter-arguments of mine. I should have bet against her for money or something better

        • Grzegorz Kolodziej

          Nice person, I forgot to add. But Limerick’s knackeraguans parts? Well, I do not know. In 2009 saw a house advertised in one of them places for… 20,000 euro.
          Even though it was shabby, it was not the architecture me thinks.
          But people are people. There are good and bad people everywhere, except for the Workers Party

        • E. Kavanagh

          Why would trade with England collapse?

          • michaelcoughlan

            Sterling is going down in value making exports from Ireland into the UK prohibitively expensive from their perspective.

            We will have to consider Irexit especially of the Brits go down the road of a hard Brexit.

          • Grzegorz Kolodziej

            “Why would trade with England collapse?”

            This is the analysis I posted before the Brexit referendum:

            “I agree with many of them (i.e.,
            that the EU laws should be simplified – do we really need 172 different EU laws
            for mirrors?). One of their arguments though does not stand
            to detailed scrutiny: that Brexit would not affect the Irish agriculture
            because the sovereign UK will be able to reopen agricultural concessions
            to Ireland.

            The problem I can see with that argument is that following:

            the entry into force of the 1994 WTO Agreement on Agriculture, this would not
            be allowed under WTO non-discrimination rules. Supposing though that the UK
            will be able to work out a zero-rate tariff agreement with the whole of the EU – would that not be good for the UK?

            It might – assuming that the UK (free from CAP and with deregulated agriculture market) chooses to open itself to food imports from the
            rest of the world (now subject to EU’s Common External Tariff), which would put
            downward pressure on their food prices.

            However, for Irish food exports – and
            the UK accounts for 40% of Irish agricultural exports, including almost 100% of mushroom exports – this would be bad news, because it would increase competition on the UK food market thus
            putting downward price pressure on Irish suppliers, while putting upward price pressure on food
            imports from the UK (as trade costs will be higher due to ever increasing separation of the EU/UK standards).”

            I posted that analysis here, reiterated it, and I posted this and similar analysis twice on Mr Peter Hitchens blog. On Peter’s blog there was no response whatsoever (folks, it is time to get rid of the inferiority complex towards the English upper crust – this blog offers more variety of discussion than any English blog – I have managed to shake that complex off a long time ago, even though I was hugely influenced by the English upper-class culture, having lived with them for some time – when I was researching for the Conservative MEP); now Prime Minister Theresa May is slowly starting to come across these problems I wrote about it, while Mr Farage simply gave up and stopped pretending he had a strategy as opposed to tactics, offering to organise referendums in other countries instead of taking part in post-Brexit politics in his own country (be frank – even the staunch UKiP supporters, and that included me for a long time – after all, my former ancient political philosophy Professor is one of Mr Farage’s best friends – have to admit some dissapointment with UKiP and their post-Brexit lack of responsibility, courage and vision).

            I would not pay too much attention into the London bubblenomics right now (many people are issuing premature statements about the impact of Brexit) – for unfathomable reason, the vast majority of people, and that – if I am not mistaken – includes our David – missed the fact that in a desperate post-Brexit move, the English central bank lowered the cost of doing finance in the UK by half, but we have to bear in mind this can only be a temporary solution for Mr Cameron’s government doubled its debt.

            To see the true picture of the English economy, let’s wait till the halving of the interest rates is consumed and factored in.

            The situation that we have is:

            - the US is f…d because of their $20tn debt and the post-G20 slow death of petrodollars since yuan is part of SDRs
            - the UK is f…d because of their debt, no strategy post-Brexit and over-reliance on City
            - Saudi Arabia is f…d, but that’a a good news actually
            - Ireland is f…d because of its debt and costs of doing business (housing is one of the costs of doing business; besides, the FG-Labour-Does-Not-Work government brought us a novelty: in Lady Thatcher era, manufacturing base was eroded but eventually taxes went down and Britain’s competitiveness was hugely increased (in her 3rd term, in OECD only Japan was more competitive than the UK) at the cost of social unrest; during FG-Commies coalition, Ireland’s building base was eroded but taxes went up and Ireland’s competitiveness plummetted AND THERE WAS NO SOCIAL UNREST – in fact people took the fact Dublin Bus increased their price tickets since the crash by 50% as if it was a law of nature, and the trade unions were met “with sympathy” (in one of his recession columns even the one and only David McWilliams wrote about a heroic bus driver driving his bus in frosty conditions on as little as 35,000 euro or words to that effect – well, this meagre income is supported by people on 21,000 who would be sacked if they did not turn up at work 3 times).

            So Ireland created a new type of economics: A RECESSION AND 50% DROP IN HOUSING PRICES WITH NO INCREASE IN COMPETITIVENESS. In northern Europe, this is a purely Irish phenomenon: everywhere else, in Thatcher’s UK, Balcerowicz’s Poland, Reagan’s US, Sweden’s 90s crash, Schroeder’s Germany (Harz IV), Iceland – recessions resulted in lowering costs of doing business and jump in competitiveness; Ireland came out of the recession with worsened competitiveness:



            - China is long-term f…d because of their hiccup from the one-child policy

            - Russia is f…d because of the oil prices, demographics and alcoholism (notice tightening links of Saudi Arabia, Israel and Russia after the US-Iran deal)

            - France is f…d because they are now a caliphate. The Gadaffi-financing, Arab Spring fomenting, patronising (“you missed the opportunity to shut up” – President Chirac to Poles in 2000) frogs had a choice between shame and a civil war, now they will have both

            - Germany and Netherland are booming because they chose the wrong kind of immigrants to solve their demographic problem and besides, their economic model of ensuring competitiveness by not allowing other countries to become competitive has stumble across a hurdle they did not expect: elections in Poland, Czech Republic, Hungary, Slovakia, Austria (did you hear they sabotaged the election there for the second time, having rigged them first?) and a sudden switch of Scandinavia towards the Visegrad Group and, in Finland’s case, the US.

            - Australia is f…d because China is f…d; an interesting letter written by Mr Conan Doyle (if that’s the same chap who works in the Abbey then I know him – Con: reveal yourself!) regarding emigration to Australia had appeared in the Irish Independent; to prolong its life, I am copying and pasting it:

            “Reward those who stayed

            Mary Mitchell O’Connor has suggested a 30pc tax rate for returning graduates. Might she consider rewarding those who stayed to bear the burden and remained faithful to the country, rather than those who left for overseas earnings?

            I would find it particularly galling to have endured a heavy burden of high taxes and mortgage costs, to have a high earner return and live up the road on 22pc less tax rate than I would pay and have paid over the last eight years.

            Conan Doyle


            That leaves Singapore as a country that is not f…d (free market, very high IQ population considering PISA results, possibly future worlds exchange of gold), Liechtenstein (good PISA results, free market, sovereignty, best political system in Europe – a parliamentary monarchy
            : thus immune to stupidity of the zombiefied electorate – allied with Switzerland, with ban on abortion) and maybe New Zealand with its CAP-free, low-cost agriculture (baa! baa!) and safe location (Ireland has a relatively safe location too, but the $64,000 question is: how to secure Ireland from the stupidity of her politicians, media and electorate?

            With its potential (good PISA results, outclassing Germany in all areas – England has been trying to copy the Polish education system:


            agriculture, work ethic, location, low debt due to constitutional thresholds) Poland could also come out well from the crisis, but its new government has a finance minister who is under “financial markets” thumb (Mr Kaczynski chose the wise path of Mr McWilliams – by not being in the government and remaining a gray eminence – though it’s hard to say that with his colourful character, David is hidden in the gray zone – he has time to analyse the situation; in hindsight, how germane it was that David did not join Democracy Now! – I was approached by them too, but they have mistaken my questioning what is it exactly that they want to do with aggression); but look – the Czech Republic are now turning into an export tiger; if only Eastern Europe did not have f…d demographics after hosting the World Bank/German experts (15,000,000 was the optimal population for Poland, they were advising us; economy based on service – read borrowing – not manufacturing), maybe that (Finance Minister appointed by the City of London) was a condition for yet another government plane not falling into 60,000 pieces after crashing with one birch tree (the conclusion from the official investigations)?

            So coming back to Wateford: Waterford is even more dependent on trade with England than other countries (I’d like to remind readers that all in all, Ireland is now only half dependent on exports to England compared to what it was pre-EEA), and that is gonna collapse because of what me and Michael have said (and when Ms May hits the zero-lower bound, then the pound will REALLY PlUMMET, and with it, the cost of Irish food will really rocket; so folks, why can’t we get rid of 90% of the current TDs, create an economy that does not rely on exporting mushrooms to England, money laundering, financial injections from the Irish ex-pats in the US, and the Irish religion: houses and the credit card? All we need to fear is the fear itself, said a famous admirer of Hitler and Stalin; we cannot do it because of:
            STASI, concentration camps, being beaten up for registering to vote, or – dare I say? – laziness to self-organise in a political party and inability to sit in silence for 5 minutes and think (j u s t look at people on buses yapping – those people vote for the same people because of whom they emigrate? OMG! Bring the Liechtensteinian monarchy); – fill in the empty box as to why no political alternative can be formed…

  7. Deco

    One of the fascinating aspects of the past year is the way in which the property market in richer south Dublin has stalled, while less expensive parts of the city are doing well.

    The role of rules on the deposit requirement ? Effectively, with current tatxation rates, it is harder than ever to build up a deposit, to the levels required in SECD/The DART line.

    There is no lack in demand for housing in SECD. It is just that people are opting for Wicklow instead, if their available deposit is not large enough.

  8. Deco

    The UK government are now going to progress Brexit. Ireland has vital interests, but it seems that these are not the priority.

    EK is still focussing on keeping himself as Taoiseach, and lining up Frances Fitzgerald as the Taoiseach in waiting. In other words, there are two careerists running the government.

    Michael Martin is focussing on building the FF vote in the state employment sector, with promises of more Bertonomics.

    MoFA Charlie Flanagan is finding his inner Gary Johnson, and is stuck on Allepo, even though Brexit is the big issue (and it has already proven beyond his brain ).

    There is a circus going on in government buildings, and we are about to face serious trade consequences.

    Presumably, the current FG/FF/IA government will handle this with a mixture of PR stunts (FG), stupid comments that make no sense except as grovelling to Brussels (Michael Martin), or local issue demands (IA).

    The alternatives are advocates of Slab Murphy Republicanism, and the looney assorted attention seeking left wing crack pots ( RBB, Paul Murphy, Coppinger ).

    This really is not good. In fact it is very serious.

    And in this moment of supreme concern, An tUachtaran is concerned about Trump (but has nothing to say about the corruption scandal loaded Hillary Clinton ).

    All of those clowns where involved in a “show” about sovereignty, leadership, and indepedence six months ago. It ws pure PR stunts. Lots of talk about the “Republic” which was all a hard sell for more central power in the state system, over the society.

    In other words they have their hellhole program, and they are on the way into it. Thanks to Brexit, they are reveales as superficial pretenders.

    Ireland, we have a leadership problem.

    If any financial sector jobs leave London, they will go to Amsterdam. The Netherlands are preparing. And they are ruthlessly competitive. Meanwhile in Dublin, there are laus strikes, bus strikes, etc.. the entire “something-for-nothing” philosophy to running a country is back, thanks to Michael Martin and Brendan Ogle.

    • Deco

      There is a crisis soming, and the leadership of this country, as it currently exists is entirely inadequate.

      Morever, the media is so mediocre, that the public discussion is abysmal. The best that they can do is provide reassurances that the British will fail. As things stand currently, the one thing that is failing is Germany. DBank are a mess. Merkel is a proven disaster, when it comes to containment of a problem. She has yet to prove able to avoid making any crisis worse. Yet EK obeys her every word, and Michael Martin agrees with her every pronouncement.

      Britain picked a rather opportune time to get out.

      Ireland picked a rather dangerous time to be led by useless morons, who respond to every crisis with a series of well worn cliches.

      I think that we are finding out how bad Irish political parties are at handing the national interest, AGAIN.

      Bear in mind that FF/GP failed. And FG/LP sold out, in the aftermath. The alternatives are moaners4hire.

    • yadayada

      The trump comments, from both enda and el presidente appalled me. You might not like the blaggard, but what if he wins? Big mistake.

      • Deco

        Trump is not perfect. And he has serious questions to answer.

        But the alternative, Hillary Clinton, is rotten, compromised, corrupt, downright dangerous, and in bed with some extremely unsavoury interests (who are deliberately opposed to vital interests of the US in particular, and the West in general).

        • E. Kavanagh

          You have that ass-backwards. I’m no fan of Clinton, and wouldn’t be voting for her (or Trump), but Trump is clearly the ‘worser’ candidate.

          And the most important thing in this election is to definitely not have Trump, or any Republican, nominating the 4-Supreme Court vacancies likely to occur over the next 8-years.

          Other than that Trump might actually make things interesting, although probably not better.

      • McCawber

        Or worse sill what happens if he loses?
        Killkenomics – you’ve got to laugh.
        Well Killaryconomics tbf Obamaconomics V2.0

  9. Deco

    The politicians in the current Dail, the amatuers in the Irish media, dishonest vested interest groups like ICTU/IBEC who like to extract money from the rest of society, and a fool of an Uachtaran, are presiding over a lethargy into monumental disaster.

    When they realise that the minimum wage is too high, and there are too many quangos, it will be too late. Because at that point in time, the public debt will be out of control, and the money will be flowing North.

    That will be boomtime for the Ruth Coppingers of this world, who will produce idiotic proposals at greater frequency.

    The road to a Republic of disaster is paved with aspirational statements that do not add up, and that are adrift of hard sense.

    • Truthist

      Even the poorest of income tax payers in the Irish State that may never get to own a house should be thankful for small mercies upon knowing this ;
      Propaganda War Against Syria Heats Up
      By Ian Greenhalgh
      October 2, 2016

      The MSM have really pissed me off in the last 24 hours by pushing, in unison, this most disgusting and hateful false narrative.
      Make no mistake about it, this tale of Russian and Syrian warplanes dropping barrel bombs, cluster bombs and even chlorine gas onto Aleppo’s main hospital, killing and injuring innocent children is nothing more than unadulterated, pure and malodorous bovine fecal matter.

      Let’s get one thing straight from the get-go – if anyone bombed that hospital, it wasn’t the Russians or the Syrians, the finger of blame needs to be pointed at either Israel or the US-lead coalition, with the bulk of the suspicion falling on the former, especially if chlorine was used.

      Remember the article I wrote some months back about the MiGs painted up to look like Syrian air force that were being held in waiting to carry out some nefarious false flag activities ?
      It would not surprise me one iota if those MiGs have been used to bomb that hospital, murdering innocent women and children in order to be able to falsely accuse the Syrians and Russians of barbarity.

      • Truthist

        Sorry for posting this as reply to u Deco ;
        Nonetheless, I believe that the blog would welcome ur full concrete thoughts on that particular report by Veteranstoday.com

      • E. Kavanagh

        What a bunch of crap.

      • Grzegorz Kolodziej

        “this tale of Russian and Syrian warplanes dropping barrel bombs, cluster bombs”

        Only if you believe in everything that the Russian media say (which, like CNN, are just a propaganda tube of their governments)…

        But sometimes the Russian propagandist slip and do not manage to cover up the truth on time and show video footage like this:


        which shows CLUSTER BOMBS used on planes bombing Syria.

        and here (Su-34 carrying 5 RBK-500 ZAB 2.5SM incendiary cluster bombs):


        Of course, probably no reader here knows what cluster bombs look like or have received any military training of any kind, so they can be told everything…

        “Russia did not use cluster bombs in Syria” – DEBUNKED

        Btw, the RT-authority and often interviewed source of information on Donbass, one Girkin (known on RT as “Strelkov”), posted on his social media – 20 minutes afther the MH-17 shot down – that the separatists managed to shoot a Ukrainian AN-26 airplane, in the area of Torez.

        Here is his tweet and his footage of, what he thought, was a Ukrainian plane (it was the Malaysian civilian MH-17); he writes in Russian:

        “we warned you – do not fly in our skies”


        And, btw, claims that the Ukrainians wanted to shoot down the plane on which President Putin was travelling deny RUSSIAN OWN aviation r e p o r t s from that day – President Putin did not travel via Ukraine and the Ukrainians knew it [and I am not really a particular friend of the Ukrainians - much less than the English from whose charm I liberated myself having read the history of their diplomacy for example; in fact I think that they and their f...g government have learned nothing from their Banderovian history - the most shameful WWII history of all nations, including the Germans - if I did not know that they are some decent Ukrainians, I would say that they fully deserve the Russkie kicking their asses and Germany/US using them like puppets and leaving them to bleed].

        • Truthist

          Btw, the RT-authority and often interviewed source of information on Donbass, one Girkin (known on RT as “Strelkov”), posted on his social media – 20 minutes afther the MH-17 shot down – that the separatists managed to shoot a Ukrainian AN-26 airplane, in the area of Torez.
          Here is his tweet and his footage of, what he thought, was a Ukrainian plane (it was the Malaysian civilian MH-17); he writes in Russian:
          “we warned you – do not fly in our skies”
          MY RESPONSE
          This interpretation by pro-Russian propagandist does not prove that Russia-backed / pro-Russia rebels shot down the MH-17.

          HOWEVER :

          It does prove that he is rash & stupid to claim his country as responsibile when it not known who did it.
          It is a immoral / amoral, & shameful, boast to have over loss of MH-17′s crew & passengers.
          But, how about the following search results ?
          Google.com search terms ;
          ukrainian fighter shot down AND MH17
          Google.com search terms ;
          MH-17 AND christopher bollyn

          • Grzegorz Kolodziej

            “This interpretation by pro-Russian propagandist does not prove that Russia-backed / pro-Russia rebels shot down the MH-17.”

            My problem with RT, Truthist, is that they often used him as their source of information on the Ukrainian conflict.

            Why people argue which station: BBC, CCN, Fox or RT is telling the truth, and which are pure propaganda, instead of being critical findining out that they are all propaganda and we must use our own reason and research to winkle out the truth from their agenda (propaganda is not lying: it is a mixture of truth, lying and glossing over)?

            And besides – look, he is one of their (separatists) leaders. Why would he EVEN have that footage so immediately so close if they did not shoot that plane?

          • Grzegorz Kolodziej

            On another topic: have you analysed current Russia’s 200 top rich list (not to mention his controlled nasty boy Zirinosky)? That would provide lots of food for your thought on President Putin and Zionism…

          • Truthist

            Good points by u Grzegorz.
            Probable that Putin is doing a brilliant job in reforming Russia but he finds that he must smooch “the Misfortunes of the Rus” along the direction he wants the country to proceed economically, infra-structurally, socially, & politically.
            I trust that he would not waste his time trying to get them to “renounce & convert”.
            Best “proofs of the puddings” that Putin is overall a goodie ;
            The improving morals & self-respect & manners of the Russians in general.
            Returning to ur criticism that the Russian Orthodox Christian Church has / have Intelligence Chief[s] in its leadership — [ And, they as actual Clergy ] ;
            It is probably an asset to the Russian Orthodox Christians when they are “on ur side”.
            We live in a war.
            Ultimately, it is a spiritual war.
            Today, I go for surgical investigation-operation.
            Maybe curtains today.
            Maybe curtains soon after.
            Maybe no curtains arising from this area of malfunction.
            Just saying lest I suddenly disappear from the blog.
            Although, in communist / capitalist / fascist / hypocritical control-freakery I could be just a victim of censorship for trying to :
            ask good questions
            tell the truth.

          • Truthist

            Typo ;
            Although, in communist / FINANCIALIST / fascist / hypocritical control-freakery I could be just a victim of censorship for trying to :
            ask good questions
            tell the truth.

          • Grzegorz Kolodziej

            All the best with the surgery.

            And remember: in God we trust.

            Not in Obama, Clinton, Trump, Putin, Safe-As-Houses, Man Utd, Dundrum Shopping Centre. The latter is transient, imperfect. It will pass. It will be forgotten. It does not count in the long-run.

            “Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. 25 The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. 26 But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. 27 The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash.”

            Matthew 7:24-27

          • Truthist

            Thanks Grzegorz.

            I went for 2nd-Opinion this morning from surgeon of senior years ;
            He was personally highly recommended to me.
            He examined me on preliminary basis.
            Then he thinks that no disease, & that he certainly would disapprove of imminent investigation-surgery for me on basis that I not able to undertake it presently.
            Also, he said that if he were to internal investigation that it would involve a different procedure & instrument.

            Thus, I cancelled the investigation due to be done today.

            I now attending to my situation on my own ;
            But, with aim of returning to the 2ns-0pinion surgeon for further examination.

  10. Deco

    Latest update, from the country that is run, along lines that has been an inspriation, for many in the Irish bureacracy loving left.


  11. Grzegorz Kolodziej

    Guys, watch that 10 min parody of the Trump-CLinton debate – one of the funniest things I have ever seen:


  12. “A run on the bank in the wholesale markets can generally be met from DB’s own liquidity. What cannot so easily be handled is a run on the bank from retail depositors, and this will almost certainly be triggered if the share price continues to fall”


    • E. Kavanagh

      I don’t know why anyone would keep their money in Deutsche Bank. After the German’s final solution forced upon the Cypriots, and the current notion that depositors’ money is available in cases of bank failures, it would seem very unwise to be a DB customer.

      • It is very unwise to have any deposit with any bank.
        All G-20 nations and affiliates agreed to pass the bail-in legislation.
        Any money in the bank is held as a loan from you to them and you the lender are an unsecured creditor. PERIOD.

        By all means owe them money unless it can be recalled like a floating rate tracker mortgage. a full term mortgage, they can do nothing about or try to call it on demand. A demand loan is just that, payable on demand..

      • Truthist

        Ah yes, the “Bail-in” of the ordinary Russian depositors in banks in Cyprus.
        That was a revenge attack on Putin by The Dreadful Few.
        Instead of trying to attack Putin directly, they went at his typical middle-class.
        It was not any so-called final solution by Germans.
        Do not forget — dearest E.Kavanagh — that Germany is still an occupied country ;
        Currently by France, U.S.A., & U.K..
        U.S.S.R. has seized to do so after creation of Russian Federation ; Or something like that.
        Arguably, Fr-USA-UK are really only proxies for a more condensed entity.

        And, if u wish to allude to “holo” metaphors, the phrase “Holodmor” would be getting close.
        A willful attack again by The Dreadful Few on the so-called cattle by withdrawal of food supplies by the Bolshevicks.
        That time it being the Ukrainian branch of the Rus. who mainly starved to death
        There were ethnic Russians also who died.
        Total ; approx. 14 million.
        Google.com search terms
        holodomor bolsheviks

  13. https://www.youtube.com/watch?v=VCr-qCFtdCI

    Discussion and opinion on Deutsche Bank and the world economy and the Chinese Yuan being included in the SDR. The lack of rule by law.
    Read Charles Ortel re the Clinton Foundation. Less than 2% of donations went to Haiti.
    This US Fed election is about who controls the money.

    Well worth the 45 mins.

  14. “The EU just imposed a €13 billion fine on Apple for back taxes over a deal with the Irish government.

    In fact, Apple CEO Tim Cook called it, “total political crap.”

    And yes, that’s precisely what it was.”

    “Back to Deutsche Bank

    After all of that, are you surprised that the US Department of Justice is now penalizing Germany’s Deutsche bank more than 10 times the amount they asked for from any of its US peers – or other peers for that matter?”


    • Deco

      Hopefully, Dan will get a share of the proceeds from the Clinton Foundation. He might be proven to be the most deserving recipient from the entire racket….

      Where are the newspapers that covered the Bishop Eamon Casey and Annie Murphy relationship, concerning this story ?

      Surely Bill Clinton is a far more important person, in this world and should therefore be given media coverage.

      A deafening silence with respect to anything that causes people to question the Clintons.

  15. Posted 3 oct 16 on http://www.lemetropolecafe.com

    *Bankers from Deutsche Bank, Paschi and Nomura have been charged for colluding to falsify accounts

    October 1, 2016 —
    Nomura, Paschi staff also charged for falsifying bank’s books
    Judge schedules trial to begin in Milan on December 15
    Six current and former managers of Deutsche Bank AG – - including ex-asset and wealth management head Michele Faissola — along with former executives at Nomura Holdings Inc. and Banca Monte dei Paschi di Siena SpA were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank and manipulate the market…………..Bloomberg

  16. Truthist

    Definitely one of the most important outcomes of electing Trump in this election is that he may be blessed with the opportunity of nominating the 4-Supreme Court vacancies likely to occur over the next 8 years.
    Currently, the make-up of the USA Supreme Court ==> it is pro-actively representing only 1-3 % of the populace.
    Thus, perversely chosen edicts heretofore.
    Abortion ; Part of so-called “Final Solution” by The Dreadful Few
    Homosexualism of Society ; incl. impressionable young children, teenagers, etc.
    Transgenderism of the XY Human Gender & the XX Human Gender
    inter alia

  17. Deco

    Greg – I read your posts. All of your points are valid. And all are relevant.

  18. Deco

    Brexit is commencing.

    What are the muppets in charge in Kildare Street doing ?

    They are trying to position themselves as Santa Claus, with respect to a minor increase to the statutory old age pension. Given the level of mind altering substances consumed between 1990 and 2010, there is a substantial proporton of the middle aged wage earners, who will not live to get that pension. Alcohol, coke, ecstasy tablets etc.. all have chronic effects on key body organs.

    Maybe it might be better to focus that money on healthier living ?

    Oh…right…FF, the “publican” party will not agree to that.

    And the rest of them will not offend the dominant brewing oligopoly on the island.

  19. Grzegorz Kolodziej

    Everything (almost) you need to know about the lassies pro-choice march in Poland:

    1. In order to mitigate the demographic crisis (due to World Bank advisers, nearly all previous govermnents and emigration, Poland has worse demograhics than Ireland, which will also hit demographic problems in 20 years), PiS (Law and Justice) government has introduced an anti-depopulation policy modelled, among other things, on Irish solutions.

    2. This has hit the German, French, British and Portuguese supermarkets in Poland – young Polish mothers no longer have to work like robots with no breaks (including toilet breaks, limited to 3 a day) for a minumum wage.

    3. So Rossman, a German pharmaceutical and cosmetics company, has launched – via its free newspaper and advertising, a pro-choice campaign, criticising the anti-depopulation policies of Prime Minister Beata Szydlo.

    4. Pro-choice activists launched an initiative in parliament that would allow abortion until the 12th week of pregnancy, and have gathered 215,000 petition signatures in support.

    5. Earlier on, a proposal to restrict the right to abortions was submitted for parliamentary consideration after it had garnered nearly half a million signatures in support when only 100,000 were required, but no Irish media reported on it.

    6. In my opinion this has little to do with abortion. What we had in Poland was regarding abortion laws is a REASONABLE COMPROMISE. In my opinion, this is an attempt to destabilise the Polish state and overthrow the Polish government since previous attempt, led by KOD leader, a convicted criminal Mr Mateusz Kijowski, has failed. Sadly, it garnered more support than KOD (bear in mind the specifics of the electorate in Warsaw – you rarely see immigrants from Warsaw in Ireland, unless in well paid jobs: ever wondered why?).

    7. The 1993 law currently in force prohibits all terminations except in cases when a pregnancy is a result of rape or incest, puts a woman’s life at risk or if a fetus is severely damaged or ill.

    A recent survey published this week by the Newsweek Polska magazine has shown that some 74 percent of Polish people are sticking to a third opinion that the restriction should stay in place without any changes.

    8. The Varsovian lassies pro-choice march is a news for BBC and The Irish Times – Hundreds people march in Poland asking free abortion, when 2 millions people there march Pro Life it is not any news.

    9. The truth about abortion:


    10. More people died in abortion than in Holocaust (and, in case someone does not know, more ethnic Poles died in Holocaust than ethnic Jews – Auschwitz was for years a camp for rounded up Poles: yet only the Jews received compensation, or strictly speaking their lobbies). Abortion was encouraged and often forced by the Nazis in the occupied countries and banned for Germans. Yet the same people who condemn Nazism, recommend Nazi methods.

    • Truthist

      Any reply of mine to ur post Grzegorz is not displaying on the blog.
      If delay, I wonder why.

      • michaelcoughlan


        If you include more than 2 links to external sites it won’t allow the post saying it is being reviewed for moderation.

        • Truthist

          Good reminder Michael.
          And, always worthy to bring the ingnorantii up to speed.
          There is always the 1st time that one gets to know something.
          However, my reply efforts had no hyperlink whatsoever.
          Thankfully, most recent effort has resulted in the reply u can read below ;

          October 5, 2016 at 6:04 am
          By the way, very good posts by u to a string of discussions on DMW Blog.
          Further to the interesting dialogues between u & Sideshow Bob about the Housing Crisis, & particularly about the topic of “Supply” ;
          I think that Bob is saying ;
          There IS supply.
          But the price of suitable housing supplied ["as offer to treat" perhaps ? ] EXCEEDS the price that typical housing prospective buyer can pay.
          “Number of eggs up to X price limit that are available IS VERY MUCH LESS THAN the number of typical egg prospective buyers.
          Because ;
          Most of the hens that were supplying the typical buyer have been aborted / terminated / murdered by the system.
          I think that u, Michael, in finally acceding to Bob’s exactness about the Supply situation, would say ;
          Per respective areas of prospective buyer, there is NOT ENOUGH SUPPLY OF normal 3 bedroom [ or some such applicable description ] housing of price BELOW the sum of “the the maximum mortgage amount in Euro that the typical wage earner can reasonably get from lender + buyer’s own input monies

          Supply / Number of typical housing type up to Euro X price that is available to buy IS FAR LESS THAN Demand / Number of prospective typical buyers who can pay from own savings & / mortgage.

          • michaelcoughlan

            “By the way, very good posts by u to a string of discussions on DMW Blog”


            I got the bit about inflation/deflation completely backwards until McWilliams pointed out that deflation is crushing the world being biased in my own opinion. Not any more.

            McWilliam’s most important observation in my view on this blog was that it was deflation that brought Hitler to power which in my view is what’s driving Trump’s campaign. History repeats.

            McWilliam’s also demonstrated that Spain had to shoot it’s way out of the collapse which occurred after they started lending the gold the stole from the incas. The US is and will do the same.

            I just cant believe whether an economist is either Keynesian, Austrian or monetarist etc. how their profession can stand over the depopulation of Japan for example which is and will continue to occur over the next 30 years and at present rates will reduce the population from 120m to 80m in that period and not discuss it is abominable.

            Anyway I am not dismayed though I know the economist’s blunder. Mine not to reason why;

            3 mins;


          • Truthist

            U surprised me with mention of many of ur points in above post ;
            I am not familiar with the DMW recently discussing some of them :
            U concurring with DMW that Deflation is “bad”.
            I thought that u were of like mind with part-Austrian Economics economist Tony Brogan about Deflation ;
            Thus, that u not at all partial to the Keynesian aul tosh about Inflation.
            I hope that Tony Brogan does not object to I qualifying his position on Austrian Economics on the basis that I noted that he did say prior that he had some views that differ to them.
            I can think of some crucial points where the Austrian Economics is lacking despite its core virtues.
            Von Mises — 1 of the real 2 fathers of Austrian Economics ; I think the other father being the Polish guy ; And, no, not Hayek ; But, I lazy / disciplined now not to bother looking up presently — NOTABLY made no mention in his book that I had a little of recently, on the National Socialists of Mr. Feder issuing Currency directly from Treasury ; AND it NOT backed by Gold ; And, neither it issued as a Debt.
            I think that Von Mises does mention Schacht’s skippering of the Central Bank after Feder’s tenure.
            But, from what I gather, Schacht engaged in DMW style central banking for Hitler & the Nazis ;
            Issuing currency as debt to be paid ultimately to Bond Holders ;
            International Bank of Settlements.
            So, Feder is responsible for the great leap forward by German nation in affording its new Infrastructure.

            Spain’s Economy shortly after it affected by Gold, & Silver, got from Incas flooding the economy of Spain & Spain-into-Europe & Muslim Africa & Mid-East, & short-fall of after, & the affect of the English pirating shipments of “Spanish” G & S from Americas.

            Above is my own guess at the scenario then

            Anyway, I do not recall what u say in ur report of DMW saying ;
            “Spain had to shoot its way out of the collapse which occurred after they started lending the gold the stole from the Incas. The US is and will do the same.”

            Economists do talk about the dramatic population reduction in Japan.
            I gather that, aside from crocodile tears about massive proportion of Japs being oldies needing care & support that will be in short supply from young Japs, the Economists frankly could not give a damn Mam 8-)
            Moreover, I believe that the economists welcome it.

          • Grzegorz Kolodziej

            “McWilliam’s most important observation in my view on this blog was that it was deflation that brought Hitler to power”

            Short point as I am in a hurry…

            What brought Hitler to power was hyperinflation followed by deflation, and secret appendices to Rapallo/Locarno Treaties, allowing the Weimar Republic to train, arm and develop new weapons in the USRR.

            What we have not is not a deflation, but biflation: hyperinflation in property and stock market assets, deflation in all other areas – though I would encourage you to backtrace the price of beef in shops/kg in the US/Canada going back 10 years

            When the housing/stock market collapses, it may revert (hyperinflation in food prices, deflation in stock/housing).

            But we might see a sharp deflation before, I agree. After all, it all depends on China now

          • michaelcoughlan

            Hi Truthist and gregorz.

            What I have come to conclude is that;

            No one person or economist or economic school of thought has a monopoly on knowledge. I personally feel this guy was the most brilliant;


            He himself blundered however and it was only after the blunder his knowledge became more advanced.

            The world is collapsing into a black hole of proxy wars, population declines, out of control money printing, Govt deficits, cooked books, unemployment, abortion, Nazi Bankers, freak show/car crash TV, Obese disinterested young people etc. etc.

            RR6 has it most apt;

            You and your family is what’s important. Don’t try and hurt others. Do what you enjoy doing and makes you feel good. Tune out from all the nonsense being pedalled by the establishment. Some of these bonbon type personalities really and truly are madder than a box of frogs and worse many of them like bernanke/suds etc. really believe in their own madness!


          • Grzegorz Kolodziej


            Very true and perceptive remarks about the world nowadays and doing what one enjoys doing while trying not to hurt others.

            It reminds of a small book written long time ago by Father Innocenty Maria Bochenski, a famous analytical philosopher and logician, called “Manual of wisdoms of this world” (he makes a reservation in the preface that his book is written from the point of view of what is required to have a successful life, not from a Christian point of view, and that he himself did not follow all these principles i.e. he was took lots of risk, fighting in the Battle of Monte Cassino, but having lived over 90 years, noticed that people who are the most happy follow them).

            Here are some interesting excerpts, among them those that sound similar to your observations:

            “- Be careful – in your opinions
            – Be loyal to your friends
            – Let your opponent speak as much as possible about him and his errands

            3.2 Make sure there is a meaning to your life

            2. Be concerned primarily with your life and health

            . Smile to every person
            . Until you get to know him or her better, assume they might be malicious fools
            . Avoid arguments
            . Above all, avoid arguments with people who have power over you
            . Be moderate in using goods and pleasures

            3.21 Always have something to accomplish
            . Do not criticise someone’s nation, religion and profession in his presence
            . Do not judge yourself through the prism of your society
            . Do not rush in where angels fear to thread
            . Do not be addicted to anything
            . Do not be overly attached to anyone or anything
            . React to insults only if you are absolutely certain that they can be useful or harmful to you
            . Do not pity yourself
            . Only have friends among those that had been trialled for their decency and intelligence
            . Observe yourself, others and the world with an eye of a biologist
            . Whatever you do, do it in a way that makes you seem reliable
            . Prefer solitude over crowd
            , Prefer many small pleasures over few big
            . Try to imagine that people who waste time are a figment of your imagination
            . Set as your priority your attitude towards other people

            3. Always ask more experienced people
            . Avoid excessive intimacy except for your friends and family
            . Try to be anonymous in the crowd
            . If the circumstances are equal, give preference to people from your group of friends over strangers
            . Only deal with issues you can influence
            . Every time you are going to say or do something important, ask yourself: is it worth it?
            . Find some time everyday for self-reflection
            . Live for your Magnum Opus”

    • Truthist

      Sorry to disagree Grzegorz ;

      I do not agree with abortion under any circumstances.
      It is the taking of human life regardless.
      Same about proposition to kill Oliver Cromwell [ Genocide of 2/3 of Irish nation ] & 2 million of English also ] or Adolf Hitler [ "abortion chooser" for Slavs [ largest European ethnic group now, & many other crimes ] or Margaret Thatcher [ murder squads in North East of Ireland, & numerous other crimes ] or [An]Tony – Charles Lynton – Blair / “Miranda” the blackmailable & bribeable & mind-programmed “transvestite” Cambridge University student punished by magistrate court at least 2 times for soliciting [ homo ]sexual sex from intended clients at public toilets [ "cottaging" ] in Cambridge ; Hence, Iraq “slaughter / genocide” [ NOT "War" ]– or Benjamin Nathanyahoo sic [ Ewes all can look up the electorate approved mandate he has followed through with ] or Madeline Albright [ Re; 1 million Iraqi children, women, & men "terminated" by USA "intervention" ; "Yes, it was worth it." ] or Hillary Clinton [ Where to begin & stop ? ] or Marie Stopes [ abortionist when not a nymphomaniac ( Not that I would necessarily hold it against her for being a nympho ; Humour aside ] etc ;
      They should not have their lives “terminated” / murdered.
      Anyway, per the exceptions u mention
      Rape victim can — should — carry baby until birth.
      There are plenty of people who will lovingly take care of this baby if the mother not able to.
      Not forgetting that most abortion activists are lesbian feminists, & they are adamant that even consensual sexual intercourse between man & woman is really rape by man of woman.
      Likely that all communities start off this way.
      Mr. Adam’s wife Eve with her sons being the precursors.
      Royal families most often bred from incest.
      Of course I am disapproving & objector to incest.
      And, those are stances of mine despite encountering some evidence claiming that impairments not guaranteed to be outcome from “closest” incest even.
      Again, children born from incest must be, & can be, loved.

      Woman’s life at risk
      This argument was admitted to be without foundation by physician proponents for abortion during Gay Byrne chaired debate ahead of referendum about abortion before.
      Good doctor can always save both baby & mother.
      Interestingly, it is never condemned that men sacrificed their lives to let women & children board lifeboats on Titanic & countless other tragedies.
      Likewise, a mother should sacrifice her life for child if such a situation obtains.
      “Women & children 1st.”
      And, then ;
      “Children 1st.”

      Deformed &/or seriously ill “Unborn Baby”
      All unborn babies must be fully helped to be born.


      This is Christianity’s [ Catholicism of all the different branches ] [ Orthodox of all the different branches ] [ some of "present day" Protestant branches ( I think & hope ) ] & Buddhism’s & Islam’s & “sexual players with good hearts’” view too.

      • Grzegorz Kolodziej

        “Sorry to disagree Grzegorz ;

        I do not agree with abortion under any circumstances.”


        It’s not about whether I agree with abortion and on any circumstances.

        With due respect, I think you are missing my point:
        in Poland, we achieved a reasonable comprimise, protecting the life of the unborn as much as it was possible in that divided society.

        Now, someone comes in and proposes further restricting the abortion law. So far so good. This is when the government has implemented pro-natal policies, first such government in the III Republic.

        Precisely at that time, someone else starts a campaign to loosen the abortion laws (with some of that someones called Rossman, others called Ringer-Axel-Springer, etc).

        Where do you is this going to end if it’s not stopped? It’s going to end in

        1. Social unrest, instability, and
        2. The new-old government returning to power, and allowing abortion completely.

        And if KOD and pro-choice/pro-life marches won’t help, the third stage will be inciting Polish-Ukrainian violence, using the fact that there are 1m Ukraininan migrants in Poland, most of them sound, but some of them more radical than Hitler (like that PO Minister Sienkiewicz who ordered to set the booth in the Russian Embassy on fire and blame it on “the rising fascism” in Poland, a phrase repeated by all useful idiots in Ireland, not least in the universtities.

        In that case you would see street violence on the likes of CNN, RTE, BBC, and your beloved RT.

        And people in Ireland will be saying: see how primitive all those eastern Europeans are? First they burned the Russian embassy, then they did not let in the migrants, now they are behaving like savages.

        I should not be wasting my time explaining things so obvious to anyone who knows the minimum about the provocation methods!!


        • Truthist

          I should have mentioned that even before u informed us of the hidden political agenda of the pro-abortion campaign, I also understandably thought that there was a larger hidden political agenda.
          The revelations u give are shocking about how quickly & powerfully The Dreadful Few can squeeze a country.
          Heard it from u before I hear it no doubt from Henry Makow etc. ;
          Even with their good intentions, it takes time to arrive & study & publish.
          And, I do agree with everything they contend also.
          I as an “old school” Irish man am naturally very skeptical of any bit of information I get.
          RT News of course I know is a propaganda media source.
          Even so, I think that the 2 airplane downings we discussed most recently are not the hands of Russia.
          It is The Dreadful Few & whoever are their current stooges — USSR was such before — that have the track record for such atrocities.
          And, the evidence alone in both cases would sway me to suspect not Russia.

          • Truthist

            Typo ;
            And, I do NOT agree with everything they contend also.
            I agree with much though.

          • Grzegorz Kolodziej

            But the bit is that political puzzole that you are totally missing

            when you attack the delicate compromise worked out in the sweat of the brow 23 years ago, it is not going to result in the abortion proposals that you have put forward – it is going to result in a total win for the pro-choice side.

            So, bearing in mind the realities of both law creation and the so called public opinion (in terms of political reality, not in terms of moral realm), your reasoning leads to a political outcome when you – willy nilly – say that it is better to have a nearly total permissibility of the abortion RATHER than a compromise which the vast majority of countries would consider way too strict anyway.

            Your position appears to be:

            it is either this or nothing. That, in political reality, leads to nothing, that is to a total permissibility of the abortion.

            Why do I even have to explain? Is this outcome not obvious?

            Since this government came into power (of which I am a critic rather than a supporter, but it is the first Polish government for many years that has some ministers not working for other countries: the previous one had two ministers that had British citizenship – unthinkable in Ireland – one, Mr Rostowski, working for City, another – Mr Sikorski – working for the British intelligence first, than for Germans and the Jewish lobby in the US, which is now one and the same thing).

            There has been many attempts to find something that would topple the government by causing social unrest: Constitutional Tribunal issue (falsely reported in the media), KOD; that did not work out – so now is the abortion compromise.

            First the naive Pro-Lifers attacked the compromise (I am sure other countries had provocateurs among them); this was what the Pro-Choicers were waiting for: this gives them a go at the issue, of which they do not really care, as if they had been happy with the compromise for 23 years, why now?

            But of course, it is not about abortion at all: it is an element of the hate campaign in the west on the Ms Szydlo government, whose policies run counter to

            - German Mittel-Europa/Gross Raum plan
            - corporations
            - Jewish lobby in the US (even though traditionally PiS is rather pro-Israeli)
            - the Richard Nikolaus Eijiro, Count of Coudenhove-Kalergi plan (unlike anyone else I have ever met, I read both Hitler and Kalergi, and I hereby declare that Hitler and Kalergi are the same shit, with other vectors; people naively think that Kalergi was tolerant in a good sense of this word (because I am all for tolerance, but in a proper, not PC sense of the word): no, he was not:

            “Das Kapitalismus, Journalismus und Literaturtums sind Juden.”

            Who said that? Hitler? No, the patron of the EU, Kalergi (and because yous are either too young or have short memory, Mr Jacques Delors said in 1989 that the purpose of the European Union will be the economic war with the US: if some statement is censored by BOTH the US, German and the Russian media, t h a t is really worth looking at!

            “Praktischer Idealismus.”
            10 Judentum und Zukunftzahl.

            Kalergi is an inspiration for all major German political parties except for CSU, who sadly has another problem: while I have more sympathy for them than for any other German party, some of their members promote Nazism even as of today

            Frau Merkel received a Kahlergie-Stiftung award in 1996, Dr Kohl in 2011…

            a small group of people wna

          • Grzegorz Kolodziej

            “Das Kapitalismus, Journalismus und Literaturtums sind Juden.”

            Literaturtums – Literatur


            Obviously, he widely exaggerate (Henry Ford for example was an antisemite), but on the other hand, few of you know that according to Dr Goebbels diaries, he was not an antisemite at all (particularly considering he was 1/4 Jewish and had a Jewish girl); only after he applied to all newspapers and got rejected, he started develop his dislike for the Jews. Now, why am I writing this

        • Truthist

          I understood that u do not agree with the right to abortion ;
          Indeed, u made ur position clear before to that effect.
          Ur use of the phrase “What we had in Poland was regarding abortion laws is a REASONABLE COMPROMISE.” with the knowledge that abortion is permissible in Poland prompted me to state “Sorry to disagre Grzegorz ;”.
          There cannot be “a REASONABLE COMPROMISE” of that type ;
          The only REASONABLE COMPROMISE is NO ABORTION AND the protaganist for abortion can have all their reasonable needs fulfilled until they are full of peace of mind.
          Lots of them are Lesbian-Feminist anyway ;
          So, a reasonable compromising ruler could grant them life-time supply of batteries or permission to beat up male masochists [ within reason of course ] or some such other range of compromises negotiated between the ruler & the protagonists.
          Free Beer until they want to go t-total perhaps.

          • Truthist

            Did u notice in the Irish railway user pressure group links I gave above that they include Luas & Dart & connecting Dublin Bus & Bus Eireann services in their complaints & proposals ?

            I suggest that u create an attendant website as reference for the many very valuable points u make on this website.
            It would save time, energy, & textual space for u were there Tables explaining the past, present, future & other hypothetical cases.
            The cells of the Tables can have sentences.
            Pastel or white shades with black writing so as to serve well for printing & later photo-copying or scanning.
            U can always be perfecting the reference website.

            Dublin Bus could be just 1 topic.

            I should do likewise ;
            Presently, my knowledge is nil as to how to do so.
            But, I will.

        • Truthist

          Re ; Ur crashed Hard Drive
          I was thinking last night that u should try that hard drive again with an external mouse
          Ur hard drive may not be “crashed” actually.
          It could just be that u have problem with the Mouse Pad of the Laptop ; If that is the type of computer u have.
          Try more than 1 external mouse ;
          Mouse with USB cable input.
          Incidentally, I am very basic in computer knowledge.
          But, I aim to improve much over the next few years.

    • coldblow


      What is different about Warsaw? I don’t know where many Poles come from but, as you say, none have said it was from Warsaw. Is it that they have govt jobs there through political patronage?

      I saw the pro abortion march on the Icelandic news.

      I went on an anti-abortion march in London when I was about 12 (that would have been around 1970). There was a pro-abortion counter demonstration on the way, young men and women (students I suppose), and I was struck with horror as they were like hate-filled savages (probably because they were hate-filled savages). It was probably a formative experience.


      Remember a few weeks ago you mentioned a blog (which we won’t name) where nobody would respond to your points but rather veered off into an obscure discussion about religion? That is because all those posts (and many, many more besides) were written by one man. (That’s what I meant when I said, when I had stopped laughing, ‘Tell me about it’ – it’s not a phrase that is meant literally.) I worked it out the year before last (I think) from his posting habits. He is definitely insane and quite possibly suicidal so please don’t tell anyone. It is best that he be left in peace as he might do more mischief (to himself or others) elsewhere. But just so you know why you got such a strange reception. The host knows because I told him but he can’t do anything about it. (How that happened is a funny story where the joke, as is often the case, is on me.) One of his creations was a religious nutcase called Sid, which I think is probably quite close to his real self, and I think he may have had an (alleged) real life vision of Pope John Paul, when he visited England, as the Devil. Do you know, I have even come across him on Amazon writing fake reviews!

      • coldblow

        You know when as a child you’d wonder what would win a fight: a lion or a bear, or a lion and a tiger. Well, I wonder what would happen if you put a few of these lads together on the same blog. I’d say there are quite a few of them out there. All trying to spoof the others! Well, perhaps not.

        I looked in at that blog today as it happens and I noticed one of his creations trying to engage me in conversation (this time about Christopher Booker). He knows I know but he never gives up! I never bother reading him if he does. I think the fruitcake factor is too often underestimated. It is a significant driver of witch hunts in my opinion.

      • Grzegorz Kolodziej

        My battery is just about to die, so I will quickly respond:

        Re Warsaw:

        - After the 1944 Rising, Warsaw was bombed harder than Nagasaki (Nagasaki was destroyed in 70%, Warsaw in 85%, Hiroshima in 90%).
        - as a result hardly anyone from the old Varsovians survived
        - then Warsaw became a centre of power, and everything else
        - as a result, it underwent a negative selection: the more obsequious or ruthless you were, the better chance you had to live in Warsaw city centre
        - the only authentic Varsovians are in poor parts of Praga district, which was not bombed; these are dangerous places to go
        - they are essentially decent, but not to be f…d with
        - it is best not to argue with them that President Putin is a good guy (in case someone believes that); some of them remember the Soviet Russia framing them into an Uprising they promised them to help with and waited for the Germans to kill 200,000 (an SS-man who killed 1/3 of that – all woman and children – became a CDU major of Sylt in the “liberal” Germany

        And, there is this:

        General Aleksandr Suvorov in his own written words about the Russian assaul on Praga in 1794:

        “The whole of Praga was strewn with dead bodies, blood was flowing in streams.” (these were NOT Polish soldiers – these were all woman and children – G.K.)

        Isabel de Madariaga, Russia in the Age of Catherine the Great, Sterling Publishing Company, p. 446, Inc., 2002, ISBN 1-84212-511-7

        - in 1996, the economic growth in Poland was around 7%; the unemployment was 10-15%
        - Prime Minister Jerzy Buzek starts implementing the EEA laws. Growth goes down to 3%, unemployment to 25%.
        - 2,000,000 Poles leave

        Warsaw knows nothing of that. All corporations are in Warsaw. Unemployment is 5%. GDP is 80% of the EU, and 20% in poorer parts of Poland

        And there is the issue of flats the commies got rich by receiving for free and selling.


        As far as Peter’s blog is concerned, the Bible craze was after one post, but I posted a serious analysis a second time where I proved 3 months before anyone in Britain realised that England will not be able to retain an access to a sinle market if they want to follow either Norway, Switzerland, and Canada – thus the excellent “Brexit” movie was wrong on that.

        Again no one was able to respond, and this time I am almost sure it was not one person posting, judging the style and content.

        Furtermore, Peter did not respond either, and he did responded to posts not even 1/10 as intelligent as that mine (I am talking about that particular one), even though UNDER THE SAME COLUMN.

        P.S. His column on Russia, albeit well written, betrayes the fact that Peter has A LOT to catch up with when it comes to Russian history (i.e. the fact Poland invaded Russia twice and Russia invaded Poland 16 times)

        • coldblow


          Except for the Warsaw Rising part I was on the right track as to why they are different in that city. It is what I’d expect to one degree or another in any capital city.

          As for the *nameless* blog, I can assure you from hard-won experience that 90% and more of the posts there on any given day (including Christmas Day) are from this one person. He is very good at assuming different styles and turns of phrase (much better than our own troll here) but because he is only one man he cannot hold a half-decent conversation. I tried it on a few occasions and he just cannot do it, which is hardly surprising. Now I know why. So what you get is a varied mix of styles but no substance. He looks up things on Wiki but he can’t master his material. I think he probably saves all his comments under each ‘manifestation’ on Word files so he can get into character. I have caught him out on a few occasions. Take the ridiculous Mr Bunker character, who is supposed to be an eighty-year-old badminton-playing atheist living in Germany. If he is real then I am a banana. I thought, even hoped, by now that he’d have keeled over or be taken away by ambulance in a straight jacket but he has kept it up for a good three years and more.

          • coldblow


            I just remembered two instances where I caught him out.

            First, he has a character called, I think, louiseyvette. Such was his manic hurry one day that he put down ‘her’ fake email address instead of the name. It turns out the address (in Australia, I think) was in a different continent to where ‘she’ was supposed to be posting from.

            Second, Bunker, being a supposedly elderly gentleman, was reminiscing about the old pre-decimal coinage and he wrote wistfully of pennies, ha’pennies, tanners (6d pieces) and bobs. Bobs? Ten bob was ten shillings, but I never heard the word bobs out of the mouth of an Englishman, although I did hear it spoken by a recently arrived Ugandan Asian expelled by Idi Amin. Five bob, ten bob, but ‘shillings’ otherwise. Only someone who was old enough to remember could make this mistake. I mocked him for just to let him know I hadn’t forgotten that he has ruined that blog (which shall remain nameless).

            There is another of his characters, ‘Mrs B’, who ‘remembers’ a nauseatingly twee version of the gold old days. ‘She’ wrote once about how she had got her first period when she was at school, how the teacher sensitively took her home and explained it to her father, etc. When I dramatically confronted him and theatrically unmasked the crone his response was a lame quote from her supposed husband, ‘Mr B’. That is what it is: cliché piled on cliché. I know it was wrong, but I did enjoy myself.

  20. Grzegorz Kolodziej

    “his has hit the German, French, British and Portuguese supermarkets in Poland – young Polish mothers no longer have to work like robots with no breaks (including toilet breaks, limited to 3 a day) for a minumum wage.”

    or e m i g r a t e.

  21. Good article by George Monbiot:

    “Lies, fearmongering and fables: that’s our democracy”


    • coldblow

      I read it, Adam, but I don’t share your opinion.

      Monbiot talks about lies and fearmongering on both sides of the Brexit campaign, but I suspect his sympathies are heavily on the remain side. It seems to now be an integral part of political correctness (interestingly David, who nobody could accuse of not being pc, does not oppose Brexit (I think) or Ireland leaving the EU).

      After Brexit there was a huge groundswell of rage and protest from disappointed Leavers (such as my sister on Facebook). It was odd as many of these people had never voiced an opinion about Europe before (as they probably had never thought about it). I think this was the first time that we started to hear Left Wingers voicing doubts about democracy. After all, if it led to disasters like Brexit then it was suspect.

      Monbiot is of course also the no1 media supporter of Global Warming. This movement is, in my opinion, authoritarian and intolerant (in keeping with Left Wing causes). For example, they seriously believe that those who see AGW as the fantasy it is have something wrong with them psychologically. The truth, of course, is the exact opposite.

    • https://www.wholesaledirectmetals.com/the-election-has-already-been-decided/?cid=GOPUSAsponsored&st-t=GOPUSAsponsored

      “People get very emotional about major elections, particularly when it comes to how elections impact their money. Yet the scary reality of our modern political system is, your vote doesn’t matter when it comes to who’s really in power. While there are many systemic problems in banking, taxation, trade and monetary policy, none of these systemic problems changes in any meaningfully way by who controls the House, Senate or Presidency.

      Regardless of changes in party power, politicians don’t hold the REAL power in Washington. No, the sad fact is, the election has already been decided. And the winner is the banking industry, at the command of the Fed. The Republicans & Democrats have done nothing in a generation to stop the Fed & banking industry from launching us off the fiscal cliff. And neither will Donald Trump or Hillary Clinton. So if you want to protect your savings & retirement from the impending global crisis, you’ll need to do more than vote.”

  22. Truthist

    Hmm…mm !
    http://www.henrymakow.com tweet just now highlighted the following ;
    Excerpt ;
    The Bank of Ireland, the country’s oldest financial institution, closed the accounts of the pro-Boycott, Divestment, Sanctions organization’s Ireland Palestine Solidarity Campaign (PSC) in late September.
    The group’s accounts were terminated in Ireland and Northern Ireland, according to a report Sunday in the Irish news outlet RTÉ.

    A spokesman for the Bank of Ireland wrote The Jerusalem Post on Monday saying that they “cannot comment in relation to customer accounts.”

    According to RTÉ, the PSC said the bank closed its accounts because it defined transfers to Palestinian territories as high-risk.
    The PSC said it transfers funds to a factory in the West Bank that produces Palestinian scarves that the PSC buys to promote solidarity, wrote RTÉ.

    The PSC had held accounts at the Bank of Ireland for 15 years.

    The Irish pro-Palestinian group opened a new account with the Allied Irish Banks (AIB).
    A Post query to the AIB was not immediately returned on Monday.

    According to RTÉ, the PSC believes it is vulnerable to a new closure.

    Post media queries to the PSC in Ireland were also not immediately returned.
    The AIB and the Bank of Ireland are considered to be part of the “Big Four” Irish financial organizations.
    SPC also maintains a PayPal account.

  23. McCawber

    What you guys are saying about the housing crisis regarding the cost of supply is so true.
    The government’s take of 46% (new house) is the main culprit. So much for widening the tax base.
    In essence the government is, in part, creating a problem it is responsible for solving – homelessness.

    • Truthist

      Can u just imagine how the politician in their thought bubble thinks of the homeless & roofless citizen — & through no fault of their own too that they “h & r” — who attends the politician’s clinic looking for help ?
      Likewise, can u imagine how the civil SERPENT views the same citizen ?
      Probably even worse than the politician does.
      At least a genuiniely independent politician is more worth a gamble for having good motivation in entering politics.
      Overall, I contend that yer focus # 1 should NOT be on the elected Politicians ; Councilors, opposition T.D.s, ruling party T.D.s, nor even Cabinet Ministers, nor even the Taoiseach also.
      Rather, yer #! should be on certain tiers of certain unelected Politicos ;
      Mid to Higher Level Civil SERPENTS.
      “The Permanent Government” ;
      Incredibly highly paid too.
      They are :
      x] Decision Makers
      y] NOT personally liable to be sued by the Citizen for their wrongful [ even plain evil ] Decisions & Actions [ by Commission or Omission ].
      If y] is true ; ==> we live in an Orwellian State.

      • McCawber

        Biflation was mentioned above.
        One area where the inflation part of Biflation is evident is in government services.
        The property tax is going to be hiked big time for next yeat.
        The rate applied is going to be increased and valuations will increase quite dramatically also.

        • Inflation/ Deflation, by definition, can only be assigned to the money supply. It is the only thing in the economy that is currently increased or decreased by manipulation, known as central bank policy.
          For example the money supply can be increased by a factor of 10 or 20% per annum. This results in an excess volume of money, making it worth less and driving down interest rates. As the goods in the real economy cannot be increased at the same rate, the real economy rarely can increase at a rate in excess of 3% per annum. This leaves too much money available for the limited goods. So, it results in a greater volume of money being needed to by the same goods.
          We perceive this, and are educated to do so, as the goods costing more money and we call it rising prices and we call this inflation when in fact it is not inflation but a result of inflation.
          If you do not happen to have received any of this increase in money supply then the result is a drop in your standard of living as now your money earned buys less. Put another way , you have to work longer to get the same buying power as you recently had.
          This applies to the majority.
          This results in the direct recipients of the new money being able to buy goods that have yet to “go up” in price and the rest with none of the new money.
          This is the explanation for the rich, the so called 1%, getting richer while the majority get poorer.

          In this context, inflation is a stealth tax that robs us of our buying power. Inflation destroys the buying power of our savings. Inflation is thus a hidden tax on the thrifty.
          Inflation is BAD for the majority
          It is well documented that the standard of living has declined by over 50% since 1970.
          There are parts of the economy that outstrip the inflation rate of the money expansion and that is notably in electronics. Millions of new cell phones are produced resulting in a fall in price and making them affordable to most. This is good for most. It is called increased productivity resulting in lower prices.
          Housing however cannot be increased at such a rate. It is increased at a rate lucky to exceed 2% per annum, well below the production rate of new money from the central banking system. As such inflation of the money supply causes more money to be needed to buy a home. Therefore unless the production of new housing can be increased at a rate that exceeds the money supply there will be ever increasing prices for homes.
          Taking a step back we can look at when the production of money was related to the supply of gold. That is the currency had to be backed by gold. New gold added to the stockpile allowed the money supply to increase at less than 2% per annum. This is the amount of new gold mined each year if not less. (The major exception to this were at times of large gold discovery.And e.g. The Spanish robbing the Americas for vast treasure and the California and Klondike gold rush eras) .

          During this time economies were largely stable with little price changes or in other words little inflation. At times of economic expansion through innovation and technology peoples standard of living improved. The improvements were widely disbursed throughout the population.

          Periods of time where a gold standard was thrown aside resulted in the ability to propagate wars and cause inflation. (WW1 for example).

          With the final abandonment of the remnants of the gold system in 1971 money printing became unlimited. Inflation zoomed upward and wars proliferated. People in general have become poorer since.

          It is evident on examination that a gold backed money system is generally good for the majority of people. People are better off materially, spiritually, and socially.

          Wars can not easily be fought, inflation is tamed, pricing is stable and the wealth of people is increased and the economy is robust.

          This is where our discussion needs to be centered. All else is divisive and extraneous to the real problems.

          How else do we obtain peace and prosperity for the nations of Earth.

  24. http://spectator.org/mike-pence-a-big-reason-to-vote-trump/?utm_source=American+Spectator+Emails&utm_campaign=51be97ea10-vp_debate_email10_5_2016&utm_medium=email&utm_term=0_797a38d487-51be97ea10-104365713

    “”Tonight was an obvious win for Pence but also for Trump. Trump made a good choice picking Pence. Pence illuminated the conservative values that voters hope Trump stands for but has not adequately articulated.”"

  25. Not on this blog.{:-)

    “”Why is it that many, if not all, of us think twice before we say what we really think or believe? Have we been silenced by the popular hecklers? Are we afraid? Is there a cultural inquisitor who stalks us all? Then, why is it that so many of us who know better about so much that we see around us cower and speak in hushed, mousy voices?” … Justice Clarence Thomas

  26. Pie Squared

    Our friend Ross O’Carroll Kelly IS so hilarious because of the sting in the tale…the truffles of truth in his smug South city self.

    Dublin probably feels a bit bubbleish again..because it’s an over populated city in an under populated country.

    It’s a great city but it’s not Ireland. It’s not London or Sydney or Toronto either. The Irish who’ve left have often spent years in Dublin, but go on to spend the rest of their lives somewhere else. Edged out.

    They buy properties in cities with better jobs or disposable incomes, or better value homes, or climates or schools or student accommodation. Not always. But a lot. Especially since the last property bubble. Boom!

    Up parapet. Above the parish pump.

    Where is the spatial strategy? What evidence of it apart from the EU built roads? Where’s the rest of it? Bullet Trains. Essential arteries? What about federal management of jobs and taxes and housing? Veins?

    There’s no need for a property bubble. In Dublin. (Because that’s where the idea springs from.)

    But here’s the thing. We’d have to move our thinking beyond the parish. We’d have to understand. Really understand. We’d have to act. Not just venture down from the Pale for the Ploughin’.

    Dublin may be our capital. Where the mandarins sit. But it’s not the centre of the universe. There are wide open spaces. In this country. Waiting for Godot. Waiting for the mandarins who never came.


  27. mike flannelly

    “Third, general income will determine the pace of house price growth. ”

    This has always been standard housing finance logic.

    A sustainable mortgage payment as a portion of a couples household income(max 30% of net) should determine the cost of an affordable house for that couple.

    The Daft Trinity guy tells us that 45,000 gross is the median Irish family income. Thats 3000 euro net/mth or 1000 max to spend on shelter needs(mortgage, house insurance, house maintenance and house insurance).

    That means that the median household mortgage would be about 170,000 euro(900/mth @4% for 25 yrs) for 190,000 euro house.

    Is it time to start building social housing for ALL Irish citizens that earn close to the median income ?

    FG(with the support of Irelands plastic left) have spent the last six years prioritising and increasing unfunded pensions plus lump sums for politicians, bankers and public sector workers while the building of social housing has been stopped.Unfunded, unconstitutional pensions for select citizens are more important to Irelands lefties than services for All citizens.

    In 2017 we could see the re-emergence of building poor houses for citizens below the median income threshold which could be named after Irish Bankers and Irish economists that for eight years offered no financial logic when it comes to mortgages, shelter needs or unconstitutional pensions diverted from taxes of the working poor.

    A 2% interest rate fixed for 25 years like the rest of europe would give the median Irish household a mortgage of about 230,000 euro. Mortgage products must be suitable for the times that we live in.
    The “name your own bankers profit” variable mortgage is not fit for purpose any more. In my poor opinion it has always broke contract law and consumer law.
    FG/Lab joined ( fudged) consumer authority and competition authority together so that the answer for having no consumer rights is blamed on no competition. WHAT ABOUT CONSUMER LAWS AND RIGHTS?

    Michael vulture lover needs to realize this before the first poor house is named after him.

    The Daft Trinity guy needs to express rents as a % of net median income per location for;
    Single workers
    for three bed houses and apts.

    Last Sunday he told us “ALARM” – rents in Dublin average about 1500 mth for a three bed while “ALARM” – rents in Galway average about 940 mth for a three bed.

    Workers in Dublin city on 40000 gross rent a room for 23% of their 2222 euro mth net income while workers in Galway city on 36000 gross rent a room for 16% of their 2000 euro mth net income.

    I think that the shelter needs “ALARM”is mainly for married couples plus families that have no access to social housing because we are told

    LARGE UNCONSTITUTIONAL PENSION LUMP SUMS AND PAYMENTS for select citizens come before the needs of the greater public good.

    Economists must take responsibility for the core economic logic being peddled in their own country.
    From shelter needs affordability or non affordability to pension abuse that diverts tax money from services and is a ponzi tax burden on the next generation.

  28. mike flannelly

    (Mortgage, house insurance, house maintenance and property tax)

  29. Dear Senator Warren:

    On September 20, 2016, you appropriately excoriated CEO John Stumpf about the consumer fraud that took place at Wells Fargo Bank. Again and again, you used the word “scam” to characterize Wells Fargo’s actions, and this was the proper word for you to use. It was a scam, plain and simple.

    Over a period of several years, Wells Fargo created more than 2 million accounts to flatter its numbers and increase its stock value, thereby increasing the value of senior executives’ stock options.

    Many of the phony accounts were dormant and incurred no fees, but certain other accounts, such as credit cards, did incur fees.

    Erring on the side of excess, let’s assume that the actual cost to Wells Fargo customers was $1,000.00 per phony account. This would mean a $2 billion fraud, in total. If we assume that these accounts were created over a 5 year period (it was probably longer), the scam would have amounted to roughly $400 million per year.

    This $2 billion consumer fraud has correctly inflamed members of Congress, making you and your Capitol Hill colleagues irate, as we witnessed during the fiery House and Senate hearings.

    Yesterday, October 4, 2016, a different kind of consumer fraud occurred. But this one was more than 100 times greater in amount, in ONE DAY, than Well Fargo’s entire multi-year fraud.

    This fraud resulted in the theft of $246,758,400,000.00 ($246.8 BILLION) from people all over the world.

    This SCAM affected rural farmers in India; common villagers throughout Africa; elderly retirees in Japan; young newlyweds in China; small shop owners in Tibet; flower merchants in Peru; nurses in Argentina; school teachers in Canada; and people of every type of vocation and station in the United States.

    This SCAM hurt people of every single socio-economic class; every race, religion and creed; every age; every ideology, political and otherwise; and every other imaginable human description. And it hurt them in every single nation throughout the entire world. The common strand connecting hundreds of millions of people fleeced by this SCAM is that they are simple, ordinary, everyday human beings trying to enjoy a decent life and future.

    From facts documented for more than a decade by formal researchers such as those at an organization known as GATA, we know without a shadow of doubt that this SCAM emanates from the United States, even though it affects people throughout the world.

    What we witness is massive, condoned, formal, organized Wall Street theft. And since this type of theft has been happening for years with no Congressional or regulatory action of any kind against it, it also constitutes state sponsored financial terrorism, deliberately intended to inflict financial harm on innocent, honest, hard-working, everyday citizens worldwide.

    From the dawn of human civilization, man has searched for honesty in all its glorious forms. Honesty is what makes civilization possible in the first place. When there is no honesty, civilization disintegrates. Where only dishonesty, corruption and deceit prevail, chaos and inhumanity rule.

    One of the basic forms of honesty sought by humanity from the beginning was a reliable, truthful money. Honest money is a critical prerequisite to a functioning civilization. Early people discovered such a form of money, and their discovery was so powerful that it has reigned uninterrupted in the mind of man and in markets for more than 5,000 years.

    It is called Gold, and perhaps you own some yourself. Perhaps you received it as a keepsake handed down to you by a parent or grandparent, with all its sentimental powers. Perhaps it is a beautiful piece of jewelry given to you by a loved one or yourself, or perhaps you saw a gold coin one day and purchased it for its value and its beauty. Those who own gold cherish it, and I would imagine you cherish yours, too, if you have some.

    During this period of 5,000 years, by honest toil, deployment of capital and engineering brilliance, mankind has brought forth from the earth 183,600 metric tonnes of gold, or nearly 6 billion troy ounces. This amounts to not quite 1 troy ounce for every person on earth. In fact, if everyone wanted to own gold equally, they could only possess is 0.77 troy ounces of it. So we see how rare it truly is, despite 5,000 years of struggle to find, mine and distribute it.

    Yesterday, October 4, 2016, a day that will live in infamy, the price of gold was crushed $42.00 per ounce by the financial elite (or, what I call, the “eleech”), with full state blessing, for the dual purposes of monetary enforcement and outright theft. The perpetrators of this SCAM walked away with hundreds of millions of dollars of direct, private profits, which they always do when they conduct these repeated attacks on the price of gold.

    The citizens of the world were not nearly as fortunate as the fraudulent and thieving eleech. 5.875 billion ounces of gold lost $42.00 per ounce in price, for total global wealth destruction in the amount of $246,758,400,000.00, aka 246.7 BILLION dollars, on that date.

    This constitutes one of the largest, outright, one-day THEFTS in human history. History’s other record-setting thefts also cluster around this exact form of fraud, which has been happening now for decades with no Congressional or regulatory action of any kind whatsoever taken to stop it.

    Aside from providing a risk-free ability for the Wall Street eleech to steal hundreds of millions of dollars from people around the world, with zero risk of facing any type of criminal charge at all, the purpose of these price attacks on gold is to scare people away from owning it.

    The for-profit Central Bankers have monopoly products called fiat currencies. These currencies are deliberately designed to diminish in value. We know this for a fact, because one of the mandates of the Federal Reserve Bank is to create inflation. They actually tell us this in plain English. They want us to believe that the gravest monetary problem we face today is that there is insufficient inflation, and that higher prices would be a great benefit to Us, the People. Naturally, this kind of brazen, self-serving lie is an insult to the People’s intelligence. The people are not stupid, and it is a grave error when politicians, officials and/or the eleech think we are.

    People all over the world are waking up to the fact that fiat currencies are a serious danger to their financial well-being, and they are looking for alternatives in order to avert this danger. Historically, tangible things, including precious metals, are a way to achieve this. Given your focus upon matters financial, Ms. Warren, surely I’m not telling you anything you don’t already know.

    Monopolists everywhere despise the idea of their monopolies being challenged. They are particularly fearful when the truth starts to leak out about a monopoly product that is drowning in fraud, corruption and lies, and that is defective. When it comes to human perception and understanding, a spark can become a firestorm in the collective consciousness in the proverbial wink of an eye. The absolute last thing corrupt monopolists can permit is a Great Awakening.

    For years, and particularly since 2011, when precious metals market forces impressively began to break free and exert themselves, there has been a systematic effort to smash their prices. The technique used to do this is to dump millions of ounces of nakedly shorted paper metals onto the markets in a matter of seconds or minutes, creating a price avalanche.

    This is deliberate price manipulation, and therefore fraud. It delivers a handful of eleech insiders huge financial gains, at the expense of everyone else, while also advancing a diabolical and thoroughly dishonest monetary agenda.

    This has happened literally hundreds of times over the past four decades, but the problem is getting worse. Apparently, the perpetrators are getting addicted to the huge sums of money they can steal in a mere few hours. It also tells us that the monopolists at the Central Banks are getting very worried about something. Therefore, they are deliberately creating phony metals prices in order to confuse, deceive and create false illusions among the public about their defective monopoly products.

    Senator Warren, you have shown extreme interest in and moral repulsion over the $2 billion Wells Fargo SCAM, so I would imagine the $247 billion one-day, oft-repeated SCAM that I have outlined above will pique your interest, too. Yes? I certainly hope so.

    On a broader, closing note, Ms. Warren, when one views the current landscape, it appears that our leading national export is Wall Street greed and fraud. This greed and fraud brings shame upon and disgrace to our nation. To any sentient person, it is repulsive. Having watched you grill Mr. Stumpf, I know this kind of avarice and corruption is particularly repulsive to you.

    My belief is that the people of the world are waking up to how the Wall Street eleech are financially hurting them, and that the people are rightly getting angry about it. Our standing in the world appears to diminish every day, in large part due to the financial abuse that a tiny, arrogant, greedy, corrupt cabal of American moneysuckers inflict upon decent people throughout the world. The egregious manipulation of gold market is a glaring, nationally embarrassing, “poster child” example of this abuse.

    You can help your country and its citizens right now by focusing your energy, intelligence and sense of ethics upon this disgraceful crime.

    I will let this message sink in for a day or two, and will then contact you so we can discuss it in further detail, and speak about how this abuse can be stopped.

    Respectfully, Stewart Dougherty
    October 5, 2016

    http://investmentresearchdynamics.com/an-open-letter-to- elizabeth-warren-on-gold-fraud/

  30. http://www.marketslant.com/articles/exclusive-judge- rules-london-gold-fi…

    CHRIS POWELL, Secretary/Treasurer
    Gold Anti-Trust Action Committee Inc.

    Judge’s decision in gold market-rigging case is an invitation to journalism

    Submitted by cpowell on 06:30PM ET Wednesday, October 5, 2016. Section: Daily Dispatches

    2:31p ET Wednesday, October 5, 2016

    • Attn: David.

      3) The decision also should awaken mainstream financial news organizations and financial market analysts to the gold market rigging issue. Gold market rigging — that is, gold price suppression — is the prerequisite for the rigging of ALL markets and it has facilitated the destruction of market economies everywhere. It has been perpetrated largely as a matter of the longstanding but surreptitious policies of Western governments, as documented by GATA. A summary of that documentation is here:


      Yet as far as GATA can determine, no mainstream financial news organizations or even gold market analysts have ever tried putting to any central bank a critical question about its surreptitious involvement in the gold market. The decision is another reason for news organizations and market analysts to attempt journalism.

      CHRIS POWELL, Secretary/Treasurer
      Gold Anti-Trust Action Committee Inc.

  31. Truthist

    Passages [ slightly redacted by me ] from some of ur posts above
    I am conscious that ur time & energy is very valuable to u, & to this blog, inter alia ;
    Thus, ur very shortest answers should be apt.
    “when Ms May hits the zero-lower bound, then the pound will REALLY PlUMMET,
    And with it, the cost of Irish food will really rocket”
    My Q.s
    What “Zeor-lower bound” ?
    Why will “English Pound really plummet when Ms. …” 8-)

    1.2.1[ Do u know something Grzegorz that I do not know about erstwhile Mrs. May ? ]

    “…May hits the zero-lower bound” ?
    Why would cost of Irish food really rocket ?
    I presume of course will rocket then for UK consumers.
    But, I think u meant also “price” will also rocket for Irish consumers.
    “Liechtenstein has …
    best political system in Europe – a parliamentary monarchy
    Thus, immune to stupidity of the zombiefied electorate”
    MY Q.s ;
    What sovereignty does Liechtenstein have compared to Irish State, or … Poland … or proper country [ Perhaps, even Liechtenstein is not even sovereign enough ] ?
    “New Zealand with its CAP-free, low-cost agriculture (baa! baa!)”
    My Q.
    What do u mean with ur use of “baa ! baa !” per “low-cost agri.” ?
    “Germany and Netherland are booming because they chose the wrong kind of immigrants to solve their demographic problem …”
    My Q.s
    Ger. & Ntrlds. are booming ?
    If “Yes” to 4.1 ;
    How are they “booming because they chose the wrong kind of immigrants to solve their demographic problem” ?
    “Your position appears to be:
    it is either this or nothing.
    That, in political reality, leads to nothing
    That is to a total permissibility of abortion.
    Why do I even have to explain ?
    Is this outcome not obvious ?”
    My Q.s
    Why genearlly — in political reality — does an approach of “X or Nothing” result in “Nothing” ?
    “Nothing” outcome — e.g. total permission for abortion — is achievable vis-a-vis “X or Nothing” approach if “Nothing” wins.

    How can Nothing — e.g. in this case ; total permission for abortion — win ?
    “Mr Jacques Delors said in 1989 ;
    ‘The purpose of the European Union will be the economic war with USA.”
    I & many ordinary learned persons are aware of that philosophy for the E.U..
    It also echos Orwell’s 1984 I think.
    At ur convenience, u may be so kind as to give, in some near, or mid, future discussion of some DMW article, ur reasons why that statement is censored by
    the USA media
    the German media
    the Russian media.
    Again, I believe an attendant website of urs with Tables would be wise for such matters.

    • Grzegorz Kolodziej

      I only have time and energy to give sketchy and thua unsatisfying answers

      1.1 I am very sorry, this is not a time and space to explain the zero-lower bound concept, and particularly I do not have time :-(

      All that there is to know is in that 48 pages long IMF working paper:


      A short a sweet introduction to that problem is contained in that speech by Mr Benoit Coeuré, Member of the Executive Board of the ECB


      As even that short speech might be unpalatable if someone did not study economics, there is a video on it:


      Important not: a zero-lower bound is a problem that only occurs in variations of neo-Keynesian economy, such as the English one run by Mr Mark Carney Governor of the Bank of England and Chairman of the G20′s Financial Stability Board, whose purpose of coming into the UK was to recreate the property bubble he had created in Canada, you might come across the argument that the zero-lower bound is a fictional problem.

      Of course it is a fictional problem in a real economy – but a real problem in a fictional economy (like the London City).

      The great Polish columnist and classical music critic and composer, Mr Stefan Kisielewski, said: “the purpose of socialism is to put up a heroic fight with problems it creates” – so is te zero-lower bound in post-Keynesism/neo-Keynesism

      Mr Carney to save the City from collapsing made a last ditch effort and halved City’s cost by halving the interest rates. He is in danger of getting London into the zero-lower bound territory

      1.3 Why would cost of Irish food really rocket?

      - if the UK starts pumping out really cheap food, the cost of producing food in Ireland would be simply way too high; did you not read my Irish agriculture v Brexit-WTO analysis?

      - if the stock market crashes and crashing it will, biflation may change its vector: from hyperinflation in property/stock deflation in the rest into hyperinflation in food. Or gold. Or weapons. Or all of the above.

      baa ! baa !” I mean sheep. Baa is for blossoming/happy sheep (milk, apples, wines, etc) after they deregulated the agriculture in the 80s ( I remember writing about it years ago, in Indo me thinks)

      4 Ger. & Ntrlds. are booming

      Jesus I wrote a huge comment a few weeks about showing they have the biggest intra-EU trade surpluses and that the EU is primarily to suit the Carolingian Europe. I wrote about it many times. I wont write about it again.

      “How can Nothing — e.g. in this case ; total permission for abortion — win ?”

      Well it is not that obvious? Pushing for restriction knowing it will fail to trigger the outraged electorate demand to liberalise it?

      Have you totally missed the ongoing western media campaign against the Visegrad Group since they stopped following German/French orders?

      why that statement is censored by = glossed over is a better word
      the USA media = it shows weakness of the US. No President can survive if he admitted he lost Europe. Mr Carter was gone only after losing the embassy!

      the German media = either you missed what I have been writing about the Mittel-Europa/Grosserraum plan or you are pulling my leg I mean, you really think Germany would ADMIT the real purpose of the EU is their shared domination over Europe?! Delors slipped, he said something he should not have had. This was like the Gleiwitz incident. No one was supposed to find out, but the Poles cut off their radio cables

      the Russian media = the Russian goal is to detach Europe from the US in order to share it with Germany. This has not changed since Rapallo, with a few hiccups. For that they allied with China. But this is ling-term bad for Russia, for China is 10 times stronger. China only uses Russia, and brings the conflict into the NATO border in order to divert the Russian attention from their conquer from the east.

      If you have not heard anything about Mr Dugin, the Eurosia plan, etc, please do not ask me to explain: it would be too much to catch up.

      Sometimes I get irritated that you cannot see the obvious thing that long-term the Eurosia plan is fatal for smaller countries like Ireland or Poland. Mr Dugin, who is Mr Putin’s adviser, clearly and repeatedly states his (so Mr Putin’s too) goal is a RETURN TO A CONCERT OF EUROPE (Ms Merkel does not say it but acts towards it).

      I do not know what else can I say to WAKE YOU up to the fact that in that vision THERE IS NO PLACE FOR SMALLER COUNTRIES LIKE IRELAND OR POLAND. Poland is to be divided between Germany and Russia, and IRELAND is to pushed towards and eventually sucked into the UK/US.

      I am now getting angry at myself I spent soooo much time on that reply on things I thought you knew. Mr Dugin said straight on his visit to Poland that in his plan Poland will not exist (and spoke warmly about the small Jewish towns in pre-war Poland as the only valuable thing).

      Look at Russia’s top 200 list (origin, spouses, etc) and wake the hell up. Mr Putin is a good guy – yes – FOR THE RUSSIANS!!!!

      When will you wake up to the fact that Poland’s plan is the preservation of national states as a counterbalance to Europe divided between Russia, China and Germany, while the Russian/German strategy is the LIQUIDATION of national states, apart from Russia and Germany?


      • Grzegorz Kolodziej

        “What sovereignty does Liechtenstein have compared to Irish State, or … Poland … or proper country”

        I wrote about it in details a few months ago!

        I described in details how Stalin asked the Brits to betray the white Russians fighting for the west, and the Brits betrayed them (of course they got tortured and killed – all). You even responded to it I remember. Why do not you research it yourself?

        They asked the prince of Liechtentein too. He refused. That’s f…g sovereign in my book.

  32. http://www.gopusa.com/?p=15631?omhide=true

    Will Illegal Foreign Voters Steal the Election?

    But J. Christian Adams, a former Justice Department election lawyer in the Voting Rights Section, has exposed the systemic assault on the election process at every level by activist groups funded by liberal billionaire George Soros, including:

    –Blocking citizenship verification.

    –Automatic voter registration of welfare recipients without local verification checks.

    –Massive foreign language ballot expansion.

    –Obstruction of efforts to include state qualification instructions on voter registration forms.

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