October 13, 2016

All the good work to halt second property crash undone in a day

Posted in Irish Independent · 97 comments ·

We are faced with similar concerns on the horizon now. Unlike 2008, when this country went bust, or in 2012, when the euro as a currency was in real danger of falling apart, there is no serious internal threat. In 2012, the world’s central bankers cutting interest rates to zero prevented the disintegration of the euro. This may have saved the currency then, but it means that today central bankers have no ammunition left if there is another downturn. Interest rates are as low as they can go.


Unfortunately, the trading economies that Ireland depends on have not responded to zero interest rates with any real gusto. They are sluggish at best. This sluggishness means that the average guy feels left behind and sees real gains going to the very rich. As a result, the mainstream political players are now being rejected in favour of populists. This is happening everywhere, particularly in the UK, the US and France.


First, the Government stimulated the economy to the tune of €1.3bn rather than the expected €1bn. As you would expect from a minority government dependent on Independents and Fianna Fáil, there was no coherence. There was a little bit for almost everyone. Income taxes were trimmed marginally via modest cuts to the USC. Social welfare was increased, and capital investment was lifted.


So in short, there is no direction. It’s a mish-mash of parish-pump initiatives.


However, in terms of what signals it is sending out, there is one interesting development: the Department of Finance and the Central Bank — the two most significant economic agencies in the State — are now clearly at loggerheads. This is never good.


The Budget undermined the Central Bank’s authority profoundly.

The one significant policy unveiled by the Central Bank over the past few years was limiting the amount of money people could borrow to buy houses to three times’ income and limiting the borrowing to an average 85pc of the value.


It wasn’t popular but if we had a crash because people borrowed, then surely preventing people borrowing too much is one of the lessons we learned.


Almost overnight, house price inflation, which was nothing short of rampant in 2013/14, stopped. This has not played out well for first-time buyers, just yet — but in general, it has to be seen as one of the most successful and immediately effective policies ever.


House prices at the margin are affected by the amount of money a buyer can borrow against the house. If borrowing goes up, so too will house prices. It is really that simple. Those who warned of the crash years ago did so because we saw a massive debt bubble growing.


The problem for the Central Bank is that its policy has been too successful.


The implication of capping the amount of borrowing is that the housing market adjusts downwards and all prices and margins in the housing market will have to fall, as headline house prices come down.


However, the builders, landowners and vested interests in the business said they simply couldn’t cut prices.


They suggest now that the average cost of building a three-bed semi in the Greater Dublin area is an immutable €330,000. Construction costs come to €150,000, just 45pc of the total. Land, margin and VAT are the main elements of the other €180,000.


This logic puts the price out of the range of most first-time buyers if they are to remain within the Central Bank’s three times’ income limit plus deposit stipulation.


Rather than wait for the price of sites to fall or builders’ margins to fall, the Government yesterday came up with the tax rebate of 5pc of the cost of the house, which can immediately be offset against the deposit. This will simply allow people to borrow more.


So, for example, take a house costing €400,000. Before the Budget, the buyer had to save a deposit of €58,000. Now, because there will be a 5pc tax rebate on the price of the house, which is 5pc of €400,000, or €20,000, the buyer has to save only €38,000.


The net result will be a rush to buy now that the deposit rules have been loosened.


Prices will just go up and, meanwhile, the Central Bank’s authority will be undermined irreparably. Put simply, all the good work is now undone. That’s not a bad day’s work now, is it?

  1. Astonishing. Through the looking glass we go.

    • cyberjohn

      There is nothing to worry about in relation to a 5% cash back to help with deposits. It is so so tiny that the impact will go unnoticed. It will take years to ramp up new builds in Dublin and will have a zero net effect. The housing bubble is over. Stop thinking that it will return. It is gone and will never return.

      • Grzegorz Kolodziej

        What do you mean the housing bubble is over and it will never return? It has already returned! Imagine that wages went down by 1/4, instead of houses going up by 1/4. Would you not call it “a drop in wages”? Look at the 5 year period…


        The residential property price index in Dublin rose by 15.02% during the year to October 2013… And the rents are back to the Celtic Tiger levels in the Fungus Capital of Europe

        Jolly good article by Maccer, jolly good

  2. Mike Lucey


  3. Tull McAdoo

    It would be somewhat re-assuring to think that the Dept. of Finance had just gone ROUGE on this occasion but the truth of the matter is that the DoF is the ROUGE.

    I have said it before on this forum that Kildare St. needs to be cleared out, not fit for purpose. Everyone above middle management would be my suggestion.

    The place is full of Kevin Cardiff’s.

  4. Deco

    1. When you are a society that is up to it’s neck in debt, you are heavily dependent on interest rates. The Euro zone started to become a ponzi-racket, when Trichet took over from Duisenburg. The tall Hollander put interest rates at 4%. Trichet, dropped them, in a manner that has been wrecking Europe ever since.

    2. The Eurozone is still not fixed. In fact, it is worse than ever. Germany’s biggest bank is presumably in the midst of a bank run. Soon the Germans will run out of money. At that point Finland and Holland may as well run for the exit. Noonan increased the fixed commitments of the state, and in effect increased financial vulnerability.

    3. The current level of market rigging with respect to the market for development land in Dublin, is in complete contravention of Article 45 of Bunreacht na hEireann !!!!!

    Yet, the Irish Competition Authority is sitting on it’s hands.

    It does nothing about oligopolistic market behaviour in the big areas. The Competition Authority needs to be dissolved and commenced again. External based funds hold massive portions of development land on the outskirts of Dublin, and are holding the government to ransom. Our politicians do not care about sovereignty, and they are not doing anything about it.

    4. The local authorities in Dublin are amplifying the problem with absurd planning codes, that are preventing the provision of more residential units per hectare. If they are not riddled with corruption, then they must be riddled with unprecendented incompetence.

    Are the funds hoarding development land bribing councillors in the 4 Dublin local authorties, to create a shorage of approved developments ?

    5. There is no shortage of money with developers. Billions of Euros were removed from the Irish banking system in the 18 months before the banking crash. The first bank to be “un-deposited” was Anglo. Developers taking money out of Anglo caused the famous Permo to Anglo “loan” of 8 billion, thay “matured” in 72 hours, and made the Anglo accounts look good. The developers have the money off shore. The idea that Noonan needs to provide incentives for developers, smacks of sheer disrespect. But this seems to bee Noonan’s ploy. In fact Noonan has been trying this for years. For some reason they are holding back.

    6. Irish competitiveness is not sufficient for Brexit. And it is not sufficient to reduce the overall debt level. We are losing on the competiveness front. And there is no strategy to ensure cost efficiency. In fact, the very idea of cost efficiency is comepletely aneathma to a very powerful, and delusional section of Irish public opinion. The section of public opinion that listens to millionaires on the naitonal propaganda quango, seeking correct guidance on every public issue.

    This subprime thinking has to end – either with an honest admission that the assumptions are flawed/we need to fix things, or in a crisis.

    7. Irish productivity is not sufficient for Brexit. And it is definitely not sufficient to reduce the overall debt level.

    There is no plan with respect to productivity. There is nothing. Nothing concerning the abysmal performance of the Irish public sector. And nothing concerning the costs, imposed on the private sector.

    Concerning prodcutivoty, we are going nowhere fast. F is for Failure.

    8. The Irish income tax code is highly effective at keeping people in work until they reach the age of 28, after which they get really productive, and start moving around. In some cases, people can see ahead at 18 and do not even bother with the learning phase. Highly productive workers in Ireland do not wait around.

    9. Individualization of tax returns, combined with expensive housing is causing a great deal of private sector debt accumulation amongst the productive age groups. Which is inspiring people to want to get out of the system either by going on welfare (that ever growing housing list) or choosing another economy).

    10. State largesse continues to be the sacred cow of modern Irish statism. How does metropolitan Milan with a population of 4 Million manage without 1000 quangos ? How does Switzerland survive without a Rody Molloy or a Patrick Neary ? There has been no reform of the state sector since Bertie Ahern. The errors are built in.

    11. The Labour Market is still a mess. The number one incentive for being on welfare in Ireland is not the dole, it is housing. Why would anybody mortgage themselves for 20 years, and stretch themselves through all that stress, when the state can remove all the pain ? The intelligent thing to do with Noonan’s “fiscal space” money was to reform FAS and to get people off the dole into the labour market. Nothing has happened here. Ruairi Quinn rebranded FAS in a PR stunt, and it has remained an underperformer ever since.

    Time to fix FAS. And time to get people off welfare into the labour market.

    12. The Irish minimum wage is too high in the context of Brexit. Either other (indirect) costs come down or jobs will be lost. The state is committed to keeping other (indirect) costs high. The number one indirect cost is in relation to freight. It is regulated to the point of madness with levies and taxes. Even to the point that people are doing their own freight, and going to Newry for the shopping.

    13. The state’s pension debt is heading towards being completely unpayable. It is currently greater than to 12 Anglos. It is off the charts. The statutory pension, is the economical part of this. The uneconomical part is the public sector element. Paying Gardai a pension upon the age of 50 in reward from them doing nothing, is no longer viable. This has been avoided. People have to take account of this. Either you have a larger family or else you save for yor old age.

    14. I presume the Bundestag approved this one, before it reached the Dail. All that means is that another bunch of nonsensical pretenders think it makes sense. The probability is even higher that the corrupt ECB approved it, and the EU Politburo, as well.

    15. Finally, I have a question. Did Mickey Martin really need to kill irony one more time ? The week before the Budget happened, we learned that FF (the publican party) was trying to organize the PR for taking credit for pushing up the pension by €5. So he actually he did have input.

    And yesterday, he critiqued the budget, for not doign enough for Brexit. Telling us that it was not FF’s budget.

    How far does MM go with respect to lying to the Irish people ? Michael Martin, FF is now the most compulsive liar in Irish politics. He just cannot stop.

    Need we forget, the same liar prodouced pronouncements before Brexit that pressed the green jersey, whilst bowed to the new imperial racket.

    The same liar was involved in selling out Irish sovereignty, and talking up Scottish independence.

    The same liar wanted to clean up politics, but never explained how the developer’s money ended up in the wife’s accounts.

    On Brexit, he has got it wrong consistently.

    And suddenly, he pops up to produce more fibs. Mickey Martin, FF evidently thinks we are all stupid, and that we forgive the publican party from bankrupting Ireland, entertaining unpayable fantasies, selling Ireland out for a pat on the head in the imperial high table, and lying to us.

    David is right. We are unfortunately, back to where the disaster all started. Not just with the housing market. But politically, in terms of vote buying. In respect of debt accumulation. In terms of Bertonomics and statism. In terms of failing labour productivity.

    Institutional, and insider Ireland is back in control (thanks to their role as providing the institutional garrison for the nEU imperial racket). A terrible ogre is born.

  5. Deco

    [ I added this to the previous thread - but it was about this topic ].

    The article in the Irish Independent is correct.

    Bertonomics does NOT work. It creates a party, and then a cathastrophe.

    It has the key personality, it has a whiskey nose, and a series of embarrassments as the long term consequence, like it’s key personality.

    The politicians are returning to Bertonomics. It is madness. Noonan wanted to out-Bertie Bertie once. And the people reject his approach. now, he is doing it again.

    The housing market in Dublin needs
    - more supply
    - more commercial activity at regional hubs to take the pressure off Dublin, and restore the regional balance
    - higher density to ensure immediate supply in areas close to high employment areas
    - more administrative efficiency of the public sector.

    The Labour market needs
    - a lower minimum wage to help the regions
    - lower freight levies to help the regions distant from the ports
    - a business plan for rail freight to help the regions
    - a better transport plan to enable more regional distribution of labour supply
    - FAS to be completely overhauled, and fixed
    - an end to any university course that amounts to wasting time
    - an end to the “dumbing down” process in the education system
    - state employment to move to the regions.
    - a rationalisation of the HSE hospital network, and consolidation into larger, motorway accessible locations like Blanch or new greengfield locations like Naas or east of Galway city.

    And it is coming at exactly the time when we should be concerned about

    Debt reduction,
    A return to functioning markets in respect of real estate and internal services.

    By the way, within the regions there will have to be an efficiency drive in the public sector, as well as movement of more administrative roles to the regions. And that means that certain activities need to be scaled up, and made more efficient and moved to locations that enable efficiency.

    We built a motorway network, with the people’s tax money. Now we need to use it, so as to reduce state costs, and enable a redirection of public funds to labour market efficiency improvement, and infrastructural development.


    So there you have it.

    The publican party is back trying to piss up Ireland’s income against a wall again, and leave us with a pool of urine.

    Bertonomics is back. All that failure. All the lies. All the expensive underperformance. All that inefficiency. The largesse. And a smooth layer exists over the largesse, the waste, and the insiderism. And that smooth veneer is called “FAIRNESS”.

    In order to have fairness, we need over a thousand quangoes filled with movers, shakers, insiders and prominent careerists in the business of authority.

    The corruption has not ended. It has morphed into something more capable of more emotive button pressing. With a better form of lies.

    It really is time that we called time on all the BS.

  6. dorn

    Just another example of irish political groupthink in action – everything they do is reactive rather than proactive. They always react after the fact when we are already well into crisis mode. They never react proactively to prevent future crises. This is all down to vote-bribery and career politicians. Everything they do is always angling for the best personal outcome at the next election. Their careers are never on the line whether they make good or bad decisions for the nation. They constantly pander to small groups with whom they are currently less popular in order to get them to vote their way at next election, rather than try to fix society as a whole by making long term plans. We need electoral reform with lower salaries and pensions for politicians, and maximum terms of 10 years for any politician – after that get back to the real world and earn your own way. We need to have actual experts into government, instead of failed teachers, corrupt lawyers and nepotistic bumpkins. Civil servants need to be held both accountable and responsible for their decisions, and sacked in extreme cases of incompetence.

  7. Deco

    Insanity is doing the same thing repeatedly, and expecting a different result each time.

    More madness, is what is next on the schedule for Europe.

    The evidence is now clearly indicating that the vast experiment in statist imperialism on a grand scale, is driving every country into the abyss, one at a time.

    More centralism/imperials is NOT working. It did not work for Bonaparte, and it is not going to work for the current French “leadership”. [ Neither did invading Russia work, incidentally...].

    Why then did the French PM, find his inner Robespierre, and compeltely lose touch common sense, and start exhibiting signs of being unhinged from reality ?


    We need to get out of the imperial racket. It is robbing us. In fact it is robbing everybody. Except large banks, insiders, quangocrats, corrupt politicians, lobbyists, etc….

    The EU empire is in the grips of the most utter form of stupidity. They are losing the plot. They are irrationally committed to not making it work.

    Problem number 1 in Europe, is the ECB. And problem number 2 is the EU empire. Both are structural straightjackets imposing serial failure.

  8. michaelcoughlan


    First of all;

    “it means that today central bankers have no ammunition left if there is another downturn. Interest rates are as low as they can go.”

    Wrong. They can opt for outright theft in the form of negative interest rates or gold confiscation and will and have done in the past.

    Anything that weakens a central bank is a great day for freedom. I mean it.

    Here is an idea;

    Give the developers an option to build and rent homes and allow a portion of the payment for rent go into an escrow account for the deposit element of a future mortgage when the tenant can opt for exercising a write to buy as in a rent to own scheme. The person renting wouldn’t have the heartbreak of having to save a deposit and pay rent at the same time. Set what deposit percentages you want. If the developers can’t do it then let the state do it.

    No one thought of that did they? They won’t either. The 5% nonsense is an incentive to get a bit of activity going and nothing to do with helping people to purchase homes id’ say. As far as I know they still have the 20% rule in place for the next purchase which is killing all before it.

    Ask any one in their mid forties David. You will find they are renting the house they have because they need a bigger place for the family and are probably renting out the 1 bed they started off in. It’s happening all over Ireland. Both tenant and landlord at the same time.

    Madder than a bonbon.


  9. Truthist

    Surely the Irish State’s Budget was vetted by European Central Bank & E.U. Commission prior to being presented to the Cabinet ?
    Meanwhile, for ur consideration as to whom u strongly advise ur USA electorate friends to vote for, please take a look at this :

    Arkancide is the unfortunate habit of potential witnesses to the Clintons’ dirty dealings in Arkansas suddenly deciding to shoot themselves twice in the back of the head.
    Police and Coroners in Arkansas, notably Fahmy Malak who answered to Governor Bill Clinton, automatically described these shootings as “suicides.”

    After Bill Clinton became President the phenomenon spilled over to Washington D.C. when Hillary Clinton’s ex-lover Vincent Foster was “Arkancided.”

  10. Truthist

    Highly intelligent leader who has protected all the religious & ethnic groups — Muslim [ Sunni, Shihite, Alawite, Druze, Christian, Judaism, Kurds, etc in Syria since he in power being interviewed in English on Danish TV by arguably a hostile interviewer ;
    Full Interview of President Al-Assad with Danish TV2
    Published on Oct 6, 2016
    Neither Dame Enda Kenny, nor Me-Hole Martin nor Gerry-unprincipled-Adams nor Joan Burton are intelligent enough nor courageous enough to defend Irish Nation from similar invasion by Zio-Fascist Proxy USA & its Sub-Proxies ISIS, Al Queheda [ Really, Mshd-CIA directed mercenaries ].

  11. Truthist

    Highly intelligent leader who has protected all the religious & ethnic groups — Muslim [ Sunni, Shihite, Alawite, Druze, Christian, Judaism, Kurds, etc in Syria since he in power being interviewed in English on Danish TV by arguably a hostile interviewer ;
    Full Interview of President Al-Assad with Danish TV2
    Published on Oct 6, 2016
    Neither Dame Enda Kenny, nor Me-Hole Martin nor Gerry-unprincipled-Adams nor Joan-the-Moan are intelligent enough, nor courageous enough, nor noble enough, to defend Irish Nation from similar invasion by Zio-Fascist Proxy USA & its Sub-Proxies ISIS, Al Queheda [ Really, Mshd-CIA directed mercenaries ].

  12. Deco

    Constrained supply creates upward pressure on price.

    Which makes the two pillar banks look good. If they can clean up their bad debts, the ponzi racket can start again.

    The problem is the entry point. The entry point becomes a “minimum-acceptable-floor-price-of-residential-living-space-for-the-vested-interests”.

    And that is anti-societal.

    In fact Ponzi-economics, is always anti-societal. It is anti-societal regardless of what the fad is. Subprime debt, Dot-com shares, Facebook shares, Irish bank shares, etc.. It is always about misallocation, and deliberate misrepresentation of “value” via distortionary pricing.

    And we are heading to Ponzi-economics again.

    • All supported by the biggest Ponzi scheme itself, The ever expanding credit of the central bankers issuance of money. It is a Ponzi scheme by definition as it of necessity to survive requires another sucker to borrow more money in order to have enough in circulation in order to pay off the interest to the previous creditors.

      It is the fiat money Ponzi scheme that is the root of all our problems. It is run by central bankers given authority to do whatever they want. politicians interfere in markets and try to redress the mistakes of the central bankers policies. All are in chaotic conflict until the markets no longer work. Economists join the clamour in exacerbating the mistakes of bankers.politicians while the side issues are debated and the root problem ignored.

      Welcome to the blog debate and some very astute observations. However the basic problem and the attendant ultimate solution is missed entirely. Until addressed, there will be a babel of voices “full of sound and fury signifying nothing”.

      Meanwhile , eventually the markets will assert themselves and re-adjust all past mistakes rather like a violent earthquake shakes off the stresses built up by the incessant movement of the plate tectonics of the earth. The results will be catastrophic in some areas while the rest get about our business. OR are subject to an event like the meteorite hit that wiped out the age of the dinosaurs.


  13. https://wealth.goldmoney.com/research/goldmoney-insights/how-not-to-manage-a-currency?gmrefcode=gata

    “It is a process that cannot continue indefinitely, because, as the old adage goes, markets eventually reassert themselves. This adage is a summation of all that’s wrong with monetary and financial collectivism, the inability of central planning to allocate capital resources as efficiently as free markets”

    “This has always been the basic argument for not putting trust in fiat currencies, instead having a form of money whose purchasing power is more stable in terms of commodities and raw materials. The Bank of England’s inept monetary policies under Mark Carney’s governorship seem certain to expose the fragility of fiat sterling to wider public attention and scepticism. If the consequences weren’t so serious, we might thank him for unwittingly toppling the status quo. But the inevitable crisis, many times worse than that faced in 1975, cannot be embraced even by the most extreme financial masochist. This is why people in Britain and America will increasingly find solace in gold.”

    • Grzegorz Kolodziej

      “The Bank of England’s inept monetary policies under Mark Carney’s governorship seem certain to expose the fragility of fiat sterling to wider public attention and scepticism. If the consequences weren’t so serious, we might thank him for unwittingly toppling the status quo.”

      +1, Tony.

      And UKiP’s silence on that (as for a party that is supposed to be free-market) is thought-provoking. It would be gas if lomng-term Brexit resulted in British politics swinging more left within the national consensus – we do not criticise Mr Carney, tax breaks for the City and Tories doubling the national debt, and we in turn introduce protectionism to please the trade unions.

      Of course, for most of the continent, which is struggling with the consequences of its own central bankind madness, the intellectual impotence of British politicians from Corbyn, Sturgeon via May up to Farage, is no consolation (and of course, Messrs Juncker and Schulz are bigger idiots than any of them four losers).

      That is if Europe survives at all – and I do not mean the EU: I mean the real risk of, i.e., France split into 2 parts (Muslim and non-Muslim), like in the Middle Ages (and this is an optimistic scenario, given the French authorities have totally lost control over their state – see mass refusals of their police to enter the Muslim districts).



      Btw, France was hoping to sell Poland their military helicopters that the French themselves did not want to buy (they only sold it to Mexico and Brazil) for twice as much as they had sold to those two; the previous corrupted government of PO was going to sign a contract, but the new government cancelled it.

      President Holland felt offended and recalled his visit to Poland – Polish authorities delicately hinted that he can take his supermarkets with him too, if he wants.

      On another topic – do you think that the Anonymous will keep their word and release the tape showing President Bill Clinton raping a 13 year old, or is it just a publicity stunt? Are they waiting for the third debate? Btw, when I read that CNN gave Hillary the questions before the debate, I stopped yearning for an objective debate – I hope that Fox interrupts Ms Clinton, gives Mr Trump more time, asks her about Arkansas murders, and hopefully shows the tape of Bill-the-paedophile.

      NOT THAT this is the way I wish national debates should be run – but to level things out after the disgraceful behaviour of CNN re consulting the questions with Ms Clinton.

      Btw – I was watching Mr Trump’s body language very closely. Although he has improved over his first debate (I think he won the second one), he has not been trained properly in that field; Ms Clinton has been better prepared by her team.

  14. “First, the Government stimulated the economy to the tune of €1.3bn rather than the expected €1bn.”

    “The Budget undermined the Central Bank’s authority profoundly.” DMW

    It is a process that cannot continue indefinitely, because, as the old adage goes, markets eventually reassert themselves. This adage is a summation of all that’s wrong with monetary and financial collectivism, the inability of central planning to allocate capital resources as efficiently as free markets. Sooner or later, a mistake, changing circumstances, or a black swan event leads to a financial or currency crisis. This happens from time to time, and every time the lenders of last resort manage to save their carefully constructed artifices, they say there are lessons learned, and it won’t happen again. Hubris. BY ALASDAIR MACLEOD

  15. “The hid their identities and mislabeled the Federal Reserve because what they were doing was wrong. They were creating an engine of monetary and price inflation that over time would break the middle class, ruin the dollar and eventually destroy the US itself.

    This would be the inevitable result of monetary price fixing – which is the real Fed’s real authority and power.

    There are central banks like the Fed all over the world now. Many are not “independent” and really that doesn’t matter. One merely needs to keep in mind that central banks are agencies of destruction to understand fully what has taken place.

    In every nation and region where there is a central bank, the nation state and its citizens will eventually find survival difficult if not impossible. People will be given a choice. Either they cooperate to create a more fully globalized world or they and their families will face extinction.

    This will not take place overnight, of course. And that is why Citi will continue to voice concern over central banking, and perhaps even Yellen. Citi and those who run it want to be in charge of the inevitable destruction. They certainly don’t want Congress to take over and initiate an uncontrollable investigation into the reality of central banking and its criminality.”


  16. Disturbing

    Bill and Jim,

    Many parties have missed the significance of the Russians advice to return the students studying abroad.

    I recall a story my grandfather told me about when at age 17 in 1917, him being in a Boys Finishing Academy in Moscow and being summoned by his uncle who was Postmaster General of Russia and being told that war was coming and instructed to return to the Academy that afternoon, pack his belongings and get on his horse and return to the Ukraine to warn the family to disburse into the countryside because they would be hunted for being wealthy landowners.

    The Russian culture is such that family is always brought close to home in times of pending conflict.

    Think about safety of children who maybe held as hostages or be subject to retribution at the hands of a country at war, or one that is subject to attack.

    A parent will want their children closer at hand at home.

    War is coming, Tom to Europe and the Levant. Note the 3 hour emergency meeting in London today. Events are cascading behind the curtains far faster than people know. Whether the war beaters succeed remains to be seen but should be subject to public debate and knowledge. Instead we get balderdash and deceit.

    We do not know all the NATO moves but clearly by the Russian moves we can see and ascertain they are preparing for war on 3 fronts shortly. I knew sometime ago now that that was part of their preparation for what they thought might occur. And a reason they have not committed more to Syria. If they wanted to they could intensify the air program but that would leave them weak elsewhere so they are fighting on that front while maintaining their defensive capability. While it is in my opinion, suicide to strike at Syria given the defensive systems in place it does not mean that such an attempt will not be made. It would not be the first time troops are sent to death. While in the Ukraine NATO or perhaps more pointedly US snipers are positioned along with certain Polish troops ( regular or volunteer, likely mixed) for a move on the Donbass with the intent to draw Russia in to what is seen by the planners as contained conflicts. It is why Russia moved the Iskander missiles into Kallingrad which from there will be able to reach as far as Berlin. ( 450 mile radius). Think about why 3 new vessels were dispatched to the Med equipped with Kalibir missiles and having the most deadly anti ship missiles that jointly were developed with India, to why in the case of an outbreak of hostilities the command has been given for local decentralized response.

    Hollande being the weak foolish leader he is is, toeing the flawed US line in foreign policy ( it will continue to cost him in the up coming elections) and it is why Putin cancelled his visit of October 19th. In fact, rumor has it that Lavrov will be told to stop talking to Kerry, in the not too distant future ( a terrible signpost when it occurs). A Russian tradition is to always talk and keep the lines of communication open until the advent of hostilities, so one gleams from this when this action happens, an outbreak of “hot” hostilities is very near.

    There is so much, we are not being told that it is truly saddening and the media if it had character would have shame. Apart from the alternative media and various bloggers the rest is not worth spending time on. And if when looking at alternative media, ask for who is paying the bills in the background as that too is heavily influenced.

    With the cabal in the process of losing control on many fronts it seems war is their preferred reaction. To what gain remains to be seen or even what logic applies to conflict that can go horribly wrong with dire consequences for regions, people and perhaps even the planet. There are simply NO winners in a nuclear fight between nations like America, Russia and China. And the likelihood that peace will be given a chance to bring prosperity to the world is fading fast.


    CIGA Robert


    • Grzegorz Kolodziej

      “While in the Ukraine NATO or perhaps more pointedly US snipers are positioned along with certain Polish troops ( regular or volunteer, likely mixed) for a move on the Donbass”

      “Polish troops” is an exaggeration I think – as far as I know – and I know better than the sources you quote – Poland has sent 18 rangers, unless you mean the Lithuanian-Polish-Ukrainian brigade – but they are not operational over there.

      As to volunteers – yes, there are some; but there are volunteers on both sides (that means Polish volunteers on the Ukrainian and on the Russian side). In my opinion there should be no Polish volunteers on any side. Though on the other hand, it is a free country (well, sort of, in 1/3 maybe – but certianly Poland is now more free country than France, and its media are less censored than in Germany or, probably, even Ireland and the US).

      The story which has been glossed over in the sources you quote is that not only Russia, but the Ukraine too has been REALLY hostile to Poland since the post-Maidan people came to power: i.e. one of the first moves of the Maidan government was to block imports of beef from Poland in favour of German beef, and their Parliament commemorating the mass-murderer of Poles in WWII during the Polish President visit was another move (and not that they had been friendly before: Ukraine and Lithuania had been treating Polish minorities, and still are, more or less like the Ulster government the Catholics during the Troubles).

      This is despite the 1bn euro Poland gave to Ukraine to sustain their economy (but Poland has been, until last year, an easy touch for everyone – they have written off all the Gazprom debt), I am not sure if quite voluntarily.

  17. mike flannelly

    ” It wasn’t popular but if we had a crash because people borrowed, then surely preventing people borrowing too much is one of the lessons we learned – DMW ”

    People borrowing too much while intelligent professional lenders/bankers paid themselves up front bonus payments, was not some NEW lesson learned.

    Peter Nyberg was more honest than Irish economists when he said it was NOT BELIEVEABLE that intelligent professionals could ignore the basic principles of banking.

    Lets face it. In my opinion they made unfair gain for themselves because Irelands lightweight economists, politicians or journalists never held them to account.

    Todays problem is that we have waited and waited but nobody is building a three bed semi in Galway, Cork or Outer Dublin for less than 290,000 euro.

    In 1995 the house was four times(400%) ONE wage so 10% deposit for the house price was 40 % of one wage.
    In 2015 the house is seven times(700%) one wage so the 10% deposit is now 70% of one wage.
    The main metric should not be the deposit but the long term sustainable repayments portion of your net pay.

    This is and has always been the “real value” of debt and in this snapshot of time has a max 30% of net income for the 25 to 55 yr olds with other life expences to consider.

    Part of the house buying problems are the fact that the same people who over-valued the debt on land banks in Ireland by 900% are causing major uncertainty with mortgages and are not trusted by Irish bank customers. They are naming their own profits and plucking variable rates out of their arses. This is affecting bank share price and consumer confidence.

    During 1995, 1996 and 1997 inflation was 2% and mortgage interest rates were 7%.

    Today repayments on a (7×one wage) 250,000e mortgage for 25 yrs @ 3% = 1180e
    would be much the same
    as a (4xone wage) 143,000e mortgage for 20yrs @ 7% = 1090e.

    The ECB and failed economists should realise that bank customers need certainty when it comes to mortgage repayments. If the debt ratio is higher then the interest rates have to be lower. 30% of net income is a max.

    25 yr fixed rate mortgages @ 3% would leave room for banks to buy and offer 1% on savings. Mortgages should be flexable enough to restructure as required to meet the customers life needs.

    Its not all about aggressive profit growth for short sighted politicians and bankers.
    Banking should be all about the customer.

  18. An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense – perhaps more clearly and subtly than many consistent defenders of laissez-faire – that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other. – Alan Greenspan, “Gold And Economic Freedom” (1966)

  19. http://moneywise411.com/2016/10/who-still-supports-trump/

    And “inflation” and “unemployment,” as measured by the Bureau of Labor Statistics (BLS), are largely fantasies.

    And the little people know it…

    Our friend Rob Marstrand from OfWealth just looked at one key price – one that is near and dear to the working class: the price of a pickup truck.

    According to the BLS, prices on automobiles have barely budged over the last 20 years. But that is clearly absurd. A new Ford F-150 pickup costs upward of $26,000 today. The same basic truck was about $15,000 in 1996.

    The BLS says the two are actually the same price because today’s pickup is “better.”

    Yes, that’s right. It is better. More electronic gear. Airbags. And so forth. So, BLS argues that, dollar for dollar, you get the same amount of truck today as you did in 1996.

    But, of course, the man who needs a pickup truck cannot go to the dealer and say, “I just want $15,000 worth of pickup. You know, like I got in 1996.”

    He still has to pay the full $26,000… and it still does basically the same job it did during the Clinton administration. It takes him and his tools from point A to point B. But it costs him 70% more.

    Phony Adjustments

    The other big thing a working man needs is a place to live.

    According to the BLS, since 1996, housing prices have gone up about 50%. But when we do a little fact-checking, we find that, 20 years ago, the typical home sold for $137,000.

    Today, the median sales price is $305,500. Wait, that’s not 50% more. It’s 123% more. We didn’t check with the BLS, but we suppose the discrepancy is due to the same “adjustment” made by wonks who think that today’s house is “better.”

    Maybe so. But the typical working stiff still has to live in the typical house and drive the typical truck to his typical job. He can’t say, “I’ll just take the house, but hive off a couple of those bedrooms. I can’t afford them.”

    RELATED: Major Flaw In US Economy Still Threatens

    But wait… Does the typical working man earn 70% more today than he did 20 years ago?

    According to the Census Bureau, in 1996, the average nominal (unadjusted for inflation) personal income of people with “some college” but no degree was about $29,000.

    Today, if we read it right, it is $40,000. That’s an increase of about 38%, not 70%.

    The feds – with their phony adjustments – show the typical person standing still. But he is not. After two decades of prices rising more than three times as fast as incomes, the typical person is far worse off than he was 20 years ago.

    His major expenses – and we have not even mentioned tuition and medical care, which even the fed’s fake numbers show are 200% and 100% higher, respectively, than they were in 1996 – cost him $109,000 more than they did 20 years ago…. and he has only $5,000 more income.

    Why else would voters spend a minute listening to a scalawag such as Donald Trump? Fake money, fake statistics, fake interest rates – they’ve created an economy where the Trump voter has less real income.

    They know they have been bamboozled. They count on Donald to do something about it.


    Bill Bonner

    • michaelcoughlan

      Why don’t you take cognizance McWilliams of one passage from this excellent post;

      “The feds – with their phony adjustments – show the typical person standing still. But he is not. After two decades of prices rising more than three times as fast as incomes, the typical person is far worse off than he was 20 years ago”

      • I’ve been saying that many times over the last years to no comment.
        The Canadian standard of living has, I repeat, dropped to 45% of what it was in 1970.
        It correlates with the secession of the US dollar being backed by gold via Nixon.
        This correlates with there being no restriction on the production of all currencies as none were backed by anything but paper vacuous promises that mean nothing.
        From this date on: Central bankers were able to manipulate the interest rates as they saw fit.
        From this date debt exploded because all central bank and fractional reserve banks issue new money as a debt at interest.
        The results are a stifled economy that the elites cannot revive. constriction of the money supply will result in rising interest rates that will kill the economy. The economy is done, toasted and toasted.
        The elites are resorting to war to cover their tracks. Russia and Putin are painted as the new Hitler by Clinton. Lies and propaganda spew at us daily.
        Lies about the economy , lies about the banker aggression in the Middle east, lies by the MSM.
        The US unwashed Know the truth about the economy, they live it.
        Trump sees it, and tells it. Trump in that regard tells the truth. The people know it. Russia knows it.
        Vote Trump for peace , vote rump for avoiding WW111.
        DMW has not even got his feet wet. When he recognises the role of the banking system in the collapse of our societies then I will applaud. But by then it will be too late.

        “Putin hasn’t commented on the crash directly, but one of his Russian ultranationalist allies has issued a statement telling US voters that the alternative to a Trump presidency is … nuclear war.
        Vladimir Zhirinovsky, who is well known for his confrontational style, said in an interview that Trump was the last hope for de-escalating Moscow/DC tensions.”


  20. http://www.moneyandmarkets.com/germany-warns-danger-war-u-s-russia-82341

    “German Foreign Minister Frank-Walter Steinmeier said on Oct. 8 that the situation between the U.S. and Russia today is more dangerous than it was during the Cold War.

    As he put it, “It’s a fallacy to think that this is like the Cold War. The current times are different and more dangerous.”

  21. Truthist

    For sure, Syria & Russia are sticking to the truth, & Zio-Fascist Proxies USA, & UK, & France, inter alia are willfully telling lies.
    And, ISIS & Al-Queheda are Mshd-CIA creations from the get-go ;
    History repeats itself in so many of the same places.
    The Dreadful Few could manufacture a similar scenario in Ireland again with Loyalist & Nationalist & “Secularist / Humanist” players.
    Anyway, no doubt that some sort of plans for Ireland are in the making — during times of peace — for to be executed at some future date.
    “Divide & Conquer !”
    Arthur Augustus William Harry Ponsonby, 1st Baron Ponsonby of Shulbrede (16 February 1871 – 23 March 1946) was a British politician, writer, and social activist.
    He was the third son of Sir Henry Ponsonby, Private Secretary to Queen Victoria.
    Lord Ponsonby is probably most remembered for the statement:
    “When war is declared, truth is the first casualty.”
    Propaganda Lies of the First World War
    by Arthur Ponsonby MP
    1928 by George Allen and Unwin
    27. OTHER LIES
    29. WAR AIMS

  22. Almost unnoticed by the western press was the Chinese Yuan being added to the IMF SDR basket of currencies.


    • Grzegorz Kolodziej

      Tony, I had written about it (yuan + IMF SDR) on this blog (and quite extensively too) b e f o r e it happened.

      A lion’s share of my entries last year were on China. This year I went easy on China because things like Yuan and SDR, or the South China Sea gigs are now topics of the mainstream media.

      Nonetheless, I reminded the readers about Yuan being added to SRD a few weeks before, with a precise date when it will happen.

      • Grzegorz Kolodziej

        SRD = SDR

      • What are you Brilliant? I have posted as have others numerous essays about the monetary system, and China too..
        just because you claim credit, do you want a prize? It has been a topic many times over the last few years. Unremarked of course and there lies your frustration!! :)
        The date has been set for the new SDR basket for a year as the previous year China was denied. China is as I am sure you know, the larges producer in the world of mined gold. It also imports more gold than any other country than now and them india. The net result is an accumulation of well over a 1000 tonnes a year to their domestic and official stocks. china knows the next world currencies must be gold affiliated if not directly backed by gold. Central bankers used to be net sellers of gold but the last 5 years have become net buyers by over 500 tonnes a year.
        The USD sees a less and less percentage of world trade as the medium of exchange. The USD is dying, long live the USD.

        God help us all if the Mad Clinton Cabal remain in power in the US. God protect Trump from harm if he is elected.

        Have a great day Grzegorz.

        • Grzegorz Kolodziej

          “God help us all if the Mad Clinton Cabal remain in power in the US.”

          I forgot to say. I do not know about you, but I do not see Mr Trump winning at the moment if the current trend continues. I hope Fox gives Ms Clinton as unfair treatment as Mr Trump received from CNN. In fact, I think most argy-bargy from all players: the US, China and Russia are in my opinion related to the US election, apart from the dollar thing we both agree on.

          Whether we like it or not, we’d better prepare for Clintons, Tony (and – I agree with Deco and Michael – none of them are good choices). Now, how should we prepare, that’s a different thing altogether. Yes, I know it sucks – I am just saying how it is at the moment.

          Honestly, I do not quite know (personally I am close to people who have been involved in setting up a farm in Dublin that would run courses teaching the city people self-sustainability, but we come across many obstacles).

      • Grzegorz Kolodziej

        “What are you Brilliant? I have posted as have others numerous essays about the monetary system, and China too..”

        One thing does not exclude another.

        Yes, I probably am brilliant, thanks for pointing it out; other than my brilliancy however – and I am not being entirely serious – I am one of the best researchers here (that also includes Pat and his bullshit research on Keynes as an investor, though Pat is stronger than me in other areas – i.e. he observes things closely from the US).

        My professional approach to research is evident in that I do not approve spreading false information given on this blog under the previous article that the US has 800 military bases ON THE RUSSIAN BORDER, unlike one Tony Brogan, who gave this nonsense +1.

        But, you have your own brilliancies too (with no sarcasm intended). And almost all the links you post are worth reading. And you are doing a good job making it available for us. Have a nice day too, Tony.

        • Brilliance is a matter of degree comparison. i do not care particularly for the credit. I just wish more would take note and not ignore the obvious.
          nobody is perfect. all we can do is the best that we can.
          Equal opportunity is the goal, not equality of people or results.
          As fr as your question of preparation is concerned. It is a difficult question to answer. Many “crises” have passed me by without notice. maybe the best is to continue living today, and enjoy.
          But my preparations without being paranoid include having emercency supplies of some form. food of the non perishable type. 25lb bags of organic oatmeal. Canned/hot packed fruits and frozen vegetables. winter greens in the garden, spuds in storage, Beets too.
          Financially I am extreme. I have nothing in the banking system except a line of credit and a small balance chequing account. I have a small pension from the state and another small contributory one that appears well funded (even into precious metal mining holdings). I self fund my retirement from past savings having always known that my pension was little to nothing. I have modest realestate both in size and price and the yard is planted with various edibles plus access to an allotment garden patch.
          Preferably I would have 5-10 acres and a cow , a few sheep, chickens (easily looked after in a city lot) and maybe a horse for pet or transit. I own a bicycle too. My capital is deployed in silver, gold and PM shares in equal measure. If I need extra funds I liquidate. As a single retired my net worth has grown with this allocation adjusted from time to time. It has been tough the last 4 years as the PM took a retraction of 35% and 50% and PM shares 85%. I was back in to PM shares this feb /March and have even with the last 3 month drop a YTD of 70%. A nice recovery. Can’t say as I would recommend the stress level to others but one should have at this point::

          Nothing of value in the banking system anywhere.
          10% in silver bullion, in hand.
          10% in gold bullion in hand
          10% in PM shares of solid junior producers of silver.
          Use a broker not connected to a bank. Use a broker who does not margin your shares you hold to short the very product you are invested in.
          do not buy allocated paper, unallocated paper bullion or shares in any PM fund. There are very few funs that have the bullion they say they do. As you explore the market you may find a handful of reliable ones with the bullion to back your investment. IMO it is better to be your own custodian and have in private vault or storage where it is easily reached if needed.
          The bond funds and market is a 5000 year high bubble.
          The stock market is levitated by financial manipulation rather than economic success and therefore neither bonds or stocks are to be trusted to maintain wealth.

          To put it in perspective. The resistance and ignorance is so pervasive that 2 of my 3 children refuse to take action to protect themselves as they have benefitted the last 5 years from the stock rises. They are afraid to make a change. Most people are including me most of the time.

          As far as US bases are concerned, nobody knows!!



          Given the incomplete figures available from the Pentagon, Paul’s topline figures — 130 nations, 900 bases — are plausible when active military operations are included.

          It is a matter of degree but the point being the US is everywhere, into everything, and the direct cause of much of the problems in the parts of the world that are erupting into violence and war. It is a concerted effort to destabilize the west and create one world authoritarian government. It is all funded by the huge amount of debt based money provided and stimulated into existence by the central banking paper money ponzi scheme that just like US bases is in most countries of the world by coincidence.

          • Grzegorz Kolodziej

            900 bases in the world – yes, it is possible, but not on the Russian border! Citizen Why claimed that latest enforcements in Kaliningrad are the result of Russia being surrounded by 800 US bases at its border.

            That’s a misinformation as big as if someone claimed that Russia had 500,000 soldiers and new nukes at the Irish border, and the said he meant the Polish border.

            As for the rest of your e-mail, I strongly agree. Especially with the last sentence

            An alternative info:


          • I guess the Russian border bit slipped past but I would not put it past the fact that there are dozens of military stations “too close” to the Russian border for their comfort. THe US has broken the agreement with Gorbachev to leave a mutual non militarised area. It included the Black Sea and the satellite countries that are ex USSR.

          • Grzegorz Kolodziej

            Like I said Tony, I cannot think of any other US bases near the Russian border than in Turkey and Japan – maybe those in Uzbekistan and Turkmenistan, but I think China is ousting them now; even with NATO bases, this would still AMOUNT TO MUCH LESS soldiers and equipment than what Russia has in Kaliningrad all the time.

          • Grzegorz Kolodziej

            “THe US has broken the agreement with Gorbachev to leave a mutual non militarised area.”

            Hello, has anyone asked Poles or Fins? If those countries want to be sovereign, it is not a f…g Russian business – they have been used to talk over their heads for the last century.

            Secondly, the agreement is a myth of the Russian propaganda.

            Thirdly, Russia did not object to NATO enlargement in the 90s, and even agreed in writing. They only objected to the second enlargement – the Baltic States. Tough shit.

            Fourthly, since when is Russia keeping any agreements? I have written a lot about it.

          • Grzegorz Kolodziej

            “THe US has broken the agreement with Gorbachev to leave a mutual non militarised area.”

            Hello, has anyone asked Poles or Fins what they want? Russia wants this, Russia wants that — it’s about time we stop listening to that imperialistic bullshit. Their economy is collapsing (in fairness, so is the US) and it’s better they start thinking of their own people.

            If those countries want to be sovereign, it is not a f…g Russian business – they have been used to talk over their heads for the last century.

            Secondly, the agreement is a myth of the Russian propaganda.

            Thirdly, Russia did not object to NATO enlargement in the 90s, and even agreed in writing. They only objected to the second enlargement – the Baltic States. Tough shit.

            Fourthly, since when is Russia keeping any agreements? I have written a lot about it.

  23. Deco

    Alright prices are up, in fringe Dublin. Instant reaction. [ such is the impact of a rgged market].

    Here is a question – who currently owns all this land that NAMA seized in the aftermath of the banking ?

    • Deco

      Because that is the beneficiary.

      Ponzi-economics. Tommy Cooper would be impressed. People get rich..”just like that”.

      People get rich from doing nothing.

      The something4nothing economy. It is all virtual money. Except on the accounts of the borrowers. There it is REAL money. Debts are paid in real money. In real sweat.

  24. Deco

    This how Ireland runs the Health Service.


    Hospitals (and towns) competing for public resources. No clear plan. No sense of combined organization. Too many layers of management. No clarity on procedures. No concept of scale of economic deploment of resources. And decisions like the location of the Children’s hospital that are absurd and ridiculous.

    And not enough large, efficient scale hospitals. Located on the outskirts of the main cities, on principal transport routes.

    And not enough common sense.

    The HSE as Ireland’s version of British Leyland.

    Organizational chaos.

    • Truthist

      The “Non-Performance” by a great many of the planners & staff is DELIBERATE !
      Get ur head around that for a consideration.
      And, there are plenty of precedents ;
      Even in private industry of doom & gloom times of 1980′s.
      The Irish State’s Health Department is a racket.

  25. michaelcoughlan

    It seems real world politick is going like this board and getting nuttier an nuttier;


    RR6 got it right lads you and your family is what counts. Try not to hurt anyone. Do what makes you happy and makes you feel good. The only real currency you have is the positive contribution you make to the OTHER PEOPLE who live with you on planet earth.

    That last sentence is the key to YOUR FREEDOM. I know this to be true. I learned it from my Uncle Stephen who passed away around this time last year aged nearly 90. He was born in Ireland in 1925. His grandfather was born in 1839. Imagine the havoc and destruction they witnessed in their lifetimes as well as Stephen’s dad.

    Stephen told me that when he was born there was no dole and no jobs so NO MONEY what so ever. I asked the obvious question. How did you live? Simple answer; We all HELPED each other. He told me the guards made all the young men sign on in the garda stations in the mid 1940′s for 2 reasons; The govt. didn’t want Irish young fellas joining the British army and because so many young men were leaving Ireland the govt. had a real fear the country was an unviable entity.

    Start making friends with you neighbours and colleagues. Keep an eye out for elderly people and the infirm. Grow spuds. A very simple no dig no weed system is buy a potato bag and fill it with earth, place a spud in it and tip out the contents in the Autumn. Laugh and make love. Don’t take on borrowings. Learn how to preserve food and don’t waste any. Sing.

    Simple stuff.

    Most importantly;

    Tell your kids you LOVE them.

  26. “In other words, it could not be more obvious that the same direction the global economy is taking – led by the horrific, historically damaging actions of the Fed; is being followed politically, monetarily, and with increasing likelihood, militarily. As the saying goes, “when all else fails, they take you to war.” Which clearly, is rapidly moving from “possible” to “probable” to “fait accompli” status. And if you can’t motivate yourself to PROTECT your assets from the inevitable “fallout” under such dire circumstances, I’m not sure what more it will take. Other than the equally inevitable financial collapse; at which point, it will already be too late.” Andy Hoffman


  27. Upping the ante

    The Sunday Times’ report quoted a defence source as saying: “Up till now RAF Tornados have been equipped with 500lb satellite-guided bombs — there has been no or little air-to-air threat. But in the last week the situation has changed. We need to respond accordingly.”


  28. Who actually runs the country.
    your country
    Any country

    The central bankers of course.

    Speaking later in Birmingham, Mr. Carney defended the bank’s independence, insisting that policymakers would not “take instruction” from politicians on how to do their jobs.


    • AlfieMoone

      ‘The Irish people make up 1% of the population of Europe, yet we’re paying for 42% of the cost of European banking crisis. We pay over 11 billion (11,000,000,000) each year in interest alone. The capital on these loans is due to be paid in 40 years time by our children and grandchildren. And still many of us treat political parties like football teams, sticking by them through thick and thin, regardless of how they perform. Another 40%+ of us don’t even bother to vote.’



      • AlfieMoone

        “What does it take to make you angry? Where is the spark that lights your flame?…Sold out, taken in, yet blindly, you’d do it all again, fuel that gravy train…oblivious…oblivious..you stay in your tribe and stand by your man, then he’s whipped into line for some great master plan, stuck in a spiral, still fighting an old civil war…but back in the day we had men of esteem, risking their lives for a national dream, a century later: What was it all for? Hear their voices down the decades, calling out to you, all that we dreamed of and died for, squandered by scoundrels and fools…is this really the best we can do? Tell me, what does it take to make you angry? Where is the line that can’t be crossed? Sold out, taken in, yet blindly, you’d do it all again, fuel that gravy train…oblivious…oblivious…so when they give all that you treasure away for a pittance….or banish your children to toil on a rich foreign shore, when they prey on the weakest and bow to the ones that have plenty, they know that you’ll follow…Imagine a nation where people are free not slaves to some gombeenman economy
        Sold into bondage one ill fated September night,
        where smooth talking sleeveens don’t spin and pretend
        Their promises not just a means to an end and justice isn’t what’s legal, it’s what is right. But the king of Islandeady echoes the cries of the clown, heaps pain on the sick and needy to soften the Ice-maiden’s frown
        And we take it all lying down. What does it take to make you angry? Where is the spark that lights your flame?…Sold out, taken in, yet blindly, you’d do it all again, fuel that gravy train…oblivious…oblivious.”

        ‘Oblivious’ – Mick Blake


        “The real Plastic Paddies are sitting in the Dail”
        Andy Mooney

        “I’ve been dreaming of a time when the Irish, are sick to death of Fianna Fail & Fine Gael. And spit upon their names alongside Cromwell”. Andy Mooney

        • AlfieMoone

          ‘Oblivious’ – Mick Blake sung by Christy Moore on ‘The Late, Late Show’


          “I wouldn’t sing it if I didn’t believe every word he says, or if I didn’t feel it. There’s another verse, I stopped singing the other verse as it was making the audience….uncomfortable….”

          “The real Plastic Paddies are sitting in the Dail”
          Andy Mooney

          “I’ve been dreaming of a time when the Irish, are sick to death of Fianna Fail & Fine Gael. And spit upon their names alongside Cromwell”. Andy Mooney

          with Declan Sinnott & Jim Higgins
          THU 13 OCTOBER 2016- Birmingham Symphony Hall


  29. michaelcoughlan

    Hello David,

    Congratulations on the new show;


    This bit is hilarious;

    “The show aims to make economics understandable and relevant to its audience”

    Is it not obvious to you that its the people who run the worlds central banks who new things explained to them?

  30. Grzegorz Kolodziej

    Here would be a good question for President Higgins, me thinks.

    President Higgins, on the one hand you are in favour of a tolerant and open society, and you said that Ireland did not receive enough refugees from Middle Eastern or African countries.

    On the other hand however, accepting mass amounts of people from those countries in Sweden had led to Sweden having to accept sex segregation in Swedish schools with Muslim majorities (i.e. in Al-Azhar school), which has drawn attention of the Swedish minister for education Mr Gustav Fridolin and it prompted a decision of the Norwegian director of the immigration office, Mr Frode Forfang, to deport 15,000 Muslims this autumn.

    How would you deal with a problem that countries that adopted the policies you advocate now ended up with less tolerant societies where the Swedish school inspectorate agreed to sex segregation in schools? Did that ever occur to you?

  31. Bussing voters around to different polls
    Democratic fraud

  32. Lots of tasty tidbits exposing the corruption of the real world


  33. http://www.gopusa.com/?p=15982?omhide=true

    “Thank You Vladimir Putin
    If the Russians are ultimately responsible for the release of these emails, some of which show an anti-Catholic animus on the part of Clinton campaign officials, we are grateful to them. The answer has to be to clean out the American political system of those who corrupt it and demonstrate to the world that we can achieve higher standards of integrity and transparency.”

  34. http://www.gata.org/node/16835

    Australian academic inadvertently exposes a major price setting and collusion practice in the Precious metal markets. Major banks on trial while Deutsche Bank turns evidence for the prosecution.

  35. Truthist

    Why is Diego Garcia wall-to-wall US bombers ?
    Have the USA zio-fascist Pentagon maniacs already decided to :
    bomb the Syrian army
    & thus
    dare Russia to start WW 3 ?
    “I rotate through Diego Garcia every 6 weeks to pull maintenance on uplink equipment as a private contractor.
    I have watched GLP off & on for 4 years.
    Something big is going on ;
    The island has more aircraft than anytime in the last 9 years.
    They have blocked off some access roads, & are now parking aircraft on the road.
    Barriers have been set up around the aircraft areas.
    Temporary barracks & hangers are popping up everywhere.
    A tent city full of AF & Navy maintenance personal has also been set up.

    I have never seen B1s & B2s there at the same time.
    Actually I have never seen more than 1 there at a time.
    Security is nuts ; I had to show my I.D. at least 8 times a day
    My co-worker is former AF ;
    He said they are like that when nukes are around.
    We counted over a dozen air refueling tankers on the ground.
    The airfield had a take off or landing every 15 minutes ; Very busy.
    When we flew out we waited in line for quite a while.
    We never had to wait in the past.
    The Navy had the docks full of ships, & 6 to 8 more were moored just off shore. We watched many pallets of bombs being off loaded from one ship.

    There were a bunch of B52’s coming in that were painted flat black.
    I have not seen that before.
    So are we headed to war again ?”
    The ‘flat black’ paint job on the old B-52s is apt to be a RAM [ radar absorbent material ] that has been used for years.
    It is flat black in color.

    • Pat Flannery

      Truthist: For many years before and after 2000 my Catalina 30 sailboat was moored at Shelter Island Marina right opposite North Island Naval Air Station in San Diego Bay. The moment the U.S. Supreme Court made George Bush President that December Naval ships of all shapes and sizes started to line up at the weapons loading docks right opposite me at NAS North Island.

      I knew then we were going to war, with somebody, anybody. It took 3 whole years to find out who, before the missiles I saw being loaded started raining down on Iraq.

      The U.S. military will always support anybody in a Republican red shirt. War is their business. If Trump wins we are going to war. But not with Russia. Whoever it will be this time the U.S. will share the spoils with Russia. Trump and Putin will rule the world and plunder its resources.

      It would be a more peaceful world today if we had a different U.S. Supreme Court in 2000. Strange, but our only defense is Hilary, Wall Street and QE.

      • Truthist

        Well, Pat, we already have yearly genocide of the unborn babies in the good aul U.S.A..
        And, the Democrat Party with Hillary Clinton are to the fore for that.
        Of course, most in the Republican Party are of similar corrupt mindset.
        However, Ron Paul is one of the few exceptions in leading Politicians who spoke out many times against abortion under any circumstances.
        And, now Trump is expressing criticism against abortion ;
        Maybe, since he is getting older & realises more so that one’s life is ephemeral & that something — we call God — created existence, he wants to stop the wrong & do good.
        The Democrats are as Zio-Fascist as the Republicans Pat.
        Do not fools urself otherwise.
        F..k em both.
        And, f..k Fianna Gael, Fianna Fail, Labour Party, Progressive Democrats, Green Party, Anti-Austerity Alliance, Sinn Fein, & so many others “Independent” & all ;
        We need a Gary Cooper from High Noon to sort out the whole corrupt shebang.

      • Funny Pat.

        I have Clinton as the warmonger and Trump as the advocate for withdrawal from foreign adventurism. Trump as far as I can observe, will strengthen the military with the most modern of materials but adopt a defensive position and withdraw troops from abroad.
        Clinton is more of the O’Bomber regime.
        Hilary is war
        Donald is peace thru strength (defence).

      • “Strange, but our only defense is Hilary, Wall Street and QE.”

        This is amazing to me.
        Hillary advocated and rejoiced in the invasion and disintegration of the Middle East not to mention the murder of heads of state of sovereign countries.
        Wall street is supported and funded by the Banking system to the point where the manipulations and distortions in the economy are so large that there is no longer a free market. Artificial interest rates, lies about government statistics, A bond market bubble of epic proportions, and a stock market held up by central direct purchases of equities, and unlimited free money for corporate share buy back to enhance insider profits and bonuses at the expense of the mum and pop investor.
        And Qe to infinity because the money system in a Ponzi scheme that requires ever larger money creation and numbers of borrowers to fund the interest and repayments of the earlier borrowers. QE is the unavoidable result of this system of debt based money that will in the fullness of time implode just like every Ponzi scheme has before it.
        It has reached the exponential phase of expansion before the great collapse. time is short. No matter who wins the election that is the happening of the new year.
        WAR IS THE DISTRACTION Crooked Hillary will use to excuse the chaos in the economy. THe elites will collapse the economy and blame it on Trump should he win. But Trump, unlike Clinton will not go to war because of the economy.

  36. Truthist

    Democrat Party’s Propaganda News Network “CNN International” — Christiane — Am-a-War-Whore — Amanpour Interview With Sergey Lavrov [ Russia's Foreign Minister ]
    Video: https://www.youtube.com/watch?v=-M11fKeoyrU
    Moscow, 12. October 2016
    Transcript ;
    CLIMAX BETWEEN CNN’s “War Whore” Amanapour & Lavrov ;
    Time Point ;
    CNN’s “War Whore” Christiane Amanapour ;
    Question: Can I just file one last question ?
    One last question, a bit cheeky ;
    But I’m going to ask you.
    Russia had its own Pussy Riot moment.
    What do you think of Donald Trump’s Pussy Riot moment ?
    Sergey Lavrov:
    Well, I don’t know whether this would…
    English is not my mother tongue.
    And I don’t know whether I would sound decent.
    There are so many pussies around your presidential campaign on all sides that I prefer not to comment.

  37. Truthist

    There may be useful info. for u AND Poland in the following wild stuff of this Link ;
    I did not read it in detail ; Only a quick read for gist or just quick glance ;
    But, I did note interesting stuff relating to Poland, & parts of Germany close to Poland.

  38. Truthist

    Government Collects $3.27 Trillion in Taxes in Fiscal Year 2016
    Gov’t still runs $587 billion deficit despite collecting record taxes
    BY: Ali Meyer
    October 14, 2016 4:35 pm
    The federal government collected $3.27 trillion in taxes in fiscal year 2016, according to the latest monthly Treasury Department statement.
    The federal government ran a deficit of $587 billion despite the record revenue.

    Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.

    After adjusting for inflation, the amount of taxes collected by the federal government in fiscal year 2016 is slightly lower than the $3.3 trillion the government collected in fiscal year 2015.
    The 2016 fiscal year begins on 1 Oct. 2015, and runs through 30 Sept. 2016.

    The federal government collected $3,266,688,000,000 from October through September in fiscal year 2016.
    Most of the $3.27 trillion came from individual income taxes, which comprised almost half of that total at $1.55 trillion.

    Although the federal government brought in approximately $3.27 trillion in revenue in fiscal 2016, according to the Treasury, it also spent approximately $3.85 trillion, leaving a deficit of approximately $587 billion.
    This entry was posted in Issues andhttp://freebeacon.com/issues/government-collects-3-27-trillion-taxes-fiscal-year-2016/

  39. More germane today than in 1964.

    Reagan gained national attention in his speeches for conservative presidential contender Barry Goldwater in 1964.[82] Speaking for Goldwater, Reagan stressed his belief in the importance of smaller government. Consolidating themes he had developed in talks for GE, he argued in “A Time for Choosing”:

    The Founding Fathers knew a government can’t control the economy without controlling people. And they knew when a government sets out to do that, it must use force and coercion to achieve its purpose. So we have come to a time for choosing … You and I are told we must choose between a left or right, but I suggest there is no such thing as a left or right. There is only an up or down. Up to man’s age-old dream—the maximum of individual freedom consistent with order—or down to the ant heap of totalitarianism.[83][84]

    —?October 27, 1964

  40. McCawber

    Sorry if this has already been asked as I’m playing catch up.
    If the Central Bank’s policy has been too successful then perhaps the policy needs some adjustment or is it a case of “If it ain’t broke don’t fix it.”
    The current problems with the housing market are mainly due to a lack of strategic planning.
    Ireland is a boom and bust headcase and it has been “built” almost exclusively around the construction industry.
    We had five years to plan a strategy for future housing.
    I totally except a plan is one thing and implementation is another.
    But surely we can at least has a plan or blueprint or even a decent guideline.
    Instead zilch.
    Deco is hot on highrise but Deco this isn’t and can’t be a case of one size fits all.
    We need more than one option.

You must log in to post a comment.
× Hide comments