October 31, 2016

Why bargains in Newry this Christmas are about so much more than the recent fall in Sterling

Posted in Sunday Business Post · 95 comments ·

It has become an article of faith in Official Ireland post Brexit that the dramatic fall in sterling has caused a serious problem for Irish competitiveness. The narrative spun is that the British vote has been disproportionately negative for Ireland because our currency has suddenly risen against the falling sterling, punishing Irish exporters and retailers. This sounds plausible but it is not true.

The truth is that the appreciation of the Irish currency — first the Punt and then the Euro — has been relentless, and has been explicitly the policy of successive Irish governments over the past twenty years. So the appreciation of the Irish currency against sterling isn’t because of some shock associated with Brexit or anything emanating from British politics, rather it is the explicit choice of successive Irish administrations.

In order to show you what has been happening, I’ve done up a chart of the Irish Punt and later the Euro against sterling. Going back to the early 1990s, when we orchestrated a devaluation to cancel out the British devaluation against the Deutschemark, the appreciation of the Irish currency against that of our main import partner has been relentless. Check out the chart.


Punt vs GBP

I remember when business people used to worry about the old Irish Punt going above 80 pence sterling. Today, if we still had the Punt, it would be trading at 1.14 sterling. (As you can see this has been particularly marked since 2000 and the adoption of the Euro) This is a massive silent appreciation. So let’s be clear, far from being the unintended consequences of British policy, the appreciation of the Irish currency against sterling has been the explicit aim of Irish policy! We can’t blame the Brits for this.

Now here is the interesting bit.

In textbook economics if the currency of a small open economy appreciates against that of its major trading partner, particularly a partner that we import 31% of our total imports from, the prices of goods here relative to the UK should be falling, not rising! And as this appreciation has been going on for years! Irish prices should be permanently lower, not higher, than British prices.

But this is not the case.

Even before the 17% fall in sterling post-Brexit, Irish shoppers have always found great value in Newry, Derry and Belfast. The cost of living in Northern Ireland is a fraction of that in the Republic. We are not just talking about the price of slabs of Harp at Sainsbury’s in Newry. We are talking about tradesmen from the North, we are talking about the ridiculous notion that German-made, white goods and cars sourced from within the Eurozone are cheaper in the North – despite sterling’s fall which should make them more expensive! Housing is much cheaper, not only rents, but also the actual cost of buying a house is about half Southern prices. Building materials, private medicine, car insurance as well as groceries are all much cheaper. Even mortgage rates are lower in the North than in the South despite the fact that British base rates are actually higher than Eurozone rates!

How can this be?

Let’s stand back and examine this conundrum because for me if Brexit exposed anything, it’s the lamentable value that we Irish people get in comparison to our British cousins – for almost everything.

Because our currency has been rising against sterling for years, we should be getting a lower cost of living not a higher cost of living.

It is clear that if you are exporting from Ireland (which I do with my small economic consultancy company), the higher Euro against Sterling means that we have to watch our costs to remain competitive. So wages are tighter because if we let wages in Euros rise too much we will price ourselves out of the market to our UK clients.

Therefore, for people who trade with the UK, which is one in six of all exports, the exchange rate has driven down prices and wages over years. Also because exports to the UK are in labour intensive industries, far more people in Ireland work in companies that export to the UK than any other country. So we – those working in the traded sector – can’t be driving up costs in Ireland because if we did we’d go bust.

So why is everything more expensive if the exporting side of the economy is disciplined by the strong exchange rate?

Cost pressures must be coming from that part of the economy that isn’t traded.

The main culprit has to be the government sector, which is the biggest buyer of services in this country. In addition, the second source of inflation must be the banking sector that finances the most expensive of all Irish assets: property. The upward costs can’t come from any other place.

It seems logical to argue that the non-traded sector in Ireland, the public service and the State apparatus in general, is responsible for allowing costs to go out of control and these internally generated cost overruns are seeping into the general price level.

A good example of this is the health service. Ireland spent a massive 12.3% of gross national income on health in 2013. In the rest of the rich world, the average is 9% despite the fact that we have a younger population and should spend less.

The problem is that costs in the public sector are out of control and that every time there is a cost increase, taxes are raised to plug the gap. The rising taxes — particularly indirect taxes — directly push up costs and ultimately this is driving the cost of living upwards.

On top of this, the banks have for the past twenty years expanded lending dramatically — even taking into account the crash. This lending has pumped billions of euro into the economy, causing too much money to chase too few goods, driving up prices again. This is particularly the case for housing.

All this would tend to cause a massive trade and balance of payments crisis in a normal economy as we spent beyond our means. However, on the trade side, the multinationals give a distorted picture of our exports. Multinational exports are not price sensitive. They are part of a global supply chain and any cost increase in Ireland is more than outweighed by the tax holidays they get here in comparison to other countries. Finally, in a monetary union, you can’t run out of hard currency no matter how much you spend because no matter how much we spend, there will still be Euros in the ATMs. So there is no actual balance of payments crisis, despite having balance of payments crisis conditions.

Thus we become progressively less competitive, with a bloated State sector, a squeezed domestic exporting sector and an outsized multinational sector, which massages the figure.

It all looks good on paper but the tailbacks of Hyundais at Newry tells a different story — and it’s a story written by Official Ireland policy.

  1. michaelcoughlan

    Back to your brilliant best.

  2. Deco

    David, THANK YOU !!!!

    Than you for bringing up the massive green jersey wearing elephant in the room !!!

    The entire cost base is out of whack. The only country coming close in the Eurozone is The NL. And they have higher productivity, solvent banks (ours are still on theraphy ) and a more efficient state sector.

    When the state is led by the beneficiaries of nepotism, the political party machine, and sport club crony decision making – inefficient management abounds.

    The body politic that is Official Ireland has declared efficiency to be the disease. This is a complete opposite is the case. Inefficiency in the state sector, sloppy service provision, and a refusal to concentrate investment on scale are responsible for a massive overspend. And that massive overspend delivers lower levels of service, to the populace.

    The only thing that the Irish state does more efficiently than anybody else is get money out of productive people. There are loads of ways to pay your TV licence, but it never is enough to pay for the waste that occurs.

    The Irish state is being run like the British Car industry in the 1970s.

    Andrew from Brum, might wish to point out the flawed management, flawed design, awful decision making, and lack of leadership.

    Well, these things are all over the state sector.

    How does Greater Manchester manage without all the quangos that are available in the Irish institutional state ?

    David – unfortunately, the content in your article will be shouting into the ears of the policy makers in Kildare Street, very soon.

    In the interim the economy is going to start sinking outside the Tech and Pharma sector. That means 80% of the workforce.

    The “leadership” of this country have their collective heads where the sun don’t shine.

    Kenny says he is in charge of Brexit. I am reminded of Tsar Nicholas II taking charge of the troops in 1915. The rest of his cabinet are clueless.


    • McCawber

      Nepotism -The real reason the American electorate should not vote for Clinton.

      • Deco

        In Ireland, all the main political parties are advocates of Nepotism.

        They have all become Bertie parties ( a reference to Ahern’s comment “I didn’t appoint them to state boards because they gave me money, I appointed them to state baord because they are my friends” ).

        Also I would add that most political family machines that have the most enthusiasm for the imperial power racket that runs from Brussels.

        Nepotism is rife in the Irish state sector management.

        As a management structure it is NOT designed to suceed at the efficient provision of services.

        As a management structure it IS designed to provide employment for otherwise useless, unemployable, and well connected cronies. Plus pensions, and various other benefits.

        The ICTU is on board with this approach, because the union politicians and fat cats get their snouts in the trough, also. The lower level union representatives, are enduring neverending angst.

        This is madness. And it is killing competitiveness.

  3. Deco

    Will somebody fnd a link on the mismanagement that occurred in the British car industrty in the 1970s.

    The people running the Irish state currently, learned management during that era.

    They still ave the same hardwired nonsense in their thick skulls.

    The IMI produced the 2007 mess. The mainstream approach to management that exists in Ireland is inadequate. In particular there is a problem in UCD. One only has to look at the mess that is AIB to see this.

    The Irish approach to management is failing.

    • Grzegorz Kolodziej

      Voilà, here is the link on the mismanagement that occurred in the British car industrty in the 1970s. I could say something more about because I have a Trotskyite who was one of the main strike organisers in Thatcher’s Britain. The stupidity of that guy beggars belief (from not knowing that the banks have been for centuries operating on the fractional reserve system, through total believe in Che Guevara, up to… I kid you not – being convinced that the images shown on Western TV in 1980 abot the mass strikes in Poland (“Solidarnosc” had 10 million members) were doctored by the CIA, along with the moon landings (I’d rather give some credibility to the latter).


      I agree with Michael Coughlan that David is now back to his best – that goes for his previous article too. I have always been saying that the cost of doing business in Ireland is the main economic problem in Ireland, as it spreads to the cost of living and debt levels. Up till now, all Irish governments since Bertie Ahern would rather lower Ireland’s competitiveness than prick the property bubble that would hit their inner circles – and property bubble is a part of the spiral David so aptly describes:

      “This lending has pumped billions of euro into the economy, causing too much money to chase too few goods, driving up prices again. This is particularly the case for housing.

      All this would tend to cause a massive trade and balance of payments crisis in a normal economy as we spent beyond our means. However, on the trade side, the multinationals give a distorted picture of our exports. Multinational exports are not price sensitive.”

      Is David abandoning his Keynesism? I have always been describing him as a “sophisticated Keynesian”, as opposed to the primite and uncouth-looking, like Mr Fintan’s O’ Toole’s intellectual mentor, Mr Paul Krugman.

      On another note – this is interesting: Mr Bernie Sanders’ supporter claims that FBI re-opening the investigation is President Obama’s revenge for Mrs Clinton depicting him as the non-American Muslim:


      I think it’s time to make your predictions – do yous think Trump will win?

      I declare my gingerly yes (even for giving you a chance to laugh at me in case Hillary has, like, 10pc lead ;-)!), based on my analysis of the swing states (i.e. Mr Trump has a massive lead in Florida’s postal votes).

      What is really puzzling about this election is that most of the Clinton and Trump supporters did not support them as candidates in their primaries; in other words – America did not want neither of them. Has this all been staged from the very beginning (given that the same media that constantly come up with sexual fantasies some women had 30 years ago related to Mr Trump every time something major about Mrs Clinton comes up, had been pumping Trump in the Republican primary), is this part of the same show?

      Last time I wrongly predicted that Brexit referendum will fall, based on my conviction that they would rig the referendum as PSL (the Peasants Party) did with the local elections in Poland.

      They did not rig it though…

  4. Deco

    The main culprit has to be the government sector, which is the biggest buyer of services in this country. In addition, the second source of inflation must be the banking sector that finances the most expensive of all Irish assets: property. The upward costs can’t come from any other place.

    I would include “regulation and tax” as a culprit.

    Irish freight costs include a punitive element from the state system. This increases the costs of living the further one goes from Rosslare, or Dublin Port. Which contributes to shoving business to the eastern seaboard.

    Another government service is electricity. This is very expensive relative to the other Eurozone countries. It is completely uncompetitive compared to the UK.

    We have a government that says they are handling Brexit, but they really have no clue. They are useless.

  5. McCawber

    The state has done a lot to introduce competition into monopoly industries like the electricity industry.
    And every time they have made matters worse.
    There doesn’t seem to be the right philosophy being applied and the consultants have made a fortune every time and still are.
    I have my own ideas on what the philosophy should be but I’d welcome the thoughts of others on this.

    • Deco

      Is there competition in the electricity sector ? Just look at the prices. We should shut down peat based power generation, as it is plainly nonsensical. Another community employment scheme that is too expensive for the rest of the population.

      If they really want to help the Midlands, then the state should stop mounting up ridiculous costs in the road freight sector.

      • McCawber

        The price of electricity is a lot higher than it should be.
        In part due to lack of competition but also in part to the absolute lunatic approach to Wind energy.
        Its a f^cking disgrace.
        An agenda that had nothing to do with competition was followed and competition was used as the cover.
        It is a classic example of what Official Ireland get up to.
        And it doesn’t happen by accident.

        • Truthist

          Please explain at ur convenience ;
          “… absolute lunatic approach to Wind energy, …”
          Explanation as seperate Thread down below would be better in my opinion.

          Thanking u,


  6. McCawber

    BTW David I really hate to disagree with your latest and excellently written and presented article.
    BUT the I want it and I want it now attitude, of nearly everyone living on this island; is what is killing our economy.
    That feeds into the type of politicians we end up with.
    There is a total lack of realism in this country.
    Maybe I am agreeing with you BUT.

    • mishco

      You and David are both right in different ways – David provides brilliant analyses – like this one – of the problems caused by “Official Ireland”. But you rightly bring up a more deeply-rooted cause, “the I want it and I want it now attitude, of nearly everyone living on this island”. This is the attitude that fed the housing bubble and the attitude that time and again votes in those who promise more of the same.

      So what is the solution? People like David (for no doubt very good reasons) prefer to diagnose the disease, but so far have taken little part in curing it. Most people are content to watch the dismal telly service (often not paying for the license), drive around in fancy 4WDs (often either not paying the insurance or scamming on it); if they live anywhere near the border you can be sure they’re taking full advantage of the two currencies, parts of Cork, Limerick and Dublin belong to the drug dealers, and there simply aren’t enough competent people around on our small island, especially as a lot of them have had to emigrate.

      I suggest bringing in “outsiders” to clear up the mess, just as they did in the North. Set up a group of people like Michael O’Leary, Ha-Joon Chang, the Mayor of Medellin (we all have our favourites) – and maybe David might join them in an effort to work out a Programme of Economic Rehabilitation.

      But I guess this can only happen when things get intolerable. Which may be sooner than we wish.

    • Deco

      In other words, Bertonomics.

      They all promise “something for nothing”.

      They all want more ponzi-economics.

      And an awful lot of them are corrupt or compromised by vested interests.

  7. http://www.xe.com/currencycharts/?from=GBP&to=USD&view=10Y

    The above chart shows the UK pound dropping over the last 10 years against the USD. It was close to $2 a pound and is now close to $1.20. or a 40% drop


    This shows the euro over 10 years droping from 1.60 to about 1.10 USD to the EURO or a 31% drop.


    The EURO against the pound over 10 years has gone from about 1.50 to 1.15 (but to be noted there is not a lot of difference today than the average over the last 7 years) or a drop of 23%.

    ” the appreciation of the Irish currency against sterling has been the explicit aim of Irish policy!”

    How is the above statement possible? Ireland has not had its own currency since 2002 when it joined the EURO. Ireland cannot set the rates of the euro relative to other currencies. The UK can and has been able through monetary policy affect the value of sterling. The average value of sterling v. the EURO has not been much different over the last 7 years.

    • In 2014 Forbes had an explanation for Irish woes. A banking crisis. A huge bank bailout and subsequent imposed austerity.


      “”The Irish financial crisis saw the near-failure of its entire banking sector. Ireland bailed out its banks, partly at the behest of the European Union, which was concerned that Irish bank failures would destabilize the European banking system. The bailout wrecked the Irish economy and forced the Irish government to accept assistance from the combined European Union and IMF , the price for which has been five years of tax hikes and spending cuts exceeded in severity only by those in Greece.”"

      “”The UK’s banks were at least as badly damaged as Ireland’s in the financial crisis. But the UK had its own currency and a functioning central bank. The currency acted as a shock absorber, falling in value as the central bank cut interest rates to historic lows and used extraordinary measures to reflate the economy in the aftermath of the crisis”"

      It would seem that monetary policy has nothing to do with the Irish government as suggested in the article but fiscal policy had and has a great deal to do with non competitiveness.

      The country rejoiced in credit rising to unprecedented levels care of the ECB but slipped off the edge of the pool and nearly drowned in the rising waters. They are learning to swim but still wearing flotation devices to stay afloat.

    • sravrannies

      Hi Tony, it is actually possible to find IEP exchange rates since the € was introduced albeit with little difference.


    • Truthist

      I immediately thought this same obvious flaw in David’s statement also ;
      ” the appreciation of the Irish currency against sterling has been the explicit aim of Irish policy!”
      How is the above statement possible ?
      Ireland has not had its own currency since 2002 when it joined the EURO. Ireland cannot set the rates of the euro relative to other currencies.

  8. sravrannies

    I remember thinking what a masterstroke the Irish Gov. had pulled when it introduced the Bank Guaranteed in 2008(but kept for too long) for a brief moment I honestly thought they had finally got their act together! It certainly was the time and opportunity to make brave and bold decisions. One I thought and hoped they would take was to redress the issue of run away wage inflation to return Ireland immediately to a more competitive base – my idea was to slash TDs and all government wages by half – perhaps fanciful but, we wouldn’t be where we are now.


  9. Must listen speech by Trump with an appeal to all people to overthrow the power elites. Less than 6 minutes.
    Pass it on forward to all family friend and associates.
    This is the most important election in over 100 years.
    It overrides all other issues and concerns.


    • Deco

      I thought that 2011 would be an important election. And now I find that the maFFia are back in front in the polls, the institutional state has been unreformed, the GP and ILP liars are sitting on fat pensions after sticking their cronies in state quangos, and a cluess collection of idiots called FG are running the country for an even more clueless collection in Brussels.

      The real story that everybody needs to hear, concerns Wikileaks.

      RTE (Pravda) are refusing to cover wikileaks.

      Nobody in the Irish media will dare mention Assange, the trumped charges from the Swedish authorities, and the devastating contents.

      Ireland needs a Wikleaks concerning NAMA and AIB.

  10. “”The simple solution would be to firstly get rid of all central banks because central banks is the main reason why money never remains money but always returns to just the value of the paper it is printed on.”"


    • “”What is happening today is the total opposite of a free market. Global debt has grown over ten times in 25 years and interest rates are zero or negative. This is financial repression or manipulation of a degree never seen in history. It totally destroys free market forces and is therefore the seeds of a financial Armageddon never seen before. Whenever natural laws of supply and demand are interfered with, it always has severe consequences.”"

      That in a nut shell is Ireland’s problem. NO FREE MARKETS.
      Too much government interference of all kinds. Politics, nepotism, economists, planners, bureaucrats, socialists, greedy bastards, corrupted minds, central planners, and everyone who thinks that volunteerism must be replaced with coercive giving(theft). All is encapsulated in an amoral social code. When society is rotten all collapses.Anything goes. There is no accountability.
      In two words, endemic corruption.

      • McCawber

        Epedemic corruption!

      • Deco

        Tony, you nailed it.

        Market manipulation.

        Article 45 of Bunreacht na hEireann is violated repeated.

        The main achievement of oligarchy in Ireland, is the maintenance of a political configuration that never brings up the subject of oligarchy in Ireland.

        You can select whomever you want, but the only ones that you will hear about in the media, are those that will not challenge the oligopolitic market rigging arrangements.

        Ming, Catherine Murphy, and Roisin Shortall have challenged aspects of the dominant oligarchies.

        And the media refuse to give them airtime, as a result.

        • Truthist

          Ming has challenged certain aspects that are wrong ;
          That is positive from Ming.
          Ming has sinned by ommission on other aspects in his political life ;
          That is negative from Ming.
          Ming has sinned by commission on other aspects in his political life ;
          That is negative from Ming.
          I am not very impressed with Ming.
          Roisin Shortall is in my book ;
          “False Opposition” strategically placed for to control opposition coming from :
          the professional political arena
          the populace.
          Can u just imagine also the incredible amount of shocking but true sagas that come to the door of politicians’ clinics, & then are carefully smothered from bringing down the Institutional State of the Irish State [ I.S.I.S. ]
          I read a very interesting profile in Phoenix Magazine some years ago on Workers Party-Democratic Left–>The Labour Party where the bones of the Workers Party are very much married into one another.
          Proinsios — “Stalin” De Rossa & the Costellos I think.
          I too lazy now to look into the possibilities of Roisin Shortall being in that scenario ;
          But, I do not trust her.
          Actually, I do not trust any Independent politician presently other than Shane Ross ;
          And, I am fan of Shane Ross on certain specific issues only ;
          Even if he is curtailed in his current station from speeding along improvements on these very issues.
          “The Secret Government” / “The Hidden State” of Irish State are very resourceful at assessing the character of Independent candidates for Dail Eireann, & thence at blocking or helping them get elected.
          Fine Gael sometimes produce decent politicians of high intellect & wise learning ;
          I say this even though I do not like the Blue Shirt party at all.
          Regrettably, these mavericks number 1 or 2 within any decade.
          Recent example would be the former T.D. for Dublin Mr. Matthews ;
          He was very good on Pro-Life & Economics & the welfare of the country.

  11. Truthist

    Quotes of that certain charming lady from country who most likely advised Irish State to rig :
    Dail Elections ;
    And, by implication, the choice of actual executive / cabinet.
    President Elections
    Libertine espousing presidents
    Good Friday Agreement ;
    Irish Nation — & foreigners in Irish State too — according to the ballot boxes relegated the North East of Ireland & our people there to the Brits.
    E.U. treaties
    More dispensing with our sovereignty

  12. Truthist

    And WHO the HELL is HUMA ABEDIN –
    AL QAEDA Insider ?
    But, B] does not really exist ; It is just a badge of convenience for operations done by The Dreadful Few with Muslims falsely accused / patsies.

  13. The 2016 United States presidential race was never intended to be an election.


    The Clinton Syndrome

    At Inferential Analytics, we have zeroed in on what we believe is the most sweeping psychological syndrome ever discovered. It affects literally tens of millions of people, and has no parallel in scale, scope or consequence that we can find in medicine or psychology.

    We have named it the “Clinton Syndrome,” after career politician Hillary Clinton.


    To realize what is actually at stake in this election one needs to read both these links. The US will suffer terminal decline in a short time frame if the Clinton-Obamer regime is allowed to continue.

  14. Truthist

    Further to Tony Brogan’s link from silverdoctors.com, here is another analysis of the psyops being performed on us by this whole President Election experience.

    Disclaimer by Henry Makow to featured article of the day on henrymakow.com ;
    I believe it is necessary to elect Trump.
    But, don’t lose your soul to the spectacle.
    The Illuminati control both Left and Right.
    Referenced throughout this article is Michael Hoffman ;
    Author of :
    Usury in Christendom:
    The Mortal Sin that Was and Now is Not (2013)
    They Were White and They Were Slaves:
    The Untold Story of Enslavement of Whites in Early America
    Excerpt ; Very Beginning of article
    Certainly, the US election is a dizzying spectacle
    But who’s producing the show.
    And, for what purpose exactly?

    Americans are so polarized that they see the opposing candidate as the Devil incarnate.
    For many, the US election is a traumatic experience similar to 9-11, Sandy Hook or Orlando.
    Trauma is used for brainwashing. Are they engineering consent?

    The secret, Edward Bernays said, was ‘engineering the consent’ of people in order to ‘control and regiment [them] according to our will without their knowing about it.’

    The American presidential election campaign is a worldwide lightning rod. Society is polarized by schisms evoked by numerous ‘thesis-antithesis’ issues. The 2 candidates are palpably compromised offerings as they alternately trigger social justice warriors and arouse the ‘alt-right’.
    Well, French philosopher Joseph de Maistre said: Every nation gets the government it deserves.

    In discerning the spectacle, let’s put on our ‘Michael Hoffman lens’ that focuses on the machinations behind the scenes.

    Recently, the Boston Globe published an article titled :
    ‘Vote all you want.

    The secret government won’t change.’ with the subtitle :
    ‘The people we elect aren’t the ones calling the shots.’
    In essence, it is the superclass that is over-lording society: the Illuminati.

  15. Truthist

    Trumps team members ;

    No O’Leary, Murphy, Byrne, Mac Grath, McCarthy, or Shatter in sight ;
    Naw, nope, no Irish surnames at all at all.
    We have no influence with Trump clearly.
    Michael Abboud– Communications Coordinator, Donald J. Trump for President
    [ Abboud is the nephew of Sheldon Adelson’s right hand man and fixer. ]
    Paul Achleitner .– Chairman, Supervisory Board, Deutsche Bank (Donald Trump’s largest lender)
    Sheldon Adelson .– Endorser, Donald J. Trump for President
    Elliott Broidy .– Vice Chairman, Trump Victory Committee
    Michael Cohen .– Executive Vice President and Special Counsel, The Trump Organization
    Gil Dezer .– President, Trump Dezer Development
    Michael Dezer .– Founder, Trump Dezer Development
    Lewis Eisenberg .– Chairman, Trump Victory Committee
    tStephen Feinberg .– Member, Trump Economic Advisory Council; Donor, Trump Victory Fund
    Alan Fishman .– Chairman, Ladder Capital (Donald Trump’s second largest lender)
    David Friedman .– Co-Chairman, Israel Advisory Committee for Donald Trump
    Samuel Fox .– Vice Chairman, Trump Victory Committee
    Alan Garten .– Executive Vice President and General Counsel, The Trump Organization
    Bruce Gelb .– Endorser, Donald J. Trump for President
    Michael Glassner .– Deputy Campaign Manager and Former National Political Director, Donald J. Trump for President
    Lawrence Glick .– Executive Vice President of Strategic Development, The Trump Organization
    Jason Greenblatt .– Executive Vice President and Chief Legal Officer, The Trump Organization; Co-Chairman, Israel Advisory Committee for Donald Trump
    Vincent Harris .– Former Digital Strategy Manager, Donald J. Trump for President
    Carl Icahn .– Endorser, Donald J. Trump for President
    Peter Kalikow .– Donor, Trump Victory Fund
    Daniel Kowalski .– Deputy Policy Director, Donald J. Trump for President
    Charles Kushner .– Endorser, Donald J. Trump for President
    Jared Kushner .– Endorser, Donald J. Trump for President
    Yael Kushner [née Ivanka Trump]– Executive Vice President, The Trump Organization
    Bennett LeBow .– Donor, Trump Victory Fund
    Richard LeFrak .– Donor, Trump Victory Fund
    Corey Lewandowski – Former Campaign Manager, Donald J. Trump for President
    Ronald Lieberman .– Executive Vice President of Management & Development, The Trump
    Howard Lorber .– Member, Trump Economic Advisory Council; Donor, Trump Victory Fund
    David Malpass .– Member, Trump Economic Advisory Council
    Douglas Manchester .– Donor, Make America Great Again PAC
    Bernard Marcus .– Endorser, Donald J. Trump for President
    Rebekah Mercer .– Donor, Make America Number One PAC
    Robert Mercer .– Donor, Make America Number One PAC
    Amanda Miller .– Vice President of Marketing, The Trump Organization
    Eli Miller .– Chief Operating Officer, Donald J. Trump for President
    Jason Miller .– Senior Communications Adviser, Donald J. Trump for President
    Stephen Miller .– National Policy Director, Donald J. Trump for President
    Steven Mnuchin .– National Finance Chairman, Donald J. Trump for President
    Samuel Nunberg .– Former Policy Adviser, Donald J. Trump for President
    David Orowitz .– Senior Vice President of Acquisitions and Development, The Trump Organization
    Geoffrey Palmer [né Weissinger] .– Donor, Rebuilding America Now PAC
    John Paulson .– Member, Trump Economic Advisory Council
    Stewart Rahr .– Endorser, Donald J. Trump for President
    George Ross .– Executive Vice President and Senior Counsel, The Trump Organization
    Wilbur Ross .– Endorser, Donald J. Trump for President
    Steven Roth .– Member, Trump Economic Advisory Council; Donor, Trump Victory Fund
    Felix Sater .– Former Senior Adviser, The Trump Organization
    Keith Schiller .– Director of Security, The Trump Organization
    Melvin Sembler .– Vice Chairman, Trump Victory Committee
    Lara Trump [née Yunaska] .– Endorser, Donald J. Trump for President
    Vanessa Trump [née Haydon] – Endorser, Donald J. Trump for President
    Ronald Weiser .– Vice Chairman, Trump Victory Committee
    Andrew Weiss .– Executive Vice President, The Trump Organization
    Allen Weisselberg .– Executive Vice President and Chief Financial Officer, The Trump Organization
    Lawrence Weitzner .– Adviser, Donald J. Trump for President
    Steven Witkoff .– Donor, Trump Victory Fund
    Stephen Wynn [né Weinberg] .– Endorser, Donald J. Trump for President

    • Grzegorz Kolodziej

      “Naw, nope, no Irish surnames at all at all.
      We have no influence with Trump clearly.”
      Regarding ethnic connections in the US election: here is one of the Polish connections:


      And, of course, Corey Lewandowski has Polish roots and Daniel Kowalski is Polish and a Deputy Policy Director, Donald J. Trump for President; besides, Mr Trump’s grandmother lived in Bremen but originated from Lwów – which – here I will surprise unless you remember my old post – was the pinnacle of Polish culture in the 1920s, not Kraków (which was before the partitions) or Warsaw (from 1930s onwards). Actually Lwów was way bigger than Kraków too. Most drainage catch pitches in Lwów had Polish signs until very recently.



      In my opinion, the Polish diaspora makes the same mistake in the US as the Irish does – Poles have been putting all eggs in the Republican camp while the Irish have been doing that with the Democrats. This backfires more often than not.


  16. Deco

    I will not be going to Newry.

    Because there is a large shopping centre in Newry connected with Bertie Ahern. He is a director. And he may well own a share in it. I do not know the name. I have decided to boycott the entire town, so as to make sure I do not do anything to help that liar.

    Bertonomics was the high point in financial madness. The borrowing was at it’s most extreme. The feel good factor was pumped out relentlessly. The propagand at it’s most idiotic.

    Bertonomics is not dead. In fact it survived. Brendan Howlin got into a position, of making sure that nothiing was reformed, by posing as the one who would reform it – and then doing nothing about it.

    In fact with Mickey Martin back influencinf matters, Bertonomics is back. Excess is back. Selfishness is back. Irresponsibility is back. Lying through one’s teeth is back.

    Therefore I will not support Newry.

    I will continue driving until, I get to a location that is not contaminated by the man united Taoiseach.

  17. Pat Flannery

    This latest burst of familiar anglophile rhetoric from David reminds me of the young boy when asked by his father how he got into a fight at school explained: “It all started when he hit me back”.

    David blaming the Irish public sector workers for higher consumer prices and denying the true cause, Brexit devaluation, is even more outrageous than the above schoolboy’s “explanation”.

    David may have been taken to the family woodshed by his Belfast wife, who in turn may have had a call from Arlene Foster, daughter of a Fermanagh RUC man and now leader of Ian Paisley’s DUP, urging David to straighten up and fly right by reversing his recent silly positive writings about that doomed and damned land of Canaan down south. So today he dutifully writes the glorious of the promised land up north.

    This is the David McWilliams you all know and love. Enjoy.

    • Grzegorz Kolodziej

      “David blaming the Irish public sector workers for higher consumer prices ”
      Hold on, is he not blaming the banks in first place?

      “the banks have for the past twenty years expanded lending dramatically — even taking into account the crash. This lending has pumped billions of euro into the economy, causing too much money to chase too few goods, driving up prices again. This is particularly the case for housing.”

      What we had in Ireland since Mr Ahern was the unholy trinity of banks, developers and trade unions – in that order of responsibility, all responsible for the bubble.

      “anglophile rhetoric from David” – I do not see this article as anglophile. There has certainly been some in the past – and I was first to notice on this blog that Britain is not really a friend of Ireland in low corporation tax because it has officially (via the Parliament) accused Ireland of stealing their corporate profits – but not this one.

      “Brexit devaluation” – pound has only devalued 20pc after Brexit, while it’s value has halved from its peak in our living memory. Besides, Ireland’s competitiveness index has plummeted after the recession without Brexit.

      • Grzegorz Kolodziej

        banks, developers and trade unions = of course I should have put politicians in first place – but this is too obvious to even mention, besides – the former run the latter anyway

    • Grzegorz Kolodziej

      “David may have been taken to the family woodshed by his Belfast wife, who in turn may have had a call from Arlene Foster, daughter of a Fermanagh RUC man and now leader of Ian Paisley’s DUP”

      Pat – there really is no need for that.
      Besides, I myself had a girlfriend from Derry Bogside whose family was (and probably still is, but we are not in touch) involved in IRA, and this did not affect my judgement, given what I had written about the IRA and WWII.

    • Deco

      The institutional state is responsible for the cost of living in Ireland. That is inescapable.

      In Denmark, there are taxes, and there are efficient, effective services.

      In Ireland there are taxes, and debacles. Services are rubbish. Debacles like FAS providing courses for the unemployed, that make the attendees LESS employable.

      Debacles like RTE paying clowns like Tubridy, O’Connor, and Finuicane absurd amounts of money. People have been imprisoned for not paying for that rubbish, even though they do not watch it. The mantra from RTE is “more resources”.

      The problem is not resources. The problem is mismanagement. The entire consensus for those in denial about the mismanagement, is that “more resources” will fix the problem.

      There IS a problem with the public sector. It is undeniable. And until it gets fixed, the entire public sector must take responsibility for fixing it.

  18. Truthist

    David McWilliams says ;
    [ 'All of' or 'The vast amount of'] Cost pressures must be coming from that part of the economy that is not traded.”
    I qualify ;
    X [ Most of ] AND Inverse of X [ Lessor portion ]
    X [ Most of ]
    MOST of the cost pressures must be coming from that part of the economy that is not traded
    Inverse of X [ Lessor portion ]
    Sizable lesser portion must be coming from that part of the economy that is traded [ in private lives of the main production actors ]
    Extra very important cost pressure coming from that part of the economy that is not traded.
    Professional charges from most of the professions that consistently throughout the decades are gratuitously expensive costs on the private income of the main actors* in production of products & / or services :
    Inverse of X [ Lessor portion ]
    Inverse of X_1
    Overcharging by supermarket chains by much more than is committed in other EU jurisdications that is gratuitous direct cost pressure on private income of the main actors” in production of products & / or services :

    Inverse of X_2
    Continuing massive upsurge of Crime
    Especially, from Heroin addicts, & the like putting very high costs on private income of the main actors” in production of products & / or services :

    The main actors then finally seek compensation from the income source which results in extra costs.

  19. Truthist

    Trump is better than Hillary Clinton, & Bernie Sanders, & Paul Ryan.
    But, please remember that Trump is riding on the coat-tails of Ron Paul.
    Ron Paul would be a superior President in every aspect.
    Aanirfan is very against Trump, & would prefer Hillary Clinton to be Prezzie.
    Aanirfan even suggests that Mshd sabotaged Hillary Clinton so as to propel Trump into power.
    But, this theory could also be modified to contend that the aim is to propel Ryan into the job.
    Anyway, Trump is very adamant on these issues :
    Iran ; Trump wishes to be very very hard on Iran
    Palestinians ; Trump will be hard on the Palestinians, e.g. See “Israel” below
    Israel ; Trump will help Israel to move its capital to Jerusalem.
    And, Trump will support the “Settlers” to maker further colonies into Palestinian lands.
    And, Trump will give much more $ Billions to Israel.
    And, Trump’s Vice-President pick Pence wants to move all the Palestinians of West Bank & Gaza to neighbouring Arab countries.
    Also note Aanirfan’s interesting rhetorical question ;
    “Is Huma a Zionist spy ?”
    Anyway, Huma’s husband Weiner can be the deciding actor on who becomes President of USA, & what happens by way of imprisonment of Hillary Clinton & Co. [ e.g.s Huma, "Slick Willy" Clinton, Obama, Victoria Nuland, George Soros ]

  20. Truthist

    I do not understand David’s argument in this part ;
    in a monetary union, you can’t run out of hard currency no matter how much you spend because no matter how much we spend, there will still be Euros in the ATMs. So there is no actual balance of payments crisis, despite having balance of payments crisis conditions.

    • It can only mean that there is an unlimited supply of money from the banks. That is, for the banks to have money does not rely on deposits from regular folks but can access money from thin air anytime they want.

      The central banks and the commercial banks conjure money from thin air.

      The central bank either buys government bonds directly so the government never runs out of money, or supplies cash to commercial banks they can use as reserves. Reserves are cash on hand held against a demand for cash including ATM machines. Commercial banks then use fractional reserve banking to produce 10,20, or 30 times the reserves in money they create from thin air.

      Not running out of money is a function of the fiat money central banking system and little to do with the so called monetary union.

      • McCawber

        There doesn’t have to be an unlimited supply of money, only the appearance of same.
        Appearances can deceptive, but as long as enough people believe there is an unlimited supply nothing will change.
        The difficulty for the deceivers is who has to be in on the deception.
        The CBs certainly but who else.
        Eg is Putin in it?
        If so why so?
        If,not then why hasn’t he exposed it. Unless he thinks the deception hasn’t yet reached a point where it will be terminal.

        • The international bankers control 99% of countries of the world with a central banking system. Those that try to buck the system get invaded or assassinated. The people do not understand the system.

          Trump has not mentioned the banking system as needing to be changed. He must understand how it works. But as a populist he understands nothing will change until a critical mass of the people know what the problem is. Once the people know the problem and demand change it can then be attempted. Until then change can be thwarted, leaders killed and economic problems be blamed on other reasons than the true ones.
          Ditto for Putin

        • “”People simply don’t realize how distorted modern economies are. They are entirely artificial creations, dependent on state-enforced central banking and industrial monopolies.”"


  21. Deco

    A very useful inspiration is former Singapore PM, Lee Kwon. Singapore has no resources to squander to gain membership of a political kick back club/gravy distribution racket for corrupt political machines, called the EU.

    Does Singapore have Rody Molloys, Ivor Callelys or Drunken Clowens on mega pensions ?

    • McCawber

      Maybe Trump’s immigration policy is aimed at stopping the US becoming Chinese and india.
      A Russian I once knew told me 4/5 million Chinese people cross the Russian border annually.
      I was watching a programme recently which gave me reason to believe that 4/5m claim simply based on the infrastructure on either side of the borders in far East Russian.
      First class on the Chinese side and very old on the Russian side.

  22. Truthist

    2 interesting posts that most likely have escaped notice because they entered late into early sub-discussion of previous article’s discussion ;.
    October 30, 2016 at 1:12 am
    I maybe mistaken but a year or so ago the Bank of England released a report in which it stated that fractional reserve banking was a myth.
    In fact commercial banks need no reserve and just create money when a loan is made.
    November 1, 2016 at 1:36 pm

    Here is a video relevant to what you are talking about. It kind of backs up what you are saying.
    And here is a publication by the Bank of England that king of backs you up too

      • Truthist

        I already have it open ;
        But, in trying to open up the link in a new tab, it would not open ;
        Strange ;
        But, not as strange as Hillary Clinton & Co. & all her politician, & Civil SERPENT, & business [ Do not forget those who contributed handsomely to her sleazy fund ] & Feminist, acolytes in Irish State 8-)

        I will copy & paste as best I can ;
        But, in many & distant iterations ;
        It will be over a few articles’ discussions I regret to say.
        Lest it seem I swamping the blog in similar fashion that the Main Stream Media swamp us with LIES after each & all of those “false-flag” spectacular outrages that they commit surreptitiously or by proxy / patsy.

        Graphs & Bar Charts are not possible to insert into wordpress herein.
        Here is 1st part ;
        Money creation in the modern economy
        By Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate.
        • This article explains how the majority of money in the modern economy is created by commercial banks making loans.
        • Money creation in practice differs from some popular misconceptions — banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they ‘multiply up’ central bank money to create new loans and deposits.
        • The amount of money created in the economy ultimately depends on the monetary policy of the central bank. In normal times, this is carried out by setting interest rates. The central bank can also affect the amount of money directly through purchasing assets or ‘quantitative easing

        In the modern economy, most money takes the form of bank
        deposits. But how those bank deposits are created is often
        misunderstood: the principal way is through commercial
        banks making loans. Whenever a bank makes a loan, it
        simultaneously creates a matching deposit in the
        borrower’s bank account, thereby creating new money.
        The reality of how money is created today differs from the
        description found in some economics textbooks:
        • Rather than banks receiving deposits when households
        save and then lending them out, bank lending creates
        • In normal times, the central bank does not fix the amount
        of money in circulation, nor is central bank money
        ‘multiplied up’ into more loans and deposits.

        Although commercial banks create money through lending,
        they cannot do so freely without limit. Banks are limited in
        how much they can lend if they are to remain profitable in a
        competitive banking system. Prudential regulation also acts
        as a constraint on banks’ activities in order to maintain the
        resilience of the financial system. And the households and
        companies who receive the money created by new lending
        may take actions that affect the stock of money — they
        could quickly ‘destroy’ money by using it to repay their
        existing debt, for instance.
        Monetary policy acts as the ultimate limit on money
        creation. The Bank of England aims to make sure the
        amount of money creation in the economy is consistent with
        low and stable inflation. In normal times, the Bank of
        England implements monetary policy by setting the interest
        rate on central bank reserves. This then influences a range of
        interest rates in the economy, including those on bank loans.
        In exceptional circumstances, when interest rates are at their
        effective lower bound, money creation and spending in the
        economy may still be too low to be consistent with the
        central bank’s monetary policy objectives. One possible
        response is to undertake a series of asset purchases, or
        ‘quantitative easing’ (QE). QE is intended to boost the
        amount of money in the economy directly by purchasing
        assets, mainly from non-bank financial companies.
        QE initially increases the amount of bank deposits those
        companies hold (in place of the assets they sell). Those
        companies will then wish to rebalance their portfolios of
        assets by buying higher-yielding assets, raising the price of
        those assets and stimulating spending in the economy.
        As a by-product of QE, new central bank reserves are
        created. But these are not an important part of the
        transmission mechanism. This article explains how, just as in
        normal times, these reserves cannot be multiplied into more
        loans and deposits and how these reserves do not represent
        ‘free money’ for banks.

        (1) The authors would like to thank Lewis Kirkham for his help in producing this article.

        Click here for a short video filmed in the Bank’s gold vaults
        that discusses some of the key topics from this article

        • Truthist

          Edit ;
          they = The Dreadful Few
          the Main Stream Media swamp us with LIES after each & all of those “false-flag” spectacular outrages that The Dreadful Few commit surreptitiously or by proxy / patsy.
          Yee surely concur now with former Italian Prime Minister, & President, Cossiga that 9-11 was done by Mshd.
          Cossiga admitted that he himself was involved in Operation Gladio bombings of his own people in Italy which killed circa 60 innocent people ;
          I unsure of the number as I write ;
          Touch lazy.
          And, as part of CIA & European Intelligence Services’ plan to instill fear & co-operation from the citizens, & big-brother regime.
          Other events included Brussels where the Deep State machine-gunned into people at shopping mall.
          Other even must have been Dublin & Monaghan bombings.
          Incidentally, Junkers of Luxembourg was involved in Gladio Operation conspiracy also.

      • The main point to see about central banking is that everything is a fix. All is manipulation. Nothing is a free market.

        The amount of money produced is decided by a committee. The interest rates are decided by a committee. The money is owned by a private consortium of people who rent the money supply to the general population. The rentier class so decried in Ireland are let off the hook when it comes to money.

        Money is created by the banks and issued as a loan. That is the money is rented for a fee. When the loan is repaid the money disappears but the interest charged on the loan comes from the sweat and toil of the economy , or we the people.

        The owners of the money thus tax every transaction that takes place. This wealth(tax) is siphoned off and held as fixed assets by the selected few. The uber wealthy live in the greatest opulence. The rest of us are debt slaves, economic serfs.

        Free money, honest money is owned by nobody. It passes from hand to hand as it does the job of the medium of exchange. It has no committee or arbitrary interest rate. There is no arbitrary amount of money deemed to be good for the economy. There is no distortion of the market place because of constant manipulation. People create their own money as needed. They put more into circulation if required and remove it if it is not. This is a function of the market place.
        People on their own volition will decide on the type of money they wish to use, not be forced to use a particular currency by government diktat.

        That is why the current system is so destructive. It is an artificial construct. It needs to be removed, dissolved, destroyed and replaced. Going back to the natural market place of honest money will get rid of the boom and bust cycles of the economy and remove the pernicious bankers from society.

        PS All the synonyms or pernicious are applicable to the central banking and the commercial bankers use of fiat currency.
        having a harmful effect, especially in a gradual or subtle way.
        “the pernicious influences of the mass media”
        synonyms: harmful, damaging, destructive, injurious, hurtful, detrimental, deleterious, dangerous, adverse, inimical, unhealthy, unfavorable, bad, evil, baleful, wicked, malign, malevolent, malignant, noxious, poisonous, corrupting; literary maleficent
        “a pernicious influence on society”

  23. Truthist

    And, do please investigate the following friends of the USA administration :
    Irish State Politicians
    Irish State “SENIOR” Civil SERPENTS ; incl. Garda-Landlords / Landlord-Gardai
    Irish Business-Persons of note
    Irish Media persons of international location
    Excerpt ;
    MONDAY, OCTOBER 31, 2016
    Insiders Threaten to Expose Hillary’s Pedophile Sex Ring !!!
    Email Scandal About to Take a SICK and TWISTED Turn
    Victurus Libertas
    All of the following information was given to us by our insiders who have specific 1st-hand knowledge of the Hillary Clinton email scandal.
    It seems that things are about to heat up.
    We are told that of the 662,871 emails lifted from Anthony Weiner’s computer, 11,112 emails are Huma Abedin’s… and pay to play –
    Saudis and Israelis.
    Meaning Huma was the one Hillary USED to communicate with foreign leaders via email for inside information and deals via Huma’s computer.
    It has been established through many avenues, but mainly through Wikileaks, that the Clinton Foundation was just a farce set up in order to perform pay-to-play games with multiple entities, including foreign nations.
    Pay-to-play nations include:
    Saudi Arabia,
    and the Ukraine.
    Furthermore, we are told by 1 of our insiders that 1 email unequivocally confirms ISIS was created by CIA and Israeli Secret Intelligence Service.
    And, with help from Joe Lieberman, John McCain, and Lindsey Graham !
    An NYPD insider said the content they viewed did include State Department TOP SECRET emails.
    1 file was called “Life Insurance”.
    Another file was titled “DNC Nuclear Arsenal”.
    Another file I’m sure Hillary definitely DOES NOT want released was a file labeled “Intimate” ;
    According to this NYPD insider, this file contained X-rated photos of Huma and Hillary with a TEENAGER.
    NYPD detectives were sickened by what they saw, according to our insider, and they had threatened FBI field agents that they would leak this information, if the FBI did not “step up and take off the kid gloves”.
    At that point, 13 of the FBI agents in NYC were also threatening to leak the information.
    As you can imagine, the scandal has the entire Obama Administration in full panic.
    We are told there are emails that could send Loretta Lynch to prison, as well as Bill and Hillary.
    The Twitter post below, our sources sent us, verifying it is all true :

  24. Truthist

    More here ;
    FBI Insider: Clinton Emails Linked To Political Pedophile Sex Ring
    Posted on October 31, 2016 by Sean Adl-Tabatabai
    FBI Discover Political Pedophile Sex Ring During Clinton Email Investigation
    An FBI source has confirmed that evidence has emerged from the Clinton email investigation that a massive child trafficking and pedophile sex ring operates in Washington.
    According to reports, at least 6 members of Congress and several leaders from federal agencies are implicated in the pedophile ring, which they say was run directly with the Clinton Foundation as a front.
    According to an NYPD source, emails found on Anthony Weiner’s laptop detail trips made by Weiner, Bill and Hillary Clinton on convicted pedophile pal billionaire Jeffrey Epstein’s plane ‘Lolitta express‘ to a place known as “Sex Slave Island“.

  25. Truthist

    Yee all on this blog should have paid attention when I posted stuff about Hillary Clinton’s abuse of Kathy O’Brien.
    Nere is a short update on Bill Clinton & Hillary Clinton’s latest scandal ;
    Good speaker here ;
    Published on Nov 1, 2016
    Learn about the Clinton’s connection to Anthony Weiner, Larry Silverstein’s “Lolita Express,” and more.
    SEE MORE AT: http://www.StevePieczenik.com

  26. Truthist

    Yes, Grzegorz, u are correct in pointing out that Orban of Hungary is a great leader.
    And, Bernie Sanders is rotten ; He would be all for abortion.
    NEWS_ABORTION_Tue Nov 1, 2016

    Hungarian gvmt’s pro-life initiatives reduce abortions by nearly 25 percent

    Abortion , European Union , Hungary , Viktor Orban

    BUDAPEST, Hungary, November 1, 2016 (LifeSiteNews) — Under communist Hungary, abortion became the primary means of birth control. Today, pro-life efforts by the conservative Prime Minister Viktor Orbán government are bringing abortion numbers down.

    The Orbán administration publicly encourages women to give birth. His government helps arrange adoptions, gives aid to families, encourages religious education, and facilitates ethics courses in the public education system.

    As a result, from 2010 to 2015, the abortion rate dropped 23 percent, and in the first quarter of 2016 alone abortions fell in excess of another 4 percent, the Parliamentary State Secretary at the Ministry of Human Capacities reported in the newspaper Magyar Hirlap.

    In 2011, a pro-life campaign placed posters at Hungary’s bus stops with the image of a baby in the womb, saying, “I understand that you are not yet ready for me, but give me up to the adoption agency, LET ME LIVE!”

    Orbán was criticized for the pro-life campaign and for using European Union (EU) money to fund it. In June 2011, EU Fundamental Rights Commissioner Viviane Reding stated, “This campaign goes against European values. We want European funds to be returned as quickly as possible.”

    Hungarian Secretary of State for Family and Youth Miklós Soltész defended the campaign, stating, “We want to underline the importance of life.”

    The Obama administration and the United Nations have both criticized Orban’s conservative government, with the U.N. accusing it of “obstructing” abortion access with “unnecessary waiting periods, hostile counseling, or conscientious objection.”

    This year, the UN termed it “gender discrimination.”

    The new constitution of Hungary, enacted in 2011, states explicitly that the human life will be protected from the moment of conception.

  27. Deco

    Truthist, one candidate in the US presidential election has THREE FBI investigations ongoing.

    Not one. Not two. But three.

    That candidate has been revealed to be at the centre of an enormous amount of vote-rigging, underhand tactics, and outright manipulation, via the Democratic Party authority hierarchy.

    That candidate has been the subject of a long list of scandals.

    What is most telling, is Irish media coverage.

    It is informative of the ability of the Irish media to completely refuse to cover scandals, corruption, etc… The entire mountain of scandals have been swept under the carpet.

    The Irish media have presented one candidate as a “safe pair of hands”.
    So, forget the US election. Let’s have a good hard look at the Irish media, and it’s ability to take candidate who is extremely corrupt, and present that candidate as a viable escape from an cinematically scripted monster, that stands in the way to prevent that corrupt candidate from reaching power.

    I think the Irish media has given us an insight into how it refuses to tell the truth, and manipulates information for the sake of the corrupt.

    Let us not forget this lesson.

    At it’s essence the current election is about greed, lies, and power. No wonder it is so gripping. In fact it is more gripping than anything Hollywood produced in years. It is like a gangster film from the 1930s.

    And like all good gangster films, it has the FBI chasing a mafia family.

    • Yes Deco,
      All the Main stream Media MSM is the same.
      Every countries media is controlled by the same money that owns the banking system. All MSM is nothing but propaganda.
      corruption reigns.
      The US public, the HRC “deplorables” are awakening and restless.
      Will Trump do the impossible and win the 6 swing states plus Florida that is needed.
      This is the best, most important, TV series ever produced.
      Can we escape the “Clinton Syndrome”


    • Truthist

      I believe that The Dreadful Few have facilitated Hillary to be agent of her own downfall.
      They did this for a number of reasons

      Much of white male populace of USA already are wising up to The Dreadful Few
      Thus, The Dreadful Few have difficulty in getting whites to be prepared to sacrifice themselves in war fought on foreign territories against other “cattle”* nations.
      And, Hill-ary / Kill-ary for sure does not have the talent to rally them :
      Boring orator
      Understood to be corrupt even well before present revealations
      But, Trump can :
      Exciting orator
      Proven leader
      Not tainted with being a politician without noble history, & especially not tainted with being a corrupt politician ; Only now is he politician.

      By the way, increasingly numbers of Blacks are wising up to The Dreadful Few also ; Ref. effect of Farrakhan

      They have successfully done business with Trump’s father, & Trump, separately down throughout many decades.

      His family are now publicly “linked’ with them.
      He promises to be very very hard on Iran.
      He promises to support Israel in :
      moving its capital to Jerusalem
      much increased colonies into Palestinian lands
      greatly increased funding of $ Billions from U.S.A. tax-payers
      Trump allows them to placate the “waking-up” masses for a while with :
      booming economy
      removal of “Federal Reserve Bank” style of health care system that Obama-Care / Hillary-Care really is.
      hope that new judges to be appointed by Trump to Supreme Court will be not anti-Christian ;
      Indeed, that they very pro-life, & against the homosexual agenda.
      disengagement from warring on foreign nations
      stopping of illegal immigration
      protection of right to bear arms
      inter alia

      • Truthist

        Hillary Clinton & Co. is evil.
        But, do not trust Trump to no partake in evil too.
        Ron Paul should be the President ;
        Perhaps, even Co-President with … Farrakhan ;
        Diarchy system.
        Farrakhan could restore the livelihood skills of the blacks.
        We in Ireland also need a return to livelihood skills.
        Self-sufficiency & Trade purposes ;
        But, if necessary, self-sufficiency is enough.
        FAS / SOLAS & VEC’s & Institutes & Universities will not do this.
        It should happen from grass-roots because we can only depend on the government to f..k it up.
        Rome had a Dual-Ruler system for a period too ;

  28. Truthist

    In June 2011, EU Fundamental Rights Commissioner Viviane Reding stated,
    “This campaign goes against European values. We want European funds to be returned as quickly as possible.”

    The Obama administration and the United Nations have both criticized Orban’s conservative government, with the U.N. accusing it of
    “obstructing” abortion access with “unnecessary waiting periods, hostile counseling, or conscientious objection.”

    This year, the UN termed it
    “gender discrimination.”.

  29. Truthist

    Part 2 of http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
    ‘Money in the modern economy: an introduction’, a
    companion piece to this article, provides an overview of what
    is meant by money and the different types of money that exist
    in a modern economy, briefly touching upon how each type of
    money is created. This article explores money creation in the
    modern economy in more detail.
    The article begins by outlining two common misconceptions
    about money creation, and explaining how, in the modern
    economy, money is largely created by commercial banks
    making loans.(1) The article then discusses the limits to the
    banking system’s ability to create money and the important
    role for central bank policies in ensuring that credit and money
    growth are consistent with monetary and financial stability in
    the economy. The final section discusses the role of money in
    the monetary transmission mechanism during periods of
    quantitative easing (QE), and dispels some myths surrounding
    money creation and QE. A short video explains some of the
    key topics covered in this article.(2)
    Two misconceptions about money creation
    The vast majority of money held by the public takes the form
    of bank deposits. But where the stock of bank deposits comes
    from is often misunderstood. One common misconception is
    that banks act simply as intermediaries, lending out the
    deposits that savers place with them. In this view deposits
    are typically ‘created’ by the saving decisions of households,
    and banks then ‘lend out’ those existing deposits to borrowers,
    for example to companies looking to finance investment or
    individuals wanting to purchase houses.
    In fact, when households choose to save more money in bank
    accounts, those deposits come simply at the expense of
    deposits that would have otherwise gone to companies in
    payment for goods and services. Saving does not by itself
    increase the deposits or ‘funds available’ for banks to lend.
    Indeed, viewing banks simply as intermediaries ignores the fact
    that, in reality in the modern economy, commercial banks are
    the creators of deposit money. This article explains how,
    rather than banks lending out deposits that are placed with
    them, the act of lending creates deposits — the reverse of the
    sequence typically described in textbooks.(3)
    Another common misconception is that the central bank
    determines the quantity of loans and deposits in the
    economy by controlling the quantity of central bank money
    — the so-called ‘money multiplier’ approach. In that view,
    central banks implement monetary policy by choosing a
    quantity of reserves. And, because there is assumed to be a
    constant ratio of broad money to base money, these reserves
    are then ‘multiplied up’ to a much greater change in bank
    loans and deposits. For the theory to hold, the amount of
    reserves must be a binding constraint on lending, and the
    central bank must directly determine the amount of reserves.
    While the money multiplier theory can be a useful way of
    introducing money and banking in economic textbooks, it is
    not an accurate description of how money is created in reality.
    Rather than controlling the quantity of reserves, central banks
    today typically implement monetary policy by setting the
    price of reserves — that is, interest rates.
    In reality, neither are reserves a binding constraint on lending,
    nor does the central bank fix the amount of reserves that are
    available. As with the relationship between deposits and
    loans, the relationship between reserves and loans typically
    operates in the reverse way to that described in some
    economics textbooks. Banks first decide how much to lend
    depending on the profitable lending opportunities available to
    them — which will, crucially, depend on the interest rate set
    by the Bank of England. It is these lending decisions that
    determine how many bank deposits are created by the banking
    system. The amount of bank deposits in turn influences how
    much central bank money banks want to hold in reserve (to
    meet withdrawals by the public, make payments to other
    banks, or meet regulatory liquidity requirements), which is
    then, in normal times, supplied on demand by the Bank of
    England. The rest of this article discusses these practices in
    more detail.
    Money creation in reality
    Lending creates deposits — broad money
    determination at the aggregate level
    As explained in ‘Money in the modern economy: an
    introduction’, broad money is a measure of the total amount
    of money held by households and companies in the economy.
    Broad money is made up of bank deposits — which are
    essentially IOUs from commercial banks to households and
    companies — and currency — mostly IOUs from the central
    bank.(4)(5) Of the two types of broad money, bank deposits
    make up the vast majority — 97% of the amount currently in
    circulation.(6) And in the modern economy, those bank
    deposits are mostly created by commercial banks
    (1) Throughout this article, ‘banks’ and ‘commercial banks’ are used to refer to banks and
    building societies together.
    (2) See http://www.youtube.com/watch?v=CvRAqR2pAgw.
    (3) There is a long literature that does recognise the ‘endogenous’ nature of money
    creation in practice. See, for example, Moore (1988), Howells (1995) and
    Palley (1996).
    (4) The definition of broad money used by the Bank of England, M4ex, also includes a
    wider range of bank liabilities than regular deposits; see Burgess and Janssen (2007)
    for more details. For simplicity, this article describes all of these liabilities as deposits.
    A box later in this article provides details about a range of popular monetary
    aggregates in the United Kingdom.
    (5) Around 6% of the currency in circulation is made up of coins, which are produced by
    The Royal Mint. Of the banknotes that circulate in the UK economy, some are issued
    by some Scottish and Northern Irish commercial banks, although these are fully
    matched by Bank of England money held at the Bank.
    (6) As of December 2013

  30. Truthist

    Re ; T.V. Braadcast from the British Bedophile Corporation [ B.B.C }
    The Vigilant Citizen
    BBC’s Children Show ‘Just a Girl’ is About a Transgender Child Taking Hormone Blocking Drugs
    Bet, the E.U., Washington Admin., & U.N. are all for this stuff also ;
    Just as they are for murdering the unborn child.

  31. Posted at lemetropolecafe.com today

    Deutschebank, and “the rest of the story”

    Hi Bill:
    Today (11/01/2016) the Midas contained the commentary from Der Spiegel:

    The Deutsche Bank Downfall: How a Pillar of German Banking Lost Its Way
    “It is a story about how Hilmar Kopper, Rolf E. Breuer and Josef Ackermann, the leaders of Deutsche Bank during those fateful years, essentially turned over the bank to a hastily assembled group of Anglo-American investment bankers before Anshu Jain, the prince of these traders, rose to the top and spent three more years sailing the bank full-speed-ahead into the shoals.”

    The commentary didn’t say nothin’ about the banker BEFORE Hilmar Kopper.

    In the words of Paul Harvey, “here’s the rest of the story.”
    - – -
    Alfred Herrhausen (30 January 1930, Essen – 30 November 1989) was a German banker and Chairman of Deutsche Bank. From 1971 onwards he was a member of the bank’s Management Board. He was a member of the Steering Committee of the Bilderberg Group. . . .

    Herrhausen fell victim to a sophisticated roadside bomb shortly after leaving his home in Bad Homburg on 30 November 1989. He was being chauffeured to work in his armoured Mercedes-Benz, with bodyguards in both a lead vehicle and another following behind.[2] The bomb had been hidden in a saddle bag on a bicycle next to the road that the assassins knew Herrhausen would be traveling in his three- car convoy. . .

    No one has ever been charged with the murder. . . .

    The search of the motive for his killing strikes attention to the fact that Mr. Herrhausen strongly suggested to write off all debts owed by developing countries, a proposal he brought before the World Bank in 1987 as well as to a Bilderberg Meeting in 1988. His suggestions however were met with strong opposition, especially from U.S. bankers who were prepared to battle him on his proposal, and who also objected to internal reforms of the Deutsche Bank which he intended to implement for Germany. . . .

    Some authors speculate that in view of the complex nature surrounding the preparations for his murder the U.S. American Secret Service of the CIA may have been involved.
    - – -
    Guess that sets the stage for the Spiegel commentary.
    And as Paul Harvey would say, “Now you know the rest of the story.”
    Edward Ulysses Cate

  32. http://investmentresearchdynamics.com/hillary-clinton-is-now-radioactive-sot-122/

    “”Pride goeth before destruction, and an haughty spirit before a fall (King James Bible). Throughout recorded history, hubris has been the Achilles’ Heel of political despots. Hillary Clinton and her political crime machine has been operating above the law for decades, stretching back at least to when Bill Clinton was Governor of Arkansas.

    “Hillary Clinton is a toilet scrubber for Goldman Sachs” – John Titus on the Shadow of Truth

    During her 2016 Presidential Campaign, it became routine for her get in front the public and lie with convincing ease. In Greek tragedy, “hubris” was an anti-hero’s excessive pride toward or defiance of the gods, leading to the character’s unforeseen demise.

    When Hillary was deposed by the FBI about the 33,000 emails on her private server that were wiped clean forever using BleachBit, she assumed her tracks were irrevocably covered up. But it wasn’t just 33,000 emails that were incinerated, reams of evidence including laptops, server back-ups and Blackberries either “disappeared” or were wiped clean.

    Out of the blue, as if sent to earth from a Higher Power, the FBI in its child pornography investigation of Anthony Weiner stumbled on to a laptop with 650,000 emails that appeared to have been downloaded from Hillary Clinton’s private server. It is highly probable that among this treasure trough of emails will be copies of the 33,000 emails that Hillary arrogantly assumed were wiped from the Universe. Hubris gets ’em every time.”"

  33. Truthist

    Interesting… Interesting…Interesting

  34. Truthist

    Part 3 of ;
    Commercial banks create money, in the form of bank deposits,
    by making new loans. When a bank makes a loan, for example
    to someone taking out a mortgage to buy a house, it does not
    typically do so by giving them thousands of pounds worth of
    banknotes. Instead, it credits their bank account with a bank
    deposit of the size of the mortgage. At that moment, new
    money is created. For this reason, some economists have
    referred to bank deposits as ‘fountain pen money’, created at
    the stroke of bankers’ pens when they approve loans.(1)
    This process is illustrated in Figure 1, which shows how new
    lending affects the balance sheets of different sectors of the
    economy (similar balance sheet diagrams are introduced in
    ‘Money in the modern economy: an introduction’). As shown
    in the third row of Figure 1, the new deposits increase the
    assets of the consumer (here taken to represent households
    and companies) — the extra red bars — and the new loan
    increases their liabilities — the extra white bars. New broad
    money has been created. Similarly, both sides of the
    commercial banking sector’s balance sheet increase as new
    money and loans are created. It is important to note that
    although the simplified diagram of Figure 1 shows the amount
    of new money created as being identical to the amount of new
    lending, in practice there will be several factors that may
    subsequently cause the amount of deposits to be different
    from the amount of lending. These are discussed in detail in
    the next section.
    While new broad money has been created on the consumer’s
    balance sheet, the first row of Figure 1 shows that this is
    without — in the first instance, at least — any change in the
    amount of central bank money or ‘base money’. As discussed
    earlier, the higher stock of deposits may mean that banks
    want, or are required, to hold more central bank money in
    order to meet withdrawals by the public or make payments to
    other banks. And reserves are, in normal times, supplied ‘on
    demand’ by the Bank of England to commercial banks in
    exchange for other assets on their balance sheets. In no way
    does the aggregate quantity of reserves directly constrain the
    amount of bank lending or deposit creation.
    This description of money creation contrasts with the notion
    that banks can only lend out pre-existing money, outlined in
    the previous section. Bank deposits are simply a record of how
    much the bank itself owes its customers. So they are a liability
    of the bank, not an asset that could be lent out. A related
    misconception is that banks can lend out their reserves.
    Reserves can only be lent between banks, since consumers do
    not have access to reserves accounts at the Bank of England.(2)
    Other ways of creating and destroying deposits
    Just as taking out a new loan creates money, the repayment of
    bank loans destroys money.(3) For example, suppose a
    consumer has spent money in the supermarket throughout the
    month by using a credit card. Each purchase made using the credit card will have increased the outstanding loans on the
    consumer’s balance sheet and the deposits on the
    supermarket’s balance sheet (in a similar way to that shown in
    Figure 1). If the consumer were then to pay their credit card

    Figure 1 Money creation by the aggregate banking
    sector making additional loans(a)

    Before loans are made After loans are made
    Assets Liabilities
    Commercial banks(c)
    Assets Liabilities
    Assets Liabilities
    Reserves Deposits
    New loans
    New loans
    (a) Balance sheets are highly stylised for ease of exposition: the quantities of each type of
    money shown do not correspond to the quantities actually held on each sector’s balance
    (b) Central bank balance sheet only shows base money liabilities and the corresponding assets.
    In practice the central bank holds other non-money liabilities. Its non-monetary assets are
    mostly made up of government debt. Although that government debt is actually held by the
    Bank of England Asset Purchase Facility, so does not appear directly on the balance sheet.
    (c) Commercial banks’ balance sheets only show money assets and liabilities before any loans
    are made.
    (d) Consumers represent the private sector of households and companies. Balance sheet only
    shows broad money assets and corresponding liabilities — real assets such as the house
    being transacted are not shown. Consumers’ non-money liabilities include existing secured
    and unsecured loans.
    Figure 1 Money creation by the aggregate banking
    sector making additional

    (1) Fountain pen money is discussed in Tobin (1963), who mentions it in the context of
    making an argument that banks cannot create unlimited amounts of money in
    (2) Part of the confusion may stem from some economists’ use of the term ‘reserves’
    when referring to ‘excess reserves’ — balances held above those required by
    regulatory reserve requirements. In this context, ‘lending out reserves’ could be a
    shorthand way of describing the process of increasing lending and deposits until the
    bank reaches its maximum ratio. As there are no reserve requirements in the
    United Kingdom the process is less relevant for UK banks.
    (3) The fall in bank lending in the United Kingdom since 2008 is an important reason why
    the growth of money in the economy has been so much lower than in the years
    leading up to the crisis, as discussed in Bridges, Rossiter and Thomas (2011) and Butt
    et al (2012).

  35. Truthist

    Michael Moore is a Shill who works really for the “Frankfurt School” agenda.
    So, more very timely roguery from Moore here here about :
    the “dumb angry white men” as Moore is at pains so often to categorise.

  36. Truthist

    For Tony Brogan ;
    But, I would have misgivings about this website as a whole.

  37. Truthist

    Ref ;
    The 2nd* most major source of high costs squeezing small to medium manufacturing-producing exporters from Irish State jurisdiction
    *1st most major source of high costs are those imposed by the Bankster Scam [ B.S. / Bull S..t ] Bundle ; Private Central Banking, & [ Fractional ? ] Reserve Banking & Soverignizing the Private Debt of Private & Quango Borrowers
    Facts about how much gardaí are really paid must be central in talks

    Dan O’Brien
    03 November 2016

    Extract [ Re; these Crooks (State ment by Truthist) ]
    On an weekly basis, gardaí are the best paid public sector workers by a distance.
    They earned on average €1,304 per week in the second quarter of this year (or €67,808 on an annual, 52-week basis).
    That compares with an average of €906 across the entire public sector and €645 across the private sector.
    It is worth underscoring the point: average Garda weekly pay is currently almost 50pc higher than across the rest of the public sector.
    It is 102pc higher than the average in the private sector.

    And, I add :
    They save many costs with “freebies”.
    And, they coerce many publicans to serve them free-drinks after hours.
    And, they earn much extra monies from a variety of sideline [ legal or illegal ] niches traditionally associated with the Irish State’s Peelers.

  38. “Governments aren’t even important these days. The world from what we can tell is run by a small banking elite that controls the awesome power of central banks and the money they print.

    The trillions available to this small group has allowed it to change the nature of society around the world.

    The goal is global government and every kind of violence and corruption is employed to achieve it.”


    • “The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant.” …. Maximilien Robespierre

      • Truthist

        Robespierre the most infamous French Revolution psychopath.
        Family came from Ireland.
        Original family name ;
        Good insight by Ruben / Robespierre even if he meant it insincerely.

  39. Truthist

    Part 4 of ;
    bill in full at the end of the month, its bank would reduce the
    amount of deposits in the consumer’s account by the value of
    the credit card bill, thus destroying all of the newly created
    Banks making loans and consumers repaying them are the
    most significant ways in which bank deposits are created and
    destroyed in the modern economy. But they are far from the
    only ways. Deposit creation or destruction will also occur any
    time the banking sector (including the central bank) buys or
    sells existing assets from or to consumers, or, more often,
    from companies or the government.
    Banks buying and selling government bonds is one particularly
    important way in which the purchase or sale of existing assets
    by banks creates and destroys money. Banks often buy and
    hold government bonds as part of their portfolio of liquid
    assets that can be sold on quickly for central bank money if,
    for example, depositors want to withdraw currency in large
    amounts.(1) When banks purchase government bonds from
    the non-bank private sector they credit the sellers with bank
    deposits.(2) And, as discussed later in this article, central bank
    asset purchases, known as quantitative easing (QE), have
    similar implications for money creation.
    Money can also be destroyed through the issuance of
    long-term debt and equity instruments by banks. In addition
    to deposits, banks hold other liabilities on their balance sheets.
    Banks manage their liabilities to ensure that they have at least
    some capital and longer-term debt liabilities to mitigate
    certain risks and meet regulatory requirements. Because these
    ‘non-deposit’ liabilities represent longer-term investments in
    the banking system by households and companies, they
    cannot be exchanged for currency as easily as bank deposits,
    and therefore increase the resilience of the bank. When banks
    issue these longer-term debt and equity instruments to
    non-bank financial companies, those companies pay for them
    with bank deposits. That reduces the amount of deposit, or
    money, liabilities on the banking sector’s balance sheet and
    increases their non-deposit liabilities.(3)
    Buying and selling of existing assets and issuing longer-term
    liabilities may lead to a gap between lending and deposits in a
    closed economy. Additionally, in an open economy such as
    the United Kingdom, deposits can pass from domestic
    residents to overseas residents, or sterling deposits could be
    converted into foreign currency deposits. These transactions
    do not destroy money per se, but overseas residents’ deposits
    and foreign currency deposits are not always counted as part
    of a country’s money supply.
    Limits to broad money creation
    Although commercial banks create money through their
    lending behaviour, they cannot in practice do so without limit.
    In particular, the price of loans — that is, the interest rate (plus
    any fees) charged by banks — determines the amount that
    households and companies will want to borrow. A number of
    factors influence the price of new lending, not least the
    monetary policy of the Bank of England, which affects the
    level of various interest rates in the economy.
    The limits to money creation by the banking system were
    discussed in a paper by Nobel Prize winning economist
    James Tobin and this topic has recently been the subject of
    debate among a number of economic commentators and
    bloggers.(4) In the modern economy there are three main sets
    of constraints that restrict the amount of money that banks
    can create.
    (i) Banks themselves face limits on how much they can
    lend. In particular:
    • Market forces constrain lending because individual
    banks have to be able to lend profitably in a competitive
    • Lending is also constrained because banks have to take
    steps to mitigate the risks associated with making
    additional loans.
    • Regulatory policy acts as a constraint on banks’
    activities in order to mitigate a build-up of risks that
    could pose a threat to the stability of the financial
    (ii) Money creation is also constrained by the behaviour of
    the money holders — households and businesses.
    Households and companies who receive the newly created
    money might respond by undertaking transactions that
    immediately destroy it, for example by repaying
    outstanding loans.
    (iii) The ultimate constraint on money creation is monetary
    policy. By influencing the level of interest rates in the
    economy, the Bank of England’s monetary policy affects
    how much households and companies want to borrow.
    This occurs both directly, through influencing the loan
    rates charged by banks, but also indirectly through the
    overall effect of monetary policy on economic activity in
    (1) It is for this reason that holdings of some government bonds are counted towards
    meeting prudential liquidity requirements, as described in more detail by Farag,
    Harland and Nixon (2013).
    (2) In a balance sheet diagram such as Figure 1, a purchase of government bonds from
    consumers by banks would be represented by a change in the composition of
    consumers’ assets from government bonds to deposits and an increase in both
    deposits and government bonds on the commercial banks’ balance sheet.
    (3) Commercial banks’ purchases of government bonds and their issuance of long-term
    debt and equity have both been important influences on broad money growth during
    the financial crisis as discussed in Bridges, Rossiter and Thomas (2011) and Butt et al
    (4) Tobin (1963) argued that banks do not possess a ‘widow’s cruse’, referring to a biblical
    story (earlier referenced in economics by John Maynard Keynes) in which a widow is
    able to miraculously refill a cruse (a pot or jar) of oil during a famine. Tobin was
    arguing that there were limits to how many loans could be automatically matched by
    the economy. As a result, the Bank of England is able to
    ensure that money growth is consistent with its objective
    of low and stable inflation.

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