November 7, 2016

Nama, Kafka and the trial of our public sector

Posted in Sunday Business Post · 99 comments ·

Make no mistake about it, the series of public sector strikes that we have experienced — and are about to see more of — are entirely linked to housing. The fact that middle ranking public sector workers can’t, or at least don’t feel that they can, afford to live in this country is at the root of the latest industrial unrest. For the State, the message should be clear: fix housing and you more or less fix most of the grievance. In contrast, allow the continuation of the dysfunctional market for housing and accommodation in general, and you have a recipe for industrial relations war.

When you stand back, it is not easy to see that the essence of the problem is a total lack of understanding deep inside the Irish policy-making elite about the conflicts implicit in economic policy. Can’t any of the Department of Finance thinkers see that the government is on a crazy hamster wheel whereby it has created a policy framework to increase the price of property (in order to recover value of the bank bailout and make Nama profitable), but at the same time lose all the gains in the form of massively increased public sector costs.

These policies are mutually destructive and the rising public sector costs will undermine the willingness of the rest of the population to pay taxes because they see that higher taxes aren’t going on better public services but on higher public servant salaries. In short, the political upshot of these two mutually incompatible macro policies, risks undermining the entire tax base.

To explain what is happening, let’s take each issue on its own.

First let’s explore the primary short-term objective of trying to claw back as much of the bank bailout as possible and the related objective of making NAMA profitable.

The State can only achieve this by engineering a rise in property prices. The banks went bust in 2008 because they borrowed too much money and lent it to property between 2003 and 2008. Thus on the banks’ balance sheets there was borrowing on the liability side and property on the asset side.

When the property market collapsed, the value of the asset side of their balance sheets collapsed. But the debts on the liability side, they didn’t collapse in tandem. In fact, the State paid all the liabilities – including paying the bondholders. This much we know.

However, the State now owns the banks that it nationalized. If you want to sell them again and get back some money, it means that the State has to engineer an inflation of the assets side of the balance sheet. So the State needs property prices to rise, so that the banks are solvent again and then it can get some money back. But this means that it is State policy to have rising property prices.

Now throw in the objective of making NAMA profitable.

The only way that NAMA can make a profit is if we experience another Ponzi-style scheme in commercial property. This is one whereby foreign funds buy up cheap Irish property. They then hold on, so that supply is restricted. Then prices rise and they get out. And ultimately they sell on to another investor at much higher prices. A great example of this was reported this week where PIMCO – a large American fund – offloaded their so-called “Ulysses” office portfolio to the pension scheme of the ESB.

This story truly highlights the bizarre nature of the Irish property market. The so-called “Ulysses” portfolio (anyone with a passing knowledge of James Joyce would appreciate the wit in naming a property fund after the serial property defaulter Mr Joyce) was sold to the ESB’s pension fund. So the Irish public sector buys expensive Irish property back from foreign investors once the foreigners have made their twist.

The sale price has not been disclosed but is believed to be more than €140 million.

Could you make this up? Not only is one arm of the Irish State, NAMA, facilitating the sale, but the people who are buying the property once the juice has been made by the foreign speculators, is the pension fund of the Irish State electricity board!

This is more Kafka than Joyce, don’t you think?

The higher commercial property goes, the more profit NAMA will make because NAMA inherited all the property in 2010 at the bottom.  Look at this the other way. NAMA’s profits have to be the single best warning of another property bubble – this time in commercial property. Rather than being a cause for celebration, NAMA profits should be a cause for concern.

So one arm of the State, for its own short-term aims, is pushing up property prices both commercial and residential. This means that another part of the State, the public sector workers, are being priced out of the property market in the process.


The workers whose disposable income is squeezed because of higher rents, house prices or both, eventually suffer enough and agitate for higher wages because they want to live near the cities that they work in.

Therefore, the State has in fact itself orchestrated industrial unrest because one government objective (driving up property prices) is actively undermining another part of the State (keeping down public sector costs). This inconsistency is due to the fact that no one in government is thinking in any joined up fashion.

Meanwhile, as other tax payers see their higher taxes spent on increasing the wages of public sector workers rather than on better public services for themselves and their families, they will try to avoid taxes because “trust ‘ in the system has broken.

This is where we are going – head first!

  1. It is one thing to allege that the government and its agencies want higher prices. It is followed by the statement that the state is driving prices higher. If so , how exactly is this being done.
    This is a suggestion that the prices are manipulated. What are the government policies exactly, that cause this to happen?

    • “Can’t any of the Department of Finance thinkers see that the government is on a crazy hamster wheel whereby it has created a policy framework to increase the price of property (in order to recover value of the bank bailout and make Nama profitable), but at the same time lose all the gains in the form of massively increased public sector costs.”

      The maniac is unlimited credit. The economy world wide, not just limited to Ireland is addicted to cheap, almost free, credit. Like a junkie or any addict the infusion of the substance gives temporary relief , if not a nice warm fuzzy feeling.
      Likewise the infusion of credit allowed expansion and euphoria to emanate throughout the economy. Then there is the inevitable withdrawal and the cold clammy hand of reality is felt. Another injection of credit reverses the feeling and effect but each new injection has to be bigger than the last.
      The addict only has two choices. Go straight and quit the substance abuse: Quit usually means quit completely: or degenerate and decay to die shriveled and used.
      Such is the world’s economy fed by ever larger doses of credit fed by the dealers of usury and debt from of the central bankers store fronts, the commercial banks.

      The dealers of credit now cannot stop the infusion although they habitually promise reform and to withdraw the credit. This they cannot now do as the junkie economy is hooked on the cheap credit which if withdrawn will result in paroxysms of agony and death.

      The alternative is the economy sliding into a contraction as those who are not addicted and were frugal are sucked dry by the miss-allocation of resources and spendthrift ways of their addicted family and neighbours.

      There is only one real solution. It is to remove the the substance abuse. That means the removal of unlimited free credit. That means saving as many junkies as we can but not at the expense of society as a whole. We must remove the dealers of credit and the creators of credit and the creation of credit. The central banking system of the Ponzi scheme, of fiat debt based currency must be removed and replaced with the re-establishment of an honest money system.

      The “crazy hamster wheel” is the revolving door of addictive easy credit, David.

      • Truthist

        EXTRACT from ur post above
        Tony Brogan
        November 7, 2016 at 6:32 pm
        “Such is the world’s economy fed by ever larger doses of credit fed by the dealers of usury and debt from of the central bankers store fronts, the commercial banks.”

        Questions to u :
        Do u subscribe to the policy to outlaw Usury ?
        Thus, NO lending !
        But, perhaps permissible is :
        “borrowing” only from one’s own savings stored in the bank ?
        with “fee” chargeable for :
        arranging the “borrowing” ?
        servicing the re-payments ?

        • 1. No
          2. lending savings at agreed fees ok.

          Read some Antal Fekete and Real Bills Doctrine

          • dwalsh

            Hello Tony
            I had a quick look at the Professor Fekete page. Immediately I see a basic error presented as a fundamental premise. The erroneous premise I refer to is the definition of fiat currency; which states that the value of a fiat currency is determined by a government. This is of course false. What the government does is simply decree that the currency is legal tender; it does not determine its value.

          • Truthist

            I think I know 1 of the ways that the official government [ The Leglislative, & Executive, & Judiciary ( L.E.J. ), & along with L.E.J.s standing army -- The Civil Service [ CS ] — does put a value on fiat “token money” currency, & even fiat “real money [ Gold & Silver ] currency.
            But, I will wait for some time to view what other posters contend how the LEJ + CS & / or other actor[s] accomplish this.

    • DJR

      New first time buyers grant?
      Failure to remove CGT clause which means vulture funds holding land until 2018 to avoid paying any tax, which is cutting off supply of development land?
      Failure to get NAMA building on a large scale despite promises from Noon an in 2014?
      Failure to bring in vacant site penalties for hoarding development land?
      But overall, for being in power for 5 years after the property crash and failing to produce a system that builds houses at an affordable price where & when they are needed. By design or incompetence?

  2. Tony Phillips

    Mr. McWilliams is it not a little innocent to think that the policies to drive up the price of property are aimed at bolstering the “profits” of NAMA. NAMA has lost billions and we are still paying for their largesse (their penchant for socialisation of losses and the corrupt underselling to hedge (vulture) fund investors like PIMCO and Cerebrus). Bolstering the coffers of the black hole that is NAMA is nothing more than a convenient side effect for the property managers at NAMA. Rather this policy is the policy of bolstering property profits for the rich landowning classes in Ireland. It has been so since before the formation of the Free State. TD’s and senators should be banned from participating in this development/housing “market”, one property each should suffice — one to live in. They too and their friends in the “development” business have too long been a limpet on the side of Irish society. The real productivity of Irish creativity has been sucked from the workers pockets in rents and mortgage payments; this national disgrace has to stop, not for the poor teachers who can’t rub two pennies together or the other homeless workers, but to retrieve a breathing space for a society bled dry by the property sector which has driven so many of its fines brains abroad.

  3. Excellent article.My own thoughts have been similar but Mr Williams has written them in flawless accuracy.

  4. redriversix

    Article is well written and makes sense of policy regarding NAMA.


    The times when most young people ,single or a couple are going ,if not already gone.

    Renting will be the default access to homes.

    I still believe that workers private or public are deserving of a proper wage & conditions.

    Worldwide wages & conditions are being cut or reduced while large corporations pay little or no tax.

    What if the Government collected the 12.5% tax every year from every Corporation ?

    Wouldn’t that solve a lot of our issues ?

    They will chase a shopkeeper or a haulier to the ends of the earth but pay APPLEs legal bills in European Court..!!!!! So they don’t pay taxes..


    But nothing will change nor will any effort be made to solve housing issues.

  5. Pat Flannery

    There is a well-established simple government policy solution: impose a tax on foreign persons or corporations at the point of sale of Irish property or property interests. The United States does it with its Foreign Investment in Real Property Tax Act (FIRPTA).

    Individual States like California impose additional restrictions on foreigners. If California was as open as Ireland nobody would be able to live in the Golden State. It would be owned entirely by foreign money launderers.

    It is no coincidence that NAMA’s best customers are Californian companies. To borrow from familiar billboards on the I-15 drive from LA to Las Vegas, Californians go “where the loosest slots are”.

    Ireland is now the Las Vegas of Europe, courtesy of Michael Noonan, whose son Tim happens to live in California btw. Too bad Tim hasn’t tipped off his father about how effective foreign persons’ tax withholding is in California.

    Or perhaps he has.

  6. redriversix

    “The times when most young people,single or a couple but a home are going if not already gone”

  7. redriversix

    Aghhhh typos !!!!

  8. Truthist

    2 ways that Government [ Leglislative ( Dail, Seanad, & Councils, & ? E.U. & IMF / Rothschilds ) still somehow ?, Executive, & Judiciary ( L.E.J. ) ] through its autonomous mega-salaried & clandestinely super-annuation pampered Civil SERPENTS do so manipulate the prices of housing upwards in Irish State immediately spring to mind :

    Government interfering with, or rather preventing of, & indeed criminalising of, people just simply erecting their own shelter wherever they themselves think they must practically do so ;
    And, in the main, the prospective dwellers would endeavor to erect dwelling with due regard to the environment & neighbors etc.
    The government insists that the person be homeless & roofless than that the underclass person be flouting the diktats of the Nomenklatura featured Civil Service* inspired housing policy.
    It is the Civil SERPENTS — incl. “academics” in universities — who carefully & cunningly & strategically & MALEVOLENTLY devised the housing policy that we suffer.
    Most of the politicians are incapable of crafting anything of worth good or bad with the written word.

    Thus, the demand for shelter of the “orthodox” structural & social & “financial” type is the only permissible one, & the demand keeps increasing because it one cannot get a house purchase loan from bank unless one is a Civil Servant or other such gilded lily.
    And, the supply is tragically low & very expensive even when at its cheapest.
    “Rent Allowance” / “Housing Subsidy” protocol whereby Tenant is obliged by the Department of “Let’s keep changing our name which has again quickly garnered well-deserved association for Civil SERPENT skulduggery” [ or just plain old Department of Social Welfare if u prefer ] & Department of Environment [ through the "Local Councils" ] to inform the prospective, or existing, Landlord that Tenant stands to get Rent Allowance from Irish State.
    This protocol of course has been crafted into the Rent Allowance procedure so as to :
    protect the Landlord from getting Social Welfare claimant person as tenant lest the landlord — traditionally very likely to be a Civil SERPENT [ especially a Garda or Teacher -- be agrieved they having "Riff-Raff" as would be their customary opinion of this class of tax payer under roof of theirs.
    facilitate the Landlordism practising Civil SERPENTS, now that they privy to prospective, or existing, tenant standing to get Rent Allowance from the Irish State, to profiteer -- & by so doing engage in sedition -- upon Irish "Free" 8-) State.

    Nurses -- who are mainly of XX chromosome are not known to practice in much Landlordism "personally".
    This cousin of Usury raally needs the presence, or even only background presence, of masculine muscle.
    As are Irish Banks wont to do when evicting business owners & farmers given that the Banks were reported by Phoenix Magazine for employing felons caught for large scale manufacture & distribution of Amphetamines [ Ecstacy tablets ] as “jackboots” to assault the mortgage holder / debtor.
    But, the most associated occupation of husbands of the nursing jobbers being Gardaism-Landlordism / Landlordism-Gardaism does ;
    Hence, Garda-Landlord / Landlord-Garda

  9. HoChi

    Years ago, pre web, I went into the National Library and looked at newspapers for say, 5 Jun 1940 /1950/1960/1970/1980/1990 , I looked at ‘Situations vacant (a mechanic), Property (a house in Killester) , and Motors for sale ( a mid range Ford)’ to see how skewed things had become over the years. Let’s say my results showed that in 1940 a mechanic’s wages would buy him a house in 20 years and a car in 5 years but by the 90′s his wages would get him a car in 6 months but it would cost him 50 years wages to own his own house. Fast forward to 2016 and we now need to compare what a months salary gets the average worker in Dublin /London/ Paris/Prague /Budapest/Moscow/Dubai/Saigon/Tokyo/Sydney. It shouldn’t be too hard to find out because of all the Irish diaspora and foreigners living here. ARE we being screwed, or are we just whinging needlessly ?? I’ve been looking at moving o/seas from Dubai to Tokyo to Saigon but I’m finding costs are similar worldwide to here – better the devil you know…….???

    • Cheap credit infusions to the economy know no boundaries. It is a world wide phenomenon. The Problem is caused by the international use of a debt based monetary credit system for money. This is from the near universal use of a central banking system coordinated by the central banks central banker the BIS or Bank for international Settlement.

      The BIS is outside of the control and direction of any government. All governments have ceded sovereignty to the International bankers. It appears our currencies are “national” but all currencies are controlled by the banker elites.

      • BIS funded both sides of WW11

        “At the outbreak of the Second World War in September 1939, the BIS Board of Directors – on which the main European central banks were represented – decided that the Bank should remain open, but that, for the duration of hostilities, no meetings of the Board of Directors were to take place and that the Bank should maintain a neutral stance in the conduct of its business. However, as the war dragged on evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the BIS accepted gold from the German Reichsbank in payment for prewar obligations linked to the Young Plan. This in spite of repeated Allied warnings not to accept gold or other assets from Nazi Germany. It later transpired that much of this gold had been looted (and subsequently remelted) by the Germans from the central banks in occupied territories. Some of this remelted gold included gold rings and other items from labor and prison camp victims.[9] Operations conducted by the BIS were viewed with increasing suspicion from London and Washington. The fact that top level German industrialists and advisors sat on the BIS board seemed to provide ample evidence of how the BIS might be used by Hitler throughout the war, with the help of American, British and French banks. Between 1933 and 1945 the BIS board of directors included Walther Funk, a prominent Nazi official, and Emil Puhl, as well as Hermann Schmitz, the director of IG Farben and Baron von Schroeder, the owner of the J.H. Stein Bank.”

  10. “Marginal utility is essentially the basis of all modern economics. But its assertion and elaboration irritated German economists so much that they called its economic backers “Austrians,” a term the Austrian-located, free-market economists of the day took as a badge of honor. Thus “Austrian economics” came to be named by its enemies.”

    “Marginal utility shows us clearly that the marketplace develops prices and that this has a powerful impact on prices at the margin. This is a second insight provided by Austrian economics: When government tries to “fix prices” via monopolies or even by passing laws and regulations, the market is distorted and prosperity gradually leaks away.”

    “One can marry the impossibility of forecasting to the damage done by passing laws and regulations to come to the conclusion that nothing government does (short of offering protection, perhaps) is either especially valid or useful.”

    “This is simply not a tolerable insight for most people, even now. It was obnoxious to the Germans who continually insulted “Austrians.” It was obnoxious to British economists who invented a whole new dysfunctional form of economics – econometrics – to try to displace the Austrian free-market approach. (The hope was that by making economics sufficiently mathematical and complex, basic dysfunctions could be overcome, or more likely disguised.)”


    “Fundamentally, markets work and governments don’t. Laws don’t work, nor do regulations because they are predictive and “human action” is not predictable. Laws and regulations also fix prices. Central banks can’t create prosperity because they have monopoly powers to fix the price of the money and price-fixing always ends in disaster and drains prosperity.” YES,YES,YES

    Read the whole article 3 times then re-read David!!!!!!!!!!!!! He for the endless government action solution to government made problems.

  11. blueangel

    My family unit returned to Ireland in 2005. Both personally and through our consulting business we have paid quite a lot of tax in Ireland. When we bought a home in 2006 we shelled out 70k in stamp duty to acquire a four bed bungalow within commuting distance of Dublin.
    In exchange for our tax we receive very little of substance. We also discovered that reported growth of our business was attracting unwanted attention and price increases from service providers and Revenue which bled us of cash and wasted valuable time. We’ve learned a lesson.
    We all now know that our health service is one of the most expensive and underperforming in the EU. The statistics relating to education services overall seem to be unflattering too. There is pension apartheid between public and private sectors. And in the most recent budget the state decided to gift some of my tax payments to first time buyers, despite clear evidence that this would simply result in transfers to developers through price increases. When dealing with a larcenous state the only thing it responds to is tax retention. We discovered this during the attempted introduction of water charges without corresponding reduction in general taxation.
    We can easily transfer some or all of our wealth generative activities to another EU state that provides actual public services open to the taxpaying classes, and thereby minimise our exposure to Irish taxes, while still maintaining our Irish customer base, e.g. back to Germany where we used to live. I think the time for throwing shapes is done. If there are further direct and indirect tax rate increases that touch my family and my business we will progressively relocate elsewhere.

    • HoChi

      That bears out what I’m hearing, NO value for the amount of tax we’re paying. Other countries give you VALUE for your taxes, here everyone from the local plumber to the state will try to screw you until you keel over.
      Evidently there’s a good historical reason why we’ve so many emigrants, they’ve sussed that ‘Mother Ireland’ slowly suffocates those who stay here.

    • michaelcoughlan

      I have come to the same conclusion and am going in 2017 aged 45 to set up a base elsewhere.

      McWilliams and Peter Sutherland will be delighted as both think emigration is an excellent solution.


      • michaelcoughlan

        You know lads I really hope trump wins cause he sure will give bang for the buck;

        More tons of bombs dropped in Vietnam than the whole of WW2, 1 million dead gooks and guess what?

        Only a fraction of the wipe out of human beings being orchestrated in the great deflation!

        I Looooooooooooooooooooove the smell of roast flesh and napalm in the morning the more grizzly the better cause when people are being wiped out for real unlike the 60m wipe out by the Jap CB over the next 40 years there sure is a good reason to stop!

        Maybe just maybe David Trump will tell the bankers to fuck off. Maybe then People like me won’t have to emigrate because of the crushing taxes imposed on us to fund the arapatchiks in the civil service and to pay the loans to keep the banks open.

      • michaelcoughlan

        I gotta get out of this place (Ireland)

  12. McCawber

    A spade is a spade.
    When a private enterprise has financial problems what does it do?
    When a commercial public enterprise has financial problems what does it do?
    When a non commercial public enterprise has financial problems what does it do?

    David’s article gives us some of the answers.
    But basically the answer to the third question is – make matters worse.
    The state and it’s employees have no respect for the hard earned taxes they spend.
    What is needed is a culture change.
    Without that nothing will change.
    History bears this out
    Utopia may be the answer but would you bet on it.

  13. Truthist
    By the way, is it not alarming that Hillary Clinton has not interviewed head-on by a posse of main-stream media news reporters about the accusations that FBI have, from her emails found on Weiner’s computer, photos of her & Huma engaged in sexual activity with very young girls ?
    And, is it not also alarming that the Irish main-stream media — especially the feminist opinion-makers == also have not been discussing these accusations ?

  14. Sideshow Bob

    There is no relationship between NAMA and these strikes, and David McWilliams has no reason to link the two.

    There is a link between homelessness, societal disruption, class discontent and a lack of affordable housing of various grades. But this began in 1990 when Charles Haughey ceased mass direct provision of housing by the state and no successive Government implemented any kind of socially equitable policy to replace what he removed ( e.g. like the mass housing associations to be found in Holland and constitute over half of housing in Dutch cities). All those successive Governments offered was clueless thinking and simplistic, purely free market based solutions like Part V ( i.e. the market will magically provide ,) which have never worked well in any developed or for that matter even developing country.

    There are a myriad of reasons for why Ireland cannot now build houses for it´s people and won´t be building in one, two, three, four or five years time. NAMA is not a critical one. The fact that we as a populace, or even a self-promoting voice of Irish popular Economics like David McWilliams, cannot readily identify those key reasons is a damning indictment of our collective understanding of our own built environment ( i.e. urban and rural), our general society ( its culture, laws and economy), and of our recent economic history.

    • Thoughtful, provocative :)

    • Truthist

      Do not forget ;
      We have “homelessnees”, & “homelessness & rooflessness”, & emigration so as to avoid these plights in the years “before” NAMA also.
      Sideshow Bob, the situation is worse now because of increased Government / L.E.J. [ Legislative, Executive, & Judiciary ] interference in the citizen’s rights to provide themselves with their own shelter.
      If State provided top-class condominiums as empty shells in say 20 storey tower, or stepped, blocks with adjacent blocks for automated storage of 4 wheeled vehicles & other adjacent blocks for automated storage of motorcycles & other adjacent blocks garages for storage & / or DIY workshops & adjacent super sized block for aqua-culture & vermiculture [ hydroponics, aquaponics, vermiculture, & vermiponics ] as villages with government management operating no tolerance of recurring bad behavior by dwellers etc & mandatory testing for illegal drugs too, whereby dweller “rents-to-buy” or “buys immediately”, the housing problem would be solved.
      This can be done very economically on the tax-payers’ purse.
      And, swiftly too.

      • Sideshow Bob

        Like this?

        It has 64+ units at 70M sq each (2-4 could be amalgamated to create bigger units at a reduced density)and some small communal facilities. It hasn´t much parking but it is near a metro line and many bus corridors.The whole thing is abput the height of liberty Hall fits on the equivalent of 2 Georgian/Victoria-era Dublin property lots and sits cheek by jowl with smaller neighbouring residential and commercial buildings. The most you would get out of this in Dublin, at it´s most cramped, would be about 14-18 crappy damp bedsits 20-25m sq each. Here you you have over 9 times that accomommdation and it isn´t even the tallest building in the neighbourhood.

        • Truthist

          The Irish Army should execute the “housing” + “vehicle storage” + “garage” + “aqua-culture” blocks village projects that I propose.
          Volunteer participation welcome too.
          Facility to intake foreign volunteers also.
          Rapid apprenticeships available during construction period.
          Michael O’Leary is very welcome to construct & sell units of such villages too.
          I just looked at ur link Sideshow Bob ;
          Yes, this type of design would be acceptable.
          As emphasised prior by me, noise pollution is a priority to design against.
          And, as much as I am getting more cynical about the role, & conduct, of educational, & training, courses in society, I would yet insist that all prospective dwellers successfully pass good course for how to live in such a special village.

          Irish people badly need civilising now.
          People should keep more to themselves.
          People should relent from being nosy f..kers.
          So many folks now are sociopaths ;
          Thus, management of dweller intake will have the power to insist that prospective dweller repeat the special course as many times as is necessary.

          Discreet policy of ;
          “No Assholes allowed !”

          Also, very good sports facilities & children play areas & relaxation parks are part of the villages also.

          Parts of the blocks will have retail units.


          Re ; Metro transport system for Dublin

          Dublin should refrain from more terrestrial metro development in city centre.

          Dublin should never construct subway metro development ;
          There are many obvious overwhelming reasons to not have subway metro system in Dublin.

          Instead, Dublin should have “on-stilts metro system”
          Vancouver, Canada
          Bangkok, Thailand.

          • Sideshow Bob

            They are called monorails. I don´t know why but they are not popular where ever they are built. They are regarded as an eyesore generally, even in ugly places. Also they have a much lower passenger capacity than true metros ( elevated, ground level or subterranean ), so they are only half a solution.

            If Dublin were to build a metro it should only be built to connect (new or regenerated) genuinely high density residential areas to the city center and relevant business districts. Otherwise it dosen´t make sense. Quality Bus corridors and Luas lines will work better in a low density city but there needs to be more interconnected hubs and most importantly COMPETITION!

          • Truthist

            Yes, Sideshow Bob,

            My phrase was a bit incongruous.
            I do atimes resort to improvisation in the naming of generic terms.

            Ur added information is very valuable.
            Information to be added to the brief for designer to overcome.

            Overhead [ necessary "qualification" I posit 8-) ] Monorails it still should be ; IMHO
            In time I will develop an argument for why this should be.

          • Truthist

            “Elevated” true Metros ?

            If not “elevated” Monorails or Cable Cars, are they “elevated” Dualrails [ sic ? ] ?

        • Antaine

          Hi Sideshow Bob, Is there an English Language version of that?

        • Antaine

          Thanks for that.

        • Truthist

          Just did a quickie research effort on Bangkok Skytrain system.
          It so happens to be “Dual-Track” system ;
          Although, a new branch is said to be “Mono-Rail” system.
          Ref. approx 1/3rd down the home page
          “Trains run on dual tracks, fixed directly to concrete plinths, carried on a 9m-wide viaduct.
          The plinths are supported on single box viaduct girders, each 12m above the road level.
          The concrete foundations have been piled underground to a depth of 50m.”

          And, this should be useful too ;

          Both articles I will have to shelve reading presently.
          Too much internet attendance.
          Best to implement my New Year resolutions 2 months early.
          “Let’s clear the Swamp.”
          But, bookmark them I will do of course.

  15. Truthist

    Donald Trump’s Argument For America

    And, it is Trump’s TV advert too.

    Great great speech.

    But, crucially, Trump is getting flack from The Times of Israel newspaper on account of the images of “the political establishment” being shown accompanying this speech.

    Definitely worth bookmarking.

    And, definitely worth playing often.

    Irish Nation needs a similar political “removal of the establishment” movement.

  16. “Inflation is always and everywhere, the result of governments and their banking systems working together to increase spending; inflation can be a long drawn-out process, little noticeable by the population. Deflation on the other hand, is the result of actions on the part of the public, and deflation can take place at great speed, feeding on itself as fear of losses in investments propels the public to liquidate investments as quickly as possible. Think of “Black Friday”, October 1929.
    At the present time, RC governments and Central Bankers are probably terrified that the whole investment world may suddenly collapse, as the fear of deflation – the fear of massive liquidation of Bonds and Stocks – may take hold of the public at any moment.
    Thus, we are likely to see a desperate attempt at world inflation of money through further expansion of credit in the RC, to finance government spending in order to “get the world economy on its feet again” and crush any possibility of world deflation, for the time being. Which would, of course, only postpone the final collapse of the world’s economy to some point in the future.”H.S.Price

  17. Truthist

    Revealed: Clinton’s Link To Convicted Child Stealer And Sex Trafficker

  18. dwalsh

    Good article David
    Thanks for explaining it so clearly
    What we need is humane and rational economics
    What we have instead is rationalism and rationalisation

    • michaelcoughlan

      From the link Tony.

      “I disagree with your assumption that central banks’ money printing is antithetical to deflation.I am in a minority of one in suggesting that just the opposite is the case: expansion of the money supply through open market purchases of government bonds by the central bank is the direct cause of deflation. I know this is counter-intuitive, yet true nevertheless”

      He is not in a minority of 1. I believe it so does Adelaide so does Max Keiser. I learned it here on the board.

      Madder than a Bonbon.


      • Well done Michael. You understand what passes by most.

      • Truthist

        Yes, but important to add that Feteke states ;
        “Why is this deflationary ?
        Well, because it slows down the velocity of money.
        No matter how fast the Fed is printing, its output is siphoned off by profit-hungry bond speculators even faster.”
        Hey, the thought just struck me ;
        Given that David is frequently at pains to educate u about Velocity of Money & indeed has his own catchy metaphor — “My spending is ur Income. And, ur spending is my income.” — for it, should he not interview him for Agenda program ?
        I am sure the viewers will find Feteke fascinating & a welcome breath of fresh air.
        Krugman — the racist economist — stinks when ;
        ‘”All” lives matter’.
        Bet, George Soros would be angered were David to interview Feteke.

  19. michaelcoughlan

    Hi All,

    I think Trump will win and more or less for the same reason as the Brits voted for Brexit. That slimy bastard suds will never draw a connection between his own agenda of ramming federalism down every one’s throats and the fact that globalisation has caused the very cesspit of loathing and fear driving these nationals responses creating the very monster suds tried to consign to the history books.

    Could suds be told?

    No chance.

    Lives in the same nut house as the bonbon’s.

  20. Truthist

    Is Donald Trump what Michael Moore promised to be and never was?

    Gilad Atzmon — Nov 7, 2016

  21. Truthist

    Win or lose, Trump has emasculated ruling class
    Twice a candidate for the Republican presidential nomination
    The Reform Party’s candidate in 2000.

  22. Trump takes florida. It is close but in the lead. I bet my good lady 2 weeks ago that trump would win. I got 20/1 odds as she was sure it was Clinton’s race. She felt the barrage from the press and pundits and polls would sway the voter. My $10 bet is likely to make me $200. Haha it is all good fun but also deadly serious. She says if Trump wins it will be the best 200 she ever lost!!!!!!!!!!!!!!!

    I remembered the hard working middle class families I met in the US who were angry at the economics and their plummeting standard of living. I remember their incredulity when I explained how their currency was created out of thin air as a debt.

    All they needed was a leader to focus on who expressed their concerns and there would be a tidal wave for a complete change. I expect that in 12 hours Trump will be declared the man of the century.

    The question is, can he make the changes in the establishment needed to save the world. There is no mention of a change in the money system.

    CAD is down 1.5% and gold up $87 CAD tonight. The mexican peso is down to all time lows of 12%. We are taking a vacation at the end of the month to Mexico so we make get a 10% break on our day to day costs.

    Hugo Salinas Price’s bank , Banco azteca sells one ounce silver peso to anyone who wants silver coin. He is a firm believer in honest money. tonight there will be many who wish they had bought last week.;jsessionid=DC8CA1A29194D2EE46A3221C09F8DC71.mx03_instance2

  23. John Podesta sent the Clinton supporters home without a definitive declaration even though many media call it for Trump.

    I await for a way that the rig is in to get Clinton in despite the vote.
    We will see. The deep state is very deep. I hope I am wrong.

  24. DMCL

    More Krusty the Clown than Kafka.

  25. mike flannelly

    83% change in the polls.

    The media are a joke. They hold nobody to account and blue collar usa has shouted STOP. They are part of big government. The same with Brexit.

    Trump and Brexit voters are racist? I dont think that the feelings of financial anxiety and frustrated by big government, the mode population can be dismissed.

    If Trump and Brexit are part of a RESET then it is up to the transparency of modern media to hold them to account. Brexit should be for the greater good of the uk people.
    Trump has to be for the greater good of the USA people.

    If not then the media can shout STOP.

    Dan O Brien told us last week that Gardai earn an average of 67,000 per year. The next day the strike stopped and a deal was agreed.

    During the michael noonan wet fart banking enquiry Dan told us that the Irish journalists hold nobody to account because they were GENERALISTS.
    If people with Irish university degrees cant do their job then they are just THICK.

    All we want is equality. Teachers, nurses and guards are my friends and “are the people in the neighbourhood”. My friends are good people and great company. I would not like to do the garda job. Everybody likes the pay and conditions of my teacher friends. For the last six years my 50,000/yr teacher friends are getting it in the neck from their peers in public. I cringe for them but understand the frustration of people with child care costs that work long hours. A software manager earns 40,000/yr, has child care costs and has a transparent private pension plus his contributory pension. My teacher friends are smart and I often think they are worth their 50,000/yr. My dad died (cancer)when he was 62 so i personally only view pensions as a cost. It is wise to have one if it is affordable to you.

    If a teacher with no masters degree is doing the SAME job as a teacher with a masters degree, then STOP paying them 5,000euro extra per year. Reimburse them the costs of the couse like every other industry.

    Liam Doran and Ed Byrne have called for EQUALITY for all “4.5 million stakeholders” in the costs of our public services.

    100% transparent pension/lump sum costs.

    Measure Irish hospital SERVICES against that of Spain, UK, France, Portugal, Poland etc.

    We will build statues of Liam and Ed.

    Irelands 2016 “Equality Twins”

    Heros to the services of sick children
    and teenagers with exam anxiety.

    My heros.

    • Deco


      The unemployed want a FAS that is comparable, to the Polish equivalent – which evidently outperforms FAS by a considerable degree !!!!

      Instead FAS is a trough for Des Geraghty and other useless non-political politicians.

      • Truthist

        It is proper that u refer to Irish State’s vocational training & employment agency / body as FAS rather than SOLAS or even ANCO.
        ANCO being the 1st name.
        FAS being the 2nd name.
        SOLAS being the 3rd name.
        Some of the corruption in this body started to make big news when it was called FAS.
        Changing the name of an Irish State government body is just 1 of a whole host of tricks that the establishment resort to for to try to fool the people.
        And, it usually works ;
        Because, most of the Irish nation are stupid.
        So, as long as they are still corrupt, it is wise to insist in calling them by their tarnished name.
        While FAS has appalling corruption, it would be fair to say that it has had some excellent instructors, & other personnel ;
        Of which some I had the pleasure of experiencing.
        And, some of these would be forthcoming to tell u of the FAS corruption.
        But, then again, the corruption in FAS is just another rabbit hole of what is overall a very corrupt society.
        It is also proper that u are given to naming FAS executive Mr. Roddy Malloy as being a corrupt Civil Servant.
        But, the FAS Civil Servant to be more critical of would be Mr. Christy Cooney who also was President of the GAA when Queen Elizabeth II visited the Irish State.
        Of course, the corruption in the Vocational Education Committee [ VEC ] sector, & the Institutes of Technology, & even more the University sector would be much worse on all levels.
        Again, there are some honorable people in those sectors who would be pro-active in telling u of the whole range of corruption that they are privy of were they to feel that they could trust u.
        Yet, FAS does deserve acute scrutiny because it is most likely the only educational & training opportunity that a person without educational qualifications beyond primary or secondary schooling could get for to “theoretically” make them more employable.
        FAS are often dealing with people who would be “f..ed around by the system” ;
        FAS should be conscious of that.
        The training allowance & travel monies & canteen food is woeful for trainees who in the main are meant to be from the wasteland that is joblessness.
        A wasteland where most of its people work as a Kalahari native does in the desert to cope with their cruel environment until they get their next ostrich egg ration from the Institutional State of the Irish State [ I.S.I.S. ].
        Of course, the jobless are as cattle are to certain mega-farmers ;

  26. mike flannelly

    Media need to focus on constitutional POLICY for the greater public good and not their own boring polls.

    Brekit and Trump is a wake up call for a media that has allowed “financial logic” and consumer laws/rights to be DOWNGRADED. Cul de sac systems that dont serve the greater public good.

    Bad day for journalism and media.

  27. McCawber

    My favourite American saying.
    When you are knee deep in alligators it’s hard to remember you are there to drain the swamp.
    Trump says he’s going to Washington to drain the political swamp where he’ll be knee deep in self serving politicians and civil servants

    It’s going to be interesting.

  28. Deco

    Many of the people looking for more money from the state already own their own houses.

    In the case of the gardai, many of them own multiple houses.

    Which begs the question – what about the rest of the population, who have to produce results for their work ? And who cannot afford residential property ?

  29. Deco

    Our government failed to respond to Brexit.

    And now they will fail to meet the challenge of a resurgence in American competitiveness, which is going to be the primary thrust of American policy for the next four years.

    Instead they are playing silly games with union fat cats and quangocrats.


  30. Deco

    Ireland is facing a predicament.

    And is it is called running an inefficient, overly political, pretence ridden, overly complex state system.

    That is the elephant in the room.

    Either we address this, or there will be another episode of capital flight.

    Prediction : Mexico will adapt to Trump, better than Ireland.

    In Ireland the consensus, about the sustainability of unsustainable arragements will continue.

    There will still be over 1000 quangos. The government will still underperform. FF will demand that the underperformance continues. So will the LP, and the PBP.

    In fact, enthusiasm to provide a system that facilitates waste is the oen common ideological element in the entire spectrum of Irish politics.

    They are all pretending that the state can be run like FAS and RTE.

  31. Deco

    Nassim Nicholas Taleb, once again explains the essence of it.

    In Ireland, our biggest problem, is that we have not yet expressed any critique of a failing system.

    Luke Ming Flanagan, and Mick Wallace are the only politicians who come close to grasping what is occurring.

    The media did not want Ming becomming MEP. But he got the highest vote in the second largest geographical constituency on the island. And he topped the poll in locations that he never visited.

  32. Pie Squared

    Agree David Gubbermint strategic thinking is…well…not there.
    Besides the Nama factor and unaffordable housing factor in the Republic of Dublin, the bigger elephant on the table is strategic thinking about…well…Ireland.

    What about making Ireland great…by challenging the old chestnuts, one of which is the “housing crisis”?
    Where is the housing crisis really?
    In the cities? Or in Mandarin land…Dublin?

    Perhaps a better question to ask is…where are the jobs?

    Brexit and Trump, two fascinating political votes of no confidence in “same old” thinking and politics.
    New questions are being asked by the plain people…the squeezed…the marginalised…those looked down on by the elite.

    Ireland is not immune.

    Where are the jobs?
    With an overpopulated capital city and an underpopulated country (for only the last 170 years odd)…
    Where are the jobs in the citieS of Ireland (not the city).

    And why oh why do we have a Department called: Arts, Heritage, Regional, Rural and Gaeltacht Affairs.
    What contempt?

    Now that’s a question worth asking.

    Only problem is it might upset the elite apple cart? Doesn’t that ring a bell??? Anyone????

  33. Deco

    Never mind “Make Ireland great”. How about

    Make the state work !!!!

    Because it is not delivering services anywhere near the promise. And the promise is rubbish.

    And a starting point would be to simplify the entire state system. get rid of the half the quangos.

    Starting with RTE. Darcy, Turbridy and Finucane on outlandish salaries is not an essential part of the welfare state. There is no need for the nonsense.

    Then there is the Department of ensuring a level of criminality sufficient to keep the legal profession with a continual stimulus program. That is failure. The streets of even small villages are no longer safe. The Tanaiste, seems to think that the main priority in her current role, is being in the media often enough, to ensure that she will be seen as the heir in wiating. This is absurdity.

    Behind all the bluster from the people in charge, is a saga of failure and incompetence.

  34. michaelcoughlan

    From the link above to the NEW YORK TIMES ARTICLE;

    “And it was a decisive demonstration of power by a largely overlooked coalition of mostly blue-collar white and working-class voters who felt that the promise of the United States had slipped their grasp amid decades of globalization and multiculturalism”

    You know David I am so delighted to know that Peter Sutherland has lived long enough to see and must now know the abject failure the whole of his life has been. Between all the fines levied on his employers, the ill repute of his industry, the cooking of bank balance sheets, and the total rejection of his world view.

    I sincerely hope the slimy bastard makes 100.

  35. sravrannies

    I loved the comment by the disgusted Democrat supporter that, because Trump had been elected, she would be leaving the US – - – - and moving to Ireland!

    Build a wall, quick.


    • michaelcoughlan


      I mentioned before on the board that the southern wall will be built to keep Americans IN especially when Trump pops the bond bubble and the savings of the middle and working classes collapse.



  36. Truthist

    All yee who have trouble from the Civil SERPENTS, get ur hands on ;
    The Institute of Public Administration ; “Administration Handbook & Diary 2017″.
    It has the addresses, structure, phone numbers, fax numbers, email addresses, & names & ranks of staff of most of each section of any Government Department.
    Also, has close to similar detail Re :
    Elected Political Representatives
    Government Agencies
    Semi-State Companies
    Institutes of Technology
    E.U. offices per Irish State
    Professional Organisations
    Main Irish Corporates
    Media Organisations
    inter alia
    IPA Year Handbook & Diary used to be quite honest with presentation of the Salaries — but absolutely no mention of Bonuses & Perks etc. — per :
    Civil Servants
    This information I think now is deliberately masked somewhat in recent editions.
    Available in Reference Department of Main Libraries in :
    Institutes of Technology
    If u are dealing with the Institutional State of Irish State [ I.S.I.S. ], well then, bar a copy of The Irish Constitution, the IPA Year Handbook & Diary is probably the most important book u should get to study.
    Purchase price may be Euro 100
    But, it may still be the best Euro 100 u ever spent on fighting for ur life against I.S.I.S..
    I give yee this preciously valuable information only for yer benefit & those whom u can help.
    I am in no way connected with benefits to any of the entities listed in IPA Administration Handbook

  37. “Other press executives showed their yellow streak and fascist bias to the end, refusing to call Pennsylvania until the bitter end. It will be extremely interesting to watch the mainstream news networks struggle for press passes to attend White House functions when their reporting was so badly biased over the past few months, and their polls were intentionally biased with over-representation of Democrats in their sampling process. Let the rebuilding begin, and not too much forgiveness for treason. Let no respite be given for murder, including the children by the Clinton Foundation. Watch the name of Madeline McCann rise up, a little girl from England. She was abducted a couple years ago, and Hillary’s campaign manager Podesta might find himself embroiled in the investigation. She might have been on the Satanist altar for sacrifice by these sick gangsters.”

    Jim Willie is a very well informed economic commentator.

  38. coldblow

    Excellent comments, Deco.

  39. Truthist

    Map of USA showing the results :
    Legend ;
    Red = Trump [ Hardly "Republican" ; Trump has actually destroyed the Republican Party ; And, good riddance. Ditto good riddance to Democrat Party ]
    Hoping that Trump has had epipheny in last year, & will be as good as Gadaffi.
    The true conspiracy “investigators + revealers + theorists” are hoping but skeptical.
    If Trump really tries to clean the swamp, & more so if he actually defaults on his favoring promises to The Dreadful Few [ which he did actually make ], he may be assassinated by The Dreadful Few ;
    No doubt with some patsy / patsies taking the wrap for it.
    Blue = Democrat / Hillary Clinton / Pedophile / Genocider
    Grey = Results not in yet

  40. michaelcoughlan


    George Carlin on US Elections great stuff altogether;

  41. Truthist

    That wicked witch Janet Reno [ USA Attorney General under Bill Clinton ] — e.g. she ordered the torching of Waco Community of Children, Women, & Men to death by USA Civil SERPENTS — said ;
    “Donal Trump will never be President in her lifetime.”
    Well, as luck would have it, Janet Reno died on 07 Nov. 2016.
    Guess, she is more than just a “Has-been” now.
    Speaking of “Has-beens”, does Hillary Clinton have an escaped plan for how to evade justice for personal Pedophilia, personal Genocide, personal Facilitation of Bankstersism, inter alia ?

  42. Truthist

    Trump best beware.

  43. Truthist

    Henry Makow
    ?@HenryMakow Henry Makow Retweeted Eliza Byard
    Proof the young are :
    singularly uninformed
    just plain stupid.
    Trump has better nation-wide coverage than Verizon telecom !
    USA map showing Trumps constituencies :
    And, more Agit-Prop from Sore-Ass Soros acolytes here :

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