December 5, 2016

Another battle between insiders and outsiders

Posted in Sunday Business Post · 112 comments ·

Today, Italy votes on a referendum that will change the course of not just Italy but the entire EU. While we gripe about water charges, bogged down by our own incompetence, the world around us is changing dramatically. These changes will have enormous ramifications for us.

Italy could easily become Europe’s Wisconsin. By this I mean that Wisconsin was a banker for the Democrats in the US election. It was a traditional Democrat state, but this time it swung dramatically to Trump.

Italy is similarly a traditionally pro-EU country — a European Wisconsin — but is it now swinging against the EU?

We will have the answer later tonight.

The Italian referendum was called by the youthful prime minister, Matteo Renzi, in order to secure a mandate to govern Italy in a more slimmed-down, centralised fashion.

Renzi fears that the dysfunctional Italian political system can’t deal with the simultaneous challenges of massive debts, low growth, an imminent banking crisis and mass migration.

He may be right, but polls suggest that Renzi’s gamble appears to have backfired and the opposition is arguing successfully that his reforms are totally undemocratic.

Although technically the referendum is about the Italian constitution, it has become more than that. The referendum has become yet another battle between the insiders and the outsiders.

Lined up on one side seeking a yes in the constitutional referendum are the insiders – the establishment, the government and, of course, the EU, the Commission and the ECB.

On the other side is a bizarre Fellini-esque alliance of Outsiders centred on the leftist/populist Five Star Movement led by the clown Bepe Grillo, who is joined by various environmentalist groups, communists and single-issue regional agitators. These guys are now also in bed with, right over on the other side of the political spectrum, the right wing and the quasi-fascist Northern League. The League wants the rich north of Italy to secede from Rome and therefore break up the country. It’s another popular insurrection à la Trump and Brexit.

Interestingly, both the populist/leftist Five Star Movement and the right-wing Northern League want Italy to pull out of the euro, having identified the euro as the cause of Italy’s economic torpor.

I visited Italy two weeks ago and it does seem like a country on the verge of a nervous breakdown. Its once dynamic economy has hardly grown in a decade, youth unemployment is among the highest in Europe, tens of thousands of young educated Italians are leaving and the country is on the frontline of mass immigration. 155,000 migrants arrived in Italy, mainly from Africa, this year alone.

There is a real sense that Italy can’t cope, or at least that the establishment doesn’t have a plan.

The EU has said that Italy should pay for and settle the migrants. The Italians respond that they have no money because the Germans insist on the Italians running a budget surplus.

The Italian banking system is on the brink.

Eighteen per cent of the total loans made by Italian banks are now non-performing. The Italian banking system has less than 50 per cent of the capital it would require to cover the bad debts. Estimates are that Italian banks may need €40 billion just to remain solvent. Where will the Italian banks raise this sort of money, in a hurry?

The Italians want to bail out their banks with more sovereign debt, but the Germans want the banks to pay from their own resources because the Germans want to ring fence Italian banks to Italy. Italians want a European solution – after all they are part of the euro.

Ordinary Italians are not waiting around and fear that what happened in Cyprus will happen in Italy, prompting a massive bank run. As a result, they are moving their cash out of Italy ahead of that bank run.

I am almost certain that Italy will have a huge banking crisis in 2017.

In short, Italy is turning into a big Greece, and the EU is looking the other way.

Italy’s shrinking economy

All the time, the Italian economy is shrinking. While the rest of the OECD has more or less recovered after the crash, since 2008 the Italian economy has shrunk by 11 per cent, and personal income by 13 per cent. While household consumption in the OECD is now 7 per cent above its 2008 levels, Italian household spending is 12 per cent below where it was in 2008.

The Italian savings rate is down from 15 per cent to 11 per cent, implying that Italians are dipping into their savings to maintain even these diminished levels of spending.

Italy has long been Europe’s second-biggest manufacturing power, beaten only by Germany.

But Italian industry is under huge pressure.

Almost one manufacturing firm in five shut between 2009 and 2012.

Production is now 26 per cent below 2007’s peak. Industrialists are blaming the euro.

In the past, Italy used to devalue the lira every now and then. This would give Italian industry a shot in the arm and the Italians could remain competitive against the Germans. Since the adoption of the euro they can’t devalue. They were forced into austerity and demand has collapsed. Is it any surprise that Italy’s opposition both on the left and the right want to return to the lira and jettison this euro experiment?

So the stakes today are extremely high, not just for Italy, but also for the EU itself.

However, the one thing we know about Italy is never to write off the country. Compromise and deal-making are in the Italian DNA. Indeed, the fluidity of its governments – more than 67 in 60 years – attests not to political fragility but to durability in the sense that with compromise so central to the political process, the system can deal with anything. Contrast this with Britain, which after years of supposedly stable single party governments allied to an absolutist first-past-the-post system, faces, not just an exit from the EU, but a possible break-up with Scotland all triggered by one ill-conceived referendum.

Which system is more fragile: the flexible, compromise-driven Italian system or the rigid, absolutist British system?

Put simply, the Italians would never be so politically naive as to bet the house on a 50/50 outcome. But what the Italian vote today will signal is which way the wind is blowing. Will Italy fall to Outsiders and suffer a Brexit and Trump popular insurrection? Will Italy be a dress rehearsal for France? If so will defeat for the establishment in Rome thus embolden Le Pen in Paris?

That for Ireland is the big question because if Le Pen wins in France, the EU is toast.


  1. Grzegorz Kolodziej

    Meanwhile Hofer lost the election in Austria, against expectations and bookies. Austria is very important geopolitically and they have done everything to prevent Intermarium, a project intended to reverse the old duopolism on Elbe: from rigging the previous election, to delaying a re-run by a few months because of the mysterious problemns with a… glue (unlike Poland, UK and the US, there was no movement to control the election count in Austria).

    I watched the debates, they were conducted in a shockingly civilised manner, with Hofer reading quotes from his opponent. At some stage, Hofer accused him of being a communist (can you imagine RTE doing that to Mr Higgins?).

    Future of Europe in 2022? And that’s an optimistic scenarion for Ireland (assuming saving the low corporation tax):

    • Deco

      Higgins made an idiot of himself in his fawning adoration of one party statist, Fidel Castro, who brutally repressed opposition.

      Cuba is a country that is literally falling apart, with inadequate plumbing, bad quality buildings and cars that are often incapable of driving being parked for show.

      Sure, those cars have a certain garce and style to them. But everywhere else in Latin America people are moving and making things happen.

      • Deco

        A dishonourable mention is also deserved by [ Provisional ] Sinn Fein.

        Their fondness of repressive state where thugs punish people for speaking their mind, for the sake of the revolution, is also worthy of note.

        So say nothing about the bizarre cult of the bearded, quasi-terrorist leader who is above all criticism, from the party faithful. In fact there is not even any reflection in SF, on the “leadership”.

        There is a frightening level of obedience, that is only matched by the likes of Cuba.

        • yadayada

          Nothing quasi about it. Who’s more credible – the bearded tax expert or the stack boys? Let’s see now..

        • Grzegorz Kolodziej

          My reflection on Cuba (corroborrated by a few weeks my friend spent there with his daughter):
          the Marxists were saying about the countries in the Truman/Eisenhower’s US influence zone that their societies are ridden with alcoholism and prostitution.

          In today’s Cuba, we see that they are still ridden with alcoholism and prostitution, the only difference is that in socialism you have to sell your body for a much cheaper price than in capitalism (as anyone from the west or Palestine travelling to 80s Poland would have known).

          As to President Higgins, I tell you what Deco: Edward Gierek was being more challenged at the United Workers Party Committee than Mr Higgins and his ilk in the media.

          I wish he was asked a question like Mr Hofer asked Van der Bellen (Mr Hofer said he was a communist, and started quoting Mr Van der Bellen – and believe you me, Van der Bellen is like a libertarian compared to that badly educated red dwarf whose sentences lack both precision and beauty, making him arguably a third worse speaker among Irish politicians in my living memory – with Mr Joe Higgins being the most unskilled of them all (The Spectator on Joe Higgins: “only in Ireland a person who reads scripted speeches is called an orator”), and the Teflon Be-be-bee-Bertie second worst (the best speaker among Irish politicians was Mr Declan Ganley, whom I once met).

          • Deco

            Joe Higgins is able to use his tone of voice very well, to express outrage.

            But he is also very capable of ignoring the waste that occurs in the apparatus of statism that he expects to resolve the outrage.

        • Truthist

          Aanirfan is clearly anti-Trump, & partial to Hillary Clinton when it comes to choice between only these 2.
          They are too early & unconvincing in their disparagement of Trump.
          But, I do take not of what they say for to refer to it if need be.
          Overall though, Aanirfan has great info on spookdom & is very good on exposing child abuse by Politicos etc.
          Also, they are equanimous enough to allow diversity of opinions from posters.
          And, yes, they do have large misgivings about Mr. Gerry Adams.
          My opinion on Gerry Adams’s popularity is that it is based on his outstanding performance when he emerged victorious against set-up of “Gun-Fight at the OK Coral” hosted by Mr. Gay Byrne on his RTE talk-show The Late-Late.
          Lesson learnt ;
          Outstanding oratory & ad-lib skills do not necessarily ==> competance as Administrator for region or country.

        • Grzegorz Kolodziej

          “There is a frightening level of obedience, that is only matched by the likes of Cuba.”

          I am taking your bait, Deco, to comment on Gerry and la revolucion (which requires loads of admin).

          My experience of attending SF political rally (when they moved down to the Republic) was that Shinners that I’ve known are, in one respect, like Germans I’ve known. Taken individually or in groups lesser than 20, Germans are the nicest people in the world, after the Austrians (who are the nicest people in absolute terms, them and Cracovians – compared to the Hofer – Van der Bellen debates, Michael D. “wanker” Higgins language sounds like Sex Pistols).


          In hindsight, I am going to say the unsayable and say that mindful of his Castro comments, I would have probably preferred Gerry than the red dwarf as a President (it would be more fun + Gerry has better looks, though compared with Michael D, even gremlins from “The Gremlins” had better looks).

          Here is to Gerry:

          • Grzegorz Kolodziej

            “Taken individually or in groups lesser than 20, Germans”

            Come to think of that, I feel compelled to take back that statement – Hitler’s first cabinet only had 14 people, and 20 Shinners is a group large enough to occasion a criminal behaviour in the hapless participant of such soirée, such as the one featured in a Russian news agency Rosbalt On March 12, 2014:

            “a man in Lipetsk had burnt a bed in his apartment, run around the city in his underwear, and, finally, “bit a fighting breed dog” following an hours-long online debate about the situation in Ukraine”

          • Deco

            Shinners are a like members of a cult.

            When you meet them first, they are very polite, and superficial. And then they demand that you respect them in similar fashion, before you figure out the catch.

            They do not tolerate those in their sphere of influence who have rational scepticism towards movements that centre obedience and a lack of open critique.

            SF are there for the taking, in many respects.

            The fact that most Irish political parties cannot take apart SF indicates that they are almost as useless, as corrupt or as cultish.

    • Grzegorz Kolodziej

      Some scattered and loose thoughts on David McWilliams’ much anticipated article on Italy as a danger to Europe’s financial pyramid.

      1. “Italy could easily become Europe’s Wisconsin. By this I mean that Wisconsin was a banker for the Democrats in the US election. It was a traditional Democrat state, but this time it swung dramatically to Trump.”

      Donald Trump won Wiscosin and Michigan on Polish votes. Wisconsin and Michigan are traditionally 2 most Polish states in the US (9.3% of the population in Wisconsin and 8.6% of Michigan’s population have Polish roots). Polish Americans comprise 3.2% of the United States population, but were estimated at nearly 10% of the overall electorate as of 2012.

      During Hitleree Clinton’s campaign, Bill Clinton has offended the Polish Americans by issuing some negative remarks about the state of democracy in Poland.

      Traditionally, they never had to win the votes of the Polish lobby, because there never was any Polish lobby in the US: this was successfully prevented from the communist spies of both communist Poland and the Soviet Union, as well as Poland’s own Department of Foreign Affairs, where since virtually all Polish Foreign Ministers up till now were either Jewish or had Jewish wives, and represented the interests of the Jewish lobby (i.e. Polish embassador to the US, Mr Sznepf, was actively acting on damaging the image of Poland in the US – himself being a son of the hitman working for KGB).

      These wikipedia articles have one vice: most inconvenient facts are often removed or edited from them, but even what’s left is puzzling:

      The Poles have traditionally voted 50-50, but since Reagan, more Republican (they voted for JFK before, I have no idea why).

      The Polish diaspora asked Hitleree Clinton for a meeting to clarify her husband’s statements on Poland and Hungary (gayfully embraced by a Dutchman Bono). She ignored them. Mr Donald Trump not only met with the Polish Americans a few times, but he chose two crucial members to his team (and that’s even not including Lewandowsky).

      Twice I put up links to Trump’s and Giulliani’s meetings with the Polish diaspora in New York.

      When she ignored Wisconsin as “her” state, Trump arrived there to appeal to Polish diaspora, declaring himself that he will make US’s most important partner in the continental Europe.

      So Wisconsin was won on Polish votes, and there is no mystery about it, rather a common sense. Only – the English speaking media won’t tell you about it.

      2. “The Italian referendum was called by the youthful prime minister, Matteo Renzi, in order to secure a mandate to govern Italy in a more slimmed-down, centralised fashion.”

      If the big-European countries elites misread their electorate so much, then I think they are more unpredictable than Mr Trump.
      We saw it with the migrants crisis (which however I now think was organised on purpose, to evoke outrage and justify the totalitarian state and the EU – that is German – army).
      But only German politicians think like that (and maybe French). The rest are plain stupid. They are corrupt of course, but unlike Clintons or Mitterands, they do not even know what are they being corrupted FOR.

      Take another scary scenario: there are now rumours in Brussels corridors that Martin Schulz will be a new German Foreign Minister after the election. If that materialises, this will be declaration of the war with Poland and Hungary, no less (Schulz is on camera saying for German TV his goals will be implemented in those countries “by force” – a fact very well noted over there).

      It is quite possible that they think that somehow this will stabilise the situation in the EU.

      Maybe Renzi took a gamble – that I can understand. It would be worse if his judgement was so bad.

      3. “There is a real sense that Italy can’t cope, or at least that the establishment doesn’t have a plan.”

      The Italian plan was always “let’s let foreign policy to Germany, military protection to the US, law enforcement to mafia and actual work to slave labour”.

      The first ended up in Jihadism in Europe, for the second the US is waning and Italy is too unimportant, for the third – you can only have racketeering money from business if there is any business and four – well, the Poles do not have to work illegally in Italy (did you know that there was many concentration camps with Polish workers in Italy? – I am talking until 2004 – who were promised much higher wages, then their passports and phone were taken, they were imprisoned, males taken to agriculte, and girls to prostitution, in empty locations) now and Africans do not want to work now.

      4. “The EU has said that Italy should pay for and settle the migrants.” The Italians remember that France closed its borders during the fist wave of migrants, so now they are saying “f..k you” to France.

      Besides – Italian military – do not even start me. Even a shitty army like Polish would be able to run them over. Italians are surrounded by the sea, but still need the Irish ships. When NATO started planning what nationalities place to defend NATO’s eastern borders, nobody wanted to take the Italians. Do you know that the Italian tanks are the worst in every respect apart from one – they are the lightest, most agile, have most powerful engines, and they achieve the highest speeds (also in reverse)?

      But we do not have to talk about now. Did you ever read any book written by any Wehrmacht soldier? You would find out that intially Wehrmacht was strictly forbidden from using local prostitutes in Poland, Ukraine and Russia, and it worked, until the Italians start to join Wehrmacht. How would you tell Hans he cannot pork the lovely Svetlana while Giuseppe can?

      5. “All the time, the Italian economy is shrinking. While the rest of the OECD has more or less recovered after the crash, since 2008 the Italian economy has shrunk by 11 per cent”

      One would have to check the figures for the black economy – in Italy 20.6% of GDP is black economy, compared to 14.1% in Slovakia and 11.3% in Ireland.

      My gut feeling is that northern Italy might be richer than London, middle has an income of maybe the Czech Republic and the south should have been nuked a long time ago for even my mum’s friend’s family, wealthy and educated people, had to escape from Apulia for could make ends meet after the mafia put up their protection price to 50% of all income (to compensate for income lost from shrinking demand).

      6. “Italy has long been Europe’s second-biggest manufacturing power” – you see, David, China fucked them up. They were manufacturing mainly fine clothes. My late father was doing the same, and combined with record high taxes in Poland, China f…d our thriving small business up and we went into poverty. Besides, people are too dumb nowadays to understand good clothing. I have a feelign that only Tony Brogan here knows how trousers should be made. Most Brown Thomas trousers (all actually) are 10 times too expensive and 10 times less durable and practical than they should be.

      7. “In the past, Italy used to devalue the lira every now and then” – but now China does the same and there is gazyllion of them; besides, Germans were not that greedy in terms of market share when they really feared the Soviet threat and needed ALL western Europe to prosper.

      And there is the new generation of Italians. Michael Higgins would be a macho-man compared to them.

      8. “Compromise and deal-making are in the Italian DNA.”
      When they had a Latin, not Byzantine civilisation. Besides – WHEN was Italy most competitive? When it was divided into smaller states with aggressive foreign policies and active diplomacy from Dubrovnik to the Black Sea (remember my story about Genoa and Padua competing for trade routes in Poland via influencing marriages among noblety?).

      9. “Contrast this with Britain, which after years of supposedly stable single party governments allied to an absolutist first-past-the-post system, faces, not just an exit from the EU, but a possible break-up with Scotland all triggered by one ill-conceived referendum.”

      Italy is used to debt and credit while NOT running the world, Britain – not so much. British success story begins and ends with the growth and collapse of their rimland empire. See what happened after Brexit? The only idea they came upon was to create even more debt by halving the cost of finance thus ensuring London’s competitiveness. And the Silk Road 2.0 would end the British prosperity in one generation (for it is all thanks to trade – and with the Silk Road, the UK would be the least favourably located country to do trade). For those who are English or love England – I am now iffy that Silk Road 2.0 will ever happen (I was not 2 years ago).

      10. Did I ever tell you that I love the Italian culture? Language, history, cars, clothing, the way they follow Formula 1, and cuisine, cuisine, cuisine.

      After all, the Italians were Poland only occupier that we trully loved (apart from the Austrians, which we think were ok, and French, which half-admired, half-despised).

      “Amor, ch’al cor gentile ratto s’apprende
      prese costui de la bella persona
      che mi fu tolta; e ‘l modo ancor m’offende.

      Amor, che a nullo amato amar perdona,
      Mi prese del costui piacer sì forte,
      Che, come vedi, ancor non m’abbandona…”

      • coldblow


        Your estimate of the Italian black market ties in with what Saviano wrote in ‘Gomorrah’.

        Massimo Introvigne is perceptive and slightly unuaual (which is all right with me). Here is his take on the Five Star movement if anyone understands Italian. (I have only listened to the beginning so far.)

        • Grzegorz Kolodziej

          I am not aware of Saviano, but I have seen an Italian documentary in IFI called, if I remember correctly, “Gomorrah”, about the Italian mafias using the slave labour in their textile factoried to keep up cost-wise with the Chinese. Of course anyone who talks about China competing via cheap labour now has woke up 10 years too late for China has a long time ago ceised to be a cheap labour country, becoming more South Korea-like country that outsources labour to places like Arica or Bangladesh (same with Poland: if labour in Poland was cheap, Dell would not have left to Taiwan – employers can find cheap labour in Poland all right, but among Ukrainians working there lega)lly or illigally (million of them in total) – because they do not have to pay enormous taxes for illegal Ukrainians that they would have to if they were employing Poles, which high taxes were introduced by politicians bribed by Germany and France (corporate taxes in Poland are low, but taxes on labour are way, way higher than in Ireland – and the tax wedge for a couple with children is second highest in OECD – German foundations in Poland were a good investment by Germany).

          I liked when he talked in this video (around 13 min) about the perception in Italy of what socialism is – that is like angels coming from heaven and sorting things out; and that the alternative, a party based on cult of Berlusconi’s personality, boiled down to a price of gas.

          David is dead right that Italians have trade and enterprise in their blood: Italian city-states have managed to achieve the same success in Middle Ages as the British Empire achieved centuries later, but without excessive pillaging, fomenting revolutions (Great Britain fomented the anti-Commonwealth of Poland and Lithuania 17 century Ukrainian peasant uprising in order to eliminate the competition in trade and an ally of Rome at the time that Poland was (one of Khmelnicky’s main chieftains was from the clan of… Camerons).


          100 years of Communist propaganda in Italy have killed the Italian DNA and made them German vassals…

          • Grzegorz Kolodziej

            “when he talked in this video”

            That is in the link you posted, not in the documentary I saw in IFI.

            Btw – why does the IFI not show Polish documentaries? They show lots and lots of Spanish, but all Spanish-language doc I seen were communist…

            Admittedly, they are having Kinopolis this weekend: 4 Polish movies (the Last Family promises to be deadly, a movie about privileged Varsavians from artsy families set in the reality of 80s/90s Poland – a must see movie for a psychotherapist).

            But – I wish they’d shown Nocna Zmiana – THE MOST INFORMATIVE POLISH DOCUMENTARY EVER MADE (about the unknown coup d’etat in Poland in 1992).

          • Grzegorz Kolodziej

            Varsavians = Varsovians

            There is this tradition in English of naming the inhabitants of foreign cities they cannot pronounce in Latin.

            Warszawa = Warsaw = Varsovia


            boohoo! – no one expects the Spanish Inquisition:

            Warszawiak/Warszawianka = Varsovian

            P.S. The movie is based on a true story (The Last Family in IFI this weekend). It is an extreme example of what kind of a borderline personality can unstressful upbringing produce (despite communism, the life of the Warsaw elites is the 80s was unstressful).

      • coldblow


        You say in your comment that you now think the migrant crisis was organized on purpose to justify a totalitarian EU state and a euro army. I can see the reasoning for the former, but where does the euro army come in? For quelling internal disorder?

        I set out some of my views on the migration crisis on the last thread, at the bottom, in reply to Clare Leonard, where my main point is that most people do not understand, or pretend not to.

        I am more convinced than ever that there was no rational reason behind Merkel’s decision. A Belgian reporter, Clémantine Forissier, who had been a Berlin for many years, said a few days after Merkel acted in September last year on France Radio that it was the only time she had witnessed Merkel make a decision without calculating it. Her decision was (from memory) ‘rapide, émotionelle et pas rationale’. I had myself joined Facebook just in time to witness the hysterical ‘let them in!’ campaign.

        I may also be the only person who even noticed that the hysteria on display among the ‘refugees’ in central European railway stations (trains packed solid with screaming people, a man throwing himself and his children onto an (empty) track) was part of the *same* hysteria seen on this side of the border. That weekend Matt Cooper in the Irish Mail’s ‘essay’ (we had another ideologically correct essay in last Saturday’s paper, by a female writer, in the form of an open letter to the Pope decrying clerical abuse, the ‘hierarchy’, the lack of women priests and the persecution of homosexuals), Cooper’s headline was something like ‘Sometimes the Heart Should Rule the Head’ while Harris made *exactly* the same point, in the same words, in the next day’s Sindo.

        If you are interested I set out my general thinking on Kunstler’s blog the a few days ago in response to posters ‘HARD’ (??) and ‘Elrond Hubbard’.

        • coldblow

          One of my points on Kunstler’s blog was that often (and apparently increasingly often) there are no rational reasons for what happens in the world. Most analysis (all right, practically all of it) makes the mistake of seeking rational explanations for irrational behaviour. A good example would be the charge that climate sceptics are in the pay of ‘the fossil fuel industries’.

          Another point I was making is that most lunatic witch hunts come from the Left, which prides itself on its atheistic rationalism, and that the dominant politically correct world view is a fantasy, or a ‘meta fantasy’, a dream world in which many other lesser fantasies play out. The existence of a fantasy can be simply demonstrated by the simple experiment of testing the facts.

          • coldblow

            An even simpler method of working out whether a story or an idea is a fantasy or not is to ask yourself: ‘Is this believable?’

        • coldblow

          Errata: Clémentine Forissier
          Who had been a Berlin *correspondent* for many years

        • Grzegorz Kolodziej

          “the migrant crisis was organized on purpose to justify a totalitarian EU state and a euro army”

          Well, someone was spending money on all those adds in Arabic in their countries advertising Germany as a country of destination. Someone was paying the mafia to smuggle people. Also, remember, before the whole wave arrived, Greece threatened Europe that they will let the Jihadists into the EU if the EU does not pay them. I posted the link with Greece’s minister threat (this was before the scenes in Hungary) on this blog, but no one here cared. Almost everyone was empathising with poor Greeks [the Germans milked them with no mercy by enticing them to incur debts to buy German products allright (at the peak of the Greek crisis all major German companies had representatives in German embassy in Athens making sure that all bailout goes to pay for German products in first place), but they have been doing that in Poland since 1990 and on a larger scale, and noone in Ireland noticed].

          Someone was paying them money for small expenses (2,000-3,000 euro – what Pole had 3,000 euro in his/her pocket when they arrived in Ireland?!). Someone was giving them cutting-edge smartphones to coordinate their vagrancy. Someone drew up very detailed maps. Someone was telling them porks that all western woman are prostitutes gagging to have sex with them (this is a repeated claimed among interviewed “refugees”: “this is not what we were told”; an internet sensation was the one who was interviewed for a German TV complaining that his eggs are swollen because he did not have sex for a long time, and the other saying to Danish TV that they do not want to stay in Germany because the “salaries” in Sweden are twice as big – that’s why I think that we in Ireland, with our social welfare and cost of living, are relatively safe when it comes to having 1 million Arabs).

          “but where does the euro army come in? For quelling internal disorder?”

          Why, isn’t that obvious?

          1. To get rid of the US army in Europe in order to implement Dugin’s Eurosian plan (united Europe from Lisbon to Vladivostok with no nation states other than Germany and Russia).
          2. To quell disorder as you say (hence the legal provisions in the Lisbon Treaty for death penalty for preparing riots, available only in German in appendix).
          3. To punish countries like Poland and Hungary (they are too weak for the UK yet) for disobedience (solidarity clause in the Lisbon Treaty).

          One more thing about Italy and the black economy: the reason we have to account for the black economy (though this sector might have also declined) while talking about Italy is that as far as I know (I might be out of date), Italy has not done what Ireland and Poland has done, that is Ireland and Poland switched from ESA 95 to ESA 2010 accounting network and started including sales of drugs, stolen goods and prostitution as a part of GDP (as well as reclassifying multinationals R&D spending as investment rather than a business cost).

          As a result, Mr Donald Tusk could boast about how benevolent Germany made sure that its then vassal Poland had its Wirtschaftswunder when all the rest of Europe (apart from Germany, of course), was going to the dogs – hence the anger of the Poles at last years election (on the lines: if we have never had it so good, why do not wee see that? – an average salary in Poland went up 100% since joining the EU, but the cost of living also went up 100%, so it was, all in all, evens stevens for the average Kowalski plus the bullying – except for the few percent now protesting in Warsaw, for whom the German rule in Poland was very good indeed).

          In Ireland – after Mr Noonan copped on that he can copy Mr Tusk’s trick – in 2013, our GDP was boosted OVERNIGHT by 6.5% (can you imagine what kind of shit we were/are? in if it was not for the statistics trick Mr Noonan learned from the Machiavellian Tusk?).

          That it was all rather bollocks, you can see by finding out that at the same time the government debt climbed from 116.1% to 123.7%.

          Yes, the number of unemployed went down by 66,000 – hang on, was it largely because the number of retirees went up to 52,200?

          Otherwise I do not know how would you explain that the Oirish labour participation was running at 60% – 0.5% lower than when Mr Kenny took office.

          To that the naive would say: oi, shut up you contrarian, our GDP is 126% of the EU average.


          Since our consumption was 97% of the EU average in a year when Mr Noonan coppied Mr Tusk (or, strictly speaking, his Finance Minister Jacek Rostowski, who at that time won the award for Europe’s best Finance Minister – buahahaha – can you see why?), would it be that the remaining 29% of our “keep the recovery going” went to pay off enormous debts, German and French banks, most expensive childcare in OECD, landlords, mortgage, and the terrorist organisation also known as Dublin Bus?

          I tell you what…

          If David, after 2 years of my anti-Keynesian free education course, still believes that stimulating the aggregate demand can be financed by future generations (in fairness, I do not think he does anymore), he should consider this: in 1994, Ireland’s average household debt was 48% of disposable income. By the end of 2006, it was 185%…

          • Truthist

            Example of Equilibrium ;
            Indeed, example of “dynamic” or “fluid” Equilibrium.
            YING versus YANG
            Youtube search terms ;
            Syrian Girl AND who created ISIS
            Israelis Lend a Helping Hand to Syrian Refugees in Greece

          • Truthist

            Of course, Ying & Yang are one & the same.
            And, they have also been caught directing asylum seekers / economic refugees from Sub-Saharan Africa to come to Ireland specifically.
            I think that that splendid little persecuted sole democracy — 8-) — of the Middle East was even paying for these opportunists’ air fare to Dublin.

          • coldblow


            I have watched this video from Introvigne a couple of times and it is very good: Quali sono le lobby contro la Chiesa? He mentions the Uni. of Ireland (it was NUI Galway, I believe) banning the Legion of Mary because of ‘homophobia’.


            I assume that the ‘refugees’ have money and smart phones because they are not from the poorest sections of society but are well connected both at home and in Europe. There were on or two reports supporting that when the crisis broke and before emotionally driven cliché took over. David argued that the smartphones revolutionalized the situation because it meant that the rest of the world learn about the good life in the West. I always assumed that they knew this long ago from films and tv and that the phones were for contacting family already living in the West. (In the same way he once used the Eurovision voting patterns as a metaphor, looking at the way countries voted for their neighbours. I pointed out at the time that it was immigrants voting for their native land.)

            As for statistics, I am sure you have heard of Disraeli’s famous ‘lies, damn lies and statistics’ remark. This can now be extended to the entire category of ‘reported fact’ where you now have to do your own bit of digging before you can accept practically anything you read or hear. There are one or two media people who you can trust for accuracy and objectivity but frighteningly few. It isn’t so much deceit (though there is plenty of that) but rather delusion. My link to Kunstler’s blog goes into that in a small way.

          • Grzegorz Kolodziej

            Very quickly:

            1. “Quali sono le lobby contro la Chiesa?” – I would rather ask which ones aren’t against? And what about the lobbies within the Church (i.e. Propaganda Due or the gay lobby)? Looking at what Pope Francis is saying (i.e. that communists were true Christians) and the circumstances surrounding the resignation of Pope Benedict, I sometimes wonder if these are the end times.


            2. “I assume that the ‘refugees’ have money and smart phones because they are not from the poorest sections of society but are well connected both at home and in Europe.”

            Yes, but look – this would not explain why they came at the same time, via the same routes (that then they changes into different routes, the same for everyone) going to the same country.

            Supposing all of them were well connected both at home in Europe (which I do not believe) – why would they coordinate their actions on a scale of one million people?

            Furthermore, surely this could not have happened if they had not cooperated with the police/army in Greece (Greece has a better equipped army than… Germany!), which Greece openly admitted they would let them in – and in Italy.

            Also – bear in mind that we do not know what Europe would look like HAD COUNTRIES LIKE HUNGARY AND POLAND behaved the way they were expected to behave. This was the first time since 1990 that the Polish government did anything against the wishes of the German government.

            Last but not least – some readers (perhaps you too) might be shocked and angered at what I am going to say, but I would like to reiterate what I have said here before the refugees got into Hungary – I am NOT against giving an asylum to any refugees.

            I said at the time and I am going to say it again that we should open hour hearts to
            r e a l war refugees (i.e. those who were driven from homes and tried to escape from the war in Yugoslavia in the 1990s), but that the vast majority of them are not real refugees, not even in my opinion (because someone might say “this is only your opinion”), but according to international law; therefore not even one person should have been let in in violation of the international refugee laws (and all of them were).
            I said 2 years ago is that what will the invasion do will be to close the door for real refugees forever, and help bring the totalitarian state.

            Look, when Germany starts really falling apart, they probably will be able to deal with the invaders (I am pessimistic about France though, even with Madame Le Pen).


            At WHAT COST?

            For this was how Hitler got into power – to stabilise the situation.

            3. “David argued that the smartphones revolutionalized the situation because it meant that the rest of the world learn about the good life in the West. I always assumed that they knew this long ago from films and tv and that the phones were for contacting family already living in the West.”

            Well, look at it from the Polish perspective – the exact opposite had happened with smartphones. Before smartphones, people in Poland who did not live in the west had really idealised picture of the life in the west akin to soap operas like “Dynasty”.

            It was with the advent of YouTube that videoblogs started to appear in Polish of people living in the US, UK or Ireland explaining by examples that the life in the west is not as rosy as portrayed in the movies, that things cost 4 times more, that people have to commute 100k, that the education standards are really poor, and that people are in debt rather than have huge savings as the Poles thought in the 80s/90s.

          • coldblow


            I agree: of course they are not refugees. Once they leave the first safe area after leaving the war zone they are now migrants.

            My understanding of the asylum laws was that they were drafted in a time when tiny numbers of dissidents managed to escape from behind the Iron Curtain. They were not intended to be a kind of ‘I have reached your territory and I claim my prize’ thing. Theoretically we should be liable to admit the entire populations China (no political freedom), India (no civilized living standards) and everywhere else.

            ‘At what cost?’

            Exactly. The insane utopianism of the left might (but let’s hope not) lead to disaster which was perfectly and easily avoidable if they had stuck with tried and tested prudent, conservative policies.

            I don’t believe the migration was organized. The migrants are unlikely to be stupid or unresourceful. It is my firm belief that we are dealing with irrational behaviour and it is a mistake to look for rational causes. It is like the Warmists’ refrain that those who criticize AGW are all in the pay of ‘the fossil fuel industries’ or that those who promote the myth are themselves doing it for money. They might be, and are, but it isn’t the main motivation.

            Who is not a lobby against the Church? Yes. Including half of the Church itself, for example the Association of Catholic Priests. As I implied below in another comment, when you have half of your own Church against you (or even more) then the Church can’t be the scapegoat. So you have to think of others, and this means the ‘hierarchy’. And when you look at the ‘hierarchy’ it seems that not all of them are baddies. And so on, until you end up with… who? Me? This is the clichéd thinking that is blighting thought in general.

  2. Harve

    I agree with a lot of what you are saying David. Old(ish) Europe is in the process of being shaken up and it remains to be seen whether it reverts back to a really old Europe (i.e. of early 20th century) or a new, looser and less centralised, more inter-governmental Europe.

    The Euro as it stands is looking increasingly difficult to hold together. Could some reduced form of Eurozone, led by Germany and consisting of Benelux, Austria etc. emerge? That is a possibility. But for many peripheral Eurozone countries including Ireland, Italy and Greece, the Euro has not worked. It is time for the Insider Governments and bureaucrats to face up to that fact.

    I also think there is a big issue with referenda generally. People use it as an opportunity to gauge public opinion on other topics be that how the government is performing, migration etc. So, in addition to trying to answer the question at hand (constitutional reform, EU membership etc.) it is also being used to answer other questions. It was the same in Ireland with the Nice and Lisbon referenda. I think some mechanism has to be found to deal with that – to ensure that it answers the question at hand but perhaps also to have the opportunity to gauge public opinion on other pressing issues such as how the government is performing. I accept that governments would probably fail this test most of the time, but perhaps also it would make them think twice and think things through before having a referendum in the first place?

  3. Deco

    Economic growth in Italy between 1947 and 1987 was second to Japan.

    Yes that is correct. The only country to outperform Italy in those 40 years, in the industrialized world was Japan. And Japan had Total quality Managment, Juran, Demming, Statistical process control, the Japanese Engineering innovations, Toyota, Nissan, Sony, Hitachi, Sharp, Panasonic, and many more. For the Italains there was Fiat and Alfa Romeo. But also there was Parma Ham, Chianti, Gucci, and a lot of high end fashion products. A range of speciality products.

    Since 1992 Italy has produced an underperformance. In other words since the centralization of power in Europe, the resulting policies have produced failure. And it simply never ends. More EU rope has tied Italy up, in unescapeable knots.

    Italy run by Italians proved successful (as long as Italy had access to the markets that it needed in the world). Italy run by Brussels has stagnated. In fact, Italy is poised to become the first large rich country to be run into financial failure, by Brussels. [ Though Belgium is actually a much bigger risk in my analysis, as it's debts are higher, and it is very close to a "divorce over the money" ]. Ireland and Spain were deluding themselves about financial prowess. The net Irish balance sheet was highly leveraged, and contained more debt than assets – as signalled by the banbking collapse.

    The problem at the centre of the EU, is the EU itself. It is run by morons. It is at the nexus of the world’s second largest lobbying effort. There is now the prospect of a new crop of Republican swamp-drainage experts get their way in Washington [ Gowdy, Chaffetz, etc...] who are chomping at the bit to clean up Wahsington. This will promote Brussels to the number one spot for officially sanctioned, completely legal (and completely immoral) political corruption.

    How bad is this practice ? Well we only have to look at the list of the various financial firms in Paris and Frankfurt who got bailed out by the “rescue” of the PRIVATE holders of Anglo Irish “UNSECURED” Bonds. [ What part of PRIVATE is the Welfare State supposed to bail out ???]. The bondholders for AIB were just as expensive.

    The silence from the Irish media is deafening. In fact so much of the Irish estalishment is bought and paid for. If you want to know the real impact of EU transfers on a countries political direction, take note of how the money silences criticism of the provider, in a very subtle, soft and devious manner.

    The pretence was made embarrassing when the UK newspapers are able to tell the Irish taxpayers whom exactly is screwing Irish taxpayers – whilst the IT and RTE (“pravda”) stay silent. Senator David Norris tried to read the names into the Seanad record, and the political machines shut him up.

    It seems as if Official Ireland can lie repeatedly. And there is no criticism.

    Italy has realised that they are part of a same scam. In Ireland, living under the same scam, information is controlled to the point that we are still functioning like obedient sheep.

    And that is how we are kept in the nEU Empire. By control of the information flow. The truth about our corrupt political parties, and their policy framework which places the two pillar bank duopoly as the core objective of economic policy, whilst people work all month and stand still at the end of it, financially speaking.

    The greatest battle in EU province Ireland is trying to opt out of being shorn for the benefit of the most favoured sector, as dictated by EU/ECB policy.

    Italy has just realised that the morons in Brussels, and their juniors in the Rome administration, have no clue how to run anything.

    Thank you Italy, for making it clear that more centralization is not the answer.

  4. Deco

    Which system is more fragile: the flexible, compromise-driven Italian system or the rigid, absolutist British system?

    The Italian system is currently overly bureaucratic. Renzi proposed to reform it. But he tried to bring the centralization of power into the deal, and ruined the proposal. MSM will also try to reform the system. But is more likely that they will go away from the centralization of power.

    The British system works on the basis of principles. Basically, there is an argument over principles, and then when it is resolved, implementation follows. Rigidity in British policy making tends to be on the basis of adherence to agreed principles of policy making. Rigidity in WW2 resulted in the British beating a path to centre of Germany. Of course there were people in Britain who would have preferred to embrace to prevailing imperial project of power centralization on the Continent in 1940. But Churchill stuck with what mattered in principle. The English will not be bullied. And as such, they make a remarkable contrast to End Kenny making an ass of himself.

    Actually, the real system that is the most fragile, is the superficial producer of serial blundering in Brussels.

    It simply cannot handle dissenting evidence. The nEU imperial project is simply not working.

    That fine suit that we are being told about is the product of an absurd PR effort……the real picture is undeniable.

    The EUmperor has no clothes !!!!

  5. Deco

    Contrary to the constant official media mantra, Le Pen will not get into power in France. Le Pen is very different from the broader range of Euro-sceptic voices. She does not have the core principles, that place her as a clear alternative to the mistakes coming from Brussels. She might oppose their policies, but that is about it.

    France is in trouble. It is not in as much trouble as Belgium. Or even Italy. It is fallen way behind Britain. To the point that French graduates stream into London every year for work. France has fallen behind Germany, as a result of Schroeder implementing the Hartz IV reforms.

    Fillon is the likely winner of the next general election in France. And Fillon is bad news for Ireland, because Fillon wants to get all those tech companies in Dublin, to move to France.

    Fillon is in many ways an honest man who Sarkozy destroyed, making a comeback. Sarkozy and Hollande both represent lost years for France. Similar to Louis XVI. The debts mounted up. The foreign misadventures failed to deliver. Fillon promises to be Jacques Neckar to clean it all up. And of course he faces opposition. But is clear that France has a competitiveness problem. And in the precise centre is Ireland’s system of pretence about tax.

    And that has cold consequences for those in Ireland living off the quangos. While the know-it-alls with a million euros in their bank account on the RTE might relentlessly attack Le Pen, their real problem is going to be Fillon. Because Fillon wants to downsize the French state. Things are now so serious in France, that there are mainstream politicians talking openly about the need to downsize the scale of the state.

    For those in Ireland’s political machines, the media, IBEC, ICTU and the various elements of the quasi-institutional system (which is either funded by taxpayers, or else is tax exempt) this represents the “threat of good example”.

    As Ireland’s debts continue to grow, and we continue to provide mega salaries for mediocrity, the squeezed middle will be given one more reason to question Ireland’s public sector imbalances (high labour taxes, high indirect charges, lousy public service provision, and largescale wasting on projects like the incorrectly located Children’s hospital).

    Le Pen on the other hand wants to merely wants to maintain the scale of the institutional state. She is promising Bertonomics. Without the support of the beneficiaries of Bertonomics – for purely superficial reasons.

    Unlike Farage, and Grillo, Le Pen is not a decentralizer. In all likelihood she wants that power for herself. Le Pen is an outlier. A rather French way of doing it the French way – with a powerful state at the centre of everything.

    • Grzegorz Kolodziej

      If you remember, Deco, I once characterised Madame Le Pen’s entire economic program as “socialism yes, but only for the French”.

      I am puzzled though by this statement of yours: “France has fallen behind Germany”.

      What, in the 20th century, was France ever NOT falling behind Germany?

      The only reason that France is not Greece is because Germany subsidised their agriculture for decades because Germany is not allowed to possess nuclear weapons, so they had an unwritten deal with France “we use the American benign occupation to develop an economy so strong that we can help you finance your nuclear program, and one day the Americans will leave and we will take it over”.

      This reminds me when Mr Juergen Habermas visited Warsaw in the 90s. He had a lecture at the Warsaw University on how the US uses it satellites to drain the resources from them thus forcing them to co-finance the US military-industrial complex”.

      After a lecture, there was a Q&A time. A Polish student stood up and said: “so that’s a bit like Germany draining the resources from eastern Europe in order to co-finance the cost of German re-unification, isn’t it?”.

      Mr Habermas did not reply.

      • Deco

        Greg – it is always a pleasure to read your comments.

        You have described it succintly.

        France relying on CAP welfare for growth since the 1970s. And even that is no longer working. An acquantaince of mine was in the SW region of France four years ago, in an agricultural district. And he described it as everything was bought in the early 1980s and not replaced since.

        The Mitterand Revolution was in many ways similar to what has happened in Ireland since Ahern first became Taoiseach. An expanding state kept gobbling up control of more and more of everything. And it continued to suck the income out of everybody to pay for this expansion. In fact it reached the point that there simply was no spare income left.

        For an awful lot of people in the Irish establishment, this is the “way” to run a country.

        My scepticism towards it is based on the fact that it does not work.

        Le Pen is now going to pose as the preserver of this model.

        Which is why I welcome the appearance of Fillon on the scene. He gets that it is ridiculous and no longer possible.

        Not only has France been a laggard behind Germany, but for much of the 20th Century, Italy grew faster. In fact it is worse than that. Spain grew faster, even though Spain was enduring continual scarcity, and a distinct lack of capital formation until the 1970s.

        France had les trentes gloreuses – during which the dominant political figure was Charles De Gaulle. De Gaulle was clean compared to present day French politicians. He did everything for the common good, unlike Sarkozy and Chirac who both had many dodgy pals. He was competent unlike Mitterand and Hollande, who indulged all sorts of policy blunders.

        And currently, a new generation of competitors is beating French statism – countries like Slovakia (no natural resources, whatsoever).

        The French are in a delusion. They will not invest money at home because the oversized state makes the returns miniscule. As a result the labour market is in a slow steady contraction. The French invest their money in peripheral markets like Greek sovereign bonds, and Anglo Bonds. And then when that fails, they use EU power to get all their capital back.

        Fillon is the only one who gets the absurdity of this.

        And if Fillon gets into power, he will do all the things that they do not want to see in Ireland – but which are absolutely necessary in Ireland.

        For the superficial liberals in Official Ireland, this will be an opportunity to pretend that they hate Le Pen, when their wealth and priveleges dictate that they will secretely be hoping Fillon gets beaten.

        It reminds me of how they wanted Senator Norris to run for President, and then when he ran out of money, they suddenly discovered that allocating money to holidays in Sorrento was a core commitment, and helping out the unfortunate Senator was somebody else’s problem.

        So my advice, is to sit back and enjoy the superficial posturing.

        Bertonomics beneficiaries pretending that they oppose Le Pen, whilst they loathe the reformer Fillon even more.

  6. Deco

    I am not convinced about the SNP achieving Scottish independence.
    In fact, my prediction is that the SNP will finish any hope for Scottish independence for a long time. They are increasingly corrupt, and amount to a votes for free stuff party. If Scotland becomes independent, then it will need adults in charge. Sturgeon and her stooges are not fit for the responsibility. She is very good at behaving like an opposition TD. But when in charge, all she does is borrow recklessly, and lie incessantly.

    She gets a free pass on the votes-for-free-stuff policies (soft corruption), in many sectors of the media, because she is pro-EU. This is but one aspect of the SNP, that makes the SNP Scotland’s answer to FF. But I don’t think this will last forever.

    The sums do not add up. And the Scots are slowly waking up to this.

    • yadayada

      I agree. The snp high water mark was last year. Scotland has more trade outside (“out with”) the eu than any other part of the uk, and 60% of its trade is with England. Aberdeen has shut down due to the dive in the oil price.These eejits want to put in a border and move to the euro – why not cut your own limbs off while you’re at it?

  7. Deco

    As if to indicate that the culture of denial in Berlin, remains as absurd as ever, we now get this update from Merkel’s FinMin.

    Facts of the Matter
    1.Greece has an unsustainable €330bn debt load.
    2.On May 6, In Leaked Letter IMF Tells Germany “Debt Relief for Greece or IMF Drops Out”.
    3.On May 23, the leaked letter became an official announcement: The IMF warned “EU Must Give Greece Unconditional Debt Relief”.

    Merkel and Schauble have created this mess. They (along with Sarkozy and Olli Rehn) have produced a societal disaster in Greece. It is completely EU approved. It is vicious, and cruel. And they are insisting on sticking with a policy framework that bailed out financial sector firms, who are bankrolling the decision makers in the EU imperial complex.

    Grillo is vindicated in his insubordination towards the morons in charge in Brussels.

    Insubordination, produces a clearing that offers better policies.

  8. Deco

    The greatest scandal involving outsourcing, (as in it produced the worst results, societally speaking) has been the outsourcing of policy making to centralized EU imperial bodies that are failing repeatedly.

    The first example, of how to avoid this came from the Icelandic repsonse to the Icelandic meltdown.

    Iceland is recovering. Ireland is deluding itself. And Greece is merely making matters worse.

  9. Deco

    While we gripe about water charges, bogged down by our own incompetence, the world around us is changing dramatically.

    Don’t worry. Everything will be graaaaand. The architect of the water charges fiasco is in Brussels, sitting at the top table of the nEU Politburo, influencing matters.

    And the unaccountable state monopoly who designed Irish Water to be a money collector (with no consideration of the level of services provided, or cost control) have escaped without any public scrutiny, let alon the badly needed investigation into what they were doing.

    The non-resident for tax purposes billionaire oligarch who was involved in some of the deals has also escaped public scrutiny.

    And therein lie several core problems in current policy making. And the good news is that these forms of policy failure are replicated in both Brussels and D2. It is this level of reward for incompetence that is at the heart of failure that is producing wider societal consequences.

    In fact the only form of retribution for this incompetence, was the electorate kicking out so many hereditary ILP politicians. And even then some of them are lined up for a parachute in quangos, or a seat in the Seanad.

    This is democracy in action. Useless chancers getting eliminated despite the media trying to prop them up, and hide their incompetence.

  10. Deco

    The defeat of Renzi, is a disappointment, in the sense that of all the prominent EU leaders, Renzi was willing to admit that there were serious failures coming central EU authority. In fact he even went so far as to talk about it openly and freely. [ a big non-no in EU power circles ].

    Can M5S now propose to deliver results and get Italy out of the Maastricht inspired mess ?

  11. Deco

    Official Ireland has no plan for dealing with Brexit. Just loads of useless pronouncements.

    Ireland has no plan for Trump bringing US investment back into the US. And even more ridiculous pronucements.

    And Ireland will have no plan for French President Fillon.

    We are no longer functioning intellectually, because official Ireland is in control and does not want any discussion. It is instructions not discussion. This is the destruction of democracy, in the name of the requirement of obedience to the needs of money. It produces results that are detrimental to society.

    • coldblow

      ‘Ireland has no plan for Trump bringing US investment back into the US.’

      The Irish plan is to ban him from visiting here.

  12. Pat Flannery

    David is an Anglophile peddling Anglophile propaganda every chance he gets, mostly by talking up national banking crises that could lead to a collapse of the Euro. I hope he is getting paid for it, if not he is just an unpaid slave.

    Britain backed the Confederacy in the American Civil War in an effort to prevent the survival of an American Union, it now backs anything or anybody that remotely threatens the European Union. Just as the American Union survived, the European Union will survive. Both will eventually rid the world of the nasty mercantilism created by the British Empire, which still persists today in the form of mercantile banks.

    It will take more than a Farage or McWilliams to rescue the sorry remains of the British financial Empire from joining Soviet-style communism on the scrap heap of history. China and the EU are the new world order. They have created a middle way.

    Mrs. May is destroying Britain’s place in Europe and in the world by seeking to make independent trade deals with world powers as if it still had an Empire. Farage loves that Trump is destroying America’s place in the world by treating China as the British once treated an emerging America. America is bigger than Trump, it will quickly tame him and maybe even spit him out. America is not Britain.

    David is on the wrong side of history and about a century out of date.

    • Truthist

      Camp A [ UK>Britain>England>London>"The City" ] is actually FOR the E.U. ;
      But, only so long as UK>Britain>England>London>”The City” is SOLELY in charge of it.
      Camp B [ "Benelux + Germany + France" ] is actually FOR the E.U. ;
      But, only so long as “Benelux + Germany + France” is SOLELY in charge of it.
      Both of these rivals are Freemasons.
      So, what we have is a rivalry between 2 camps of Freemasons.
      Ditto WW 2 ;
      But, WW 2 was a war between the 2 camps of Freemasons in Germany.
      Camp G1 was dominated by the Jews ;
      And, they actually declared world-wide war on Germany + Germans in 1936.
      Camp G2 was dominated by the Nazis + discreetly [ for a while ] the Zionists.
      The Irish Freemasons such as B..tie “the fake stutter”, Suds, M..y R..n, P..t “the appropriately named” dis-Member of EU Parliament, & most of the Dail & Seanad & Irish State representation in E.U. Parliament, & senior Irish Civil SERPENTS are for the “Benelux + Germany + France”.
      And, a great many of [ UK>Britain>England>London>"The City" ] is actually FOR the Camp B.

      • Pat Flannery

        Truthist: interesting analysis. Do you think that Camp A (Britain) could actually compete economically with Camp B (Benelux, Germany and France)?

        Surely in the coming (economic) WWIII America and the rest of the world will side with Continental Europe instead of with the island of Britain as it did in WWI & II.

        • yadayada

          Nostradamus? Mystic meg?

        • Truthist

          Theoretically ; Yes & No
          Practically ;
          On account of a number of reasons,

          Foremost Criterium
          “A nation divided amongst itself cannont stand.”
          The working class — incl. the jobless — of UK are now corrupt.
          Of course, the rich are always corrupt ;
          But, not necessarily “all” the rich.
          Ditto, not necessarily “all” the working class are now corrupt.
          But, the bulk of the working class are corrupt now.
          And, so there is conflict of purposes between motive of the doers & worthiness of administration policy.
          Shame really, because British — or to be more specific, I should say English + Welsh — could be world-beaters in an honest way.
          World-beaters because of culture of invention & innovation in Arts, & Tech, & Biz..
          Ireland not available to Britain as supplier of very cheap AND excellent food supplies for staple British diet.
          Ireland not available to Britain as supplier of very dutiful AND appreciative cannon-fodder for its military & also its merchant fleet.

      • Truthist

        Edit ;
        Camp B [ "Benelux + Germany + France + ITALY" ]

  13. Deco

    There are similarities between Fillon and Renzi and Cameron.

    Two of these have talked openly about the need to reform the EU. And in case case, Merkel and Brussels gave them token recognition – whilst “reaffirming” the desire to change nothing.

    And they are gone.

    The biggest threat to Fillon getting elected is not Le Pen, but Merkel.

    Merkel is the source of all the problems. Her intransigence, and tendency to talk down to everybody else, is alienating all of Germany’s neighbours.

  14. Truthist

    Germany is not a sovereign country since WW 2.
    Merkel has been imposed on German nation so as to control them, & destroy them.
    Merkel is NOT German also.
    Most things are not what they seem to be.

    • Grzegorz Kolodziej

      “Germany is not a sovereign country since WW 2.”

      Yes, but what countries are fully sovereign?
      The US, China, Russia, North Korea, Liechtenstein, Switzerland, Singapore, India (but India is badly governed) Vatican (actually cross out Vatican – they started taking money from Soros now, hence Pope Francis is now almost as left as Mr Michael D Higgins), Australia and the Australian colony, New Zealand. Did I miss any?

      Germany with the EU serving its purpose is much more sovereign now than Great Britain. Great Britain, in order to get the financing of its falling infrastructure from China, had to agree to play the role of the Trojan horse in the EU, lobbying for low tarriffs on the Chinese steel (even at the cost of the British steel). Great Britain is of course more sovereign than Ireland, which in turn it is more sovereign than Greece.

  15. Pat Flannery

    There is an old saying: “a little learning is dangerous thing”. A little economic learning is a particularly dangerous thing. McWilliams’ half-baked suggestion that the Irish Government take some of its 12.5% corporation tax in the form of company shares is a particularly dangerous suggestion. He repeated it yesterday on his TV3 “Agenda” show

    The ink would hardly be dry on the share certificates before the Irish Government would be selling them for cash. A new lucrative trading derivative would be handed to the banks putting them in the position of “Court Jews” as was Josce of Gloucester, who financed Strongbow’s Norman invasion of Ireland and J.P. Morgan, who financed America’s arms industry and consequent entry into WWI against Germany.

    I think we can put this dangerous suggestion alongside David’s disastrous advice to Brian Lenihan that a blanket bank guarantee would be a good idea. Let’s hope this time the Irish Government aren’t listening.

  16. dwalsh

    If European elites dont cop on soon that their attempt at technocratic dictatorship is not going to fly, the extreme right wing will begin to seize power and euro disintegration and war will likely follow. That is if the NATO warmongers dont put us to war with Russia in the meantime. We are in perilous times.

    • Deco

      It is possible that Brussels will look at it’s impending undermining in the face of angry electorates, and opt for militarism as a means to control the mob, and achieve an information clampdown.

      Effectively, they might use militarism as a means of controlling the people, when they are facing the prospect of loss of control.

      The party machines are running out of credibility. Many of them are corrupt, and many more are serially wracked by incompetence. They will produce the PR case for more war. Expect FG to lead the charge. FG have an inner idiot that yearns for involvement in continental war making. The inner General O’Duffy, if you like.

      And the various lobbyists and advocates of the wealthy (John Bruton, Sutherland) will demand this also.

      The real battle is not with Russia. Russia is just about capable of defending it’s own borders. And it is bankrolled by an increasingly debt dodgy China. In that context Russia as a military force is very limited. It looks good facing small scale wars. But that is about the height of it. For large scale conflicts it would need financial backing from Beijing.

      The real conflict is between the very wealthy, and anybody that threatens to remove their control of policy making.

      In other words between those that benefit from the bank bailouts, and those that pay for them.

      This much is obvious. Except the media, which depends on the current power/wealth distribution arrangement will not mention it. Because they are paid to maintain things as they are.

      • dwalsh

        I dont see Russia as an enemy or a threat at this time.
        I think one should never underestimate Russia. It’s wealth and resources are vast and deep. Russia also has a significant nuclear arsenal if it comes to an existential threat.
        In my opinion it is the Washington regime and its NATO vassals which are the threat. I am hoping Trump will be true to his word thus far and de-escalate tensions with Russia and globally. But that remains to be seen. No one knows what he will actually do.
        I think you are spot on that the real threat ultimately are the transnational corporate elites. The perennial war of the oligarchs and the people.

      • “The real conflict is between the very wealthy, and anybody that threatens to remove their control of policy making.”

        Those that instigate and benefit from the central banking system. For freedom the fiat money system must be destroyed. Once that is accepted then a discussion can ensue as to how that will be achieved.

    • coldblow


      I agree broadly with your comment below about Russia.

      What is your definition of ‘extreme right wing’, say in terms of economics, religion, climate change, race and gender politics? Do you distinguish between ‘extreme right wing’ and ‘right wing’? While you are at it, what is the distinction between ‘centre’, ‘left wing’ and ‘extreme left wing’?

      I myself came across the phrase ‘extreme centre’ yesterday or the day before.

      For you, or anyone else here to answer.

      • dwalsh

        “Extreme centre”, that’s a good one :)
        I would use that perhaps for ideological neoliberals
        I would see extreme right as a spectrum from alt right bigots to nazi-style supremacist racist militant nutters.
        The ordinary right would be conservative often faith based traditionalist folk. They are not really bigots or nutters. Maybe centre right is better for them.
        The extreme left is barely existent at the moment. Almost extinct. Most lefties today are really sort of left of centre liberals. Progressive liberals. I know there are some real leftists in the old sense, but they are a very marginalised and endangered species; seems to me.
        How about you?

        • coldblow


          I share Peter Hitchens’s analysis. Today’s Conservative Party, he argues, endorses a number of ideas which would have appeared extreme to him and his revolutionary Trotskyist comrades. He says that there is nothing between the Tories and Labour except for tribal loyalty. Granted there are difference over economic matters, for example tax rates (I suppose – I don’t even know), but the Conservatives fully accepted the comprehensive education (so that, for example, it is illegal to set up new grammar schools). ‘Dave’ was the Heir to Blair because his party was the continuation of New Labour.

          There is little between centre-left and centre-right (or ‘respectable’ left and right) on social policy. Both accept the drug culture (and maintain the foolish myth that the war on drugs is not working – what war?). I think it was in 1970 that James Callaghan bowed to pressure from within his own party to accept the soft approach towards drugs (particularly cannabis) as set out in the Wootton Report. (This was famously endorsed by an open letter by the great and the good to the Times.) Some years later (or so) Ann Widdicombe was swiftly out-manoeuvred by her own party when she took a relatively hard line at a party conference. (They did the same to Margaret Thatcher when the penny dropped with her about Europe.)

          The same applies to law and order, and to a vastly expanded (and worse than useless) state.

          As for the paedophile mass delusion (which the earlier, now discredited, satanic abuse fantasy morphed into) Teresa May has a proven track record of gullibility. (Interestingly, she has always done her utmost to conceal the fact that she went to a grammar school.) (I am relying on Hitchens for much of the above, except for the bit about ‘Savilisation’ (as Anna Raccoon dubbed it).)

          I am sure nothing distinguishs them on that other fantasy, AGW.

          The ‘extreme right’ exists mainly, if not entirely, in the minds of those who (still)accept the consensus. They are a cliché whose supposed existence is used to justify policy. The problem is how can you maintain the fiction when a majority of bigoted voters chose Brexit? As Brecht joked, the people having failed the elite, the elite would like to elect a new people.

          I imagine that even your humble servant acts as a surrogate Reactionary for some. They have searched everywhere for them, under their beds
          and in the broom cupboard. ‘There he is!’, I fondly imagine. ‘There he goes! The Reactionary! We were right all along! To the barricades, citizens!’

          In Ireland the Catholic Church provides the cliche. (In 1984 (was it) it was the top-hatted Capitalist, or am I getting forgetful?) Of course, as nobody in the Catholic Church really fits the required clichéd description, we end up with some shadowy ‘hierarchy’. And from there it is but a short leap to ‘Prelates’ a la Da Vinci Code, and to a murderous, lumbering albino Opus Dei monk (monks in Opus Dei?) who answers to the name of Silas. (And where is Georg when I need him?)

          In the past demented old ladies used to write to ITV and the Beeb to complain about the villains in their soap operas, apparently unaware that it was fiction. I think those who post on the Guardian’s Comment is Free are doing the same. They badly want to believe in the evil reactionaries, the AGW denialists in the pay of the ‘fossil fuel industries’.

          The extreme left are no more than a fashion statement as their views differ little (I would guess) from what now passes as mainstream. I knew one or two at university who professed to be ‘anarchists’ but I did not take them any more seriously then than I do now. It is just a pose.

          I understand from Hitchens (who should know) that many prominent British politicians have Marxist roots, which they are keen to keep quiet about. I don’t understand the hatred shown recently towards Jeremy Corbyn, especially on Facebook. My sister in England got exercised over him (as she did about Brexit, though I had never once heard her mention the EU before). ‘He isn’t the right man for the job.’ That kind of thing. I strongly suspect there isn’t any reason or sense in this as, except in terms of presentation, he really isn’t much different from the rest of the dingbats. I must ask her when she comes over at Christmas, but I don’t think I’ll be any the wiser afterwards.

          Can anyone here explain what the story is about Corbyn?

          • dwalsh

            Thanks for that.

            I think the reason for the systematic media campaign against Corbyn is because he is authentic left; as in real labor; and thus he represents a real threat to the corporate elites who own and run UK Inc.

            Most people’s opinions about Corbyn are almost completely absorbed from the media. They have not thought it through.

            It’s the same with what people habitually believe and say (repeat) about Russia and Putin. They are indoctrinated by the corporate media.

      • It is just sticking labels on boxes and stuffing people/ policies et al into a box at random. Then we have meaningless arguments about what it all means.

  17. Deco

    Turkey is in trouble.

    Corruption. Dodgy banks. An effective one party state. Incompetence. Aspirational infrastructure projects that exceed their expected utilization / effective return on investment. And a fondness for interfering in regional conflicts, and telling other people how to run their affairs. Regional conglicts. And declining balance sheets.

    • dwalsh

      Yes as long as that turkey Erdogan is dictator they are in trouble

      • Deco

        Erdogan now has an awful lot of explaining to do.

        Wikileaks has released evidence of corruption with public enemy number 1. A terrorist organization that has even bombed Istanbul, and that has driven tourist revenue away from Turkey.

        No wonder he needs to control the media. All that information that must not be released to the Turkish people !!!!

        And it seems that now that the purge against the Salafist aligned coup plotters is complete, there are Ataturk secularist revealing the real events within the Turkish Republic, who wish to reveal the truth to the world (even if the Turkish people will find censorship of media opinion, blocking the information flow).

        Where will theis end up ?

        Well, it will probably lead to more division within Turkish society.

        If only Erdogan had avoided interfering in other countries, and exploiting divisions, he would have avoided the outcome of causing divisions within his own.

        The irony of it all is overwhelming him.

  18. Truthist

    Interesting article about modern-day Greece — & with some references to modern-day Italy — penned by “Francis” on Henry Makow’s website ;
    Makes u skeptical about movie directors etc.

  19. Truthist

    The director-chair generals rejoice in by easy to follow scripts against patriot government “brave AND foolish enough” to “uni-laterally” go against The Banksters / The Dreadful Few.
    I liked some Costas Garvas movies.
    Now, I would be cynical even of those.
    Beware of director-chair generals on either side of Bankster argument.
    Beware of arm-chair generals on either side of Bankster argument.
    Beware always of arm-chair generals.
    In the main, they lack “moral courage”.
    Arm-chair generals of no small talent & knowledge against the Banksters did not go to fight side-by-side with Gadaffi.
    When the Colonels took over Greece in 1966, the first thing they did was to disown the national debt, reasoning that it had been incurred by outlaws.

    For those who were guilty of having contracted fraudulent debts and lived a life of luxury, the Colonels built concentration camps (not extermination or forced labour camps, just isolation precincts as for dangerous and infectious animals. They had tried to in debt the whole country eternally to NYC banks under the pretext of applying a super-modern social state with social benefits for their clique of intellectuals alone, recruited through pederasty networks.

    The Colonels took power through a coup while allying with the Republican conservative wing of the US army (which was then not too Zionist) against New York finance. But the Left’s official artists managed to bombard the West with works « of resistance » to turn world public opinion into their favour.

  20. Truthist

    Proxy USA & proxy-of-proxy Ukraine are well capable of downing the Malaysian MH 17 [ with Irish passenger ] & rig it that Donetsk region rebels + Russia did it.
    More proof of Proxy USA & proxy-of-proxy “whomsoever” capability of cold evil is in the following ;
    Did the US-led coalition give the EXACT coordinates of Russian Aleppo hospital to Al-Qaeda for a missile attack ?
    Alex Christoforou

    Blood on the hands of the US, UK, France and their sympathizers for the Aleppo Hospital attack.

    This becoming a very familiar pattern. Every time Lavrov and Kerry appear to be making some sort of progress on ending hostilities in Syria, an unwarranted, and oddly timed attack on forces sided with the Syrian government occur.

  21. Truthist

    The bankrupt EU is ready to pay Assad money if he gives Al Qaeda autonomy in various parts of Syria.
    EU will give Assad money if he allows Al Qaeda jihadists to rule over parts of Syria
    Alex Christoforou

    The EU is planning to offer Assad financial aid in exchange for allowing Al Qaeda to stay in power in some regions of Syria.

    This may very well be the bribe of the century.

    Instead of helping EU citizens suffering from years of austerity, poverty and misery, the EU oligarchs ruling in Brussels prefer to give EU cash on hand to Al Qaeda and ISIS Wahhabi terrorists.

    Yesterday The Duran reported on EU High Representative for Foreign Affairs Federica Mogherini, issuing a warning that the fall of Aleppo will not end the war in Syria.

    The EU High Representative for Foreign Affairs was quoted by ITV during a conference in Rome saying…

    “I’m convinced the fall of Aleppo will not end the war.”
    The Times UK is now reporting that the EU is preparing a sinister offer to Assad, which will be the EU’s special way to “end the war” in Syria, while preserving the huge financial investment the EU globalists committed to funding and training jihadists to overthrow the Assad government.

    RT reports on the EU bribe to save Al Qaeda…

    The EU is reportedly planning to offer Damascus financial aid in exchange for allowing rebel forces stay in power in some regions of Syria. Brussels is no longer insisting on the retirement of Syrian President Bashar Assad, according to the Times.
    The new proposals from the EU were voiced by its foreign policy chief, Federica Mogherini, at a meeting with opposition leaders two weeks ago, the British newspaper reported. They reflect developments on the ground, as the Syrian Army has scored several victories and is about to take complete control over Aleppo.
    A source close to the western-backed Syrian opposition (aka Al Qaeda) told The Times…

    “What Mogherini wanted to do was present an EU plan – this is how to solve the conflict.”
    “There’s a transition, but the details are vague. In return, if all sides agree and everyone does what the EU says, there’s a huge pot of money.”
    RT reports further…

    “Political transition” is a term used by all foreign stakeholders in the Syrian conflict to describe an end to hostilities and the forming of a new system of governance in the country, though various parties have vastly different views on what that transition would look like.
    The rebels have for years insisted that the transition must include the ousting of Bashar Assad, while their western backers have repeated the mantra “Assad must go.” But the latest European plan no longer mentions the president’s future, the report said.
    Brussels now consents to Assad remaining head of the Syrian government, but wants a “devolution of power to Syria’s provinces, which would allow for ‘moderate rebel’ forces to be integrated into local security forces.”
    The EU is willing to offer financial aid to both the Syrian government and the rebels to sweeten the deal, the Times said. The report suggested that paying Damascus is preferable to dealing with the continued exodus of Syrian refugees to the EU, which is “contributing to electoral chaos across the continent” and “destroying Europe’s political fabric.”
    To summarize.
    The bankrupt EU is ready to pay Assad money if he gives Al Qaeda autonomy in various parts of Syria.

    • The EU may be bankrupt but the ECB is not. The ECB can create as much money as it wishes to fund whatever agenda the elite controllers wish.
      Now that Assad and Russia are winning it is proposed to keep the Western back rebels in place somehow. Money does buy a lot but not everything and I suspect Bassad will not bite and neither will Russia.

      Just another way that the the corrupt central banking system controls us all. It must be destroyed for us to have peace in the world.

  22. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  23. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  24. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  25. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  26. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  27. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  28. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  29. Pat Flannery

    I just purchased Jonathan Sugarman’s self-published ebook for only $3.99. I am looking forward to reading it in PDF.

    “The Whistleblower – Lifting The Lid On Ireland’s Banking Sector Just Before The Bust”

    • Happy days Pat. It is nice by the pool, 23C. Looking forward to a catamaran to Yalapa tomorrow.

    • Deco

      I intend to get it also.

      As usual somebody from outside Ireland’s circled wagons of “professinals” and skin-in-the-game gombeens is telling the story.

      And official Ireland is talking about a greyhound, adults passing a plastic lump around, and other stilly stuff.

      • Pat Flannery

        Deco: the days of self publishing are here. Go for it. Soon Ireland’s so-called media will be irrelevant. I for one hardly ever listen to RTE or read the Irish “papers” any more.

  30. “Ordinary Italians are not waiting around and fear that what happened in Cyprus will happen in Italy, prompting a massive bank run. As a result, they are moving their cash out of Italy ahead of that bank run.”

    Not surprising when your government signed on with the G20 to bailin the depositors money in the next crisis. Anyone keeping money in any bank is looking for trouble.

    Unfortunately that includes any who cash stocks or bonds temporarily, or deposit the proceeds from realestate sales or even deposit funds in a bank to use as a down payment to purchase the above or anything else.
    The banking sector has declare war on the people. The commercial banks are the colonels and the central banks the generals. The commander is the coterie of elites that call the shots.
    The answer to the bankers war on cash (banning the use of, that is) is to remove all your financial activity from the banks. Before they get you, get them.

  31. Truthist

    Richard “Posh” Boy-d Barret’s Brain = Ruth Coppinger’s Brain
    Worth, printing, & enlarging, & laminating.
    Thus, u have ready reckoner for to remind u when u are being conned by such hypocrites.


    “In a document distributed by Propaganda or Not?, this pseudo-NGO, born of associations financed by the Obama administration, clearly names its enemy – Russia. It accuses Russia of having been the origin of the 9/11 Truth Movement and the Internet sites supporting Syria and Crimea.

    On 2 December 2016, the United States Congress voted a law forbidding all military co-operation between Washington and Moscow. In the space of a few years, NATO has re-activated MacCarthyism.”

  33. [...] Another battle between insiders and outsiders (DavidMCWilliams) [...]

  34. Pat Flannery

    Tony Brogan: Ah Banderas Bay! I sold my Catalina sail boat to a guy there. He now operates it as a charter boat out of Puerto Vallarta. A fitting end to its exciting 24-year life with me. He has promised me a free day’s sail anytime I happen to be in PV. I have been there so many times that I think I hold the San Diego record for having sailed back “up the hill”. Everybody wants to sail down there but nobody wants to face the wind and seas on the nose coming back “up hill”. I know a few sturdy NZ sailors who make a good living bringing back boats for the San Diego fat cats.

    I used to anchor off Jalapa tp enjoy the peace and quiet because the pesky jet skis out of PV didn’t reach that far. Is the Night of the Iguana film set still there at Mismaloya or has it been overrun by yankee condos? There are some great little coves and beaches between PV and Manzanillo. You have to get away from the big tourist towns like PV to enjoy Old Mexico. Sadly I still have the charts but no boat. Enjoy.

  35. Deco

    Well, another very serious story currently is the Sugarman comments on banking regulation in Ireland. to put is succintly, Sugarman claims that he knew it was a joke before the banks ran out of money. And he knew the banks were running out of money, before it was evident.

    In fact he knew it was a joke, when the IT BS had the BoI chief economist telling us there would be no crash, and Austin Hughes was telling us there would be no hard landing (in the same comic).

    Sugarman is producing a damming indictment of official Ireland.

    Sugarman has a book out. And he is backed by Vinny Browne.

    Presumably the state propaganda quango has still not figured out how to mitigate the damage of this story – usually by flogging an already flogged horse. Or even by floggin a dead greyhound.

    In any case, Sugarman claims that he knew that Anglo was toast at the time of the St. Patrick’s Day share price slump.

    Now this has massive implications.

    Implications with respect to Cowen’s golf sojourn with Seanie (organized by a former director general of the said state propaganda quango) where they did not talk about the banking sector.

    Implications for the professional accountancy firm who produced a set of accounts that led Lenihan to make his “cheapest bank bailout in history” claim, before taking over Anglo.

    Implications with respect to bank bondholders not being given rigourous treatment ( which the ECB was lobbying against).

    Implications with respect to FG/LP ending the Promisory Note arrangement, with NO negotiation whatosever.

    Implications with respect to the “bailout” that Ireland was bounced into.

    And of course implications with respect to the entire professional class in the financial sector, in Dublin.

    And of course, the manner in which Sean Quinn was stuffed with lies on Anglo.

    In fact, the manner in which the Irish public were stuffed with lies on Anglo.

    So this is massive in it’s implications.

    I did a quick look at the main page of Ireland self-proclaimed papre of record. And there in the centre is a picture and a story about adults playing a childish pursuit.

    It is just unreal.

    RTE have an update on a stolen dog.

    This is mad. It is like as if we are being controlled by restriction of information. The informationwas resticted until now. Now nothing can be done about it.

    And even now, the information is restricted.

    • Truthist

      Deco, ur focus should be on the mid rank & senior Irish State Civil SERPENTS across many government departments involved in this conspiracy.
      Let’s get their names & addresses !

      • Pat Flannery

        Truthist & Deco: I think we should also be taking to task opinion leaders like our present host who claims to have foreseen the property bubble. David McWilliams had central banking experience. How could he not have known that bank lending was out of control in 2005-2006-2007? Of course he did. Was it such knowledge that informed him that property prices were in a bubble?

        Yet instead of warning Brian Lenihan about the illegal behavior of the banks he lent his considerable weight to a proposal of guaranteeing the very banks he knew to be thumbing their notes at the terms of their banking licenses.

        The fact is that David is a big shot in the Irish media himself. He is not an outsider as he claims. He should be asked by his followers on this site “what did you know and when did you know it”.

        • Deco

          Pat, can you provide a rational critique of DMcW ?

          In my perspective the biggest rogue in the line up of criminals is the newspaper that spent 15 years whipping up a frenxy about “property” and the last 5 of those 15 years, about bank shares.

          It still calls itself the “paper of record”. In my view, it would be more accurate to name it after one of Kimberly Klark’s “soft wipe” rolls.

          The Irish Andrex ?

          When it was finished with a lot of lying, it took Sean Quinn out to the woodshed and gave him a beating. And then threw in Seanie Fitz for good measure.

          It completely absolved the banking duopoly – who are presently riding the taxpayers.

        • Deco


          Pat’s question – are you an outsider or an insider ?

          Also, how come nobody seen the similarities between Ireland’s real estate crash becomming a banking crash, given that the same thing had happened 14 years previously in Sweden ?

          [ in fact....given current real estate valuations, in the land of the turnips...the same thing will soon occur again ].

        • Truthist

          If David understood real economics as the Austrian School [ And, Grzegorz is more partial to their perspective than any other ] does, he would have known that the boom was all part of the Bankster Scam Bundle.
          And, likewise the bust.
          It is all part of their cycle to roll us [ the cattle / the beasts ] over of as much of our assets as they can & thus to control us even more.
          And, u urself have a mastery handle on Derivatives versus Securitisation part of the bundle too.
          Again, I echo Grzegorz’s many thanks & salutation to u for arguably the most precious post yet submitted on this blog.
          I believe that our host was set up by a cabal which included mid rank & senior rank Irish State Civil SERPENTS who are well familiar with David’s romantic revolutionary Che Guevara — but minus the genocide & cold blooded murder of little boys — aspirations weakness — … then, & since … healed ? — to ‘Come on, let’s nationalise the banks. It’s cool. And, Stiglitz — “I only want to stop the hurt.” — will be impressed.’
          Perhaps indeed, David has long standing enemies from Freemason Lodge in his old alma mater Blackrock College who are jealous of his talents & career success, & because David rejected their invites to join ‘em.
          Such geezers are sure to be cunning operators in Institutional State of Irish State [ I.S.I.S. ] since.
          Brotherhood = Nomenklatura for sure in this context.
          And, David has in recent past voiced his umbrage against the Nomenklatura [ the very term he used too ].
          Also, is it not very noteworthy that the Minister for Finance, Mr. Brian Lenihen, impromptu visited the very approachable David McWilliams 1 evening at his home with request as to how to properly respond to the Bankster Scam Bundle check-mate upon the private debt of “real” persons & “legal” persons on the books of certain commercial bank[s] in Irish State when the Minister surely should have instead visited his own very devilishly clever brother who devised the whole Irish Sausage + Dutch Sandwich aul mularky ?

          • Truthist

            Typo ;
            Irish Sausage + Dutch Sandwich aul mularky
            “Double Irish WITH a Dutch Sandwich” aul mularky

      • Deco

        To be honest, truthist, the entire establishment, both in D2 (institutinal state) and in D1/D2/D4 ( private sector well connected, banks, accountancy firms, Irish media ) are behaving as if they are part of one large incompetent seamless entity from which there is absolutely no apology, or accountability.

        And they are all in their jobs, or else on fat pensions. Both outcomes of success rather than failure.

        We have become steadily anti-meritocratic. Not just an Irish problem. Sarkozy spent his presidency enforced the same immoral code on EU policy making. When he got shafted Merkel picked up the baton for him.

        This is now getting ridiculous.

        If those clowns were in charge of an English soccer team there would be an online petition in Ireland to have them removed.

        In 2007, there should have been a decision across the board to tame Ponzi-economics. But instead political options that were funded by ponzi-economics stayed in power. In fact, with Obama, they got even more power (thinking about Geithner who presided over the NY branch of the US Federal Reserve, during the sub-prime buildup).

        And in Ireland, well pensioned, well connected chancers like Suds and Brute demanded welfare for banks as some sort of statement of honur.


        Guess what – nothing has been fixed. It is simply a case of the problem being unfixed, but given lots of resources.

  36. Pat Flannery

    Deco & Truthist: Deco asked me if I can “provide a rational critique of DMcW”. I had just wondered why he is always excluded from discussions on here about who knew what and when as if he was not part of it or as if he predicted it all as an outsider. He was and is an important member of the opinion-forming Irish media and should be questioned as such like all the rest of them. There is nothing irrational about that.

    I had also found it interesting that he chose Nigel Farage for his “Agenda” show rather than somebody like Sugarman who had just published his important book on the Irish banks. In contrast I had admired Vincent Brown for reminding the Irish people about things David might rather forget, like the Sugarman disclosures.

    People like David who put themselves forward as independent commentators in the media for pay should be scrutinized like all such media commentators. My own “rational critique” of DMcW is that he displays strong biases against the EU and its institutions while rarely criticizing those of the UK.

    I sometimes wonder if his inside knowledge of central banking (perhaps from a few remaining personal contacts) had not tipped him off to the impending property crash. If so he could have applied that inside information to alerting the Irish people to the monumental failures already apparent on the inside of the Irish banking system; he seems to have chosen instead to pump up his own “unique insight” to become what many have described as a “celebrity economist”.

    If, how and why that happened is an appropriate matter for discussion on this blog. Was he set up? What was the real purpose of Brian Lenihen’s late night visit to David’s private home? How unusual was that?

    Or did David just make a good business decision as a journalist with a family to raise?

    I have nothing personal against David, I would probably enjoy a beer with him. But he is an important part of the Irish banking/property collapse and the consequent crippling debt that will endure for generations. Many people believe that he was the only one who “got it” at the time. Many people thank him for stopping them from “getting in” at the top of the bubble. The historian in me wants answers to all these questions.

    P.S. where is this damned blog I appear to have written about Derivatives vs. Securitization? I hardly remember it but would now like to reread it. Can you tell me the date and title of David’s piece?

    • Deco

      Pat, you are correct to critique everybody on a media platform.

      I suspect that Lenihan’s real purpose of visiting David, was that Lenihan had no clue, and was desperately seeking some guidelines. Remember, Lenihan was a trained lawyer trying to run an economy. [ would you ask a bread baker, to fix your car when it needs a repair ? I think having Lenihan - a word-smith in charge of something that involves an understanding of numbers was a disaster. David should have told him "resign - you do not know what you are doing".].

      You are correct – everybody who made incorrect incorrect projections in the Trichet low-interest-rate-monetary-stimulus years should accept responsibility.

      Many of those who made incorrect projections were getting paid to make mistakes. Especially in the Irish media.

      By the way, I came across a recent article by James Rickards, that states that the world is not fixed. The same problems that existed in 2008 are back. And worse than ever. He also says that what will be required is

      i) break up the “too big too fail banks” [ they will not like that, as it means they have much less power ],
      ii) Reintroduce Glass-Steagal, so that the public deposits are not endangered by Ponzi-scheming banks, which end up giving the bill to the public, [ this would reduce the amount of leverage in the Stock market - just look at the current Nasdaq madness - and the bosses of the companies on the composites are on stock options based bonuses - therefore the entire composition of the various indexes do not want this ]
      iii) Wind down the derivatives casino, by re-regulation. [ that will lead to further stock market crashes ].

      I think his proposals merit discussion.

      The problem is that his suggestions will not see any public debate, unless there is a massive crisis, and those holding funds decide public funds should not be wasted. And given the way the crisis has been handled since 2008, this will not happen unless there is a complete change in leadership.

      Well, we are now awaiting a crisis, that is very ugly, and that inevitable.

      And the very wealthy have clogged up the system, to prevent anybody capable of putting the public interest first, from being in a position to fix matters.

      There is another ponzi-economics based crisis in the making.

      And the culprits are those who advocate societal success to be measured in terms of stock market valuations, and those who are obedient to them in the media.

      • Grzegorz Kolodziej

        1. “If so he could have applied that inside information to alerting the Irish people to the monumental failures already apparent on the inside of the Irish banking system.”

        He did though, I remember it as if was yesterday:

        Dublin was being all digged out at the time as if it was just bombed – they were laying out O’Connell Street with a granite surface that they took off after a few days because it was slippery for the Dublin Bus.
        GPO did not have fax. 2003 saw a very rainy and windy winter, yet I walked around all Henry Street and Lower Abber Street and could not buy a proper umbrella and a rainproof jacket. Some chap in Arnotts wanted me to part with my hardly earned 400 euro to buy a very thin fashionable jacket he said was rainproof, which I instantly evaluated as a schlock that would even resists the tears of frustration, but having learned that on the British Isles people say things they do not really mean, I said “I have to think about it”.

        Eventually someone directed me to a shop called “Army Bargains” on Mary St. I bought there a jacket for a considerable amount of 180 euro (just because I needed a jacket that very day), discounted from 235, that I was ensured was warm and rainproof. It turned out neither.

        That year, teenagers aged 16 would queue up for taxis to go from George’s St to a “Wheelans”. I distinctly remember you could not buy raddish or chives (the latter I need to make my kind of cottage cheese I am used to having with a fresh baguette, which you also could not buy at the time – one had to go to D2 or D4 – all baguettes were baked from a frozen dough).

        Coffee was up to 3 euro in some places that year, yet fresh coffee was nearly impossible to find outside Dublin (it was usually instant, and even Hilton had those coffee machines where they would put instant sachets changed every 24 hours) in small shops in Ireland (and even in SuperQuinn and Supervalue) at that time, even in local veggies.

        Thinking naively this was a once off, I kept asking my local veggie for raddish and chives until they took it as a personal offence.

        Every shop had a Chinese person working in it. Soon I started to wonder where are the Polish shops in this towns, like you would see in New York or Chicago. As all people I came across were friendly apart from Dublin Bus drivers and Immigration, one of them directed me to Marlborough St. There the was – a place I would be able to buy my raddish and chives, with half-fat cottage cheese; except it was a Russian shop (she probably must have thought that Russians are Poles). Eventually I have found Dom Polski on Fitzwilliam Place, where every Wednesday all Dublin Poles with free time would meet up, all 30 of them. Everyone thought I was German though. “Heaven forfend”, I would answer.

        One of them Poles was a lady from an aristocratic family with a PhD who arrived in Ireland in 1970s. Another one was a guy who was working as a baker while trading properties in Dublin. Many years later I would see him on the news – he went to Greece, opened a hotel, and this hotel was went bankrupted with the first Greek crisis.

        David McWilliams was one of the people who kept me sane: pretty much every other TV presenter spoke like they have just left the primary school. Other personal saviours involved Kylemore gokarting. I remember Ms Finucane waffling about astrology on the radio for an hour (which I was forced to listen). To someone used to his daily BBC World Service and Radio 3, this was a cognitive dissonance.

        There are no heatwaves and mosquitos in Ireland, I have noticed – I could not believe that good Lord have compensated the locals for not having the veg and windows insulation with a miracle like that.

        Guinness tasted like nowhere else in the world. I went to Guinness Museum, and it tasted better still. I was struck by warm smiles, the good skin complection and enticing asses of many girls, but it was not until the year after till I had a go. But that’s another story, which I won’t mention in details for it does involve the Provisional IRA.

        2. “I sometimes wonder if his inside knowledge of central banking (perhaps from a few remaining personal contacts) had not tipped him off to the impending property crash.”

        God’s little and very imperfect creation like me, your humble servant, a foreigner with no inside knowledge of central banking and certainly no personal contacts in Ireland at that time, knew about the impending property crash based on simple thing called annual income from property/value of the house quotient (plus comparing them prices in other western European countries).

    • Grzegorz Kolodziej

      “P.S. where is this damned blog I appear to have written about Derivatives vs. Securitization? I hardly remember it but would now like to reread it.”

      This was part of a longer discussion, the best discussion on this blog since I have been reading it (2009). I was very busy that day sparkles started to fly, so did not join, though of course I knew about derivatives and agriculture.


      Tony Brogan
      June 20, 2016 at 9:18 am

      Debt expansion is a fact of the structure of the creation of money. All money except coin is issued as a loan. An expansion of the money supply is automatically a fact as all money is created as debt.
      Everybody , without exception talks about debt but none discuss or acknowledges this fact.

      This is why the central banking system was created. The latest to mention debt is Pat. That’s it. Where it comes from and why is ignored.

      Let us have a debate and disclosure about the banking system, fractional reserve banking and the central baking system. Without fixing that problem all else is in vain and a f…………….waste of time.

      Pat Flannery
      June 20, 2016 at 10:04 am

      Tony, the debt problem is caused by securitization not by fractional reserve banking.

      Most people understand the concept of fractional reserve banking, even if they don’t know its names. Very few understand securitization.

      The current worldwide asset bubble could not be happening without it. There is at least a nominal brake on fractional reserve banking by the central banks, there is none on securitization. That is why the central banks have no control over the unlimited creation of ‘money’ by securitization. The trouble is, this is not money in the traditional sense.

      The markets and governments use so-called ‘privatization’ to securitize revenue flows from government services to create private debt guaranteed by public funds. The banks are merely brokers in this insidious activity. Both the markets and governments have become addicted to it. Fractional reserve banking is sideshow in this activity.

      The enormous growth of paper ‘wealth’ being put in the hands of the so-called 1% is merely securitized debt guaranteed by governments. This is not money in the traditional sense. It is the insidious product of market securitization.

      By opting out of the EU and the Euro Britain is putting its head in the sand. London is the world capital of this securitization, the very thing it is trying to escape.
      June 20, 2016 at 3:16 pm

      Pat “securitization” is just another part of the fraud bankers have used for well over a hundred years to suck up all the wealth. I understand that you are shocked at how this scam works but you are going to get a much bigger shock when you figure out how the “derivative market” works and realize that these gambling debts come before depositor’s money in the now inevitable bankruptcies that lie ahead. Deutsche Bank alone has a derivative “book” which is over ten times the size of German total GDP. The figures are mindblowing and the total global derivative exposure is now over Quadrillion or a thousand trillion. Now the bankers will say that they have hedged their positions etc and nothing can go wrong but all it takes is for one of them to go under and it all blows up.

      Basically derivatives are bets which the banks bet against each other on different markets. The biggest one is interest rates but they use them to distort all sorts of markets. When the next banking meltdown occurs, and it won’t be too long, they will enact their now legal bail in legislation and pilfer the depositor’s cash. This is now a certainty as the only reason these guys enact legislation is if they mean to use it.

      This will cause massive civil unrest but they are ready for this and they will probably start yet another war to distract people from what is happening. This is the way the bankers have operated for a long time and at the very base of it is their original fractional reserve scam and their legal claim over depositor’s money. Until banking is restored to being a service industry which is legally mandated to serve the interests of the people we will continue to be their pawns and have our petty little arguements whilst they litterally laugh all the way to the bank.

      Here is their original manifesto for the US but it applies everywhere there is a central bank because they are all private institututions and they are all under the same ownership.
      Pat Flannery
      June 20, 2016 at 4:37 pm

      cooldude: if what you said, that securitization is a fraud ”bankers have used for well over a hundred years” was true, there would be very little hope of containing it. The good news is that while the concept of securitization may have been around for well over a hundred years, it was a dormant disease that did not erupt on the world until the early 1990s.

      You may be thinking of derivatives, which have been traded over-the-counter (off-exchange) for centuries, indeed since ancient times.

      The current debt explosion began with the mass adoption of securitization, which was the financial atom bomb that detonated the financial hydrogen bomb. Just as the real atom bomb detonates the real hydrogen bomb, securitization detonates derivatives.

      Hopefully just as we have been able to contain the real hydrogen bomb threat we will be able to contain derivatives, which are the deadly children of their parent, securitization.
      June 20, 2016 at 10:00 pm

      It’s small point, but derivatives have been around for a lot longer than a hundred years. Commodities futures contracts could be said too have caused the demise of the cowboy in the US, and were used in ancient Persia and Rome.
      June 20, 2016 at 11:11 pm

      Stephen what you are talking about is commodity derivatives which can be useful for farmers or miners to future sell some of their product at a certain price. What I am talking about is pure gambling by the banks in the full knowledge that they will be bailed out or in if their bets go wrong. Banks have no legitimate business gambling with their depositor’s money and using leverage of 60-1 on this money. This a totally different game and is a form of fraud as is most of the banking practices that have been introduced or corrupted.

      Interest rates are not a commodity yet “interest rate swaps” is the largest derivative book in existence and is over ten times the size of global GDP. This not your ordinary farmer future selling his corn this is a totally different animal.
      Pat Flannery
      June 21, 2016 at 12:02 am

      Actually cooldude the banks did not deal directly in derivatives. They merely acted as brokers and made their money by fees.

      AIG, which is not a bank, was by far the biggest player in derivatives business and received the biggest bailout in American history, over $180 billion. Most of that insurance business was written in London.

      Every mortgage over 80% LTV I brokered during those mad bubble days was insured by AIG. The borrower paid the premium each month as part of their mortgage payment. We called it PMI, private mortgage insurance, as distinct from VA or FHA charges.

      When the US Government bailed out AIG it meant that the US Government was underwriting PMI all the time just as it did with the VA and FHA loans. Who knew?

      So in the end it is the world’s governments not the banks that are to blame. And the governments can fix it if they choose. That is the good news. But don’t tell anyone.
      June 21, 2016 at 12:10 am

      Interest rate swaps have reasonable market uses, as do many derivates contracts.
      The problem isn’t really that of the various instruments, but that the regulators, and legislators, in the various countries have decided to allow almost unlimited use of these things, and the use of them in completely inappropriate ways and levels of leverage.

      In 1999 (in the time of Clinton and Blair) the governments effectively removed all limits on financial speculation. Limits on commodities speculation were removed, after about 70 years of absolute ban.

      Fundamentally it’s not the banks, but the politicians, the central banks, and the regulators, who allow and encourage all this.

      The financial sector has been operating in this world for 30+ years, and the people who’ve risen to the top are those who most successfully out-speculate everyone else, by any means at all. The idea that anyone in the financial sector is even aware that laws or rules really exist, is a little beyond belief, given what we see around us.

      Blaming the banks for the mess is like blaming repeat criminals for breaking shop windows. Of course they should be locked up, but the real problem is that there’s a weird bunch of highly paid public sector staff producing maps of really juicy windows, and handing out the ideal sorts of rocks, as well as making it legal.

      At the same time, just to stretch the metaphor a bit, the newspapers, tv, and radio, are awash with gushing, breathless, pieces on why these people should be paid even more if they can throw really hard.
      June 21, 2016 at 10:55 am

      There are five US banks with over $40 trillion exposure to derivatives. This is not fees but actual real bets they have made in very complex but very real derivatives. The average leverage to their deposit ase is over 70-1. If you think that’s bad we have our own total basket case in Europe, Deutsche Bank, which has a $75 Trillion exposure to these bets with roughly a 100-1 leverage on their deposit base. What is interesting is that only this month DB starting advertising for 6 month deposits at 5% when the ECB rates are at zero or lower. These guys are BADLY stuck for cash and it could easily be tied up with their ridiculous and reckless gambling in this casino.

      You can defend these criminals all you want but they are about to cause anoher collapse of the banking system and this time they will take deposits and the governments will take retirement pensions and force them into bonds. There is no white knight politician like JFK coming along to sort this mess out and if there was they would get rid of him. Here are the actual facts and figures in relation to the main banks exposure to this casino of fraud.
      Pat Flannery
      June 21, 2016 at 12:44 pm

      Cooldude: the trouble with all those blogs that quote mind-numbing numbers of US and EU banks’ “exposure” to derivatives is that they do not define that exposure. Everybody then assumes that it was incurred through banking’s fractional reserve activities. It was not.

      Example: if I as a licensed CA real estate broker own a restaurant and make a mess of it my disgruntled creditors cannot go after my real estate license because running a restaurant is not licensed activity by the CA DRE. Derivative trading is similarly not licensed banking activity.

      Losses incurred by banks in derivative trading are no business of governments. They certainly do not justify a bailout no more than if the bank got involved in the restaurant business.

      The banks have “exposure” because as brokers they underwrote the security involved, as stock brokers often do, especial on IPOs. It is not banking.
      June 21, 2016 at 4:00 pm

      Pat the banks are indeed liable for their gambling debts. They even went as far as to introduce legislation in the US which places derivative debt above depositors claims in he line after bankruptcy.
      I understand you find all of this a bit far fetched but it is the actual situation. As Tony initially said it is all just an extension of their fractional reserve scam which would be regarded as pure fraud in any other industry. Here is the fourth part of a four part series of essays into how this scam actually works.

    • Grzegorz Kolodziej

      Part II:

      Pat Flannery
      June 21, 2016 at 4:17 pm

      cooldude: please provide me with a link or a citation to the ”legislation in the US which places derivative debt above depositors claims in line after bankruptcy.”

      Why was that legislation necessary? If any corporation fails, a bank or any other, all its assets are available against creditors’ claims. Remember when you deposit money with a bank you no longer own it, the bank does.

      Of course the banks are liable for their gambling debts, those debts just weren’t incurred under their fractional reserve banking privileges and therefore are not part of the banking system. Perhaps that was why they sought some sort of legislation to make it so. Please provide a citation. Did it get enacted?
      June 21, 2016 at 8:45 pm

      It was enacted in 2005.
      Here’s a very nice description:
      June 21, 2016 at 11:33 pm

      Thats correct Stephen. Also copper fastened by the Dodd Frank Act 2011. This safeguards taxpayers from any future bail outs but it transfers the liability onto unsecured creditors which includes depositors. Because the derivative holders put up a deposit they are considered secured . I know it is fraud but thats the way it is.

      3. Earlier on that week, I answered your specific question/doubt with a detailed link, and – as it is the case more often than not – did not receive any reply. I am used to that silencing now and do not take it personally anymore:

      “Pat Flannery
      June 16, 2016 at 9:00 pm

      Tony: that falls way short of the kind of proof of corruption I have called for. Proof of EU bureaucratic sclerosis perhaps, but not of Irish PI’s flat out allegation of ”graft and corruption” or cooldude’s wild allegation that ”The level of fraud and corruption in Brussels is massive.”

      In Gaelic Ireland we had a near idealized system of small self-governing tribal areas, developed over many uninterrupted millennia. This long lack of a central power proved to be our undoing once the aggressive neighboring Tudor State decided it was worth expending its men and treasure to acquire Ireland’s vast wealth of oak trees and other undisturbed natural resources.

      In the 16th century Britain had found itself denuded of oak for building ships and stately homes. Most, if not all, of today’s surviving Elizabethan stately homes and other important English public buildings from that period have been positively identified as being built exclusively from Irish oak. We have not forgotten that mistake.

      Grzegorz Kolodziej
      June 17, 2016 at 7:04 pm

      you can download the Transparency International report here:

      The evidence of the corruption in the EU is in the report.

      What interest me more than the actual corruption (humans are humans) is the Byzantine (I am using the word Byzantine in an academic sense – as defined by Koneczny – not as an invective) law system on which the EU is based that is corruption-genic.

      Relevant to the above, the Transparency International claim that:

      Despite legal obligations to do so, only 1 institution was found to have effective mechanisms in place to protect internal whistle-blowers.
      There is no comprehensive verification of the assets declared by Commissioners or MEPs.
      In late 2013, only 7 companies were barred from tendering for EU contracts due to evidence of corruption.

      And provocatively, I would revert the question and ask: what’s the evidence for the systemic abuse in Madalaine laundries? That someone remembers something after 50 years is not a proof for me, as understood in the (now waning) Latin civilisation legal tradition.

      But the same people (not you) who would tire us with reporting every day for months on some events that might or might not have happened half a century ago (there was a time no news in Ireland could have done without it) are blind to much more ample (compared to Madalaine laundries) evidence that there is corruption in the EU – and had been denying that about FIFA.”

    • StephenKenny

      I think it’s easy to forget, these 8 years later, that contrary to may subsequent claims, there were almost no audible voices warning of the impending crash. I was at a wedding in Malahide in the summer of ’07, and, of course, the conversation turned to property. I mentioned my thoughts, in a low key and discursive manner, as I had learned to do by that time, and was treated as if I’d suggested that the sun wasn’t going to rise in the morning. Worse, in fact, because the accusations were tinged with anger.
      David was pretty much the only really clear, reasonable, voice making this warning. With his background, he couldn’t be dismissed as a conspiracy nut. His warnings were very clear, very audible, and very persistent. He did seem like a lone voice, and certainly was, in the public sphere.
      A lot of people saw the problem start to surface, but were disincentivized to do anything about it, and had no platform, or interest, in making a noise. It was akin to that Mexican debt salesman who, when asked why he carried on selling Mexican debt even after he knew they are going to default, replied “Well, that’s my job. I go into work, sit down at my desk, and sell Mexican debt. What would you have me do? Not go into work?”.

      It’ll be interesting to see whether he starts to warn about the next one. It’s going to be so much more damaging than the last, and the media and financial sectors are so much more allergic to any criticism, that it’s quite possible that no one will, publicly, with credibility, be able to suggest it.

  37. mike flannelly

    Banking has become unconstitutional.

    Enda Kenny, Francis Fitzgerald and Michael Noonan have responsibility.

    Banking is now out of control.

  38. “If the supply of Russian engines were cut off, it would slow down satellite launches, cost serious money, and compromise U.S. national security, Air Force Gen. William Shelton, who heads Space Command, told Congress recently”

    All this while the US sanctions Russia. Russian rocket engines are superior to anything the US can find to replace them. So sanctions were ignored in regard to the space program.


    “”The degree and level of propaganda now flowing from the Establishment and the Establishment-controlled mainstream media is on par with that of the old Soviet Politburo or German Third Reich. In fact, I’d confidently propose that this point is incontestable……………….

    lf the same GAAP accounting standards used in 1999 to measure corporate earnings – the standards having been relaxed more almost every year since 2000 to enable companies to report higher GAAP earnings – were applied to today’s earnings numbers, we would see that the current stock market is by far the most overvalued in history.”"

    When is a lie not a lie? When it is propaganda.

  40. Pat Flannery

    Grzegorz Kolodziej: thank you for the links to my June 2016 post re securitization. I really appreciate your effort to find it. I also watched the 2003 YouTube of David McWiliams you researched and provided. Here is a brief extract where he said that there were “no economic tools at our disposal to rein in lending. ”

    In saying that he was either covering for the Central Bank or he was completely ignorant of the rules of banking. I believe it was the former, I doubt he could be so ignorant of the primary role of the Central Bank. How could a trained economist, especially one who had worked at the Central Bank, not know that there were indeed very powerful economic tools available to the Central Bank to rein in lending? He blamed everybody except the very entity that he must have known were deliberately allowing the bubble to happen: the Irish Central Bank.

    He needs to answer this. He was not asked it at the Banking Enquiry.

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