December 12, 2016

Italy is gradually going out of business

Posted in Sunday Business Post · 122 comments ·
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A few weeks ago, I stayed in the Grand Hotel in Rimini. This place has real significance for Italian movie lovers because this was the base camp for the brilliant Italian director Federico Fellini.

Not only did Fellini use the Grand Hotel in Rimini as his set, but he died there too, in the suite upstairs that he used as his office.

Fellini loved the absurd, the ridiculous. His movies, with their outrageous casts of Italian eccentrics, captured the booming, confident Italy of the 1950s, 1960s, 1970s and 1980s. In many ways, Fellini was post-war Italy’s scriptwriter.

But Fellini’s Italy is gone.

Italians are naturally nostalgic for that booming post-war period of nearly 50 years’ growth when Italy was rich, when mass immigration wasn’t an issue and when Italian produce was sold all around the world.

Sometimes it is not appreciated quite how industrial Italy is. It has long been Europe’s second-biggest manufacturing power, beaten only by Germany. In some areas of design and high-quality manufacturing, Italy is still without peer.

However, since it gave up the lira and adopted the euro – in effect Germany’s currency – things have gone pear-shaped.

From 1945 to 1995, there was an understanding that Italy would devalue the lira. This is what Italy did. Traditionally, it devalued the lira every few years. This was expected and it kept Italian industry competitive.

So, for example, when Italy joined the EMS in 1979, the exchange rate was 443 lira per deutsche mark. By 1990, the year of German reunification, the rate was 750 lira to the deutsche mark. By 1995 it was 1,000 lira to the deutsche mark.

In the 1992 currency crisis the lira fell to a low of 1,250 against the deutsche mark before recovering a bit.

The gradual fall in the value of the lira was a price that the Italians were prepared to pay for industrial success. Contrary to the dogma spouted by Europe’s central bankers, Italian devaluations worked particularly well.

Just look at the numbers.

From 1979 to 1998, Italian industrial production outpaced that of Germany by more than 10 per cent. Italian equities outperformed German equivalents by 16 per cent – after having taken into account the devaluations.

So not only was Italian industry growing faster than German industry, aided by lira devaluations, but also the return on capital in Italy was higher than Germany.

This is because if the stock market of a country is outperforming another, it implies that the capital that is deployed in the faster growing country is being deployed more efficiently. Therefore, not only was Italy growing faster than Germany, but it was more efficient too.

Then came the euro.

Since Italy joined the euro, almost to the day, Italian industry has gone backwards. Having outperformed German stocks during the period of the lira, Italian stocks have underperformed German stocks by a whopping, bankruptcy-inducing 65 per cent.

During the half-century when Fellini was writing the story of post-war Italian success, the Italian stock market almost always returned more than the German stock market. Once Italy joined the euro that stopped almost overnight.

Deep in the economy, the strictures imposed by the euro have destroyed much of Italian industry. For example, having outgrown Germany’s industrial output in the 1980s and 90s by 10 per cent, Italian factory output since Italy joined the euro has lagged Germany’s by 40 per cent.

This is an extraordinary reversal of the previous 50 years.

While German industrial might has solidified in the euro, Italy has become enfeebled. For example, almost one manufacturing firm in five in Italy shut down between 2009 and 2012.

Production is now 26 per cent below 2007’s peak.

In short, Italian competitiveness has been decimated by the euro. Without devaluations, Italian industry has floundered. Either a country’s currency adjusts if it is not as competitive as its neighbour, or it goes out of business. Italy is gradually going out of business.

Now think about Italian banks and Italian debt. Italy has the largest debt/GDP ratio in Europe at 130 per cent and its banks are extremely weak. The EU knows that if Italy’s banking crisis is not managed properly, there will be contagion across the entire eurozone. So Frankfurt is nervous.

On Thursday, the ECB extended its “delay and pray” policy of buying up every asset that isn’t nailed down. It announced that it would extend quantitative easing until next December. This means that it will become the “buyer of last resort” for all sorts of financial assets.

However, while it is giving the banks this sort of general support, it hopes to isolate specific bust banks and force them to either raise money or burn their bondholders.

This new policy is obviously precisely the opposite of the ECB intervention in Ireland.

Therefore, late on Friday the ECB refused the Italian government’s attempt to buy more time to find money for its stricken bank Monte dei Paschi di Siena. This bank is likely to be bailed out by the state this weekend, but with significant losses imposed on the bondholders, who are largely local Italian people whose pension funds bought bank bonds.

But for Italy the issue is not whether it can, in the short term, manage liquidity problems in its banks; the really big issue is whether the Italian state itself is solvent.

By joining the euro and abandoning the tool of regular devaluations on the altar of European integration, Italy has imperilled itself. It is profoundly uncompetitive. When a country becomes uncompetitive, it eventually becomes insolvent because it has no way of paying its debts.

It is very clear, when you look at the numbers that Italy will become insolvent at some stage. In the euro, its trajectory versus Germany is now more or less fixed. The 50-year, post-war policy of devaluations helping Italian industry and keeping up with Germany is now over.

Italy is now lagging far behind and it is falling further adrift.

This is a big deal for Europe and the euro. Italy is not Greece.

When this event happens no one can be sure, but that it will happen is, at this stage, beyond doubt.

Maybe for watchers of Europe, the real question is not when Britain leaves the EU, but whether Italy goes bust before Britain goes off.

What odds would you give on that?


  1. zeedonk

    So what country, apart from Gross Deutschland, has the Euro benefited? France, Spain and Italy either either in the toilet or swirling around, about to head south. Ireland, Portugal and Greece rightly shagged over the last few years. The East European newbies have, to my limited knowledge, been bled dry. To all intents and purposes, the Euro has already failed. Economiclaly and politically the region is a basket case.

    • Deco

      Maybe the question is not which country, as much as which sector(s) ?

      Statism, bureacracy and Financial Engineering have expanded since the Treaty of Maastricht. They have expanded to the point that they are damaging other sectors. In fact they have expanded to the point that they are endangering the entire system.

      And that is the essence of Ponzi-economics. High asset prices. Severe market rigging. State bureacracy getting their cut, and rubber stamping it. And banks getting to play with even bigger numbers, like a gambler on an andreneline rush.

      The problem with something for nothing, is that it also creates nothing for some people. And where something for nothing policies are accompanied by a centralization of power (and eventually wealth), a lot of people are left with nothiing for their labours.

      But those in the ponzi-eco-system are having a party. And that includes the statists that buy into it.

      The Eastern Europeans have had their assets grabbed in the decade after the Treaty of Maastricht. Everybody from Frankfurt based hedge funds, to Paris based insurance companies, to crooked FF TDs got in and bought cheap, whilst the locals were obeying austerity plans.

      And now the same has happened in the PIGIS. The Italians might opt to avoid this. I recommend that they do so. The current mess in Dublin real estate, with hedge funds owning the development land on the M50, is a disaster. But this is what ever-closer-union for financial speculators means. It means low interest rates, asset bubbles, regulation weighted against people, tax weighted against on labour, and all sorts of crooked deals.

      The Euro changed when Duisemburg was replaced by Trichet. It became a basis for speculation. For the French financial sector, this was a boon. They got low interest rates, and could play ponzi with everything from unsecured bonds in Anglo Irish bank to Greek debt, without having to exercise their critical faculties.

      Ireland’s membership of the Euro, produced a boom that has resulted in people living in negative equity, and a thumping recession that has cut their after tax income down. In other words debt controls the people. There is a way out – stay out of the labour force, claim disability welfare if you can, and ask for free housing. Actually, it is very rational and reasonable. Honestly, why would anybody want to spend their life being a host for the leaches in imperial monopoly statism, market rigging oligopies in Ireland, or gamblers that never lose.

      What really astounds me is the scarcity of open discussion about the true nature of what is going on. I can remember the self-proclaimed paper of record calling Duisemburg the term “Dim Wim” for setting interest rates to high to allow ponzieconomics. Trichet was involved in a tribunal in France. Trichet got a free pass, and was then welcomed as the man to bring growth out of nothing.

      The lies that come from media organs that are part of the ponzi-economic system are astounding. Dan McLaughlin’s commentary in the IT BS (perfect initials ?) were jawdropping. He got bailed out too, because the BoI got bailed out.

      In the end, the promise is actually highly delusional. And yet there is an entire pyramid of authority in both authority, and banking that is certain it will work, if it is given just one more try.

      I have a suggestion. Do like Iceland, and cut out the nonsense.

      • DJR

        Well said, the question has moved on from will the Euro survive to which country will leave first.
        Once one makes the move, the house of cards will fall across Southern Europe, even if it means waiting for a ‘populist’ party to win the next election.
        If Italy leaves, converts its debt to Lira (despite the financial speculators’ protests) and devalues it, how long before the rest of the PIGS follow?
        Maybe Enda will get his ‘seismic shift’ after all!

      • jaysus

        Brilliant Deco, on the nail as always.

    • phineas56

      David, my you do get around! Why Rimini? A popular tourist resort. Anyway, you seem to be saying the euro is doomed. Many economists have been saying this for years. When it was launched the Financial Times said it was ‘an incoherent currency’ Well it is still there because it seems to me that the alteernatives are too frightening. Perhaps you would write an article on the alternatives to the euro? As for the ROI, the real threat is surely Trump lowering corporation taxes? And the EU increasing them.

    • Grzegorz Kolodziej

      Benelux, primarily the Netherlands, deffo. The Netherlands have the biggest intra-EU trade surplus of all EU countries. Among the most famous Dutch people we can find Mr Paul David Hewson, who only comes to Ireland to cause fatal car accidents.

      http://www.thejournal.ie/bono-rammed-car-taxi-driver-claims-2489848-Dec2015/

      I am not saying it lightly – at school, when I recorded “War” from the radio, I was so moved by “Sunday Bloody Sunday” and “New Years Day” (“New Year’s Day” was banned in Poland during the Martial Law), that I could not sleep that night (maybe that explains my life-struggle with insomnia).

      After hearing “Gloria” from “October”, I thought that Bono is someone above Karol Wojtyla and only just below Jesus.

      From rock music, the only songs that gave me bigger goosepimps than those from “War” and “October” after the first hearing were “Bela Lugosi is Dead”, “Larks Tongues in Aspic Part II” and “Master of Puppets” (if we exclude “Lullaby” by Krzysztof Komeda, cuz that’s not rock, and Wagner\Chopin\Rite of Spring: it was while jumping to Rite of Spring by Igor Stravinsky that I smashed my head in the turbulent age of 15; and it was while listening to “Tristand und Isolde” by Wagner that I decided that one day I must bang a German woman, and I did).

      Then there was a “Joshua Tree” (when Bono went gay in his voice). After “The Joshua Tree” there were only tears of disbelief.

      Never catch up with your childhood heros.

  2. Subscribe- heading to Italy soon on my honeymoon – hope it still exists by then!

    • Mike Lucey

      Enjoy the honeymoon Adam & Co. Forty one years ago I spent my honeymoon in Rome and Cattolica just down the road from Rimini, mentioned above in David’s piece.

  3. patricia03

    What is going to happen if Italy, France Portugal, Spain continue to limp along under the weight of the euro? This conversation has been going on for years now and the mess continues. Some have suggested that there will be popular uprisings but this too has been predicted time and time again and nothing happens.

    • Deco

      The policies remain the same. The pretence remains the same. The underlying assumptions are never questioned.

      The only thing that moves up, is the determination, to stick with the same nonsense.

      More-EU-rope.

      The biggest problem of all, is the inability to solve any problem. We were told that have singular, (disconnected from reality) decision making (under Merkel, and the EU Commission) would be the solution. Clearly it has solved nothing. In fact, it only makes matters worse. It is an absolute disaster.

      But the commitment to singular authority, and repression of dissent via the over-ruling of national sovereignty (which poses a massive threat to Ponzi-finance, as it sings the power in favour of the people (termed populism as a means of demonization) and away from finance corporatism (effectively the real power master in EU decision making).

      The FIRE (Finance, Investment/Insurance, Real Estate) is the second spoiled child in the family, alongside the political machines that run the state bureacracy.

      Both are starving the rest into submission, and puching absurd policies that are deeply societal.

      The ECB buying “assets” is not the answer.

      A far more intelligent policy would be to raise interest rates and rebalance the savings/investment equation away from ponzi-scheming towards efficient, productive investment.

      Ultimately, that is the only way to resolve this mess.

      But that is unpalatable to everybody in the two sacred sectors. They will not stand for it.

      Therefore prepare yourselves for more calamity.

      The Brits were correct to get out, of the political straightjacket. They tried to reform it. Cameron brought his proposals, got a condescending pat-on-the-head, and ultimately got a reception from Merkel, that reminded us of the quote from Oliver Twist “what ? more ? you want more ?”.

      In retrospect, Cameron’s request was intelligent and constructive. Renzi also gave opinions that were contrary to the monopoly on policy making, and he got even more disrespectful response.

      The Germans are having to deal with a leader who is alienating every neighbour of Germany, one at a time. Merkel listens to nobody. She has no clue, and she is not going to change her mind.

      This has only one possible outcome. Bigger failures to follow.

  4. michaelcoughlan

    “Fellini loved the absurd, the ridiculous.”

    I have to say I do too take “Suds” for example……………….

  5. michaelcoughlan

    HI David,

    One superb article after another now. The article is a treatise for Italy to leave the Euro. Ireland surely must be coming to the same conclusion?

    When you see Sutherland being given a top lecturing job at the LSE and how globalisation has backfired so spectacularly doesn’t it make a mockery of education in matters Economic? What nonsense will be drilled into the heads of the economic students who study there?

    Michael.

    • Deco

      Everything that Suds has been involved in, has ended up eventually in a massive disaster. He is a serial incompetent. He is living proof that you should not appoint anybody to anything because he is hanging around with important people.

      He was AG for Garret Fitzgerald’s government when drug availability and usage went beyond control, and political corruption simply took off.

      He was a big shot at AIB. And we know hoe that ended up. More bankrupt than Anglo. Suds never did anything to arrest the institutional rot there.

      Then Suds was EU Commissar, as the malaise started in the 1990s. A malaise that is screwing up a continent, now.

      He then went to Vampire Squid. And later we find out that Vampire Squid are fibbing so that the Greeks can get into a currency project that will bankrupt Greece.

      And of course, he was in BP for a while also. And that blew out also. Like AIB, the Irish government and the EU they also ended up insolvent.

      Suds is a serial disaster. The Suds touch. Some time afterwards, there is a monumental F_up.

      Any chance that Al Qaeda might put Suds in charge ? It would put them out of business also.

      I think we should start a petition to have Suds in charge of Al Qaeada. Maybe they might take him in, and put him in charge. So as to destroy them from within.

      Or…maybe put him back in charge of Ganksters Suck. So as to be sure that they go wallop, and the world is liberated from the world’s dodgiest financial outfit.

      The LSE are asking for a disaster to occur to them.

      • Deco

        Oh, also. A dishonourable mention.

        Suds was on the board of Royal Bank of Scotland before they went insolvent, and had to be bailed out at a massive cost to the working people of Britain.

      • Truthist

        Al Qaeada & ISIS [ not the Institutional State of the Irish State version, but rather the one slaughtering in the Levant primarily ] is actually a direct creation of the dreadful few who own Goldman Sachs / G-Sucks.
        .
        Please find link below as the definitive proof that 9-11 was an inside-outside / outside-inside job by G-Sucks covert operatives ;
        NOT DONE BY SAUDI ARABIA NOR OSAMA BIN LADEN NOR ANY OTHER SOCALLED “RAG-HEADS”.
        .
        Also worth noting is that government Institutional State of Irish State gave strict instruction to Irish workers — private & public sectors — that they were forbidden to attend work on day after 9-11 by way of sympathy & solidarity with USA in its suffering with that atrocity.
        There were very serious threats made by the government as to the punishment that would be meted out to any miscreants to that order.
        And so absent from work that day were the self-employed & most of the public sector except for mainstay services & the private sector except for … the employees of the USA multinational chemical plants & computer factories etc in Irish State.
        .
        .
        http://www.bollyn.com/

      • michaelcoughlan

        @ Deco,

        I am going to try and enlighten you re perspective the same way I tried to for RR6 regarding Sutherland.

        But first let me explain to you how a virus works: A virus enters a healthy host, infects its cells and creates replicas of itself at the expense of the host until the host dies.

        Ebola for example;

        http://sitn.hms.harvard.edu/flash/2014/ebola-virus-how-it-infects-people-and-how-scientists-are-working-to-cure-it/

        Now examine suds and how he can move so effortlessly from one host to another and unleash one fuck up after another on his next victim.

        Deco,

        Fucking up the new organisation is POLICY. Suds is human fucking Ebola! The self destructive policy he manages to get his host to implement benefits enormously the real people he works for external to the host organisation.

        When the shit hits the fan and the host organisation dies the carcass is consumed by his controllers the financial elites in his case.

        Got it?

        Michael.

        • Deco

          Thanks for that Michael. Interesting argument.

          But if Suds makes his way into these organizations because he fits right in, then these entities must be full of similarly minded types.

          Now, that is something to ponder !!!!!

          I mean, it clearly has nothing to do with abaility.

          I don’t see them asking Fred the Shred to lecture in the LSE. And he was on the same board as Suds, overseeing RBOS.

          There is no difference in ability, as neither of them could see the trainwreck coming.

          • michaelcoughlan

            “then these entities must be full of similarly minded types”

            Yes of course.

            “I mean, it clearly has nothing to do with ability”

            Not exactly right. You are nearly there but not quite. It has everything to do with ability from THEIR perspective NOT YOURS OR MINE.

            “I don’t see them asking Fred the Shred to lecture in the LSE. And he was on the same board as Suds, overseeing RBOS.”

            Tony Blair was sent to the middle east as a PEACE ENVOY after using the British Armed farces to shoot their way into Iraq based on fabricated evidence. Excellent result from THEIR perspective.

            The mess in Iraq is and outstanding result from THEIR perspective because the Iraqis will sell their oil cheap or interests in their oil fields to buy western guns dear.

            “There is no difference in ability, as neither of them could see the train wreck coming”

            Deco let me be as clear as possible;

            THEY HAVE OUTSTANDING CAPABILITY TO CAUSE TRAIN WRECKS AND THEY CAUSED THE TRAIN WRECKS BECAUSE THEIR REAL EMPLOYERS ARE SCRAP MERCHANTS!

            Michael.

    • Deco

      I had a scan of the LSE page on wikipedia, and they list Lee Kwan of Singapore under LSE people.

      I then went to the Lee Kwan entry, to find that Lee Kwan was in the LSE briefly, and then decided to opt for Cambridge instead.

      He is NOT a LSE graduate. He is a Cambridge Graduate. So why have the LSE sticking him there, as if he were ? This is BS.

      I get the sense that the LSE is another racket built on pretence.

      Because of all the people, on the list of LSE people, Lee Kwan is actually the one that knows the most about economics.

      And he did not graduate there. In fact he barely studied there.

      Even the truth has to be repackaged, to sell a pretence. [ The appointment is serial disaster maker, Suds, who has no qualficiation in economics (he is a lawyer) - and several disqualifications, based on his track record - merely confirms this ].

      • Grzegorz Kolodziej

        I do not know much about topics you are talking about except that England-born Polish-English (or vice versa) historian Adam Zamoyski, who studied history in Oxford in the 70s and was the only non-Marxist history student in his first year said on the Polish radio that there were two serious centres of KGB recruitment of academic staff in England: that was pre-WWII Cambridge (of which communist spy ring history I am very well informed) and LSE post-war (even though they had the anti-communist Popper – or maybe because of that?).

        https://en.wikipedia.org/wiki/Adam_Zamoyski

        He said it some time around 1997, but I clearly remember because of the first shock – it was not until 1998 that I started to know some English people on a deeper level, and I just refused to believe what he said.

        England? Best universities? Elites? Communism? Nah…

        I was lucky I did not meet radical French and Germans back then – you have go back in time to pre-Kruschev era in USRR to meet communists so radical as theirs.

        If someone else suffers from insomnia, a history debate on Napoleon featuring Mr Zamoyski:

        https://www.youtube.com/watch?v=bxQ4TcTcPbI

        Zamoyski family was incredibly reach in renaissance Poland – they build their city Zamosc, which rivalled Kraków in science, and they employed best Italian architects to build it.

        Jesus – to think that communism destroys such families that centuries of foreign invasions did not destroy

        • coldblow

          I can’t remember who it was I reading about a few months ago who, when he became a lecturer at Oxford (I think), was the only person he knew who was not a communist, apart from his Italian cleaning lady.

          I came to the (unoriginal) conclusion a few years ago that the three pillars of contemporary thought-free thought were Darwin, Marx and Freud. The latter two have been discredited. When I was at university I didn’t know anyone who was openly a communist though one or two claimed to be ‘anarchists’. I think it was a kind of fashion statement, like those stupid Che Guevara posters (I don’t think I ever saw a real one on a wall). But I also have a recollection of people talking about Marxism as experts, as a way of dominating conversations.

          I knew before I went to university that I wasn’t going to have any of the foolish imitation of the 68-ers. When there was a big protest against disinvestment in South Africa in my first year and all of the student house were talking about going I refused to join them.

          I have just got a book about the German 68-ers (a particularly annoying rabble) by the writer Goetz Aly, whom I saw on a YouTube video discussing 1968. He isn’t complimentary.

          • Grzegorz Kolodziej

            AN HOUR LONG DEBATE ON IRELAND ON POLISH TV!

            Coldblow,

            I think you are going to love this: accidentally I’ve found a real curiosity – a debate on the private Polish Catholic TV (not run by the Catholic Church, run from donations, mainly from the elderly) on the state of Catholicism in… Ireland, with Irish guests invited to Poland – people I am sorry to say I haver never heard of and I do not know how did the Polish Catholic TV find them.

            To clarify things – this would not be a typical Polish TV, they had huge trouble getting a license.

            The debate is run in English, with simultaneous translations (so perfect for someone who learns Polish!); after the short intro in Polish, the debate in English begins at 4 min 20 sec.

            One of the interpreters, Mr Witold Czartoryski, comes from the top 5 Polish artistocratic families of Czartoryski – Count Czartoryski was practically running a foreign policy of the non-existing Polish state in 19th century, with its informal embassy in Paris Hotel Lambert (that he bought).

            For some bizarre reasons there is not Polish subtitles in option subtitles (maybe that’s good, because the automatic translation is usually so bad that is distracting), so knowing you are learning Polish, I am transcribing the question for you:

            The moderator is asking
            “Co sie stalo z Irlandia?
            What happened to Ireland?

            To jest taki nasz punkt wyjscia
            This is our starting point,

            kraj który przeciez tak wielu misjonarzy posylal na caly swiat
            a country which, after all, was sending so many missionaries into the entire world

            kraj, który przeciez do tej pory szczyci sie tym, ze prawie 80% jego spoleczenstwa to osoby ochrzczone
            a country, which up to this day prides itself on having almost 80% of its society baptised

            a widzimy, ze posród tych 80% ochrzczonych, 62% glosuje za tak zwanymi malzenstwami jednoplciowymi. Co sie stalo z ta Irlandia?
            and then we see that out of those 80% who were baptised, 62% is voting for the so called same-sex marragies. What happened to that Ireland?

            https://www.youtube.com/watch?v=T1xprYO31-k

            P.S. I wonder what an hour long debate “what happened to Poland?” would look like on Irish TV, and who would be invited (Mr Derek Scally from the “Irish Times” as an expert, I am sure, but who else? – Bono? Certainly they would not invite any Polish people – sure they are savages; worse than that, some of them might be even fascists – whatever that means and no one does, apart from me and three people on this blog).

            The title is gas too: Democracy or manipulation? Ireland’s approach to life and family.

          • Grzegorz Kolodziej

            “I came to the (unoriginal) conclusion a few years ago that the three pillars of contemporary thought-free thought were Darwin, Marx and Freud.”

            Yes, and Rousseau before them, but Rousseau was a titan of intellect compared to them three (Darwin has actually stolen his theory from his colleague who went on India – that you did know?).

            I am not going to write on Freud because I had written here so much on Freud. Again: Freud = Schopenhauer minus good intentions, depth of thought, good German (Schopenhauer is the best writer among German philosophers by far – the best German writer in terms of style was, of course, Walther von der Vogelweide) and education (Freud was really poorly educated – Freud really equals Edward Bernays, without him he would have been just some Meschugge – if you forgive me using Berlin slang).

            On Marx – you are probably familiar with his poems:

            “Feelings”

            “… Worlds I would destroy forever,
            Since I can create no world;
            Since my call they notice never …”

            “The Fiddler,”

            “See this sword?
            the prince of darkness
            Sold it to me.

            With Satan I have struck my deal,
            He chalks the signs, beats time for me
            I play the death march fast and free.”

            I cannot write any comment on that – even thinking of Marx and his supporters makes me very angry, and wrath is a sin.

          • coldblow

            Thanks for the link, Grzeg

            I watched a few minutes at the start last night. I could almost understand some of it on my own, but am perhaps deluding myself. What I saw was alien to what you would see on Irish television, of course. For starters you would never see a priest as a presenter, more likely a transsexual cross-dresser.

            Here is a link to an article by the late British journalist Richard Webster about Freud. It was taken from a book of his.

            http://www.richardwebster.net/rediscoveringtheunconscious.html

            From what I have read about Webster on Freud he argues, among other things, that Freud’s evidence was far from reliable. (This would have chimed with what Webster found about about modern witch hunts, where facts are omitted, exaggerated or fabricated in the hysteria. The global warming delusion gives many examples of this too.)

      • McCawber

        FAS sorry can’t do the fada.
        Racket and pretence and I forget what it’s called now or how many iterations it has had.
        It seems to me that when something Official fails, it is simply given a new name and continues on failing until the next time it is renamed and so.

  6. Truthist

    Top Conspiracy Theories about India’s Demonetisation Mess
    .
    http://www.cabaltimes.com/2016/12/11/rupee_goes_awol/

    • michaelcoughlan

      Hi,

      The article in the link is written from an Austrian school of economics perspective and talks about gold backed currencies.

      My own natural instincts are from the Austrian side it seems but I more and more don’t believe that backing the currency with metal will solve the problem.

      Before Tony Brogan shoots me off the parapet the reason I feel that backing the currency with metal won’t work is because the price of the metal has been too successfully (from the cb’s perspective) manipulated in the futures market. Therefore I don’t think that inflation as part of the bi flation occurring in the world will happen in metal.

      I do feel however that the inflation will be demonstrated in the major indexes as happened in Zimbabwe where the stock market went straight up and the real market went straight down so therefore if the currency can be backed with an equity reflecting the underlying such as and index based etf this maybe the way to go.

      Soros recently dumped his gold and went long a Japanese index etf. The Jap index has been rising recently. All the major indices are making new highs. I think he knows what he is doing.

      Michael.

      • Truthist

        Hi Michael,
        .
        Soros in dumping his gold, essentially is doing this not to make a financial profit, but rather to futher control & destroy whatever nations are in his focus.
        .
        Ultimately, it is a religious war.
        .
        X
        Atheists [ incl. socalled humanists ] + Satanists + Hypocrite Zio “Christians” + Hypocrite Zio “Moslems”
        AGAINST
        Y
        Christians + Moslems + Dupes [ 5th column that they are for X , but they are really "dupes" ( Henry Makow of henrymakow.com convincingly reminds his readership of this fact often, & are arrogantly sacrificed by X when X feels need to ] + other perceived G..yim [ incl. Hindus & Budhists ].
        .
        .
        Currency MUST NOT BE BACKED BY Gold & Silver.
        Rather, the Currency MUST BE “real” Currency / Money [ i.e. Gold & / or Silver ] ;
        And, its value against the “token” Currencies [ e.g. USA ( Petro 8-) ) Dollar, UK Pound, Euro MUST ALWAYS BE GREATER THAN the Spot-Value of the relevant Gold & Silver ;
        And, this valuation of the Money done in accordance with scheme outlined by Mr. Hugo Salinas Price.
        .
        PUT THE MONEY / “GOLD & SILVER” INTO THE HANDS OF THE PEOPLE !

        • michaelcoughlan

          “Soros in dumping his gold, essentially is doing this not to make a financial profit, but rather to futher control & destroy whatever nations are in his focus”

          I disagree.

          I think soros is doing it to profit from it.

          Governments may sell it to suit their agenda however.

          • Truthist

            It was a hard one for me to call Michael ;
            Because, I know that such a sick puppy loves dollars.
            But, he has so much now & very likely can get it slipped to him from his cousins the Rothschilds [ & we must not forget that the females of the Rothschilds who produce the more significant offspring for reigning power & most likely these offspring have names other than Rothschild when they are not really keeping it in the family as they say ] for another assault on the beastly / g..yimly nations of the world.
            .
            I convinced now that Suds is a disciple of Kalergi.
            I just posted with reference to Kalergi again.
            See below ; My reply to Pi Squared.
            Kalergi was one hell of a racist.
            And, Suds ?

  7. redriversix

    ah no…you see what we need here is a War

    A wha ?

    A war….

    don’t we already have several ?

    Na.. their only police actions , just trying out new weapons and keeping Middle east on its toes…

    are you nuts ? A war in Europe ?

    Oh yeah.. good idea , last European war was great for business

    But we would have to move a lot of Troops and material up to the Russian border , is that what your talking about ?

    Russia ? mmmmmm. yeah , that’s good , why not Russia ?

    Excuse me ? whos that ? this is the third person….

    oh hello .

    well we actually have moved loads of troops up to the Russian border…and carried out lots of war games with are allies…

    How did they go ?

    the war games ? oh we kicked ass , based on this results we really should have a go !

    Not sure if “having a go” is the correct terminology….

    you know what I mean ..anyone Europe is going down the financial drain , Amerika not far behind.. a good old War would straighten things out & its good for business..

    your serious ?

    serious as a heart attack…we’d be ok here in the good old US of A….

    Would Russia not go Nuclear….

    Na…reckon we have 6 months before that…..

    What about China ?

    what about it ? its surrounded by 400 bases. we could do a deal…

    What kind of deal…?

    A DEAL deal….

    look , this is all very simplistic.. surely their is more to it than this crazy conversation….

    oh sure their is ..but at the end of the day , when things get tight and we fuck up and are going broke again… Call out the troops. Works every time…

    look , we destroy the completion and bobs your uncle.. people gotta buy of us again..

    What do you mean again ?

    after ww11 all the competition was rubble…… our economy boomed [lol] !!!

    BUT… want about Germany , Poland , Latvia and all the stans..?…

    you think too much…we will fight for 6 months , agree a ceasefire. Agree new borders.. set up a DMZ and negotiate a who is in charge of were…simples !!! Germany would be gone anyway so that would remove those annoying financial fuckwits….

    What about civilian casualties ?

    oh we haven’t had civilian casualties in years……lots of collateral damage…but no civilians harmed

    Really ?

    oh yeah.. did a paper on it …….its around here somewhere..

    anyhow…Trumps calling …..gotta go

    ok

    don’t forget to wash your hands…

    very funny !!

    • dwalsh

      It does look like that is what the Washington regime and its NATO vassals are planning. The military buildup on the borders of Russia and the incessant anti-Russian propaganda spewing from the corporate media cartel all point in one direction – war with Russia in Europe.

      • ross81

        as insane as NATO are, I dont think they want a shooting war with Russia as Russia can actually shoot back, and shoot back with nuclear weapons potentially. It’s not like slaughtering goat herders in the Hindu Kush, or Iraqi conscripts along the Euphrates River. They just want to propagandise against Russia as some sort of menace to Europe/US. Has the twin advantage of keeping the sheeple in line and keeping the military/industrial machine well funded with taxpayer Dollars, Euros, etc.

        • redriversix

          NATO will do as the U.S advises them

          The U.S Bankrolls it.

          I like the way you right ross81

          RR6
          Barry

        • jaysus

          True, the US only attacks the weak, in traditional bully mode. They will get very bloodied if they attack Russia, and the cowards know that. They are not that stupid.
          Do they dare attack China though?

          • Mike Lucey

            ‘Trump taps ExxonMobil CEO Rex Tillerson as secretary of state’
            https://www.rt.com/usa/370129-trump-rex-tillerson-secretary-state/

            We will see no war between the USA and Russia.

            “In 2013, Vladimir Putin presented the Texan with the Order of Friendship, one of the highest honors a foreigner may be awarded from Russia.”

            That sounds like a cosy setup to me.

            China is another matter but as Trumps says, a deal needs to be done and the Chinese will do a deal.

      • Grzegorz Kolodziej

        “The military buildup on the borders of Russia”

        What buildup? This is like saying “Ireland’s military buildup at UK’s border”.

        NATO has 5,000 soldiers (at the most) at Russia’s border on a rotational basis (strictly speaking, it will have them from January) and it has no nuclear weapons at Russia’s border, Russia has been keeping 500,000 soldiers at NATO’s border plus nuclear weapons.

        And do not tell me how many bases the US has in the world, because I do not live “in the world” – I live in Europe (even though many Irish would disagree that Ireland is Europe – but then what is: it ain’t the mighty US good Lord, it ain’t England – 800 is a time long enough to reach that conclusion, and it ain’t Middle East despite the Ugly Red Dwarf’s best efforts), and Europe – even with the US bases in it – is militarily much less powerful than Russia + China.

        • redriversix

          Has someone hacked your account Grzegorz ??

          Their is massive U. S MILITARY buildup on Russian border as well as a build up in Latvia ,Estonia.

          NATO has expanded its bases right up to Russia’s border.

          Nuclear weapons are in Turkey , Germany Italy the Mediterranean,France and England.

          The Seventh Fleet, once based in San Diego is now based in Bahrain.

          A new battle group sailed for the med last week ( another one) including a Aircraft carrier and a QRF Detachment of marines.

          Not one idiot in the pentagon seemed to realise that Russia is a ally of Syria and has been for years.

          In other words,Russia is to Syria what the U.S is to the U.K

          You may live in Europe .but ,be advised…. the amount of bases circling China and the rest of the World are of great importance to you (& us )the U.S Meets all the criteria of a empire…

          Their actions over the last 16 years must be of a great concern.

          Make no mistake.. something is going on…ands it not good.

          Check your history

          “They” will fuck up again …and the West has lost the morale high ground

          • Grzegorz Kolodziej

            No one hacked my account, I just go beyond the Russian propaganda in my information sources.

            “Their is massive U. S MILITARY buildup on Russian border as well as a build up in Latvia ,Estonia”

            There is 450 Canadian troops and 140 Italian troops in Latvia and 800 British troops in Estonia. That’s less than 0.3 percent of what Russia has at Latvian and Estonian border (ZERO POINT THREE PERCENT).

            “NATO has expanded its bases right up to Russia’s border.”

            Well, since Russia has never withdrawn its nukes and hundreds of thousands soldiers from NATO’s border, I’d say that they have done it 20 years too late – though 0.03% of Russia’s bases personel is not much of an expansion by any standards.

            “Nuclear weapons are in Turkey , Germany Italy the Mediterranean,France and England.”

            And when exactly did Russia get rid of its nuclear arsenal?

            “The Seventh Fleet, once based in San Diego is now based in Bahrain”

            Bahrain does not border with Russia.

            “Not one idiot in the pentagon seemed to realise that Russia is a ally of Syria and has been for years.”

            Everyone in Pentagon realises it and, when we talk about Syria, an active Russian general said on Russian TV that Russia is in Syria only for Gazprom and that without it, their budget would have collapsed by now (it will collapse in 2018 – G.K.).

            “In other words,Russia is to Syria what the U.S is to the U.K” – yes, that’s a very good analogy!

            “the rest of the World are of great importance to you (& us )the U.S Meets all the criteria of a empire…

            Yes.
            This what I have been saying here for the last 2 years – that the real conflict is between US and China, not US and Russia. Russia only plays a role of revolving door, a junior partner at best (Russia’s economy is 10 times the size of Chinese).

            “Their actions over the last 16 years must be of a great concern.”

            Both Chinese and US actions are a concern for me, but nihil novi sub sole. Every declining empire (like the US) was behaving the same.

            What can I say?

            In Trump we trust.

            “Make no mistake.. something is going on…ands it not good.”

            Yes, on the South China Sea. Europe is only a smokescreen.

            “the West has lost the morale high ground”

            It did. The 1968 revolution was a dagger Alinsky-style. Frankfurt School f…d us up. Bloody Jerries again.

            If my writing diverts even one person from

            - having an abortion
            - incurring gazillon property-related debt
            - making Ireland disarmed, defencless and unsustainable
            - promoting the drug culture among the youth
            - being manipulated

            Then perhaps Lord will have mercy on me at the Last Judgement.

            Provided that there is a merciful God and it isn’t like in Shakespeare’s Mackbeth:

            “She should have died hereafter;
            There would have been a time for such a word.
            To-morrow, and to-morrow, and to-morrow,
            Creeps in this petty pace from day to day
            To the last syllable of recorded time,
            And all our yesterdays have lighted fools
            The way to dusty death. Out, out, brief candle!
            Life’s but a walking shadow, a poor player
            That struts and frets his hour upon the stage
            And then is heard no more: it is a tale
            Told by an idiot, full of sound and fury,
            Signifying nothing.”

            I wonder what David believes… Does he believe that the world is a tale told by an idiot full of sound? Yes, he does not know – neither do I – neither does any of us – but I wonder what his gut feeling his?

            Will we ever find out, or would it be not politically/media wise from his to share his intuition?

            I personally thought, at some stage, that the world was such a tale. Now I am inclined to think that it is not.
            That, as my parish priest used to say, there are no coincidences, only signs.

          • jaysus

            Its his anti Russian bigotry, almost genetic in the Polish to the point of stupidity.

          • Grzegorz Kolodziej

            “(Russia’s economy is 10 times the size of Chinese)”
            I am sorry – that’s of course the other way round (though this is pre-Trump).

            Military-wise, the US power is now roughly equal to Russia+China.

            Do not look at the budget (figures do not account for PPP) and bases (this is precisely what weakens the US – the US is overstretched, it cannot really afford to be in the Middle East, but at the same time it has to save the petrodollar).

            I am told this has been just properly explained to Mr Trump, hence his contradictory statements.

            It’s too late to talk about Russia today.

            Why do we actually talk about Russia here under every article? Why not about India (equally powerful player as Russia)? Or Germany? Or Phillipines? Or China? China is both more important for Europe than Russia and more likely to enter the war with the US.

          • Grzegorz Kolodziej

            “Its his anti Russian bigotry, almost genetic in the Polish to the point of stupidity.”

            Thanks. If that’s your entire argument, then you should have died in the Famine rather than polute the glorious ancient Irish race with your weak genes.

            Btw – you are naive if you think your IP cannot be traced.

  8. Truthist

    EU was Mussolini & Churchill & Moseley & Kalergi & Hitler project.
    .
    And, Italy is very interested in Adolpho Hitler now ;
    .
    .
    http://www.express.co.uk/news/world/741564/Italy-schoolchildren-books-survey-Mein-Kampf-Adolf-Hitler-Alessandro-Fusacchia
    .
    .
    Here are the Google.com results for the search terms ;
    .
    Coudenhove Kalergi plan for Europe
    .
    .
    https://www.google.com/?gws_rd=cr&ei=5ppOWIPvJ8n9vgTOwK3YDw&fg=1#q=coudenhove+kalergi+plan+for+europe
    .
    .
    The Kalergi plan is quite sinister !

  9. pk2016

    Hi David,

    I’m a big fan of your articles but I’m not sure on the causality here. You’re only looking at half the picture. If Italy devalued the lira, that gave Italian exporters a brief advantage as they were able to undercut foreign competition. But think about this more deeply and it’s not so simple. Anything Italian companies would have imported becomes more expensive because of the devaluation. Likewise, prices in lira increased and also wages would have likely increased because of the constant / serial depreciations. So it’s not a one way street to better competitiveness. If anything, serial devaluations can just about retain some competitive edge.. but that’s about it.

    Have a look at Italian industry and as you correctly point out, it’s phenomenally uncompetitive. But is this just a reflection of the currency? Where is the Italian equivalent of an IT industry (they don’t have one), what do they export these days? Their car industry actually makes less cars than the UK’s. Many of their exports are in textiles, so they are competing with the likes of China and Turkey. Good luck with that.

    Their education system is a joke in poor taste. Barely any of their public universities make the top 200 in the world. What we’re looking at in my humble view is a country where politicians have shirked from implementing any real structural reforms for the last 30+ years, with the result that the country is on its knees.

    If you look at the banking system, we have NPL’s running at 20%. Why is it so high? A large part of the reason is surely because of European wide austerity, no question. But the other reason is that there is no functioning securitization market in Italy to sell loans at a discount and get on with life. Why is this? I am told it’s because the Italian civil legal system is incredibly inefficient. It apparently takes between 7-9 years for a case to come to a conclusion. So any challenge eats up time and money.

    So in my humble view, sure, they euro was clearly a disaster for most of Europe, but its not the only issue. At some point the Italians have to realize they cannot continue putting off difficult decisions which will p*ss off their citizens in the short term for long term gain. Easier said than done….

    • Deco

      I have to say I begining to build a suspicion of what it takes to be in the top 200.

      I have worked with Italians, and I have been impressed with them. I cannot say I have been as consistently impressed concerning what Irish third level produces. Even in the humanities, there are graduates who can barely put together a proper sentence. Which is rather surprising considering that is a core element of getting good marks in Leaving Cert.

      Are students actually regressing in Irish universities ?

      I have been told that state aid is tied to getting a certain percentage of students in certain marking grades. Nothing surprises me.

    • Sideshow Bob

      +1

      Very eloquently put.

      I think you can throw in globalization and an aging and declining population as important options for causality as well.

      Italians don´t see any prospects for growth at home so one of their main markets for investment with an eye to growth over the last ten years was South America, namely in Brazil and Argentina. Italy has easy access to these complicated markets through a large diaspora and cultural affiliation ( like us in the UK, US or Australia ) and in South America unlike in Italy there is still a young growing population with middle class ambitions and a growing taste for the finer things in life which Italy always produces with success. And Italian construction companies once again have a young growing population to build for. South American countries can devalue their currencies now and again when the need arises, also unlike Italy.

      Check this out: http://thebrazilbusiness.com/article/top-13-countries-investing-in-brazil

      Interestingly in that blog article above, from 2013, right beside Italy and ahead of China, the US, et all, are two of the other PIIGS, Portugal and Spain. (Ireland makes money from South American via Google and Facebook etc, – we are quite a lazy bunch of rentiers). I think the game of the banks from these similar Mediterranean countries ( who are all equally crippled by the Euro) was to take money at 0% interest rate from the ECB and then throw it at South American where interest rates are still quite high in search of some yield (i.e. to make money). Santander is the one of the biggest banks in Brazil, and BBVB is huge in Argentina. In South America this a always a risky strategy and the worm ,I do believe, is turning for these banks and companies.

      Brazil has tanked badly and only God knows if any other regional economies will join it.

      That could be part of the Italian problem we are witnessing now. Time will tell I suppose!

      • Grzegorz Kolodziej

        Do you know what I am thinking – we are used to think about Italy as a state (quite large too).

        Even in Poland, which was highly influenced by Italy in renaissance (architecture, cuisine, language, etc) we always say “this came from Italy”; i.e. the vegetables packs needed for some soups are still called – even on packages – “wloszczyzna”, which cannot be even translated into English (dictionaries give “soup vegetables” or “soup greens”: but what are vegetables for soups? For what soups? Try to find a common ground between an Austrian, Brazilian and Irishman – let alone French – what vegetables come into a soup – just one standard set); wloszczyzna means precisely “those vegetables that you add to a soup that came to Poland from Italy in renaissance” – really!

        But why is this interesting politically?

        Because no matter what nation in Europe you talk to, all of them think of Italy as one.

        But

        Italy as one is a very new experiment, and, I believe, contrary to Italian cultural DNA (in fact I think that this is when they went to dogs). While there was one Poland before the partitions, to an extent one Ireland before the English (with kingdoms), there actually never was one Italy except for the Roman Empire – which was not Italy (how Carthagine is Italy?).

        Take Dante – we think Dante = Italy.
        No: Dante = Toscany

        Take Sicilia – this is in reality not a fully European civilisation, and certainly not Latin in Koneczny sense: the mafia structures came from them being occupied by Arabs transplanting family vengeance cultures…

        Take a silly thing like cars: when the Italian government wanted to close the South-North gap, and they encouraged Alfa to move south to produce their Alfasud there… Alfa nearly went bust! Why? Because the local farmers who were given jobs to produce them refused to work for 5 days – for them, you only work for 3 days a week.

        So what if the euro collapse collapses Italian unity? Would that not be more seismic than Brexit?

        And – with France probably not being able to overcome Muslim demographics regardless who wins
        - with no Italy

        How strong will Germany (especially with their euro 150bn army modernisation program and Frankfurter Allgemeine Zeitung writing just this month that Germany should have its own nukes) be in an Europe with decrepit France, isolationist England, indepedent Scotland, and 2 or 3 Italies?

        My question then: Italy’s collapse – is it an opportunity for Ireland (and how), or should it scare the bejaysus out of us?

        • Sideshow Bob

          There is certainly a lot of soup for thought there Grzegorz!

          (boom boom)

          • Sideshow Bob

            Grzegorz,

            Spending on the German Armed Forces has been relatively low for a long time (30 years or so) and it has never been more unattractive to be a German soldier. Any muted spending will probably just be aimed at holding it together not expanding it´s capabilities. With Unification it sort of lost it´s raison détre and it´s mojo.

            Not even Vladimir Putin can bring it back!

          • Grzegorz Kolodziej

            You are correct of German forces being a joke – even their Defense Minister, Ursula von der Leyen, has said words to that effect.

            I cannot forget when the Germans went to Afghanistan to help the US and the Brits. Now, this may sound like a sick joke, but I can assure it did happen:
            the German helicopters were supposed to cover the US soldiers. When the US attacked the Talibs, the Germans helicopter pilots… had an hour off because their unions obtained that privilige for them. So the helicopters approached the Talibs, then it was like… oh, Scheisse, it’s 4pm already, one hour lunch, and… reverted!

            Only the cowardly Dutch soldiers behaviour in Srebrenica was, arguably, even worse.

            Then they decided to withdraw – but they could not bring their soldiers back to Deutschland because… they did not have working transport planes (amazing amount of German army equipment does not work, according to their own Minister).

            But

            This is all changing and changing fast. The Germans have now embarked on a massive army spending/modernisation program.

            And, of course, they are furious with the new PiS government, which is buying equipment from the US, not from Germany and France.

            After all, they had their own Minister of Defense in Poland, Mr Bogdan Klich from PO (Donald Tusk’s party).

            You are probably scratching your head? – what does he mean, they had their own minister in Poland?

            Well, Bogdan Klich, a Defense Minister, was making money from an institute he had in Kraków (The Institut for Strategic Studies).

            The Institut had strange sponsors:

            - Konrad Adenaur Foundation
            - Friedrich Naumann Foundation (that’s the guy who came up with the Mittel-Europa plan!)
            - Friedrich Ebert Foundation
            - German Marshall Fund

            I could write more on Mr Bogdan Klich and all purchases he made (one of the articles on him had a title: “Bogdan Klich, the invaders proxy, or I would like to inform I have just dismantled the Polish army”),

            But

            I think you got the gist :-)

        • Sideshow Bob

          There area few speculative questions in there to be fair Grzegorz.

          I don´t see Ireland as being in competition as Italy for a lot of things. The UK yes but Italy, no. So I think minimal opportunities or risks would accrue (aside from the fall out of a collapsing Euro – which could be enormous).

          I suppose, speculating further along this line if Italy went kaboom and the the Euro splintered and/or broke up would we end up being ejected withe the rest of the PIGS or end up being dragged along with the surviving core countries?

        • Sideshow Bob

          I can´t say I know exactly how unified Italy feels it is. I know the people of Sicily and Sardinia feel a bit different to regular Italians and that some in the `productive´ North wanted to separate from the `lazy´ South.

          Your historical commentary is correct though. Italy did not originally include Tuscany or the rest of Northern Italy in the Roma era. Tuscany was held by the Gauls and the residents viewed as Barbarians for most of early Roman history.

          It was divided for most of the historical time since then. But so were many other entities we have long recognized as countries. I think if you look at history for long enough you can see that most borders move but cities stay. Take this time-lapse for example:https://www.youtube.com/watch?v=c2LgiMMGf6Q

          Perhaps the idea of being something be it Polish or Irish or British or German or Italian is more powerful than any state.

          • Grzegorz Kolodziej

            I remember reading collected letters of Friedrich Nietzsche, and with them, attached were some short essays that were never published anywhere else. In one of those essays, Nietzsche makes an interesting remark on ancient Greece (on which he was a specialist) that has left an indelible mark on my mind: he claims that Hellada was so strong and civilised precisely because it was split into dozens of polis (make that poleis, I have just realised – my school ancient Greek teacher would revoke my passing mark had he seen this), “full of hubris”, writes Nietzsche, which hated each other.

            Interestingly, the same cannot be said about Germany or Poland. When Germany consisted of over 250 states, it was somewhat backwards (to the point of German literary language emerging hundred years later than Polish literary language). Same with Poland – 13 and 19 century (partitions): hardly any good period in the Polish history – the best period was probably late 16th up to 1680s – very low taxes compared to the rest (including England), religious tolerance, a bit of anarchy, noblety highly educated and armed to their teeth. Interestingly, it took Poland only 34 years – THIRTY FOUR – to collapse from a state more powerful than France (one million square km and driving Turks out of Austria, which France was unable to) to being a total joke:

            https://en.wikipedia.org/wiki/Silent_Sejm

            I must read more on the Irish history to check when Ireland was divided into kingdoms, were they actually competing to the point of raiding each other, or was it more bucolic of a co-existence?

          • Sideshow Bob

            Grzegorz,

            Re:Irish History books – I recommend this one. It deals with Ireland between 1200-1600 and is something of a classic. It has non-establishment point of view, warts and all view of Irish history and in a period that was largely unaffected by the English. It is well written and an enjoyable read aside from the historical content and it should be possible to find second hand about Dublin. I think though I got a new copy I got a copy in Hoggis Figgis many years ago. https://www.amazon.co.uk/d/Books/Gaelic-Gaelicized-Ireland-Middle-Ages/1843510030/ref=sr_1_14?ie=UTF8&qid=1481723218&sr=8-14&keywords=Ireland+middle+ages

          • Grzegorz Kolodziej

            Thanks, Bob. This is my favourite period in history anyway (+- 200 years).

  10. Mike Lucey

    ‘Ireland named amongst world’s top ten countries for tax dodging’

    http://www.independent.ie/business/irish/ireland-named-amongst-worlds-top-ten-countries-for-tax-dodging-35286453.html

    “Oxfam branded the Republic the sixth-worst country for helping corporations to cheat their way out of billions of euros in tax bills each year”.

    I suppose another way to look at it is that if the MNs don’t dodge here they will simply dodge elsewhere so we may as well take advantage can while it lasts.

    When that clamp down comes, and come it will, David’s proposals in relation to taking company shares in lieu of taxes makes sense.

    Maybe we could also work out a deal by which these MNs would sponsor / subsidise our third level institutions. After all they are benefitting hugely from the calibre of graduates that Ireland produces.

    It might be a better route than pushing 3rd levels to work towards a ‘bottom line’ which is now being proposed and in turn would deprive many capable students from availing of a 3rd level education.

    • Deco

      No. If MNCs sponsor our third level institutions they will make them into an even worse mismatch of money and performance.

      The current “bottom line” in Irish Third level is to fit with what the IDA are selling.

      We are in Potemkim Village territory.

      We have seen the state go through insolvency, for the sake of protecting the culture of “who you know rather than what you know”. America did something very similar under Bush 2 & Obama.

      The Irish university system has escaped uncritiqued, from the debacle. Even more astounding, the Irish concept of management has also escaped uncritiqued, even by the university sector.

      The Irish concept of productivity is a topic about whch there is NO discussion. If there was we would not be buidling the LUAS, and implementing policies to roll out a messy sub-rural sprawl in Kildare. To say nothing about energy policy (eh…”windmills” ).

      We are not getting to grips with any material issue of significance in this country, currently.

      The runnig of the country has been outsourced to Brussels. (as part of our “commitment to Europe” (which instigated a program to leach us for a generation). And the decision makers in Brussels have no clue what they are doing. They are making it up as the go along.

      Look at the mess they made of Greece. Look at the mess they made of this country.

      We are just drifting from one entirely preventable screw up to another.

      We have outsourced our critical faculties, because that is what has been demanded of us, as part of our participation in the nEU imperial project.

      And that is the core essence of what Europe is underperforming, and has been with an accelerating rate of underperformance since the implementation of the drive towards certralized policy making.

      That is why Iceland is better off outside it. Why Britain wants to get out. Why Italy is trying to get out.

      The straightjacket does not fit, unless you are in Finance or bureacracy. In which case you go around telling everybody that it is the answer to everything, and anybody who criticizes it is pro-Russian, or pro-Le Pen, or wahtever.

      The argument has been debased to derogatary insults. Meanwhile the disasters just keep occurring.

      Look, what you have to do is thing for yourself.

      If you let RTE or AIB or whatever do your thinking, or form your opinions, you are merely another stooge propping up something that is deeply flawed, and heading for disaster.

  11. hasbeen

    “This new policy is obviously precisely the opposite of the ECB intervention in Ireland.” Exactly, but look at who the bondholders are, “largely local Italian people whose pension funds bought bank bonds.” Not French or German banks who had to get their money back at any cost. Is it any wonder the anti-establishment movement is gaining strength around the world, not in Ireland of course where the Fianna Fail/Fine Gael axis is firmly in control still.

    • Deco

      Where the Irish media is in control as well.

      The Irish media are scaring the sh!te out of people with regard to anybody who thinks and speak outside the box.

      We are indoctrinated to be afraid, of dire consequences.

      Does fear work ?

      Yes. Just look at Lisbon 2.0. And then after people vote yes, the consequences came, and they were even more dire than we were given if we voted no.

      Essentially, we voted yes for a straightjacket, and loss of freedom.

  12. Grzegorz Kolodziej

    “whether Italy goes bust before Britain goes off.
    What odds would you give on that?”

    Sadly since I laughed so much at PaddyPower it dawned on them that they have no experts on politics and their politics offer is now both narrower and with worse odds.

    But – it’s a bet in which I am inclined to follow your advice, David (especially after what I wrote just before Brexit about triggering article 50 and a legal loophole I have found).

    P.S. I have also found a really good legal loophole in Nuremberg Laws, but as I am sharing everything with everyone here, I have decided why not sell it to some PhD history student rather share it for free (I have a proven record of helping with theses, including writing an entire chapter in one PhD on economy for a guy who was briefly in charge of a bank in Poland – theory of rational choice in economics).

    Frankly, I read a lot on the Third Reich and I cannot believe the Nazis did not notice it (or maybe noticed it and kept schtum).

  13. Sideshow Bob

    There are three reasons for why Jesus was clearly an Italian. They are to be found in the common answer to these three questions:

    Who else could live at home with his mother until the age of 32 and still have any self respect?

    Who else could possibly believe that his mother was a still a virgin?

    And what mother could believe her son was the son of God?

  14. Truthist

    GOOD NEWS !
    .
    REVERENCE FOR THE RIGHT TO “LIFE”, & HOPEFULLY ALSO THE RIGHT TO “LIVE”
    .
    THIS IS EVEN MORE IMPORTANT FOR U & EVERY PERSON UNBORN, PRE-BORN, & BORN THAN SOUND MONEY & BANNING OF PRIVATE CENTRAL BANKING & FRACTIONAL RESERVE BANKING & USURY ITSELF & ALSO THE BANNING OF LANDLORDISM.
    .
    BREAKING:
    Ohio Senate passes bill banning abortion after baby’s heartbeat detected
    .
    .
    https://www.lifesitenews.com/news/breaking-ohio-senate-passes-heartbeat-bill-after-length-battle?utm_content=bufferef877&utm_medium=social&utm_source=lifesitenews%2Btwitter&utm_campaign=buffer

  15. Truthist

    I think that Holly-weird “is gradually going out of business” too.
    .
    Child casualty of the entertainment industry.
    .
    Be careful of allowing ur children getting involved with the entertainment industry.
    .
    http://aanirfan.blogspot.com/2016/12/jack-wild-hollywood-mind-control.html

  16. Pie Squared

    So what have the Romans ever done for us?

    Well David is talking about the Italians – fractured and all as they may be…
    The sketch could be “what did the EU ever do for us???”

    Going against the thrust of recent posts, I believe the ideals of the EU were and remain well…idealistic…and in this money grubbing, batten down the hatches, crude world of today those ideals remain worth striving for…I do. Anyone read any European history????

    We cannot, like the sleepwalking lady Macbeth “out, damned spot”, claim pure innocence in the strategies and decisions we the Irish have made as EU players…re property booms and busts, post bust negotiations, our fisheries and offshore oil and gas rights. We can’t claim we “sleep walked” through these talks. Or can we?

    So I believe three things:

    1. EU ideals are worthwhile. The alternatives look pretty bleak (esp for Ireland as an SOE) and regressive. And yes war may be on the cards.
    2. The EU needs radical reform – and yes perhaps it is too late for Italy…and by association the rest of the dominoes about to fall
    3. More importantly Ireland needs a strategy for Ireland…or strategies…and yes with critical thinking for once…since 1841 whether we paddled under the Union Jack, or the Tricolour or the EU flag…the facts are: our island’s population in 1841 was 6.5m and today is 6.3m, while world populations grew from circa 1.5 bn to 7.4 bn over the same timeframe????

    Catastrophe or challenge?

  17. McCawber

    The real issue is whither Ireland?
    I think it is very important that issues like the Italian situation are identified.
    But what should Ireland be doing about.
    We’re back to strategic planning.
    In very simple terms where is Ireland’s 30 year plan – In 30 years time our population will have increased by 1m.
    For example and this should be published for all to see.
    What is Ireland’s infrastructural plan for the next 30years.
    Show me a map of Ireland with-
    Road infrastructure.
    Hospital infrastructure.
    ETC.
    Put a plan like that together, sign off on it, publish it and you’ve set targets. I’m talking here of pictures not words.
    On the plan provision for a new city in the West should be included.
    Hopefully you get the drift.
    Crisis managing Brexit and Italy has nothing to do with the above but in 30 years time if we have got our act together we won’t be vulnerable to crises or a lot less vulnerable at least.

    • Truthist

      The plan should be :
      .
      #1
      educate + train + equip — simultaneously if possible & continuously — every citizen to be as self-sufficient as possible
      .
      #2
      educate + train + equip — simultaneously if possible & continuously – — every local district to be as self-sufficient as possible
      .
      #3
      educate + train + equip — simultaneously if possible & continuously — every main district to be as self-sufficient as possible
      .
      #4
      educate + train + equip — simultaneously if possible & continuously — every regional district [ "County" perhaps if we retain the British sub-divisions for sub-dividing + controlling the country ] to be as self-sufficient as possible
      .
      #5
      educate + train + equip — simultaneously if possible & continuously — every Province to be as self-sufficient as possible
      .
      #6
      educate + train + equip — simultaneously if possible & continuously — the State as a whole to be as self-sufficient as possible
      .
      #7
      educate + train + equip — simultaneously if possible & continuously — the country [ incl. of course the North-East of our Island for those willing to participate ] as a whole to be as self-sufficient as possible
      .
      #8
      educate + train + equip — simultaneously if possible & continuously — the Irish nation [ incl. of course all those located outside of our Island for those willing to participate ] as a whole to be as self-sufficient as possible.
      .
      Tony Brogan’s + Grzegorz’s proposals for sound living — incl. firearm equipping to all persons 17 years up [ age of my own suggestion ] of sound mind — should be incorporated into the plan.
      .
      Such a philosophy of Planning & Plan will enable a successful free & independent & innocent & wise populace with as less of government interference as possible.

      • Pie Squared

        Truthist…yip some grand ideas there in answer to Whither Ireland…akin to the Swiss Federal Model…a good start…

        Also think:
        We could do more to keep the youth at home or at least encourage them back, after some time.
        There are tonnes of possibilities with the diaspora (a favourite strategy of Davids)
        Maybe some of our older expats/entrepreneurs/business people abroad could encourage investment back home?

        (wouldn’t go for the firearms myself…having lived in a country awash with weapons…)

      • McCawber

        Educate etc yes but you need a map of Ireland shiwing riad education facilities etc so that people can plan (such an alien word) for the future.
        Ireland needs its’ own new frontier.
        Anyone with a brain and knowledge of a decent graphics package could throw together a map of Ireland with our current infrastructure with an overlay of what it could look like in 30 years time – in a few hours.
        (What group would be best suited to this?)
        After a relatively brief period of discussion by Official Irelabd publish it as draft document for public input and discussion.
        Every one has their pet issues so get them on the table.
        Could draining the Shannon be incorporated into the plan to share the cost.
        A bit like if we drain the swamp we get rid of the alligators but we have a far more potentiallly

        • McCawber

          useful land asset as an extra benefit.

        • Truthist

          I am with u McCawber on the hope of forthcoming technology to solve most of the world’s problems.
          Here is hoping that u indulge in some inventing & innovating & designing urself.
          But, be cynical about the Institutional State of the Irish State co-operating with u in that regard.
          More likely that they would sabotage u.

    • Pie Squared

      Agree 100% McCawber. Whither Ireland…

  18. McCawber

    Question-
    Has QE failed or is it doing exactly what it was intended to do (but not what we were told was intended)
    We were told QE was intended to restore inflation to the stated (never justified) target rate.
    QE hasn’t done this but it’s done loads of other things.
    QE could have been used to sort out the EUs banking problems, surely the printers (The ECB) primary responsibility. It wasn’t – why wasn’t it?

  19. McCawber

    David – re your second last paragraph.
    An Italian implosion would surely strengthen the UK’s negotiating hand.

  20. Truthist

    Hi Pi Squared,
    .
    U say ;
    .
    “…I believe the ideals of the EU were and remain well…idealistic…
    And in this money grubbing, batten down the hatches, crude world of today those ideals remain worth striving for…I do.
    Anyone read any European history ???? …”

    But, the fact is that the real father of the EU project Mr. Kalergi said ;
    .
    The man of the future will be of mixed race. The races and classes of today will gradually disappear due to the elimination of space, time, and prejudice. The Eurasian-negroid race of the future, similar in appearance to the Ancient Egyptians, will replace the diversity of peoples and the diversity of individuals. Instead of destroying European Judaism, Europe, against her will, refined and educated this people, driving them to their future status as a leading nation through this artificial evolutionary process. It’s not surprising that the people that escaped from the Ghetto-Prison, became the spiritual nobility of Europe. Thus, the compassionate care given by Europe created a new breed of aristocrats. This happened when the European feudal aristocracy crashed because of the emancipation of the Jews [due to the actions taken by the French Revolution]

    Ref.
    .
    http://www.politicalirish.com/threads/the-coudenhove-kalergi-plan-the-genocide-of-the-peoples-of-europe.1811/
    .
    .
    The post of above blog which I quote from goes on to inform us ;
    .
    “Unfortunately, Kalergi was not just some aristocratic crackpot.
    His ideas and writings have been hugely influential among the EU elite.
    Every year the Coudenhove-Kalergi Prize is awarded to the 2 Europeans who have done most to promote this genocidal plan in that year.
    In 2010, the prize was awarded to none other than Angela Merkel.
    In 2012, the President of the European Council, Herman Van Rompuy, was awarded the Coudenhove-Kalergi Prize.
    They both made speeches praising the writings and ideas of Kalergi as they accepted the prize.”
    .
    .
    U appear to have inhaled too much of Suds, & are unaware that there is a dreadful plan for u when u bend down to pick up the soap.

    • Grzegorz Kolodziej

      considering the said Kalergi prize that Merkel received, i am surprised that Mein Kampf is banned in some countries when it was Kalergi who wrote “Das Kapitalismus, Journalismus und Literaturtums sind Juden.”

      more anti-Polish propaganda – Jews helping the Germans to whitewash their crimes to avoid paying unpaid war reparatios – the latest cover of Der Spiegel;

      http://mm.salon24.pl/b3/f4/b3f4fdc859c44332a58397b0-f439738,2,0.jpg

      • Truthist

        Grzegorz,

        I may join “politicalirish.com” forum as visitor.
        No plans to post there yet.
        .
        Presently, I have no idea yet as to its slants.
        One must become member to view more than 3 thread or so.
        .
        U may be tempted to peruse through it.

      • Truthist

        I suppose we should not use Deco’s marvelous new phrase ? ;
        .
        “The problem with something for nothing, is that it also creates nothing for some people”
        .
        vis.
        nothing for Poles
        .
        Tell me Grzegorz, were also the skins of Polish who were genocided at the concentration camps made into wallets, & lamp-shades etc. ?
        Perhaps, this aspect of Nazi attributed policy is the deciding factor on getting the Billions since the end of WW2 & continuing.

        • Truthist

          Another query on my agenda is to uncover :
          .
          a]
          Did Soviet troops pouring into the its western front rape women & children in Poland as they did to the women & children of Eastern Germany ?
          .
          b]
          Did Polish troops participate with the Soviet troops in raping the women & children of Germany & wherever else ?
          Please do not be offended by this question.
          But, it is important scholarly necessity to know.
          And, as said by me on this blog previously, former [ ? ] members Irish Army elite special forces “Rangers” wing have been trainers on the ground to ISIS for their Mshd-CIA-MI6-French Secret Services-Saudi Secret Services-Turkish Secret Services [ in that order of control ] false flag raping & genocide & sedition campaign in Syria.

        • Grzegorz Kolodziej

          Tell me Grzegorz, were also the skins of Polish who were genocided at the concentration camps made into wallets, & lamp-shades etc. ?

          On lampshades
          https://www.youtube.com/watch?v=AnwVuBhCmL4

          On Poles in Auschwitz
          https://www.youtube.com/watch?v=f5-bMprnebw

          lecture on Polish Jewish relations in history
          https://www.youtube.com/watch?v=rZ5Ql0FnAeQ

          • Lies, deceit, false flag events, propaganda, rape and pillage have been used by humanity from the dawn of time.
            The best option is to assume all stories are lies until proven otherwise.
            Are you familiar with the writing of David Irving??

          • Grzegorz Kolodziej

            “Are you familiar with the writing of David Irving??”

            With the writing of Irving – yes. I read quite a few of his books. I think “Goebbels” is by far the best. It is very well researched, paradoxically at the time of publication, better than professional historians biographies as he was the only one who copied the original diaries in Moscow.

            Some of them are a bit shallow, like that on the death of gen. Sikorski – it ommits the geopolitical ascpect and Kim Philby’s role as a KGB governor of Gibraltar, it also ommits the English role in Beria’s WWII ethnic cleansing of the Poles (the English passed on some files of the Home Army important members to Beria).

            Truthist would be elated if he read Irving’s book on the Hungarian Rising.

            I wanted to recommend it before, but I was afraid that after reading it, some people might reach the conclusion that everything in the world that is bad happens because of the Jews ;-) – while some factors, like geography, are far more important than Zionism – and I have no doubt that if it was a life-or-death situation for the US, they would not give a flying fuck about Israel, as they did not about Holocaust in WWII).

            He is a very good writer in terms of style. In fact, perhaps only Messrs Paul Johnson, Norman Davies and Nial Ferguson can equal Irving (in the English-speaking world) among the historians when it comes to riveting style (of course, the best stylist among columnists is David McWilliams, but he rarely writes about history).

            In Polish, we have two historian writers who can equal or, maybe, beat Irving when it comes to engaging style – Mr Gabriel Maciejewski (who also wrote a book on 1916 Rising) and Igor Witkowski (specialising in technology of the Third Reich, the only historian in the world who actually contacted the descendants of the Nazis who escaped to Argentina and obtained some documents from them, which he published).

            “The best option is to assume all stories are lies until proven otherwise.”

            Yes, and this is an approach I take.

            But

            When it comes to Auschwitz (and that it was mostly a camp for the Poles, not for the Jews – Jews created this half-truth that it was a camp-where-the-Jews-died to extract money from Germany that should have been paid to Poland in first place, to Israel in second place (but what if Germany had to pay the Poles too? – Jew know what I mean? ;-), this is not something controversial or new.

            It is unknown only because of two factors:

            1. Low level of teaching history in English-speaking countries, particularly the US
            2. Hollywood (read: Jewish) propaganda (and German propaganda that has been following it).

            Now – this is important – you MUST know that there are also decent Jewish historians who tell the truth. But their books are mostly unknown, apart from Norman Finkelstein (and I do not like Finkelstein’s later Hamaz involvement).

            Now

            I said that “Goebbels” is a very well researched and engaging book (Mr McWilliams should read it at Christmas!).

            But

            In some of his claims, Mr Irving goes overboard

            I.e. that there was no gas chambers in Auschwitz-Birkenau.

            It’s just that the way he took samples was completely unscientific, and hence I am bit sceptical on his claim.

            My parents had a client who has been in Auschwitz from beginning to the end. She was a remarkably serene person.

            She admitted that Jews had it even worse than Poles, but only just. She also said that from the very beginning the Germans tried to set the Jews against the Poles and Poles against the Jews by nominating Kapos among them.

            She told us that she had clearly remembered the visit of Heinrich Himmler and the Red Cross, and how they would feed them and not beat them for a week before.

            She was then transported to Ravensbrueck. She said Ravensbrueck was like holidays compared to Auschwitz.

            She also told us how at the end of the war the morale was really low among the SS-women, and they tried to get rid of their uniforms and make themselves human to the prisoners they did not manage to kill.

            I clearly remember her story (she would sit in our house for hours) how eventually, having found out that the Red Army is raping all women as it goes – Polish, Jewish, German – and then killing them by sticking smashed bottles into you what – ALL of them – Polish and Jewish women WITH their sadistic German persecutors were flying west from ther Soviets, trying to beat them into the US zone.

            Some of those women were so destroyed that they were too weak to escaped.

            And now you’re gonna kill me, Tony – I never asked her if she had seen any gas chambers. But she said many times that people were dying like flies (her 4 years was not normal – normal was 3 months, she said).

            After many, many years they were invited to Munich in Germany to pray along with the Germans.

            Their persecutors from the camps were also invited (they wanted to forgive them and pray with them).

            None of them came, although everyone in Munich knew who they were (many of them SS-men and women were politically active in CSU and Silesian Expellees Association when Ms Krysia was in Munich).

            I think she forgave the Germans before she died. But I know she never forgave the Polish, Jewish (4/5 of them were Jewish) and Russian communist in the terror apparatus who tortured her in years 1948-1956 for being “anti-Soviet”.

          • Truthist

            Gentlemen, this is just some of what Chris Spivey has to say about “Holocaust / Burnt Offering [ literally ]” ;
            .
            http://chrisspivey.org/the-liberation-of-the-death-camps/

          • Truthist

            And, this is the opinion of the very stimulating-food-for-thought writer & portrait painter Miles Mathis on David Iriving ;
            .
            .
            http://mileswmathis.com/irving.pdf
            .
            .
            I do not agree with the verdict[s] of some of Miles Mathis’s essays that I read thus far ;
            But, I grant that after reading them, I never feel the same again about certain individuals & events & view-points.
            .
            Here is a sub-page of his very own website where reside his essays ;
            Often with photos & other graphics & links.
            .
            .
            http://mileswmathis.com/writings.html

          • Grzegorz Kolodziej

            I had a quick look at Chris Spivey’s website and read his arguments. He is ramming through an open door – most of what he writes is mainstream knowledge.

            I would be iffy though with him as a source because it’s obvious from my read that his knowledge of WWII history is sketchy: he talks about gas chambers in Dachau, Buchenwald, Dora, Mauthausen, thus indicating that he does know the difference between concentration camps and death camps (all of them 4 were concentration camps, and gas chambers were supposed to be in death camps).

            Also, you might not know that gas chambers were supposed to be introduced as a humanitarians and more efficient way of killing people as opposed to shooting them in the graves they had to dig out where the victims were aware of what was happening and often would not have died immediately (the latter WAS happening without a doubt – all German sources, photographs and witness accounts (including the perpetrators) confirm that).

            So if there was not any gas chambers, that would paradoxically means that the Germans were less humanitarian.

            Like I said, pity I did not ask the Holocaust survivor if she had seen gas chambers, but when she was alive, there was no gas-chambers scepticism yet (even Mr Irving was not a gas-sceptic at that time!).

            Also, when one says that Germans paid 98bn to the Jewish victims, that again is a bit inaccurate. Germans paid that money PRIMARILY to the state of Israel and the Jewish lobby in the US, so that these two propaganda machines (Gehlen’s and WJC/Israeli) could cooperate with each other. The actual Jewish victims received very little of it, most of that money was stolen from them by WJC.

            The Jewish victims behind the Iron Curtain did not receive antything until the late stages of the Soviet occupation.

            The Slavic victims were not paid until they turned like 90, and even that what they received was symbolic (the German state has basically waited till they all day).

            When it comes to the Polish or Czech states, they did not receive a red cent from the Germans – all money went to Israel.

            Had Germany paid Poland what Poland is due for war reparations (nearly a trillion dollars), this would bankrupt Germany overnight – imagine that, say, Poland receives all German car factories (or chemical industry) as a compensation because Germany cannot pay the trillion, and becomes an exporting power, while Germany incurs debts to buy them cars (so the reversal of the current situation).

            P.S. Curious fact – in post WWII Israel, the Jewish Holocaust survivors were hated because it was believed that they survived by working as Kapos (murdering other prisoners for profit). In the battle of Latrun, Israel tried to kill its Holocaust survivors (they bravely volunteered to fight for Israel) for sending them into a minefield without any artillery cover.

            It was not until the German money started to come in the 50s when the Jewish Holocaust survivors turned from villains into heros.

            On the Holocaust industry:

            https://www.youtube.com/watch?v=IRIsuvT0EkA

            I’ll read a link about Irving at a later time. It looks interesting.

          • Truthist

            Grzegorz,

            I think that ur quick look through Chris Spivey’s article has resulted in u misunderstanding his positions.
            .
            Also, it would be worthy to read more of Spivey’s articles on this subject.
            .
            I have read only some.
            But, he is on very strong grounds about the infamous “bars of soap” & “light-shades” in dismissing them as fraudalent.
            Scientific analysis debunked these artifacts conclusively.
            Ditto about the numbers of deaths ;
            He quotes much reduced numbers from Red Cross accounts.
            He does not dispute that much more numbers of Poles were victims.
            Looks like the Poles were not as charming as the nation within a nation.
            Charm can even have u protected from military service & being collateral damage & also mean u are getting trained for to actually physically work in the chosen place.
            Poles would be despised by Germans for being thought of as lazy compared to they who are conscious of themselves as the master-race of workers & soldiers etc.
            Best to discuss again at early stage of subsequent discussion of forthcoming articles.

          • Grzegorz Kolodziej

            Hello, Truthist, it’s me again :-)

            “Poles would be despised by Germans for being thought of as lazy”

            Far from being despised, Poles were considered by Hitler – along the English – his his most valuable potential allias (Hitler personally kept guard at Pilsudski’s coffin and he organised a state mass for him in Berlin – which was the o n l y time Hitler went to a mass as a dictator).

            Poland was supposed to conquer Russia with Hitler, and get the Ukraine as an award.

            But

            Poland refused and agreed to sign a military pact with England

            Then

            England betrayed Poland and left her on her own

            So

            Hitler took a terrible revenge on the Poles that they, as the only nation in Europe, had the balls to take up the fight to him

            Hence

            He decided to eliminate the Polish elite

            Auschwitz was initially a camp to exterminate the Polish elites

            Like Katyn – nothing to do with charm.

            “I think that ur quick look through Chris Spivey’s article has resulted in u misunderstanding his positions.
            .
            Also, it would be worthy to read more of Spivey’s articles on this subject.”

            Yes, you are probably right. I promise I’ll do it at some stage – I am going to save it now, for a later read offline.

            All I am saying is that these 4 camps would be the best examples, for they were not death camps. Even Auschwitz was not a death camp! And, shocking as it may sound to you – Auschwitz was NOT the worst camp. Even worse were Majdanek and Treblinka: 20th century worst camps.

            “He does not dispute that much more numbers of Poles were victims.”

            Good.

            I wonder if you remember that twice I explained, here on this blog, in great details – that the mythical 6 million number is – I know you will protest – basically true – because it is IN KEEPING with German own records, from various sources!

            Only – now read this carefully before you protest –

            6 million IS NOT THE NUMBER OF HOLOCAUSTED JEWS in Poland.

            6 millon is the number of a l l people killed by Germans in Poland in WWII!

            But

            The Jews and Israel count EVERY PERSON KILLED IN POLAND IN WWII as a Jew!

            And took money for it (and equivalents in submarines).

            What a f…g hutzpah – innit?!

            Now the moolah is gone…

            What to do?

            Well, let’s make the Poles pay – so let’s stop saying that the Germans killed 6 million people – Nazis killed 6 million Jews.

            And who are the Nazis?

            Why, Adam Michnik (true surname Szechter) and his friends in “Der Spiegel” tell us who the Nazis are:

            http://www.rp.pl/Polityka/161219788-Kaczynski-ze-swastykami-w-Der-Spiegel.html

            P.S. Listen to this song to relax before sleep :-)

            Dobranoc! :-)

            https://www.youtube.com/watch?v=duUxD2LkYb0

          • Truthist

            Grzegorz,

            Please be so kind as to explain what u mean by ;
            .
            the number of a l l people killed,
            vis.,
            “1 1″
            .
            Ref.
            “6 millon is the number of a l l people killed by Germans in Poland in WWII !”

    • Pie Squared

      Ha ha Truthist…

      Better flip the soap under Suds bare feet before he gets to me!!!

      Back in the shower…the song goes…The EU ideals of “peace, freedom, security, justice and sustainable development based on balanced economic growth throughout the EU” are long standing. And apart from Kalergi these ideas are also attributable in 1885 to Szymanowski, in the 1860s to Mazzini, in 1849 to Victor Hugo, in 1728 to Abbot Charles de Saint-Pierre and in 1693 to William Penn.

      They have long standing appeal because they are the alternative to war.

      That said, I’m under no illusion about the failures of the EU and the failures of its leaders, Suds and all.

      Present strategies and structures of the EU need radical reform, especially:

      The Political Structure
      Monetary Policy
      Fiscal Policy and
      Immigration Policy

      Draft 2 might not be so pretty either!

      What’s your alternative after a failed EU?
      What’s your alternative for Ireland?

      Baby and bathwater anyone?

      • Truthist

        Thank u Pi Squared for civilised reply.
        .
        I still do not agree with u though.
        But, I no doubt that u are a smart & well intentioned person.
        .
        Here again we are faced with the challenge of :

        HUMILITY FOR INTAKE OF NEW KNOWLEDGE
        New “Facts” & new “Arguments” ==> new opinions
        strong
        middling
        open to question

        HUMILITY FOR ADMISSION THAT WE MAY HAVE BEEN WRONG WITH OUR OPINIONS & JUDGEMENTS & SOURCES & PERCEIVED FACTS
        .
        Existing “Opinions” & “Judgements” & “trusted Sources” & “perceived Facts” now :
        modified up
        modified down
        rejected
        put into doubt
        put into open question
        .
        Such is life 8-)
        .
        .
        Meanwhile, I posit :
        .
        Mazzini was a nasty Freemason
        .
        Penn was nasty accomplice to Cromwell in his genocide & open concentration camps of Irish & the expulsion of 10′s of 1,000′s — perhaps into the 100,000′s at the time of Irish to be slaves in the Americas, & very likely also sold onto the Barbary slave traders of the Sahel & Middle East.
        .
        .
        And, … and, … the noble words sprouting from the lips & documents of our EU masters is just them speaking with “forked tongue”.
        .
        Thanks for reading my reply.

  21. Truthist

    FROM THE MAN WHO SHOULD NEVER HAVE RETIRED FROM USA’s HOUSE OF CONGRESS ;
    THIS COMMENT IS NOT ESSENTIALLY PRAISE, BUT RATHER A REBUKE BECAUSE HE IS DRASTICALLY NEEDED TO BE THERE INSTEAD OF HIS CURRENT POSITION.
    .
    War on ‘Fake News’ Part of a War on Free Speech
    .
    RON PAUL
    DECEMBER 11, 2016
    600 WORDS
    .
    EXTRACT
    .
    A major threat to liberty is the assault on the right to discuss political issues, seek out alternative information sources, and promote dissenting ideas and causes such as non-interventionism in foreign and domestic affairs. If this ongoing assault on free speech succeeds, then all of our liberties are endangered.

    One of the most common assaults on the First Amendment is the attempt to force public policy organizations to disclose their donors. Regardless of the intent of these laws, the effect is to subject supporters of controversial causes to harassment, or worse. This harassment makes other potential donors afraid to support organizations opposing a popular war or defending the rights of an unpopular group.

    Many free speech opponents support laws and regulations forbidding activist or educational organizations from distributing factual information regarding a candidate’s positions for several months before an election. The ban would apply to communications that do not endorse or oppose any candidate. These laws would result in the only sources of information on the candidate’s views being the campaigns and the media.
    .
    .
    http://www.unz.com/rpaul/war-on-fake-news-part-of-a-war-on-free-speech/

  22. Pat Flannery

    Another great anti-Euro hit piece by Nigel McWilliams.

  23. goldbug

    EU TO PUSHES LAWMAKING INTO SECRET

    -> FOR EFFICENCY

    http://www.express.co.uk/news/politics/743046/Brussels-EU-lawmaking-secret-voters-democracy

    http://www.politico.eu/article/where-european-democracy-goes-to-die-european-parliament/

    “If this were a dictatorship it would be a heck of a lot easier” G.W.BUSH

    • Well, goldbug, as you well know, the EU is a dictatorship. Hundreds and thousands of laws, rules and regulations foisted on to people with little or no debate, discussion or vote.

  24. So what’s new?

    “That is, until you realize the stock of the “Vampire Squid” itself, Goldman Sachs, is responsible for a whopping 30% of the Dow’s post-Trump gain, due to the facts that former Goldman partner Steve Mnuchin was nominated to be Trump’s Treasury Secretary; current Goldman Chief Operating Officer Gary Cohn was appointed as head of Trump’s National Economic Council; and last but not least, the Dow is a price-weighted average, with Goldman its highest priced – and thus, most influential – stock. In other words, a mirage of statistical chicanery, amidst an ocean of the very crony capitalism America had hoped to have shed when it rejected Hillary Clinton. And did I mention that the second biggest post-election Dow gainer is none other than JP Morgan – care of the “99%’s” biggest enemy, Jamie Dimon, being appointed to the head of the U.S. Business Round table, which will unquestionably give it “insider access” to the White House?”"–Andy Hoffman

  25. “From 1945 to 1995, there was an understanding that Italy would devalue the lira.”

    “The gradual fall in the value of the lira was a price that the Italians were prepared to pay for industrial success.”

    “In short, Italian competitiveness has been decimated by the euro. Without devaluations, Italian industry has floundered. Either a country’s currency adjusts if it is not as competitive as its neighbour, or it goes out of business. Italy is gradually going out of business.”

    Looking at these statements it seems that Italy NEVER WAS COMPETITIVE. The only way it could maintain itself was to devalue its currency. That is, effectively, sell its products at cheaper and cheaper prices. That is not being competitive. It is a mirage, a pretense of competitiveness.

    Now that the ability to devalue the currency is removed the lack of competitiveness is exposed. The truth is that Italy gave away its sovereignty to the ECB. Now the ECB is calling in the check. It is not the EURO that has decimated the Italian economy, it is the continual lack of competitiveness that is exposed by the EURO.

    The only way that Italy can save itself from itself is to abandon the EURO and go back to devaluations of its currency.

    However that is a temporary kick of the inefficiency can down the road a little way until bankruptcy is fully recognised.

    NO NATION HAS EVER DEVALUED ITS CURRENCY TO A POSITION OF PRODUCTIVE WEALTH AND PROSPERITY. IT IS ALWAYS A FACT THAT THOSE COUNTRIES WITH AN APPRECIATING CURRENCY HAVE DONE OR DO THE BEST.

    Or is it that those who are productive become wealthier and this is reflected in an appreciating currency? Whatever the point of view, it is seen that countries growing wealthier through the productive process have an appreciating currency and do not require to devalue.

    The best method, proven through the centuries is a system where the locals have a local currency for everyday business and use an international currency to settle international trade.

    Welcome to the gold standard. All else leads to economic serfdom, corruption, manipulation and social disaster. At the extreme is autocratic government and slavery. You can see how the EU is rapidly heading there.

    • Truthist

      I put it to u that ur understanding of x] what is the totality of a sound currency system for a state / country to have is incomplete.
      And, this is because ur understanding of y] what is the totality of the mechanics of the Bankster Scam Bundle is incomplete.
      But, ur understanding of “x]” is very near to being perfect.
      And, ur understanding of “y]” is continually getting better.
      All in all, u have arguably world-class handle thus far on x] & y].
      And, I am allowed to say this even though I am not as knowledgeable as u are in total.
      I am allowed to say this because what u are saying is making more & more sense ;
      Even though I still beg to differ with some of ur contentions.
      e.g.
      ur contention that usury is required
      And, u base this on Feteke’s argument.
      I think that there is a superior way to accomplish what Feteke states is possible only with usury.
      .
      I think that David knows that he has no choice in trying to wake himself up but to look properly into ur arguments, now that he surely realises that his contemporary Keynesian acolytes — incl. the former alumni of the elite private colleges of Ireland who have been members of those colleges secret individual Freemason Lodges & David declining the invite so as to be the “outsider” he asserts to be — set him up to be the fall guy in the Annals of Ireland for the modern day rape of the Irish Nation [ Well, those not of the Irish Nomenklatura ( who include the Civil SERPENTS ) anyway ].

      • “ur contention that usury is required
        And, u base this on Feteke’s argument.
        I think that there is a superior way to accomplish what Feteke states is possible only with usury.”

        If you are referring to the real bills doctrine then usury is not a factor but discounting is which is I am told allowed under muslim law.
        I do not recall ever saying usury is a requirement of anything. Please elucidate.

        • Truthist

          Yes ;
          I meant “the real bills doctrine” as form of usury.
          I read some of info on RB Doctrine since.
          However, I will need to read again & further.
          .
          In that u answered “No” for banning of usury recently, & then proceeded to explain that position with need to practise RB Doctrine ;
          ==> “Requirement”.
          Please accept my legitimate redactment with use of term “required” Re ; ur position on usury.
          Still, I believe that u are against usury for to fund company start-ups, expansions, etc.
          And, ditto for private individuals in their endeavours.
          So, I think it is fair to say that ;
          “Whilst u would be very cynical against usury, u perceive it as the best & only sound solution — in the form of RB Doctrine — for import-export market ?”

      • “In these terms, gold is the most abundant commodity known to and produced by man.
        Gold does not owe its value to its alleged scarcity On the contrary, gold owes its value to
        the fact that, in spite of its abundance and steady increase of abundance, gold continues to
        be in universal demand, and it continues to be acceptable in unlimited quantities. No
        other asset can match the record of gold in this regard. No other commodity can
        withstand the wear and tear the monetary standard is constantly exposed to.
        Like the Chinese platinum foot, gold may not be a perfect standard, but it is the only
        conceivable monetary standard we have.” Antal Fekete

        http://www.professorfekete.com/articles/AEF1stPillarOfMoneyAndCredit.pdf

      • http://www.professorfekete.com/articles/AEFCRITIQUE2012Preface.pdf

        We may add that the trouble was not with the gold standard per se, but with
        the decision to castrate it ? by removing its clearing house, the bill market. –AF

    • Truthist

      THE FOLLOWING IS A NEW & VERY SIGNIFICANT SPECIFICATION FROM U ;
      .
      Ref.
      Ur post above
      .
      “The best method, proven through the centuries is a system where the locals :
      x]
      have a local currency for everyday business
      &
      y]
      use an international currency to settle international trade.
      .
      Please be so kind as to explain “why” & “how” the difference.
      .

  26. http://www.gopusa.com/?p=18312?omhide=true

    If electors do not vote the wishes of the constituency it will not be the first time.

    http://www.fairvote.org/faithless_electors

  27. Will Trump Defy McCain & Marco?

    “If just three GOP senators vote no on Tillerson, and Democrats vote as a bloc against him, his nomination would go down. President Trump would sustain a major and humiliating defeat.”

    http://www.gopusa.com/?p=18286?omhide=true

  28. Inflation??

    Would this be an inflationary indication?

    Year over year increases

    Copper 24%
    Nickel 30%
    Aluminum 17%
    Zinc 90%
    Lead 47%
    Silver 25%
    Gold 10%
    Does this justify the US rate hike.? Just asking.

  29. CHRIS POWELL, Secretary/Treasurer
    Gold Anti-Trust Action Committee Inc.
    CPowell@GATA.org

    Forget about Fake News – Worry about Fake Money
    Money Metals News Service

    December 13th, 2016

    Post-election airwaves and publications today are filled with bad news, good news, and fake news.

    The bad news is ‘fake news’ is very real. The good news is fake news is nothing new. The even better news for gold and silver stackers is they have learned to live with decades of fake news about sound money.

    You already know all about fake news. It used to go by other names – lies, propaganda, false advertising, and brainwashing, to name a few. Now we can add polling results and agenda-driven predictions to that list.

    https://www.moneymetals.com/news/2016/12/13/forget-about-fake-news-000969

    • “”Precious metals price-fixing, long suspected, alleged and denied – is now demonstrated, proven, and admitted.

      That’s a big story, but not one main media is interested in exploring or explaining.(Or David McWilliams–TB)

      The news that mainstream media fears to report is that price fixing is not some conspiracy theory. Of all the economic metrics manipulated by governments and banks, including interest rates and stock markets, the gold price is the one governments must control at all costs to stay in power.”"

  30. http://www.silver-coin-investor.com/The-Silver-Tsunami.html

    “”Central banks are engaged in a desperate battle on two fronts

    What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities or anything else that might be deemed an indicator of inherent value. Their objective is to deprive the independent observer of any reliable benchmark against which to measure the eroding value, not only of the US dollar, but of all fiat currencies. Equally, they seek to deny the investor the opportunity to hedge against the fragility of the financial system by switching into a freely traded market for non-financial assets.

    It is important to recognize that the central banks have found the battle on the second front much easier to fight than the first…”"

  31. mike flannelly

    The ECB is purchasing 80 bn of bonds, mainly govnt issues every month.

    Colm Mc Carthy in last Sundays Ind reckons that if a fraction of what has already been spent buying govnt bonds at negative yields had been forced on the banks, the european banking crisis would be over.

    In 2008 the national debt was 50bn.
    Allowing for 50bn Irish bankers related debt, from where did the other 100bn of our 200bn debt come in just a few years?

    100bn in just a few years.

    3.5bn per yr for the next generation to service. Can we really afford to overpay for the services of all 4.8 million stakeholders.

    What is the measurement?

    • Truthist

      U are following a most important lead there Mike.
      .
      Stick with it.
      .
      And, again, consider turning ur info gleaned & analysis & conclusions & predictions into a slim volume book for mass appeal at very cheap price but very profitable return to u.
      .
      I suggest not confining ur parameters to just “measurement”.
      .
      U & Pat Flannery along with having similarly sounding surnames are clearly competent & nobly motivated heroes for Irish nation vis-a-vis the Institutional State of Irish State [ I.S.I.S. ] ;
      A monster which includes corporate Ireland, the professional class, the Union BEARDS & BEARDESSES 8-) & the Civil SERPENTS.
      Pat has the makings of a great slim book on the health sy[stem / ndicate ] ;
      That doctor death is deliberately incompetent & expensive with fees & waste, inter alia.

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