December 15, 2016

Coveney walking a tightrope in risky bid to end housing crisis

Posted in Irish Independent · 172 comments ·

Imagine Simon Coveney in a translucent, skin-tight leotard, high above the political swamp, walking the tight-rope between the social reforming objective of rent control and the hard commercial reality of dormant housing supply. Get the picture? This is the minister’s position.

He realises that rents are out of control and that, socially, it is untenable for a person of conscience to do nothing as homelessness rises and tens of thousands are caught in a high-rent trap. However, economically he sees that rent controls or a rent freeze might hinder supply.

So what does he do?

He does a bit of both.

He has created rental zones where rents can go up by only 4pc per annum over the next three years, but he has exempted new builds from this to try to encourage builders to lay foundations urgently in these areas.

Could it work?

Yes, it could.

Is it risky?

Yes, it is.

Was doing nothing an option?

No, it wasn’t.

When something is broken, you have to try to fix it. Anything other would be reckless and irresponsible.

You know that when a prominent Fine Gael minister brings in a form of rent control, things are not normal. These are clearly not normal times. Rents are far too high in much of our major urban areas. This has to be brought under control but, equally, house/apartment building needs to be accelerated.

Some people argue that these are mutually inconsistent objectives — rent certainty and accelerated house building — in the sense that you can’t cap rents and encourage supply. The line of argument goes that if you cap rents, builders will stop building because people won’t invest in housing because the rent (the yield) will be limited.

If you buy this argument, then ask yourself, why do we have a housing crisis? Surely in an era of rising rents, housing supply should be abundant? It’s not, so there is something else going on.

Before we analyse, let’s examine what the Government did yesterday.

The main proposal would result in a 4pc annual limit on rent rises in designated areas. The system will last for a maximum of three years.

The limits will first be introduced in the “rent pressure zones” of Dublin and Cork city. These zones are neighbourhoods where annual rents have risen by at least 7pc in four of the last six quarters and where the average rent in these areas is above the national average in the last quarter.

In terms of politics, Fine Gael is not supposed to do things like this, which makes the minister’s intervention even more interesting.

If this came from the left-of-centre, that would be one thing. But coming from Fine Gael — the party that has traditionally represented the interests of landowners — means that things are out of control and this is a minister who wants to fix things.

But will it work?

In short, yes — because old arguments are not valid.

Traditionally, economists argue against rent controls in the assumption that the free market will provide. But sometimes it doesn’t and certainly in Ireland, the free market doesn’t work for accommodation and housing.

You have to address the reality on the ground, not on the blackboard.

For the past two decades, the free market for housing has been dysfunctional.

In the boom, we built far too many houses in places that far too few people wanted to live. An unholy axis of banks, developers and government hijacked the country, and used and abused the housing market to such an extent that the entire economy was set up to fail. It wasn’t a question of whether the economy crashed, it was just a matter of when.

And when it did, society paid a huge price.

In the subsequent recovery, rents rapidly rose as the housing supply failed to respond to demand. These are the facts.

Therefore, intervention is necessary. By targeting certain areas, where rents are most expensive, the Government has done the right thing. Renters — 20pc of our society — can’t wait for the market to rectify itself.

Ireland has two rental markets in reality: The urban market, where rents are rising rapidly, and the rural market, where rents are not high enough. Therefore, a country-wide rent cap is not the option, it has to be targeted.

In the third quarter of this year, rents were 8.6pc higher nationally than in the same quarter of 2015. Rents are now 5pc higher in Dublin than their previous peak in 2007. While increasing outside of Dublin, rents remain at 7.3pc off their peak levels.

Within cities, there are enormous disparities and the State has to act because the only way it can prevent rents rising more is by imposing a freeze in what it calls “rental pressure zones”.

In identifying these “rental pressure zones”, the State has made a distinction between the existing supply of houses (which is covered by the new rent controls), but it has omitted new builds. It hopes therefore, to encourage — or at least not to discourage — new house/apartment building.

Typically, economists argue that rent controls benefit only those who already have a rented house/accommodation.

Those who want to get a place to live suffer because, economists believe, the supply of houses will be affected because investors won’t want to buy new apartments because the yields on these will be capped by the rent control.

This line of thinking concludes that with rent freezes, ultimately fewer houses will be built because there are fewer compelling reasons to buy to rent.

The State has tried to get around this logic by omitting new builds.

Intervening now is the right thing to do.

Property interests shouldn’t impose their will on society.

The fact that this move comes from a Fine Gael minister underscores the extent of the problem and let’s hope it is the first of a number of measures to rectify the housing problem.

It’s a fine line Mr Coveney is walking. He needs to cap rents while accelerate building. This is a difficult thing to do for obvious reasons, but finally a government has moved, with all the risk that entails.

Doing something urgently is far better than doing nothing.

  1. ChiChi31181

    Hi David,

    I am not so convinced that this will be much of a solution to the problem as I believe the problem has been mis-diagnosed. 2007 are housing market was dysfunctional and we now seem to be trying to get house prices and rents back up to the unsustainable levels of 2007. This will mean that there will be a giant transfer of wealth from the young to the old and poor to the rich. We know how this rollercoaster ride ends with people taking on to much debt just to have a place to live. tax breaks for landlords are the worst type of trickle down economics with the presumption that if they make more profit that through the goodness of their heart they will reduce rents for their tenants. Maybe some might do but most will not or take most of this profit for themselves.

    The only solution to this problem is large scale government building of homes that can be sold at a cost + 10% basis that drives down the price of homes and making some of these available for affordable rents.

    This would stop demands for higher wages by the public sector unions. It would be a boom for businesses as people would have more disposable income to spend in the economy.

    The people who are in negative equity would need to receive some sort of deal as well as those who bought during the slump but large scale building is the only solution. Otherwise the inequality in society will get worse and worse and who knows what political forces that will unleash.

    • Grzegorz Kolodziej

      “The only solution to this problem is large scale government building of homes ”

      I am surprised that no one brings up ending the tax incentives for keeping flats/houses/office unoccupied as one of the solutions.

      The large scale government building of homes has one problem: it’s covered from taxes, which means that every person who is paying mortgage or rent would have to be either extra taxed or have his/her mortgage/rent increased to cover for the aforementioned building. And for God knows how too, for everything in Ireland takes a few times longer and cost a few times more than planned (see Luas, Port Tunnel, resurfacing of O’Connell Street Bing Bank-2016, etc).


      When the new houses are built by the government (so say 2020)

      How would that help those who are already living in rented accommodation or paying rent?

      It won’t help them, it will make matters worse (the price of the subsidised housing would have to be included in their mortgages/rents).

      So, as Lenin asked, what is it to be done?

      1. Fed and ECB should raise the interest rates to a normal level of 5%. I know, short term this would screw the tracker mortgage payers, but eventually (within 2 years max, probably immediately) house prices (thus rents)will go down dramatically.

      2. End of the living-over-the-shop scheme

      3. 70% of private landlords with mortgages say that the rents don’t cover their repayments. Is this why we gave corporate welfare to the banks?

      4. A habitable unoccupied property in Traffic Jams capital of the world (has anyone ever been to Tokyo? Tokyo’s motorways have no traffic jams compared to M50) is subject to 50% of commercial rates and uninhabitable, unoccupied property has 0% rates. Now, Sideshow Bob was so kind as he always is that, if my memory serves me correctly, he linked me to a new law in the Statue Book – but that does not come into life into 2018, if I remember?
      And who knows what might happen by 2018. Maybe, in the united Ireland situation, the civil war will solve the overcrowding problem.

      5. AddThis Sharing Buttons
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      Irish Rents have been rising steadily since 2013, particularly in Dublin. Rents in the capital rose 9.2 per cent in the year to the end of June, and rents across the State went up by 5.8 per cent, according to the Private Residential Tenancies Board.

      The average Dublin rent is now €1,387 for a house and €1,260 for an apartment. Rents for houses outside Dublin average €695, or €660 for apartments.
      1. Lack of supply

      Stop building homes and eventually you’ll run out of them. We’re building houses at 1970s rates for a population that’s 55 per cent higher than it was in that decade. We’ve plenty of ghost estates – but they were built where they were not needed. Urban Dublin never had much of a problem with ghost estates. In comparison, Co Cork still has 130, and Co Donegal still has 64. No houses means nowhere to buy and nowhere to rent.
      2. End of the living-over-the-shop scheme

      This was an extraordinarily generous scheme that could have provided more rental accommodation where it was needed and brought new life to moribund town and city centres. Ireland’s urban streets are full of old empty upper floors. The scheme offered 100 per cent tax relief for the cost of converting spaces over shops into apartments. The take-up was abysmal. Buildings’ owners cited onerous regulations, and too few streets were included in the scheme.
      3. Tax treatment of private landlords

      Without landlords there are no rental properties, and more than 70 per cent of private landlords with mortgages say that the rents don’t cover their repayments. In 2009 mortgage-interest relief against rental income was reduced for the private rental sector from 100 per cent to 75 per cent; the commercial rental sector still gets 100 per cent relief. New measures reinstate the 100 per cent relief but only for landlords renting to tenants in receipt of State support.
      4. Incentives for making homes uninhabitable

      An occupied commercial property is subject to commercial rates. A habitable unoccupied property is subject to 50 per cent of commercial rates. An uninhabitable, unoccupied property is not liable for rates at all, which may encourage a developer or owner to rip out toilets, lift and stairs – just to be sure there isn’t a tax liability. The Government says it’s going to change this one, but it’s a shocker that it has been going so long.
      5. Ending the construction of social housing

      Everyone blames the last government for ending social-housing construction and forcing local authorities to rent from private landlords. But the current lot haven’t done much to reverse that. Of the 100,000 social-housing units the Government says will be put into the system by 2020, only 35,000 will be built; the rest will be leased or rented. People on low fixed incomes don’t belong in the private sector, at least not in its current form.

      6. In December 2007 the erratic Dublin City Council changed its development plan to increase the minimum size of one-bedroom apartments to 55sq m, up from the national standard of 45sq m.


      Some say – oh, because we do not want to live in small flats like those eastern Europeans, this is Oireland, we have a house-living culture.
      Except – so what that people have houses and not small flats, if there is more people living in those houses than in the small flats in central and eastern Europe?

      Look – all this stupid property obssession does is that Dublin has only over millon people, but it’s spread like it had 10 million – because of the low height culture, people have to commute 2-3 hours one way, and some even more. There is many reasons why Ireland is a better place to live than Poland – but noone in Poland commutes more than one hour.

      I actually wonder – is paradoxically electing the right Dublin City Council (they also lowered the height restriction) not more important than electing the new government (as there is no difference between Fianna Fail and Fine Gay anyway?)?

      Let’s have the Dublin City Council comprising entirely of tenants and mortgage payers (sarcastic smile emoticon).

      Dublin is NOT ALL Ireland (and frankly, in some places Dubs are hated almost as much as Warsaw people are hated in Poland)


      Dublin problems FUCK UP ALL Ireland.

      “An unholy axis of banks, developers and government”

      - and trade unions too, David. Now, should someone come up with a ridiculous claim that I say it’s all trade unions fault – no, of couse it isn’t, it’s mainly the central banks fault, Ireland’s beloved Barrack Hussain “dreams from my real father” Obama. But look – all we advice that we have heard from trade unions for the last 15 years made all the prices go up, and frankly, these people and their RTE spokesman Ingrid Miley are simply too primitive (or corrupt, or both) to be in a position to give economic advice.

      Look – listening to trade unions on how to solve the high rents problem in Dublin is like trying to shape on opinion on pros and cons of cigarrette smoking from tobacco industry.

      ” tax breaks for landlords are the worst type of trickle down economics with the presumption that if they make more profit that through the goodness of their heart they will reduce rents for their tenants. Maybe some might do but most will not or take most of this profit for themselves”
      - well if the rent allowance practically only benefits the landlords (directly or indirectly), then…

      “who knows what political forces that will unleash.”

      Post Office will be closed for a week again ;-)

      • Grzegorz Kolodziej

        Bing Bank = Big Bang

        Points from

        “5. AddThis Sharing Buttons
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        Up to and including 5 – this was meant to be a link to an article – I was not going to quote the entire article – but I am in a hurry (this is also the reason I won’t link to a specific legislation as I have done in the past) and this is how it ended up. Sorry

        P.S. Coldblow, there is a reply to your comments on Marx under the previous article, where I prove that Marx was basically a satanist.

      • Sideshow Bob


        ( thanks for the compliment BTW )…about me – “he linked me to a new law in the Statue Book – but that does not come into life into 2018, if I remember?´´

        I don´t think I did. Not sure what you are talking about in this instance.

        Also, your observations on the living over the shop scheme were completely correct. In particular you said “Buildings’ owners cited onerous regulations, and too few streets were included in the scheme.´´ This is on the nail. The scheme was born into a deeply impractical situation. It would require many relaxations from planning and building standards, and even would still be largely unfeasible financially in many cases as things stood. It could happen with the right supports, policies and relaxations I think. It should happen if we are serious about reinstating vitality in our towns and improve our cities.

        The increased apartment sizes are nationwide, they were a recommendation which were adopted across the boards. I don´t think they are a bad thing the problem is that developers must be allowed to go up to compensate. This would be fair. And planning should be capable of approving building that aren´t a pastiche of a 19th century aristocrats house and actually reflect the needs and normality of modern life ( sunshine in all rooms toilets, cars, thermal comfort, insulation, kitchens, etc ) And , yes, studio apartments should be permissible.

        Your figures on development are a bit erratic though that figure of 30-35k units per year as the requirement in Ireland as a baseline ( healthy economy ) number is a good guideline to base a discussion against.

  2. Deco

    Actually, Coveney is a manifestation of FG walking a tightrope.

    On the one hand they are trying to reflate the ponzi-economy, and make the banking system look good on paper.

    On the other hand they have to deal with competing political machines who are not honest enough to declare that there is a supply shortage, and bottlenecking going on, whilst declaring that the bankrupt state must “do something”.

    And those same party political machines are enjoying this shortage because at local level it gives them more power over potential voters. In other words the politicians of Ireland want a housing crisis, and an ineffective market so that they can position themselves as the “solution provider” via access to state funding.

    The state has a plan to “do something”. It is restricting the supply in Dublin. And that is the problem. It produced guidelines that are restrictive to developers that cannot recreate apartment complexes that are deemed acceptable in Canadian cities, that regularly top global livability surveys.

    In other words, the whole thing is a politically created problem. And the problem is deemed too necessary to be fixed by the plitical machines.

    The political nmachines do not want to fix the prolem at an overall level. They want to make it worse. And then they will push themselves as the solution to the problem on a one to one basis, in return for votes.

    Now, if that is not soft corruption, I don’t know what is.

    All of them are now engaged in a battle of posturing, with Coveney being presented as the problem. That is part of their game. They need a bogey man, to distract from their behaviour and motives.

    If I were Coveney, I would state clearly what is going on, and offer a way out of the manner in which the politicians are holding the entire system to ransom.

    And make moves to providing 12 storey apartment complexes as close to employment hotspots like the Silicon docks.

    The biggest threat to economic growth is an inadequate supply of residential housing for workers close to the employment locations in Dublin. Moving these workers to Carlow is absurd (unless you are a gangster party politician trying to sell planning permission in Carlow, and you want get your slice of the cake).

    Environmentally we are consistently amongst the highest per capita consumers of transport fuel in OECD. And nobody seems to think ( accept ) that it has anything to do with housing policy. Actually it has everything to do with housing policy.

    Coveney would do the country great service, if he stated clearly that many Irish politicians regard the housing problem as useful for their ability to sell themselves as the problem to those on ever growing lists.

    The housing “problem” is very much state created, and politically motivated.

    It is time we had an honest adult conversation about the matter, and accepted that the way that politics is done on local authorities is a large part of the problem. Gombeen politics is running riot amongst older political party machines, and their newer challengers. In fact it is the basis of the rot in the entire system.

    Let’s take it apart.

    • Grzegorz Kolodziej

      Apart from being amongst the highest per capita consumers of transport fuel in OECD, one more statistic stayed in my mind from the Celtic Tiger times – the Irish were at that time spending 30% more time in cars than the Americans and 70% more than a French.

    • Grzegorz Kolodziej

      Do you know what’s interesting, Deco? Madame Le Pen’s odds were 9/4, but went down to 11/4 this week, and Monsieur Fillon are 8/13! I know that Paddy odds were a joke before, but after my repeated laugh at them combined with their 4,000,000 total loss on the US election, they now must be reading my comments for with Norbert Hofer, they even overpriced him a bit.

      P.S. Has anyone who wrote in newspapers that Austria nearly elected a neo-Nazi, actually LISTENED to Hofer for an hour? I did – and I can tell you: this is one of the most gently speaking and cultured politicians in Europe (actually they both are – I mean the Austria’s new fraudulent president).

      Our David, quite a gentle God’s creature, sounds like a hawk compared to Norbert Hofer (even though in the Dail he would be one of the 15% NOT clinically insane TD’s – that includes one entire party)!

      I know, some German speaking readers or our Austrian reader might say – no, I listened to him and he is a right-wing (currently “right-wing” means that he is not a Jihadi, and he does not think children in creche should be brought up like trannies).

      • Grzegorz Kolodziej

        down to 11/4 = down as in the number went up, but that actually means PP sees her chances as lower

      • Grzegorz Kolodziej

        I did not finish my thought: I know, some German speaking readers or our Austrian reader might say – no, I listened to him and he is a right-wing (currently “right-wing” means that he is not a Jihadi, and he does not think children in creche should be brought up like trannies) – but compared to Mr Hofer, President Higgins’ language is like Pussy from “The Sopranos”.

  3. mike flannelly

    David is right. If there is a problem there is a process.

    Step 1. Shout stop.

    Step 2. Measure the problem.

    Like pensions and public service costs the answer/solution is always in measuring the problem.

    Trinity have a full time property expert that measures rent/plus costs as something that goes up and down.

    Thats it. Up and down.

    The real value measurement of rent is the % of net take home pay that has to be paid by the median earning household, worker plus the average
    earning household, worker.

    Rents in 3 bed apts for workers is unaffordable for households.

    In the “up and down” Trinity measurement science we are told that since 2002 a single room has increased from 400e to 500e in dublin. 25% increase in 14 yrs.

    In Galway a room in a three bed apt costs 400/mth or 93 / wk.
    Thats 21% of the net take home pay of an average industrial wage.

    21% of net is a real measurement in this snapshot of time.

    20 yrs ago couples lived at home or cheap flats beside houses before they got married. If they could not save for a house that cost 3.5 times the average wage they applied for social housing.

    Today a house costs 300000e.

    In 2008 a three bed apt in Cork, Limerick and Galway cost 350,000. In Micheal Martin and Barry Cowens time the apts cost 10 times the average wage and often with 100% mortgages.

    We need to discuss rent for households with no social houses.
    We need to discuss rents for workers.

    I couldnt care less what the rents are as long as there is fair logic applied.

    All I know is that “up and down” means nothing without having a real value base which takes into account the property costs and debt servicing costs sold by banks under Fianna Fail.

    % of net income
    Low income family

    Up and Down needs a base.

    • Deco

      We have FF who are trying to make the problem worse. And we also have the mini-FFs who are trying to do the same.

      They all want to live off the problem. A bit like lawyers trying to always have a crime problem, so that they can live off it.

      It is a deliberate avoidance of allowing the problem to be solved, by means of enforcement of blockages in the system.

    • Deco

      There really should be no problem in Galway. There is a large expanse of space to the east Galway city that is even beside a rail line. In addition there is an area to the North West of Galway city that is a rural as county Sligo.

      Galway is pure bottlenecking of supply.

    • Grzegorz Kolodziej

      “In Galway a room in a three bed apt costs 400/mth or 93 / wk.
      Thats 21% of the net take home pay of an average industrial wage.

      21% of net is a real measurement in this snapshot of time.”

      Sticking with the snapshot of time metaphore – a r o o m in Galway is 21% of the i n d u s t r i a l wage.

      In 1913, an a p a r t m e n t (so with kitchen)
      in c e n t r a l Dublin was 17% of the EQUIVALENT OF TODAY’s
      m i n i m u m (someone with absolutely no qualifications) – not industrial – w a g e.

      Imagine teleporting in time an unqualified worker from 1913 to 2016.
      “Paddy, the good news is that the Britsh are gone!”
      “Hurray! What’s the bad news?” – says Paddy the Rebel
      “The apartment in near Guinness factory, that you used to pay 17% of your wage – it is now 1200 euro – ALL your wage.”
      “The 1916 Paddy: Goood saave our graacious King, loong live…”

      • mike flannelly

        Thanks Grzeg.

        Does this mean that you believe 17% of the net average 440e take home pay is a real value base for a room in Cork, Galway and Limerick City ?

        In Galway during 1997 a 3 bed 65000 house cost 3.5 times the average 18000 gross income. A room then cost 55/ wk . A bit more than 21%.
        Less people rented and housing was affordable if you were diciplined.

        Today the 3 bed private house costs 7 times the average gross wage. The rent is still around 21% for workers.

        Does this mean that rent is actually better value today based on the costs of what you are renting than 20 yrs ago when our wise ones were not shouting CRISIS ?

        What is a rental crisis?

        Pay politicians 21000e more than the european average? Pay 40,000e pensions plus 60,000e pay to our self servants?

        A low income family rent crisis is about choosing to not provide state housing.

        We need to measure the rent crisis of workers.

        Michael Martin and Barry Cowen taking the high moral ground on a cardboard box of feathers.

        Fianna Fail backed bankers gave us the 350000e rental properties that were 10 times the averave wage and 40 times the monthly rents when rents fell. The 350000e 3 bed rental house in Galway is now 25 times annual rent of 14,000e.

        David is calling 21% a crisis today that wasnt a crisis 20 yrs ago.

        At least he puts a base on it.

        Or perhaps you could argue for 17%.

        Id like to hear the cost based argument for that one.

        • mike flannelly


          Fianna Fail gave us rental properties that were 40 times the ANNUAL rent when rents fell.

        • Grzegorz Kolodziej

          I am not sure if 17% is a real value base for a room in Cork, Galway and Limerick City – all I am saying is that housing is much less affordable now than it was in 1913; another thing which is worth questioning is how come the landlords/developers were able to make profit with rents so low, and they cannot with the rents so high? Here banking comes into place – cost of financing, mortgages, etc; also, regulations.

          Btw, bear in mind, Mike, that your are talking about a real value base for a r o o m – but I am not talking about rooms – an unqualified worker in 1913 could rent a f l a t for 17% of his wages, not a room. I do not have data for the rental room prices in Dublin in 1913, because it was unthinkable that even the poorest couple with a working husband would then nestle in one room, while subletting another room to supplement their income. I suppose that if someone wanted to rent only a room in Dublin 1913, it would be substantially below 17% of his wages.

          The only people that would live in a room where young housemaids, beggars, prostitutes, etc.

          But then again – housemaids would usually have these rooms for free, rather than worrying about DAFT or mortgages.

          Consider this: one unqualified man was able to feed the family of 10 or more, with no rent allowance, child benefit, etc.

          How much would you need to earn today to feed a family of 10 (some of these poor were even able to educate their kids)? – assuming that nowadays you have to spend money on commutting, car insurance, taxes are 10 times higher, etc? I suppose, around 70,000 per annum. So this is how our standards of living have declined compared to Victorian times.

          But people are unable to connect the dots nowadays, so it does not occur to them…

          • mike flannelly

            Thanks Grzeg,

            Good comments.

            Imagine teleporting in time 1916 patriots that see todays patriots in an era of 35000 avg pay overpaying themselves with 60000 pay and 40000annual pension costs while sick children have to get charity for some basic needs.

            The only Trinity measurement of any value as to the historical single worker accomodation costs is the 2002 Dublin single bedroom part of a house share at 400e gone up to 500e today. 25% over almost 15 yrs.

            In my memory the 1997 55 pounds/wk gone to todays 93e/wk.

            The shelter needs system seemed to work in 1997.

            Today the house costs are a crisis for median income families. FAILED bankers extra costs.
            ” We are deliberately over charging our customers with variable contracts” – they boast.

            To force people onto different fixed contracts is their excuse.

            Could you trust failed 2003 to 2017 Irish bankers not to add 3% to Irish fixed rates after your 3 yr fixed term?

            NO. NO. NO.

            As the old saying goes “TWICE BITTEN”.

            To add some balance for FF, it is FG that are in charge of the response to the 2003 to 2017 Irish “bankers” abuse.

            We need to review the appeal courts decision that seems to allow vague and unclear mortgage contract costs, plus contracts that are bias in favour of the stronger party to the contracts.

            Contracts that do not meet the needs and objectives of Irish battered bank consumers.

            What role has a silent Iolde Goggin to play when bakers boast about overcharging on variable contracts ?

            Rent(@ 21%) then is the same as todays 21%.
            But today its a crisis.

            Trinity call it a crisis.

            I dont want high rents but rents have to be fair on the person letting the 350000 private property . Especially the poor feckers with 2008 FF promoted Bankers 100% mortgages.

            If 21% is a fair rent “base”then it shows the extent as to the mortgage restructures required by Irish banks. Interest only till end of term or industry best practice split mortgages.

            Its up to us today to pass on affordable rents and shelter needs to the next generation.

            Its that or our economists, high cost politicians and self servants need to build “poor houses” for the next generation.

            The poor houses could be named after Irish economists and Irish politicians.

  4. Deco

    We need apartment complexes of 15 stories or more, with supermarkets, fitness centres, and public transport outside the ground floor lobby. And we need them as close as possible to Google, Intel, the IFSC (where there are already many such complexes). And cycle paths, and local parks beside them also.

    This will move the workforces as close as possible to the workplace. Think of the traffic reduction. Think of the productivity revolution, due to the more efficient allocation of time. Think of the ease with which workers will be able to handle their professional careers and upskill their productivity.

    That is what other competing urban investment destination do. And that is what we should be doing also.

    We are losing the competitive race for talent with the current “gombeen politics” that is dominating the four local authorities in Dublin. In particular DCC is heading down the road to becomming a rotten borough, thanks to the behaviour of it’s politicians.

    Last year it was the Web Summit lost to Lisbon. Next year it will be something else lost. And there are plenty of other cities queuing up for business.

    Currently it seems that Dublin is a one trick pony ( low, practically non-existent tax ) and that is it. It certainly is not Irish universities (who are nose diving, in an admittedly very suspect ranking system ).

    Many competiting cities do not have to deal with the nonsense that goes on in Dublin, and they will get tomorrow’s deals.

    Of course, that is not a priority to political machines, loaded with activists and careerists, who need core group voters, and who are eying the institutional state with it’s pensions, and position-holder opportunities.

    Ireland’s future is held to hostage to a collection of gangsters much worse than even the ECB. It’s homegrown gombeen politicians, and it’s machine cadres on the career path to living off the rest of us.

  5. “When something is broken, you have to try to fix it. Anything other would be reckless and irresponsible.”

    I am the government and I am here to help!!

    Laughable if not so sad.

    There is no analysis of the causes of the rental shortages/high rental structure. Therefore there is no workable solution can be presented.

    I suspect that previous schemes to “help”, imposed by government, are in fact the causes of the problem. Government help pilied on more help is likely the problem in the first place. too much government is never a good thing.

  6. Truthist

    There should be no rights for homestead Landlords.

    There should be no rights for homestead Tenants.
    In Ireland at least.
    Although, I am open-minded or un-decided about Landlordism for commercial premises.
    As outlined elegantly by me prior, & here just put in a 1-liner ;
    Every Citizen upon finishing with their rearing home, is immediately given from public property physically transferable Private Property space of fixed area & with range of reasonable heights that is in their name.
    Such a space allows such Citizen to have high quality unfurnished 3 bedroomed condominium in tower block of 20 + storeys AND seperate space for 4 wheel vehicle AND seperate space for storage & / or hobby work-shop AND Allotment space for practise of hydroculture.
    Such condominiums are to be build by the Irish State ; I suggest by the Irish Army with basic but fair wages to voluntary labor from citizens on national service.
    But, the establishment here would hate this idea lest it wake the nation up & get us to be positively nationalistic & efficiently AND economically effective.
    We need a Colonel Mummar Gadaffi ;
    He truly was a benign dictator ;
    This is the best form of govennance according to Aristotle.

    • Truthist

      Typo ;
      In Ireland at least.

    • I can’t imagine who is going to decide when I have finished with the rearing home property and then decide I must occupy another.
      I cannot imagine the nepotism, graft and corruption unleashed with such an idea. I would be living in a human anthill or beehive controlled by the matriarchal queen bee (ant).

      As I have often said I would rather go live in a tent on a river bank, or a boat on the seashore than a condominium/apartment block subjected to rules, regs and the whims of my neighbours.

      Next will be the forcible feeding habits imposed because of a shortage of food. The allocation of better food to certain ranks would not be far behind. The forced wearing of clothing because of the shortage of clothing, or perhaps because of a ranking order in society we wear a particular colour garb to make sure we stay in the allotted space and not some other.

      I’d hate to live in your perceived world.

      • Grzegorz Kolodziej

        “I would rather go live in a tent on a river bank, or a boat on the seashore than a condominium/apartment block subjected to rules, regs and the whims of my neighbours”

        Please, do not take this remark as my disagreement with you as to how we would like to live, but rather as an observation of life in urban Ireland share with you in good faith, with intention of informing you of something what you might not have noticed is the case in Dublin, because you live in Canada

        There is not doubt that each of us would like to live as independently as possible if you could afford it.


        Since Mr Ahern came to power, people living in houses – whether rented, mortgaged or even their own



        if they lived in apartments, they could afford to live in them ON THEIR OWN OR WITH THEIR SPOUSES


        Because they are struggle with mortgages/cost of living



        rather than living in a small apartment in a city centre with on their own or with their partners


        A middle income couple in Kraków (I am talking about middle, not poor or rich – so public servants or corporation workers) – on what would be consider here a very poor salary – HAS, DESPITE MUCH LOWER INCOME, MORE PRIVACY THAN many, many, many middle income couples in Dublin – because in Dublin they live in vast house THEY CANNOT REALLY AFFORD

        whereas in Kraków

        they live in small 50 square metre flats

        B u t

        ON THEIR OWN!!!

        They do not have to SUBLET


        they do not live in 150 square metre house they cannot afford, commuting 100k for 2,000-3,000 euro a year each!

        I am not theorising – I know such middle class couples both here in Dublin and in Kraków.

        Ireland is much, much wealthier than Poland – but most of its wealth is spent on things people do not really need, most of which they did not choose!

        • Grzegorz Kolodziej

          And, btw – according to OECD data, childcare cost is over 40% of an average annual income in Ireland

          The EU average is 12.5%

          Under the PiS government in Poland, it is 5%

          I am repating over and over again – we in Ireland do not have a problem with low incomes

          We have a problem with being forced to spend high incomes on even higher services

          And – this is Ireland’s tragedy – despite everyting being so costly, the quality of most of these overpriced goods (houses, transport, food) is very poor.

          So if most people in Ireland did not chose it, why they have to suffer it?

          Because THEY ARE NOT ORGANISED and the small, loud lobbies are organised.

          And they have the media!

        • It is similar in Victoria. Many sublet a room in their property or in their rented apartment in order to have enough to pay the rent / mortgage.

          for years know as long as I have been in and around Victoria, 45 plus years, there is an item in a house called the in-law suite.
          It is de facto an illegal rental tolerated by the zoning by law officials as long as there is no complaint. Thus a single family , zoned home, subtly converts to a two family home. It is even tacitly recognised by the mortgagees as the rent is allowed in the consideration of mortgage affordability.
          It used to be that 50% of the rent could be added to monthly income for that purpose. Recently it increased to 100%. The result was that the buyer could afford to pay more, the price of the house with a suite went up and there was another rental unit generated in the district. Car parking on the road was increasingly a problem. All the 14 municipal areas of greater Victoria have their own zoning bylaws so there are differences in different parts of town. Langford, actually brought in a zoning that allowed legal inlaw suites. Thus many people bought there. The land based was cheaper, the homes new and more affordable if also smaller. The average price is 850,000CAd or 600,000 EURO in greater Vict. The rent for a 1 bedroom 600 sq ft apartment is starting at 850/month or 600.EURO

      • Truthist

        Hi Tony,

        Ur points treated point-by-point :

        “… who is going to decide when :
        I have finished with the rearing home property
        I must occupy another.”

        It is easy to follow that I never said this or in any other words.

        As clearly understandable from what I said, upon leaving one’s rearing homestead — child leaving family homestead, child leaving institution / prison ? inter alia — that citizen immediately gets from public property / space into their name physically transferable private property ;
        This private property can be allocated to
        a piece of land unbounded by any structure above it [ e.g. part of open field ]
        inside a condominium block
        And, as stated before, a citizen can acquire another home but still retain their government endowed private property home “space”.
        “…condominium/apartment block subjected to rules, regs and the whims of my neighbours.”
        I never said “apartment”.
        And, clear from my description, the space transferred into a government condominium block would be a very spacious & high quality unfurnished condominium “space” / shell.
        The condominium blocks must be designed to be as independent & private as possible from interaction with other condominiums of same block.
        Also as evident throughout my writings, I am of same understanding as u about the menace of dik-tat of communist society system & other fascist society systems.
        And, it can be gathered in my proposal here & previously that I aim to safeguard the citizen from that hazard such that there is zero risk or minuscule risk of it being so.
        Yeah, u did highlight a particular example of how *Landlordism is crass”
        “Next will be the forcible feeding habits imposed because of a shortage of food. The allocation of better food to certain ranks would not be far behind. The forced wearing of clothing because of the shortage of clothing, or perhaps because of a ranking order in society we wear a particular colour garb to make sure we stay in the allotted space and not some other.”
        In the context that u are misunderstanding what I have been outlining in this discussion & previously with government endowment of public property to citizen as private property in their name as home, the above piece is just rhetoric.
        But, if I had said what u said I said — which I did not — it would be a very justified extrapolation.
        I note that u did not pick up on the horticulture allotment endowment part of the proposal.

    • Grzegorz Kolodziej

      Hi Truthist,

      I have just replied to you under the previous article. I hope this clarifies things. I am getting weary now on the Jews and camps subject… I am only replying for your information, but soaps and lampshades is not what I would like to write about – in fact, my favourite topics are philosophy, God and military strategies – but they are rarely touched on here.

      At the end of my comment I attached a song you will really laugh at…

      It is the most UN-PC song ever created in rock music

      In Germany you would be chased by the police for it


      Do not be surprised if some day Google blocks me for good!

      So please – away with the Jews topic for some time, ok? There is LIFE OUTSIDE beyond the Jews! Of coure I am talking about me writing – I’ll still read what you’ll write


      • Truthist


        Whenever I speak of Jews on this blog I always speak in a neutral way or in a very positive way.
        Same as u, I think very highly of certain writers who were born Jewish,
        Henry Makow
        Gilad Atzmon
        I would never speak negatively about Jews as I do about the Main-stream Media, the Banksters, the main Politicos of Washington & London, the Narcotics Kingpins, inter alia.

      • Truthist


        Whenever I speak of Jews on this blog I always speak in a neutral way or in a very positive way.
        Same as u, I think very highly of certain writers who were born Jewish,
        Henry Makow ; Not a saint in his younger years ; But, a good guy essentially ; And, now a great man ; Also a great “intellectually honest” writer
        Gilad Atzmon [ famous jazz saxophonist, philosopher ( big fan of German philosophy too ), & damn interesting writer ]
        I would never speak negatively about Jews as I do about the those pet-hates of this blog,
        the Main-stream Media,
        the Banksters,
        the main Politicos of Washington & London,
        the Narcotics Kingpins,
        inter alia.

      • Truthist

        Henry Makow of is a great & sincere philosopher on the subject of God.
        And, I gave to u already probably the #1 game-changer to-be in geo-politices,
        Khra Canal
        This would :
        by-pass the Mallaca Straits & Indonesia route — involving onsiderations for pirates, expense of fuel, expense of time, typhoon hazard, inter alia — for link between Indian Ocean & Pacific Ocean
        finish Singapore as precious powerful city state
        greatly empower whoever controls the Khra Canal
        allow China to leap beyond its present limitaions
        inter alia
        But, PROBLEMO 8-(
        “The City” of London has veto on the Khra Canal ever being constructed ;

        • Truthist

          Typo ;
          by-pass the Mallaca Straits & Indonesia route — involving CONSIDERATIONS for pirates, expense of fuel, expense of time, typhoon hazard, inter alia — for link between Indian Ocean & Pacific Ocean

          • Grzegorz Kolodziej

            “by-pass the Mallaca Straits & Indonesia route”

            This problem of freedom of navigation through the Malacca Strait and ways to circumnavigate it the most crucial problem in geopolitics, and I have always wondered why this has escaped David’s attention (i.e., with all that panicked talk about NATO’s war with Russia, which is very weary for me to listen to as it repeats theses from media propaganda of both sides, not from the actual military doctrines – nearly all the US military might has been geared – for more than a decade – towards a possible maritime war with China – should China block the freedom of navigation – NOT for the possible war land war with Russia).

            In fact, b o t h sides (US and Russia) want to maintain this “we will soon be dead” media hysteria to DEFLECT attention from the Malacca Strait. MOST of products each of us is not walking out without went through the Malacca Strait…

            What is the real bone of contention between the US-UK, Germany, Kaczynski’s Intermarium, and Russia/China (n o w Russia-China: there was a time during G.W.Bush when Russia allied with the US against China, and some day the reorientation may make a comeback)?

            From the tenth century, and perhaps earlier, it was always about the same thing – that the trade route between Constantinople and Novgorod would be controlled by the Normans.

            The rest of this – the Kalingrad escalation, the “we will soon have a nuclear war NATO-Russia bullshit for shmucks” are mere paraphernalia, or stage directions if you prefer.

            And it does not really matter if you are just Normans Normans or Muscovy Company or Donald Trump. These are matters of secondary importance. Like whether Constantinople is called Istanbul or differently.

            All that matters in geopolitics is that the trade routes are in the right hands and open.

            Their patency is to be guaranteed by the local caciques, who watch for the appropriate commission, and safe and smooth flow of goods.

            Of course, the trail is too important to remain long in the hands of the Normans, but they always play the biggest role (i.e. the only reason that we have powerful Prussia – which at some stage was the Albania of northern Europe, with its entire tax income lower than from one Polish custom duty – was because the English traders made it possible to f..k up the Intermarium (so Poland in first place – hence Poland was partitioned between Prussia and shortly allied Russia, and Austria).

            The whole history of what you call eastern Europe (and what we call central and eastern Europe) is A STORY OF FIGHT FOR CONTROL OF THIS PATHWAY.

            Poland and Lithuania were in the area, through which the trail ran from Constantinople to Novgorod branch of the Venetian banks.

            And therefore the whole Polish international policy was conducted so as to maintain at all costs the prosperity of these banks.

            The end of the power of Venice, meant the end of the Commonwealth of Poland and Lithuania.

            At that time (16th century), Russia – willy-nilly – represented the interests of London, and in the days of Peter, Amsterdam (here where the story of central banking kicks in).

            Cossacks and, depending on which Ataman was in power, represented London’s, or Paris’ interest. Of course, Germany had their own interest, and so did the Genoese. This is the right grid connections – the level of tectonic plates on which the Polish homes were located, where the Commonwealth’s fields and forests were spread.

            The important question today is – is Russia’s role as supervisor of the north-south route now definitively over?

            Is there any TD who understands the significance of these issues?…
            Probably not – as this comes to teaching history properly at schools, and this – on the British Isles – has been shallow (and Mr Tusk wanted to get rid of history from Polish schools!).

            Maybe kids are not taught history on purpose?

        • Truthist

          Sorry, wrong link.
          Here are relevant links :

          Result from Google search terms ;
          kra canal AND implications

  7. Truthist

    Relevant ;
    Trump’s new Secretary of State pushed for open homosexuality in the Boy Scouts

    Boy Scouts Of America , Donald Trump , Exxonmobil , Homosexuality , Rex Tillerson

    December 13, 2016 (LifeSiteNews) – President-elect Trump’s choice for Secretary of State, Exxon-Mobil CEO Rex Tillerson, pushed as former Boy Scouts of America national president for the Scouts to accept openly homosexual boy members—a capitulation that led millions of Americans to abandon or question their support of the youth organization.

    The BSA’s embrace of homosexuality was viewed by social conservatives as contradicting the organization’s historic Scout Oath for boys to be “morally straight” and “do my duty to God,” and honor the Scout Law to be “reverent.”

    The pro-homosexual shift outraged social conservatives and led to the formation of a number of new alternatives to the Scouts, such as Trail Life USA, which is “unapologetically” Christian in its core values.

    Tillerson, an Eagle Scout, served as National President of the Scouts from 2010-2012, but reportedly pushed for the pro-homosexual policy while serving on the BSA’s national executive board in 2013, when the Irving, Texas-based organization—in a national vote of its councils—approved the policy allowing openly homosexual members.

    The new policy, which went into effect Jan. 1, 2014, reads: “No youth may be denied membership in the Boy Scouts of America on the basis of sexual orientation or preference alone.” A subsequent policy change last year allowed openly homosexual adult men to be Scoutmasters, while allowing local Scout Councils to opt out and set standards according to their moral beliefs.

    Tillerson is quoted in the BSA’s Scouting magazine as responding to the vote allowing homosexual Scouts as follows:

    Regardless of where you were on this decision, it’s also very normal for people to feel like there are winners or losers. I’m here to tell you that’s not true. … There are neither winners nor losers. What’s left after we made the decision to change is the mission, and the mission has not changed.
    Conservative writer and former Boy Scout Timothy Birdnow, in an article today titled, “Tillerson’s Assault on the Scout,” responded to the Exxon executive’s remarks:

    So resistance to change is tied not to a moral absolute, but rather to a lack of understanding, and there are no ‘winners or losers.’ The boys lost, but Tillerson fails to see it.

    How is opening an organization that involves young boys in close proximity to open homosexuals in the former’s best interest? Will Tillerson next seek to recruit hookers for them? These are boys in their early teenage years, after all, and as such, one must question their self-identification as homosexual. If they do fall into that category, the purpose of an organization like the Boy Scouts is to lead boys away from such things.
    The Boy Scouts’ shift toward homosexual advocacy was especially bitter for American pro-family advocates since the Scouts—in the 2000 BSA vs. Dale case–had already won their right through the U.S. Supreme Court not to hire adult homosexuals, based on their First Amendment freedom to live by their own moral code.

    The BSA has had a problem with sexual predators as homosexual Scoutmasters—exposed through a lawsuit that forced the release of a portion of the BSA’s so-called “perversion files.”

    Exxon goes “gay”

    Tillerson’s corporation, Exxon-Mobil, initially resisted adopting broad homosexuality- and transgender-affirming policies advocated by LGBT activists. This led liberal “gay” groups like Human Rights Campaign to target Exxon-Mobil for protests.

    Thus Exxon became a part of the corporate “culture wars” as conservatives would go out of their way to buy the politically incorrect company’s gas, while homosexual activists and their liberal allies would consciously avoid Exxon stations.

    However, Exxon now has an 85 percent ranking on HRC’s 2017 “Corporate Equality Index,” the organization’s self-serving guide for scoring major corporations on LGBTQ issues and philanthropy. That score is up from 25 percent in 2013.

    Human Rights Campaign charged that Exxon-Mobil shifted its homosexual-related policies only to become eligible for federal contracts–after President Obama issued an executive order mandating that the federal government only do business with contractors that have explicit pro-LGBTQ nondiscrimination policies.

  8. Deco

    The two gangster parties on the opposition (green jersey, and green beret) have stopped Coveney.

    They want rent controls across the country. Where are the personnel to police the entire country ? More jobs for FF and SF party hacks on the local authorities. Madness.

    We are going to have too many people policing the market, whilst there are too few expanding the market supply.

    FF could not police the banks. How do the propose to police residential rent ?

    And SF are not fit to police anything ( though seem to have designs on policing certain communities in NI in case anybody goes too free politically ). And SF will not allow anybody policed them in any way.

    Yet they too want to try moral posturing and policing.

    FF and SF are both economically bonkers.

    People of Ireland – there is your problem. You voted in clowns. Now you have a circus.

  9. Grzegorz Kolodziej

    For the readers abroad (so the majority, I suppose?) – this is my text published in yesterday’s Indo, which answers one of the comments of our readers that I thought I’d like to answer in a wider circulation (this – that the reader who asked that comment might be living abroad and have no access to Indo – is the reason I am copying and pasting it, which I almost never do – even though I publish something every month in various countries – as I think it’d be unfair to the newspapers):

    “The article “Ireland named amongst world’s top ten countries for tax dodging” (December 12, 2016) refers to Oxfam report, in which Ireland is named as the sixth-worst country for helping corporations to cheat their way out of billions of euros in tax bills each year. I beg to differ – according to “50 Shades of Tax Dodging” report, Germany is the second biggest tax offender in the EU, with Luxembourg the worst, and Ireland ranked only 10th.

    German corporations cheat on taxes on a massive scale, often by transferring all their profits to subsidiaries (especially in eastern Europe: their biggest and most important export partner in the world). However, as Germany is the real decision making centre in Europe, this fact rarely gets any publicity.

    Sometimes though the truth comes out: in September 2014, a court in Athens found that Hochtief, a German construction company running Athens International Airport, had avoided paying VAT for 20 years – while being a member of the International Partnering Against Corruption.

    As Oscar Wilde once said: “How clever you are, my dear! You never mean a single word you say.”

    • coldblow

      Grzegorz, did they print that? I would not have thought they would! I am half way through Booker’s history of Britain in the EU, appropriately titled ‘The Great Deception’, and there are lies and power politics every step of the way, as far as I can tell.

      • Grzegorz Kolodziej

        Dear Coldblow,

        If you are surprised that they printed that, look at what else they had printed in the past (they even put a picture of Warsaw in ruins after the last German EU project).

        “Greek PM Alexis Tsipras has reminded Germany how its debts were cancelled after WWII (in June 2011 the historian Albrecht Ritschl stated in his interview for “Der Spiegel that “with the exception of compensation paid out to forced laborers, Germany did not pay any reparations after 1990, and neither did it pay off the loans and occupation costs it pressed out of the countries it had occupied during World War II”).

        It is an extremely hot potato because Germany owes even more to Poland (conservative estimates calculate the loss of 84pc of Poland’s infrastructure and 16.7pc of its citizens as the equivalent of $845bn). The German government hides behind the fact that in 1953 Poland announced that it would unilaterally waive its right to war reparations, but they conveniently forget that this was only in relation to East Germany and provided that in the event of a reunification, the issue of German reparations payments from WWII would be newly regulated. Is there a way out of this conundrum?

        In 2005 Mr Jaroslaw Kaczynski magnanimously proposed the so called “zero option” – both countries waive all claims; however, this was rejected by Chancellor Merkel. Immanuel Kant claimed that nothing “can be held to be good without limitation, excepting only a good will”. German politicians are preaching Europe solidarity only when it suits them – I don’t see it as a gesture of good will.”

        To that, I received a few public responses that went on till the next week, some wise, some less wise, and one really viscious and full of historical inaccuracies, which came – I took pains to track him – from an Irish Army officer (as far as I remember, in his 50s and living in Kingstown).

        As I do not really see why the Irish army, state, or Irish people would be for or against Germany paying WWII reparations to Poland (I think the opposite is true – the Irish Army are keen to recruit some Poles, and I have never personally met with any hatred towards the Poles from them, on the contrary), and especially I cannot see why they would go SO emotional about informing 200,000 people in Ireland that Germany did not pay them, I can only propose a working hypothesis that, with over 3,700 staff in their budget working abroad, BND must have really long hands.
        We could see that in Austria.
        1. Hofer wants Austria to join the V4.
        2. Election is rigged in Austria.
        3. Then there is no election.
        4. Delayed by a few months because… they used the wrong glue (this is why I did not place a bet on Hofer – I thought that Germany simply cannot afford Austria to leave Mittel-Europa and join V4 – because that would set ground for building Via Carpathia and thus end German domination in Europe).
        5. Hofer leads in the polls (which – remember! – are always underestimating the populists).
        6. Then he loses.

        And, as you can guess, I do not think that I would be the most liked person on the German embassy list.

        In fact, since I published that thing yesterday, I have been experiencign constant hacking attempts on my computer…

  10. Mike Lucey

    “We need a Colonel Mummar Gadaffi ;
    He truly was a benign dictator ;
    This is the best form of govennance according to Aristotle.”

    Mmmmm, you could be right as long as some form of Direct Democracy is also in play.

    • Grzegorz Kolodziej


      The best form of governance according to Aristotle was politeia.
      Politeia is not a benign dictatorship – politeia is a mixture of democracy and aristocracy, where no element has a clear advantage and they all balance each other (bear in mind that aristocracy did not mean “rules of the bloodlines” for Aristotle, but more like “rule of the most talented with the best character”.
      For Aristotle, politeia was impossible if there was no middle class of owner. Nowadays, we do not have middle class of owners, because all – cars, houses – is owned by the banks (that would have been usury for Aristotle).

      Systems degenerate, according to Aristotle, when you give people goods and services they do not deserve.

      Plato was not in favour of a dictatorship either – Plato was in favour of monarchy, and monarchy is not a dictatorship because it is ruled by law.

      Btw, we had a man from Libya taking floor once here on this blog – he responded to Tony, and he pointed out how all this stuff that Gadaffi was supposed to be given to people was only given to his cronies.

      Still, Libya was probably one of the best places to live in Africa (Libya had basically its entire transport system built by the Poles in the 70s).

      And it was not America’s fault in first place the place was bombed (the US took over many countries, but I have noticed that virtually every invasion for the last 30 years is here on this blog blamed on the US because people do not bother to check in primary sources, but only quote Sputnik, RT, etc) – it was FRANCE’s FAULT in first place. Sarkozy borrowed money from Gadaffi for his election and did not want to repay it, and this is how the Libya bombing started. And Gadaffi warned Europe that if we remove him, he’ll flood Europe with Jihadists.
      And Greece HELPED him in that plan in revenge for Germany plundering Greece, after Greece has stolen money from the rest of the EU in bogus subsidies – and this is not a conspiracy, I am referring to what Greece’s own foreign minister has said: so I could never understand why there was so much love for Greece on this blog and from David (apart from the fact that their culture was intellectually most advanced ever, but they had different racial component back then).

      I tell you what: my friend went to Greece and was walking around in a T-shirt with the EU with featuring Che Guevara and a red star instead of blue stars. And everywhere he went, he was applauded. In was not until later that day that it dawned on him that he was not applauded because people thought that the EU is a bad a communism, he was applauded because people thought HE WAS A COMMUNIST.

      Greeks have never, as a society, carried out any self-reflection on them as a society and asked themselves as to why they ended up in such a big shit (that’s visible even in their documentary programs, where they blame Germany for everything – even though they only are in the EU only because Germany agreed to France request to accept their fake economy data, for Greece’s economy, if it was not for subsidies, would be today similar to that one of the Ukraine), and they are, in general, arguably the dumbest nation, or one of the dumbest nations, in the EU (even PISA results would lend support to that), who only blame foreigners for their troubles – never the system they have chosen of their own volition.

      Does noone here remember the calendar of events (how Greece was accepted to the EU communities because France wanted to have its own colony, how the Germans and Greeks were doing fraud together, how France triggered Libya invasion, how they blackmailed Europe with Jihad), really?!

      • Grzegorz Kolodziej

        “featuring Che Guevara and a red star”

        Actually, it was not even Che Guevara that they were applauding to as I remember now from what he told me. It was an EU flag with a red star and a hammer and a sickle.

      • It is not the lending of money that is judged to be usury but the charging of interest on that loan.

        Aristotle on usury
        July 13, 2010 by FauxCapitalist
        Aristotle, one of the fathers of Western thought, wrote in his 350 B.C. work, Politics, in Book One, Part X, that usury is the lending of money at interest:

        “The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of an modes of getting wealth this is the most unnatural.”

        Today, usury has been taken to mean the lending of money at some arbitrary “exorbitant” rate of interest. Traditionally, however, it has been viewed as the lending of money at any interest rate.

        • Grzegorz Kolodziej

          Of course you are right, Tony – I did not mean lending itself either, but charging interest rates – and I am glad you inserted these quotes from Aristotle.

          Coming back to problems I have been having with my computer for last 24 hours, it looks like I have them only when I am going through Google, which I am now unable to use (maybe that’s good because Google wants to know to much on you).

          Considering censorship of patriotic websites on a massive scale that Facebook is guilty of in Poland, I wonder if perhaps some informations I shared for the last 24 hrs r e a l l y pissed someone off – on Germany, or maybe those on Holocaust under the previous article?

          I encourage everyone to check the “5 reasons not to use Google” article.

          • That is not my problem yet.
            I had two threads where I received email notices of blog entries. It had been absent over a year but the last month is absent again.
            If I miss a reply from you it is because I was unaware of it. I have to scan all 89-150 entries occasionally just to find the relevant entry if indeed it is there.

      • I remember distinctly that Saddam challenged the Petro dollar by threatening to sell oil in EUROs. Within six months he was dead.
        I remember distinctly that Gadaffi said he was going to implement a new gold based currency for \africa. He said it would be based on the ancient islamic coin the gold duram. Within six months he was dead.

        I distinctly remember reading 20 years ago or so that the the US had a plan to invade 8 (I think it was) Middle East countries. This astonished me and I could not believe it. i was still imbued with the positive notion of a benign US working to support the good things in the world. They were the cowboys wearing the white hat.

        Since then I have learned a few things and watched the invasions and destruction of one country after another. there is an evil cold clammy hand around the heart of US policy.

        It is the world dominion sort by the bankster elites who have introduced the central banking system to the world over the last 300 years, and particularly the last 100 with the grip tightened over the last 20.

        If the central banking system that is debt based and usurous is not replaced there is no hope for the world. My constant refrain is and will remain that if the people do not wise up regarding the banking system and remove it then there is no hope of any other improvement in their life. And that included the escalation of rental charges for accommodation that is a world wide problem and not particularly Irish.

        • Grzegorz Kolodziej

          Not particularly Irish in a structural way – but you do know, Tony, that – the last time I checked, people of Ireland were, per capita, THE MOST indebted country in the WORLD (according to Nationmaster) – 10 times more than Americans (and you know how much they are indebted)?

          “the people do not wise up regarding the banking system”

          Yes, but Tony – even if people do wise up, what can normal people do? You are paid into banks, you need to use the banking system to buy the most stupid thing – so unless the system collapses, I do not think that wising up would do much.

          And now they are trying to introduce the cashless society. This is dangerous as fuck – this would be 10 times worse than the system that we are in: they would know about all of your purchases and activities.

          And do you know what is the only country in Europe that is sticking to cash, while promoting cashless banking operations in other countries? Germany – though that’d be hard after the Deutsche Bank collapses.

          • The point about the wising up is that the politician who tries alone cannot succeed. Only with the backing of the people can a change be made. Rather than abandon the idea it is incumbent upon those that are aware to enlighten others thereby enlarging the knowledge network until a critical mass is reached.

            Going cashless will kill the economy. While in Mexico we had three occasions where the visa card did not work on the machine. The machine was the fault and not the card. Having cash on hand the deal was completed each time.

            If a country goes cashless the black market will adapt to provide an alternate money. Perhaps it already has in the like of bitcoin but again I do not trust the electronic totality of bitcoin however well it may operate. Bags of pre 1964 silver coin my flourish. Or even silver bullion coins. Or a reversion to bills of exchange as in the Real Bills doctrine suggested by Antal Fekete. Even a neighbourhood printing press producing certificates that circulate.

            Using banks and being paid into banks is no problem as long as sound money principles are used. What has to be abolished is the central bank and its systems, and fraction reserve practices of the chartered banks.

            Thirdly legal tender laws need to be abolished and a parallel PM based currency allowed to circulate alongside the fiat.

      • Truthist

        Thank u for correcting me on Aristotle’s view as to best form of government.
        When posting what I said, I had my doubts as to its veracity ;
        I should have researched ahead of posting.
        Mea Culpa

    • Tull McAdoo

      We have Pascal Donoghue…..a benign bo…x

    • Truthist

      Very good in theory ;
      But the leadership does not have the courage of their convictions.
      Granted, there is evidence of Ben Gilroy successfully facing up to intense harassment from the “Sherrifs of Nottingham” in Irish State.
      But, … :
      Ben Gilroy is big strong man who should be very “cumbersome” for his intending assailants
      Ben Gilroy — in so far as is known by general public — only came to assistance of the biz class faced with evictions ; Not to the lowly tenants faced with eviction & theft of their deposits.
      Ben Gilroy undermined the credibility of himself & DDI by supporting Sean Quinn when Sean Quinn is far from innocent even though Anglo Irish Bank crooked him.
      Again, Ben Gilroy & DDI should be focused on helping “directly” the underclass ; NOT THE SELFISH BIZ. PERSONS ON THE MAKE WHO ARE NOW SOMEWHAT ON THE RACK
      Fianna Fail, & Sinn Fein, & Labor, & Fine Gael, & Irish Secret Service / Garda-Landlords-Landlord-Gardai surely have successfully have infiltrated & surveilled DDI ;
      Well, they would have done so if DDI is / was 8-) any good.
      “The majority are often WRONG”
      BUT, … BUT, SUPER BIG PROBLEMO 8-( 8-(

        • Truthist

          Michael Collins would know immediately what I meant.
          Please develop ur imagination.
          Come to think of it, Vladamir Putin would be a great practitioner of “cumbersomeness”.

          • My imagination wonders what you actually mean many times, as there are often several options. My imagination is the least of my problems.Try being more specific and I would not need my imagination to understand what you try to impart!!

            Besides which the Ben Gilroy I have met and watched on U-tube does not in anyway use his size or bulk to threaten or deter but rather uses words, information, argument and knowledge as his ammunition.

          • Truthist

            Again, u wrong me.
            Again, u are playing games.
            On the “safe” issues of Sound Money & Banksters Scam Bundle ;
            I am very specific & clear.
            In fact, I am the most so on this blog.
            Although, u are quite good in that department.
            On the “brave” issues pertaining to my native shore [ of which u are NOT ] ;
            I am very specific & clear.
            In fact, I am the most so on this blog, & u are not of that character whatsoever.

        • Truthist

          How about Ben Gilroy representing a Tenant of a Bedsit ?

          • So you hold that against him!!!?

          • Truthist

            When are u going to come over to defend + improve the lot of the longstanding totally abused Tenants of Bedsits on the shore of Ireland instead of just indulging urself in the “safe” issues of Sound Money & Bankster Scam Bundle ?
            And, when are u going to come over to defend + improve the lot of the “homeless + roofless” on the shore of Ireland ?
            Physical protection is a prime issue for such Tenants.
            And, the body whom Ben Gilroy states that he much admires — The Gardai — are very much aggressors + assailants + law-breakers AND with impunity against the equivalent of the Spailpin Fanach of today in Ireland :
            Bedsit Tenants
            Homeless + Roofless.

  11. Thomas_T

    So much for the housing vision for Ireland they have already put in place actions that are counter to his.

    Government Vision: “Every household should have access to secure, good quality housing suited to their needs at an affordable price in a sustainable community, that is the Government’s vision for the people of Ireland” taken from

    The new rent plans whilst having the potential to alleviate some of the pain in an immediate problem indicates that we are happy for people to have an ever increasing share of their income spent on paying for some where to live. We should be looking to drive down the costs of living in homes. Instead we are accepting a rate of increase that is well above inflation. You wouldn’t do this in business why do we accept that its ok to do with our public purse.

    But should I be surprised when the ‘What’ which the government is trying to complete has nothing to do with the cost of home ownership.

    Government: “What is the Government doing to deliver sufficient homes for all the people?
    > Providing social housing supports for people who cannot afford to provide a home for themselves.
    * Providing an environment that encourages builders to deliver houses for people who wish to buy their own home.
    * Ensuring that the building of houses is to the highest standards and is built in areas where it is needed
    * Improving the quality of rented housing and strengthening tenant and landlord protection
    * Providing housing support for vulnerable people
    * Supporting and building strong sustainable communities”


    Considering our population density its a fundamentally solvable problem. We need to have an action plan to deal with the fundamentals.

    The actual cost to our generation and the generations who will come after us is too high. Imagine the good that we could do if the money/time/stress we spend on property which to date we have delivered on badly was spent on the activities that we are actually good at as a nation e.g. being innovative citizens of the world bringing technology, culture and a way to live in an ever more complex world that could provide leadership to the world on what it means to enjoy life. Leadership which the world needs now more than ever.

    Appreciate that their is allot of commentators on this forum but would be great to see more action being taken to work an answer to these challenges – David any chance you could get a crack team together with an agile delivery mindset and propose real actions that might address the fundamentals? We need the best minds to start to take an action focused approach to helping the nation with its challenges.

  12. Pat Flannery

    When David writes about Irish internal policy issues his economics training serves him well as in this article, but when he writes about the EU, the UK or the Euro he invariably loses the plot and becomes a mere ideologue.

    I was glad today to see him encourage an Irish Minister, Simon Coveney, who is genuinely trying to craft an effective housing policy. That is what we should all be doing here. I wish Coveney well and agree with David that it is better to try something new than do nothing.

    • The best way to lower the cost of housing is is to raise interest rates to “normal” levels. This will eventually happen, but the expansion of credit by the central banks and their commercial brethren over the last ten years has seeped and continues to seep into the mortgage market. Ever lower interest rates increased demand and thus drove up housing prices. Consequently the cost of rentals rose too.

      This is a result of monetary inflation or increase in the money supply.
      As this is a world wide phenomenon, perhaps it can be reversed by a rising interest rate around the world.

      Of course if we were using a sound money system this would never be a problem in the first place. Using unsound money has disastrous implications and results, and not just in the housing market.

    • Grzegorz Kolodziej

      Hi, Pat.

      Any thoughts on the reasons and solutions to the housing crisis I identified above, Pat? I think that we need something like a national discussion.

      Mind you – all of these solutions are only wonderings what is a lesser evil, and certainly houses built by the state has its huge downsides too (i.e. that while it may be a solution for some people, it might at the same time make some other peoples life even more expensive = worse).

      P.S. Just 2 short remarks.

      1. Even though he devoted so much time writing about Brexit and Ireland-UK trade, David actually very rarely writes about the structure of the economy of the UK (so rarely I struggle to remember when he did the last time).

      He mainly wrote about how Brexit would affect Ireland, which is of course the perspective he should have. I.e., he never referred to Mr Carney increasing UK’s competitiveness by halving the cost of finance (so I do not even know if he thinks that was wise or not, or wise but short lived), which, if you ask me, was pretty desperate from Mr Carney – for the post-Brexit UK (will they even leave?!) was supposed to be, according to UKiP, competitive thanks to abolishing CAP and deregulating – NOT THE MONETARY TRICKS that are not a systemic solution.

      2. This is me thinking outloud – for someone that you suspect that is paid by the Brexemians, it does not make sense that at the same time David is for the united Ireland (he is even more for the united Ireland than me, because I am also for the united Ireland, but I am afraid this would prompt foreign powers to use that event to destabilise Ireland and, maybe, trigger a civil war – hence I think Ireland should have a strong army. So that would not fit into your “David the England’s voice” hypothesis.

      • Pat Flannery

        Grzegorz Kolodziej: re your question: “Any thoughts on the reasons and solutions to the housing crisis”.

        I can only answer that question in a general way. The art of politics is to craft a policy that will fix a social evil or create a social good. It starts with a thorough understanding of the policy tools available within the existing legal structure of a jurisdiction and choosing the best tool for a particular purpose.

        What is the best policy tool for managing housing and does Ireland have it?

        In my opinion the ONLY tool for implementing a housing policy is an “ad valorem” property tax and Ireland does not have it. The Irish housing crisis will therefore remain intractable until a real “ad valorem” property tax is fully implemented. Only then will the Government be able to exert the control so notably lacking at present, with the current disastrous results.

        • So tax the market results that occur because of other government actions. Will that encourage other builders to provide new product?
          “I am the government , I am here to help!!

          • Pat Flannery

            Tony Brogan: the cure for bad government is not no government.

            Advocating “no government” is as self-destructive as the Christian Scientist belief that all sickness can be cured by prayer. Ronald Reagan’s famous phrase mocking government and urging blind belief in free markets, is similar to a Christian Scientist mocking modern medicine with “I am a doctor and am here to help”.

          • Grzegorz Kolodziej

            “Advocating “no government” is as self-destructive as the Christian Scientist belief that all sickness can be cured by prayer.”

            I have not come across such Christian Scientist, but there is a whole un-Christian, leftist study field called “genderism” – subsidised by us – which has a denial of biology as its supersticious dogma (all difference between sexes are to be brought about by culture).

            One such anti-Christian, leftist “scientist” has even publically stated that in in homosexual “families”, more children are born than in heterosexual.

            “Ronald Reagan’s famous phrase mocking government and urging blind belief in free markets,”

            I am not interested in what politicians say, I am interested in what they do.

            Yes, he did say that – and then he increased the government spending from President Carter’s 27.9% in 1980 of GDP to 28.7% in 1988.

            The budget for the Department of Education, which he promised to abolish along with the Department of Energy, has more than doubled to $22.7 bn.

            The price of farm programs went from $21.4 bn in 1981 to $51.4 billion in 1987, a 140% increase (plus the $4 billion “drought-relief” measure).

            His budget cuts were actually cuts in PROJECTED spending, not absolute cuts in current spending levels.

            As The Greatest US President of the 20th century after to Woodrow Wilson put it,

            “We’re not attempting to cut either spending or taxing levels below that which we presently have.”

            Anti-Christian science = “I believe in what I want to believe, and I do not bother checking the facts”

            What is a Christians science anyway? There is only good science and bad science, and there good scientists who are Christians (like almost all greatest scientists in physics and mathematics), and there are good scientists who are not Christians.

            And then there are bad scientists (like Richard Dawkins, who could not answer my simple question for 45 min, and then he censored my debubking of the logic of his main argument on his website).

            All these confabulations about Christian Scientists remind me of the Nazi beliefs in the “Jewish physics”, or “the Jewish chess”.

          • I see Pat.
            Some years ago my son aged 8 came to me with a question. He had read a letter to the editor I had published and the responses to that letter.

            ” Why do people say you said things that you did not. And why do people change what you said into something else. Why do people do that?

            My answer was simple.” People only see what they want to see, and they only hear what they want to hear.
            Only believe a half of what you read and a quarter of what you read. Always get a second and third opinion and then the truth will reveal itself to you.”

            Never have I advocated no government. You invented this assertion. Because too much government is bad does not equate to no government being good.
            I do believe that the least government is the best we can do.
            I have said before that a government big enough to give you all you want is also big enough to take away all you own, including body and soul.

            Now how about you justify the position you have taken on the Ad Valorem tax? How will this in any way lower housing prices and rental costs?
            I repeat, Will that encourage other builders to provide new product?

          • “quarter of what you read” = quarter of what you hear.

          • “Government is not reason, it is not eloquence, it is force; like fire, a troublesome servant and a fearful master. Never for a moment should it be left to irresponsible action.” … George Washington, 1st US president (1732-1799)

          • Grzegorz Kolodziej

            “Never have I advocated no government. You invented this assertion. Because too much government is bad does not equate to no government being good”.

            Here are my arguments to support your statement, Tony:

            Furthermore, after years of analysing the legal, economic and military structures of various empires (there have been over 80) and states, I have noticed one regularity: those states who have overblown governments, usually are weak in three areas into which are the state’s main purpose: army, police and the system of justice;

            and vice versa – the states where spending is rougly limited to army, police and courts, are strong in these three areas.

            Why is that? It’s a complex matter, but take legal systems: the more laws there and state spending there is, the more opportunity for corruption there is.

            Or take the US or the UK – and see how big and efficient army they had when their public spending was small, and how ridiculously overpriced and overstretched army the US has (they lost in Vietnam, for Christ’s sake!) when their state spending is enormous (especially if you consider debt as future state obligations).

            Another very good example is Austro-Hungarian empire – Poles from Galicja have some sentiment to it as it was the least worse of all the occupiers in 19th century – but the Austro-Hungarian empire had the highest taxes, and massive flight of people to the US as a result.

            And what happened to the Roman Empire when they went overblown?

            To that someone might say that there was a laissez-faire system in Ireland and yet there was a famine.

            Well, that’s bullshit though, because first of all, because laissez-faire was for the English: Ireland did not have laissez-faire, but things like Navigation Act – whatever the Irish started to produce, the Brits would tarrif it, until the late 19th century – when PRUSSIA started to threaten the British Empire, and Britain could no longer afford treating the empire’s periphery peoples like shit – so they introduced laissez-faire for Ireland too – and Ireland started to grow faster than England (had Ireland been the centre of the empire, like in the second half of the first millenium when the Irish ruled the primitive and savage Picts, maybe Britain would have had famine, and they would resent the Irish, waving the victim scripts?);

            and secondly, the nature of the empire is that it’s colonised parts play a second fiddle, because it’s not in the empire’s centre interest to allow them to become technological/intellectual centres – that’s why I am against Poland being part of the German Mittel-Europa and Grossraum plans.

            Mind you, contrary to what some might think, I am not NECESSARILY against Poland or Ireland being in the EU – but I am against them two being forced to be there ON GERMAN CONDITIONS: as cheap labour/dumbed down consumers of trinkets.

            What is the German vision of the EU in one sentence?

            I would phrase it as this: to make all EU countries integrated with and with their markets open to Germany, WHILE AT THE SAME TIME UNABLE TO COMPETE WITH GERMANY.

            My vision of the EU (I do not care if it’s called the EU or Hanseatic Legue) is THE OPPOSITE:

            AN AREA OF FOUR FREEDOMS WITH MOST POWERS RELEGATED BACK TO NATIONAL PARLIAMENT, STRONG NATIONAL ARMIES, AND WITH MARKETS OPEN TO EACH OTHER (and not only to Germany – Germany and France forced Poland to open its market in the 90s to them before they opened their markets to Poland!), COMPETING WITH EACH OTHER – INCLUDING CURRENCIES (no privileged position for Germany like currently, where all crucial economic decision of all EU finance ministers having to be rubberstamped by Head of the EuroGroup (nominated by Dr Wolfgang Schauble) and Head of the Euro Working Group).

            The main question is actually NOT whether Italy/Ireland/Poland stay in the EU: the main question is whether they WILL BECOME PLAYERS OR WHETHER THEY REMAIN SUBBIES.

            Do not blame Berlin for Dublin not having politicians able to think 50 years ahead!

            P.S. One excerpt from Polito profile Mr Kaczynski struck m as confirming what I have been saying to you all along as to how Ireland should play in the EU:

            “In his tangles with Brussels so far, score it for Kaczy?ski. The Commission criticized his party’s moves to overhaul Poland’s constitutional court and media sector. It was ignored, and its attacks handed the wily Pole a propaganda gift at home. The nation state “is the only institution able to guarantee democracy and freedom,” Kaczy?ski told a group of leading European newspapers.”

            So there is something to PLAY for among the stronger, and I think this is a lesson for Ireland.
            One of Mr Kaczynski’s political blueprints he once mentioned in public is Gen. Charles De Gaulle – Mr Kaczynski said that De Gaulle showed how to deal with stronger players while warming France’s hands above the embers of each fireplace (his meeting with Mr Guiliani only confirms this).

            There is another article on Mr Kaczynski from their website:


          • Grzegorz Kolodziej

            Ok, Pat, but from what I see on their website, they talk about prayer and healing as complementary to medicine, not replacing medicine – as genderism wants to replace biology.



            P.S. “I can only answer that question in a general way. The art of politics is to craft a policy that will fix a social evil or create a social good. It starts with a thorough understanding of the policy tools available within the existing legal structure of a jurisdiction and choosing the best tool for a particular purpose.”

            I subscribe to your approach 100% Pat.
            But I do not agree with you on the ad valorem property tax – this will be just transferred onto tenants and mortgage payers.

            Better start would be my points:

            “1. Fed and ECB should raise the interest rates to a normal level of 5%. I know, short term this would screw the tracker mortgage payers, but eventually (within 2 years max, probably immediately) house prices (thus rents)will go down dramatically.

            2. End of the living-over-the-shop scheme”

            Can I just provoke you a bit with no intentions of offending you, and see if you’ll take a bait ;-)?
            I have been reading your posts for a few years and I find it interesting that with all your criticism of Mr McWilliams’ role at the bank guarantee, you have never said a bad role about Sinn Fein’s role at the banking guarantee (they voted for it, as they voted in the EU Parliament to make their expenses secret)?

            We can have ferocious debates here while still respecting each other (I hope)…

          • Grzegorz Kolodziej

            bad role = bad word

          • Pat Flannery

            Tony Brogan: of course an “ad valorem” tax will not lower housing prices, rental cost nor encourage builders to build more houses. That is not my position. It is that an “ad valorem” property tax is the ONLY government tool for implementing a housing policy and Ireland doesn’t have it. It can be used to BOTH dis-incentivize and incentivize development. That is why it is so powerful.

            Even Bertie Ahern admitted that if such a property tax had existed as a DIS-INCENTIVE the Irish building bubble would never have happened. Borrowers would not have taken the easy money offered by banks to build the tens of thousands of obscene-sized MacMansions that now dot the countryside if those borrowers knew they would have to pay an “ad valorem” property tax on their showy MacMansions.

            Equally a government can use an “ad valorem” tax as an effective policy tool to INCENTIVIZE development e.g. a future tax income stream can be used to finance desirable development. We used the concept very effectively in California under our Redevelopment Law. We used a financing technique known as “tax increment diversion” to cure blighted neighborhoods, issuing redevelopment bonds.

          • Grzegorz Kolodziej

            Pat Flannery,

            A quick question coming from my reflection on the tax increment diversion financial instrument: would this technique not result/did it result in pressuring for higher taxes imposed by local governments, in order to make up the shortfall from their frozen tax revenues (while increasing money supply for things like shopping malls and hotel, thus contributing to a property bubble by creating the inflationary pressure)?

          • Pat Flannery

            Grzegorz Kolodziej: I am not advocating tax increment diversion per se I just give it as an example of how an “ad valorem” tax can be used to incentivize good development or dis-incentivize bad development. Governor Brown recently discontinued tax increment-based Redevelopment Areas in California because of some of the undesirable outcomes you mention.

            As a longtime policy wonk I have learned that the most difficult part of designing a public policy on any issue is anticipating how it will inevitably be perverted and exploited by the greed brigade. But doing nothing is rarely the best option. Not having an “ad valorem” tax in place is the doing nothing option.

          • Sideshow Bob

            Interesting discussion.

            Grzegorz mentioned elsewhere here about a tax-based scheme that failed the `living over the shop scheme´.

            It failed for three reasons; Planning and Building Standards meant it was almost economically nonviable even when you could get permission for the necessary alterations. The increase in the cost of building across the boom then killed off the few originally financially viable projects.

            Irish urban centers have difficultly that almost all American ones don´t; they have historically protected centers with small or narrow lots in a non-grid laid out urban environment.

            When talking about taking a taxation idea from one place to another one to solve a construction based ( or design or planning based ) problem you must consider the relevant contexts.

            Also I don´t understand the Macmansions part of the argument properly. Would an `ad valorem´ tax have functioned like the so called bedroom tax in the UK?

            I think this idea is also discounting the role of culture and people´s blindness to current expenditure vs capital. I mean take the example of alcohol in Ireland – taxes restrictions and prices have increased frequently but people haven´t changed their basic behaviour and habits much.

            I would posit that the MacMansions phenomenon has two overlooked costs inbuilt with it.

            Usually they are oversized in relation to the number of occupants, not built to an overly high energy efficiency standard and cost a lot to heat and run. This is the first overlooked (current) cost, and any yearly figure for this cost when contrasted with a smaller more efficient unit has to be multiplied by a factor of thirty, forty or fifty to arrive at the real cost over the expected lifetime of the occupants. The building will come even more inefficient with time as kids leave the nest permanently. These costs are often ignored when the occupants go to built their “dream´´.

            The second cost is that of strained public services. Subsidized school buses for example have to provided to or near all of these houses. In due course the residents of these houses when they grow old can become dependent on social services which will have to be brought to their door. To maintain people in their dream house will all be at a big cost to society at large.

            When I hear people asserting that a property tax would most certainly change things I fail to see a recent precendent in relation to the Irish and housing. In fact cost and size in relation to housing seem to often seen clueless badges of honour and are worn with pride.

            Coming back to the `ad valorem´ tax idea and the likes of it: I think there are many unsupported assumptions ( one is that every body thinks about money like an accountant ) and that there is such a weak selective analysis of cause and effect underpinning these policies that they are doomed to fail.

          • Good discussions all around here!!
            As I have said I get no notice of a posting so have to hunt and peck to find the latest. Very time consuming.

            When all is said and done the basic cause of the high cost of real estate, is the low coat of financing. The housing boom is, it is agreed, caused by cheap money, and too much money.

            This is a basic premise of government. The government encourages a monetary policy from the central banks that expands the credit and lowers interest rates. The government policy is to increase the wealth effect. This takes place in the property market and concurrently in the stock and bond markets.
            This makes people think they are more wealthy and thus they feel happier and spend more and voila, a booming economy arrives.

            Unfortunately this also results in refinancing of existing real estate mortgages and the increase of personal debt with no purchase of real estate taking place. This is just a way to raise more money to support a lifestyle that cannot be accommodated by current wage levels.

            The economy grinds to a halt because of the combination of debt repayment and the interest on that debt.

            No alterations around the fringes of the economy or tax policy or social policy can change this. The medicine to recover affordable housing will in fact be painful for some and a recovery for others such as Pensioners and others relying on the income flows from the bond and money markets.

            Interest rates have to sooner or later recover to historical norms of plus or minus 6%. One way is for the destruction of the economy in the continued use of the central and commercial bank policy of the endless production of debt based money. As we descend to the status of Zimbabwe and Venezuela there will be hyper monetary inflation where the currency is worthless and interest rates sky high. At the same time will be asset deflation as the price of stocks and bonds plummet. Poverty, social unrest, anarchy, and oppressive law will be widespread.

            On the other hand closing the central banking system of money, getting rid of fractional reserve banking , removing legal tender laws, and adopting a sound money system will result in much of the same effect but with the advantage of a light at the end of the tunnel.

            This is unlikely to be attempted by the empire builders whose power results from the operation of the current system. It can only be achieved by a nation state acting alone for the good of its people. Such a state will regain its economic sovereignty and thus its overall sovereignty. It regains ability to encourage the internal economy, export only those things surplus to domestic use,balance budgets, and gain individual trade relations with other sovereign countries rather than trade policy being dictated by corporate private entities. Government needs to be limited to maintaining the rule of law , protection of the individual and protection of the state from others.

            As such a common moral code defines the laws, and a written constitution protects the individual rights of the citizen, with The enforcement of the law by independent judiciary, and protection of the whole with an efficient military.

            The use of sound money limits, automatically, the expansion of money supply and credit. The interest rates are stable, the booms and busts are eliminated; business and trade thrive; wages reflect profitability in the economy and prices are affordable for most.

            To implement such a system abruptly will result in as big a reset as is going to happen in a crash scenario anyway. The best way is by transition from the one to the other over an extended period. This is unlikely to occur as most politicians see only to the next election. Thus a benign dictator is the only route for that to happen.

            Thus for all the chat I see nothing occurring until the current system destroys the economies, empires collapse, and discord follows. All I can do is protect myself the best way I can.

            What will protect one from monetary inflation and asset deflation at the same time? I suggest to look to Zimbabwe and Venezuela and to India and China and perhaps Russia for a clue. Then act accordingly.

  13. “And he would be well advised to clean house, if you want to drain the swamp, the place to start is in the (Federal Reserve) building because where this entire false economy, this big fat, ugly bubble that Trump talked about during the campaign actually originates,” he said.

    • “I’m not complaining about Yellen tightening. It is ludicrous we got 96 months before we got a tiny baby step upward. What I’m talking about is a Fed that is interfering, intruding so heavily in the financial markets they don’t work anymore,” he said.

      Likewise, the rental and housing market because of government and central bank interference.

  14. Stockman said he believes that the world economy is being driven by “a cabal” of central banks that are “wrecking the financial system and driving the whole world economy to a huge crisis.”

  15. Sideshow Bob

    …- Brexit – Trump – Housing – Brexit – Trump – Housing – Euro Crisis – Brexit – Trump – Housing – Brexit – Trump – Housing – Euro Crisis – Brexit – Trump – Housing – Brexit – Trump – Housing – Euro Crisis – Brexit …

    Does anyone see a pattern here? There is a good eight years of speculation in this, hawking the same basic material just rewriting it a bit here and there…( yep…fingers crossed! thinks David McWilliams easy mulah )….

    • No real solutions are offered. Just another article to dull the minds of the readers. Nobody in the MSM can be trusted as all are subject to the cabal influence and control.

      The energy on this blog is wasted.

      • Truthist

        Very valid point.
        So, come on over to Irish State to fix the crap urself !
        U have plenty of ability & knowledge to be very effective.
        But, confining ur political actions to only Sound Money & The Bankster Scam Bundle is not sufficient.
        U — as an Irish Citizen — need to take on :
        Irish State’s Civil SERPENTS
        Irish State’s semi-state companies
        Irish State’s Quasi- Civil SERPENTS ; The Quangos
        the main Political Parties of Irish State
        the Marxist-Leninist-Trotskyite conspiracy against Irish nation
        Hostile feminist movements
        “Corporate” Ireland ; incl. the local Banksters
        Professional Class ; especially The Law Society & The Bar & cozy shop for lawyers, medical professions, Real Estaters, Insurance Industry,
        Union leadership Beards & Beardesses
        Narcotics Pushers & Dealers ; And, Users too
        Pseudo Academia ; And, actual Academia too
        The Judiciary
        The EU control of Irish State
        The UK control of Irish State
        The USA control of Irish State
        The Freemason control of Irish State
        “Common Purpose” organisation control of Irish State
        Corruption of the Catholic Church ; incl. their collaboration with the Institutional State of Irish State
        the corrupt influence of the North East Unionist & Loyalist political parties.

        inter alia

        • “But, confining ur political actions to only Sound Money & The Bankster Scam Bundle is not sufficient.”

          It is not confined to monetary policy.BUT Without the reform of monetary policy and the type of money we use all else is useless effort.

          Until we revert to a sound money system, an honest system rather than the fraudulent ponzi debt based interest bearing credit we use as money all else is noise as beating on an empty kettle in demand to be fed. A useless exercise.

          Few people can seemingly understand this simple concept and so nothing happens and the bankster criminals and political acolytes remain in full power.

          All the debate about everything else is a useless waste of time achieving nothing.

          Unless Trump follows through with his veiled threat to reform the Fed all his other proposals will be thwarted. Then it depends on the reform. The only reform suitable is to repeal the Federal Reserve Act that put it into place.

          Then issue treasury money based on silver. Large transactions will use the real bills doctrine of discount rather than interest (does anyone here understand the Real bills doctrine of enabling commerce without the use of credit?) with final settlement in Gold. Gold is the only sound measure for all other currencies including silver and copper, and digital currencies too. Allow silver, gold and copper coin to operate as a parallel currency by repealing the legal tender laws which are only designed to enable taxation and nothing else.

          As an aside, it is notable that there is a total absence of commentary here by any economists. Have they absolutely nothing to say. Are they totally bewildered and nonplussed?

          • Mark Lundeen

            “The world that all too many people believe they now live in is only a media fiction. The “Main Stream Media” is an accessory to the fact of criminal activity being foisted on a trusting public.

            It has been many, many years since Clarence Barron’s charged his staff at Barron’s with the following:

            “You are in the field to defend the public interest, the financial truth for investors and the funds that should support the widow and the orphan.”

            - Clarence W. Barron’s; Founder of Barron’s Financial Weekly, Mission Statement “”

          • Truthist

            Prior to the western world having the Bankster Scam Bundle [ private central banking & fractional reserve banking inter alia ] but also having as the only currency “sound money”, it had some of the great injustices of today also, e.g.’s landlordism, & slavery wages.
            And, this because of persons successfully practising evil & indifference.
            Granted, Sound Money + banishing the Bankster Scam Bundle will THEORETICALLY greatly improve society.
            But, it can only PRACTICALLY succeed if the bulk of the people become moral again ;
            Especially to have MORAL COURAGE [ vis. moral courage to fight against the "unsafe" issues ; Not just the "safe" issues ].

          • Truthist

            If as u say “Without the reform of monetary policy and the type of money we use all else is useless effort.”, why then do u not chastise Ben Gilroy for “useless effort” in defending rich persons against the Bailiffs & Sheriffs & other such Civil SERPENTS or private SERPENTS ?
            I myself do not argue that Ben Gilroy should not defend rich persons against these badies.
            But, where was Ben Gilroy down throughout the years when innocent tenants of flats & bedsits were being evicted & / or “robbed” of their deposits ?
            And, where was Ben Gilroy in recent years defending these same modern equivalent of the Spailpin Fanach ?
            The class of persons that Ben Gilroy is publicly known to be defending is also associated with being LANDLORDS.

  16. Sideshow Bob

    David McWilliams…

    No demand side measure can have a significant impact while the supply chain for that demand remains completely unrepaired.

    We have an equivalent of a Chavez style economic policy here in relation to housing. This Government and the previous one have destroyed the building industry (and many other things besides)by engaging in massive interference in the market ( NAMA, rent supplement and letting the banks get away with not repossessing houses and engage in capitalism by selling repossessed assets ( good or bad) a real mark to market exercise, excessive regulation of the professions government contracts and of new building itself) while simultaneously providing a free ride up to the MNCs and particularly IT companies, who offer very little to society in return. Like Venezuela who have had their home industries destroyed by Chavezista economic lunacy, Ireland is in a paradoxical state of being a rich country which is unable to build houses for under 300k a piece but boosts all manner of high paid high tech jobs. and puts it´s homeless up in hotels to he deteriment of it´s tourist industry.

    Rarely in their histories did the most ardent Communist regimes managed to get things so truly arseways as we are now.

  17. Sideshow Bob

    The biggest thing that could help the Irish housing market is a continued depression or further fall in the pound against the Euro.

    Also a bit of a collapse in the English property market, particularly the residential end, would be a big help.

    Either of these scenarios ( with ideally both occurring together ) could well cause Irish construction firms ( builders and professionals to refocus their energies on the home market. Simply put, they would have little other choice.

    Then, in either of those cases, we could see some genuine activity.

    However as long as the UK market is more lucrative, they won´t be coming back in any meaningful way.


    Police: NYC Muslim woman’s claim of attack by Trump supporters was false


    US ten year bond rate rises to 2.6%. This may put the pressure again on long term mortgage rates and thus affordability is reduced. If the effects of the monetary inflation result in rising rates world wide this may be the world wide solution to a world wide housing price crisis.

    But then again all those hoping to buy but unable to will be in the rental market and rental rates may continue to rise

  20. Patrick McElligott

    I have been following this blog for many years and feel the urge to respond to this latest infantile article from Mr McWilliams. I had the greatest respect for David in the past when I was just learning about the housing boom that was affecting Ireland in the early 2000′s which obviously peaked in 2006. While McWilliams was predicting that a bust was imminent for many years it finally came to fruition. I feel that nothing will change in Ireland unless there is a complete revolution and the Irish youth regain the courage to fight against the oppressive regime that exists from the media, government, and ignorance that prevails throughout this latest generation of iphone, reality tv addicts. I recently moved my family from San Francisco to Kerry 2 years ago because I felt Ireland relative to the US and the UK (where I previously lived). still offered the best opportunity for my kids to grow up. I certainly have doubts everyday I have been here. I also recently moved to Switzerland because of the lack of work opportunities in Ireland and now commute between Ireland and Switzerland. It pains me to see that the Irish continue to suffer from the same lack of confidence in our abilities to grow up and be a real Indepentent mature country who is not afraid to seek our their place in the world. It depresses me to see how the same mistakes are being made with regards to housing as in the previous boom/bust. My only hope is that my kids and their generation will finally wake up to the realities of the miserable future that has been created by our political elite and seek out real change for their futures.

    • Deco


      It is not lack of confidence. It is lack of organization. If you are not organized, you will not be confident. And nothing can be done about that.

      And essential to making sure that there is a lack of organization, is control of information, to make sure that people do not see the facts that will motivate them to be organized.

      The basis of organization, to be be free, and strong. That means cutting out TV, sports, booze, and other stupid distractions that maintain the status quo.

      Best of luck there !!

    • michaelcoughlan

      Hello Patrick,

      My heart breaks for you having left San Francisco to come back to Ireland. I at 44 am planning to get out before the real ramifications of Brexit hits home for the same reason you came back and that’s to save my kids from wasting their lives in a Country like this one.


      • Be aware that the grass is always greener on the other side of the fence!! Take due care!! :)

      • Truthist

        Beware of the Irish State’s Department of Foreign Affairs.
        It is replete with Civil SERPENTS.
        They will NOT help u if u are in trouble.
        But, they are very skilled at portraying themselves in the Irish main-stream media as being very helpful.
        The Irish State’s Department of Foreign Affairs “have blood on their hands.”.
        I think also when under the rule of Mr. Me-hole Martin.

      • SMOKEY

        San Francisco is a cesspool of liberalism that would infect your children like HIV. In other words, the GAA and Catholic church are better for them than constant messages of Political correctness, Gay Pride, Crossdressing public toilets, Corrupt politcs, Bums and junkies likving on the streets, Out of sight rent and home prices, Daily shootings by gang members, Floods of illegal aliens, Excessively expensive healthcare & insurance,…..wait a second,……………DOH! Welcome to the 51st State of Ireland, living the American Dream with Bad Weather!

  21. Truthist

    FACT !
    Citizen in private employment have received Rent Allowance from Irish State through Health Board.
    What are the implications of this fact ?

  22. Truthist

    Ha Ha … famous Irish descendant & dissident from Australia is getting burnt with his Iran exile ;
    Henry Makow is a personal fan of Brendon O’Connell.
    This man’s experience in Iran is one to reflect deeply on.
    Brendon O’Connell is soon to be “homeless + roofless” again.
    Hopefully, not for long.
    We are all existing in a grand common matrix I suggest.

    • I am curious about your Ha Ha. There is a note of glee in the opening sentence?? am I correct to think so?

      • Truthist

        No, there is no “note of glee” ;
        Thus, u are not correct to think so.
        Rather, if u were to be consistent with … UR GOOD SELF … u should on 1st instance interpret it as the the “Ha Ha” synonymous with sense of discovery by cool head that ;
        Tony Brogan
        December 16, 2016 at 8:16 pm
        “Be aware / Beware that the grass is always greener on the other side of the fence !!
        Take due care [ to think well of me ] !! :)
        Again, Socrates would be smiling that innards can be revealed without investigating them.

  23. Deco

    Coveney is walking a tightrope with liars trying to knock him down.

    FF and SF have used this crisis as a means for posturing.

    Both are liars. And the people deserve that they be exposed as liars.

    It would be for the better of society that their lies are exposed.

    • Truthist

      Both want power for power’s sake.
      And, they both would be merciless to person’s being f..ked around by the system & individuals of the institutional state of the Irish State [ I.S.I.S. ].
      Mr. Me-hole Martin is a particularly malicious individual.
      And, that is why he has been groomed into senior politics ;
      Because the puppet-masters want a senior politician who will say “No !” without any sense of scruples to the populace when there is a crying need to say “Yes !”.
      I personally knew 1 of these state-crafters & we had deep private discussion about the education minister at the time,
      Mr. Me-hole Martin.
      He acknowledged that Me-hole is very sneaky & a bluffer in competence ;
      But, he approves of him to progress to be Taoiseach because he will say “No !” in above immoral context.
      The man is a cruel one.

      • Deco

        I agree. He is also noted for his notorious personal arrogance.

        He is the most accomplished liar in his party.

        The same applies with respect to Adams.

        The media gives one a free pass, and lands every punch off target for the other.

        One helped ruin 26 counties. The other helped ruin 6 counties.

        Both are dispicable. Both need to be taken out by reasoned argument for the good of society.

  24. Deco

    SF and FF are holding a superficial gun to Coveney’s head.

    Will there be an election ?

    FF and SF would love to go into an election, in the context of a PR stunt.

    • Truthist

      There was a time since his Late Late Show superb performance versus “the OK Coral Ambush” conspiracy against him by Mr. Gay Byrne [ Host ], & Mr. Hugh Leonard [ Writer ], Mr. Jim Kenny [ Politician ; Labour ], Mr. Austin Currie [ Politician ; Fine Gael ], Mr. Dermot Ahern [ Politician ; Fianna Fail ], & Mr. Michael Mc Dowell [ Politician ; Progressive Democrats, & Barrister ] setup, when Fianna Fail really wanted to have himself — Mr. Gerry Adams [ Leader of Sinn Fein ] as leader of Fianna Fail.
      I believe that this is no longer so, & that it will not resume to be the case.
      Mr. Me-hole Martin is said to be a mimic of people.
      So, I am of the opinion that he is well capable of being more interesting & entertaining than his so B…O…R…I…N…G persona that we have endured so long.
      I reckon that his persona is an act for to deceive as a humble boring b..lox.
      But, I may be wrong,
      Mr. Me-Hole Martin’s persona may be sincerely BORING.

  25. Mike Lucey

    Folks, it looks like Trump is getting his act together in relation to climate change!

    ‘Donald Trump selects Elon Musk to serve as strategic advisor’

    I think this is a good move as Musk is a very capable guy and is focused.

  26. barrym

    I have spent time reading the 80+comments. Ignoring the trump stuff, and the trumped up stuff, the essential of the views expressed, and, I suspect, not necessarily held, there being too much political posturing, is that the gov is trying something, which is not nothing.

    Being not nothing, it is a political move, rightly identified as not from the traditional FG songbook. Being a political move it is deigned to plug some sort of gap, polical moves are always that, in the absence of a thought out move.

    The thought out move, not in the FG songbook, is to use the present availability of free money to actually construct some housing, quickly and efficiently.

  27. Grzegorz Kolodziej

    In keeping with Mr Donald Trump’s promises at his meeting with the Polish diaspora in New York, Mr Rudi Giuliani is in Warsaw, where he met Mr Jaroslaw Kaczynski in order to discuss foreign policy.

    According to my source in Presidential Palace, their meeting lasted 2 hours; the main topics of their conversation were energy, geopolitics, Polish-US relations, and security cooperation. Mr Giuliani’s sudden visit to Poland is also related to a recent seizure of the US drone by Chinese warship and the ultimatum issued by the US to return the drone.

    Here is a very laconic info from the official Polish News Agency (stenograph from this meeting will not be made public).,741981,kaczynski-giuliani-on-foreign-affairs-economy.html


    “Trump’s basic problem is that he understands business, but not necessarily economics. He obviously thinks that trade deficits arise from unfair trade practices. It’s a common mistake, but they don’t. They arise from unfunded government spending and the expansion of bank credit. His fundamental belief, that fair terms of trade will make America great again is therefore badly flawed.

    It is also difficult to see where he stands on monetary policy, if at all. In business, he has personally benefited from the expansion of bank credit, but does he understand the eventual price consequences of unlimited expansion of bank credit? Very few businessmen do, in which case we can only hope he will be well advised.

    Past US presidents, from Herbert Hoover onwards, have been generally poorly advised on basic economic theory, thinking the state is well equipped to fix things that go wrong. The evidence for this error is found in the unremitting accumulation of public sector debt since the Wall Street Crash in 1929, confirmed when Roosevelt devalued the dollar against gold in 1934, and reconfirmed when Nixon temporarily abandoned all gold convertibility in 1971. That Trump might be better advised must remain a pipe-dream, unless contradicted by events.

    Therefore, my broad expectations for 2017, the first year of the Trump presidency, is success in foreign and trade policy will be offset by rising price inflation and falling asset prices as interest rates rise (see my article dated 1st December, Credit cycles and gold), terminating in a credit-crunch from higher nominal interest rates. Good on the geopolitics, bad on the economy.”"

    This is a brilliant analysis of the economic and finacial positions of europe and the world by Aladair Mcleod

  29. Info for anyone interested in comparison for the Irish and Canadian RE market.

    “November was the first full month in which the expanded stress-test was in effect for home buyers with less than a 20 per cent down payment,” noted CREA president Cliff Iverson. “The government’s newly tightened mortgage regulations have dampened a wide swath of housing markets, including places not targeted directly by the government’s latest regulatory measures. The extent to which they pushed first-time home buyers to the sidelines varies among housing markets.”

  30. Truthist

    @ Grzegorz,
    Some points :
    I trust that u should find my deposit of the FACT of Citizen in private employment getting Rent Allowance from Irish State as significant ?
    I recently gave u important inside track on Inspectorate of CIE Bus Division of at least 1 metropolis as being a “Gay Mafia” / “into the lifestyle”.
    Jobbery ?
    Unnatural ? or Just coincidence ?
    etc ?

  31. Interest Rate Explosion, Russia Did NOT Hack Elections, Facebook Fake News Police?

  32. Truthist

    Just in the middle of reading a Miles Mathis opinion piece on Max Kaiser + Stacy Herbert.
    Again, it looks like Mathis is making the case for certain popular luminaries being intelligence operatives to deceive us all.
    Whilst I reject some of Mathis’s verdicts thus far on various subjects, I find his arguments intriguing.
    U will never feel assured about anything after reading Mathis.
    Here is the Link for the essay on Max Keiser + Stacy Herbert ;
    I can see why he named it “max” ;
    We do find Max lovable 8-)
    And, Stacy too.
    The both of them seem to be a great couple.

  33. Hugo Salinas Price gives a rational reason why the current monetary system is ill conceived and that a sovereign country must concentrate on having a sovereign currency so that it can manage its own affairs.
    The economy of the country must satisfy the domestic population first. Exported goods are not to be exported just to have exports but only if they are surplus to domestic use.
    Globalization spawned by the production of unlimited amounts of US dollars is a disaster unfolding.

    “The health of Mexico, and of all countries, calls for a monetary system that is not parasitic on the dollar. Our money must be worth something on its own, as has been the case for centuries. This is the only way we can build a country whose foundations rest within itself. For the time being, we are an alienated or schizophrenic country – and this is reflected in the breakdown of our social structure – blindly following the mirage of exports, more than the solid and orderly development of the whole of our Mexican economy.


    “2. Secondly, the road to “Sound Money” – but not in the Stockman style. “Sound Money” for the US must inevitably mean the repudiation of the “Bretton Woods Agreements” of 1944 which created the existential problem of the US, because “Bretton Woods” opened the way for a totally dollar-dependent world, which in turn guaranteed the devastation of US industry and the consequent impoverishment of its population. “Sound Money” means a return to the unthinkable (unthinkable by those who are not accustomed to thinking, that is) Gold Standard.
    The very existence of the US depends on its return to the Gold Standard. A return which would be very painful, indeed, but which would make jobs sprout like mushrooms across the US, as imports would collapse to a level where there would be neither an export deficit nor an export surplus, and US producers would jump at the chance to reopen industries to supply the American consumer. There is a vital link between Jobs and the Gold Standard.
    Will Trump establish the Gold Standard? Not bloody likely.”-HSP

  35. “2016: Why is it 1790 all over again? Because just as in France in 1790, today we have a set of conceited men running the world’s economic policy on the basis of a flawed intellectual construct. In 1790, the flawed construct was the Assignat. Today, the flawed intellectual construct is the irredeemable dollar and its derivative currencies.”

    Those that cannot learn from the past are destined to repeat the mistakes, again and again.


    Criminal Clintons, and Podesta connections, of connivance, corrupting , manipulation and greed.

  37. “Trump will soon take office and will actually deliver tangible results to the American people instead of mere “hope and change” rhetoric like Barack Obama. The so-called “hope” delivered by the current administration consisted of the lowest home ownership rate in 51 years, millions of additional people on food stamps and in poverty, 15 million more Americans no longer in our nation’s workforce, stagnant wages, and skyrocketing health insurance premiums.”

  38. Grzegorz Kolodziej

    Carolingian Europe wants to strip Poland of its voting rights in the EU:

    This is really becoming a struggle for power on the lines “Germany+France+Benelux” against everyone else in Europe.

    Meanwhile, the subtle as always Germans have just staged a new comedy in one of Berlin theatres: on the Smolensk plane crash that killed the Polish President, the last President-in-exile, the second most important person in “Solidarnosc” and most of the army command. I am waiting as to what they would do next – comedy in Berlin about Holocaust, the Famine in Ireland, or about the rapes in Koeln agus the Munich shooting?

    Whatever makes German to feel smug about themselves again (after they had lost a bit of confidence after the monumental “refugees” and Deutsche Bank fuck-ups)…

    Since laughing at national tragedies is now a comedy (except for German and Jewish tragedies, of course), I would like to laugh more at another Polish national tragedy (albeit in a more subtle and historically accurate way) and show you a drawing from the old Polish satirical magazine “Mucha” (Fly), published shortly after German foreign minister’s von Ribbentrop visit to Stalin in Moscow on 23 August 1939, which divided territories of Poland, Lithuania, Latvia, Estonia, Finland, and Romania, into German and Soviet “spheres of influence”.

    Now, THIS is a REAL humour!

    P.S. Explanation: the drawing is a parody of an oil canvas masterpiece “Prussian Homage” by Jan Matejko, portraying political event from the time of the Renaissance in Poland, in which Albrecht Hohenzollern (the Duke of Prussia) paid tribute and swore allegiance to King Sigismund I the Old in Kraków’s market square on 10 April 1525, thus rendering Prussia a vassal state to Poland.

  39. Grzegorz Kolodziej

    For some reason the “..jpg” part of the link did not appear as link. My apologies. I hereby correct the oversight. Ordnung muss sein.

    P.S. If this does not appear correctly again, then it’s not me – it’s the Bundesnachrichtendienst ;-)

  40. 06 December 2016
    The ‘Tromp-adas’
    Hugo Salinas Price
    In the near future, Mexico will begin to receive strong Trumpets.
    The character that is going to deal those blows, does not care about our present or our future. He is by nature a kicker. There is nothing to do, to change your character.
    We need to prepare politically, economically and above all morally, to withstand the trumpets.
    If we go to the Trumpets, there is a very effective one to give the kicker a good seat, and at the same time reduce the damage that we are going to receive in the short term.
    I mean silver. I suggest – once again – that our government monetize, that is, that it turns into money, the silver ounce “Freedom”. Very simple operation: an ounce of “Libertad” will be attributed a value in pesos, which will be adjustable upwards, when the price of silver rises, but will not fall when the price of silver falls.
    This coin will be the best money in the world. Better than the dollar. Do you want to see that we give a trumpet to the Empire? Very simple: convert the ounce “Freedom” into money and thus give Mexicans the best currency in the world. That would be a blow to the liver of the Empire! We do not need a large army with atomic weapons to defend us from the Empire. We just need to use our brains a little and get our pants on.
    Mexico is the largest producer of silver in the world, but we export it to sell it at prices manipulated by the Empire. With silver turned into money by monetizing the “Libertad” ounce, Mexicans would go out and buy our domestic silver production, and by depriving the world market of Mexican silver, it would ipso facto raise its price and the monetary value of the ounce.
    The rating agency “Fitch” would have to raise Mexico’s rating because Mexico would immediately see Mexico as a privileged destination for the World Capitals.
    The leakage of foreign exchange would disappear, and the constant devaluation of the Mexican peso would cease, which at the moment has no end. It would end the continuous rise in prices, and the suffering it causes the great majority.
    Banxico would not have to raise the interest rate, because the consumption of Mexicans would become the savings in silver, of the Mexicans.
    But the political aspect is the transcendent: President who gives silver money to Mexicans, by monetizing the ounce “Libertad”, will have the popular support of 90% of Mexicans. (Among the remaining 10%, there will be the “technocratic” economists who have led us into the present crisis.)
    With a President with such popular support, the Empire will send us the orders that prepare its Trumpets.
    I just hope to hear the promise of “silver money for Mexicans” from some of the candidates for the Presidency of Mexico in 2018 to guarantee the full success of their campaign.

    The sound money principle ennunciated by Price for Mexico is the very remedy that needs to be applied to every country expecting to retain its sovereignty. with the tumult occuring in the Eu and UK Ireland is particularly vulnerable.

    Adopting a silver based currency as previously described is the only answer to regaining independence and freedom.

  41. Advice to your children

    “” Tell them that school teaches you useful stuff but the real lessons come from life and what you learn yourself. I tell my kids that I don’t care what grades they get as long as they do their best: that grading schemas are dreamed up by dull people in London as a way to get our kids to compete with Chinese kids and squeeze every bit of creativity out of the educational system. These days most children are put on a conveyor belt from early infancy which leads them through school and college and turns them into bonded debt slaves working in unfulfilling jobs. Impress upon them that this doesn’t have to be the case and that alternative paths are open to them. Encourage them to follow their interests as long as this will likely lead to them being able to make a living for themselves that doesn’t rely on massive amounts of fossil fuels or ponzi finance schemes. Guide them, in this respect. Impress upon them that the world doesn’t owe them a living and that no job should be below them. To that end, don’t give them pocket money unless they’ve earned it doing chores.”"

  42. Truthist

    @ Grzegorz,

    What makes u so sure that the source of these offensive happenings is authentic German ?
    Why do u not consider Gerry Adams famous remark ?
    “They have not gone away, u know.” 8-)
    I gave the smiley because it mirrors how Adams accompanied that warning.
    When I said in a post to a previous discussion that 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. it is a true “wrong” report of what I have gleaned from Germans in non-group setting ;
    I with only 1 German.
    So, with this wrong type of thinking in the background & another trait “clinical thinking” [ not allowing for ambiguity, doubt, messiness, inter alia ], Germans are always vulnerable to being manipulated for to “fix” things.
    Of course, most of the famous Germans’ industrious effectiveness is because they knowingly, & confidently, use excellent systems.
    Deco echos this insight about systems when he informs another poster above of the crucial advantage in being organised.
    I looked at that satirical poster ;
    Frankly, it is not very inspired.
    Much better to read ur posts.
    I still look forward to ur expansive response to a post above that I re-issue here ;
    The 2 topics of that post are 2 of your specialties.
    December 17, 2016 at 1:34 am
    @ Grzegorz,
    Some points :
    I trust that u should find my deposit of the FACT of Citizen in private employment getting Rent Allowance from Irish State as significant ?
    I recently gave u important inside track on Inspectorate of CIE Bus Division of at least 1 metropolis as being a “Gay Mafia” / “into the lifestyle”.
    Jobbery ?
    Unnatural ? or Just coincidence ?
    etc ?

    • Grzegorz Kolodziej

      “What makes u so sure that the source of these offensive happenings is authentic German ?”

      I am not and it does not matter much to me if they are authentic Germans (with 50% of the population of Prussia having the same haplogroup due to Slavic colonisation of those lands in the first millenium, does it matter if they are authentic Germans or not?).
      What matters to me is that the comedy is paid by the German state, and in Germany – having the least freedom of press of all EU countries – nothing is accidental).

      I am not even asking whether a comedy about Umschlugplatz would be possible to stage in a theatre in Berlin, for it is obvious it would (and frankly speaking, I do not think it should) – but can you even imagine a comedy in a German theatre about the Nice massacre?

      To allay any doubts – I do not dislike Germans as in that I would not be able to have German friends (furthermore, I do) – I just find some of German s t a t e policies incredibly cunning and detrimental to other European states. I think that Germans overtook the English in their mastery of relentless diplomacy. And do not tell me that is because Germany is controlled by the US – so is the UK, yet the UK wanted Germany to sign a Peace Treaty with Poland, and Germany did not.

      “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 ” – German loooove to view all other nations as inferior, except for the English – towards which they feel inferior (even Hitler did). It does not matter that OECD data clearly show Germans as one the most lazy nations in Europe (working time, holidays, etc) or that the same products assembled in Poland have superior quality to the same products assembled in Germany (i.e. Opel cars): they are the Besserwissers.

      This is why Germany should never dominate Europe – because when they do, they never admit to their mistakes (“refugee crisis”): who, they, who always know best?

      “I still look forward to ur expansive response to a post above that I re-issue here ;
      The 2 topics of that post are 2 of your specialties.”

      I cannot respond to everything, Truthist. Right now, I am doing some tight-deadlined work and I am taking breaks lest I go mad.
      Bear in mind, there has not been any person on this blog to whom I would respond and make so many explanations and clarifications as you. But I cannot make my 24hrs lasting

      “Citizen in private employment getting Rent Allowance from Irish State as significant”

      Look, there is 19 multimilionairs in Ireland receiving rent allowance, so why would that surprise me (I really wanted to find a link especially for you, but I did not and I do not have that much time).

      As to gay mafia within Dublin Bus inspectors – I would have to hear something more specific; to me this sounds too crazy to believe, but then again – I do not disbelieve it either. You said someone told you this – but this is too scarce an information to go by it…

      “Poland viewing Russia as a strategic threat, while France and Germany do not see Russia as constituting nearly as much as an adversarial menace, according to Ynet.” – of course – this is determined by geography. And when they say threat, it does not have to be tanks, artillery, etc. A hybrid war, ANOTHER coup d’etat (Russian intelligence participated in the first one in 1992, with President Lech Walesa as one of the participants – there is a direct evidence from the Parliament cameras, which I covered in details many times).

      And btw, everyone says Russia, Russia, Russia v Poland – but Poland feels generally threatened due to its geography and history – not ONLY Russia – this is just western media simplified view (what about Ukraine, Germany, Turkey even? – by these countries Poland also feels potentially threatened).

      P.S. Reg. your question about 6,000,000 Jews. by a l l I meant all, not “11″.

      I am exhausted. See that radar image I linked – effing creepy. Goodnight.

      P.S.II. Satire – what is uncanny about this satire is that it was published on September 8, 1939; and that in a way it turned prophetic (WHO would have thought at that time that all powerful Germany would be dictated conditions by a Soviet f…g Union????!!!).

      • Truthist

        Seen the “radar image”.
        Noted with seriousness.
        And yet, Poland in time will most likely never be truly appreciative for ur concern & actions for its behalf ;
        Ditto Ireland per me & u.
        Because, most people today are As…les.

    • Truthist

      Thanks for reply Grzegorz.
      Short but concrete, & hopefully … dynamic, replies are best.
      Lengthy replies should really be drafts kept for series of slim volumed books — hard copy or ebooks — on the range of inter-related topics that one in inclined to.
      As u may have gathered, I do “push the envelope” atimes.
      I know that u are not anti-German.
      Indeed, I know that u like Germans, & much about German culture.
      I am suggesting that recent crass-intellectual arrivals + latents are seeking to create the Weimar Republic “culture” in Germany.
      Rent Allowance given by Irish State “knowingly” to low paid private sector employee.
      Source about substantial number of CIE Bus Inspectorate & possibly other CIE Bus Personnel — I did NOT specify which municipality — being a Gay Mafia / “into the lifestyle” is from a very reliable source who also revealed very senior politician & others involved in orgies of that fashion.
      The very serious issue of foreign powers manipulating politics against Irish nation is implication of that very senior politician being so compromised.
      EU ?
      Germany ?
      Benelux ?
      Carolingian Group ?
      NATO ?
      YES…YES…YES !
      There is a lot that can be judged correctly without being a Spy.
      “Knowing ur own acre ;
      ==> u know the world.”
      is not true.
      Rather, it should read ;
      “Knowing ur own acre ;
      ==> u know a lot about the world.”
      Take care.
      I will now take a sabbatical from posting on the blog.

  43. Truthist


    “Europe can’t defend itself militarily, Israeli Foreign Ministry said to assess
    Overly reliant on the US, Europeans lack the will to contend with military threats, according to ministry document.”


    14 December 2016, 8:37 pm

    A classified document produced by Israel’s Foreign Ministry reportedly states that European countries are unable to defend themselves militarily and no single European country is capable of launching a military operation without outside assistance.

    For the first time in years, security concerns have become front and center in Europe, as fears have grown over Islamist terror and a Russian invasion of the Baltic states.

    The document, which was seen by the news website Ynet (Hebrew link), was compiled by the Center for Political Research, which serves as the intelligence wing of the Foreign Ministry.

    The study’s main finding is that no European country is capable of carrying out a military campaign alone, and that all of Europe is overly dependent on the US for military support, according to Ynet. This shortcoming was on full display during the bombing campaign in Libya in 2011, in which NATO countries were highly reliant on US support for aerial refueling and providing logistics, as well as in French military operations in Mali beginning in 2012, when France had to turn to NATO countries for military transport planes.

    The first American troops arrive at the airport in Swidwin, Poland, on April 23, 2014, as part of a force of 600 soldiers the US sent to the Baltic states. (AFP/Janek Skarzynski)
    The first American troops arrive at the airport in Swidwin, Poland, on April 23, 2014, as part of a force of 600 soldiers the US sent to the Baltic states. (AFP/Janek Skarzynski)

    Another key conclusion is that European countries suffer from an unwillingness to use force as part of their foreign policies. Much of this reluctance stems from a lack of fully independent foreign policies, a factor which is in part dictated by their membership of NATO and America’s dominance of the organization.

    The document also highlighted Europe’s lack of conventional forces to fend off a Russian invasion. With this, the report noted, there are sharp differences between European countries on how much of a danger Russia poses, with countries such as Poland viewing Russia as a strategic threat, while France and Germany do not see Russia as constituting nearly as much as an adversarial menace, according to Ynet.

    Other reported observations from the document are that Europe fears further terror attacks in light of the wave of migration, as well as the potential for decreased US military support following the election of Donald Trump.

    • Grzegorz Kolodziej

      Btw, this report is very accurate. I think I agree with everything in it. Especially “no European country is capable of carrying out a military campaign alone, and that all of Europe is overly dependent on the US for military support” and “The document also highlighted Europe’s lack of conventional forces to fend off a Russian invasion.”
      I would even go further and say that EVEN the US lacks conventional forces to fend off a Russian (let alone combined Russian/Chinese invasion) – the US has a powerful army, but it all navy geared at confrontation with China; during Obama’s regime, the US land forces were d e c i m a t e d, while their navy went on spending spree.

      “French military operations in Mali beginning in 2012, when France had to turn to NATO countries for military transport planes” – and France has arguably the strongest army in Europe! But this army is now infiltrated by Jihadists. That’s why I have been saying: if we want to survive as white civilisation, we should slowly thinking of CORDONING OFF the Carolingian Europe from us – that is France NOW (the France shortly did it to Italy when the previous wave of Jihadists arrived), and, if Germany does not change its behaviour, Germany+their colony Benelux too).

  44. Grzegorz Kolodziej

    According to the Flightradar24 website, no flights were allowed yesterday over the Polish airspace:

    Apparently many people suspected that the Polish government introduced a Martial Law (there had been rumours before about the planned coup d’etat on December 13 – anniversary of the Martial Law – related to recent expulsion from the high ranks of the Polish army of some spies), but the reason turned out to be quite different (albeit not less worrying): according to official statement of the Government’s Security Bureau, for a short period of time, all Poland’s radar systems failed (which did not happen before).

    Coincidence? Maaaaaybe…

    At least we in Ireland do not have such problem – Ireland’s air defense forces do not have its whole territory covered by radars anyway ;-)

    P.S. I listened the whole debate about the gay marriage referendum from the link to a private Catholic TV in Poland I posted under the previous article.

    Funny was one voice (half of the program with the Irish guests were telephones from viewers: an elderly Polish woman living in the States phoned and said “watching your guests beautiful eyes and smiles I am sure that Ireland will do fine – you just have to be careful of your freemasonery”, and then… the Court of Appeal and Justice Sean Ryan was specifically mentioned. Ouch!!! (to be sure to be sure: that’s not me saying this – I only quote what the Polish viewer said on the telephone).

  45. Truthist

    Mary Fitzgerald:
    ‘Fall’ of Aleppo means an end to Syria’s agony is now more remote
    Mary Fitzgerald
    17/12/2016 | 02:3022
    The two Aleppan boys have known little but war in their young lives. After the regime of president Bashar al-Assad tried to snuff out peaceful protests across Syria more than five years ago, the country’s uprising tipped into a bloody civil war marked by appalling atrocities.

    From the Assad regime’s use of chemical weapons to the targeting of civilians by all sides in what is now a dizzyingly multi-faceted conflict, it has also seen the emergence of Isil and other extremists amid the chaos. An estimated 400,000 people have died (most of them killed by forces loyal to the regime, which now include fighters from Iran and Lebanon’s Hezbollah), some 4.8 million have fled the country and over 6 million others have been internally displaced.

    • Biassed reporting from Fitzgerald

      “Isil is not a state where you can hit military bases and infrastructure,” said Hussam al-Marie, the Free Syrian Army spokesman for northern Syria. “They are just thugs, groups spread over the east of Syria and the desert.” Telegraph report

      This article was first published in November 2014.

      Recent developments confirm what is known and documented: Washington is behind the Islamic State (ISIS-ISIL-Daesh) and at the same time it is behind the moderate Al Qaeda terrorists, which the Obama administration is supporting as part of America’s alleged campaign against the Islamic State (ISIS). And they expect us to believe that they are committed to waging a campaign against terrorists.

      Obama is protecting both Al Qaeda and ISIS-ISIL-Daesh.

      The US Airforce is acting on behalf of the terrorists.

      The terrorists are described as the victims of Syrian government aggression. From the very outset, the atrocities committed by the terrorists are casually blamed on Syrian government forces.

      Moreover, the Al Qaeda affiliated rebels responsible for countless atrocities are trained and financed by US-NATO and its allies including Saudi Arabia, Qatar, Turkey and Israel.

      Realities are turned upside down. The terrorists are portrayed as heroes and “freedom fighters”.

  46. Truthist

    Typo ;
    A most important & benign intellectual — Scholar [ especially on Eschatology, & Byzantine Civilisation ( Also wants to return Hagia Sophia Mosque, Istanbul / Constantinople [ Formerly ; Christian Cathedral of Sophia ] to the Christian world

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