August 13, 2017

Economic 'Golden Age' on horizon... if we can get our house in order

Posted in Irish Independent · 165 comments ·
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Did you know that Limerick has seen the biggest jump in income in the past decade? Not Dublin. Limerick.

 

After-tax income in Limerick rose by 14pc between 2005 and 2015, according to the CSO. This is a huge figure given the collapse in incomes experienced across the country during the crash and the extent of extra tax increases over the past decade.

 

A few years back, after a wonderful Saturday morning spent in Limerick’s Milk Market, this column made the unfashionable case for Limerick. It always seemed to me that Limerick got an unfair rap, and in 2014 it appeared that Limerick had so much going for it and would be well placed to benefit from the recovery.

 

The Limerick article was intended more as a conversation starter; little did I know that this was happening in a much more significant way than I’d thought.

 

In contrast, disposable income in the commuter counties around Dublin — specifically Meath and Kildare — experienced falls in after-tax income of 13pc and 10pc. These are large contractions in income and are, of course, related to the substantial drop in house prices in the commuter belt. In Ireland, rising house prices drive demand and demand drives income.

 

The data show that with the exception of Roscommon, which has seen a drop in income of 10pc over the decade, the major economic losers in this lost decade were not counties deep in rural Ireland (as is claimed relentlessly in the media) but rather the suburban counties in the “baby belt” around Dublin.

 

While income is rising now, it will take another few years to get back up to pre-crash levels.

 

This week, Goodbody stockbrokers referred to the period since 2007 as the lost decade in an otherwise optimistic outlook for the economy. Looking forward, Goodbody has got it right.

 

In fact, it’s quite likely that Ireland could enter a “Golden Age” of economic expansion, if we get a few things right.

 

Strategically the reason for optimism is based on Ireland being an excellent place to locate for international firms. If domestic Irish firms can supply these new companies, they will feed straight into the global corporate supply chain.

 

In the past few years, the global economy has changed dramatically and the key to understanding the world economy is an appreciation of the importance of the global supply chain.

 

In the past, resources — people, raw materials and capital — tended to determine a country’s wealth, but these constraints have been lifted in recent years as globalisation has globalised every business. The sweet spot for any trading country is to become an indispensable cog in the global supply chain. This means that the economy has to host the best companies and the best people.

 

A way to think about this hosting model of economics is to think about the Monaco Grand Prix, which is the most glamorous, most prestigious of them all.

 

It generates enormous revenue for the principality and is a must on the calendar for petrol heads the world over. But Monaco has no drivers and no car industry. It doesn’t compete in the sport but it hosts the best race. People don’t show up to see local drivers or cars; they show up to see the best.

 

Countries, too, are hosts and the small country that wins in the future will be the best host. If a country can host the best and have free access to all markets, then the reduction in transport costs does the rest.

 

Strategically, Ireland is in that place.

 

From here, we just have to sort out what could be described as internal management issues, rather than strategic issues. The main management failures in Ireland are housing and, relatedly, transport. The country is small so transport should be simple and efficient and for a nation that built most of America and Britain, it can’t be beyond us to build Ireland.

 

So we have a management problem and we need to fix it because the prize is huge and, in a sense, we’ve done the hard part.

 

Right now the economy is motoring. Bank of Ireland is forecasting GDP growth will be 4.8pc this year. This makes Ireland Europe’s fastest-growing economy — for the fourth year in a row.

 

However, the notion that Ireland is a European economy in the true sense of the word is a bit far-fetched. As I’ve sketched out above, we are part of the global economy, an Atlantic trading economy with three critical relationships: the US, the UK and the EU.

 

As the economy has grown, debt as a fraction of GDP has also contracted rapidly to 74.3pc in the first quarter of 2017. This is down from a height of 124.2pc in early 2013. So while people and companies have been paying back debt, it is the growth in GDP that has driven the debt ratio down. But GDP is not a reliable indicator of how an individual’s personal situation has changed. A much more reliable indicator is the after-tax income figure I’ve used.

 

While income is rising, in order to get a real kick taxes, and particularly income taxes, have to fall. This will mean at some stage taxing the least productive asset in the country: property. There’s no other way.

 

Employment growth is extremely strong right now. It is running at 3.5pc, with 2,063,900 people employed as of the first quarter of 2017. That’s 96,400 off the peak reached in the first quarter of 2008. But because so much of this activity back then was in construction, employment in 2008 was extremely fragile. This time it is more broadly based.

 

Unemployment dipped down to 6.4pc in July — that’s down from a height of 15.2pc in January 2012 and 2.1pc off the low of 4.3pc in November 2006. Expect unemployment to fall further in the years ahead. As a result of falling unemployment, retail sales and volumes figures have grown rapidly in the past three to four years.

 

Strategically we are in good shape to play a small but significant role in the global economy. The product is good. The brand is strong. The balance sheet is improving each quarter. However, we have a local management issue. It’s a technical issue called housing. Good managers fix problems.

 

Do we have such a management team? Maybe we should advertise for one.


  1. Deco

    Election with 18 months. Limerick is the median, in the world of pollsters like Frnak Luntz. Not thriving like Dublin or Galway. Not beaten like the North West.

    The residential supply problem is a direct result of the state deciding that it needed to bailout the two pillar banks. It was allowed to happen, because it was deemed positive for the banks. All those debts. NAMA is currently unloading it’s books of the distressed assets.

    The income drop for the East region, is a reflection of the above average role of the private sector in these regions. Most employment locations in on the rim of the M50 are private sector.

    Debt to GDP is a joke. Real debt per private sector worker is out of control. GDP is distortional, and misleading.

    We are actually an extremely vulnerable economic unit. And that vulnerability is debt, and the expensive way that we operate the state system.

    Nobody can afford the ridiculous commitments that the Irish institutional state continues to make. These commitments are undermining our competitiveness. It is not visible when there is a Tech Boom in the US. It is highly visible when the Tech Boom gets revealed to be a charade.

  2. In Ireland, rising house prices drive demand and demand drives income.

    This will mean at some stage taxing the least productive asset in the country: property.

    How are the above two sentences compatible with each other?
    Firstly proclaiming rising house prices are the fountain of prosperity by increasing income and then tax housing , tax it because it is the least productive part of the economy.

    It sounds like a menu for a bust to me. Fictitious ramblings make no sense.

    • Deco

      Tony – it is the logic of Ponzinomics. Larry Summers wrote a paper on the wealth effect. Basically, if you can make people “feel” more prosperous, you get an extra leverage on the economy (in the short run).

      Them of course, you are stuck that once you create this effect, you cannot let an adjustment back in case, it produces an equal correction.

      So the result is endless “fixing” of the financial markets to drive up consumption. All based on “virtual money”.

      The real problem, as indicted by Taleb, is that this sort of fiddling, results in an extremely fragile system. Which is what we seen in 2007.

      American writer James Howard Kunstler identified this as yet another manifestation with “something for nothing” that has been indoctrinated into mainstream US culture since the late 1950s.

      • Inculcated and encouraged by the central bankers as they spread the debt net to the whole world. Who I ask, of rational thought, could even entertain the thought of a money supply loaned into existence.
        Then leveraged by the commercial banks who lend out what they do not possess.
        Then disconnecting all money from anything of value and basing it on ethereal imaginings.

        Only evil people intent on destroying sanity and rational action.

        But who in their right mind would implement the policies put into motion by the banksters?
        Either more evil people or brainwashed basket cases, or perhaps a collection of both , one manipulating the other.

        What about the great unwashed in democracies allowing this to happen? Collective mania, Collective indifference, total ignorance, all combined. Leading to decisions of rank stupidity.

        Our institutions and leaders are all corrupted. When a potential leader pokes up a head to exclaim the problem, the power elite propagandize the masses with ridicule and lies.

        I thought our fearless leader had a decent brain that would work to public advantage but he to is addled beyond repair.

        Disaster looms but not of what he warns. He prates and distracts along with the rest.

        When our corrupted money supply is broached as a topic I may change my mind.Until then I bide my time and watch the monetary revolution empowered by the cryptos but retain my trust in the money of old.

  3. Deco

    I would estimate the gardai to be an even bigger mess than the other two.

    The gardai are supposed to be an essential item of infrastructure.

    Instead of chasing criminals, they are as likely to be breaking the law themselves.

    The minister responsible seems to think that the way to run a police force is through PR statements. This is falling apart. FG have been in charge of the interior since 2011, and the entire system is an even bigger mess than it was under FF.

    The prisons are full, to the point that the prisoners are getting out early to make room for more.

    So either David is believing the BS from the regime, or else he is selling the BS from the regime – which is it ?

    That article praising LV, even though LV achieved nothing as a Minister might be useful context, in regards to this question.

  4. Deco

    The state is NOT supposed to fix the housing problem. Except in this case the state MADE the housing problem, with absurd regulations that are deemed outrageous by builders who sell units in Canadian cities, and find the “requirements” in Dublin to be idiotic. The banks are sitting on capital. The profit rate on redeveloped land switched to residential is 80%. Great for the institutional state – but scaring away developers.

    The state posing as the answer to problems that the state created (but which it will never admit to having created) amounts to a massive insult to the collective intelligence.

    No surprise there. That is the business of the state. Patronizing us, whilst lying to us, and going on another resource grab.

    The state will not fix the housing problem before the next general election. In fact, given that Dublin City Council is massively dysfunctional, and the other three Dublin authorities are barely any better, it is likely that this problem will remain in place for time. The various political parties have NO INTENTION of fixing the problem. In fact they WANT A HOUSING PROBLEM. They want people to be crying out for state help. So that they can them position themselves as Santa Claus.

    In other words, Ireland’s political parties have every intention of maintaining a housing problem, so as to maintain themselves in a position of power.

    Call it the Bouncer Method. If a night club is quiet, then the Bouncers will try to start a fight, so as to ensure that they are needed.

    The political parties are ruining everything, by trying to ensure that they will be needed.

    • “”The state is NOT supposed to fix the housing problem. Except in this case the state MADE the housing problem, with absurd regulations that are deemed outrageous by builders who sell units in Canadian cities, and find the “requirements” in Dublin to be idiotic. The banks are sitting on capital. The profit rate on redeveloped land switched to residential is 80%. Great for the institutional state – but scaring away developers.
      The state posing as the answer to problems that the state created (but which it will never admit to having created) amounts to a massive insult to the collective intelligence.”"

      Ditto. +1

  5. Deco

    By the way, with regard to transport, not one political party will admit that Irish motoring is ridiculously expensive. Expensive to the point that it is reducing the efficiency of the economy.

    In the UK there is a continual efficiency improvement in both road and public transport. In Ireland, the first is extremely expensive, and the other is badly organized.

  6. Deco

    Of course, if this Golden Age does not occur, the media will blame Trump, the Chinese, the Russians, Brexit, the Greeks, etc….

    Script : We were “going great” were it not for the arranged bogeymen. Repeat, reassemble, repeat, rephrase, and repeat. Soon it is rubberstamped as being true.

    Minimal mention of the level of unsustainable debt in the public sector in most Eurozone countries. That is ONLY a Greek problem.

    No mention of the fact that Irish competitiveness has hit serious structural barriers, related to tax, infrastructure efficiency (the LUAS is NOT an efficient public transport option). And we will manage this by increasing borrowing, and inflation.

    No mention of the fact that the Irish economy is a one way bet on large behomoths in central California, many of whom cannot make a profit equal to even 2% of their (insane) market capitalization.

    FACT # 1 : IRL is more indebted than Greece.

    FACT # 2 : IRL has GDP statistics that are an even bigger fudge than anything Greece ever did.

    FACT # 3 : IRL has important highly vissible rich people who pay even less taxes than the shipping magnates in Greece.

  7. Truthist

    MOST CONTRIBUTORS TO THIS BLOG ARE AFRAID TO ADMIT THIS ;
    .
    .
    https://twitter.com/HenryMakow/status/896814408160161792
    .
    .
    This is the blog of he who directly advised the then Minister of Finance, on crisis visit to this very economist’s home, to give unlimited Sovereign Guarantee on the Private Debts owing to each of all the banks based in Irish State, & thus :
    .
    sacrifice the poorest of the poor of Irish State
    .
    send the rest of the Rothschild targeted countries falling as Dominos.
    .
    .
    SO, THIS BLOG IS OF “SYSTEMIC IMPORTANCE” ;
    .
    .
    BUT, SADLY, THE VAST MAJORITY OF “THE LITTLE BIG MEN HERE” DO NOT HAVE THE MORAL COURAGE, & INTELLECTUAL COURAGE + HONESTY, TO AT LEAST EXPLORE THE EXTENT THAT OUR COUNTRY IS UNDER THE CONTROL OF THESE F..KERS.

  8. michaelcoughlan

    I know I said wouldn’t post here again but I just can’t seem to stop myself.

    Lets inject a bit of REALITY into the mix.

    We built 14k houses last year I think in an economy that needs probably 50k houses plus per year. That says that about how dysfunctional the housing industry is. Saying if we get housing right is like the captain of the Titanic saying all will be well if we can get the lifeboat problem sorted. Sure you are correct but my balls are still gonna freeze.

    Next Deco is right; motoring costs are out of control in therms of cost ESPECIALLY for young workers the type Michael O’Leary likes to steamroller. Quotes of 2500 Euro plus for insurance are not uncommon.

    Here is a thought Dathi; Go outside the major cities or provincial town to the smaller towns and villages and you will see house after house boarded up. If we drive down the cost of motoring to say the same as the UK they will become accessible to younger people where houses can be bought all over the country for way below the cost of building them. This is a real world solution to a problem where the vulture funds are sitting on the development sites driving the prices into the stratosphere.

    What’s happening now is the poles are starting to leave Ireland and go to Canada and Aus because rents are gone so high they can’t take it any more even though wages here are 3 times what the wages are in Poland.

    I will tell deveral stories about Ireland. These are REAL WORLD LIFE STORIES. My uncle in law is 71 or thereabouts. His cousin a nurse about 55 sold up everything in the US after many years there and came home to a nursing job about a year and a half ago. She has become so traumatised at the set-up here she has gone back to the US to reestablish herself at that age having sold up everything on the way home.

    Here is another one where people are being killed. The M7 between Nenagh and limerick goes through the Anaholty bog. That section of the road fell into the bog just before the bog opened and had to be rebuilt. Anyway right beside that section on the limerick side there are two of those ponds they build to take the rain water. The main contractor had taken on the job at a massive discount in price to the true value just to get the work.

    Bernard McNamra the most failed developer in Ireland was part of the consortium who built the road. They fired the specialist sub contractors building these ponds because they were doing the work properly and did the work themselves. Needless to say the road floods when it rains heavily with several crashes since and recently the first FATALITY. Of course Bernard NcNamara has been handed millions more by Denis O’Brien with O’Brien referencing Mmcnamara as one of Ireland’s best builders even thought the two of them are accountants.

    Next; my mate grew up with a girl who is now 41 and came home from Melbourne 2 years ago. She got a job as a radiologist in a hospital. She became so traumatised at the set-up here she has upped sticks and has headed back to Melbourne. My mate at 38 is doing the same after spending 12 months trying to find a job here as a health and safety officer. He won’t be back either.

    Another Irish nurse I met recently 55 years of age works in a hospital in California. She is legally only allowed to look after 4 patients per night. She left limerick regional Hospital in the early 1980′s because one night she was looking after 40 petients on her own. The limerick regional is now so badly fucked they can’t get Irish nurses to stay there once trained and of course management have resorted to hiring polish nurse who are so unsuited to the set-up that the few Irish nurses who are left in there are refusing to work with them even though the polish are lovely people because the standard has dropped so low.

    And so it goes. What job growth are you referring to? If you believe that an economy couldn’t be sustained by people buying and selling houses to each other what makes you think that an economy can be sustained by people buying and selling COFFE to each other?

    Michael.

    • Deco

      In most Western societies, we need to have an honest conversation about the
      “rise of public pervasive, relentless mediocrity,”
      over the long term, over several decades.

      And often in definite increments.

      In the US the rot seems to have set in after JFK.
      In France, after “the spoiled brat revolution” in 1968.
      And in Britain earlier, possibly around the time of the Suez crisis.
      And in Ireland, from Haughey onwards. Haughey changed everything.
      In Europe as a whole after the Treaty of Maastricht, and the wholescale centralization of power.
      In Japan in the early 80s, when it was decided to ramp up private debt.

      In each case, the concept of public good, was given a rather dishonest redefinition. And that was shoved through. Once that occurred, the rot followed. The entire system was redesigned for the benefit of those advocating “we can do it, regardless of the real costs”, “it is not a matter of can we afford it, it is a matter that we must”, “more resources”, and “something for thing”. Too many were dependent on the rot, to want to correct the system’s errors.

      Thatcher did arrest the rot in Britain, and turn Britain around. In Ireland, the rot has never been arrested. There was a correction and a reponzification.

      Even Greece was not allowed to correct itself, with a default. Instead it was dragooned into obedience, servitude and continued membership of a racket that is killing it.

      And so we get a new paradigm of misinformation.

      The news is a lie. Advertising is another lie. The financial markets are manipulated upwards. Interest rates are deliberately deceptive. Public policy is a lie.

      Now, how is an advanced market economy to function effectively, with such widespread low quality information. Well, it is all facilitated by low interest rates, and loose monetary policy.

      In other words, it too has become a lie.

      In history, reality has a nasty habit of painfully correcting illusions.

      I do not know how this will play out. There has never been such pervaisive dishonesty, and misinformation.

    • Deco

      Michael,
      I reckon that the mess with the cops will blow up very quickly.

      The MoJ, the Garda Commissioner, and the entire system is producing too many failures.

      One of these scandals resulting in Frances Fitzgerald being unable to run for FG leader. The media could protect her, as long as she did not attract too much attention to herself.

      In recent years, the media has pushed for a certain type of politician to be in charge of the “interior ministry”. And that type of politician has been repeatedly a disaster.

      No amount of media support will rescue the MoJ, the Commissioner or the cops. In fact I reckon that the mess will sink more than just the gardai.

      Varadkar should have sent Fitzgerald to the backbenches. That will blow up in his face.

      Something is going to crack. The people have had enough. And the media are not able to pretend all is well, when quite clearly it is not well, at all.

      • Truthist

        Pointless blaming just :
        .
        x]
        Min. for Injustice
        y]
        Commissioner of Injustice / Cops
        .
        Rather, put the blame on the egregore with the :
        .
        1st
        Royal Irish Constabulary [ R.I.C. ] [ Peelers ] ;
        RUGBY CULTURE as Meme to distinguish who they for.
        .
        2nd
        R.I.C. + Fascist / Authoritarian I.R.A. Element = GARDA SIOCHANA [ Garda-Landlords / Landlord-Gardai ( G-L / L-G ) ]
        RUGBY CULTURE & G.A.A. CULTURE as Meme to distinguish who they for
        .
        3rd
        “on-the-take from Narco’s G-L / L-G”*
        RUGBY CULTURE & G.A.A. CULTURE as Meme to distinguish who they for.

        *
        In return for allowing Class A [ incl. Heroin ] drug-pushing & drug-dealing be conducted in Dublin, & certain other locations increasingly.
        .
        .
        THE PEELERS ARE SO ROTTEN THAT WE WOULD BE THE BETTER TO MANDATE THAT :
        .
        1st
        EVERY SANE ADULT BE EQUIPPED WITH CHOICE FIREARM + PROPER TRAINING
        .
        2nd
        DISMISS THE PEELERS
        .
        THE NOTION OF HAVING COPS IS A VERY RECENT PHENOMENON.
        .
        THE WORLD GOT ON FINE WITHOUT THEM BEFORE.
        AND, IT WOULD AGAIN.

        • Deco

          I wish the cops were as enmeshed in Rugger culture as you are saying.

          Becuase it would mean that rugger would also collpase from sheer incompetence, and lot of young men would be deprived of a futile pursuit that breaks necks, and causes paralysis.

          • Truthist

            Actually, Deco, I felt uneasy attributing Rugby culture to the post-RIC version of the Peelers.
            .
            The Rugby Culture is not in ur face.
            But, it is there nonetheless.
            .
            Most often by way of senior G.A.A. linked Cop & his wife directing their son[s] to private school with Rugby as main sport — & thereby gaining entry to most privileged locker-room fraternity [ ad lib here & for want of better phrase ] & also that their son[s] join “the Guards” as even more strategic move than entering the Rugby set I dare say ;
            Because, in regard to the Rugby set, much of these interlopers’ chances of being accepted will come down to :
            x]
            being a stud [ apologies for being blunt about that aspect of Rugby culture in Ireland ; But, how one is rated by Rugby set's babes is so important.
            y]
            being a very good Rugby player.
            x] & y] really depend on DNA.
            .
            But, joining the Guards with shrewd direction of the auld man, is STRATEGIC.
            .
            ……………………………….
            .
            Been having a peep at the Irish Womens Rugby Team competing in World Cup this week.
            I guess that they would be suitable Ban-Garda material.
            .
            ……………………………….
            .
            I would ban the playing of Rugby because of high risk of many types of serious-to very serious-to fatal injuries.
            .
            Yet, gifted players like JPR Williams, Serge Blanco, Tony Ward, Mike Gibson, Tony Slattery, Garreth Edwards seemed intangible by opponents.
            .
            But, yes, it’s a bludgeoning game in the main.
            .
            Of course, Rugby was devised for its military combat & leadership aspects.
            .
            Not by design, but GAA Football is mostly also played with brutality too.
            And, as a spectacle it is a monkey of a game unless it has top players that indicate classy soccer ability too.

    • redriversix

      Hi Micheal
      How are things ?

      All good here. I decided a while ago blogs ( & this one ) are just a lot of auld crap…

      Used to enjoy it once , but the more articles I read the more I realised , although well written were full of , or had many references too ” if ” & “could be” etc….

      In other words , entertainment. But nothing serious.. seems to be a savage drop off in comments too . .

      I like David… but I have concluded the articles & opinions & tv shows are actually just for entertainment.. nothing more.

      Maybe I was a bit late realising this.. but I never claimed to be brilliant ????.

      Still try and keep my hand in … to keep updated.. but really just chill now , take care of family.. enjoy cartoons & reading my history books .

      As a race, human beings really are the lowest form of animal life , obviously with some exceptions.

      They say with acceptance comes peace and I have accepted this .

      We are doomed to repeat the same mistakes over & over again.

      Watching ” Minions@ as I write so …

      Have fun , be cool , look after yourself first.

      Follow Professor oddball for life’s inspirations…

      https://www.youtube.com/watch?v=f5cL-h3Pj1o&feature=share.

      Peace to all

      RR6

      Barry

      • michaelcoughlan

        Super to hear from you RR6!

        I think I have gone mad and morphed into a bonbon even though I am not even close to being smart enough for their outfit. I have achieved inner peace through acceptance too. I too realised too late all is infotainment.

        “As a race, human beings really are the lowest form of animal life , obviously with some exceptions.”

        I agree 100%. I always figured the animal kingdom was god’s piss take on humanity. Take a Lion in the savannaha;

        He drinks at the watering hole. He doesn’t barrel it and turn around to all and sundry and say; Now fuck the lot of ye I want 60 dollars a barrell” No he doesn’t. When he is hungry he takes an animal and eats. He doesn’t keep killing just to prove something to himself or other lions or for the sport of it or to make money out of it, or because a giraffe might have a different idea as to who made the savannagha first day out or how to make something that could incinerate the whole joint in an instant etc.

        Finally when he expresses himself sexually he does so with a female lion because if he didn’t his genes wouldn’t get into the next generation unlike some other leaders out there.

        Imagine what his progeny would think if the saw daddy lion trying to shag another male lion instead of trying to scare him away from the best looking female lionessnes’ in the joint.

        I tell you madder than a bonbon.

        In a mad world the only sane policy is total insanity!

  9. Truthist

    Main Subject ;
    Bannon [ Trump's official Chief Strategist ]
    .
    .
    This should interest Grzegorz ;
    Not least because it ventures into talking about Mr. Dugin.
    .
    .
    https://sjobst.blogspot.ca/2017/07/in-defense-of-evola-geopolitical.html?m=1

    • Deco

      Ah yes, Bannon. Probably Official Ireland’s favourite hate figure.

      He helped produce “Clinton Cash”.

      I recommend that every Irish person watch it.

      • Truthist

        Bannon is “hated” as token hate for …
        .
        Trump is “hated” as token hate for …
        .
        .
        Well, what does the 3-Dots represent ?
        .
        The 3-Dots represent THE ORDINARY DECENT PEOPLE OF USA WHO VOTED FOR “MOST OF” TRUMP’s MANIFESTO.
        .
        “The Authoritarian Left” do NOT really hate Trump.
        Nor do they really hate Bannon.
        .
        Rather, they hate decent corp of the Electorate that voted him into the Presidency.
        .
        .
        Most of content of Trump’s Manifesto Speeches in closing week or so of election were very worthy.
        .
        .
        SHAME THAT HE NEVER MEANT MOST, OR EVEN ANY, OF HIS MANIFESTO.
        .
        .
        The F R E E M A S O N F…kers who are the Hidden Government of USA had to arrange someone with Trump’s fame & charisma to take the stage for to buy time against the citizens & the alternative media — including u Deco — who want a President to do what Ron Paul would do, & more.
        .
        .
        THE REAL PRESIDENT OF USA IS TRUMP’s Son-in-Law ;
        Husband of the beautiful but hideous Ivanka.
        JARED KUSHNER is the Real President of USA.
        .
        .
        And, President Assad of Syria knows it.
        .
        Even a dumb-ass such as Enda Kenny knows it.
        .
        And, our coy host knows it too.

        • Grzegorz Kolodziej

          Interesting read for sure. I don’t agree with everything (the part of the text that mentions Germany), but time and the fact I wrote about it so many times don’t allow me to discuss it.
          Certainly well-researched article (I wonder who this guy really is!) – the mentions some details about Dugin that even I didn’t know, and I know a lot about Dugin.
          I’ve always been saying that reading Dugins’ books tells hundreds of times about the r e a l
          Putin’s foreign policy than one year of combined watching of Russia Today and reading Sputnik (and mind you – the most brutal parts of Dugin’s book are NOT translated into English: all those parts betraying his mysticism of blood – not even in a racist, but in a purely satanic way); and I particularly paid attention to these quotes:

          “Eurasianism is not a defensive posture of Russian identity within its own borders. “A repudiation of the empire-building function would signify the end of the Russian people as a historical reality, as a civilizational phenomenon.” Such a repudiation would be tantamount to national suicide”(197).

          If not for an empire ruling over other peoples, the Russians would “disappear as a nation”(251).”

          - if I read the Russian history, the Moscow Princedom – because they, not the Kiev Rus are the cultural and ethnic forerunners of the tsarist/bolshevik/current Russia – started as the bully collecting taxes and subjugating other nations for Mongols – the Moscow princes were some sort of small Cromwells working for Asia (hence the Asian infusions in Russian blood and language) until they gained independence and became big Cromwells not working for anyone, but rather making everyone work for them: conquered nations, including their own, via direct slave labour, and people further West by becoming useful idiots – a role that Western elites gladly performed and perform.

          Back to the link:


          Eurasia should be reconstituted as a great “supra-national empire” wherein ethnic Russians would naturally occupy “a privileged position”(251-252), indeed “the central role”(253) based on the model of the Soviet Union whose loss he has repeatedly lamented.”

          - him and his student, president Dugin.

          Further quotes from Dugin from that link:


          Ukraine “has no particular cultural import or universal significance, no geographic uniqueness, no ethnic exclusiveness”(377), so that “without resolving the Ukrainian problem, it is in general senseless to speak about continental politics”(348). His words against Ukrainians, even denying their very existence as a distinct people or culture, parallels Zionist talking-points against the Palestinians.”

          Well, either Dugin is monumentally stupid or he purposely manipulated his reader: not only the Ukrainian cultural history (Kiev Rus) is much older than the history of the Russians (Muscovites as they were known until the 17th century) – who didn’t even exist as a nation until the 15th century: and I am saying that while not being a fan of the current Ukrainian state (far from it! – I am even much less fan of it than of the current German state), but one also has to be said that Russia had, until it created its empire, practically ZERO culture of its own: enough said that if the Moscow elites wanted to get any proper education, they had to travel and study in Kraków (even the first ever book in Cyrillic was printed in Kraków because Moscow was a complete cultural wasteland!); furthermore, after the death of the King of Poland Sigismund II Augustus, when there was a short period of interregnum in Poland, there had been 100 books and brochures, published in Poland about that EVENT ONLY, while starting from that time, there were only 3 (three) non-religious books published in Russia – so for Dugin to say that Ukraine has no particular cultural import or universal significance sounds strange coming from someone representing a state whose inhabitants were – at the time when the most famous Italian architects and scholars were immigrating to Poland; as were the Germans, the Dutch and the Scots (and later on even some Irish) – whose inhabitants were could be – in their looks, manners and culture or rather lack thereof – barely distinguished from Aborigines (and even that mainly due to the cold climate) – only a lot more aggressive.

          Last but not least, I think that this quote from Dugin’s book – and mind you, he is not just a loony writer, but high-rank KGB/FSB officers, Putin’s adviser and Russia’s main geopolitical strategies who teaches their military – about Russia’s strategy being to re-conquer their neighbours (Ukraine, Belarus, Baltic states), and Finlandise the rest of Europe really hit the nail: what the German author doesn’t quote though is that Dugin also says that Poland should not exist (the Russian-German border should reflect the Ribbentrop-Molotov line) and that Germany should rule Europe as Russia’s policeman.
          And most importantly – that always when that happened (that Poland vanished and Russia had a border with Germany), this has later resulted in all-European war.

          • Grzegorz Kolodziej

            starting from that time, there were only 3 (three) non-religious books published in Russia = I mean, for the next 130 years!
            his student, president Dugin = his student, president Putin

            Btw, even when the Russian empire started, most of its military were German.
            And as to Crimean being historically Russian, as this clow Celente is saying….
            Here are the countries who can most justifiably claim Crimean as historically theirs (by the validity of their claim):
            1. Turkey
            2. Ukraine
            3. Greece
            4. Italy
            5. Mongolia

            then for a long time…
            6. Nothing
            7. Nothing
            8. Nothing
            9. Nothing
            10.Russia

            Yet the useful idiots in the West mirror the ridiculous Russian propaganda that Crimea was for 1,000 years inhabited by ethnic Russians: frankly speaking, the Poles would have more reasons to say that England has historically belonged to Poland than the Ruskie that Crimea has always been Russia (via Canute the Great, a grandson of a Polish King) – and I would be the first to protest if someone said something so stupid – even though the story with Canute is true.

            A well known Ukrainian parody-song about President Putin: “Putin-huilo” (“Putin-prick”):

            https://www.youtube.com/watch?v=BU4c_zP9JrQ

    • “” Without digressing, I’ll just state that anyone who wants to know the true roots of conflict needs to research the central role of international financiers. Their “power” rests on the perpetuation of debt worldwide, propping up an internally decaying system in an artificial quest for more “wealth”. Profit for the few – debt for the masses. Because its for no higher purpose or social utility, this becomes an endless, futile search for more “wealth” – and perpetual debt calls inevitably for perpetual warfare.”"–Sean Jobst

  10. woodsey

    David,
    You’re making the mistake of becoming a forecaster. NOT a good idea! The future is always subject to circumstances. Stay away from it!

  11. Daniel00

    Ive been a follower of this site for many years and have always enjoyed the articles and the perspectives of the comments below so i thought id throw my 2 cents in.

    I’ve always felt we had a shot at a solid modern ecconomy but I think our “management” have short term views and vested interests.

    The transport issue is a wide ranging mess,selling off toll bridges to private companies,road tax and insurance at extortionate levels,the biggest and smallest road users in cyclists and buses sharing the same part of the road and fatalities rising.

    As for public transport…… I’d need 2 hours to prepare that post!

    My point is this regards your idea of taxing properties, I feel we might have a conflict of interest right there.

    Our government who still has quite a sizeable ownership of our banking sector might see it fit to allow our housing market to rise enough thus allowing them to sell off the bad debt or mortgages that where given in boom times.
    It will allow them to foreclose on bad loans from the boom and restructure their balance sheet.
    I’ve seen this twice in the last month were renters who are told they may have to leave there homes as the owners were in arrears.

    As Deco pointed out our supply is far lower than our demand in this country which leads my to believe I’m not crazy in my assumptions.

    So will they increase the taxes? Probably not,if I’m anyway right they want to fatten the calf just a bit more.

  12. mike flannelly

    Comments on this blog are either filtered or censored.

    • mike flannelly

      200bn 7bn/yr National debt is never mentioned by David as an economic factor.
      No breakdown.

      Median family wage is the barometer of our economy.

    • Truthist

      So much for “Sovereign-Guarantee for the Banksters” DMW being a Liberal ?

    • mike flannelly

      Debt ratio to GDP ?

      Debt worked when there was 2% wage inflation that diminished the effect of debt after time.

      Every new mortgage in Ireland costs 3000 more per yr on a 200000 mortgage than the eu average.
      Mortgages are growing by 6bn a year so based on 200000 mortgages this failed bankers tax will cost the economy .5bn a year after 5 years.

      We are told that private bank share price is more important than the Irish economy.

      Irelands failed banks are great because they have high interest margins. Irelands mortgage CONTRACTS have vague and unclear costs, plus they are bias in favor of the stronger party to the contract.

      Ireland has No contract law or consumer law it seems.

  13. Truthist

    BUT, DAVID, WHAT HAPPENS TO UR “GOLDEN-AGE”FORECAST WHEN U FACTOR IN THAT WE ARE BEING INCREASINGLY SWAMPED BY “WELFARE TOURISTS” & “WELFARE so-called REFUGEES” ?
    .
    .
    THEY ARE NOT DETERRED BY ADVANCES WHICH U BELIEVE WE AS “WHITES IN THE MAIN” SHOULD FEEL “WHITE GUILT” FOR ;
    .
    RATHER, THEY WANT TO COME OVER & GET SOME.
    .
    .
    http://www.returnofkings.com/127053/4-benefits-that-minorities-enjoy-while-living-in-white-supremacist-countries?utm_source=twitter&utm_medium=twitter&utm_campaign=twitter%20dlvrit%20rss

  14. ‘Over the years, I’ve found I have much more in common with people of my own social or economic station or occupation in France, Argentina, or Hong Kong, than with an American union worker in Detroit or a resident of the LA barrios. I suspect many of you would agree with that observation. What’s actually important in relationships is shared values, principles, interests, and philosophy. Geographical proximity, and a common nationality, is meaningless — no more than an accident of birth.’

    ‘The End of the Nation-State’

    Doug Casey ‘Mises Wire’ Blog 10th August 2017

    In a bunker outside Birmingham, a phone rings & when answered a voice from an inter-dimensional space-time portal-rupture begins to speak…

    “Andy…it’s Michael here….prepare Kilmainham for the lot of ‘em!…and Andy…that film…Dunkirk?….did that really happen?….save us, Andy…save us!”

    Andy puts down the phone and looks up at a 2 metre high picture of a face that he has stared at since he was a young boy….

    Pictured hours before his assassination: Last photograph of IRA leader Michael Collins found in an attic after 90 years
    Michael Collins was pictured just hours before his death in 1922
    The photo was recently found in an attic after being forgotten
    Image will be archived as an important part of Irish history

    http://www.dailymail.co.uk/news/article-2242724/Never-seen-pictures-final-hours-IRA-leader-Michael-Collins-emerged-spending-90-years-forgotten-attic.html

    • If Ireland’s no longer a country, just part of a Globalist Supply Chain…if it’s the ‘host’, who, or what is the parasite feeding on it’s corpse?…Germany doesn’t have nuclear weapons but France does…therefore…the EU does…the German Cultural Algorithm is unstable and needs to be watched hawkishly…for at least another 100 years….EU pooled sovereignty…EU armed forces…that way potential madness lies….thus….Brexit….too late for IRExit….how do I explain all this to MC as he sits in the ruins of the GPO waiting for an interdimensional teleport message from Andy Mooney in Birmingham 2017?…I’ll need to explain about JFK…about Boston, Belfast…Berlin…and Birminham….and ‘economics’ as a Trojan Horse for The Globalist…

      “For we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence: on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly-knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations. Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised.”

      [John F. Kennedy; April 27, 1961]
      ‘You were never truly loved
      You’ve only been betrayed
      You were never truly nurtured
      By churches or the state
      You left unprotected
      To these wild and fragile lands
      That you could rise up like a god
      Arm yourself, you can be strong
      You can build a nuclear power
      Transform the earth to your desire
      Free your mind from false beliefs
      You can be the commander in chief
      You can hide your true motives
      To dismantle and destroy
      Now you finally have good
      I have given you good

      There’s no country left
      To love and cherish it’s bond
      It’s gone for good
      It’s here and maybe
      Survivors
      To hunt and gather memories
      Of the great nation we were
      There are no countries left
      To fight and conquer
      I think I destroyed them all
      It’s human nature
      The greatest
      Until we’ll survive alone
      With no one left to love

      There’s no country left
      To love and cherish, it’s gone
      You know it’s gone for good
      A trillion memories last in
      Space and time forever more
      I just wanted, I just needed to be loved’
      Muse ‘The Globalist’ [Orchestral]

      https://www.youtube.com/watch?v=snMs9Lgesxw

    • Alex Jones does an excellent job of describing how George Soros and his friends in the Deep State are working to bring race war to America – and why they are doing so. Here is my summary of the plan: Spend billions to create organizations with the purpose of arousing blacks against whites and whites against blacks. Then create street demonstrations to lead the followers of these groups into confrontation with each other. Then initiate violence to provoke retaliation from the victims who have no idea they have been set up as cannon fodder in what appears to be a genuine race war. Then send in the military to impose martial law to restore order. Then say farewell to what is left of Constitutional rights. –GEG

  15. Pie Squared

    Good news Dublin’s economy is roaring and that Ireland may rev up soon.

    For years Ireland’s “hosted” manufacturing via IDA hubs etc, and we do “host” some of the best here already ito leaders of global supply chains – think Apple etc – with associated dizzy pigs or wobbly transfer pricing that generate gobbledeegook GDP figures. We could definitely do with increasing employment in servicing emerging and best digital businesses globally – assuming they are not terminal tech bubblies. And if we could establish some of our own – even better!

    I still believe that Ireland has a strategic problem though and it is this: critical mass. Here I go again…but bear with me. It’s not just a moan about deep history. It’s a formula one car crash of biblical proportions we have not bothered to analyse or learn from. And a number of your readers get it.

    It’s great Limerick is winning in the after tax income stakes. Afraid its wheels are still spinning’ though. Its population remains only 59% of what it was in 1841 (Population Limerick 2016 = 195,175. Population Limerick 1841 = 330,029. This to my mind, is not ok and represents a strategic problem that requires a strategic solution.

    In 1841, the population of the area now covering the Republic of Ireland was over 6.5 million people. In 2016 it was 4.57 million, when it should be up to 7 times more.

    Think of the country Ireland would be if those who died or left during the famine, had not died or left, if their descendants who as you say built North America were on this island today. What would our cities look like? How prosperous would they be? Where would people be housed? What kind of public transport system would we have? What income taxes would the Irish Government have at its disposal?

    Obviously this didn’t happen and we don’t have those amazing Irish people or their taxes contributing to the Irish public purse. They are the ghosts in our machine.

    However, as our Irish Grand Prix plays out, we don’t notice the changing audience as we continue roaring round our own little circuit. Do we even hear the clack of the seats as our Irish young stand up and leave for London, NY or Sydney? And who’s coming in to replace them? What’s the mix of those paying for premium seats and those that are subsidised?

    Surely the leaders of Ireland, if they took off their helmets and pulled out the ear plugs, might say – hang on, are we driving round in circles? The landmarks look familiar. Don’t we need to at least take a pit stop, refuel, tweak the engine a bit, before we even think of extending the track and leaving our cars for the hospitality tents? Do we even understand the sport we’re in?

    To limit our track to raising property taxes to fund a “Golden Age”, begs the question, what kind of “Golden Age”? And for Whom? Monaco did you say? Don’t you mean Mondello Park?

    If we want to be the Monaco of the Grand Prix world, we need to do a number of things differently. High speed trains – yes. But more besides including changing the team, in the short term.

    Driver Dublin’s far too big for his car and his driving ability’s now impared. Swap him out with the nimbler Driver Limerick maybe? Yes, Driver Dublin may have to drive a lumpier car for a while, and play second fiddle for a while but over time, Team Ireland can earn the right to manage the event and drink champagne in the tent, secure in knowing its the best venue in town, rather than risking life and limb precariously out on the track.

    • No problem at all, given the country no longer exists and is just part of a global supply chain, just open the doors to one and all, what could possibly go wrong?….I mean, being Irish only takes a few integration sessions about 1916 and the GAA, nothing too deep…and a bit of the St Paddy’s craic stuff…there’ll be no issues whatsoever of blending in imported Cultural Algorithms under conditions of Social Austerity…I mean…look at the UK…if only those pasty white folk would stop buying crap from Greggs and upcycle to a nice Ethiopian restaurant, the money to pay for it all would just appear by ‘magic’…

      ‘So absurdly white was Ireland at the time…we marvel at how we lived for so long in that state of almost total whiteness….It was kind-of ridiculous, this white comedy. But the more you get to thinking about it, the more you start to see it as kind-of tragic too, in ways we still hardly understand.

      Emigration has always been our great lament. Oh, how we mourn not just the forced departure of our people to places they didn’t necessarily want to go, but also the loss of those people and all they might have contributed, had they stayed.

      But there is another “loss” to be lamented, that of the people who never came here in the first place.

      It is, by its nature, incalculable. But it is reasonable to suggest that there are serious grounds for remorse here, that there should be at least one epic ballad which weeps for the plight of poor Paddy – the one who was forced to stay in his own land with all the other people called Paddy, who looked like him and spoke like him and believed all the things that he believed….’

      Isn’t it sad how many generations of Irish people lived without understanding how pernicious their culture was? And how sad it was that it took the Irish Ruling Class so long to cop on to the New Norman Toraigh immigration scam on this island whereby people of colour were invited purely to drive down indigenous wages, control inflation and act as a Trojan Horse for an attack on worker’s rights….but so long as the media class have their Diversity Menu choice at local restaurants, no other complexities can be discussed because: Racism…

      We’ll see how long it is before ordinary Irish people of every colour start to look at Brexit and see beyond the Irish Media Mafia and their Neo-Colonial Multicultural espousal of immigration to boost their coffers and emmigration to get rid of truculent ‘indidgenous Irish’ who want to shake the tree…same old story but with a novel twist…unfortunately for RTE-Indo-Paper Of Record propagandists, the ordinary Irish can see there are multiple layers of concerns beneath the Virtue Signalling ‘compassion’ of their Ruling Class and media lackeys…and the exact same fake multicultural scam is happening all across the EU thus necessitating….Brexit…invite people to your home country to uplift them, not to use as power pawns in a chess game to rob ordinary people of the rights and political power their ancestors died for…the EU is an entirely racist construct based on robbing Africa via the CAP. A gang of former robber nations band together to rob the world in unison rather than fight each other for who’s top dog. Of course, the decision by the historical top-dog bandit Britain to go solo causes the most enormous ructions but not for the reasons the Propaganda Classes pump out with drivel like the article by Declan Lynch with his ‘self-loathing Caucasian Complex’. smfh…

      ‘Time for a new immigration ballad- lamenting the lack of it’ Declan Lynch

      http://www.independent.ie/opinion/columnists/declan-lynch/time-for-a-new-immigration-ballad-lamenting-the-lack-of-it-36004072.html

      ‘Unemployed and low-paid resistant to immigration
      Poll reveals ‘well-heeled’ more likely to welcome refugees here – but integration into society remains a challenge’ Wayne O’Connor ‘Irish Independent’ February 26 2017

      • Pie Squared

        Mind chewin’ response Andrew – ta.

        New songs about the Famine are a matter for those more talented with the garglers than I.

        And immigration to Ireland of the 7 billion (minus 5m) on the planet is…well…what can I say?

        My point is Ireland has still not recovered from the Famine and still has no strategy to address it, after 150 years plus.

        Actions have not been taken to give us the critical mass we need for economic stability – (wonder what that number is? Doesn’t have to be the global 7 times the 1841 population, and probably shouldn’t be, but under our 1841 population…shoot for the stars boys???)

        Isn’t that the craziest thing? We’ve literally buried the biggest problem we ever faced on this wet rock of ours while we still suffer the consequences? If that’s not a strategic challenge, I don’t know what is.

        So agree, it’s easy to convince us that Ireland as a country no longer exists – we’re very good at making things disappear – (The Famine, our young). Abracadabra!

        Humour my bias against the 7 billion (minus 5m), but we have a massive diaspora and we ship our young off daily to far flung parts. They are a (largely ignored) asset.

        Reflection, discourse, strategy and action are what I have in mind – not quite the Potato Diggers Ditty…

  16. Mainstream Media Ignores Violence by Antifa and Black Lives Matter in Charlottesville – Puts Blame on Unite the Right
    Unite the Right was herded by police into a small area surrounded by Antifa which hurled balloons at them filled with urine, feces, and paint, shouting “Kill Nazis!”

    https://needtoknow.news/2017/08/mainstream-media-ignores-violence-antifa-black-lives-matter-charlottesville-puts-blame-unite-right/

  17. “”I worry more about those who want to act as fact checkers, blatantly ignoring propaganda and fake news by the MSM while targeting alternative media and dictating what is and isn’t important for public consumption.”"

    https://needtoknow.news/2017/08/soros-partners-firefox-ebay-founder-create-censorship-tool/

  18. But if Ireland is now just ‘part of a global supply chain’ why is this of any concern? Is this the ‘management’ that David McWalliams thinks should be invited in to run Ireland Inc? …..If not, wtf is Ireland doing in the Euro…*smirks*

    ‘Strategically we are in good shape to play a small but significant role in the global economy. The product is good. The brand is strong. The balance sheet is improving each quarter. However, we have a local management issue. It’s a technical issue called housing. Good managers fix problems.

    Do we have such a management team? Maybe we should advertise for one.’ David McWilliams

    compare & contrast:

    ‘With British exit on the way and a pro-EU president installed in France, the stage is set for further economic policy centralisation, especially in the core eurozone, once the German election is out of the way. This will inevitably be under Franco-German leadership and the jockeying for position has commenced. Draghi is due to retire in 2019, and some key positions, including the presidency of the Eurogroup of finance ministers, are currently up for grabs.

    There will be another financial crisis in Europe along the way, and the smaller countries with heavy debts, including Ireland, are most exposed whenever it comes. On past form, their interests will be sacrificed, particularly if French or German banks are exposed.

    The reform of the ECB is of vital national interest for this country.’

    http://www.independent.ie/opinion/columnists/colm-mccarthy/leo-should-demand-an-apology-from-europe-36026667.html

  19. SLICKMICK

    The punt is 116 % the value of sterling,back to the level of 2009. Totally overvalued. Newry,here we come.Another mess created by the euro.

    • mike flannelly

      Hi mcsean,
      Your link claims that the annual interest repayments for our(Irish Citizens) 200bn debt is 9.5bn/yr

      PERMANENT DEBT

      Vincent Browne and Gene Kerrigan have told us that we are one of the richest nations in the world. Family incomes are taxed at the higher rate for income over 65000e compared to 100000e
      in other eu countries.

      Irish economists write in our national media tell us that on jan 1st we are minus 7bn yr in interest repayments. The new bankers(bailout) tax costs households .5bn yr afer 5 yrs alone (and rising). The 13,000 yr contributory pension for ALL workers after 67 ( unconstitutionally NOT ALL) costs 5bn. The unfunded non transparent pensions for select citizens plus 150000 lump sum cost 3bn(??).

      GDP wealth based on MNCs is NOT PERMANENT. It may go up. Or down.

      Trinity college brought out a report claiming that their own jobs have a multiplier effect of 6 jobs. Is their 2bn pension deficit included in the report? It seems to underscore the multiplier effect of MNCs.

      Brian Luceys blog has a link the details.

      Expanding our nationat debt for todays select income/pension benefit ONLY, to be paid back on some TUESDAY in the future by someone elses children is WIMPEYONOMICS

      CANNIBALONOMICS

      All income related problems are solvable. The solutions are not political.

      Political and measurement dishonesty are the PROBLEM.

  20. SLICKMICK

    Post 1986,the mean house price in Dublin three has increased from £40k to €600k.Now twenty per cent more expensive than the London and Nyc averages. Next crash within 2 yrs.

  21. Truthist

    THIS WAS RECOMMENDED TO ME ;
    .
    .
    ………………………………………………………………
    .
    THE GREAT TOMATO BUBBLE
    .
    .
    DO YOU EVER WONDER?
    .
    Ever wonder about why our economy is in trouble? How can so many people can be in so much debt at the same time? Does it seem strange to you no matter how hard one works, and in spite of all the advances in society, most hard working people cannot escape the treadmill of perpetual debt?
    .
    Why are so many families losing their homes to foreclosure? Why are many households dependent upon credit cards to supplement their income? Why does it take TWO spouses to maintain a household when it used to take just one? Why have so many retirement savings been wiped out? Why do prices always creep up?
    .
    Did you know that about 20% of all income taxes are consumed just to pay interest on the Federal Debt? (National Debt currently 19.5 TRILLION DOLLARS , or about $175,000 per household.) Think about it. Every penny that you pay in income tax from January 1 – March 1 is consumed just to pay interest on Federal debt; much of it to foreign banking families! And let’s not forget the Government’s unfunded future liabilities, estimated at 90 TRILLION. (an additional $900,000+ per household.)
    .
    Add those staggering sums to the 11 Trillion in total consumer debt (mortgages, car loans debt, credit cards, etc), student loan debt (1 Trillion more), State debt, County debt, City/Town debt, small business debt, big business debt, and you will see that the total of these debts actually exceeds (BY FAR) the amount of money supply in circulation.
    .
    So, how can such astronomical debt ever be repaid? Well, if you haven’t figured it out yet – IT CAN’T. The only way for society to service just the interest on these monstrous debts is to constantly inject new debts into the system.
    .
    Finally, on top of all your Federal, State, gasoline, and local taxes, (30% – 40% of your gross income) and on top of your personal debt service burden (another 25%-50%), there’s this thing called “inflation”, or “the cost of living.” What exactly is “the cost of living?” What causes it? Why does a dollar buy less and less each year while wages stay flat?
    .
    Is the stress of perpetual debt and rising prices keeping you up at night? How many strokes, heart attacks, and even suicides are induced by financial stress each year? Money and debt may even have led to your drinking problem, or perhaps even to depression. Debt may have been the underlying cause of your divorce or that of some couple that you know.
    .
    You know in your gut that something isn’t right in this country. But you don’t have the “Economics education” to figure it out. It all seems too complicated for you to put your finger on, so you just keep slaving away to pay interest and taxes as your dollar buys less and less. All you can do is keep working like a dog and leave the matter to the Wall Street “experts” and politicians to handle for you.
    .
    But it’s all quite simple really. So simple in fact, even a dummy can understand it when it is broken down to basic elements.
    .
    So then, how exactly did you all become such debt/tax/inflation slaves? Well, I’ll let you in on my little secret. You will be amazed at how easy it is to understand.
    My name is Mortimer M. Moneybags III and this is the true story of how I bankrupted and enslaved my hometown of Tomatoville, USA:
    .
    .
    THE SETUP
    .
    One night, Bill, Frank, John, and Mike came over to my place for a friendly game of poker. My four neighbors are all prosperous tomato farmers. Tomatoes actually serve as the currency of Tomatoville, USA.
    .
    Before starting, the five of us agree to each put up 10 tomatoes as our “risk capital.” That’s a total of 50 tomatoes. (Gross Domestic Product – GDP)
    .
    Play begins and we realize that trading tomatoes during our bets is awkward. I suggest that we utilize paper notes to represent our tomatoes instead. Because I hold a degree from Harvard, all agree that I should act as “Central Banker”.
    .
    We place our tomatoes in the center of the table and I print 50 paper notes with the face of Tomatoville’s founder on them (corresponding to the 50 total tomatoes, 10 notes for each player). Each paper note therefore represents 1 tomato….simple. (sound money/hard money/gold standard)
    As play resumes, I have an unseen advantage over my guests. At 30 minute intervals, I repeatedly excuse myself for a “bathroom break.” (Fed Meetings) During this time, I’m actually sneaking into my bedroom and printing up more 1 tomato notes (fiat money).
    .
    The Money Magician creates money out of thin air.
    .
    Upon returning, I gradually gamble and inject ever increasing amounts of notes (liquidity) into the game (the economy). By midnight, the original 50 notes has increased to 500 total notes.
    .
    After ebbs and flows, the game was remarkably even at midnight. The five of us, who had each started out with just 10 notes apiece, now held 100 notes apiece. As you might expect, due our newly found “wealth”, the size of each player’s bets increased in direct proportion to the growth in the supply of Tomato Notes. (price inflation).
    .
    But the same 50 tomatoes -the true intrinsic value of the game – (GDP) remain in the jackpot.
    .
    Because we are getting so “rich” from the game, I propose that instead of ending the game, we leave everything as is and resume play the following month.
    .
    “Why don’t you fellows spend some of your Tomato Notes, and save some to invest in next month’s play. Tell the shopkeepers that each Tomato Note represents one tomato that is still sitting on this table. They’ll accept the Notes as if they were actual tomatoes.”
    .
    “Great idea Mortimer! The paper is so much more convenient to trade than the tomatoes.” replied Mike.
    .
    All agree to suspend play and resume next month. Before they leave, I announce that I’m cashing in 20 of my 100 notes in order to make tomato sauce the following day.
    At the original ratio of 1 note to 1 tomato, my 20 notes trade for 20 tomatoes. I have doubled my original “investment” of 10 tomatoes (profit taking), and still have 80 paper notes with which to resume the game next month. There are now only 30 total tomatoes remaining on the table.
    .
    As I expected, my friends have no intention of cashing in any of their “winnings” because the returns from the game are so high. They each hold 100 notes and really believe that their original 10 tomatoes have yielded a 10 to 1 return from playing the game (Bull Market, irrational exuberance).
    .
    “Let’s go shopping!”
    .
    When the players explain to the town merchants that the Tomato Notes represent actual tomatoes that are stored at my house, the merchants gladly accept the notes as if they were actual tomatoes. During the ensuing month, the players spend many of their notes and take out various loans as well.
    .
    Bill buys his wife a new sports car by putting down 25 Tomato Notes and taking a loan for the balance. (Detroit prospers.)
    .
    Frank takes out a small business loan to open up that restaurant he’s always dreamed about (job creation).
    .
    John puts down a 50 Note down payment and signs a contract for a new home mortgage (housing boom).
    .
    Mike spends 40 of his Tomato Notes and also goes on a credit card shopping spree (consumer confidence).
    .
    The local bank manager also trusts that the Tomato Note income of the borrowers represents true wealth, so he honestly believes that he is not engaged in risky lending when he lends out his depositors tomatoes to the successful poker winners. (Sub Prime mortgages, No Money Down Mortgages)
    .
    The bank then sells some of the loan notes to The Tomato Street investment houses. Blinded by greed, and ignorant of “the big picture”, Tomato Street portfolio managers believe that the debts are solid investments for their clients. (secondary market ,mortgage backed securities)
    .
    So not only do the four players believe that they are prospering, but the businessmen that are now selling more goods to the wealthy poker players believe that they are earning more Tomatoes also! They too increase their personal spending and borrowing accordingly. (multiplier effect)
    .
    As the new “prosperity” makes its way through the town, the prices of goods and services also begin to rise – exactly like the size of the bets in the poker game had risen, and exactly for the same reason! Everyone thinks they are getting “richer”, but their new wealth is artificial and temporary.
    .
    Me? I just rub my hands in glee and laugh at how foolish these people are.
    The economy of Tomatoville is BOOMING……or so it seems.
    .
    .
    THE STING
    .
    The Poker players and I meet again at my place and pick up where we left off the month before. The mood is jovial as the players look forward to another round of “earnings”. After a few hours of more silent note injection, 1000 notes now circulate evenly among the players (200 each). My guests boast among themselves about all the new toys they have recently charged. They aren’t worried about the debts they are incurring because, if necessary, they can always cash in their abundant paper notes for tomatos (equity) and pay everything off free and clear.
    .
    John then mentions that he has noticed that the town merchants have increased the prices of their goods and services.
    .
    “Have you guys noticed how expensive milk and eggs have gotten lately?” John asks.
    .
    “Yes! I noticed that too.” said Bill. “And a cup of coffee now costs 2 tomato notes! Why is that Mort?”
    .
    Anticipating that this question would arise, I launch into my cleverly planned explanation:
    .
    “Well gentlemen, there are three underlying causes behind the price inflation you are seeing at the town stores. First, when the town merchants learned of your new prosperity, they increased their prices because they knew you could now afford to pay more. That’s typical capitalist price-gouging.”
    .
    “Those greedy bastards!” shouted Frank.
    .
    I continue:
    .
    “Yes. Greed is a main factor. But our shopkeepers aren’t the only greedy businessmen. The second reason for this inflation is that the folks over in Oilville have got us over a barrel. They too have increased their oil prices. Because all of the goods we buy have to be shipped by train and truck, the increase in transportation costs gets passed on to you the consumer.”
    .
    Mike leaps to his feet and angrily declares: “I say we bomb Oilville back to the stone age and just take their damn oil!”
    .
    “I don’t know about going to war, but we definitely need to develop solar and wind energy here in Tomatoville.” adds Frank.
    .
    “What’s the third reason for this inflation?” asks John.
    .
    To which I reply:
    .
    “The third reason isn’t related to greed. It is due to the prosperity of the people over in Potatoville. As Potatoville develops its economy, they grow and sell more potatoes. This increases their own demand for oil. That increased demand pushes oil prices up. Again, because our economy runs on energy, Potatoville’s prosperity is contributing to the inflation you are seeing here in Tomatoville.”
    .
    To my amazement, the men, acting as if they have been enlightened by some deep philosophical discourse, all nod their heads in agreement at the utter nonsense I have just spewed. We then resume the game.
    .
    After a few more hours of play, I decide to trade in 20 more paper notes for 20 more tomatoes (insider trading). My friends ridicule me. “Mortimer! Why would you trade in notes for tomatoes when we are all making so much money?” they ask.
    .
    “I just want to lock in some of my winnings now. You never know if fortunes may turn.” I replied.
    .
    I have now “earned” a total of 40 of the original 50 tomatoes from the table, quadrupling my initial investment. Whereas my scam was not obvious before, my victims now clearly see that the true value of the tomato jackpot has diminished (recession, Bear Market). They each started with 10 tomatoes. So how come they hold hundreds of notes when there are only 10 tomatoes left for the four of them to divide?
    .
    Bill panics. “I’m trading in!” he declares. He dumps all 200 of his notes and attempts to grab the remaining 10 tomatoes (stock market crash, bank run).”
    .
    Not so fast Bill!” declares Frank. “If you get those remaining tomatoes there will be none left for us!”
    .
    “Oh my God! Mortimer! How am I going to pay off my debts to the town’s merchants? What’s happened here?” Mike asks.
    .
    My expression turns somber as I reply:
    .
    “Damn! I was afraid this might happen. Because we were doing so well, the game “overheated”. The Tomato Note fell against the tomato. When that happens, the cost of playing goes up (inflation) and then a contraction occurs (recession). It’s a natural cycle.”
    .
    “So how do we allocate the remaining tomatoes?” John asks.
    .
    “Simple.” I replied. “It’s called currency devaluation. You four each have 200 notes in hand, and I have 160. That’s a total of 960 notes in circulation (money supply). There are 10 tomatoes remaining. Divide the 960 notes by the remaining 10 tomatoes and the new cost of a tomato is therefore 96 notes (hyper-inflation). That means that your 200 notes can buy back 2 of the remaining 10 tomatoes for each of you.”
    .
    The paper Tomato Note currency has lost its purchasing power (inflation, bubble bursting) and my 4 neighbors have each lost 8 of the original 10 tomatoes they had once owned. I walk away with 42 of the original 50 tomatoes. (real wealth)
    .
    .
    ***AUTHOR’S NOTE***
    .
    If the players had added 950 tomatoes to the original 50 (GDP growth), there could be no bubble and the Tomato Note would have retained its 1-1 value. (1000 notes / 1000 tomatoes) Even in a crooked monetary system, increased production “props up” a debased currency. But the people will not benefit from the increased production because the extra wealth is stolen by Mortimer’s printing press. Mortimer can always create new bubbles by printing up even more notes and then being the first one to “cash out.” In bubble economics the first sellers to get out of the game (stock market, real estate market etc), will profit unfairly by receiving inflated “fake” value for their stocks, homes, currency etc. When the game then adjusts to the burst bubble value, the remaining sellers get less. (Examples: Investors who sold their stocks when the Dow Jones was at 14,000. Homeowners who sold in 2006 at the peak of the real estate bubble. Investors who in 2007 exchanged US dollars for gold or other hard commodities.)
    An honest money system keeps the growth of money supply proportionate to the growth of goods and services (GDP) for a 1-1 ratio. (no inflation / no deflation) But when money is printed “out of thin air” (as opposed to gold or silver which have intrinsic value due to rarity and beauty ) Mortimer is always ahead of the players, especially when he starts lending notes to the Mayor and local bank, at interest. When that happens, all of Tomatoville becomes Mortimer’s poker game.
    .
    toiletpaper-money.jpg
    .
    But the real problem is that the four suckers, believing they were “wealthy”, had charged up a lifestyle that they can no longer sustain.
    .
    That car Bill bought for his wife? Can you say “Repo Man?”
    .
    Franks new restaurant? The chefs and some waiters will have to be laid off (increased unemployment).
    .
    Mike’s credit card bills? Soon to be delinquent and destroying his credit rating. (credit crunch, local Bank losses)
    .
    John’s new home? Foreclosure, followed by divorce (housing slump).
    .
    The merchants who had sold or loaned to them will also be negatively affected. Anyone who had dealings with the free spending Poker players is also holding devalued notes and possibly carrying bad debts. The artificial debt & inflation prosperity had spread like viruses, and now the malinvestment balloon has to painfully deflate.
    .
    The bewildered and frightened town folk don’t understand how this happened. Because of my Ivy League credentials, coupled with the fact that I have accumulated so much wealth, they look to me for expert advice and answers.
    .
    I explain to them that we are in a liquidity crisis:
    .
    “Friends! This is part of the natural business cycle. Sure, you have suffered a short term loss, but in the long term we all come out OK as the markets recover. You saw how much wealth you had earned. If you get out of the game you’ll be locking in your losses.”
    .
    “The market has hit bottom. Truth be told, you guys helped create this mess yourselves with your reckless consumer borrowing, and the local bank should have known better than to lend its depositors tomatoes out so carelessly. (blaming the symptoms, instead of the cause) This is the problem with free market capitalism sometimes.”
    .
    “I will advise Mayor Bulshitz to institute new legislation, a huge stimulus package, and more regulation over private enterprise (New Deal). We shall create a social safety net in order to protect you from future naturally occurring business cycles.” (Great Society, War on Poverty)
    .
    “Greedy Corporations, town shopkeepers, and employers big & small created this mess and it must never happen again. (class warfare) We will impose strict price controls to fight the inflation that the greedy , price-gouging shopkeepers caused.”
    .
    “We will tax the rich! (Federal Income Tax, established in 1913) Free health care! Free education! (socialism) Liberty! Equality! Fraternity! Change we can believe in! Hope! Yes we can! Workers unite! You have nothing to lose but the chains which bind you!”
    “Don’t worry about the town’s Constitution. It’s an outdated document written by a bunch of dead white guys. If we are to fix this mess, then we must ignore its limitations on progressive government action.”
    .
    “If you give me power, I will take care of you.”
    lenin.jpg
    .
    .
    ***AUTHOR’S NOTE***
    .
    To feed the insatiable debt monster, and to maintain confidence in his notes, Mortimer must have a perpetually growing GDP (more tomatoes). If not, runaway debt and inflation will cause the economy to implode sooner, rather than later. GDP growth is fueled by “consumer spending”(consumption) and the constant borrowing which enables it. This is why economists, politicians, and other assorted lunatics are so obsessed with constant GDP growth.
    .
    “The tomato must no longer serve as the backing for our currency. To meet the liquidity needs of our new system, it is imperative that we get this town off of that antiquated, “barbaric fruit” Standard (hard money) and transition to my expertly managed paper currency.” (fiat money)
    .
    “As far as the poker markets go, now is the time to play even more aggressively (buy low). We’ll meet again next month. In the meantime, work harder and bring more tomatoes to the next game, I’ll print more notes to increase liquidity and induce the banks to loosen up credit once again. (pump priming, quantitative easing)
    .
    “If the local banks need to make more loans, I’ll lower their reserve requirements so that they can lend (create) money that they don’t have. As long as too many depositors don’t make withdrawals all at the same time, like you fellows did in our poker game, they’ll be none the wiser.” (fractional reserve banking)
    .
    Even if there is a bank run, or if the bank’s loan demand exceeds it’s reserve requirement, I’ll act as the “lender of last resort” (Federal Reserve, established in 1913) and lend (create money for) to the local bank at interest (Bank takeover, Discount Window).
    .
    I will also lend to (create money for) the Mayor’s office (Open Market Operations, purchase of T-Bills, stimulus) , and bail out (create money for) the Tomato Street Brokerage houses that I deem to be “too big to fail” (Goldman Sachs, JP Morgan bailout package).
    .
    Let the good times roll!
    printing_money.jpg
    .
    I continue: “Finally, I will organize an emergency meeting of the Mayors, Finance Ministers, and Note Printers of the European towns (G-20, “world stage”). Now is not the time for isolationism. (independence, sovereignty) Global problems demand global solutions! (IMF, World Bank, WTO, UN).”
    .
    “We will recover. So keep spending, secure in the knowledge that the best and the brightest of the world community are on the job. We have nothing to fear but fear itself!”
    .
    .
    ***AUTHOR’S NOTE***
    .
    The “business cycle” is very simple. When the rate of growth in money supply (debt supply) exceeds the rate of growth in the general economy (GDP), the excess “money” has to go somewhere. It creates an illusion of prosperity. Artificial bubbles will form either in housing, stocks, currency, etc. Eventually the market always corrects for these phony excesses and the bubbles burst. (just like the poker game.)
    .
    We the Central Bankers own it all!
    k-5.jpg
    .
    THE WRAPUP
    .
    The men leave my place full of hope, grateful that a financial “expert” and a caring leader are in charge of the recovery plan. Incredibly, I have convinced them that it was free enterprise, tomato currency, and limited government (the three main pillars of their original prosperity), that caused their problems.
    .
    Instead of seeing my inflationary system, my perpetual interest demands, and the Mayor’s out-of-control spending and high taxes as the causes of their lower standard of living, they actually worship Mayor Bulshitz as a savior. Bulshitz gives them all the socialistic “free” goodies that our destructive schemes made unaffordable for them in the first place.
    .
    First we crush the owners and the workers of the private economy. Then, Bulshitz rides in like a knight on a white horse, offering welfare schemes to save them.
    .
    The simple townfolk never stop to think that were it not for us, they would have the income and capital to take care of themselves!
    .
    When Bulshitz runs short of money (as he always does), I’m there to lend it to his office…at interest of course.
    .
    Damn I love this job! .
    My European colleagues and forefathers have been running this scam for centuries. During this past century, we’ve been working to diversify our operations to include control of the world’s natural resources. Whenever some independent-minded foreign mayor resists our game of Banking & Resource Monopoly, (Iraq, Venezuela, Iran), our friendly mayors (the “free world”) will team up to bring that town back in line (sanctions,UN resolutions, spreading democracy,CIA coups,wars). Perhaps one day we may even merge our operations under a single global umbrella? (New World Order, G-20, Global New Deal, Global Warming scare)
    .
    I also play golf with the owners and publishers of the local “liberal” newspaper as well as with those from the “conservative” media. Through my close friendship with them, I am able to influence the editorial and news content of both. It’s sort of a “good ole boys” networking thing. As long as they don’t expose my operation, I am happy to allow the two parties and their sheeplike followers to amuse themselves with the daily drama of those superficial popularity contests known as “political campaigns.” By having the “left” and the “right” beat each other up, the townfolk are kept divided and diverted from my actions. In the end, it is I who wins EVERY election.
    .
    Professor Pointyhead peddles Mortimer’s bullshit.
    .
    While Mortimer’s Media glorifies his paid agents.
    19990215saveTheWorldBig.jpg
    .
    My “philanthropic endowments” to Tomatoville University guarantee that my twisted version of economics is taught to the students. Awestruck by my immense wealth and prestige, most, but not all (“Austrian School”, Peter Schiff, Ron & Rand Paul), of the economists at “TU” are eating out of my hands. So, when the town folk read The Tomato Street Journal, or hear Professor Pointyhead speak on TV, my false theories are reinforced in their minds.(Keynesian Theory, “Chicago School”)
    .
    All, except for John – the critical thinker of T-ville. He figures it all out and embarks upon a one man Internet crusade to expose me, calling me a “counterfeiter”, “usurer”, “insider trader”, “warmonger”, and “The Shadow Mayor.”
    .
    “John is Baaaaaad.”
    Sheep_NewscasterM.jpg
    .
    My fellow Country Club members from the media convince everyone that John is “paranoid”, and an “extremist” who is a mentally unstable “conspiracy theorist” and potential “domestic terrorist.” Most of the town folks defend my intellect and character, and disassociate themselves from John. The others are too burned out by the hustle of life to even make the time to study politics and economics. Eventually, John is denied access to The Tomato Street Journal and throws his hands up in frustration.
    .
    Tomatoville is deeply in debt in to me because the massive police force and the “safety net” programs (that my destructive monetary schemes necessitated) are very expensive! I’ve got so much dirt on Mayor Bulshitz, that if he dares to either reintroduce the tomato standard, or if he decides to print interest free currency proportionate to the amount of real goods and services in the town, my newspaper friends and slick TNN anchormen can ruin him.
    .
    .
    ***AUTHOR’S NOTE***
    .
    A typical example of the incestuous old boy’s network that exists between the Wall Street, Washington DC, Central Banking, and corporate media elite, is the case of international banker, Eugene Meyer.
    .
    WALL STREET:
    Meyer got his start as an investment banker with the firm of Lazard-Freres. He became a wealthy speculator and earned a seat on the New York Stock Exchange.
    .
    WASHINGTON:
    Meyer served as head of the War Finance Corporation under President Woodrow Wilson during World War I.
    .
    CENTRAL BANKING:
    President Hoover later named Meyer as Chairman of the Federal Reserve in 1930, which he chaired until 1933. After World War II, President Truman appointed him to head the World Bank.
    .
    MEDIA:
    Meyer bought the Washington Post in 1933 (Arguably America’s most influential newspaper). The Post also owns Newsweek.

    Upon Meyer’s death, control of The Post passed to his daughter, Katherine Meyer Graham. Today, The Post is run by Katherine’s son, Donald Graham.
    .
    Below:
    “All in the family.”
    The Meyer-Grahams 100 year old influence includes the White House, the FED, The World Bank, The Washington Post, and Newsweek Magazine.
    .
    Mogul Eugene Meyer
    imagewashpos.jpg
    .
    Meyer’s Newsweek / Daughter Katherine
    imagewashpos.jpg
    .
    Myer was FED Chairman
    imagewashpos.jpg
    .
    Meyer’s Powerful Newspaper
    imagewashpos.jpg
    .
    Newsweek OPENLY promotes socialism.
    newswwek.jpg
    .
    But Mayor Bulshitz, as well as his rivals from the other Party, are all very easy to get along with. Most politicians are just ambitious liars who only care about getting re-elected. My printer helps cover the huge budget deficits generated by their vote-buying welfare schemes and their endless foreign wars. One hand washes the other. It doesn’t serve the insatiable ambitions of the local politicians to alienate a well connected “bi-partisan” donor like me.
    .
    Every few years, for public show, Mayor Bulshitz gets to nominate a printing “Chairman” from my list of preferred professors. Because of this “dog and pony show”, most readers of The Tomato Street Journal believe that the central banking operation is regulated by the Mayor’s office. It’s not.
    .
    In reality, it is a private cartel, owned and operated by my banking associates and me. It is only our cartel that gets to print (or E-mail) the actual money supply, and then inject it at will into the government treasury (FED purchase of T-bills) and banking systems (FED loans to member banks, lower reserve requirements), as we see fit.
    .
    Because debt is the actual currency, you can never stay out of debt. The total of all debt and interest owed always exceeds the total money supply.
    So you see, this debt based currency system is actually nothing but a massive pyramid scheme. We international banking and media kingpins sit on the top. Our wholly owned politicians, professors, & reporters sit on the levels below. While you worker bees are stuck on the bottom levels – toiling away to perpetually support the crushing weight of our fraudulent structure.
    .
    Different parties.
    Same BS.
    bullshit.jpg
    23st76b1.gif
    .
    It’s like a game of musical chairs, where the number of players always exceeds the amount of chairs. I start and stop the music at my pleasure as you exhaust yourselves running around in circles for my amusement. I stimulate the “booms” (blowing bubbles), and the “busts” (letting some air out), profiting from both.
    .
    Now you know the secrets of my success and power. You’re probably wondering why I would reveal the truth and indict myself like this. Right?
    .
    It’s simple. It’s because I do not respect you. I know that no matter how badly I screw you, no matter how much I steal from your kids’ mouths…you won’t do a damn thing about it.
    .
    It would never even cross your mind to take the personal initiative to spread this story around to your friends and family. If everyone who read my confession passed it on to 10 others, my game would be up in no time. But I know you won’t do that. As long as there is a ballgame or a reality TV show to entertain you….. as long as you have a few beers in your refrigerator…. I can do or say whatever I want…forever.
    .
    Poker at my house, everybody! Who’s in?
    Mortimer M. Moneybags III
    .
    The FED’s monetary system is a Pyramid Scheme!

    • Pie Squared

      Brilliant!

    • michaelcoughlan

      The fella in the white coat knocking on your front door is the coroner wondering what the source of the nauseating smell is emanating from your house: Former family members starved to death while you spend hours on Mcwilliam’s blog writing posts this long.

      tut tut.

  22. Good story that contains the essence of the biggest fraud ever created by anyone.

    The end result is economic serfdom for humanity. Wakey wakey rise and shine. Another day , another dollar, for the banker, must be earned by you to be paid directly to the bagman banker.

  23. paddythepig

    “While income is rising, in order to get a real kick taxes, and particularly income taxes, have to fall. This will mean at some stage taxing the least productive asset in the country: property. There’s no other way.”

    David, you’ve lost touch with reality. How many times have you told us to take our heads out of the textbook, and look at the real world instead. Well it’s time you took your own advice.

    Lets take an assortment of assets – shares, bonds, bitcoin, gold, property.
    Which is the most productive?

    Shares : I put a few quid in a stockbroker account, click a button and purchase some shares, and I hope they will go up. Input from myself? Zero.

    Bonds : Same as shares.

    Bitcoin : A few bits on a computer, which I hope will go up, and I pray will not go down.

    Gold : Nice to look at, and I can hold it in my hand, but how much do I invest of myself in making it, or preserving it? Apart from buying a safe, or digging a hole in my garden to hide it? Nothing.

    Property : As in my ‘home’. That thing which I tend to all the time. That my family eats, sleeps, and plays in. That I look after like a castle. That place where I provide employment to people to kit it out, or upgrade it, or fix it if there is a problem. My home is my most productive asset by far.

    Family. Home. They are the things that matter.

    Portfolios are not productive.

    Neither is willy-nilly consumption (otherwise known as waste).

    You have lost reality as to what is productive, and what isn’t.

  24. goldbug

    @TRUTHIST

    SUN TZU -> KNOW THY ENEMY

    ANTI-WHITE IS “code” FOR ANTI CHRISTIAN

    -> THE WHITE SOCIETIES ARE THE PRIMARY TARGET

    -> BUT WHY?

    => THEIR HISTORICAL LOVE OF CHRIST

    .
    .

    THE LOVE OF TRUTH

    -> SCIENTIFIC METHOD

    -> THE UNIVERSITY SYSTEM

    => ALL CHRISTIAN IDEALS FROM CHRIST

    => “THE TRUTH WITH SET YOU FREE”

    .
    .
    .

    IT IS

    IT WAS

    IT WAS ALWAYS A SPIRTIUAL BATTLE

    .
    .
    .

    SATAN -> “THE FATHER OF LIES”

    -> SATANISTS INSPIRED MARXISM

    => MUST ALWAYS “LIE” ABOUT THEIR TRUE PURPOSE

    .
    .
    .

    SO WHAT IS THE TRUE PURPOSE OF MARXISM?

    -> TO CREATE A SOCIETY INCOMPATIBLE WITH CHRISTIANITY

    -> SEE BOLSHEVISM => JUDGE BY ACTIONS NOT WORDS

    -> WHITE SOCIETIES MUST PAY FOR THEIR HISTORICAL LOVE OF CHRIST

    .
    .
    .

    -> ORIGINAL HEBREWS WERE THE FIRST TARGET FOR LIES

    -> SEE MATTHEW 15:1-20

    => “TRADITION OF ELDERS” => ORAL TALMUD

    .
    .

    -> ALL CHRISTIANS ARE NOW THE TARGET

    => THE ANTI CHRIST SPIRIT HAS NOT CHANGED IN 2000 YEARS

    • Truthist

      Thanks again Goldbug.
      .
      And, I am very appreciative of ur post in discussion to recent DMW article outlining ur perception of the Enemy’s plan hereon to bring a more dystopian Dystopia.
      .
      However, I have :
      1.
      some questions seeking clarification
      2.
      some points requiring honing ;
      On presumption that they do not commit “non sequitura” in their “no-good” plan
      3.
      some suggestions for perfecting interpretation of it
      4.
      some comments for the benefit of other than u & me
      .
      .
      NOTE ;
      Mr. “PLEASE, Minister of Finance Brian Lenihen on crisis visit to my home seeking special Economics advice, GET IRISH STATE TO GIVE UNLIMITED SOVEREIGN GUARANTEE TO THE BANKS BASED IN IRISH STATE ON THE DEBTS OWED TO ITS CREDITORS” David McWillams is CENSORING this very blog.
      .
      NOW, THAT WILL NOT WASH WITH THE REALLY PISSED OFF POOR WITH A BRAIN OF THE IRISH NATION [ at home or abroad ] !

    • Truthist

      Henry Makow says same every day.
      .
      But, one such as Leo Varadakar or Bernie Sanders etc. would never say this.
      .
      .
      Good to see proof of ;
      .
      “Great Minds think alike.”

  25. Truthist

    When posts of this blog focus more on the Socio-Political-Culturo parts of its remit — & of course in so doing ignoring the Economics part — it is most often done with reference to Peter Hitchens.
    .
    .
    But, Camile Paglia is a much more intellectually honest & brave & gracious & talented & accomplished & benign & interesting & entertaining & humorous & IMPORTANT thinker than he [ or even his brother was ] ;
    .
    Note ;
    I do not say that the Hitchenses never have any, or indeed all, of the above qualities to any meaningful extent.
    Rather, I am saying that Paglia excels in all these qualities more than they.
    .
    e.g.
    .
    .
    https://en.wikiquote.org/wiki/Camille_Paglia

  26. McCawber

    In times of peace prepare for war and in times of war prepare for peace.
    We failed dismally to manage the last boom properly.
    We MAY be on the verge of another boom.
    Can we manage this one properly?
    That is the BIG question.

    The map of the Universe as we see is out of date.
    The speed of light is the reason for this.
    What would the Universe really look like if we could see it as it is today without the constraint imposed by the speed of light?

    Bank to the impending boom and next bust.

    I’d like David McWilliams to tell us how to avoid that.

    Already the signs greed and arrogance are evident.
    The great boom and even greater bust S2 Ep. 2 is already looking like “hold onto the seat of your pants” stuff.

    Getting back to the Universe.
    Wouldn’t it be great if, having solved the problem of showing us a map of the universe as it actually is today, they could then create a map of what it will look like in 10 years time?

    You’re all wondering what is the connection between the Universe and the next boom and bust.

    Preparation is the answer.

    Are we prepared to boldly go where no Irish Government OR Civil Service has gone before.
    Nation before self interest.
    I can hear you all laughing.
    In which case the final episode of S2 is going to be very unpleasant.

    • McCawber

      Get your retaliation in first.

    • I am not sure that self interest is the problem. all people are involved in their self interest. It is what makes the world go around.
      special interest is the real problem. Somes’ interest is put before others as in the “national interest”.

      We need the rule of law where special interest cannot get a preference over others self interest. Local democracy ensures that everyones’ self interest is acted upon in the form of a majority vote. Where the population is too large or disparate then democracy fails as people are not affected equally by the decisions made. Currently there are too few winners and too many loosers with every decision made. Devolve the nation state to a city state or regional state where all voters are affected equally by any decision made and voted by the majority.
      As the Daily bell essay below puts it: We might go from a nation state to a stateless nation.

  27. Mike Lucey

    A possible way to put a ‘check’ on the current flock of vultures that are sitting on land banks wringing their hands in anticipation of windfalls would be to lodge objections to planning renewals as they come up.

    As we know, planning approvals/permissions only last for 5 years. I think a good case could well be made to swing the pendulum more in favour of Ireland’s millennials seeking houses.

    The objections could be on the grounds of inequality and anti Constitutional issues. It’s worth noting that local County Councilors would be in a key position to back such an initiative and enforce conditions that would be favorable to housing co-ops and the likes. Also, local County Councilors can and are often highly influenced by ordinary folks when they put their mind to it.

    If one or two such moves were made by genuinely affected groups it would put the skids under the vultures and force them to either sell off quickly which in turn would lower the prices, particularly in the Dublin area or face much-reduced sale prices.

    At the very least such moves would slow up planning renewals which in turn would allow more time for possible alternative lower cost land options to come on stream.

    This to me would be grassroots ‘people power’ flexing their muscles, a thing that frightens the hell out of the elites. Afterall they only retain their top spots on the ‘power pyramid’ as long as the foundation layer does its job and this foundation layer is made up by ordinary folks.

  28. This is how to obtain the economic golden age.
    It must start with self governance and rule by consent.
    It must devolve from rule of the nation state to local governance.
    It needs to devolve to the equivalent of the city state that is small enough that all people are affected equally by any law agreed by the majority.
    It must be a real democracy and operated by the rule of law, not the rule of preference and favoritism.

    http://www.thedailybell.com/news-analysis/how-to-get-saudi-women-rights-and-make-your-neighbor-paint-his-house/

  29. One for you Mr contraflow:

    “JOHN McAFEE: Here’s why you can’t call bitcoin a ‘bubble’”

    http://uk.businessinsider.com/bitcoin-price-john-mcafee-not-a-bubble-2017-8?r=US&IR=T

    • Grzegorz Kolodziej

      One for you, my dear Adam (and defo for me oul’ segosha, Mr McWilliams – this might be the most important link of mine he would ever look at – provided he has ever looked at any LOL):

      “The new Chinese-created ACChain crypto currency blockchain will be the SDR-related world currency that will allow the international banking elite to digitize every tangible asset on earth, and they will then exert total control over all of it.”

      https://www.youtube.com/watch?v=sG3Ju8AhCKM

      “Grzegorz Kolodziej
      September 15, 2016 at 5:43 pm

      including the yuan into SDR’s with the post G-20 possibility of issuing bonds in SDRs opens the Pandora’s Box of, on the one hand, making FED decline in significance – I now think that contrary to possibly all and sundry, if FED is faced with the alternative: let the banks go or let the dollar go, then the FED would rather let the banks go (dollar might go eventually if FED does not raise rates this year and they do another QE instead, as if the Smithian capitalism was based on trust, then the post-Lehman capitalism is based on trust – trust that the bubbles we see are real wealth – multiplied by one thousand) – and, on the other hand, loans issued in SDRs might render my rhetorical question “Wall St was bailed out by banks, banks were bailed out by FED, but who is going to bail out the FED?” invalid, as contrary to my prior conclusions, the house of cards may go on longer than I ever thought – should a global structure come into being built on top of FED and based on SDRs liquidity (even bigger bubbles), which SDR bonds might bail out FED (as contrary to what many expected, China do not seem to be in a hurry to base their currency on gold any time soon). And there is the demographic curve: that’s gonna be shit in the US in the next decades, cat in Germany and France (though maybe not since they turned into a Caliphate) and gory in Russia and China].”

      And another interesting post from that day (which, I think, hits the nail):

      “the Harvest Moon tonight.

      michaelcoughlan
      September 16, 2016 at 10:32 pm
      “I eat well from the garden plot . Lots of greens, lots of exercise. Lots of roots and fruits and berries all around. Sunshine on my body gives me health. Wind in my face. Enjoy the Harvest Moon tonight.”
      This is the real wealth the skill to produce valuable items. Not the gold per se.
      Gold’s purpose is to preserve purchasing power over the long term/act as a store of value. Silver is for spending.
      The point is though if there is a buyer and seller for the metal the metal will have no value in the first instance if no Tradable good or service is produced prior to trading as its the value in the goods themselves which is imparted to the metal.
      Bitcoins can’t be eaten either.
      Michael.”

      • michaelcoughlan

        “September 16, 2016 at 10:32 pm
        “I eat well from the garden plot . Lots of greens, lots of exercise. Lots of roots and fruits and berries all around. Sunshine on my body gives me health. Wind in my face. Enjoy the Harvest Moon tonight.”

        “This is the real wealth the skill to produce valuable items. Not the gold per se.
        Gold’s purpose is to preserve purchasing power over the long term/act as a store of value. Silver is for spending. The point is though if there is a buyer and seller for the metal the metal will have no value in the first instance if no Tradable good or service is produced prior to trading as its the value in the goods themselves which is imparted to the metal. Bitcoins can’t be eaten either.

        Michael.””

        The part down as far as harvest moon is Tony Brogan. The rest is mine. Coins are run away money. The vietnamese leaving Saigon before the collapse took their wealth in coins to the US where they cashed them for dollars to start a new life.

        In a real tight spot like the siege in Sarajevo coins are worthless. The currency of choice are cigarettes and then bullets;

        http://www.nytimes.com/1993/09/05/world/cigarettes-a-thriving-industry-in-bleak-sarajevo.html

  30. Grzegorz Kolodziej

    As everyone knows that I am complete Formula 1 freak (my first word ever was “boom-boom”, which – in a language that didn’t exist outside my head – meant our car and; “mama” was only my second word); so let me allow you to say that I agree with “Our Dave” (for F1 connoisseur’s – this is, of course, a loving reference to “Our Nige”):

    “A way to think about this hosting model of economics is to think about the Monaco Grand Prix, which is the most glamorous, most prestigious of them all.

    It generates enormous revenue for the principality and is a must on the calendar for petrol heads the world over. But Monaco has no drivers and no car industry. It doesn’t compete in the sport but it hosts the best race. People don’t show up to see local drivers or cars; they show up to see the best.”

    Yep, the Monaco Grand Prix is the best race of F1 the calendar (even though rarely some overtaking takes place), and worlds’ most important motor event (by far more watched than Indy 500: bear in mind, many TVs who didn’t have license to show F1, were showing the Monaco Grand Prix live – including the Polish TV, which in the 1970s/80s was showing it live! – I wonder if the Irish TV was showing the full Monaco Grand Prix back then), and this is in my opinion due to the following factors:

    - due to the layout of the track, cars follow each other close;
    - due to the lack of long straights and very tight corners which require good mechanical traction and braking stability, while eliminating the aerodynamic/engine advantage the best cars would normally have (ie high downforce in high-speed corners – no high-speed corners in Monaco), Monaco can throw in surprising winners;
    - lots of famous people live in Monaco;
    - Monaco is the only F1 track whose layout has not been changed since before WWII.

    And can I take the liberty of showing you what I think was the best thrilling lap of any Monaco GP EVER – an event I have been watching since I was 5 (I also watched ALL footage of ALL previous Monaco Grands Prix)? – and it is… – ta-dam! – NOT the last laps of 1992 (Mansell chasing Senna) or the 1984 Monaco Grand Prix (Prost panicking the Senna debutants will outdrive him and stopping the race) – as almost every F1 fan would pick one of those two, but this lap:

    https://www.youtube.com/watch?v=XC2v4A_y4VI

    ///
    _____________________________________________________

    P.S. The safety standards were out of this world at the time – did you all those spectators on the circuit????!

  31. Grzegorz Kolodziej

    I nearly forgot: did you know that before WWII, there was an Irish Grand Prix (I wonder why they didn’t do any more of them)?:

    https://www.youtube.com/watch?v=7rgzCUcE0WQ&t=3s

    Also – do you remember when Ayrton Senna said he had out-of-body experience during this qualifying lap (where he was 2 seconds faster than Alan Prost in the same car – which cannot be rationally explained, considering that Prost didn’t make any error and a max difference that you can expect over one qualifying between two top drivers in the same car on the same tires would be 0.5 seconds – even 0.5 would be sensational)?:

    https://www.youtube.com/watch?v=tpJsoBnHl74

  32. Deco

    Ireland has bet a lot on Tech.

    And now it appears that Tech is capable of some rather troubling antics.

    At the very least, it is known that business culture in “the valley” is ruthless, predatory, and downright superficial.

    Often corporate war gets played out in the court system.

    This is the latest revelation from a battle that has been simmering for some time, that might now become very newsworthy.

    http://www.zerohedge.com/news/2017-08-15/text-message-between-ousted-uber-ceo-and-engineer-lets-start-faketeslaabout-stupid-s

    Did Google deliberately try to sabotage Tesla ? [ and that includes some with senior management responsibility, with regard to the automotive unit in Google ].

    Did Google try to illegally attain information from Tesla, including confidential internal information ?

    Decide for yourselves.

    This could blow up, into something very controversial.

    Tesla has an enormous debt pile, and an awful lot weighing on it’s performance in the next 18 months. Perhaps even the future of Tesla. And by extension the future of Elon Musk.

    Musk is not reknowned for his shyness. If he finds out that Tesla has been victim to any unfair actions, by Google, he will presumably let the entire world listen.

    The ironic thing about it, is that if Tesla goes into a meltdown, the entire sector takes a hit. The risk premium of the tech sector is at close to zero. Even companies with low margins (Twitter, Salesforce, to mention just two) can continue with massive market values. Seemingly forever. One bad story, involving large amounts of capital, and the risk preimum goes up.

    And Ireland (though not a Tesla location)(actually a Google location) is paradoxically dependent on Tesla not going into a meltdown, and driving up the risk premimum (the rate of return demanded by investors). Of course the key aspect in the long term is whether Tesla can make a proper car. [ by no means a certainty ]. Google can survive the hit. Tesla cannot. Tesla might well crash and burn eventually anyway. But if it crashed sooner, it would accelerate a correction into the sector.

  33. Truthist

    And, Henry Makow the Anti-Christ-ian Officer Class beavering away on Soros’s behalf at Hollyweird [ Culture Degraders ], Wall Street [ Banksters, & Stockbrokers ], Washington [ Politicos, & Lobbyists ], Madison Avenue [ Advertising Copyrighters ], inter alia as D U P E S.
    .
    A proper name for them.
    .
    George Schwartz — who later changed his name to George Soros — had no scruples in stealing the immense wealth [ Gold, Priceless Paintings, luxurious Furniture, etc. etc. ] from the families fellow tribe when they fled from the Nazi sic. invasions of particular European countries.
    Indeed, he referred to that experience as the happiest days of his life.
    .
    .
    https://twitter.com/HenryMakow/status/897608332453793793

  34. Truthist

    THE WORLD IS BUT A STAGE … FOR “… EVENT with FALSE FLAG” PHENOMENA
    .
    …………………………………………..
    .
    1.
    “REAL EVENT with FALSE FLAG”
    .
    1.1
    Re ; Event
    .
    Some of the events cause actual victims
    i.e.
    NOT “Victims” who are “Crisis Actors”
    .
    Thus, REAL EVENT
    .
    .
    1.2
    Re ; Perpetrator[s] / Flag
    .
    The perpetrators are :
    .
    1.2.1
    not really they who are officially blamed for it
    .
    & / or
    .
    1.2.2
    Patsy / Patsies
    .
    Thus, FALSE FLAG
    .
    .
    Ultimately ;
    .
    “REAL EVENT with FALSE FLAG”
    .
    .
    …………………………………
    .
    2.
    “FAKE EVENT with FALSE FLAG”
    .
    2.1
    Re ; Event
    .
    Some of the events employ fake victims
    i.e.
    “Crisis Actors”
    .
    Thus, FAKE EVENT
    .
    .
    2.2
    Re ; Perpetrator[s] / Flag
    .
    The perpetrators are :
    .
    2.2.1
    not really they who are officially blamed for it
    .
    & / or
    .
    2.2.2
    Patsy / Patsies
    .
    Thus, FALSE FLAG
    .
    .
    Ultimately ;
    .
    “FAKE EVENT with FALSE FLAG”
    .
    .
    …………………………………
    .
    .
    AND, EVER SINCE 9-11, these Phenomena are coming thicker & faster by the week.
    .
    .
    ……………………………………………………
    .
    Henry Makow? @HenryMakow
    .
    HEADING ;
    Charlottesville drone video banned by YouTube re-emerges on Vimeo- proves car attack staged-
    .
    .
    https://twitter.com/HenryMakow/status/897696815470063616

  35. Truthist

    GREAT PERFORMANCE BY TRUMP ;
    TO A CONSIDERABLE EXTENT HE IS DEFENDING THE WRONGED SIDE
    vis.
    THE SUPPORTERS OF General Lee
    .
    .
    CNN ARE COMMUNIST SABOTEURS
    .
    .
    HEADING ;
    “What About The Alt-Left?” President Trump Destroys CNN Reporter Jim Acosta On Charlottesville
    .
    .
    https://www.youtube.com/watch?v=2TYXDifodng

  36. It appears that the ‘golden age’ good news gospel about Limerick’s fortunes over the last decade hasn’t reached it’s most illustrious cultural ambassadors…

    “My generation, we’re old enough to remember the Celtic Tiger, but we’re massively affected by the recession. Our 20s were stolen from us, pretty much.
    Young Irish people, the suicide amongst them is massive. Huge amounts of suicide, jumping into rivers, and emigration and a lot of young Irish people, they don’t see a future.
    Speaking of 1916, Blindboy said: “It’s weird to look back at these lads that were our age, these men and women that were our age trying to forge a future and now we’re in a situation where we don’t see a future but we don’t even know who our enemy is.”

    Your enemy is the Globalist Trojan Horse IFSC on the banks of the Liffey…

    http://www.thejournal.ie/rubberbandits-suicide-channel-4-2680310-Mar2016/

  37. An interesting comment on the mis-allocation of job skill training. Scarity in one area and unemployment in another.

    “”There is something huge being totally underestimated (or just plain ignored, as it doesn’t fit the official narrative) by MSM: the critical lack of skilled labor in the U.S. This labor crisis is producing significant wage inflation, and will only accelerate over time. Millions of jobs in trucking, construction, manufacturing, and virtually any other job essential to the flow of goods and services in the economy are going begging, The crisis in trucking is especially concerning. Jobs which pay $60-100k with benefits are going unfilled as a whole generation of millennials with college degrees in things like sociology choose to wait for an IT job which will never come. Add to it the epidemic of opioid addiction and other alarming social trends and you have a labor pool and economy on the ragged edge. I talk to many people in the construction industry and the overwhelming consensus is they’ve never seen anything like it. Furthermore they’ve never seen consumer trends like this- largely, a total lack of interest by millennials in nearly anything other than their technology. How this gets resolved without an economic meltdown is a mystery. For now though many skilled job wages are appreciating 10-30% annually and still getting no takers. A typical manufacturing plant now goes through 100 employment apps to find just 1 or 2 qualified workers. One large window manufacturer I talk to has 24 unfilled over the road driving positions and they are already experiencing delays in shipments. There have even been talks of allocation in various industries as companies struggle to manufacture and deliver product. Contrary to the belief of many, robotics and autonomous vehicles will not solve the problem.”"James Mac.. at Midas du Metropole.

    • michaelcoughlan

      Hi Tony.

      This quote from Midas du Metropole makes no sense. For example;

      “A typical manufacturing plant now goes through 100 employment apps to find just 1 or 2 qualified workers”

      Is there something wrong that management in the plant can’t take on a guy and give him the experience they require. It stinks to be honest. Could you post the link thanks.

      Michael.

    • michaelcoughlan

      “Millions of jobs in trucking, construction, manufacturing, and virtually any other job essential to the flow of goods and services in the economy are going begging”

      There re too many homeless in the US for that to make sense. If shadow stats are to be believed re 22% real unemployment rate then it makes no sense either.

      The same story re “we can’t get people” has been going on in Ireland for decades. When I hear it my eyes glaze over. It normally means;

      I want a person to work for fuck all lights out who comes in with all the experience I am looking for and can instantly make me a millionaire and who won’t complain about the zero hour min wage contract employment conditions.

      They don’t exist. If you know someone paying 100k to drive a lorry send me the details. I don’t think I will hold my breath.

      best regards,

      Michael.

      • Grzegorz Kolodziej

        Don’t kill me, Michael, but I don’t believe in the driverless cars becoming a reality in our lifetime (except for those going from A to B in a short, easy layout – like a tram), and here is why:

        1. With that number of recalls that the car companies are experiencing, can you imagine the number of recalls (and the cost of lawsuits) if we had proper driverless cars?
        2. It’s annoying enough to use the GPS in badly-mapped areas, or go through the complex and unreliable electronic menus in normal cars (especially in Beemers). Can you imagine what would happen if you had driverless cars, that’d be hundreds of times more complicated (more components = worse reliability: see Formula 1 cars)? And what if I want to park quickly, would the driverless car, bound by all those safety rules, allow me (I even still prefer the manual gearbox)?
        3. Who the hell is going to pay the increased insurance for those cars (that would surely be in multiples of a normal car’s insurance – especially considering that the compulsory all-hybrid cars will make the second-hand cars more expensive due to the limited supply of second-hand hybrids; speaking of hybrids – how come the Dublin Bus, being the most expensive in the world, doesn’t have hybrid-buses???! Poland has them since the 1990s, and a Polish manufacturer has even supplied London with its buses due to being the first to have this technology in buses)?

        • michaelcoughlan

          Thanks. What do you think of the claims made re jobs going a begging?

          • Grzegorz Kolodziej

            When it comes to lorry drivers in Ireland, rather the opposite is the truth: supply of drivers seems to exceed the demand – at least that was a situation a few years ago when an Irish friend of mine had to move to the UK to find one, and he did – but it was short term (I see that there are lots of HGV driver jobs advertised in Ireland now, so maybe that’s changed…).

            Besides – a job is one thing; making it profitable is another thing. In 2007 I share with a girl from Achill island whose boyfriend from Drogheda was a taxi driver who would come down to Dublin for the weekend and that would make his weekly wage: whether that would be the case now, I doubt it: the cost of doing business is going up, not down (i.e. renting that guff would now cost double of what it did in 2009; the insurance cost is going up – and as a customer, you’ve no choice because you can choose between insurance oligopoly or the public transport monopoly).

            I know that there are some jobs going begging (i.e. my local day service for adults with disabilities had to close because they couldn’t find any staff despite advertising abroad: look – how can you work earning 1,400 per month and pay 1,600 for renting a house????! – at least in Poland, where your salary in Kraków would be only 600 after tax, you can rent a flat for 300…), but probably jobs are going not begging for drivers (well, except pizza delivery) –

            ie as to those jobs that go begging, before Brexit, one of the main donors for UKiP had to go to Poland to recruit lorry mechanics for his company because he couldn’t find enough qualified mechanics in the UK despite willing to pay them decent wages (here we touch on the inadequate structure of education in the UK – this is a relatively new thing (the 1980s “service economy”) – and the UK used to, until WWII and even as recently as the 1960s excel in manufacturing!).

            There was a very moving British movie from 1981 depicting the fall of manufacturing in Britain and people going begging for jobs rather than jobs going begging for people; I recommend it to everyone who likes quiet, real-life films:

            https://www.youtube.com/watch?v=xtNnJcxMcNA&t=77s

          • michaelcoughlan

            Hi,

            Thanks again.

            “I know that there are some jobs going begging (i.e. my local day service for adults with disabilities had to close because they couldn’t find any staff despite advertising abroad: look – how can you work earning 1,400 per month and pay 1,600 for renting a house????! ”

            Proves my point;

            “I want a person to work for fuck all lights out who comes in with all the experience I am looking for and can instantly make me a millionaire and who won’t complain about the zero hour min wage contract employment conditions.”

            As for;

            “There was a very moving British movie from 1981 depicting the fall of manufacturing in Britain and people going begging for jobs rather than jobs going begging for people; I recommend it to everyone who likes quiet, real-life films

            Breaks my heart. I feel so sorry for these people regardless of colour, race, creed, nationality, sexuality etc.

            And then the establishment wonders why brexit happened.

            beggars belief.

      • nothisrealname

        @michaelcoughlan. The short answer Michael is that there are no such jobs. Because of government subsidies in the US there is big money for major trucking companies in training drivers and turning them over thus keeping the CDL license mills churning out new, usually short term recruits. Hence the constant cry of shortages when literally millions of CDL holders never use their licences.
        A book written by an ex truck driver called Sweatshops on Wheels almost 20 years ago would still be largely applicable today. This reply only scrapes the surface but I think you get the gist. In the trucking busjness plentiful job adverts more likely signal big turover than any great job opportunities.

        Note. CDL licence. = HGV licence

        • Truthist

          VERY NOTEWORTHY POINT APPLICABLE TO MANY JOB VACANCIES ;
          .
          “… plentiful job adverts more likely signal big turover than any great job opportunities.”

        • michaelcoughlan

          Thanks very much.

          It took me a long time to understand that fucking everything up is prima fascia policy in so many industries now since it’s a much quicker return on capital than the traditional adding value to goods and services.

          What I find more incredulous is the shock people seem to feel when brexit or donal trump happens. Are people so short sighted and bereft of joined up thinking that they can’t see the obvious connection?

          It never ceases to amaze me.

        • michaelcoughlan

          “Because of government subsidies in the US there is big money for major trucking companies in training drivers and turning them over thus keeping the CDL license mills churning out new, usually short term recruits”

          Deco will have a field day with that statement. No getting away from gubuernment control anywhere!

  38. Grzegorz Kolodziej

    https://www.pressreader.com/ireland/irish-independent/20170816/284159336115336

    I decided to leave it without any comment.
    Further actions will follow.

    • Truthist

      A certain little ahem ahem cough cough Democracy in The Middle East is a lot more than being just Nationalist-Socialist ;
      .
      Will PhD in “whatever aul bollox” Kevin McCarthy living in Kinsale [ but, maybe he is a blow-in ; Heck, maybe neither Kevin nor McCarthy are his original names ] as a humanitarian start accusing those particular folks of offenses against humanity that we all know about but are afraid to say ?
      .
      By the way, what is Dr. Kevin McCarthy’s source of income ?
      Is he on Artist tax free allowance list ?

        • Truthist

          U should be able to uncover — for free — if Kevin McCarthy is / was ever on Revenue Commissioners’ Special list of Persons exempted from income tax on basis of being “artist”.
          .
          Also, u should get ur hands on copies of his :
          .
          University / Institute “Diploma[s]”
          University / Institute “Bachelor Degree[s]”
          University / Institute “Masters Degree[s]”

          .

          • Truthist

            Oops !
            .
            I meant ;
            .
            … get ur hands on copies of his Thesis apropos of his :
            .
            Diploma[s]
            Bachelor Degree[s]
            Masters Degree[s]
            .
            And, I expect that Dr. McC will also be wronging long-suffering Irish Nation about us not taking in vast amounts of Jews before, during, & after, WW 2.

          • Grzegorz Kolodziej

            “… get ur hands on copies of his Thesis apropos of his :
            .
            Diploma[s]
            Bachelor Degree[s]
            Masters Degree[s]” – considering the level of his writing post-Masters (ranging from ignorant and incompetent, through mendacious, up to slanderous), I cannot think how much his Masters’ thesis must have sucked…

            “if Kevin McCarthy is / was ever on Revenue Commissioners’ Special list of Persons exempted from income tax on basis of being “artist”.” – you live and learn – I didn’t even know that there was such a list (was that what my taxes were going for?!), but I doubt he would put himself as an “artist” – how would he have done that, technically (assuming he would have wanted to)?

            “Dr. McC will also be wronging long-suffering Irish Nation about us not taking in vast amounts of Jews before, during, & after, WW 2.” – he has already done that (although not in such a slanderous way as he had done with the Poles):

            “The generous post-war welcome the German Gentile children of Operation Shamrock received from every strata of Irish society stands in stark contrast to the hostile political and civil resistance to admitting the Jewish children of Clonyn Castle.”

            “This can only be fully understood by examining the evolution of Irish religious anti-Semitism, which really only took hold when Paul Cardinal Cullen became Ireland’s first Holy Roman Prince (Cardinal) in 1849. He spearheaded the Romanisation of a previously independent Catholic Church by implementing the anti-Semitic ethos of the Jesuits as exemplified by its bigoted ramblings in Civilta Cattolica. He reinforced this by forging a Gaelic Irish Catholic identity that marginalised minorities, in particular the tiny Jewish community.”

            Strangely though, he is very fond of De Valera: “Dr. Kevin J McCarthy is currently in the process of turning his doctoral thesis on Robert Briscoe into a monograph entitled, Robert Briscoe Sinn Féin Republican, Fianna Fáil Nationalist and Revisionist Zionist. He has recently published a chapter entitled ‘An Introduction to Robert Briscoe’s Extraordinary Immigration Initiative’ in The Irish Context of Kristallnacht: Refugees and Helpers,’” – the Irish and Kristallnacht? Oh common on!

            “and he has challenged the existing paradigm depicting de Valera as unhelpful and unsympathetic to the pre-war Jewish tragedy in ‘Éamon de Valera’s Relationship with Robert Briscoe”.

            Don’t ask me why he is so fond of him.

            Maybe everyone has his own speciality? – his appears to be slander and historical revisionism:

            “Grzegorz Kolodziej
            September 1, 2016 at 1:25 pm
            I would like to use this opportunity to comment on Dr Kevin McCarthy’s insincere letter to the Irish Independent (August 30), in which he writes “To universally portray a vulnerable ethnic minority as responsible for the actions of a state whether real – as in Israel’s case – or imagined – as in the case of an Islamic caliphate – is racism of the worst kind.”

            Dr McCarthy’s hypocrisy just beggars belief, considering that he is the very same person who published a Polonophobic and slanderous article in the Belfast Telegraph (“Poles can’t deny role in Auschwitz”, September 16, 2015) – one of the most heinous examples of peddling hatred-inciting historical fiction in the island of Ireland – in which he portrayed the Poles (a vulnerable ethnic minority in Northern Ireland given his letter appeared in Belfast shortly after the wave of brutal attacks on Polish families from the loyalists as a nation with anti-Semitism
            “so ingrained that on July 4, 1946 – barely 16 months after the liberation of Auschwitz – an enraged Polish community in Kielce initiated a pogrom of brutal proportions.” I, therefore, hasten to inform the readers that the pogrom was carried out by the Communist military authorities and supervised by KGB officer, Mihail Alexandrovich Domin and by Julia Brystiger (Jewish director of the department at the ministry of public security); provocation was conducted by the Head of the Regional Office of Public Security, Major Wladyslaw Subczynski – an agent of the former NKVD – in order to distract attention from the rigged referendum in June 1946. Most documents relating to the pogrom had been deliberately destroyed, while the accused were tried by the Supreme Military Court in a joint show trial. Dr McCarthy’s rabid rant ended up with the Goebbelsian conclusion that “This innate anti-Semitic world view was ultimately why the Nazis located extermination centres in Poland”.
            .
            That kind of encyclopaedic ignorance disqualifies him as an academic – Germans located extermination centres in Poland because no other European country had been attracting so many Jews (they had their own self-government in Poland, including the Council of Four Lands (Vaad Arba Aratsot) – a phenomenon unique in Europe – and unlike in other countries, they experienced no mass religious persecution).

            By the way, it came to my attention (after clarification of the Belfast Telegraph) that there are two Dr Kevin McCarthy’s from Co Cork – one is Dr Kevin McCarthy from UCC and the other one is Dr Kevin McCarthy from Kinsale (arguably the most beautiful little town in Ireland), Co Cork, and the author of slanderous articles and letters is Dr Kevin McCarthy from Kinsale.

            Who knows how many Polish families were attacked in east Belfast because of that parasitic turd – not to be confused with Dr Kevin McCarthy from Cork working at the Cork University – as I confused him in the past (hence the clarification of the Belfast Telegraph).”

            http://www.belfasttelegraph.co.uk/opinion/letters/dr-kevin-mccarthy-ucc-clarification-31555495.html

            But

            Dr Kevin McCarthy of Kinsale, Co Cork, has done nothing to allay any mistaken identity doubts…

            Anyway: that’s him in all his glory:

            https://www.youtube.com/watch?v=GSpc1vKo4-o

            P.S. Is it only me or does he really has something in his manners and way of speaking (I’m not saying accents) of Prof. Richard Dawkins (whom I don’t have to introduce: Prof. Dawkins was unable to answer my question for 45min, then he banned me from his website after me pointing our logical errors in his argument)?

          • Truthist

            Writer of History / Culture > Artist ;
            ==> Qualifies for Special Tax Exemption on Revenue from [ & for ( sponsorship* ? ) ? 8-) his Magnus Opii ( I think Opii would be plural of Latin Opus ) ]
            .
            .
            *SPONSORSHIP BY HIS PATRON[S]
            Mshd ? ; VERY LIKELY
            .
            .
            Google.com Results for Search String ;
            .
            .
            tax free exemption for artists in ireland
            .
            .
            https://www.google.com/search?source=hp&q=tax+free+exemption+for+artists+in+ireland&oq=tax+free+exemption+for+artist&gs_l=psy-ab.1.0.33i22i29i30k1l4.2263.9527.0.11756.30.29.0.0.0.0.304.3831.0j21j2j1.24.0….0…1.1.64.psy-ab..6.24.3821.0..0j35i39k1j0i131k1j0i20k1j0i22i30k1j0i13i30k1.p8fiw3K95Ck
            ………………………….
            .
            “Don’t ask me why he is so fond of him.”
            .
            .
            IF ONLY EWE KNEW WHY 8-)
            .
            .
            HOMOSEXUALISTS + HOMOSEXUALISATION Interlopers posing with hangups about Dev is just all a “ruse” ;
            Serves many agendas :
            .
            instill guilt in the guiltless for what was no crime, or even sin.
            .
            put the targeted nation “on the back foot”
            .
            obfuscate
            .
            contrive reasons to be objectionable & lewd to the targeted nation
            .
            vulgarise & otherwise corrupt easily recognisable sad examples of hot-headed + ego-testicle 8-) [ just made that one up ] Hypocrites from Ireland [ Home & Abroad ] ;
            Yes, Irish nation has as the original of the species such Hypocrites.
            .
            inter alia
            .
            Then again, readers with acumen, of which only a trickle are contributers on this blog, would have noticed exactly that years ago.

          • Truthist

            TYPO, & ADDENDUM ;
            .
            [ & for ( sponsorship* ? ) ? 8-) ] his Magnus Opii [ I think Opii would be plural of Latin Opus ]
            .
            *
            SPONSORSHIP “IN ADVANCE” ?
            .
            .
            DO NOT FORGET ;
            .
            “Irish State is NOT a BANKABLE COUNTRY”
            Rather, the Irish State is a SUPER CORRUPT COUNTRY.
            .
            .
            YES … YES … YES !
            GET UR HANDS ON ALL COPIES OF HIS THESII / THESISES
            THEN DELEGATE STUDY OF THEM TO TRUSTWORTHY POLISH & IRISH & WHATEVER “SCHOLARS”.

          • Indubitably Mr. bonbon.

    • Grzegorz Kolodziej

      Hard to interpret… All we know for sure that faith has nothing to do with it ;-)

      • Truthist

        I uncovered that link prior, & , of course, bookmarked it.
        .
        By the way, Briscoe is not originally a name associated with the tribe.
        Apparently, it is a Yorkshire name.
        But, many crypto of the Tribe in Yorkshire.
        Scholars believe that Savile one such.
        ALWAYS REMEMBER ;
        Jimmy Savile was granted facility to personally address the War Cabinet of the Knesset.
        Saville was Mshd agent.
        He procurred boys for Begin on his visits to England.
        .
        Savile himself is only “middling” fry when it comes to significant Paedophiles.

    • Grzegorz Kolodziej

      The photo shows Antifa’s banner saying: “Antifa means solidarity with Israel” – but this is quite misleading: Antifa uses “solidarity with Israel” tool if that gives them any money or/and exempts them from their criminal behaviour – but in fact, they are much criticised in Israel:

      http://www.huffingtonpost.com/entry/netanyahu-charlottesville-trump-yair_us_5994833fe4b0acc593e48a27

      http://www.timesofisrael.com/netanyahu-junior-says-leftists-more-dangerous-than-neo-nazis/

      Antifa’s only allegiance is to Communism.
      Btw – Israel banned George Soros (himself a KGB project, and ex-Nazi collaborator).

      • Truthist

        Israel banning Soros is only roguery ;
        .
        .
        BUT, STILL, THE ROGUERY CRAP PRACTISED BY “THE SNAKE-PEOPLE” — WHO WE THE IRISH HISTORICALLY ARE — IS EVEN MORE INTRICATE, DECEIVING, & SICK.
        .
        ……………………………………
        EXTRACT [ at end of Article ] ; Volte face from speculation of Article itself.
        .
        .
        First Comment by Damien:
        .
        It’s all just another J..-controlled scam. There really is no schism between ‘communist & zionist J..s’. Another CIA-Mossad media skit, similar to the rep/dem hustle.
        .
        .
        Two gangs of J..s working for the same objective: more power & money for J..s. If you control both sides you can’t lose. All of Trump’s adult children are married to or are dating J..s. His son in law Jared Kushner is one of his J..sh handlers. His father Charles Kushner is a convicted felon. Trump is simply their super shabbas goy. The gentile zombies have been duped again.

        .
        .
        Thanks Damien

        I also wonder if the Communist-Zionist fight is a diversion. Bannon is the shabbos goy. Trump is J..ish.
        .
        Henry Makow
        .
        Sid Green (who is J..sh) writes-
        I agree with Damien. I have nothing to add. Damien got it 100% right
        EXTRACT AFTER “DAMIEN”
        Thesis/anti-thesis/synthesis.
        .
        Hertzl
        Ultra-Zionist Theodore Herzl himself said that zionism needs anti-semitism to give it justification and help Zionists realize their plans.
        .
        Ergo – the role of some cabalists/freemasons is to promote anti-semitism/anti-Israel sentiment while the role of other cabalists/freemasons is to use that anti-semitism to guilt trip the goyim (and genuine “self-hating” anti-zionist J..s) and shut down debate on cabalism/zionism etc, and also use anti-semitism to justify the existence of a zionist state of Israel and excuse any policies of zionist racial supremacy as being essential to protect the “endangered J..s”….
        .
        Anti-semitism is a weaponized tool of zionism.
        .
        .
        https://www.henrymakow.com/2016/11/have-americans-been-neo-conned.html

  39. Truthist

    “Super Rich” COUGAR ALERT !
    .
    .
    If any of ewes is an aspiring Toy-Boy ;
    .
    “Just lie back & think of Ireland, & bring me back some of her dosh.”
    .
    .
    https://twitter.com/LdeRothschild/status/897851437346148353

  40. Truthist

    THE OVERWHELMING REASON THAT President JFK WAS ASSASSINATED ;
    .
    .
    https://twitter.com/jamesperloff/status/897252527024074757

  41. Truthist

    THERE IS ALWAYS THE 1st-TIME FOR THE HIGHLY INTELLIGENT BEAUTIFUL WOMAN TO BE SWEPT OFF HER FEET BY THE EVEN MORE INTELLIGENT HANDSOME MAN INFORMING HER OF THIS VITAL TRUTH ;
    .
    .
    https://politicalvelcraft.org/2017/08/16/americas-cia-israels-mossad-created-al-qaeda-and-the-isis-terror-group/

  42. Greetings from Athens. Just walked up and down to the Acropolis – what a place! Colossal.

    Was surprised to read that the population of Dublin is greater than that of Athens.

    Now for some nice Greek food and beer.

  43. Marvin Shaffer, an adjunct economics professor at Simon Fraser University’s public policy program, argued before a joint review panel that the dam is not needed on the current timelines. But halting it now would leave taxpayers on the hook for $2 billion to $4 billion of sunk costs, without getting a single electron of new power, he said.

    “One way or the other, either ratepayers or taxpayers are going to have to pay the $2 billion to $4 billion of sunk costs, without (getting) anything for it,” he said.

    The NDP/Green government promised to shut down the site C hydro electic dam site. It will cost more to shut down than the cost of co,pletion and all for no future benefits. “Stupidity”

    http://www.princegeorgecitizen.com/news/local-news/decision-on-site-c-dam-not-an-easy-one-1.21254748

  44. michaelcoughlan

    Hi Grezgorz,

    If you look at the two links below you will see the first one is a rant about skills shortages in Ireland in 2015. The second one shows the emigration figure to April 2015; 80900 one of the highest ever.

    It looks like to me that wages aren’t keeping in line with the cost of living. Another way to say that is inflation is rampant.

    It seems that is being replicated in the US and Canada. No talk about inflation there either.

    https://www.rte.ie/news/business/2015/0929/731162-recruitment-report/

    http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2016/

    Michael.

    • I have been pondering your question Michael. Why are shortages of skilled labour touted at the same time as there is high unemployment.
      also why is the stock market booming at the same time huge numbers of people are on the dole or on food stamps.

      I put it down to the classic results of a “managed economy”.

      If the market signals are obscured and distorted the market will respond to the signals it perceives. In a managed economy the signals are distorted and thus so are the results of the response to those signals.

      There will be oversupply and shortages. Sometimes massive oversupply and massive shortages. Sometimes this results in famine in a land of plenty. Or an over supply of goods resulting in huge waste. sometimes both together. Ireland’s Great Hunger was a famine in a land of plenty.

      At this point there is an over supply in one part of the labour market and an undersupply in another part.

      As has been pointer out to me and I have observed here on this blog several times, “There is no such thing as a free Market anymore.”

      It starts with the money system which is managed; Interest rates are managed; the stock markets are manged; Share prices of corporations are managed. Everything is managed. It stands to logical reasoning that eventually the whole system will be so out of whack that it will fall in on itself.

      We, you and me and others too, see the signs of it all around but apparently DMW does not as he never talks about it at all. He appears to believe in interventionist economic policy.

      • Grzegorz Kolodziej

        “Why are shortages of skilled labour touted at the same time as there is high unemployment.” – it’s a question I answered so many times that I’ll limit myself to short remarks:

        1. Theoretically, at 6.4% unemployment is very low in Ireland right now (1/3 of 1980s peak), and falling:

        https://tradingeconomics.com/ireland/unemployment-rate

        As in the 1980s, part of that fall is due to emigration (one could safely estimate that if it wasn’t for people leaving Ireland, the current Irish unemployment would be around 10%, maybe more – and the 1980s unemployment would have been more like 30%, instead of 18%.

        2. But the other explanation is – and I gave exact figures twice here on this blog – early retirements (so basically the state still pays those tens of thousands early retired public servants – except they just don’t work – Enda Kenny’s invention).

        3. The third reason is – Michael reminds us of it almost as often as about the first reason – “the zero hour min wage contract employment conditions”; in other words: the working poor.

        _______________________________

        “There will be oversupply and shortages. Sometimes massive oversupply and massive shortages. ” – as you know perfectly well, Tony, there is supply and demand curves play very little role in the current job markets because they are distorted by the near zero interest rates (the great illusion of the “service based economy”, with people doing college courses in genderism and the history of Apache Indians rather than learning in professional schools how to sow, plough, grow food or make a space ship. Or how to treat people – medical studies are now so expensive in England or Norway that there is more people from those countries studying medicine than the Poles: why study in England and end up with 50,000 pounds debt, when you can get the same education or better in Kraków for 10,000 pounds? And then – why work in England and commute 50k from a shoebox size room where you can rent a nice house for it elsewhere – i.e., my friend married an Englishman and they saved up to buy a flat in Poland – but n o t because they both worked 5 years in London so hard that they hardly saw each other, but b e c a u s e he then worked 3 years in Malaysia, with free accommodation, while she was babysitting instead of working – working 5 years in London while renting was just good enough for air-tickets to Malaysia).

        Now – all these reasons pale in comparison to the following: in a zero-rates interest policy which causes property bubbles and over inflated stock markets, why employ people other than zero-hours minimum wage contracts when companies can make more money on buying back their own stock?

        $$$$$$$$$$$$$$$$$$$$$$$

        “We, you and me and others too, see the signs of it all around but apparently DMW does not as he never talks about it at all. He appears to believe in interventionist economic policy.” – when it comes to inflation, the otherwise brilliant Mr McWilliams is half-way rational and half-way neo-Keynesian: he understands why debt is the world’s economy biggest problem but he doesn’t understand why his proposed aggregate demand stimuli (based on flawed multiplier mathematics, as I proved to him twice) cause that debt to grow.
        By the way – this is also the reason why Mr McWilliams refuses to acknowledge the hidden inflation (biflation, to be precise).

        It’s a little bit like someone very well educated, who however was told all his life that the sun orbits the earth: you can have an intelligent conversation with him on any other topic, including astronomy, but if you point out to him why the earth orbits the sun and not the other way round, he would listen to you politely, but the next week he would write a column called:
        “We can only do away with the astrology superstition if we stimulate the aggregate population of Ireland into thinking that it is the sun who orbits the earth – and NOT the earth that orbits the sun, as mistakenly claimed by some right-wing astronomer from Kraków called Copernicus”.

        • ” as you know perfectly well, Tony, there is supply and demand curves play very little role in the current job markets because they are distorted by the near zero interest rates”

          Thanks for the lecture. What do you think I was saying. Read me again.

          e.g.If the market signals are obscured and distorted the market will respond to the signals it perceives. In a managed economy the signals are distorted and thus so are the results of the response to those signals.

          Debt is basically presented to the world economies , not just the largest, because the introduction of our money is always as a debt at interest. It is a central banking concoction and the answer is to shut down the whole system and use a different money base , one that is not issued as a credit note, an IOU at interest. Additionally fractional reserve banking needs to be stopped too. Commercial banks use FRB to issue new money into existence as debt at interest.

          That is the debt problem in a nut shell.

          • Grzegorz Kolodziej

            I’m not negating or dismissing what you are saying, Tony, I’m merely completing it by pointing out how is that related to the problem of skilled labour, masked unemployment, and David McWilliams: and why, when the talk in on debt and inflation, Mr McWilliams’ column always start brilliantly but finish with disappointing conclusions (that we can grow our way out of debt by re-inflating our economy).

            And what do you think of the theses in my link above? :

            https://www.youtube.com/watch?v=sG3Ju8AhCKM

          • Grzegorz

            I would think we are on the same page. We see the major problems. We see the discussions of side issues, which though important, will have no possibility of effecting change unless the fundamental issues are addressed. We do not see the fundamental issues being discussed at all.

            We see the problem in these pages as being that our host, having been educated to believe seems to be incapable of other considerations. It is much like being an advocate for a religion. One must have faith despite the evidence contra to such belief.

            But I am not sure you agree with the central banker problem as expressed by myself but seem to agree with the negative affect of fractional reserve banking. Non of this requires mathematical calculations of proof as the empirical evidence is before us, plain to see by all.

            Enjoy the weekend

          • Grzegorz Kolodziej

            “But I am not sure you agree with the central banker problem as expressed by myself but seem to agree with the negative affect of fractional reserve banking.”

            Of course I agree with the central banker problem too.

            Regarding the fractional reserve, this is why I was surprised that you rightly point out the dangers of fractional reserve but were/are supportive of Bitcoin which is even worse than fractional reserve as it is not limited by any reserve (limited supply of Bitcoin does not matter as opposed to precious metal coins, cryptos are NOT used for trade – show me shops in Ireland or Canada with goods denominated in Bitcoins – but for speculation – speculation in fiat money).

            “Non of this requires mathematical calculations of proof as the empirical evidence is before us, plain to see by all.”

            No, Tony, I think you missed the point.
            Here is the point: we want to convince people that Perpetuum mobile cannot work in the long run – right? Central banking and the fractional reserve are kinds of Perpetuum mobile – right?

            Now

            Not everybody is going to be convinced by your arguments – some economist would still believe in money created into existence as debt.

            So by repeating your arguments, you convince some, but some will remain convinced.
            How do you convince them?

            Well, you can show that even if we agree with the central banking principles, their models are still inconsistent – that the fiscal multiplier is based on wrong maths.
            No one else but me has done that.

            That’s because perhaps only 2 or 3 people in Ireland have ever read the original Keynes, and no one else but me spotted these mathematical mistakes in his text.

            In other words – by embracing all your arguments about central banking and fractional reserve but adding my own, I can reach to a wider audience than if I was only to talk about central banking (I know I do because in the past when I showed the flaws in the Obama stimulus package to the former governor of the Irish Central Bank, in the next weekend edition of the Anti-Irish Times he repeated all my arguments – naturally, without mentioning my name).

            Have a nice weekend – we have a hurricane forecast for next week.
            And tell us if you saw the solar eclipse next Monday.

          • Grzegorz Kolodziej

            And, of course, the second reason why the limited supply of Bitcoins does not matter (apart from speculation in Bitcoins being done in fiat) is that unlike the fractional reserve banking – which is at least based on s o m e deposits (also, fractional reserve banking was done within the gold standard – as I showed in the past) – the crypto currencies are based on ZERO deposits – they have zero intrinsic value.
            It’s not even like a bank that has $1,000 in deposits and creates $100,000 out of it – cryptos are like a bank who has $0 and creates $1,000,000,000 out of it while using an enormous amount of energy.

          • Shocking lack of knowledge about the basics of Bitcoin.

          • “”Not everybody is going to be convinced by your arguments – some economist would still believe in money created into existence as debt.”"

            I do not argue. The facts are self evident. The evidence is in front of all, plain to see.

            It is like travelling in a train and looking out the wrong side. The view is on the other side.

            Come and look out this window and see the views…..

            Peoples’ views are occluded, they cannot see the truth. Few are aware that the the fiat money we use is created as a debt. That there is interest charged on this debt, that has to be repaid. This repayment of debt and the interest shrinks the money supply as all money repaid to the bankers immediately ceases to exist. This means that on the one hand as a loan is made the money supply increases while when a debt is repaid the money supply contracts. But it contracts more than the original expansion as when the interest , which was not issued as a currency , is repaid, the money supply contracts more than the original expansion.
            Thus in order for the money supply to just be constant more loans must be issued all the time. Having the debt based money operating as it does, the world can have a constant amount of money in circulation, (no increase in the money supply) while all the time, the amount of debt in the economy constantly increases.

            This increased debt eventually suffocates the economy as the servicing of the debt and interest leave less and less of the results of the work of the people to purchase goods and services.

            At first the debt was small and manageable but now it is large and all consuming. The economy is now indebted to the point it is not functioning as it is being throttled by the ever increasing debt.

            Mathematical modeling of this is ok but does not predict results as the results are in reaction to human emotion. The timing of the action, reaction of different people is unknown. We just know that sooner or later the world economy will be throttled.

            Cryptos are not fiat. Fiat is fiat because it is mandated by the state as legal currency. Legal tender. It is usually instigated by the state in order to collect taxes. What government wants half a cow delivered or ten thousand bushels of grain or a ton of spuds?

            In olden days people decided what money was to be and what was to be used. Good money has and had no border restrictions. It still does not but good money competes with fiat for soundness. Originally every fiat currency had to be valued in gold and gold was the standard measurement used. Now gold is removed by government as the standard, there is no strict measurement of the value of a fiat currency left. Well it is still there, but not officially. That is gold is still a measure of fiat currency. Governments and bankers do not like the message given by gold. It accounts for the soundness of the currencies and the government would rather the people do not know how the fiat depreciates year after year.. Hence the attempted destruction of gold by the bankers and government. Gold is attacked by fair means or foul.
            Gold is not a debt and it generally charges no interest. Ancient peoples warned us about interest, aka usury, and how destructive it is.

            People can use anything they want as money/currency. Enter the Cryptos. Bitcoin is designed to be as much like gold as it is possible to be. It is a great compliment to gold and the structure and properties of gold. The greatest flattery is to be imitated. It is of limited supply, takes a great deal of energy to create new coin, and it circulates freely across international boundaries. Nobody has as yet figured out how to offer futures in bitcoin and thus trade vast quantities of “paper bitcoin” on an exchange that will manipulate the price of bitcoin without any demand and supply of the real thing as is done daily in the PM market place. Just invest in this fund which mirrors the price of bitcoin and you can do it without need of computers or an online wallet that must be managed. You cannot lose your wallet with us Just a phone call will get you a transaction. How many bitcoin ETF’s will there be?
            As can be seen there is no restriction of what can be used for money. Beads, shells, grain, tobacco, pearls, diamonds, bitcoin lookalikes called altcoins. How many altcoins will there be? hundreds, thousands?
            How many imitations of gold will there be?

            Imitations work until they don’t. Bitcoin is the gold of cryptos as most cryptos are traded in Bitcoin or fiat.

            Gold is the ultimate in sound money. Will it be replaced by Bitcoin?
            Will gold learn from Bitcoin and become traded with blockchain technology? Perhaps Blockchain is the real innovation and bitcoin a passing fancy that happens to have developed the blockchain? Bankers are already developing blockchain technology for their operations.

            In regard to the banking system. It is not fiat that is the problem per se. It does not have to be used if the people do not want to.
            Fractional reserve banking is currently legal but it is still a fraud, creating money for nothing and charging for it.

            The overall problem never expressed is the fact that the money is issued as a debt. This debt is charged interest. It is the accumulated debt and the interest payments that are crippling the world economies and a fiat currency not issued as a debt does not do that. So issue the nation’s currency from treasury, close the central banks and prohibit fractional reserve creation of money as a loan. Neither bitcoin or gold is issued as a debt at interest. Neither should the national currency.

            The fact that 97% of all currency is issued as a debt and charges interest is a structure that indebts the whole of humanity to the issuer of that debt. That is the view from the window on the other side of the train. Most are looking out the wrong window. Most cannot be moved to even go and look out the other window. Most of those that do bother to look cannot comprehend the image of what they look at. They would rather remain with the status quo, with what they are used to.

            In the meantime the debts pile up. The interest payments may be near default. Those that borrowed may quit paying. Those that think they have an asset will find it is only as good as the counterparty, and the defaults will destroy their apparent wealth.

            Bitcoin/altcoins rely on the electonic world to exist. Will they continue or will they be made illegal to own as was gold in the past?

            Can you put bitcoin in a drawer and leave it there for a rainy day? Will bitcoin be in existence 500 years from now or will it be a fleeting fancy of an investment as was a tulip bulb in the past?

            Gold will still be forever, useful or useless, lambasted, derided and admired and appreciated.

            Of course, short term decisions are different from longer term. What to do? what to do?

    • Health care costs alone account for 41% of the BC budget. Most people call health care a right. I call it a privilege we can barely afford.
      (another 6.5% is spent on paying the interest on the provincial debt. )

      http://www.generationscrewed.ca/how-screwed-are-you/how-much-do-i-owe/bc/percent-of-tax-dollars-spent-on-interest-

      “”Health care remains the single largest item in the budget, projected to account for 41 per cent of all government spending in 2017-18. The health-care budget is projected to have increased to nearly $22-billion by 2020, about $5-billion higher than 2010.”"

      https://www.theglobeandmail.com/news/british-columbia/what-you-need-to-know-about-bcs-latestbudget/article34104118/

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