January 10, 2018

Twitter, Netflix, Airbnb: Modern Economic Heroes for Ireland?

Posted in Irish Times · 208 comments ·
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The Irish crash of 2008 was not a surprise to anyone with their wits about them and a passing knowledge of economic history. The great delusion propagated, which continues to be propagated, was that the housing/property/banking/credit collapse was in some way unexpected.

 

Once the banking system ran out of Irish deposits and began to borrow abroad to finance the property mania at home, the collapse of the debt-fuelled economy was not a matter of if, but when. The banking crisis didn’t start with the bank run of 2008 but with the over-lending in the early-to-mid 2000s.

 

Banks go bad from the inside out and the easiest way to rob a bank is to run one. The collapse was predictable, preventable and “Made in Ireland”.

 

The crash itself didn’t destroy Irish wealth but merely evidenced the extent to which wealth had already been destroyed by stupid decisions taken in the boom.

 

Indeed, the crash itself was not the cause of Ireland’s subsequent problems; rather it was the consequence of previous economic delinquency.

 

The truth is that, in 2008, the Irish economy was set up to crash. Mainstream economic thinking from John Maynard Keynes to Irving Fisher, Charles Kindleberger to Hyman Minsky, explains how this boom-bust process has happened time and again throughout history.

 

You would expect a decent undergraduate economics student to grasp this. Lamentably, the people who were running the place didn’t.

 

What was surprising, however, was not the crash but the vigorous rebound in the economy since 2012. This is when the Irish economy diverged from mainstream economic thinking.

 

According to economic theory, the Irish recession should have lasted much longer. This is because the specific type of recession Ireland experienced was “a balance-sheet recession”.

 

No lost decade

 

This type of recession has three main components.

 

First, the balance sheet of the middle classes implodes. On one side of the balance sheet are the assets that were bought in the boom. These collapse in the crash. But on the other side of the balance sheet are the debts the people took out to buy those assets. These debts don’t fall in tandem with the shrinking assets, but remain the same – or even rise. Demand seizes up and incomes fall.

 

Second, this dynamic leads to a component Keynes described as a “liquidity trap”, whereby the banks have too much bad debt on their hands and they don’t want to resume lending. Their prospective customers have too much existing debt and don’t want to borrow any more, no matter how low the interest rates. So, asset prices continue to fall.

 

Leading to the third component, which Fischer terms “debt deflation”,  where the US found itself in the depths of the Great Depression. In the 1930s, both asset prices and incomes were falling. People with large debts, whose incomes were falling, sold assets to pay off debts.

 

But as everyone moved to sell, the prices of the assets (houses in the Irish case) kept falling, driving down both demand and income further. In time, this leads to the paradoxical situation where those who try to pay off their debts quickest find themselves not with less debt relative to income, but with more.

 

These three dynamics came together in Ireland threatening a Japanese-style “lost decade”. However, that didn’t happen. The economy rebounded quite quickly. Why? Was something else going on?

 

The global economic cycle in general and the Irish economic system in particular are being profoundly affected by structural changes brought about by technological innovations. Crucially, Ireland is benefiting more than most countries. While we in Ireland tend to see 2008 as the year when everything stopped, in reality, it was the year when everything started.

 

The smartphone

 

Just as the door was slammed shut on the Irish property panic, in California, a revolutionary new device, the iPhone, was taking the place by storm, as was Netflix.

 

Amazon released the Kindle as a platform for e-books. By 2011, there would be more e-books sold than physical books. By 2014, Amazon would be worth more than Walmart.

 

In 2008, the first Airbnb room was rented. By 2013, it would have more rooms available than the Hilton Group.

 

Facebook Ireland passed 100,000 members; today it has 2.6 million. Twitter arrived and Instagram was founded. Google ramped up in Dublin, as did LinkedIn and a host of others. In Japan, pseudonymous Satoshi Nakamoto unveiled a cryptocurrency called Bitcoin.

 

In October 2008, in Sweden, a couple of lads launched Spotify, one of the technologies that has transformed the music industry.

 

Meanwhile, across the Baltic in Estonia, a start-up called Skype was offering international mobile phone access, which had been ridiculously expensive, for practically nothing. The old telecoms model was over.

 

As Ireland was bracing itself for the Troika, WhatsApp and Snapchat were launched. Meanwhile, in San Francisco, a pushy young techie called Travis Kalanick established an app-based taxi service called Uber that would depend on another innovation called Google Maps. All of these apps depended on the iPhone and the iPhone depended on a new data-storing innovation known as the Cloud.

 

These technologies have changed both how the economy works and how we live our lives. The smartphone has driven globalisation, and the most globalised countries are therefore the very countries that have taken off fastest.

 

Ireland, with its heavy presence of foreign companies and attractive tax incentives, is one such country.

 

Technological change

 

While the Irish economy has reacted extremely well to these technological changes, with employment and demand growing strongly, the main issue for the future is how our institutions react to technological change.

 

In the next few years, how will our education system adapt to a world where people will have to create their own jobs as opposed to looking for a job given by someone else?

 

How will the welfare and tax systems use technology and data to improve efficiency? How will politics deal with the winners and losers in this new economy?

 

These are important questions. Have we learnt anything from the last slump? Probably more than we think but less than we should. Human nature is what it is, and the housing market risks inflating yet more in the year ahead.

 

The big question is how are we positioning ourselves as individuals and ultimately as a country for this brave new world.

 


  1. Grzegorz Kolodziej

    “These three dynamics came together in Ireland threatening a Japanese-style “lost decade”. However, that didn’t happen. The economy rebounded quite quickly.”

    Did it not? Pints you could buy for industrial wage:

    Industry Weekly Wage____Euros___________Pint€________________Pints
    1969____________________19.63___________0.20__________________100
    1973____________________38.30___________0.24__________________159
    2002____________________483.05__________3.24__________________149
    2006____________________597.66__________3.74__________________160
    2017____________________695.80__________5.50__________________126

    ======================================================================

    https://voiceofeurope.com/2018/01/german-national-tv-attacks-poland-new-propaganda-documentary/

  2. McCawber

    The reason 2008 happened was primarily down to people.
    In particular people who were too busy believing their own publicity
    Bertie being at the top of that list.
    Other groups high on the list are:
    Banks
    Unions
    Civil Servants
    Developers
    Regulators
    So the real question is how do we stop them doing a repeat.
    How do we stop the sense of entitlement overpowering us once again.
    A good example of what we’re up against is our health system
    Everyone agrees that radical reform is required.
    And that’s the only thing you’ll get agreement about, among the interested parties.
    Change comes at a price the unions will test us while telling us in the same breath that the system isn’t working and they’re demoralised.
    The cost of the change will guarantee failure.
    Part of the problem with our health system is YOU and YOURS.
    Did you really need to end up in A & E.
    The government needs to start pointing the finger at YOU.
    YOU shouldn’t be supporting the medical profession – that just make their sense of entitlement even worse.
    Most of us have/had jobs – when was the last time someone told you that you deserve a rise.
    I could go on and on but I hope you get the gist
    Identify and eliminate WASTE is the only logicsl first step in sny solution.

    • Truthist

      There should be a 2-tier Health system ;

      A_
      The whole existing health system ;
      Public + Quasi “Private-Public ” + Private

      B_
      People going their own way

      B_1
      learning the truth about the essential knowledge to know

      e.g.s

      Why people get sick ? ;
      Investigate it to the nth degree ;
      ==> Evil is the cause in most cases
      “An ill-wind blows no good.”
      “Nothing comes from Nothing.”

      Why people become injured / dead ahead of natural aging ?
      Investigate it to the nth degree ;
      ==> Evil is the cause in most cases
      “An ill-wind blows no good.”
      “Nothing comes from Nothing.”

      Hippocrates [ ancient Greek ] — the father of medicine — was actually a great man.

      allopathic medicine Vs homeopathic medicine

      https://www.google.com/search?dcr=0&source=hp&ei=dTxXWoW0NoG50ASxw5yADQ&q=homeopathic+versus+allopathic&oq=homeopathic+versus+allopathic&gs_l=psy-ab.3…1961.1961.0.5481.1.1.0.0.0.0.0.0..0.0….0…1c..64.psy-ab..1.0.0….0.3s9DkOkb8xI

      A treasure for people to research nutrition, lifestyle, ailments ;

      http://www.mercola.com

      some people in the various fields of allopathic medicine are actually decent

      some people in the various fields of homeopathic medicine are actually not decent

      Human spirit kept strong is invaluable for healing

      “Body heal thyself !”
      Sir William Harvey
      Famous royal physician of Elizabethan England

      ///////////////////////////////////////////////////////

      AND, THE POPULACE SHOULD AS MUCH AS THEY CAN, B-O-Y-C-O-T-T A_
      The whole existing health system ;
      Public + Quasi “Private-Public ” + Private

      LET THEM COLLECT THEIR VULGAR SALARIES IN CLEAR EXHIBIT THAT THEY, IN THE MAIN, ARE PARASITES

      And, hey, they’re all set to go murdering the populace’s Pre-born Babies & Infant Babies now.
      Sick F..ks they are so they are the folks in our medical system.

    • Metropolitan Hillbilly

      That can be remedied. Make the services of the State like health and welfare contributions based for everyone including the unemployed. Prioritise the working population for speedy access as they contribute the most followed by retired contributors and so on. Unemployed non contributors would have the lowest priority. It’s not perfect but it would be fair notably to those who fund the system.

  3. RareAulDub

    “In the next few years, how will our education system adapt to a world where people will have to create their own jobs as opposed to looking for a job given by someone else?”

    We should already have abandoned our dependency on “a job given by someone else”. We already have the technology that can free us from all that.

    Almost every “job” today requires some degree of interaction with a computer. Most of these computers are already part of a network. Our future lies in creating new “workers’ networks” that will do the “job” employers want done but on our terms. Most of the work can be done electronically using network technology and can be dispersed to wherever workers choose to live. Think of the advantages of all that!

    “Workers’ networks” can be the new unions. Our forefathers would have drooled over the opportunities to unite available in the working world today. Technology can be as useful to us workers as to the bosses.

    As the education system in Ireland is still dominated by the Catholic Church, which does not have a stellar history in putting on the new, we must create these “workers’ networks” ourselves, after or during acquiring whatever outdated formal education is still on offer.

    But we must lead not follow that outdated education system. If we expect our legacy education institutions to provide leadership we will fail. Its teachers are the products of and are heavily invested in the old societal paradigm, which clearly is failing with regards to housing, transport, health etc.

  4. “These are important questions. Have we learnt anything from the last slump? Probably more than we think but less than we should. Human nature is what it is, and the housing market risks inflating yet more in the year ahead.”
    ———————————————————————
    What should be self evident but not admitted is that bailing out the bankers with taxpayers money was/is a crime. Subsidizing bankers and or business from the public purse leads to economic imbalances and moral hazard. It is detrimental to the people the government is supposed to serve.
    ——————————————————————-
    “The big question is how are we positioning ourselves as individuals and ultimately as a country for this brave new world.”
    ———————————————————–
    One would think that debt would be taboo. One would think that a bank is not a place to have business capital, or for people to keep their savings. However since the last downturn the levels of debt have increased 70% above previous 2008 levels. Governments have put laws in place to rescue the banks again. Next time the method will be bailIN rather than bailOUT. When so called “deposit levels” get skimpy again, if they are not already, then be prepared to see bank accounts frozen and the investor shares, savings/deposits be co-opted and converted to bank shares.

    http://www.blakes.com/English/Resources/Bulletins/Pages/Details.aspx?BulletinID=2303

    http://blogs.reuters.com/hugo-dixon/2016/01/04/eu-enters-brave-new-world-of-bank-bail-ins/

    https://www.bloomberg.com/news/articles/2018-01-09/china-is-said-to-shift-way-it-manages-yuan-after-currency-s-jump

  5. Mike Lucey

    @RareAulDub

    You make a valid point. I also think that education, in general, is changing in spite of the old paradigm.

    Here is what I consider a balanced overview of the current situation and ongoing trends.

    ‘The Internet of Everything is Changing the Education Landscape’
    https://www.huffingtonpost.com/jeanne-beliveaudunn/the-internet-of-everythin_1_b_5107119.html

  6. coldblow

    I don’t find David’s analysis very convincing here. IT and taxis, Skype and Netflix. I don’t know what some of these things are even. I managed the other day, at last, to get rid of the Spotify icon from the bottom of the screen (and what’s with this ‘lads’ business?). I wouldn’t know how to switch on an IPhone (if I knew what one looked like).

    I don’t get this Ireland positioning itself idea either. Who feels any loyalty to her any more? What does it mean? And what happened to the great Irish Diaspora?

    David foresees a world where people create their own jobs yet the state everywhere is growing. As Hitchens spotted, the deal is that it liberates you from community and family obligations in return for absolute submission. It is also drowning us all in a sea of idiotic regulation. The create your own job thing will surely only take hold once the state has collapsed under the weight of its own uselessness. When I don’t know. Adam Smith said there is a lot of ruin in a nation so it could be many years yet.

  7. Grzegorz Kolodziej

    Smartphones, Spotify, iPhones, Uber, Skype – these are all innovations that bring the prices down, all right (and I don’t want to go down the splitters regarding the real history of the iPhone) – but all these innovations are only related to free time. You cannot make income using any of these (unless you actually manufacture them, or run a business using them as a tool – in the latter case, it’s still only a tool) – you can only s p e n d your income on all of it you earned
    e l s e w h e r e.

    No matter how much I like him – and I do so much that I’ve even mentioned him, in a positive way, in one article about Ireland – there is no escaping from the reminder that David has a perspective of leafy Dalkey, from where you can see that indeed, everything is cheaper and cheaper, and at the same time, faster and more innovative. And this is true, but this is true if your basic needs (housing and food) are satisfied. It’s not something that should be held against him either – rather it should be considered in his favour, as a result of being an individual who is creative and innovative and thus not having to be connected with an ordinary life – but the perspective on whether Ireland came out of the lost decade or not largely depends on whether you inherited/bought a house before the bubble or not.

    If you did, you end up in a pleasant situation of your fixed house expenses (that is utility bills only and nothing else to worry about) are constant and your income is, in the worst case scenario, stagnant (in which case you can always sublet it) or (more likely) rising.
    If you didn’t, then you end up in a situation whereby even if your income is rising, your house expenses (rent or mortgage) are rising in multiples of your rising income. And it’s not like the second expense, food and drink, is getting cheaper either (as my Guinness table shows for the years 2006 and 2017).

    Because his perspective is a perspective of someone for whom the world is getting cheaper and cheaper, this influences his perspective on the role of Ireland in such world – he thinks that the Irish model is sustainable provided that Ireland becomes a link in a global trade chain. Many years ago, he found examples which justify his vision – the maritime city-states of the Middle Ages and Renaissance, and the 17th century Netherlands.
    Had he studied the history of all of the above a little bit deeper, he would have noticed that the 17th century the Netherlands didn’t become rich and powerful by trading someone e l s e ‘ s goods like Ireland does with multinationals, but by m a n u f a c t u r i n g and then trading their own goods, while the city-states carried out i m p e r i a l politics by dominating the banking systems of their trade partners – and they both had, at the time of their dominance, the largest fleets in Europe (both trade and military).

    For example, Genoa was competing with Venice about monopolising finance/trade routes in central and eastern Europe. In spite of controlling the seas with its navy, Venice was a weaker player on the continent than Genoa, which controlled much of the grain trade – but Venice made sure that the elites of the Kingdom of Poland would study in Venice-influenced Padua rather than in Genoa-influenced Bologna. It’s diplomacy supported a cunning plan to marry the Lithuanian Prince Jagiello with the Polish Queen Jadwiga, which torpedoed Genoa’s plan to prolong the union of Poland and Hungary (Hungary’s financial market was dominated by Genoa). As a result, Venice gained a territory from the Baltic Sea to the Black Sea, without firing a shot.

    When it comes to the 17th century Netherlands, the Dutch didn’t accrue big money just from trading but from copying others products and manufacturing them cheaper and on a much larger scale while monopolising the trade routes. Take porcelain – in Delft, the Dutch introduced the strong division of labour which meant that the city was able to produce far beyond its own needs (in 1620, they had 9 porcelain factories, in 1660 – 36). A large kiln could produce up to 30,000 objects a year and Delftware was exported as far as Japan (Rijksmuseum has a Dutch-made set of 5 bowls of Mukozuke, used for the Japanese tea ceremony) – in Europe, only the Dutch had direct trade links with Japan.

    The spread of the Dutch East India Company (VOC) was partly due to military power – in 1670, about 10% of Dutch adult males were sailors, and the Netherlands had more ships than England, France, Germany, Portugal, Scotland, and Spain combined. They used timber found in the wooded southern shore of the Baltic (the word “spruce” came to English from Polish, where it means “from Prussia” – Royal Prussia was incorporated into Poland in 1454), and they monopolised the grain trade in Gdansk prior to that.

    How?

    Through innovation: the Dutch “fluyts” ships could carry more freight with less crew, and so their rates were half those of England. Like Ireland, the Netherlands is a small country; unlike Ireland, instead of zoning the land, they reclaimed the land from the sea: 36,000 acres between 1590 and 1615 (while in Ireland, only 5% of the land that NAMA sold was built on). Likewise, the reason why the Dutch porcelain exports collapsed was the lack of innovation – the Dutch porcelain producers and navy, dizzy with success, eventually became complacent – as Ireland got complacent during the boom with its “if I have it, I’ll spend it” economic growth model based on borrowing money from foreign creditors so that the Irish could buy houses from themselves for themselves for money that could have been otherwise spent on, for instance, addressing the fact that Mr McWilliams’ wants Ireland to become a major trading broker and he wants to do it with a merchant fleet that is 1/20 of the Dutch, and 1/3 of Estonian (this doesn’t even take into account the Irish navy’s military power, which is close to zero).

    Meanwhile, David’s vision of Ireland boils down to two things:

    1. Inviting other countries capital instead of expanding with the Irish capital to other countries.

    2. Hoping that this foreign capital, having recycled their profits in Ireland using hitherto tolerated Irish law loopholes (i.e. in a way I described on May 7, 2016 – by pointing out to things such as SECTION 110 of Taxes Consolidation Act 1997, which finding David then used in two of his articles, of August 1, 2016, and September 7, 2016), will leave some crumbles on the Irish table – a trickle-down-loopholonomy.

    This is a vision of globalists’ Ireland rather than a global Ireland.

    I’m not saying that this is a bad policy (after all, the US companies employ 150,000 people in Ireland, and in best jobs too) – I’m saying that this an INCOMPLETE and PASSIVE policy, based on waiting rather than expanding, and it depends on other countries political and economic decisions, rather than making Ireland a decision-making centre.

    It’s a vision of Ireland’s recovery where monthly rent for the worst apartment in Dublin’s city centre exceeds a minimum-wage-based salary (to compare it – in 1913, the rent and all bills were less than 1/3 of the lowest salary – the rest of money could be saved or invested) – but those people who cannot afford to live on their own and live with their parents or with 10 other people in a house, can enjoy cheap smartphones instead, to make them even more detached from the reality because the reality had nothing attractive to offer – and go to the Canary Islands thanks to Airbnb to binge drink, moving by cars – because with the Irish housing market offering the worst value-for-money in the world, they will never own their own home (let alone a holiday home) – and probably their car either (insurance cost of foreign insurance companies in Ireland, for which Ireland is an easy touch – as it is for the British/German supermarkets).
    I call this detachment from reality of the young Irish people a zombification of Ireland (from philosophical zombies thought experiment).

    P.S. Regarding the liquidity trap, any discussion about is incomplete without considering this:

    https://mises.org/library/liquidity-trap-myth

    • Grzegorz Kolodziej

      moving by cars = moving by Uber because they have no cars

    • Grzegorz Kolodziej

      “i.e. in a way I described on May 7, 2016″ – March 7, 2016

    • It is a good idea to add some Mises!!
      good one Grez

    • Truthist

      Ref.
      Grzegorz Kolodziej
      January 10, 2018 at 8:59 pm

      1_
      Smartphones, Spotify, iPhones, Uber, Skype – these are all innovations that bring the prices down, …

      Brought the prices down for :

      Hotel Bedrooms ; Directly & some Indirectly

      Books ; E-Books ONLY ; They did not force Hardcopy Books to become cheaper … yet

      Music ; Directly [ downloads ] & Indirectly [ Digital ONLY ]

      Phone Calls ; Yes

      Faxes ; Yes [ Fax by email or Skype or special service ]

      Telegrams ; I do not know ; But, now “legal” alternative, vis, Email

      ////////////////////////////////////////////////////

      2_
      But all these innovations are only related to free time ?

      NO !

      …………………………………………..

      3_
      You cannot make income using any of these ;

      Unless you actually :

      manufacture them ;
      Correct ; This is confirmation of 2_

      or

      run a business using them as a tool ;
      Correct ; This is confirmation of 2_

      ………………………………………….

      4_
      And, it’s still only a tool ;
      vis.
      You can only s p e n d your income on all of it you earned
      e l s e w h e r e.

      Correct in practise, & understandably so that it not good enough to be main business-to-customer/business terminal
      Because :
      the human interface is too small to be long-time satisfactory
      the devices + software are not good enough yet
      the devices are very prone to theft

      /////////////////////////////////////////////

      ANYWAY … ANYWAY … ANYWAY

      5_
      These tech gadgets & services have a negative side by :

      5_1
      default

      e.g.

      Social corrupter

      5_2
      deliberate design instructed to be put into them

      e.g.s

      5_2_1
      Geographical Tracking by
      Irish State
      Foreign State
      e.g.
      UK [ GCHQ for "The City" ] tracking of Irish Citizens & Businesses & Civil Servants & Politicians ;
      Offences under Irish State Laws both
      Civilly
      &
      Criminally

      Interception, Eavesdropping, & Recording by :
      Irish State
      Foreign State
      e.g.
      UK interception, & eavesdropping, & recording, of Irish Citizens UK [ GCHQ for "The City" ] tracking of Irish Citizens & Businesses & Civil Servants & Politicians ;
      Offences under Irish State Laws both
      Civilly
      &
      Criminally

      • Truthist

        CLARIFICATION ;

        2_ to 5_ [ exclusive-exclusive ] refers to :
        Smart-Phones
        & arguably
        Tablets of Screen-Size smaller than Laptop Screen-Size

  8. mike flannelly

    ” Leading to the third component, which Fischer terms “debt deflation”, where the US found itself in the depths of the Great Depression. In the 1930s, both asset prices and incomes were falling. People with large debts, whose incomes were falling, sold assets to pay off debts.

    But as everyone moved to sell, the prices of the assets (houses in the Irish case) kept falling, driving down both demand and income further. In time, this leads to the paradoxical situation where those who try to pay off their debts quickest find themselves not with less debt relative to income, but with more.”

    Nothing learned since 1930. There was residental property debt and commercial property debt. Economists in Ireland advised the dept of finance to call in the vultures for ALL debt.

    On rte recently Jetro (not his real name) boasted how they called in the vultures. It was like boasting about blowing your own foot off.

    The dept of finance had no skillset to access the ESM fund for restructuring residental property.Economists were offered a fund to help bank liquidity for residental property.

    Restesidental property was sold to Irish snakes plus foreign vultures for less than build costs.

    When there is no smell of your gas you look to gas networks ireland for an explanation.

    When there is a smell of shit from your drains you get an explanation from the plumber.

    But when there was a smell of shit from the residental property debt, Irish economists were clueless.

    • Truthist

      “Just one think … ;
      More sharp work done by u Detective Columbo.”

      KEEP IT UP, MIKE !

      8-)

    • Metropolitan Hillbilly

      If Irish people (in common with most Anglo societies) continue to see property as the only vector by which to accumulate a modest degree of wealth(their own homes)nothing will change. Property is almost the sole vehicle by which the ordinary Citizen can accumulate wealth and bricks and mortar do not make a society more productive. An alternative mechanism to provide choice such as Roth/IRA’s/ISA’s (the SSIA is a good example) to access other investments such as the stock market might help to take the steam out of property.

    • McCawber

      Not that it will necessarily impact hugely but a couple of useful pieces of information that should be required to be published by the vendor ate.
      1. The replacement cost of condtruction ie the amount for which building is insured.
      2. Estimate of site value..
      Not so easy, this one but there must be some useful (if arbitrary) rules of thumb. eg 25% of the replacement cost.
      And the adjusted for the actual size of the site.

      • Land value??
        Take the improvements. Cost of production.
        Depreciate for age and utility. (a competent appraiser or good agent needed)
        Result is current value of depreciated property.
        Deduct from sale price
        Result is land value.

        Repeat in a neighbourhood several times for similar properties and the average land value is arrived at.

        Basically a builder will know the cost of construction; Will know the expected sale price in the market and so know what can be paid for the land.

        When a market crashes it generally means the residual land value is dropping as the cost of construction are related to wages and commodity prices and do not change very quickly.

        in some extreme cases it can result in that there is very little value in the land pro tem and so building comes to a halt. In some cases prices drop below, well below , the cost of replacement.

        Arbitrary rules of thumb only work once the basic calculations are worked out, and there is constant adjustment to be made, in the rules of thumb, to reflect the current market.

        • McCawber

          Can’t argue with you really.
          It’s always going to be a bit empirical.
          However even an inaccurate is better than nothing because at least it csn be modified to reflect actual pricrs.
          Itll never be perfect.

  9. Truthist

    Outline of the Article + Some immediate Observations

    //////////////////////////////////////////////////////

    Intro to Irish Crash
    9 Paragraphs

    The truth is that, in 2008, the Irish economy was set up to crash

    AGREE !

    Mainstream economic thinking from John Maynard Keynes to Irving Fisher, Charles Kindleberger to Hyman Minsky, explains how this boom-bust process has happened time and again throughout history.

    Keynes for sure WRONG in his version
    Keynes was working for the Rothschilds & their agenda.
    Likely the same about the others named.
    Certainly the same — if only indirectly — of Keynes’s acolytes.
    Grzegorz & Tony Brogan would be more authoritative in explaining this.

    //////////////////////////////////////////////////////////

    Sub-Topic ; No Lost Decade
    7 Paragraphs

    The 3 Main Components of this Type of Crash

    ……………………………………………….

    1 of 1
    1st
    Balance Sheet of the middle classes implodes.

    DEBIT
    Assets that were bought in the boom.

    CREDIT
    Debts the people took out to buy those assets.

    These debts :
    remain the same
    or even rise.

    Demand seizes up
    Incomes fall.

    …………………………………………………

    2 of 3
    Keynes’s “liquidity trap”

    As described by DMW ;
    Cogent

    …………………………………………………..

    3 of 3
    Fischer’s “debt deflation”

    Ref.
    USA in depths of the Great Depression 1929-1930′s
    Both asset prices and incomes falling.
    People with large debts, whose incomes were falling, selling assets to pay off debts.

    ……………………………………….

    Irish State Economy should then enter “Lost Decade” a la Japan

    ………………………………………..

    But, NOT so !
    Because Irish State Economy benefited from :
    Tech. Co.s Locating to Irish State
    Populace of Irish State using the major Tech. Products ; Hardware & Services

    ///////////////////////////////////////////////////////////////

    Sub-Topic ; The Smart Phone
    9 Paragraphs

    “Just as the door was slammed shut on the Irish property panic,… revolution was taking … place…”

    vis.

    Smart Phone itself ;

    Big Brother ;
    Anyway, … Apple ;
    Sea Eye Aye

    ……………………………………….

    Netflix ;

    Hollyweird & TV Trash

    ………………………………………

    Amazon Kindle ;

    From “Control Freak”
    USA Tax Payers through USA Postal System is subsidising Amazon

    ……………………………………….

    Airbnb ;

    Apparently not conspiratorial

    ……………………………………….

    Facebook ;

    Mshd

    ………………………………………..

    Twitter ;

    Mshd ? ;
    Probably

    ………………………………………..

    Instagram ;

    Truthist does not know enough about this company for to form opinion

    ……………………………………….

    Google ramped up in Dublin ;

    Google ;
    Mshd

    ………………………………………..

    Ditto did LinkedIn and a host of others ;

    LinkedIn ;
    Mshd

    ………………………………………

    Crypto-Currency called Bitcoin ;
    Bankster [ Rothshilds ; Loose name for Maternal Lineage ] of Banksters ? ;
    Most likely

    ……………………………………………….

    Spotify ;
    “1 of the tech.s transformming the music industry”

    Apparently not conspiratorial

    …………………………………………………

    Skype ;

    Apparently not conspiratorial in origin
    But, now owned by Microsoft

    ………………………………………………..

    WhatsApp

    Truthist does not know enough about this company for to form opinion

    ………………………………………………..

    Snapchat ;

    Truthist does not know enough about this company for to form opinion

    …………………………………………………

    Uber ;

    Truthist does not know enough about this company for to form opinion

    ……………………………………………….

    Google Maps ;

    Sea Eye Aye ==> Mshd

    …………………………………………………..

    “The Cloud” ;

    Sea Eye Aye ==> Mshd

    ///////////////////////////////////////////////////////////

    Sub-Topic ; Technological Change
    5 Paragraphs

    Irish State Institutions ready to use them ?
    Irish State positioning itself to benefit from new world ?
    Irish State’s populace positioning itself to benefit from new world ?

    • Truthist

      Report to my office immediately after school assembly this morning, bringing your latest economics homework assignment with you. I’m sure you know what this is about but if you don’t know now, you sure will later..

      Andy

  10. Metropolitan Hillbilly

    The traditional economic models are outdated. These models are intended to capture in a crude way the underlying dynamics of economic activity. However they were intended to capture this activity within single Nation State one currency economic units. They were built in the era of National capital controls and local tariffs when political and economy activity was tightly regulated and aligned. The global movement of capital, goods, services and labour is too complex to be captured by such methods. People don’t operate to the rules of efficient market hypothesis. The theory is a crude representation of reality but it can never capture reality just as a single snapshot can’t capture the real complexity of the image it represents.

    Maybe this is best explained by hillbilly behavioural economics. Take two bars in a city centre. Bar A sells bottles of a popular beer for €3. Bar B sells the same product for €6 a pop. EMH dictates that Bar A should put Bar B out of business unless Bar B reduces the price of its product or finds a pretty compelling competitive advantage or unique selling point. But Bar B has maintained its price and USP for over 20 years. Bar B is called Copperface Jacks. It’s USP is attracting as it’s clientele the demographic in high heels, tight skirts and lipstick. The demographic attracted to that USP will crawl over broken glass and happily pay €6 a bottle for a shot at the action. It’s not rational, it’s not efficient but it is real human behaviour. If a single bar in Dublin city centre can throw economic theory under a bus what’s happening at a global level?

    • I had a great time there last Saturday/Sunday with a guard mate of mine once we’d hoovered up the madness in The Feorge and did some covert dodgy dealing in The Boilerhouse. Just people having fun , why does that disturb you? Curious…

      • The George, though The Forge would be a good name for a bar/club…

      • Metropolitan Hillbilly

        I doesn’t disturb me in the slightest Andrew I was simply pointing out the difficulty of simple models to capture or replicate complex real human and therefore entirely normal behaviour. I hope you had a great time and continue to do so spending your hard earned cash in this little Country.I trust you got value for money however human biology shows us that value for money is the least of our concerns at 2am when nature rages in all its glory. I hope your example illustrates that it is pointless trying to regulate human behaviour, the best we can hope for is to promote harm reduction via education.

        • @Metropolitan Hillbilly

          A thoughtful response that deserves a reply. My Garda BFF is a recovering sex-addict who now volunteers a few hours to work with me on safe-sex outreach & advocacy. Harm reduction via education, as you say. He looks like a film-star so has more clout than paunchy old me. I was watching Tommy Tiernan interview Emily Power-Smith on RTE & my cop mate is her, but with muscles and a big dick. Just as a new economic crisis is incubating in one societal petri-dish so is another viral-bacteriological one related to hedonistic sex as release from 9-5 slavery. With the Truvada Queen scene now world-wide & the drug out of patent, it’s only a matter of time till the HIV virus mutates/morphs in response, not to mention the bareback cowboys/girls letting syphillis & the rest reclaim lost ground. Just as the Str8s in Copper Face Jacks finally caught up to the Gay Marines use of Erecstasy combos if viagra, mdma and cocaine, they’ll soon be on the Truvada trail, riding bare-back on the down-low in dodgy massage parlours then taking their infections back to Middle Ireland. The Rubberbandits ‘Dad’s Best Friend’ captured some of this. I am entirely Sex Positive but that doesn’t imply recklessness. I’m also violently against the homophobic climate that tells young gay lads they’re ok so long as they load up on steroids and FcUK the bejazus out of life to entertain the fag-hag stag onlookers who were their childhood tormentors. I called out the Tobago Troll, Bonbon-Truthist & Polish Greg on the last thread but eejits like that don’t give up easily as the sly snarks here reveal. It’s quite terrifying that condomless sex is trying to return due to wanton misuse of anti-viral prophylaxis and Queer Culture sets out the roadmap yet again. Look, everyone slips up, let he who is without sin, etc. But it’s time for a restatement of No Glove No Love whilst there’s still time. I’ve addressed your reply as it isn’t moronic unlike the Usual Suspects trying to foist their homophobic drivel on to this blog by way of ‘harmless banter’. Wankers.

          http://i-base.info/guides/testing/pep-pepse-and-prep

          • Metropolitan Hillbilly

            Andrew

            That’s a pretty honest if too much detailed information before breakfast,lunch or dinner answer. My reference was harm reduction in relation to drug taking but I’m well aware of people pretending to live in middle Ireland happy family routines and then living in an entirely different orbit away from home. In relation to harm reduction for drugs people need to be educated that drug dealers might operate like corporations but their corporate governance and ethics committees leave a lot to be desired. Kids are smoking/snorting/popping drugs blindly unaware that these drugs are blended with crazy compounds including heroin and synthetic opiates. I’ve heard of one case recently of a kid who thought he was drinking two jagerbombs which turned out to be methadone. He drank over 80ml (40ml is the lethal dose for adults without opiate tolerance) and died in his sleep. There are over 600 lethal overdose cases in Ireland per annum which largely go unreported because they’re poor kids or middle class kids whose parents want to maintain ‘respectability’. Drug dealers are constantly glamourised but they are absolute vermin.

          • @Metropolitan Hillbilly

            I’m not here to pander to your polite sensitivities, mt8. I could give 2 FcUKs…

            I’m well aware of the suicidal Hedonic Treadmills of Corporation estates where lads with No Future look to emulate the gangsta Ganglords by loading up on tattoos, muscles & antisocial bad attitudes. My point is that this Hedonic Marine rthis has percolated from the gay sauna to the Corporation housing estate as well as to the clown-arse IFSC Weekend Warrior eejit a snorting crack and banging how’s before going back to their 9-5 slavery. Most homophobia is a jealous rage at the fact that Queer men can’t walk 100 yards without triggering someone’s gaydar. The dogging scene in Phoenix Park being a desperate example of heterosexual Ireland playing catch-up with their imaginary fantasy of being Queer entails. The reality is far more troubling and the same feral corporate ethics that run the Dail, the Sjnead, the banks and the IFSC Trojan Horse corps is replicated at all levels of a deeply dysfunctional society. After all, if you’ve been robbed of National Pride by The Hlobalist snd clearly see through their scams but can’t find a decent livelihood why wouldn’t you go rogue as well? This Hedonic Treadmill lifestyle as an attempt to ignore political emasculation and castration is The Road To Hell as Chris Rea so poignantly mapped out some of the contours of our evolving paradoxical predicaments. Hating on The Gays whilst trying to emulate them is pretty sad. Nobody wants a return to puritan hypocrisy but this nonsense has to be called out by the ‘harm reduction and education’ methods you advocate and which me and my mates propagate gently through the Nigh-Time Economy of Hedonic Distraction. Have fun, play safe and remember “sex and live are not the same” * lads*

            https://www.google.co.uk/amp/s/amp.theguardian.com/theobserver/2010/aug/22/gay-attitude-depression-isolation

          • Metropolitan Hillbilly

            Andrew

            Speak as you find Andrew consider me unpandered. However your in your face honesty and directness can push people who might like to listen learn and get informed to push for the off button instead. From experience a gentle introduction to horror can be much more persuasive. Just a few words of caution In relation to the gay/homosexual/homophobic issues you’ve described. Being gay as you’ve described yourself makes you equal in this society but it doesn’t give you any special privilege or the right to claim sainthood. The deal is equality not privilege and I don’t remember you running for elected office as the gay sherriff ready to purge society of its homophobes. That my friend is where the PC agenda will drive over a cliff as it’s starting to do in many Western societies.

        • @Metropolitan Hillbilly

          *sigh*

          Once again … I …don’t…care…what Normcore dweebs think of me. Take your etiquette lessons and shove em up yer ass. No lube.

          I don’t identify as ‘gay’ as I’m not a Monosexual Fundamentalist. Neither is my handsome uniformed Garda BFF. He’s married with kids like me. I saved him from a Hell zone of depravity so he’s up for saving others . We’re missionaries, like that British PM who used to rescue prostitutes on his nocturnal rambles. Neither of my kids identify as part of any sexual minority but are acutely attuned to the evolving debate on sex, gender,sexuality and Power Rrlations under Patriarchal Heteronormativity whereby bullying, such as is feebly attempted by clowns on this blog, seeks to patrol, police and perpetuate White Str8 Male Privilege at the expense of everyone outside those parameters. The trope of ‘harmless banter’ being the preferred weapon of oppression. Well, *lads* I have news for ye- take your banter and shove it up yer jacksy..

          Is it any wonder this blog has historically always been a fiefdom of mean-spirited failed accountants, a sausage-fest of barely suppressed neurotic hysteria at the encroachment of women and Quuers into the public domain of debate. I remember one fateful night in The Bank on Dame Street where I rashly agreed to meet some of this blogs denizens only to be mortified at the sight of a female engineer commentator from that era being propositioned by a total eejit in a drunken stupor who was expressly invited so his odious social skills would subconsciously police the terrain. She was hilarious, gave him his come up pace but…I don’t think she bothers anymore as life’s too short. I don’t much either other than to Teoll The Trolls as I have a Reputation to protect and sometimes this chess-pit BTL is …a…bit…too…much

          But …WTF!

          I…don’t…care…

          Icona Pop ‘I Don’t Care’

          “You’re from the 70s, but I’m a 90s bitch ”

          https://m.youtube.com/watch?v=UxxajLWwzqY

          • Metropolitan Hillbilly

            Andrew

            That’s fantastic and thanks for the insight. The fun part of this blog are the comments and especially the more coherent ones. The articles themselves are interesting but I imagine at this stage of the game DMcW can knock this stuff out in his sleep and cut/paste/edit to suit the audience. I’ll take a pass on the suggestions you’ve mentioned with/without lube. I haven’t the slightest interest in what you identify as providing you continue to entertain me. But I digress. WTF has this to do with an economics blog? If I go into Waterstones to check business/psychology/popular mechanics I rarely come across material relating to leather bars/bears/twinks and the complete LGBT genre. Keep it funny but keep it real Andrew FFS.

          • @Metropolitan Hillbilly asked: ‘WTF has this to do with an economics blog’

            Jayzus, talk about an open goal….

            Porn. Prostitution. Fashion. Drugs. They’re bout the biggest drivers of GDP going and all have been weaponised by the technological developments David eulogises in this article. Then there’s the whole Instagram Narcissistic Personality Disorder situation which allows nano-celebrity to every village idiot on the planet. I ironically mock all that on my own Social Media experiments for laughs but you’d be amazed who takes my piss-takes seriously. My deliberations are seriously on point, on topic. Economics is based on a fundamental delusion that people act rationally even if the clowns are now trying to foist Behavioural Economics as a fig-leaf to cover their tracks.

            I’m seriously clever, dude. Borderline genius. Not just a pretty face. Now, you’ve had my attention for too long. Begone! No more back-chat. . Or I’ll add you to my Burn Book along with the other reprobates.

          • Grzegorz Kolodziej

            “I called out the Tobago Troll, Bonbon-Truthist & Polish Greg on the last thread but eejits like that don’t give up easily as the sly snarks here reveal.”

            https://www.youtube.com/watch?v=VjEq-r2agqc

            “my handsome uniformed Garda BFF. He’s married with kids like me.”

            https://www.youtube.com/watch?v=-7-0zyzdbik

            https://www.youtube.com/watch?v=LaH0tQJK15g

            :-) :-) :-) :-) :-) :-) :-) :-) :-I)

          • Grzegorz Kolodziej

            What, that above :-)? The length of my text is zero

      • It disturbs me. Very much so. *popcorn*.

        • Metropolitan Hillbilly

          Why would it interest you in the slightest? I could care less what consenting adults do behind closed doors providing I’m not compelled to watch it, pay for it or subsidize it with my taxes.

          • Just joshing with my old pal Andy.

          • Metropolitan Hillbilly

            Adam Byrne

            I did a bit of joshing myself above. He’s an interesting character but sometimes I think he views his lifestyle as a vocation. I voted so that his community could pursue their interests in peace and safety and equality. However I don’t think anyone except a pure fanatic in his community would accept that spending time with their genitalia in another person’s anal tract in a toilet cubicle represents the apex of human civilisation. By all means let consenting adults do whatever makes them happy. I’m happy to keep an open mind if they can be thoughful enough to close the door and keep private lives private.

          • @Metropolitan Hillbilly

            Just noticed your attempt to totalize homosexual behaviour as sordid escapades in ‘toilet cubicles ‘ ,
            slyly conflating anti-social and illegal acts by a troubled minority with the general experience of most non-str8 men. Not to mention the spectre of predatory importuning of teenage boys in public toilets. Shameless and shameful homophobic nonsense.

            Perhaps you’ve led a sheltered life and are unaware that many ment are obsessed with anal sex as the porn search data shows. Finding anal penetration arousing if it’s a woman but loathsome if it’s a male recipient shows his you view women even if you don’t realise it. Pro -tip : don’t watch Last Tango In Paris Don’t research make prostate milking and don’t click on the link below
            http://www.peoplesrepublicofcork.com/forums/showthread.php?t=117466

          • Metropolitan Hillbilly

            Andrew

            You’re engaging in the disingenuity that you accuse others of. I didn’t for a moment suggest that specific nihilistic or hedonistic behaviour is the sole preoccupation of the gay/homosexual community. The totality of humanity can engage in similar activities in toilet cubicles. I’m not aware of such acts being illegal and the fact that I’m aware of them discounts your inference that I’ve had a sheltered life. There is nothing sly about my reference. In fact your constant referencing of such behaviour is more likely to persuade people that it is the totality of behaviour in the LGBT sphere. But I don’t need you to ‘correct’ my suggested errant thought processes. I have relatives,friends and colleagues in the LGBT community who are pwrfectly capable of sitting down for a pint,a coffee or a meal without exhibiting any need to rush towards the toilet cubicles, for any unorthodox reason. They also don’t seem to have a compelling need to shotgun blast the details of their private lives for public consumption. It’s a trait the share with most members of the non LGBT community and it’s what makes them normal ordinary human beings.

          • @Metropolitan Hillbilly

            An absolutely deceitful, evasive response which, trust me, you aren’t going to get away with. You write exactly what I accused you of & no amount of ‘some of my best friends are LGBT sophistry’ gets you out of the dock.

            You didn’t reference the general sexual hedonistic excesses of all you specifically targeted the outlaw fringe of the gay/bi male community. You could have included the Mile High Club antics of heterosexual desperadoes or the Str8 Dogging ‘Swinging Heaven’ crew. But you didn’t. You were responding to the homophobic Tobago Troll (who’s now scarpered as per usual) and your comment was a deeply silly attempt to stigmatise Queer Culture as being represented by George Michael ‘Outside’ renegade sex. Of course it’s illegal to have sex in toilet cubicles and it’s anti-social. No father wants his kid to have to become aware of that sordid nonsense. Whilst there was Ann excuse of ‘rebellion’ before legalisation and the Gaydar/Grindr app sex culture ran riot, there’s none now. Of course it’s str8s who are late to the scene who are now shagging in nightclub and shopping centre toilets desperately trying to remain hyper-sexualised in a sexually exhausted Culture of licentious abandon to disguise profound loneliness and disconnection. Despite the abysmal wifi/3G here in Castleknock I’ve still been able to offer my Agony Aunt advice line to troubled folk on those apps who send pictures of their privates as an introduction. They’re looking for validation and using casual sex as a way to defuse the anger they feel about their unresolved internalised homophobia from childhood. I never judge, random hook ups have a place but you only have to ask a few gently probing questions and the walls come tumbling down. I’ve met some fascinating people including the Garda I hung out with last weekend. I guess I’m a Sexologist of sorts operating under the radar. As for your ‘acceptable ‘ version of LGBTQI folk with careers and cats in suburban semi-d bliss in suburbs like Castleknock, good luck to them and I hope they spice up your dinner party/BBQ without going too far. Have you noticed how acceptable it is for heterosexual males to boast and brag about their real/fantasy sexual exploits in this culture? How rappers constantly are in full brogadaccio mode and that’s ‘normal’ yet if a non-Str8 bloke does the same your taste and decency threshold is breached and you’re offended. clutching your smelling salts? My comments were a very insightful reportage of the current state of play with regard to the Dublin erotomania as a pressure valve. I don’t need nor want your permission or approval. You don’t dictate the Style Guide for comments BTL (below-the-line). You responded to Adam. Byrne’s pathetic attempt to troll me and it’s exploded in your face. Now, have the last word if you must but first I’d review what you actually put on this comment block-chain. There’s no edit function here, your homophobic taunt is exactly as I’ve described it and I reproduce it below. Be wary of engaging with the Tobago Troll on this topic in future. He has form on Twitter and Facebook of stirring then scarpering when the scrapping begins. He has what it’s perhaps best to describe as ‘issues’ for now. You are guilty as charged. Here’s your comment in full which ‘triggered my Queer snow-flake sensibilities” *rollseyes*

            ‘Adam Byrne

            I did a bit of joshing myself above. He’s an interesting character but sometimes I think he views his lifestyle as a vocation. I voted so that his community could pursue their interests in peace and safety and equality. However I don’t think anyone except a pure fanatic in his community would accept that spending time with their genitalia in another person’s anal tract in a toilet cubicle represents the apex of human civilisation. By all means let consenting adults do whatever makes them happy. I’m happy to keep an open mind if they can be thoughful enough to close the door and keep private lives private.’

          • Metropolitan Hillbilly

            Andrew

            You’re just becoming tiresome now. Milo was playing this ‘let’s shock the heteros’ trope years ago with a lot more taste elan and panache than your Brummie parochial riff is delivering darling. Your evangelistic and frankly patronising schlock comes across like some 19th century Wesleylan preacher trying to civilise those uncouth colonial heathens. I’m not looking for your approval or interested in your virtue signalling memes. I speak for myself here, who elected or paid you to speak on their behalf? Your responses are like a box ticking exercise for the Peter Tatchell 1990′s class of coming out 101:

            1. When faced with a coherent response that doesn’t meet your approval try to provoke a homophobic reaction and bask in self pity and self righteous outrage. Check
            2. Name check a few feminist icons and look for support from the sisterhood and engage in a bit of virtue signalling. Check

            Life has moved on Brummie boy and you need to move it up a few gears. Graham Norton can do this stuff in his sleep and still engage, educate,inform and hold a mainstream audience without patronising anyone. Like many before you you’ve effectively leveraged our colonial cultural cringe of wanting to be liked. The sooner we ditch that particular piece of cultural baggage (as the Aussies have done) the better. This Country has ticked most of the boxes (same sex marriage, gay taoiseach) without needing the approval or help from our cousins across the water. I’ll say what I want and how I want to say it. You’re my equal but not my better in this little Republic. Now digest that message Brummie boy and stick it where the sun don’t shine (and if you happen to like it I could care less).

        • The Tobago Troll crawls out from under his beach conch, blinking in the blinding light….so, back for another beating? No problem, sunshine. We’ll soon put you under manners….

          • KryptoK9

            FAO: Metropolitan Hillbilly

            Thank you for your further comment. Andy has given me the following Youtube link to forward to you as a response.

            best wishes
            Sharon McCormick

            The Secretary ['Keeper Of Secrets] / Amanuensis to:

            Andy Mooney aka:
            BrummieBoy
            aka KryptoK9
            aka mAd pADdY fRoM bRuM

            Snoop Dogg Feat. Nate Dogg & Xzibit – Bitch Please

            https://www.youtube.com/watch?v=EBMaYLrl3mU

        • Adam Byrne

          …I …don’t…care!

          “You’re In My Burn Book, Mr Byrne”

          …coming soon on 45rpm pink vinyl

          Best

          Andrea

          *smirks*

          How To Make A Burn Book

          https://m.youtube.com/watch?v=FUgVSDsK_8o

          • @Metropolitan Hillbilly.

            I’m more than happy for you to have the last words with yet another homophobic tirade which added on mid-gendering me as ‘darling’ and overt, florid anti-English Cultural Racism. If you think Tatchell and/or Norton would endorse your attempt at slut-shaming, copy your tirades to them. I post under my real name, you hide behind a troll mask. I’ll leave it to the lurkers who read here but are too intimidated to join in to decide who’s the voice of reason and who’s the voice of reactionary prejudice. Hollaback, beeatch!

          • Metropolitan Hillbilly

            Andrew

            You’re from the land of shakespeare so I’ll assume you have basic familiarity with the English language. There is no homophobic or anti-English sentiment in any of my comments. Zero. Please attempt to make those inferences to your heart’s content but even a cursory glance shows that to be untrue. You’re simply engaging in the current virtue signalling nonsense in an attempt to drown out any debate which bursts your vitriolic little bubble. In relation to me wishing to edit my content I’m happy to defend anything I’ve written. Given the shameless, pompous, self righteous and virtue signalling drivel you’ve written an edit button might serve you better. Have you actually read some of the garbage you’ve written? It’s on a par with Truthist/Bonbon and its similarity in style and content (rambling, frequent use of links) gives rise to my own suspicions. Moving on do you really think the gentlemen you’ve mentioned would have the slightest interest in viewing this garbage? Give me and them a fucking break you self important narcissic little gobshite. Now this really is becoming tiresome and it’s te to get back to business so unless you have something fresh,interesting or funny to add please don’t waste any more of my time. And have a nice day.

          • @Metropolitan Hillbilly

            I will respond appropriately to your further provocations upon my return to the ShIRE-IRE-ish epicentre of the global post-Irish diaspora that is Birmingham, England.

            In the meantime I suggest you reality-test your position by taking every single abusive comment fired at me and post them on David McWilliams Facebook comments beneath the link to this article. Do that under your real, legal name so all your family, friends and work colleagues have an opportunity to reassure you that your views aren’t homophobic and that you are firmly in touch with consensus/consensual reality on these evolving debates .

            When you’ve done that, have a gander at this article from David. And be very clear that I knew exactly what I was doing in calling out ye trolls from the get-go. I’m sometimes asked whether I think Dublin would be a good place to relocate a business post-Brexit. When I’m next asked I’ll merely point to this article and comments.

            I have a plane to catch but I’m not done yet….

            Truthist….didn’t I tell you to be outside my office after school assembly this morning?

            ‘Drag-queen bingo proves Ireland has hit jackpot’

            http://www.davidmcwilliams.ie/2008/03/19/drag-queen-bingo-proves-ireland-has-hit-jackpot

          • Metropolitan Hillbilly

            Andrew

            Evasive as ever. And you’ve failed the fresh interesting or funny element(again) of my request. Like yourself I don’t do social media unless I can monetize it to my advantage so I’ll take a pass on your suggestion. I took the trouble to show the comments to a family member who’s in the LGBT sphere. She saw nothing phobic (homo or otherwise) in my comments and I must defer to her legal expertise. I won’t tell you what her non legal comments were but frankly they were not flattering (towards you not me) old boy. Again if you could keep your comments on point with some occasional references to economics that would be helpful.Relocate where you wish Andrew as you know Dublin like London has always provided opportunities for provincials on the make and I wish you every success in your endeavours. Now have a safe flight to the city that gave the world Jasper Carrott and Adrian Chiles. And do try to keep up with the adults when you respond.

          • There’s a far better quality of comment on that drag queen article as compared to the tripe that gets regurgitated here every time these days.

            Even David replies to a comment or two which he surely wouldn’t bother with nowadays, pity.

          • Metropolitan Hillbilly

            Adam

            You’re absolutely correct. I don’t know why I bothered and I’m never going to get those minutes of my time back. Point me in the direction of something interesting and away from this groundhog day idiocy.

          • Grzegorz Kolodziej

            “In fact your constant referencing of such behaviour is more likely to persuade people that it is the totality of behaviour in the LGBT sphere.” – exactly
            ________________________________________

            “Have you noticed how acceptable it is for heterosexual males to boast and brag about their real/fantasy sexual exploits in this culture? How rappers constantly are in full brogadaccio mode and that’s ‘normal’ yet if a non-Str8 bloke does the same your taste and decency threshold is breached and you’re offended.” – but I find this equally irritating and in bad taste as the LGBTD(d stands for sex with donkeys, which I’m sure is going to be legalised sooner than later) parades: there is a name for my reaction – good upbringing.
            ________________________________________

            “a deeply silly attempt to stigmatise Queer Culture” – if anything, there are attempts to stigmatise straight culture: before the gay marriage referendum, kids in Irish secondary schools were inundated with gay propaganda, from pro-gay marriage persuasion, stigmatisation of kids who had other views up to everyone being handed a rainbow gay “yes” sticker. No arguments of the other side were presented.

            “In Canada, Ireland, the US and the UK, harsh laws have been enacted to restrict the freedom of speech for those who believe that marriage is naturally the union of a man and a woman and schools that have refused to adopt the Marxist agenda of gender fluidity or no-gender at all have suffered.”

            https://www.dailytelegraph.com.au/news/opinion/piers-akerman-hypocrisy-is-the-winner-in-the-same-sex-marriage-debate/news-story/de33e460e37c880cfa81af2519fece7b

          • KryptoK9

            Translation ‘Metropolitan Hillbilly’ is just another limp-dick internet troll spouting crap under a pseudonymn but hasn’t the balls to align himself with his poison pen publicly. Blow me. I do Social Media but as an Ironic Art Terrorist assault on it’s foundations. I have zero interest in recognition from Herd Culture morons such as yourself. You’re one dumbass. It was you who brought Tatchell and Norton into this. Tatchell has worked with me on political campaigns, but you can send your concerns to Graham Norton’s Agony Aunt column, I’m sure he’ll be very compassionate toward your alienated heterosexual anxiety state. Tell him Andy Mooney sent you. As for your ‘imaginary sister’ in the ‘legal field’…but, of course she exists! Just as much as you do! Keep up with the adults? You lot are like 4 chimps throwing faeces at each other.

            So we have the 4 online muskateers: Adam & The Adamants, Greg The Pole Dancer, Metropolitian Hillbilly andTruthtit a la Bon-Bon, four deeply inadeqate Beta males parading around a cess-pit BTL blog comments section posturing as Alpha. *rollseyes* Having worn their VHS copies of Fight Club down they’re now 24/7 on The Return Of Kings swotting up on more and more ‘edgy’ tactics to make them appear even slightly tumescent online when they have all the viriilty of a used condom. And then the Greg The Pole unzips his flies and pulls out his Bestiality End Game, thinking that that would shock anyone other than the kind of KKKatholiKKK clowns he hangs out with.

            I suggest you assholes head off into the deep woods to a shamanic smoke lodge to reclaim authentic masculinity together, making sure you pack your contat lenses and hemhorroid creams. But you won’t, you’ll drone on and on and one and I’ll periodically be bored enough to mock and taunt ye. Adam is like the Lotto winner who is trying to convince the pub that he had a strategy when it was all a wing and a prayer, if indeed the winnings exist….when Truthist isn’t explicity psychotic he’s now taking to also offering his ‘advice’ to holders of Bitcoin. How on earth did anyone manage before his antipsychotic medication kicked in this afternoon? Greg The Pole is mowing the lawn for the Papal Visit knowing that BrummieBoy has been preparing the groundwork for some serious mockery, opposition and mayhem directed towards Papa Francis this summer whilst pretending to be a tourist in Dublin and Galway these past 10 days. As if I have time to be a ‘tourist’. FFS!

            Silence! I’ve made some decisions……bring…back….my….girls…Adam, Greg The Pole, Silly Hillbilly and Truthtit, the time has come for you to lyp-sync for your life! Gentlemen, start your engines! And may the best woman win…

            All four of you have shown you are total Charisma, Uniqueness, Nerve and Talent whores but that is just not enough. I am sorry, my dears, but you are all up for elimination!

            Adam…your Caribbean Tax pirate swagger was initially amusing but of late, it’s just become tacky and cheapskate…tonight you ran out of luck….time for you to sashay away….and walk the plank!

            Greg The Pole. Your intellectual gymnastics were initially refreshing but now your comments are like a permanent electric drill wedged to the communal brain. Sashay away as you pray the gay away!

            Truthist, your extravangza eleganza was initially charming until you set your Marie-Antoinette wig on fire tonight. That was NOT a good look! Time for you, too, to sashaay…away!

            Metropolitan Hillbilly, your ‘imaginary conversations’ with your ‘imaginary sister’ are just the tip of the ice-berg. You are frozen below the waterline. There is no dinghy coming, no line dance that can save you….so sadly, you too must….sashay….away!

            Commenting on David McWilliam’s blog isn’t a right, it’s a privilege. All four of you whores have been escandolo in flaunting conventions of taste and deceny with your dowdy he-mail huffiness. It’s time for you all to find a new direction in life. We thank you for entertaining us but the curtain now comes down on your drag-clown comment history catastrophes.

            Can I get a Amen?!

            As you leave the stage, let’s play your greatest moments one last time….

            Best Fights in the History of RuPaul’s Drag Race | Season 9 Now on VH1!

            https://www.youtube.com/watch?v=4qWoJ3v-K0c

          • Grzegorz Kolodziej

            You have to add a few more people to that list of those who think that it kinda sucks to be TOO ostentatious with being gay, and to go parading about it on O’Connell St like a fucking eejit, rather than keeping it PRIVATE (can you imagine the onanists who would organise the “Onanists Pride” street parades? – there is nothing to be p r o u d about being an onanist – it sucks).

            For instance, among those who you should add to the homophobes’ list, bitch :-) is:

            “Leo is gay but not too gay”
            David McWilliams.

            Buahahahahahahahaha! :-) :-) :-) LOL

          • Metropolitan Hillbilly

            Andrew/KryptoK9/Truthist/Bonbon
            and whatever you having yourself

            Andrew dear I thought we’d agreed that if you were going to comment you would keep up with the adults. If you’re going to play characters they should be internally integrated and externally believable or the audience just won’t suspend their disbelief. For example Andrew the hardline Brexiteer wouldn’t consider relocating to Paddyland as he would then be abandoning his metal bashing brummie chums. That just wouldn’t sell well at the wheeltappers and shunters social club.The character isn’t cohesive darling and the list of supporting characters blend into the same dreary provincial virtue signalling diatribe that would embarrass even an eastenders scriptwriter. If it’s not credible the audience slams the book shut and moves on. Even Kevin Spacey couldn’t lift this plot to his advantage to help a young provincial break into showbiz. Good look with the auditions.

  11. Germany’s CO2 aspirations are trumped and go up in smoke. Coal smoke , that is!

    https://needtoknow.news/2018/01/germany-abandon-climate-goal-merkel-criticized-trump/

  12. Global Debt Is Destroying Real Wealth
    Okay, now that we know the global wealth reached a new record high in 2017, what about the other side of the story? You know… the debt. As I mentioned in my previous article, ECONOMICS 101 states:

    NET WEALTH = ASSETS – DEBTS

    https://srsroccoreport.com/total-world-debt-rising-nearly-three-times-fast-total-global-wealth/

    • “”By putting the numbers together, right in front of our eyes, we can clearly see that the world is going broke by adding debt. Basically, we erased $23 trillion in Global Net Wealth in the past 20 years. However, I believe the situation is much worse than the figures shown above. For example, I came across an article several months ago on Zerohedge that also reported the increase in global debt, stated it did not include FX Swaps, etc. According to their data, Foreign Exchange Swaps likely exceeded $13 trillion. FX Swaps are more short-term debt instruments, but they are still debt instruments.”"

    • looking at the numbers above it is clear the central bankers and commercial banks, who all create money by lending it into existence, are a primary culprit of the expanding debt. They are complicit simply bty increasing the money supply.

  13. Truthist

    ALL THESE GADGETS & SERVICES WILL TIE IN “NEFARIOUSLY” WITH ;

    THIS MATTER WAS THE REAL BIG ISSUE OF 2017, & HENCEFORTH IN “ORWELLIAN IRELAND”

    “Put an Irish man on horseback,
    And, he will ride for the Devil.”

    Irish States Biometric Photo ID Card + associated Databases

    National ID Card — & worse — by stealth

    https://www.irishtimes.com/news/ireland/irish-news/government-hits-target-to-issue-three-million-public-services-cards-1.3349541

  14. Truthist

    @ Grzegorz,

    Here is interesting post Re; current Silk Road

    Brabantian10 January 2018 at 02:44

    China gov’t hires CIA-tied Blackwater mercenary – assassination group

    For its Belt and Road Initiative (BRI) – One Belt One Road (OBOR), China has just hired, particularly for the Xinjiang Uighur region and Yunnan Province -

    The deadly CIA mercenary group that used to be known as ‘Blackwater’, then became ‘Xe’ in 2009 and ‘Academi’ in 2011 … Erik Prince runs this group, his married-into-billions sister Betsy DeVos, is Trump’s Education Secretary

    Erik Prince recently offered to lead an off-the-books outside-the-CIA assassination army, killing around the world for the US government

    Nonetheless, China has hired Erik Prince and Academi, into a Beijing-controlled company, the Hong Kong Frontier Services Group

    So these self-avowed CIA-tied assassin-ready mercenaries, are trusted to provide ‘security’ for China’s big main international project?

    China perhaps thinks this is a good way to learn all the assassination etc tricks from a pro?

    Or this is just more proof the big powers are ‘strange bedfellows’

    http://aanirfan.blogspot.com/2018/01/sandy-hook-whites-michael-jackson.html#comment-form

  15. Hasta Baby

    David says :

    ‘What was surprising, however, was not the crash but the vigorous rebound in the economy since 2012. This is when the Irish economy diverged from mainstream economic thinking’.

    For me this is the narrative of his story . In the subsequent details in his article he explains how the Irish economy was saved by ‘technology’ and the speed it occurred .The other details are simply supportive sidekicks and do not form the real narrative on what really matters and his message therein.

    It is a relief that the economy rebounded dramatically and principally in Dublin . So what should we be really thinking next ?

    If the technology is so powerful ( and it certainly is ) to raise the economy dramatically by equal strength new technology can also destroy The State and much faster than the 2008 debacle. It was not technology that destroyed the economy in 2008 but if technology does destroy the economy in the future then there is no technology or any derivative to make a comeback again.

    Then we will be flat on our face .

    Unlike 2008 the rules of engagement with banks and The State will be very different than before :

    Collective destruction of various banks will be the norm ( more severe than the liquidation of Anglo Irish Bank ) ; and

    All customer deposits are no longer in trust with banks and form unsecured loans ( subsequent new laws since enacted EU ); and

    Government bank guaranties will translate into promissory notes or Lipton Saving Stamps ; and

    All Title securities held by banks with or without bank loans are retained by banks and sold to the highest bidders by another Alsops Repeat ( a la Ukraine Style) ; and

    More House owners become destitute and Rental Management Landlords predominate .

    The essence of the SPEED of arrival will be Hasta Baby .

    • Truthist

      Ref.
      “All Title securities held by banks with or without bank loans are retained by banks and sold to the highest bidders by another Alsops Repeat ( a la Ukraine Style) ; …”

      John,

      I remember u talking about this point before.

      It is shocking.

      Perhaps the others with specialist knowledge on finances & property will brief us with their insight on this matter.

      …………………………………………..

      Re; Heroin Epidemic Nationwide, & in ur particular location Limerick

      I trust that u believe that the real numbers of Heroin addicts in Limerick are say 3 times the Irish State’s official numbers ?

      So, what is the point in settling in Irish State given that the whole country is going to be awash with Heroin addicts [ ==> Heroin addicted desperadoes ] ?

    • When are you expecting this development John? Approximately speaking.

      • Adam

        The time is not for choosing when it will happen rather to do what you have to do now because that alone takes a lot of time to prepare even if that is long enough to save title securities you think you own.

        Homo Sapiens invented an outer persona ( corporations etc ) because their patch of land no longer could feed their families.This corporatism has taken over the social discourse and social power in Ireland since the bank crisis in the form of vultures etc .Vultures eat off dying matter and remove the life that is left.Their kind are well placed within government circles with all the political strings to make their kind of music that allow them to be free from the shackles banks attach to normal people like you and me.

  16. Truthist

    Re ; Mshd > Google.com ;

    Note ;
    The most influential media person in USA — & he being the media person who garnered for Trump most of his support to elect him, & he having viewership much bigger than Fox News — Alex Jones is the host of this feature, & he is also false-opposition.
    But, the protaganist against Google is seemingly decent.

    HEADING ;
    MUST-SEE:
    Damore Lawsuit Exposes Google’s White Genocide Censorship Agenda

    https://www.youtube.com/watch?v=5kR6iMxL8JY

      • michaelcoughlan

        Suds record;

        Non-executive Chairman of BP for 13 years left in 2009/2010 after the deep horizon oil spill.
        Fine 20 BILLION.

        Fucked out of Royal bank of Scotland Ireland when the British Government nationalised the parent for an eye watering 20 BILLION GBP cost when it collapsed into fuck all in 2009.

        Non-executive chairman of Goldman sachs international a subsidiary of Goldman sachs until 2015. Gsucks fine in 2016 for shafting its own customers 5 BILLIUON.

        Chainman AIB 1989 to 1993 ici an aib subsidiary bailed out for 100m in 1995 by Eire for mismanagement.

        Not to mention the collapse of Greece, record breaking youth unemployment in Europe etc etc etc.

        The following indictment written far better than I could even imagine;

        https://villagemagazine.ie/index.php/2016/07/morally-most-wanted/

        The guy in Adan’s link; Talk about world beating shit eating ingratiating nonsense!

        Beggars belief.

        Michael.

        • Metropolitan Hillbilly

          Michael

          It’s accurate but long winded. Ordinary Citizens just need to remember that:

          1 When they’re signing over their meagre lifetime wealth (their home) to nursing home corporations instead of their family suds was the architect of the theft.
          2 When their kids are competing with global mobile labour at Hollywood prices for modest semis in surburbia suds was the architect of the theft.
          3 When their less fortunate Citizens are competing for social housing and education with 3rd world immigrants (funded by YOUR taxes) suds was the architect of the theft.

          Unlike a Carnegie, a Jobs,a Guggenheim or Henry Ford he created nothing. He was merely an apparatchik whose bank accounts swelled by the facilitation of misdeeds of others. A corpulant door bouncer who took the payola and turned a blind eye. Sad that people think that’s the best our society can produce.

  17. michaelcoughlan

    “What was surprising, however, was not the crash but the vigorous rebound in the economy since 2012″

    This is the tell tale indicator of the real narative. Speaking about an economy as if it is some separate entity to the human beings who comprise it. If you check the CSO you will find the largest ever emigration out of the Irish never was a republic was 2015, 2014, 2013. So my question for you is who do you think you are kidding when you talk about the Irish economy taking off in 2013?

    All the tech advances took place outside Ireland. Our answer the two collision boys who invented stripe emigrated. Uber charges a finders fee to people who provide a taxi service.

    Finally more Irish people natives That is continue to leave Ireland than come back to it.

    That’s that. No mention of out of control monetary policy.

  18. Truthist

    SEEMS IF YEE CAN AVOID THE AUL “GENITAL MUTILATION” MULARKY ;
    ==> YEE’LL ALL BE IN THE MONEY.

    Here, contemplate upon this brought to u by aul Suds

    Great Economy here !
    This is the litmus test.

    //////////////////////////////////////

    8th February 2013,

    #1

    Catalpast

    Over $600 MILLION sent out of Ireland to Nigeria in 2011

    That is the startling claim made by the prestigious World Bank report into the money flows of Irish Emigrants and Foreign Immigrants for the year 2011

    Irish people living abroad sent more than $750 million (€560 million) back home in 2011.

    Foreign workers [?] living in Ireland sent almost $2.4 billion home in 2011.

    That is a net loss to the Irish Economy of some $1.6 billion per annum!

    The steady flow of money out of Ireland despite the recession is down to the high number of foreign workers still here, especially from countries such as Nigeria, India and China, said Dilip Ratha, manager of the World Bank’s migration and remittances unit.
    Money sent abroad by immigrants still growing – The Irish Times –

    Fri, Feb 08, 2013

    How come the Nigerian population here (30-40,000) could send such a massive remitence home each year

    When the Polish population (120,000 – 150,000) can send only about one third that amount back to Poland?

    Go figure…

    ……………………………………………………….

    http://www.politics.ie/forum/economy/205804-over-600-million-sent-out-ireland-nigeria-2011-a.html

    //////////////////////////////////////////////////////////////////
    9 Jan 2018

    Catalpast

    Interesting update (of sorts) here:

    Nigerians living abroad sent home $20.8 billion in 2015, by far the largest volume of remittances to any country in Africa and the sixth largest in the world….

    The United States is the biggest remittance sending country to Nigeria, followed by the United Kingdom. Nigerians will receive $5.7 billion in remittances sent from friends and family members in the US and $3.7 billion from the UK in 2015.

    Nigeria is also the third largest destination country for migrants from other African nations.

    https://asokoinsight.com/news/remitt…015-world-bank

    and here:

    And the large sums being sent abroad have come to the notice of the Government, which is monitoring them in a bid to crack down on money-laundering and terrorist financing.

    Top of the list was Nigeria, which received €375million from the Irish economy. With an estimated 17,500 Nigerians in the country, each sent home an average of €21,400

    …………………………………………………………..

    https://www.thesun.ie/news/303755/ne…and-last-year/

    • Truthist

      “…the Government, which is monitoring them in a bid to crack down on … terrorist financing.”

      All terrorism in Nigeria is directed by western Intelligence Agencies Mshd, CIA, MI6, French Secret Service, & EU Secret Service.
      So, to read that clause properly ;
      The Irish State government are trying to crack down on financing of terrorism in Nigeria by :
      Mshd
      CIA
      MI6
      French Secret Service
      EU Secret Service.

      8-)

      //////////////////////////////////////////////////////

      But, yes, there are many African brazen & resourceful & multi-lingual & skillful international criminals operating in Ireland.
      And, not all Nigerians here are really Nigerian.
      All African countries have desperadoes gone international.
      Many African international criminals on gang placement are in China.

  19. SLICKMICK

    Bewleys charge seven euro for a bowl of watery soup.Renting a three or four bedroom house in many parts of Dublin costs 3k per month. Worse than 2007,German interest rates are wholly inappropriate for Ireland.Deja vu.Next crash in 2020.Newry shop prices one third cheaper than Dublin. http://www.firstandlastofflicence.com ?????

    • Metropolitan Hillbilly

      On the subject matter of remittance money leaving our shores (possibly without the cumbersome deduction of taxes, levies and PRSI) it might be interesting to get a percentage breakdown of market share. I did some very brief research on these businesses. ‘World Remittances’ are a large operation but I note Dahabshiil are also operating in Ireland. Several National security agencies have taken an interest in this and other businesses. For interested parties this particular remittance operation is based in Somalia and I haven’t noted large numbers of Somalians on the streets of Dublin 2 where the operation is based. Perhaps it might warrant the attention of one of the security services within the State?

  20. When one of the ‘cleverest’ economists in Ireland claims that Natoshi Sakamoto is Japanese, you know there is a serious problem in conventional thinking facing up to the epochal disruptive tsunami that cryptocurrencies and Blockchain / Distributed Ledger Technology are about to unleash on the world economy. Natoshi Sakamoto is many things but Japanese ain’t one of them…

    Best

    Andy Mooney
    Galway City.

    • Grzegorz Kolodziej

      “epochal disruptive tsunami that cryptocurrencies and Blockchain / Distributed Ledger Technology are about to unleash on the world economy.” – amen.
      “Natoshi Sakamoto is many things but Japanese ain’t one of them…” – that’s right, and Natoshi Sakamoto isn’t even “his” name (it’s Satoshi Nakamoto).

      • Names R 4 tombstones,baby… try again.FAIL again….feckin eejity ail blog this is these days …..https://m.youtube.com/watch?v=rIbIiFRpL5Y

        • Grzegorz Kolodziej

          Elocution in movies was much better those days. Unlike:

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

          • Truthist

            Here is the most powerful unelected actor — Alex Jones — exposing 1 of the most powerful actresses who has ambitions to be Prezzie of USA ;

            HEADING ;
            Evidence Mounts That Oprah Is An Operative Of Weinstein

            https://www.youtube.com/watch?v=FPTgVbCDK98

          • Metropolitan Hillbilly

            Jesus H Christ truthist where do you get this insanity? I thought the National Enquirer was defunct. I had a few beers with a couple of their journalists many years ago in Delray Beach Florida. Great drinkers not so good at journalistic probity. But you knew that. I hope you’re not writing that stuff sober. My eyes are bleeding just reading it. Please get help. You keep failing my personal Turing test. You’re either an automated response program or clinically insane or both. Who needs artificial intelligence when a good living can be made from real stupidity?

      • The guy who lead the small team that created Bitcoin is named Nick Szabo. The others in the team are well known too.

        • Fvey have working hypothesis that Natoshi Sakamoto is/was an Englishman or used said Englishman as a decoy. Grunt coders of BTC clueless as to N.S. Philosopher-King strategies. I suspect he’s likely some Vatican Sun Tzu priest.

          The Tobago Troll crawls out from under his conch, his mid-brain squinting in the scorching sunlight, confusing and conflating day and night, unable to see the wood for the trees yet still expects BrummieBoy to take his tiresome provocations seriously. Ain’t gonna happen. Stay in your lane, keep your blinkers on, stop trying to be a rider when all you’re fit for is to be ridden…

          Best
          Andy

        • https://en.wikipedia.org/wiki/Nick_Szabo

          Bit gold[edit]
          In 1998, Szabo designed a mechanism for a decentralized digital currency he called “bit gold”.[11][12] Bit gold was never implemented, but has been called “a direct precursor to the Bitcoin architecture.”[13]

          In Szabo’s bit gold structure, a participant would dedicate computer power to solving cryptographic puzzles. In a bit gold network, solved puzzles would be sent to the Byzantine fault-tolerant public registry and assigned to the public key of the solver. Each solution would become part of the next challenge, creating a growing chain of new property. This aspect of the system provided a way for the network to verify and time-stamp new coins, because unless a majority of the parties agreed to accept new solutions, they couldn’t start on the next puzzle.[14][15]

          When attempting to design transactions with a digital coin, you run into the “double-spending problem.” Once data have been created, reproducing them is a simple matter of copying and pasting. Most digital currencies solve the problem by relinquishing some control to a central authority, which keeps track of each account’s balance. This was an unacceptable solution for Szabo. “I was trying to mimic as closely as possible in cyberspace the security and trust characteristics of gold, and chief among those is that it doesn’t depend on a trusted central authority,” he said.[11
          ———————————————

          Imitation is the sincerest form of flattery. Bit gold/coin was designed to be as alike to gold , the ultimate in money, as possible. It has no counterparty risk.

          • To clarify
            Gold has no counterparty risk.

          • Truthist

            Very interesting about the Mechanism

          • Stability will have been gently waterboarded by Fvey but can’t reveal what he doesn’t know. Just a grunt coder with no involvement in the wider,deeper Political Economy culutural cryptography that BTC heralded. Lots of Libertarian Techno Utopians still clinging to Code Is Law in their retarded intellectual Galt’s Gulch hideouts either online or on the latest humid tropical nightmare island the skip to in Hurricane Alley …

            We had morons claim the Interwebz would solve the problems of Politicsl Economy now the same clowns big up crypto on a spurious technical basis, ignoring the ideological gunfights within ‘the crypto space’. As I stated from the outset a decade ago, here on this blog, FiatCoin Digital Debt Slavery for the 99% imposed by the 1% is coming, that’s the plan of The Globalist. No amount of coding elegance means doodle squat against that, but let those clowns crash and burn when the IMF buy a proprietary Distributed Ledger Technology like Hashgraph to commence roll-out. Bitcoin isn’t Gold, N.S never said it was…he’s probably hiding in plain sight, maybe reads this blog….imagine that, *lads*?

          • *Szabo will have been gently waterboarded*

            Quite funny using a smartphone (laptop being repaired) in a Galway hotel room with intermittent wi-fi speed to communicate with a badly designed blog layout that shunts you back to main article after each reply rather than to where you were in comment history. The eulogising of these predatory tech business models as beneficial to Ireland is hilarious. First banister parasites now tech parasites have the welcome mat laid out for another spin of the scam economy. When this iteration comes crashing down, Ireland will either fire up another one or resort to Victim Script blame-games over Brexit and it’s successors which will banjax the Irish Parasitical Business Model for good. Always remember the Irish are to blame for Brexit. If they’d have resisted a 2nd Lisbon Treaty Referendum, the coming Economic War which will destroy Ireland and/or the UK and EU might have been averted. Don’t expect Paddy The Sleveen Banker or Paddy The Tech-Fluffer to ever fess up and take responsibility till they’re frog-marched to a metaphysical Kilmainham to be interned alongside their patron Saint Sutherland & his clueless apostles Fr Bono and Sister Geldof as well as the rest of the gormless acolytes of a New Imperialist Ireland Through Fake Multiculturalism. The media Clerisy of the Info & Paper Of Record support this new imperialism as staunchly as their predecessors supported the previous Holy Roman Catholic dominion. Ireland has surrendered to The Globalist without a fight, importing poverty pimp labour to service it’s theme-park tourist scam of selling Irish history and culture by the Euro to eejits. We know wait to see if The English will capitulate to a 2nd referendum. If The do and the Leave camp lose then England deserves the same fate as Ireland Inc has foisted on it’s ‘citizen democracy’ . One can only wonder what the 1916 possee would make of this malarkey… https://m.youtube.com/watch?v=QrfxjpbPODk

    • coldblow

      Not Japanese? Never heard of him. Wherever he was born I would guess he is now ‘Irish’ and living in Kinnegad.

  21. Grzegorz Kolodziej

    Speaking of digital innovations, I found it hilarious: Bitcoin Conference Bans Bitcoin as Payment Option LOL

    https://www.youtube.com/watch?v=7eodYcvWl9c

  22. McCawber

    The forthcoming referendum on abortion is a real opportunity for Ireland to make a telling societal change.
    Without wishing to start a debate on the core subject a relatef issue come to mind immediately.
    Women in my humble opinion are treated as second class citizens when it comes to child bearing.
    The baby takes precedent.
    The consultants and midwives are not subject to enough scrutiny in the area of child delivery.
    A major issue during child birth is the size of the baby’s head and the “delivery channel”.
    With improving modern technology the call to opt for cesarean section instead of a normal delivery should be a lot easier to make.
    The long term damage done to the physical health of many woman is being ignored.
    In this day and age this is just not acceptable and yet the experts seem to be a law unto themselves.

    • McCawber

      Addressing this sort of issue will affect the long term financial health of the Health Service itself.
      While I’m at breast cancer gets a lot of airing and rightly so.
      Prostate issues and education in same badly needs a similar kind of airing.
      I’ve been having a full set blood test s annually since I was 40. The PSA is one of the tests. So when it jumped about a year ago I was aware of it and etc.
      We have the technology and as everyone knows a stitch in time saves nine and the cost and disruption is considerably less.
      Potential emergency becomes Elective.
      As it’s the nee year can I urge you all to make and keep the following resolution.
      Get a full set of blood tests in the next few weeks and use them as your benchmark no matter what your age.

    • Metropolitan Hillbilly

      Having witnessed a smash and grab and the normal delivery either option is a barbaric process to make any man witness. As some stand up comedian whose name I can’t recall stated how could any modern society force a man to witness a crime scene in his favourite picnic spot? However the practicalities make a normal delivery the healthier option as the delivery process triggers signals to the newborn that are required for healthy development. C-section babies can have developmental delays. I’m not sure of the relevance on an economics site but there you have it.

  23. Truthist

    THE SYSTEM IS THERE IS NO CHOICE AWAY FROM EVIL ;

    U always must choose Evil

    ///////////////////////////////////////

    Banksters @ Dante’s 9th Circle !

    Title ;
    E. Michael Jones – Banking and Sodomy Part I

    Interviewer rigorously questions the Interviewee

    https://www.youtube.com/watch?v=FBdJglu6s54

  24. Truthist

    Re ; The longest running pernicious Gimmicks

    The Bankster Scam Bundle

    This historical note here strictly concerns only 2 Parts of that Scam Bundle

    1_
    Private Central Banking

    2_
    “Fractional” Reserve, or indeed the even worse “Zero” Reserve [ And, this the current scam ], Banking model of Private Commercial Banking

    ……………………………………………………………..

    11 May 1812,
    The 1st, & so far the only, British Prime Minister to be assassinated whilst in office.

    Refused to declare war on USA when they refused to renew the charter of Rothschild owned “Bank of the USA”

    Worked to end the Slave Trade
    And, we surely all are waking up to who exactly were the Slave Traders ?
    It was not the Caucasian.

    Assassinated by Rothschild agent.
    Perceval was 49 years old.

    Replaced by Lord Liverpool ;
    He starts war of 1812 against USA ;
    And, as a result, USA is forced to accept ;
    2nd “Bank of USA” ; 10 April 1816

    Today, the official British historians refer to Perceval as ;

    “The dimmest Prime Minister”

    Hmm … m !

    ……………………………………………………..

    https://twitter.com/1Stevendkelley/status/951373559741349888

  25. Truthist

    Follow-on to recent DMW article about China & New Silk Road ;

    Crucial mores that China’s government are upholding for China ==> :

    restrictions* on particular “Western Devil” Hardware & Applications & Services mentioned by David

    & according to the academics ; surge in China’s growth & influence

    Even, temptation of anyone arsing around with computer games is thwarted by China’s administration.

    No admission to internet cafes for China’s children as users during school hours.

    …………………………………………………………

    https://twitter.com/HenryMakow/status/951291631692599296

  26. Truthist

    THE COLOUR PURPLE

    Purple with Rage that she is that she fingered as NOT worthy to be President of USA

    …………………………………………………………

    Trump recently has been endorsing this lady, famous in motif of baton with bulbous head, as contender for senior political office too.

    Yes, … Ms. Oprah Winfrey

    BUT … BUT … BUT

    https://truepundit.com/damning-oprah-video-surfaces-anti-christianity-rant-goes-viral/

    And, it’s going VIRAL faster than GRINDER thanks to the technologies David outlines.

  27. Truthist

    Beloved location for smart-phone users.
    But, that ain’t why they got a free pass.
    They got a free pass because they are part of the egregore.

    https://truepundit.com/democrats-give-liberal-starbucks-exception-huge-sugar-tax/

  28. barrym

    All the apps you mention as economic “heros” are essentially ephemeral. Yes, they have billions of users, yes they employ thousands and make our economy look good. Yes, they spend some money in Ireland.
    No, they represent almost no capital investment. That is the conundrum of 21st century economics, unlike previous centuries. No hardware worth thinking about.

    The boom was sort of based on hardware, over valued, but some of it is still valuable. Money cost dropping from 8+% to 2+% and the stupidity of german banks caused Ireland to go down the pan. However, the german banks didn’t really suffer, we did, now you cannot get a house unless you are rich, house prices are rising and accommodation rental is a disgrace.

    If the new economic heroes move their bases what will be left? Not much, we will be back in the 50s, no money available for investment.

    Couple all that with our slavish dependence on the UK market, selling them cheap food. UK market is bound to suffer whatever sort of brexit they and the EU mnage to cobble together, and we with it.

    Education to the rescue? Not if the dept of ed has anything to do with it. A wet behind the ears teacher gets €36k a year, a newly qualified nurse in France gets €1000 a month. Do the math, we are over priced and under developed.

  29. Truthist

    Even now, not even 12 months into Trump’s presidency, names are being sounded as serious contenders for the next race, & the following one;
    Trump may not last his 4 years because of health issues by the way.

    Here are the main pretenders

    Michael / Michele Obama [ Husband / Wife of Obummer Obama ] ;
    1st Tranny candidate

    Ivanka Trump Kushner [ Daughter of Donald Trump, & Wife of real USA President Kushner ]

    Oprah Winfrey ;
    Actually, of the 3, this person would be the most accomplished.

    Now, is a most opportune time to have ur case made.

    Ironically, Trump was paraded as serious contender for POTUS back in 1988 on Oprah Winfrey’s talk show Oprah ;
    Here courtesy of 1 of David’s tech. omissions, Mshd-tube / You-tube is the mutual admiration show Oprah + Donald ;

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

  30. McCawber

    GM good news for drink “drivers”, bad news for Uber Taxis etc.
    Train abd Tram drivers too.
    https://lofi.phys.org/news/2018-01-gm-mass-producing-cars-wheels.html

  31. For the record

    I am NOT Truthist/Bob-Bon.

    I don’t use a dock puppet to post his delusional tirades. Yes, I spend time in Lisbon on the trail of Fernando Pessoa and his caravanserai of heteronyms just as I track James Joyce to Howth, however my skill-set as a Cultural Cryptographer differ in fundamental ways to those two august historic figures. I deal with an online dimension neither of them had to factor in to their artistic calculus. The only caveat would be that most of these online scribbles are Automatic Writing from the QWERTYOuija keyboard & the.’real ‘ Andy.Mooney acknowledges none if it and has yet to make a public utterance on record. So, it’s possible I’m posting as Truthist without conscious knowledge but I doubt it, I hope not as he’s an unpleasant little gobshite but stranger things happen in the weird and wacky world of C21st Cultural Cryptography.

  32. Finally, a little surprise….

    I may have encoded the locations of a vast tranche of Bitcoin on this blog and other online sites and Social Media experiments over the last near decade. The prize is there for whomsoever has the nous to crack the cultural cryptographic codes used to hide the pots of digital faux-gild at the end if the rainbow. Or this is just s wind-up. Who’d casually give.away millions? And why?

    This site is one repository and.Morrissey-Solo is another. My personal Social.Media experiments duplicate the treasure trails and will form part of my estate.

    Clever, hey?

    Ad I told ye, I’m not just a pretty face and I’ve been hiding in plain.sight all.along.;-)

    Best

    Andy Mooney

  33. Truthist

    TruthInGovernment?

    @TruthinGov2016

    Amazon CEO Jeff Bezos Announces $33,000,000.00 in Scholarships for 1,000 Illegal Immigrants.

    HOW MUCH FOR LEGAL IMMIGRANTS ? ZERO.
    HOW MUCH FOR AMERICAN CITIZENS ? ZERO.

    https://twitter.com/TruthinGov2016/status/951889497079283713

  34. Truthist

    James Woods — famous actor in movies such as Once upon a Time in America — is a very influential blogger ;
    .
    .
    This is a latest controversial post of his ;

    ………………………………………………………………

    https://twitter.com/RealJamesWoods/status/951664077100625920

  35. Truthist

    Further to 1 of the internet technologies that David omitted ;

    vis.

    Drone

    BREAKING NEWS ;

    Putin:
    We Know the US Was Behind Failed Drone Swarm Attack on Our Syria Airbase

    http://russia-insider.com/en/putin-we-know-us-was-behind-failed-drone-swarm-attack-our-syria-airbase/ri22172?utm_source=dlvr.it&utm_medium=twitter

  36. Truthist

    Oprah Winfrey is a very capable woman ;
    Interviewer
    Actress
    Producer
    inter alia

    And, of the 3 leading names for future President of USA she is the most accomplished & popular with most USA citizens & illegal voters too.

    And, she exercises power to influence for good.

    And, she exercises power to influence for bad ;

    She promotes Gender Dysfunction
    inter alia

    BUT, SHE AS PROSPECTIVE CANDIDATE FOR USA PREZZIE JOB IS TOAST AFTER HAVING SAID THIS ;

    https://pbs.twimg.com/media/DTWPJ9UVMAA518Z.jpg

  37. Truthist

    Twitter, Google, Amazon, Youtube, & more are modern agents of “u know who”

    They are pro-actively censoring, & telling lies, Re;

    Poland

    Ukraine

    Middle East, e.g. Eskimo Secret Intelligence Service [ ISIS ] mercenary army inflicting atrocities on innocent Syria
    e.g.
    Crucifixions until death of Christian, & Muslim, young boys

    HEADING ;
    Israel Keeps Bombing Syria and Nobody Is Doing Anything About It

    By Darius Shahtahmasebi

    January 12, 2017

    “Information Clearing House”

    http://www.informationclearinghouse.info/48576.htm

  38. Truthist

    From the would-be country that devised Scottish Rite Freemasonry, NATO Stooge Nicola Sturgeon is steering the way for so-called Refugees becoming Scottish Citizens

    HEADING ;
    Scotland Political Leaders Allow 16-Year-Olds to Vote and Want to Give Vote to Refugees, Too

    January 12, 2018

    EXCERPT & FOREWORD BY OWNER OF LINK BELOW ;
    Edward G. Griffin

    HomeGEG CommentaryScotland Political Leaders Allow 16-Year-Olds to Vote and Want to Give Vote to Refugees, Too
    Scotland Political Leaders Allow 16-Year-Olds to Vote and Want to Give Vote to Refugees, Too

    January 12, 2018

    The Scottish government is considering allowing refugees and non-EU citizens to vote in local and Scottish parliament elections.
    This would mean anyone granted asylum or a visa to live in Scotland would be able to vote.
    Scotland has led the way internationally by lowering the voting age to 16.
    Leaders say that linking citizenship to the right to vote is undemocratic. [Keep your eye on the ball, folks.
    These people are not stupid, but they think we are.
    What they really want is a one-world government without sovereign nations.
    It has nothing to do with being undemocratic.]
    -GEG

    https://needtoknow.news/2018/01/scotland-political-leaders-allow-16-year-olds-vote-want-give-vote-refugees/

  39. Truthist

    “What g..eth a man if he winneth the whole World,
    But, loseth his soul ?”

    Beware reading the following content if u are of sensitive sort.
    The actions of the Occupier is just too g…

    Mshd-Google, Mshd-Youtube, Mshd-Twitter, Mshd-Amazon, inter alia want u to NOT know this ;

    They prefer u to have a g…ping hole in ur knowledge of the truth.

    And, it echoes, but even worse, the Garda-Landlords / Landlord-Gardai counter-allegations, so I heard, against totally innocent high performing mechanical engineering student Derek Fairbrother whom they gratuitously & maliciously assaulted & battered & rendered brain-damaged.
    In their ambush of this young man driving his car with friends inside, they claimed that he later tried to lift his car, or the G-L / L-Gai perhaps, car on top of the G-L / L-Gai.
    That very g.. of the G-L / L-Gai to claim that.

    HEADING ;
    Israel Demands Compensation From Family Of Palestinian Crushed To Death Under Army Jeep

    SUB-HEADING ;
    Abdullah Eyad Ghanayem was 22 years of age when he died in 2015. He had been a political prisoner from 2012 – 2014.

    SOURCE ;
    If Americans Knew

    January 10, 2018

    INTRO ;
    Abdullah was shot in the back by an Israeli soldier, then crushed to death under a military jeep. Now the military is demanding compensation from Abdullah’s family for damages to the jeep.

    from IMEC News

    THE ARTICLE ;
    The Israeli army filed a lawsuit against the family, and the entire town, of a Palestinian who was crushed to death under a military jeep which flipped over him, after the army invaded Kafr Malek village, east of Ramallah, in central West Bank, in mid-June 2014.

    The military is demanding the family of Abdullah Ghanayem (Ghneimat), and his entire town, to pay 95,260 Israeli Shekels (about $28,000), in compensation for damages caused to the military jeep.

    Ghanayem was crushed by an Israeli military jeep, on June 14, 2015, after the soldiers invaded Kafr Malek.

    He remained under the jeep for three hours, and bled to death, after the soldiers prevented medics and rescue teams from helping him.

    Now, the Israeli authorities are demanding his family, and his entire village, to pay 95,260 Shekels in compensation, for damages caused to the military jeep.

    …………………………………………………………..

    https://alethonews.wordpress.com/2018/01/10/israel-demands-compensation-from-family-of-palestinian-crushed-to-death-under-army-jeep/

  40. Truthist

    The regime of “not-my-Taoiseach” has by “ineffective gestures” allowed the children of the populace to be “homeless + roofless” ;
    And, as foreseeable, it is the male children who would be the majority of those rendered “homeless + roofless” ;

    At the very least, the regime of Politicos — Politicians & Civil SERPENTS & Quango Parasites — do NOT care.

    Again, …

    “What g…neth a man,
    If he wineth the whole World,
    But, loseth his sole ?”

    //////////////////////////////////////////////////////////////

    Awaiting the verdict of this case, I am inclined to believe the child already.

    https://www.herald.ie/news/homeless-teen-allegedly-sexually-assaulted-by-man-who-took-him-in-36432721.html

  41. The ebbs and floes of the credit cycle can take place in minutes with fractional reserve banking. This is because fractional reserve banking allows more money to be loaned , created out of thin air, than there is on deposit. If both lender and borrower to the bank exercise a claim on the money at the same time the bank is Rupted. There just is not enough money to settle all claims.
    The central bank is the lender of last resort keeping the banks solvent to prevent a “run on the bank” by supplying, lending, funds to the bank in shortage. This central bank money is also created out of thin air.

    Corruption, even if legal, leads to ruptions that cause bankruptions. our money system is a legal fraud. it needs to be changed or there will never be free markets again. The manipulation goes on.

    http://www.24hgold.com/english/news-gold-silver-why-fractional-reserve-banking-would-be-limited-in-an-unhampered-market.aspx?article=10216841644H11690&redirect=false&contributor=Frank+Shostak&mk=1

  42. Truthist

    Irish State is persists in being NOT “a bankable country” !
    .
    Even with very latest & very expensive electronic technology — hardware & software — installed with purpose of ensuring that the Irish State’s Freemason System of [In]Justice is traceable.

    And, also with the expectation that there is human-stenographer always recording trials ;
    Thus, surely such a transcript also exists ?
    But, perhaps this situation does not operate for some courts ?

    Anyway, I expect that there is — even if state of the art technology is kept secret — a Speech-to-Text Transcript produced automatically from the Digital Audio Recording.

    ////////////////////////////////////////////////////////////

    HEADING ;
    Man claims Kerry judge called him ‘English scum’

    Wednesday, January 10, 2018

    Michael Clifford

    THE ARTICLE ;

    BACKGROUND
    An inquiry is being conducted into an allegation that a district judge called a defendant “English scum” at a remand hearing.

    The allegation arose from an appearance by English national Paul Harrison before Killarney District Court on October 18, 2016. It was his first appearance on a charge of possession of drugs for sale.

    …………………………………………………..

    Mr Harrison, who lives in Killarney, wrote to the Chief Justice to complain that when he appeared before Judge James O’Connor, the judge called him “English scum”.

    …………………………………………………….

    He also requested the production of an audio record of the day’s proceedings.

    ………………………………………………………

    The chief justice at the time, Susan Denham, responded to the complaint through her legal executive, who wrote :
    “The chief justice has no function in dealing with complaints in relation to members of the judiciary and there is no complaints procedure available through the office of the chief justice.”

    Her office passed on the complaint to the President of the District Court, Judge Rosemary Horgan.

    A spokesman for the Court Service confirmed Judge Horgan is inquiring into the matter.

    The complaint to the chief justice is dated July 4, 2016.

    ………………………………………………..
    COMMENT BY TRUTHIST ;

    JULY until NOW, … & STILL NO PROGRESS ;
    THAT’S A HELL OF A LONG TIME

    ……………………………………………………..

    HERE FOLLOWS, ALONG WITH A HEADING INSERTED, SOME REDACTING, BY TRUTHIST, OF PLACEMENT OF SENTENCES SO AS TO MAKE THE ARTICLE MORE COHERENT

    Ref.
    Digital Audio Recording [ DAB ]

    Mr Harrison, who lives in Killarney, wrote to the Chief Justice to complain that when he appeared before Judge James O’Connor, the judge called him “English scum”.

    He also requested the production of an audio record of the day’s proceedings.

    It is understood that Judge O’Connor strongly denies the allegation.

    The digital audio recording (DAR) was not operating on the day. The recording is made at the discretion of the sitting judge.

    Sources familiar with the district court in Kerry say Judge O’Connor instructs the use of the DAR system on an infrequent basis.

    It is understood that the delay in the president’s inquiry is due to attempts to retrieve some record of the proceedings.

    When the DAR system was introduced a few years ago, one design feature was that a back-up record of proceedings would be available in the event of the DAR malfunctioning.

    …………………………………………………

    Irrespective of any outcome from the inquiry, the president of the district court has no powers to impose any sanction on any judge of the
    court.

    //////////////////////////////////////////////////////////////

    TRUTHIST ASKS :

    SO, WHO DOES HAVE POWER TO IMPOSE SANCTION ON :

    Court Officials ?

    Judges ?

    The Person[s] who have the Power to impose Sanction ?

    ///////////////////////////////////////////////////////////

    http://www.irishexaminer.com/ireland/man-claims-kerry-judge-called-him-english-scum-465560.html

  43. Truthist

    The citizens having defeated the British army & receiving but a pittance of their pay, Hamilton of un-Christian Congress had the chutzpah to g..nsay for more hardship ;

    The Whiskey Tax !
    At that time the only currency

    Here is example of how the government can undermine ur private currency [ Cyber-Currency / Crypto-Currency ] ;

    And, note that it was Hamilton — promoted ad infinitum by that pest Bon Bon of this very blog some years ago — who mischievously devised the Whiskey Tax.

    Washington was probably not so well intentioned to the citizens in this story too.
    And, that would be no surprise when one learns that Washington is said to have been joined to the hip in sordid terms with a catamite Hamilton.
    And, Hamilton descended from Eskimos slave-trading Irish & Africans in the Caribbean.
    Altogether, a dirty individual.
    So much for Bon Bon’s much vaunted solution ;
    Hamilton Banking

    Lyndon Larouche was promoting Hamilton as compelled pay-back to puppet “Slick Willy” Clinton on behalf of the Private Central Bank “The Federal Reserve Bank of America / USA” for his release from Federal prison.
    Thus, Larouche now not alone retreating but advocating for the foe that he had previously fought so hard against.
    And, so Larouche Pac acolyte Bon Bon was promoting Hamilton here.

    http://www.thedailybell.com/news-analysis/the-whiskey-rebellion-how-brand-new-america-tore-up-the-bill-of-rights/

      • Truthist

        Thanks,

        I have accumulated a great amount of concrete handle on above players.

        Of course, I allow for the very likelihood that Hamilton was corrupted when he a boy.

        Either way, he became a total snake.

        ………………………………………………..

        DO NOT FORGET, TONY, I AM ON UR SIDE ULTIMATELY ;

        NOW WE MUST CLOSE IN TO REVEAL THE CRIMINALS.

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