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Death spiral?


Fr.Ted Crilly

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Joined
Dec 7, 2012
Messages
13,267
So it seems lending by our bankrupt banks keeps declining year after year.
What's left of the domestic economy is imploding before our eyes.
Taxes heaped upon taxes see people saving their money for the inevitable new taxes FG/Lab are dreaming up for the next budget.
Consumption is falling and it looks like the country will slowly grind to a halt.

Household lending continues to fall - The Irish Times - Thu, Jan 31, 2013


What say you?
 

Bobcolebrooke

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Joined
Jan 5, 2013
Messages
610
So it seems lending by our bankrupt banks keeps declining year after year.
What's left of the domestic economy is imploding before our eyes.
Taxes heaped upon taxes see people saving their money for the inevitable new taxes FG/Lab are dreaming up for the next budget.
Consumption is falling and it looks like the country will slowly grind to a halt.

Household lending continues to fall - The Irish Times - Thu, Jan 31, 2013


What say you?
Does that mean that Households are paying off more debt than they are taking on?

The Irish are one of the most overborrowed nations in the World!
 

EoinMag

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Aug 4, 2010
Messages
4,950
Does that mean that Households are paying off more debt than they are taking on?

The Irish are one of the most overborrowed nations in the World!


You're not with the narrative man, it's all the nasty banks fault.
 

statsman

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Joined
Feb 25, 2011
Messages
56,230
So it seems lending by our bankrupt banks keeps declining year after year.
What's left of the domestic economy is imploding before our eyes.
Taxes heaped upon taxes see people saving their money for the inevitable new taxes FG/Lab are dreaming up for the next budget.
Consumption is falling and it looks like the country will slowly grind to a halt.

Household lending continues to fall - The Irish Times - Thu, Jan 31, 2013


What say you?
Death spiral? A bit over-dramatic. Adjusting from an unsustainable bubble economy was never going to be pleasant. Or short.
 

Fr.Ted Crilly

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Messages
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Death spiral? A bit over-dramatic. Adjusting from an unsustainable bubble economy was never going to be pleasant. Or short.
Yea, I know, a bit over dramatic ok.
According to some reports though we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.
 

Mr. Bumble

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Sep 7, 2010
Messages
18,254
According to some reports we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.
Wrt savings, perhaps impose a graduated tax on savings thus encouraging people to invest rather than save.
 

Bobcolebrooke

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Joined
Jan 5, 2013
Messages
610
Yea, I know, a bit over dramatic ok.
According to some reports though we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.
If we don't save how will we have adequate pensions?
 

statsman

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Feb 25, 2011
Messages
56,230
Yea, I know, a bit over dramatic ok.
According to some reports though we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.
I'd agree that over-saving, however understandable, isn't a help. What we need first is some kind of agreement as to what a 'normally functioning economy' might look like.
 

Crazy horse 6

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Joined
Dec 15, 2011
Messages
13,515
Yea, I know, a bit over dramatic ok.
According to some reports though we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.

I think part of the problem also is people are more savay with their money these days and know the rip off republic still takes the piss when it comes to prices. As long as prices remain high people won't spend it here and rightfully so.
 

Fr.Ted Crilly

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Joined
Dec 7, 2012
Messages
13,267

Cato

Moderator
Joined
Aug 21, 2005
Messages
20,561
Yea, I know, a bit over dramatic ok.
According to some reports though we're saving up to 14% of disposable income while the 'norm' in most other countries in the western world is around 8%.
It's not good for the domestic economy.
We need to get back to some type of a normally functioning economy.
Every Austrian economist in the world just shuddered.
 

bob3367

Well-known member
Joined
Jan 11, 2007
Messages
8,083
Whats the figure again for household savings in the domestic banks....

Something lime €89 bn, with another €30 in foreign banks.....

10% of that released into the economy would help.
 

imokyrok

Well-known member
Joined
Mar 4, 2008
Messages
4,507
The banks shouldn't have been allowed to take away the overdraft facility that ordinary people and small businesses used to help manage fluctuating incomes. That act has been very punitive. We were told that if we knuckle down and bail out the banks the powers that be would see to it the banks in turn would be supportive of us. Not a sign of that coming to fruition. Quite the opposite.
 

Mad as Fish

Well-known member
Joined
Dec 6, 2012
Messages
24,449
So it seems lending by our bankrupt banks keeps declining year after year.
What's left of the domestic economy is imploding before our eyes.
Taxes heaped upon taxes see people saving their money for the inevitable new taxes FG/Lab are dreaming up for the next budget.
Consumption is falling and it looks like the country will slowly grind to a halt.

Household lending continues to fall - The Irish Times - Thu, Jan 31, 2013


What say you?
Yep, being saying it for a long time, You cannot keep taking vast sums out of the economy without killing it. There comes a time when you can get no more milk from a cow unless you feed it and keep it in good health. This simple rule of the culchies is plainly far too basic for the wonderful sophistication of our dear and very expensive leaders. As for frightening people with taxes that f*t oaf Hogan did more damage to the economy by gleefully threatening people over the household charge than just about the rest of them put together.
 

Davidoff

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Joined
Oct 4, 2010
Messages
1,485
We're looking for a game-changer at this stage.

The plan was to hang in there and rely on the gobal economic recovery saving our bacon. But our main trading partners are slipping back into recession.

Meanwhile our national debt is heading past 120% of GDP.

I think the situation is even worse than most people realise.
 
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