Irish Economic Crisis Explained



Cael

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I'll bet the Irish are angry...

They will be when this season's X Factor is finished...


Class
 

Illustro

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Sad but true.

100 people at the protest outside the Dept of Finance today. Shameful numbers

Hopefully Saturday is a different kettle of fish
 

anfieldabff

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Sad but true.

100 people at the protest outside the Dept of Finance today. Shameful numbers

Hopefully Saturday is a different kettle of fish
First 100, then 1000 then 100,000 then a million. Reminds me of the rate our national debt and the bill for the banks is going up.
Please turn out on Saturday, not under a union banner but make your own placard calling FF traitors and demanding an election now.
 

Squire Allworthy

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Illustro

It never ceases to amaze me that this con, and it is a gigantic con, is trundling on. Nobody in Europe, NOBODY!!!!!! should be paying tax to bailout what were privately owned banks.

If that means the system imploding then fine, because it is then not fit for purpose.

Europe needs a sound banking system, properly regulated and less of the spives and piracy.

We need to move away from the idea that you can create wealth by playing around with 'financial products'.
 

Illustro

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Illustro

It never ceases to amaze me that this con, and it is a gigantic con, is trundling on. Nobody in Europe, NOBODY!!!!!! should be paying tax to bailout what were privately owned banks.

If that means the system imploding then fine, because it is then not fit for purpose.

Europe needs a sound banking system, properly regulated and less of the spives and piracy.

We need to move away from the idea that you can create wealth by playing around with 'financial products'.


Oh I agree completely. Justifying impoverishing nations for generations based on keeping face beggars belief.

The objective of monetary policy by our government and other nations clearly places all the importance on bond holders and almost none on ordinary people of a country who need remunerative employment above all else.
 

Illustro

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Why, who's going to win? :confused:
I predict people will be more upset if Mary Byrne gets voted off in the X Factor than having their country's economy hijacked
 

eoghanacht

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I predict people will be more upset if Mary Byrne gets voted off in the X Factor than having their country's economy hijacked
Then we deserve everything we get!
 

Raketemensch

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I predict people will be more upset if Mary Byrne gets voted off in the X Factor than having their country's economy hijacked
People on boards like this regularly refer to X-Factor and such shows as 'bread and circuses' type distractions from the important world of politics. The fact that sporting occasions are rarely referred to in the same way shows a huge gender bias.

The Cork hurling match, Man Utd. game or Ireland V. NZ rugby match are just as meaningless morsels of light entertainment as X-Factor and they are 90% of what all men talk about. Threaten any of those and you've got a riot on your hands!
 

Illustro

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People on boards like this regularly refer to X-Factor and such shows as 'bread and circuses' type distractions from the important world of politics. The fact that sporting occasions are rarely referred to in the same way shows a huge gender bias.

The Cork hurling match, Man Utd. game or Ireland V. NZ rugby match are just as meaningless morsels of light entertainment as X-Factor and they are 90% of what all men talk about. Threaten any of those and you've got a riot on your hands!

You're absolutely right Raketemensch.

Sport is a huge weapon of mass distraction for men. Which reminds me......Facebook had over 600,000 requests for the France V Ireland match to be replayed. The nation was visibly angry. The airwaves where choked with vexed fans.

How many Facebook campaigns are there to stand up for the people of this country against the private financiers that are taking over?
 

ifreannach

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People on boards like this regularly refer to X-Factor and such shows as 'bread and circuses' type distractions from the important world of politics. The fact that sporting occasions are rarely referred to in the same way shows a huge gender bias.

The Cork hurling match, Man Utd. game or Ireland V. NZ rugby match are just as meaningless morsels of light entertainment as X-Factor and they are 90% of what all men talk about. Threaten any of those and you've got a riot on your hands!
cant argue with you there, rather frustrating really
 

Cassandra Syndrome

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An overview of the crisis in visual format

Irish Economic Crisis Explained
Excellent!

Too low of interest rates for too long because of the Euro caused too much investment in the early stages of production AND too much consumption in the later stages of production.

2 imaginary triangles were created fighting over the same limited resources financed falsely by the ECB. A tug of war between consumption and investment with no savings to finance it created a mega bubble that led to a mssive bust.



 

drummed

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Please, somebody with a working calculator work out what the actual national debt which we have to pay interest on is. Very confused, everybody has a different figure, what is the truth?, no self-serving spin. Vincent Browne is getting everything from 100 to 350 billion.
 

Cassandra Syndrome

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Please, somebody with a working calculator work out what the actual national debt which we have to pay interest on is. Very confused, everybody has a different figure, what is the truth?, no self-serving spin. Vincent Browne is getting everything from 100 to 350 billion.
Hi drummed,

It is headwrecking stuff.

Ireland's Total Debt is made up as follows

Household Debt €200 Billion
Non Financial Company Debt €300 Billion
Financial Company debt €200 - €300 Billion
Government Excluding NAMA €120 Billion

Total Debt €820 - €920 Billion
Sovereign Debt post proposed IMF €250 Billion

Interest around €15 Billion per year.

Gross National Income for Ireland 2010 - €120 Billion (Total Debt 800% of GNI)

Total Savings in Ireland €180 Billion

Total Savings should equal total borrowings :eek:
 

drummed

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Thank you. Very helpful. The stuff on vinnie browne gets more confusing by the second. Key is can we pay the goverment debts or not, no agreement in sight. If you have a working calculator post it to b linehan, dept of finance.
 

JCR

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The Irish economic crisis can be explained by one word: Greed. And thats all there is to it.
 

Padraigin

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The Irish economic crisis can be explained by one word: Greed. And thats all there is to it.

The Irish economic crisis can be explained better in two words - bad judgment

Bad judgment on the part of the banks in continuing to make large construction loans to developers in an overbuilt real estate market.

Bad judgment on the part of developers and others who continued to take out new loans before repaying prior loans.

Bad judgment on the part of the bank officers, auditors, and regulators in not doing their job properly and noticing that the solvency of the banks was in jeopardy long ago.

Bad judgment on the part of the Irish government in not letting the badly managed banks fail like they were supposed to do when they became involvent.

Incredibly bad judgment on the part of the Irish government in issuing a blank-check guarantee to bank bond holders when it was glaringly obvious that a number of banks were failing and that no one had even looked at the depth of the banks' collective insolvency.

Bad judgment on the part of the EU and IMC in forcing the eurozone on countries who would have done far better managing their fiscal policies without it.

Bad judgment on the part of the Irish government in capitulating to the EU and IMF and forcing the Irish people to assume 80-120 billion euros of debt just so European bond holders can get a return on their investment in failed Irish banks.

Bad judgment on the part of the Irish people who have turned a blind eye to incompetent, corrupt, and treacherous politicians who operate as the Irish government for far too long.




This would be a comedy of errors, except its ending is truly tragic.

And the saddest part is how easily preventable the whole thing was. Yes, greed played a part. But if everyone allowed those who exercised bad judgment to face the consequences of their own actions immediately, the scope of the damage would have been far less and the worst of this mess would never have happened. If the badly managed banks had been allowed to go into receivership when they began to fail (as they are supposed to do), new banks would have arisen from the ashes of the old - with new management and new shareholders - and nobody would have noticed except their own shareholders.
 
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