Mc Williams – Lenihan’s Scorched Earth Economics

cozzy121

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Saw corrupt little bertie last night, I'm surprised he didn't call for McWilliam's suicide again since he was feeling "devious".


David McWilliams: High bond rates will leave us an economic wasteland - David McWilliams, Columnists - Independent.ie

The bond market is betting that the Irish authorities, in cahoots with their friends in the ECB, are happy to preside over a Carthaginian peace. Any economic destruction will be deemed necessary so long as Ireland remains a pliant little European borrower.

THE Pyrrhic victory is one where the costs to the victor are enormous. When you pay 4pc more for money than your neighbour, borrowing is hardly a victory.
 


Biffomania

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Saw corrupt little bertie last night, I'm surprised he didn't call for McWilliam's suicide again since he was feeling "devious".


David McWilliams: High bond rates will leave us an economic wasteland - David McWilliams, Columnists - Independent.ie
Now that the taxpayers are no longer paying for Bertie's makeup/cover-up, he should restrict his inane and idiotic interviews to radio. The big red nose on him would light up a city - God forbid anyone would ever stick a pin in his nose, he'd bleed to death.
 

Partizan

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Another good article from the Floppy Haired One. He has described our predicament down to a tee.

'Carthaginian peace', there's a phrase I have not heard in years. Takes me back to my schooldays in the 90s.

We need a Hannibal.
 

cozzy121

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Now that the taxpayers are no longer paying for Bertie's makeup/cover-up, he should restrict his inane and idiotic interviews to radio. The big red nose on him would light up a city - God forbid anyone would ever stick a pin in his nose, he'd bleed to death.
Amazing how the girlfriends make-up business wasn't able to survive the downturn, or the lack of bertie's €100k+ a year make-up expenses bill.
 

consultant

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Another good article from the Floppy Haired One. He has described our predicament down to a tee.

'Carthaginian peace', there's a phrase I have not heard in years. Takes me back to my schooldays in the 90s.

We need a Hannibal.
But have a Lecter.
 

Squire Allworthy

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Another good article from the Floppy Haired One. He has described our predicament down to a tee.

'Carthaginian peace', there's a phrase I have not heard in years. Takes me back to my schooldays in the 90s.

We need a Hannibal.

Ireland has a few cards that it could play that would cause considerable problems and consternation elsewhere. Unfortunately it is acting like a compliant vassal state.

Its weakness is its size and the limited adverse impact it can cause. The old adage applies, if you owe me 1 Euro it is your problem, but if you owe me 100 billion the problem is mine.
 

Asparagus

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Ireland has a few cards that it could play that would cause considerable problems and consternation elsewhere. Unfortunately it is acting like a compliant vassal state.

Its weakness is its size and the limited adverse impact it can cause. The old adage applies, if you owe me 1 Euro it is your problem, but if you owe me 100 billion the problem is mine.
Fianna Fail breaks all the old adages

"if they owe those 1 Euro it is their problem, but if they owe those 100 billion then lets screw over the tax payer"

"late to bed, early to rise makes a man an effective leader with nasal congestion"

"if somethings worth doing, its worth being done by my friend, infact even if its not worth doing i want a state contract for my friend"

and presumably at the behest of the greens in the next budget we will see

"red sky at night tax, red sky in the morning levy"
 

Asparagus

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Amazing how the girlfriends make-up business wasn't able to survive the downturn, or the lack of bertie's €100k+ a year make-up expenses bill.
ex girlfirend - he's rutting the wife of a dead friend now.
Said he'd "take care of her" for him.
 

Squire Allworthy

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Asparagus


The Greens seek to tax the very air we breath or at least components of it. Co2 trading has to be one of the biggest scams ever invented.
 

Cato

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ex girlfirend - he's rutting the wife of a dead friend now.
Said he'd "take care of her" for him.
That's more than a little crude. Unnecessarily so.
 

HarshBuzz

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ex girlfirend - he's rutting the wife of a dead friend now.
Said he'd "take care of her" for him.
tell us more there Asparagus
 

Asparagus

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tell us more there Asparagus
Bertie and Anna took five-day romantic break in South Africa; Regular companion: Anna Bogle. - Free Online Library

Miss Bogle and Mr Ahern are said to have become close during the illness of herformer husband Brian. He is said to have provided a shoulder to cry on duringher husbands long battle with cancer and following his death in January 2003.
Ahern has denied technically being in a relationship - but they go out together alone quite regulariliy.

Bogles the mind...
 

Asparagus

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That's more than a little crude. Unnecessarily so.
He more than wrecked the economic and social fabric of my country. Unnecessarily so.

But lets get back to the OP. I don't want to distract from it.

Good article by McWilliams.
 

typical

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Maybe we should just implement a coup and install McWilliams as dictator, he seems to have more cop on than the collective body politic and some idea how to sort the whole mess out.
 

consultant

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WAY off track, I appreciate, but there is a question that has been bothering me for two years now.

Why is it taking so long to figure out the scope of the banks loan exposure?

Surely, they have records of what was loaned - worst case, therefore, is that everyone defaults and Lenny (sorry, we) owe that amount.

Middle case 1 is that some loans have been repaid, ergo loans minus those repaid = something better than worst case.

Middle case 2 is same as above plus partial on-going repayment.

And so on.

Can the government not say that "Our worst case would be X but the best indications suggest Y" filling in the X and Y figures?

If this lack of information is what is spooking the money markets, would not something like the above have been possible during the last 2 years?

Sorry for partially hijacking the thread with this and perhaps for my ignorance in matters financial/political.
 

Asparagus

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WAY off track, I appreciate, but there is a question that has been bothering me for two years now.

Why is it taking so long to figure out the scope of the banks loan exposure?

Surely, they have records of what was loaned - worst case, therefore, is that everyone defaults and Lenny (sorry, we) owe that amount.

Middle case 1 is that some loans have been repaid, ergo loans minus those repaid = something better than worst case.

Middle case 2 is same as above plus partial on-going repayment.

And so on.

Can the government not say that "Our worst case would be X but the best indications suggest Y" filling in the X and Y figures?

If this lack of information is what is spooking the money markets, would not something like the above have been possible during the last 2 years?

Sorry for partially hijacking the thread with this and perhaps for my ignorance in matters financial/political.

they do not want to advertise X as X is a very big figure when you take derivitives and rolled up interests into account.

Y is the figure they do not know - this is reliant on understanding X (which they don't want to know) and forecasting (which they can't do properly)
Y is reliant on a lot of things such as
how are loans performing - performing means repaying something between 1 euro a month and full installment
how much are your non performant loans
Interest charges on borrowed money,
Anglo bond yields
NAMA interventions
investment bank (nama minor) performance.

objectivity is required and this is a political no - no as they must spin Y to there advantage.


In short they haven't a clue and don't have the capacity or will to come up with a plausible Y.
Whatever Y they come up with will be wrong and they know it -

That is the scorched earth policy - this is delaying the allies so that the Nazis can destroy as much as they can before the inevitable arrives.
 


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