Telegraph seems to have gone a bit mad

seabhcan

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The UK Telegraph seems to have taken the whole Irish collapse very personally. First they run an article about how hundreds of London traders were shouting monkey noises at Lenihan - a story that has turned out to be on the imaginative side of truth.

Now they have an article saying Ireland should cut all government expenditure, let all the banks die, and then leave the euro.

http://www.telegraph.co.uk/news/worldnews/europe/ireland/8039759/Irelands-austerity-programme-was-bogus.html

The Departments of the Arts, the Environment, Community Affairs and Defence should all be scrapped, along with their budgets. Free university tuition fees and all overseas development aid should be abolished. Ireland’s enormous social welfare budget, designed during years where mass unemployment seemed inconceivable, should be ruthlessly cut, so that they help only the very poor and unskilled. A fire sale of government assets (such as the state-owned gas and electricity companies) and the halting of capital expenditures would help to pay down the national debt and reduce interest payments. Further tax hikes should not be considered – these would make economic recovery even less likely.
Happily, they think that tax hikes should be avoided as they would harm the recovery. Its good to hear that those smart economist in the Telegraph seem to have worked out that scrapping most government spending wouldn't harm the economy (!).

Of course, elsewhere in today's edition, they think that the tory plan to cut child benefit for the rich is a tiny bit harsh.

Have they gone a bit mad? Why is the Telegraph taking such an emotional interest in our economy. Might their editor or owners be among those mysterious bondholders?
 
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White Horse

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Why is the Telegraph taking such an emotional interest in our economy?
Ideology. They see sudden cheap credit from the eurozone as the cause of the bubble. Plus Ireland's fiscal deficit is an extreme version of that in the IK, and they recommend similar cuts in UK piblic expenditure.
 

Catalpa

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The UK Telegraph seems to have taken the whole Irish collapse very personally. First they run an article about how hundreds of London traders were shouting monkey noises at Lenihan - a story that has turned out to be on the imaginative side of truth.

Now they have an article saying Ireland should cut all government expenditure, let all the banks die, and then leave the euro.

Ireland's austerity programme was bogus - Telegraph


Happily, they think that tax hikes should be avoided as they would harm the recovery. Its good to hear that those smart economist in the Telegraph seem to have worked out that scrapping most government spending wouldn't harm the economy (!).

Of course, elsewhere in today's edition, they think that the tory plan to cut child benefit for the rich is a tiny bit harsh.

Have they gone a bit mad? Why is the Telegraph taking such an emotional interest in our economy. Might their editor or owners be among those mysterious bondholders?
all overseas development aid should be abolished.


ASAP!:D
 

cyberianpan

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It is a guest columnist, so characterizing it as the Telegraph is a bit rich. Also ..what he says is quite close to sense
 

ManOfReason

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The Departments of the Arts, the Environment, Community Affairs and Defence should all be scrapped, along with their budgets. Free university tuition fees and all overseas development aid should be abolished. Ireland’s enormous social welfare budget, designed during years where mass unemployment seemed inconceivable, should be ruthlessly cut, so that they help only the very poor and unskilled. A fire sale of government assets (such as the state-owned gas and electricity companies) and the halting of capital expenditures would help to pay down the national debt and reduce interest payments. Further tax hikes should not be considered – these would make economic recovery even less likely.
Seems like the executive summary of the IMF report we will be reading in the not to distant future.
 

ibis

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Ideology. They see sudden cheap credit from the eurozone as the cause of the bubble. Plus Ireland's fiscal deficit is an extreme version of that in the IK, and they recommend similar cuts in UK piblic expenditure.
Much of the difference, though, is in the fact that the UK deficit does not include their bank bailouts, whereas ours does. Other than that, they are similar - see here, for example:

Ireland’s annual deficit figure – projected to balloon to 32pc of GDP – also warrants examination. This number actually includes the cost of the bank bail-outs, unlike its UK equivalent. Labour buried the cost of the RBS and Lloyds capital injections, not including them in the published deficit figures, a convention the Tories look set to continue. If Ireland followed the same methodology, its 2010 deficit would be 11pc of GDP, similar to the UK.

British ministers argue that bail-outs are “financial transactions” from which the government may eventually reap a return. So they shouldn’t be included in the deficit. Such a position not only undermines the UK Government’s fiscal credibility – effectively “banking” a return before it has been made. It also means the UK Government is petrified of taking the necessary steps to force banks to disclose their smouldering off balance-sheet liabilities, write-off losses and engage in root-and-branch restructuring – as that would cause the public finances to collapse.
The source for that is also the Telegraph, and may also help explain why the Telegraph is so interested in Irish affairs.
 

beamish2010

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The Daily Torygraph.

The Daily Telegraph newspaper in Britain is nicknamed the Daily Torygraph for obvious reasons of course...
 

former wesleyan

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The Telegraph was always a racist, rightwing, Tory rag. For any Irish person to read it is akin to writing yourself a poison pen letter.
 

Munion

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Is the author Sam Bowman the same guy who was in the Young PDs?
 

Astral Weeks

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The comments thread on that articles have descended into ugly Paddy bashing and potato famine jokes. Plenty of people over at the Torygraph seem to be taking pleasures in seeing the treacherous Euro joining Micks take a fall. In spite of the mess that has been made here reading rags like the Telegraph make me happy that we escaped British rule. Of course now Europe is ruling us terms but at least they have not inflicted a Cromwell or a famine on us.
 

Chrisco

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It is an opinion-piece by someone from the Adam Smith Institute.

Christ alive, I wish people could learn to tell the difference between news reporting and opinion, and between personal opinions and party policy.
 

quackquack

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Wouldn't knock em just yet - here is part 2.

Exclusive: Recording Of Brian Lenihan's Citi Conference Call With Perturbed Investors | zero hedge

Part 1 should be along in due course...


This weekend's chief financial tragicomedy was without doubt the busted conference call conducted by Citi, in which Ireland finance minister Brian Lenihan ended being heckled openly by a roster of about 200 people, who were a little late in realizing that the operator had forgotten to mute all their lines. This was described previously in painful detail by the Telegraph. And while Ireland is still refusing to acknowledge that anything out of the ordinary happened, and Citi has most certainly deleted any copies of the first part of the conference call, the second part of the call was obtained by Zero Hedge. What is obvious from the call is the extreme sensitivity the operators and organizers have toward any open line, while proffering extreme apologies for the confusion that was prevalent on Part 1 of the call, which apparently lasted for 45 minutes (the entire call ended up being one hour thirty minutes, after it was supposed to be half that duration). Furthermore, if as Ireland claims none of the alleged shenanigans occurred, then why is the first thing uttered by the moderator his "profound apologies for the foul up that the conference provider has had earlier." As for the call itself, we fail to see how someone who claims there is no local deposit drain (like in Greece) due to "Ireland being an island" and thus making deposit evacuation difficult, is supposed to calm investors and result in tightening spreads. Although, as we disclosed earlier, the ECB's €1.4 billion in sovereign bond purchases last week, successfully unraveled that particular mystery as well. For all this, and much more, as well as a rather amusing Q&A, the link to the entire call is attached below.
 

Observer

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Have they gone a bit mad? Why is the Telegraph taking such an emotional interest in our economy. Might their editor or owners be among those mysterious bondholders?
Well, collapsing the economy - and indeed destroying everyone's life-savings by withdrawing the guarantee on bank deposits - makes perfect sense if you live in la-la land.



Samuel Bowman

Education Network Director


Samuel Bowman is currently studying for an MA in History at London University’s School of Oriental and African Studies. A first class graduate in History and Economics from University College Cork (UCC), he is also an intern student with the Adam Smith Institute, a former Vice-Chair of the Young Progressive Democrats in Ireland, winner in 2009 of the John B. O’Brien Annual Prize in History at UCC, and in 2010 he was classed as the Outstanding Delegate at the London International Model United Nations. An enthusiastic scholar of the Austrian School of Economics, in 2009 he also won a full scholarship to the Mises University Economics Conference at Auburn, Alabama, in the USA.
Our Team » The Cobden Centre

He looks a bit too young to have been a 'Tuter (in fact he looks a bit too young to have left school) but it's good to see that our home-grown loons are able to find a niche in the mother country's groves of wingnuttia.

His plans seem like a promising attempt to put Austrian economics into practice - if by that we mean the economics of the Austria of the early 30s.
 

former wesleyan

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It is an opinion-piece by someone from the Adam Smith Institute.

Christ alive, I wish people could learn to tell the difference between news reporting and opinion, and between personal opinions and party policy.
I can't speak for others, but rest assured that when I look at the list of Daily Telavivagraph opinion columnists I don't see many centrists never mind leftists. Possibly the worst broadsheet in England for balanced journalism.
 

Chrisco

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I can't speak for others, but rest assured that when I look at the list of Daily Telavivagraph opinion columnists I don't see many centrists never mind leftists. Possibly the worst broadsheet in England for balanced journalism.
I am not arguing with you on that.
 

Sean O'Brian

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The Telegraph was always a racist, rightwing, Tory rag. For any Irish person to read it is akin to writing yourself a poison pen letter.
Well I've always enjoyed Ambrose Pritchard-Evan's reporting from Brussels. Besides nowadays most Irish people are fervently anti-Irish. If I found it intolerable it would be P.ie that I would have to stop reading, where every day of the week we hear that our ancestors were "backward" and nothing good ever came out of Ireland. The Telegraph couldn't get away with printing the half of it even if they wanted to.
 

CarnivalOfAction

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Well, collapsing the economy - and indeed destroying everyone's life-savings by withdrawing the guarantee on bank deposits - makes perfect sense if you live in la-la land.





Our Team » The Cobden Centre

He looks a bit too young to have been a 'Tuter (in fact he looks a bit too young to have left school) but it's good to see that our home-grown loons are able to find a niche in the mother country's groves of wingnuttia.

His plans seem like a promising attempt to put Austrian economics into practice - if by that we mean the economics of the Austria of the early 30s.
1st thought: we're lucky to have got rid of those right-wing loons;

2nd: too late, damage had already been done:(
 

Observer

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1st thought: we're lucky to have got rid of those right-wing loons;

2nd: too late, damage had already been done:(
The worrying thing is that someone who's one year out of an undergraduate degree, and whose real-world experience seems to largely consist of hopping from one niche in a right-wing think-tank to another (I'm not counting his summer job in Apple or his part-time student job in McDonalds), is being quoted in a British national newspaper as if he was some sort of expert on any subject.

Super-intelligent, super-naive children could destroy countries if they're taken seriously.
 


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