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uh oh economy


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st333ve

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i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!
 

emmet100

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st333ve said:
i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!
Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.
 

rockofcashel

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emmet100 said:
st333ve said:
i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!
Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.
Do you need to be told how absolutely crazy your post is in economic terms Emmet ?
 

emmet100

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rockofcashel said:
emmet100 said:
st333ve said:
i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!
Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.
Do you need to be told how absolutely crazy your post is in economic terms Emmet ?
Look, what I'm saying is that:
1. people only take on debt if they are confident they can pay it back, and if the banks believe they have the means to do so.
2. individuals manage debt much better than States do, so this is not the same situation as we were in back in the 1980s
3. the commercial debt mentioned in the article is used to further economic growth and future GDP, so the burden of the debt will be lessened as time goes on.
 

yellowfish

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actualy thats about the amount we have on our mortgage, though im not sure yellowfish junior is keeping up his end :x (spending v income he needs to try a lot harder) Its managable-though we both need to work which can be difficult. i would imagine that other people in other countries would be in around the same position. though im glad i got on the property ladder (in england ) 10 years ago- pity those trying now.
 

DSCH

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How does this effect a net saver, who owns no property? :wink:
 

rockofcashel

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emmet100 said:
rockofcashel said:
emmet100 said:
st333ve said:
i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!
Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.
Do you need to be told how absolutely crazy your post is in economic terms Emmet ?
Look, what I'm saying is that:
1. people only take on debt if they are confident they can pay it back, and if the banks believe they have the means to do so.
2. individuals manage debt much better than States do, so this is not the same situation as we were in back in the 1980s
3. the commercial debt mentioned in the article is used to further economic growth and future GDP, so the burden of the debt will be lessened as time goes on.
I don't want to sound harsh, but you've a hell of a lot to learn about the real world.

First of all, those figures are out of date. We currently are in an even worse situation that what was in the first thread, with every man woman and child statistically owing about €65,000 not 45,000.

Now lets go through what you believe.

1. Seeing as DCSH above said, what has this got to do with a net saver with no property, we'll talk about that first.

Hundreds of thousands of Irish people are in the same boat. They don't owe money on property, so those that do, owe more than €65,000 per person.

2. There is no point saying that you can even the debt out over the whole family as you suggested, because kids to not earn money, and therefore have no contribution to make towards paying off the debt. In fact they are net spenders (see yellowfish above). Therefore the burden of repayment os even higher on those that do.

3. What makes you think that debt is better managed by individuals than by the state ? The state has restraints on spending (though you wouldn't think it sometimes), whereby they can only make borrowings up to a certain % of the state GDP (Euro Stability Pact). Individuals who borrow in many cases (especially for mortgages borrow multiples of their earnings). States also borrow at a cheaper rate, and if stuck have access to outside funds which individuals do not (selling government bonds etc)

4. If you're not too concerned about that, I bet you're too young to be paying a mortgage, a car (or two), childcare, weekly household bills, utility bills, waste bills etc etc etc

5. Many people are taking on debt without any idea how they are going to pay it back. Debt for current spending if you will (day to day living, not capital enhancing). Banks give this out without any notion of how it's being paid back. A recent case in example that I was told, a man bought a television for €600 on credit, and a week later he was offered another €18,000 credit by the same finance company without asking for it.
 

rockofcashel

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georgedillon said:
Relax, roc. Mass Immigration will cure everything! We'll all get rich!
GD
As a matter of interest George, who advocates mass immigration ?

And don't say SF, because we don't. Or New Sinn Fein either.
 

DSCH

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Surely a radical left party like SF would welcome an economic meltdown. No socialist state has ever been built in a prosperous thriving consumer capitalist society. When people have to queue at the party's soup kitchens, they will be ready listen to the party's line on the necessity for solidarity with misunderstood minorities such as women, Muslims and Christian fundamentalists.
 

rockofcashel

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DSCH said:
Surely a radical left party like SF would welcome an economic meltdown. No socialist state has ever been built in a prosperous thriving consumer capitalist society. When people have to queue at the party's soup kitchens, they will be ready listen to the party's line on the necessity for solidarity with misunderstood minorities such as women, Muslims and Christian fundamentalists.
D'ya know, I don't know who's worse, you or GD.
 

eurocrat

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Anyone know how this compares internationally? The figure sounds impressive, but most people in the developed world must borrow to buy their first house.
 

Catalpa

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rockofcashel said:
georgedillon said:
Relax, roc. Mass Immigration will cure everything! We'll all get rich!
GD
As a matter of interest George, who advocates mass immigration ?

And don't say SF, because we don't. Or New Sinn Fein either.
Come on ROC, everybody knows the SF Top Brass are all for it.

But to stay on track with Interest rates on the way up, inflation at 4.2%, Oil nearly at $80 a barrell and companies like Dell laying the groundwork for an exit strategy I think we are looking at some dangerous times ahead.

The nature of Capitalist Economies is one of expansion and contraction or in some cases 'Boom and Bust' cycles.

We have had the 'Boom' so what do you think comes next? :?
 

st333ve

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i jost hope in times of gain people prepare for times of loss.
i personally owe about £6,000 pounds and i try to keep borrowing to an absoloute minimum, its just sooooo easy to get your hands on credit cards and so on these days it becomes very tempting.
hopefully the republics economy boom will stay steady but it relys heavily on american trade, something that is not very reliable.
and theres the added migration also to pay for if things ever to go badly, hopefully bertie knows what he's doing :wink:
the world lives in debt, if it wasnt for borrowing i know i could never afford a house or car, as i would not have the patients to save up thousands.
bt doesnt cost of living come into it?
if the cost of living in ireland is higher than say, france, and the irish were paid more, then that sizeable amount of borrowing wouldnt be as serious as it would be in say france, if you know what i mean :?

45,000 euro's might be a lot more money to someone in a europen country with less wages and cost of living so maybe ireland isnt so bad compared to mainland europe
 

sackville

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rockofcashel said:
Many people are taking on debt without any idea how they are going to pay it back. Debt for current spending if you will (day to day living, not capital enhancing). Banks give this out without any notion of how it's being paid back. A recent case in example that I was told, a man bought a television for €600 on credit, and a week later he was offered another €18,000 credit by the same finance company without asking for it.
credit is being offered like there's no tomorrow . but there will be and a 'day after tomorrow' . i.e the day of reckonning :cry:

st333ve said:
and theres the added migration also to pay for if things ever to go badly, hopefully bertie knows what he's doing..
: :lol:

yeah, looking after the fat cats so everyone else can foot the bill!
 

KingCash

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The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank.
Total rubbish!
 

DCon

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Look, what I'm saying is that:
1. people only take on debt if they are confident they can pay it back, and if the banks believe they have the means to do so.
:) :)


 

Mitsui2

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This is a seriously interesting and very welcome "bump".

Thank you KingCash.

"Nobody warned us" - Qwerty Ahern.

I dunno if P.ie rated even as highly (in terms of popular awareness) as the proverbial dogs in the street back in 2006, but obviously down in these mean gutters there were people who had links to common sense.

I really, really wish I'd known about P.ie back then: I'd have realised I wasn't so alone in my fear of what must inevitably follow the vomit-orgy we were living through.
 
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