I often write on these pages, to occasional skepticism from readers, that basically none of Ireland’s political problems or controversies can be explained away by a shortage of money. Yesterday, the Department of Finance released figures that underline that fact, in the starkest terms. Don’t take it from me, either – take it from a very senior economist with Bank of Ireland:
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I would think that when it comes to analysing the economy most of it’s success can be traced to the impact of the multinational sector on the country. The courting of multinationals was Government policy going back to the 80s and 90s and has very little to do with the current government. As such I do not believe much credit is due to the current incumbents.
I would say that what distinguishes Finance from other government departments is that they stay out of the way of the people who are driving the economic success story. You would be hard pushed to come up with even one novel policy that the current government have introduced that has had a significant positive impact on economic performance.
I would suggest that the less government involvement in society as a whole the better run would be the country. Nearly every area where this government has had a significant input has been a disaster – immigration, health, housing, justice etc.
Spot on. The seeds of this success were planted forty years ago by Charles Haughey and Ray McSharry. The current junta are gliding on the hard work and sacrifices then. They show absolutely no understanding of this.
The government is a business and business is great.
This is exactly what Martin Armstrong is predicting to happen over the next few years. As people lose faith in governments money will flee government bonds to stonks, commodities and property.
Thought we were broke? Must be a parallel universe.
Just keep the 250 billion of debt front and center of your attention.
That debt was taken on with historically low interest rates.
Those rates have risen substantially as anyone with a mortgage knows.
Any wobble and Ireland Inc is screwed.
Prepare for a crash landing to introduce uni cbdc
nail on the head
Our financial system is usury and nothing more than a scam system to enrich the parasites of the world and especially the Rothschild’s, Windsor’s, schiffs, Wagner’s.. Etc of the world who the parasites in the daily work for. Gold backed own currency is the only way free.
so how does an ordinary person deal with this?
The change needs to be done from the top. The system is designed to impoverish ordinary people. Most ordinary people cant afford to take the required actions which is to invest in gold, tangible assets such as antiques or invest in things like crypto or shares. Thats the scam. Break the people through usury, take their money through taxation and inflation so the parasites can invest in these things. The government needs to change the system which means interest free loans and low inflation as well as a stable economy. There is also the other obvious element that when any government tried to do this, the people involved were either suicided or bombed. History is littered with their corpses. The people would have to demand it it first and that is how ordinary people deal with it but first they have to have this knowledge. This would of course meaning abandoning the euro, restoring the punt and leaving the eu entirely.
The biggest problem is asset price inflation and a much smaller increase in wages.
Most people earning 40 to 50 thousand should be in a position to buy a house with a 25 year mortgage. However house prices are crazy, new builds are rarely below 350000.
This the true legacy of this government and the next generation are going to suffer big time.
Asset price inflation is a major problem and will only get worse as interest rates decline. It’s on the supply side only, that government can make a difference. As McGuirk has noted above, this is difficult but far from insurmountable. Ironically, immigration can play a small but decisive role. All things in moderation.
If Toibin and Mc Namara become Meps it might alter the political landscape
I believe this is poor grammar
“The Government can, and should, and undoubtedly will, take immense credit for this.”
should be
“The Government can, should and undoubtedly will, take immense credit for this.“
Two points. “It is very very hard to argue that the Department of Finance, whose job it is to manage the state’s finances, is doing an excellent job …” I think the sense of what is being stated in the preceding sentences, of the commentary above, means that there ought to be a “not” before “to argue”. Secondly – and the United States’ public debt is brought up by John McGuirk – not by me – those Gript readers who like “going down rabbit holes” – but down a rabbit hole with a “competent, trained ferret” – should acquaint themselves with some of the research done by a Prof Mark Skidmore. He’s a public accountant (attached to an academic post in Michigan University, I think) and – along with a team of assistants – has studied published accounts of various US Depts of State in recent years. Certainly he has uncovered very convincing evidence of – basically – “cooked books” in the Dept. of Defence. (Some may remember that, roughly around the same time as 911 (2001), Donald Rumsfeld admitted there was a “few billion missing” in that Dept.’s accounts). The most serious of Prof. Skidmore’s contentions is that – after careful analysis of recent US Treasury Bond issuances and redemptions – he reckons the US public debt is more in the region of 65 trillion dollars (than the “official” 33 trillion figure) !!
Hans up, I’m not an accountant – and Skidmore has stated – with a very worried look on his face (at what he and his team have appeared to have uncovered) – that he “hopes he is wrong”. He has provided written details of his research to various “worthies” with no response by them. Please note what Prof Skidmore is “on about” is not “unfunded liabilities” into the future – say in respect of Medicare and public pensions and the like. They’re a separate – but very relevant aspect – to assessing any nation’s ultimate credit-worthiness. Finally – though people like me would consider this as a valuable pointer that the “Establishment” don’t like what Skidmore has raised about the reliability of official US public financial data – Prof Skidmore has also raised serious concerns about the “Covid jab”. Certainly Wikipedia seems “quite hot” on pointing out his supposed “anti-vax” stance. CONCLUSION – even if Skidmore is only half right about the under-reporting of the US public debt – the whole developed world is “in deep s**t” – Ireland’s improving public finances matter diddley squat if a “Bernie Maddoff” type figure is found to have been “signing off” on Uncle Sam’s books !!!
I had a feeling the economy was buzzing (thanks for the stats) along and I’m very glad we are paying back our debts at a steady rate. It shows, if nothing else, competent people in positions of power can produce results. Credit where credit is due.
Is our National Debt, despite recent repayments, per capita, still the highest in the EU?
Are they considering the oncoming deep World recession in 2024? The demise of currencies, being replaced by the CBDC digital rationing coupon system? Also the Global debt forgiveness treaty, that will be need to introduce a fiat CBDC currency replacement scheme? CBDC is cashless, because it’s not a currency… it is like a electronic device connected to your body, to make you obey!