• Before posting anything about the COVID-19 virus, please read this first Click Here

Video The End Game- a video of Ireland from up and coming Young Nationalist girl The Green Room

Conall Gulban

Staff member
Moderator
PI Member
Joined
Nov 26, 2018
Messages
2,442
Likes
5,903
Naomi Klein wrote a book on this subject 10 years ago.I 've read it and it points out clearly that Vulture Capitalists are making a fortune on natural disasters and holding poor countries to ransom when they are in emergency conditions.The loans, aid given are on conditions the natural/national assets are "PRIVATIZED".
Good article here, biased obviously but touches on some of the funds operating in Ireland post crash.
 

An Fiach Ban

PI Member
Joined
Jun 10, 2018
Messages
2,221
Likes
4,775
Naomi Klein wrote a book on this subject 10 years ago.I 've read it and it points out clearly that Vulture Capitalists are making a fortune on natural disasters and holding poor countries to ransom when they are in emergency conditions.The loans, aid given are on conditions the natural/national assets are "PRIVATIZED".
The Shock Doctrine is a must read, I was amazed how she opened her book with the story of Dr Donald Ewen Cameron, the man who designed the post war German education system, and the man, a monster really who experimented on patients with government approval and believed he could create a blank persona, giving near toxic levels of drugs, using induced comas that would last for weeks while repetitive messages were played, and giving almost lethal doses of Electroconvulsive therapy, and how his findings go hand in hand with the MO of the economic pirates of the Chicago School of Economics who first big test study was Chile following Pinochets coup.
A coup that was the result of American meddling and cost three thousand lives, one which coincidently took place on the 11 of September.
 

Wolf

PI Member
Joined
Feb 17, 2019
Messages
8,046
Likes
8,230
Ireland.. full employment....fastest growing economy in Europe..
10,000+ irish people homeless including 4,000 children.
Rents and house prices higher than the celtic tiger madness.
Vulture scum.
Health service in a shambles.
Corrupt police force.

'Full employment' yet spending more on welfare now than at the height of the recession......

Some establishment gobshites are easily fooled.
 
Joined
Jul 31, 2017
Messages
3,486
Likes
5,125
Neoliberal Economics Destroyed the Economy and the Middle Class
According to official US government economic data, the US economy has been growing for 10.5 years since June of 2009. The reason that the US government can produce this false conclusion is that costs that are subtrahends from GDP are not included in the measure. Instead, many costs are counted not as subtractions from growth but as additions to growth. For example, the penalty interest on a person’s credit card balance that results when a person falls behind his payments is counted as an increase in “financial services” and as an increase in Gross Domestic Product. The economic world is stood on its head.

It is aggregate demand that drives the economy. Payments made on a rise in interest rates on credit card balances from 19% to a 29% penalty rate reduce consumers’ ability to contribute to aggregate demand by purchasing goods and the services of doctors, lawyers, plumbers, electricians, and carpenters. Contrary to logic, the fee is magically counted in the “financial services” category as a contributor to GDP growth. The extortion of a fee that reduces aggregate demand lowers GDP, but builds paper wealth in the financial services sector.

GDP growth is also artificially inflated by counting as GDP abstract concepts that do not produce income streams. For example, for homeowners the US Department of Commerce estimates the rental values of owner-occupied housing, that is, the amount owners would be paying if they rented instead of owned their homes, and counts this imputed rent as GDP.

These and other absurdities have caused economist Michael Hudson to conclude correctly that the “financial reality of how the U.S. economy works is no longer captured in GDP statistics.”
Asset-Price Inflation and Rent Seeking | Michael Hudson

Today we have two economies. One is the real economy of production and consumption. The other is the financialized economy of paper wealth. The former is doing poorly, and the latter is doing well. The financialized economy is growing much faster than the real economy. Indeed, the real economy might not be growing at all.
The Economist
recently showed that portions of the economy, such as illegal activity, are not counted in GDP. Some countries in Europe are expanding what is counted in GDP to include drugs and other illegal activities, which will boost their economies by anywhere from 0 to 5%. The oft cited debt-to-GDP ratio will narrow instantaneously without any change in the financial condition of the government. Of course, adding lines to GDP statistics increases the level of GDP, but it does not alter the underlying economy. More stuff gets counted, but nothing has changed in the everyday life of the economy.
The European Union’s statistics agency is sending a mission to Dublin next month to investigate the Irish economic growth figures for last year which prompted claims of “leprechaun economics”.

An internal Eurostat document, circulated to Government officials last month, said that while initial explanations provided by Ireland for the 26 per cent increase in GDP “look plausible”, the Luxembourg-based body plans to follow up with its own verification process.
...
While the Central Statistics Office calculated GDP in line with Eurostat criteria, Nobel Prize-winning economist Paul Krugman famously said last month the Irish figures were best summed up as “leprechaun economics”. It also means that the Republic must contribute an additional €280 million to the EU budget.

“The CSO explained that the majority of the change in 2015 was caused by the relocation of certain major international companies to Ireland (from outside the EU) during the year,” according to the Eurostat document, adding that the CSO had carried out “intense” discussions with the unnamed companies to understand their activities.
Official figures showing the Irish economy grew by a massive 26pc last year - more than three times faster than first thought - were quickly dismissed as "farcical".

Nobel Prize-winning economist Paul Krugman described the phenomenon as "Leprechaun economics", as experts lined up to explain why the figure doesn't reflect reality.

Economists say that while growth is strong, the official figure is dramatically overinflated - because it is driven primarily by the activities of Ireland's multinational and aircraft-leasing sectors.
Both GDP and GNP are now unreliable measures of Irish economic activity.

Irish Economy: No growth in 2012; 6,500 direct jobs account for 52% of services exports
The original post below dates from March 2011​
Ireland's national statistics office, the CSO, says Gross Domestic Product (GDP) and Gross National Product (GNP) are closely related measures. GDP measures the total output of the economy in a period i.e. the value of work done by employees, companies and self-employed persons.

This work generates incomes but not all of the incomes earned in the economy remain the property of residents (and residents may earn some income abroad). The total income remaining with Irish residents is the GNP and it differs from GDP by the net amount of incomes sent to or received from abroad.

In Ireland's case, for many years past, the amount belonging to persons abroad has exceeded the amount received from abroad, due mainly to the profits of foreign-owned companies, and our GNP is, therefore, less than our GDP.

State agency Forfás said last year that GNP is a better measure than GDP of the value added accruing to residents of the country. In Ireland, GNP is now considerably lower than GDP because of income flows to non-residents, especially profits and dividends of foreign direct investment enterprises. In 1970, the reverse was the case with GNP higher, because of income flows to Irish residents from abroad.
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents (Todaro & Smith, 2011: 44).[1] Comparing GNI to GDP shows the degree to which a nation's GDP represents domestic or international activity. GNI has gradually replaced GNP in international statistics.[2][3] While being conceptually identical, it is calculated differently.[4] GNI is the basis of calculation of the largest part of contributions to the budget of the European Union.[5] In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI*. In 2017, Irish GDP was 162% of Irish Modified GNI*.[6]
Modified gross national income, Modified GNI or GNI* was created by the Central Bank of Ireland in February 2017 as a new way to measure the Irish economy, and Irish indebtedness, due to the increasing distortion that the base erosion and profit shifting ("BEPS") tools of U.S. multinational tax schemes were having on Irish GNP and Irish GDP; the climax being the July 2016 leprechaun economics affair with Apple Inc.[1]

While "distortion of GDP-per-capita" due to BEPS tools is a feature of tax havens,[2][3] Ireland was the first to adjust its GDP metrics. Economists, including Eurostat,[4] noted Irish Modified GNI (GNI*) is still distorted by Irish BEPS tools and U.S. multinational tax planning activities in Ireland (e.g. contract manufacturing); and that Irish BEPS tools distort aggregate EU–28 data,[5] and the EU–U.S. trade deficit.[6]

In August 2018, the Central Statistics Office (Ireland) (CSO) restated table of § Irish GDP versus Modified GNI (2009–2017) showed GDP was 162% of GNI* (EU–28 2017 GDP was 100% of GNI).[7] Ireland's public § 2018 Debt metrics differ dramatically depending on whether Debt-to-GDP, Debt-to-GNI* or Debt-per-Capita is used.[8]
Due to how globalised our economy is, the Irish GDP data is a joke, a whole new way of evaluating GDP, called GNI, was created to evaluate how the country is actually doing, or even for the EU to see how much each state needed to pay into it based on actual money being generated in the country which might stay in the country. Let alone where any of the trickle down money actually goes.

We have gone from the fourth most indebted household's to the fifth most in Europe of late, Ireland's household debt still fifth highest in the EU and lending is down Conall MacCoille: 'Ireland's stagnant bank lending data hides underlying problems' - Independent.ie and savings up, where savings was a key difference between the old capitalist system we had pre 2008, where people put money in the bank and got interest on it and the banks lent that out at higher interest, now there's no need, as the banks will get all the helicopter money they need and so don't need people to save, but instead spend and get into more debt. However this is not a sign of a return to the old system, interest rates on savings is garbage, but as example that younger people are staying longer at home and trying to save as much as they can to get an ever increasing deposit for that house that will hopefully come on the market, but looking at the policies of the government to increase foreigners and so increase demand on housing, it's hard to say how this will do anything other then increase prices. Similarly wages are up, as the country is full, its services are collapsing under the population pressure as is, but again the response for the government is flood the place with more foreigners, to keep wages down. The place is being run as a business where whole subsections can be liquidated over time depending on how much it can increase GDP, a metric that should not be how we run a nations economy. The economy is meant to work for us, we aren't meant to work for the economy and be secondary to it.
 

Oliver Plunkett

Moderator
PI Member
Joined
Jan 16, 2019
Messages
6,506
Likes
10,043
Location
Ar fud na háite
One of the things I like about this new emerging Irish right is that there seems to be a general recognition of capitalist system, not communism or socialism as the main cause our woes. We’re starting to see have foundations of a genuine nationalist movement, not a kosher controlled opposition like what we see in America and some other European countries.
People seem hell bent however on confusing capitalism (the private reinvestment of excess capital) with mercantilism. Why is that?
 

TW Tone

PI Member
Joined
May 5, 2019
Messages
7,115
Likes
11,755
Location
Wherever Green is Worn
One of the greatest scams, uttered by countless politicians and sundry fools on RTE and Newstalk, is to cite 'international obligations' in regard to permitting Unlimited Immigration. Even fairly good people such as John Leahy are guilty of this.

But has any of them ever been challenged to quote the exact provenance and wording of these 'obligations'? Of course they haven't, that would be too much like good journalism for Newstalk slop like Shane Coleman etc.
 
Top Bottom