9 replies on “John Cotter on the Irish Financial Crisis”
Overall a very good article and a good summary. However ” Ireland does have a national pension fund (sovereign wealth fund) that was financed whilst we experienced our strong growth. The use of this pension fund is critical to support our ailing economy.”
NPRF stands at 15b and falling; its 60% of one years deficit, not hurtloam….
How much of the NPRF has already gone into bank recaps?
“Whilst we are not near the end of the cries, there is some evidence that the poor state of the economy will start to improve.”
He mentioned that govt. borrowing is now slightly less expensive and that we have an educated english speaking work force but I dont see how this counts as “evidence that the poor state of the economy will start to improve”
If he isnt going to even try to make a guess at when, then whats the point at saying it “will start to improve” , that is completely obvious. I mean we cant go down for ever.
Other than the unfounded optimism at the end I thought it was good.
@John – if you’re out there:
Do you not feel there is a need to justify this statement with actual data given the importance of the observation: “Ireland became quite uncompetitive in export markets at the start of this decade…”
While I am confused by: “…. through uncompetitive salaries and trading in strong currency markets (its two largest markets are the US and the UK)”.
After a fairly doom and gloom article he must have felt he needed to throw in a glimmer of hope in the final paragraph! It doesn’t tally with this earlier paragraph.
“There is no doubt that the Irish economy has taken a large hit from the global financial crisis. Many of the economic indicators have worsened considerably – forecasts suggest that things will get worse before they get better.”
On a related note I will be interested to see the effect on the Irish psyche when they see their May payslips. One organisation where I look after their payroll will see their staff drop c3.5% of their net income in May. They’re mainly average paid staff. It works out about €80-€85 down for the month.
my question: how much of the NPRF was ever likely to go to non state-employees? It was never there as ‘general fund’ it was there to meet the ongoing cost of our public sector primarily and anything after that was icing on the cake.
If you check Garret Fitzgerald’s numerous articles on competitiveness you’ll see the figures are there to support that contention.
It looks like the Euro will be moving lower against the US dollar over the next months and that should help.
It all has to do with interest rate differentials and relative economic growth.
There is a way to profit through from the ups and downs of the stock markets: use timing signals to figure out when to get in and when to get out.
Its daily DJIA index trading signal is up a respectable 65% for the year (as of October 29, 2009) and it is free of charge for individual investors.
To all Irish People :
SAVE YOUR COUNTRY !!!
Stop Speculators now !!!
Support our action and do the same in Ireland.
On April 09, 2010, in Athens, we filled a Criminal Fraud Charge Report, submitted to the Attorney General of the Greek Supreme Court.
The Report is claiming against World Speculators and their Accomplices, Greek Partners, Government Officers & Banks who, by running an organized criminal plan, with consecutive actions and omissions to act, they manipulated the Greek Government Bonds Market, with the intent to achieve multiple financial gains, deceiving and damaging Greek Government Debt, Greek GDP and Greek Citizens and Taxpayers wealth.
The damage is estimated at 13 billion euros and, given the size, has already stretched Greek National Economy, Next Generations Wealth and Economic Sovereignty of the country.
The above mentioned persons & corporations (Goldman in first place) have been also charged on the spot, with similar fraud crimes in USA and EU, following to previous investigations of local Justice and other State Authorities.
Their full personal and business details have been already published, together with the detailed description of the financial fraud crimes committed.
We strongly believe it’s time to uncover the identity of all persons, business and institutions, responsible of both the Greek & Irish Financial Holocausts and, especially, those people who sold out our countries with the intent to perform financial and political gains.
In order to develop the claim, lead to indictments and bring all responsible persons to Justice, we ask for YOUR IMMEDIATE SUPPORT during the investigation process, started by the Greek Justice Authorities immediately after we submitted the Fraud Charge Report.
You are kindly requested to submit to our web site or to send me privatelly to this email address, any complaint, information or incident that you may know and could help the investigation process.
Criminals who blamed Greece are the same persons & corporations who will blame Ireland and the other EU PIIGS.
It’s time to act.
Stop watching the Financial Holocaust of your country, take control of your economy and stop them today, just supporting our action.
9 replies on “John Cotter on the Irish Financial Crisis”
Overall a very good article and a good summary. However ” Ireland does have a national pension fund (sovereign wealth fund) that was financed whilst we experienced our strong growth. The use of this pension fund is critical to support our ailing economy.”
NPRF stands at 15b and falling; its 60% of one years deficit, not hurtloam….
How much of the NPRF has already gone into bank recaps?
“Whilst we are not near the end of the cries, there is some evidence that the poor state of the economy will start to improve.”
He mentioned that govt. borrowing is now slightly less expensive and that we have an educated english speaking work force but I dont see how this counts as “evidence that the poor state of the economy will start to improve”
If he isnt going to even try to make a guess at when, then whats the point at saying it “will start to improve” , that is completely obvious. I mean we cant go down for ever.
Other than the unfounded optimism at the end I thought it was good.
@John – if you’re out there:
Do you not feel there is a need to justify this statement with actual data given the importance of the observation: “Ireland became quite uncompetitive in export markets at the start of this decade…”
While I am confused by: “…. through uncompetitive salaries and trading in strong currency markets (its two largest markets are the US and the UK)”.
After a fairly doom and gloom article he must have felt he needed to throw in a glimmer of hope in the final paragraph! It doesn’t tally with this earlier paragraph.
“There is no doubt that the Irish economy has taken a large hit from the global financial crisis. Many of the economic indicators have worsened considerably – forecasts suggest that things will get worse before they get better.”
On a related note I will be interested to see the effect on the Irish psyche when they see their May payslips. One organisation where I look after their payroll will see their staff drop c3.5% of their net income in May. They’re mainly average paid staff. It works out about €80-€85 down for the month.
my question: how much of the NPRF was ever likely to go to non state-employees? It was never there as ‘general fund’ it was there to meet the ongoing cost of our public sector primarily and anything after that was icing on the cake.
If you check Garret Fitzgerald’s numerous articles on competitiveness you’ll see the figures are there to support that contention.
It looks like the Euro will be moving lower against the US dollar over the next months and that should help.
It all has to do with interest rate differentials and relative economic growth.
There is a way to profit through from the ups and downs of the stock markets: use timing signals to figure out when to get in and when to get out.
Consider http://invetrics.com
Its daily DJIA index trading signal is up a respectable 65% for the year (as of October 29, 2009) and it is free of charge for individual investors.
To all Irish People :
SAVE YOUR COUNTRY !!!
Stop Speculators now !!!
Support our action and do the same in Ireland.
On April 09, 2010, in Athens, we filled a Criminal Fraud Charge Report, submitted to the Attorney General of the Greek Supreme Court.
The Report is claiming against World Speculators and their Accomplices, Greek Partners, Government Officers & Banks who, by running an organized criminal plan, with consecutive actions and omissions to act, they manipulated the Greek Government Bonds Market, with the intent to achieve multiple financial gains, deceiving and damaging Greek Government Debt, Greek GDP and Greek Citizens and Taxpayers wealth.
The damage is estimated at 13 billion euros and, given the size, has already stretched Greek National Economy, Next Generations Wealth and Economic Sovereignty of the country.
The above mentioned persons & corporations (Goldman in first place) have been also charged on the spot, with similar fraud crimes in USA and EU, following to previous investigations of local Justice and other State Authorities.
Their full personal and business details have been already published, together with the detailed description of the financial fraud crimes committed.
We strongly believe it’s time to uncover the identity of all persons, business and institutions, responsible of both the Greek & Irish Financial Holocausts and, especially, those people who sold out our countries with the intent to perform financial and political gains.
In order to develop the claim, lead to indictments and bring all responsible persons to Justice, we ask for YOUR IMMEDIATE SUPPORT during the investigation process, started by the Greek Justice Authorities immediately after we submitted the Fraud Charge Report.
You are kindly requested to submit to our web site or to send me privatelly to this email address, any complaint, information or incident that you may know and could help the investigation process.
Criminals who blamed Greece are the same persons & corporations who will blame Ireland and the other EU PIIGS.
It’s time to act.
Stop watching the Financial Holocaust of your country, take control of your economy and stop them today, just supporting our action.
Visit our website http://www.stopspeculators.gr
Dr. Kiriakos Tobras
kyrotobras@yahoo.com