16 replies on “Quarterly Financial Accounts for Ireland”
I’ll leave it to JtO to cherry pick any good news in this. I’m sure he’ll find a way.
I’d recommend a large size poster of Chart 5 – up every FF tree in North, South, East, West and Central Dublin – and up every PD lamp post in Dublin South East & Dublin South West … rest of the country to follow …. starting with Kildare & over every fence and hurdle in Punchestown …
45_degree slope to nowhere ….
Like a chimpanzee with a box of crayons in Laura Ashley – scarey.
@David O’Donnell
“45_degree slope to nowhere…”
Encouraging the misuse of election posters as sledging equipment is dreadfully irresponsible. Is it any wonder the country has gone down hill?
@ grumpy
🙂
@Grumpy – “Encouraging the misuse of election posters as sledging equipment is dreadfully irresponsible. ”
I don’t get this election poster thing. It all looks vaguely third world to me.
But looking at this, I guess that is where we are heading. Who do we rank alongside now with our S and P A- rating? Sudan? North Korea?
I dont think these are the kind of statistics JTO like to get involved in.
It’s a bit scary that the man now representing the government who oversaw all of this is bullish and confrontational and the man who wants to lead the next government wont step up and debate him on it…hard to comprehend.
It is like watching someone you love dying.
Over at Pravda the patient is all set to play in the all-ireland hurling final.
Having worked a lot in the FDI I can say that the Dilbert cartoon paints a surprisingly accurate picture of how it is to work for an American multinational.
In fairness though, this particular incident never happened to me. For me it was an orange & my boss missed 😉
More seriously though, as mentioned before, unless the FDI are hiring more in Ireland there won’t be more spill-overs from them. There will be less as the costs are falling. Luckily it probably hasn’t been as cheap to hire as it is in Ireland now for years. Recoveries are slow though.
Capital injections into
Bank of Ireland and AIB are treated as financial transactions (or investments) in Government
accounts and therefore do not impact the deficit.
More evidence of enronomics. This time its the ICB’s turn.
Lots of European investors look at our numbers with shock.
If we actually reported the figures properly like most (UK are as bad as us (US are worse))of our euro neighbors do. they would have given the ghost long ago.
As for our Government forecasts. Alice in wonderland comes to mind!
One to read out to any politicians which call to your door.
I have not looked t these charts for very long. At present they are incomprensible to me. I wonder is it worth trying to understand them.
I wonder where the loss of deposits in Nov/Dec / Jan will reside in this analysis.
In fact I am beginning to wonder about the veracity of a lot of economic data.
Lets take the fall in GNP from 2007 to 2010. Approx 160bn to approx 135bn or a fall of less than 20%.
So are we to assume that if everybody in the economy was getting just 20% less income than 2007 then that should account for the fall.
I refuse to believe that the fall in income has been just 20%. If so the distribution of that fall has been shockingly disproportionate.
The greatest burden will have fallen on those who have lost jobs or businesses. Business profits has fallen dramatically. Even protected public sectors workers have lost close to 20%. [Their lordships and the gilded mandarins excepted].
20% would be a tolerable fall if evenly distributed.
But is it just 20%? It does not feel that way.
And its distribution is obscene.
The charts presented seem not only incomprehensible to me , and perhaps thats my fault, but are they in any way meaningful in terms of understanding or addressing the current apalling economic situation.
@Joseph Ryan
Print out chart-5; give it to a high infants graduate who has a few crayons in her/his school satchel; place chart-5 on the bottom left corner of the play-room; ask the kid to expand the 45-degree slope as far as possible; provide a chair; then a step ladder; then get up on the step ladder yourself and continue until you reach the ceiling about half way across the room; mark off the x-axis, and the y-axis; note the new measuements in years along the skirting board and billions up the left hand edge of the room. Write in one foot high letters along the 45-degree gradient …..
PIE IN THE SKY CONFLATIONIST POLICY – IRELAND 2011.
Leave it set unpainted for 10 years, and I guarantee that that kid will enter That Wall, with a background sound of Pink Floyd playing Lucy in the Sky with DiamonDs, and win the Postmodern Art competion at the Tate Gallery in 2021. This is our kids’ legacy; Jack B Yeats it ain’t – there are no men of destiny around at the mo.
@David O’Donnell
You are going back to my era. But I think Lucy in the sky was a Beatles number.
The Pink Floyd one I remember was “Money..its a hit ” to the sound of cash registers.
That sound conjures up images of bondholders emptying the cash registers in Ireland at present.
I take it that your recommendation would be not to spend time studying the charts though thanks to your prompting I have since learned a new word i.e “conflation”. A word that could be applied to the many attempts to explain away the wreck that is now the Irish economy by introducing and overlayering several statistics that may be positive in themselves but whose relevance to salvaging something from the wreckage is minimal.
@Joseph Ryan
Give the high-infants kid a go! Let us know what she/he says when on the stepladder ..
@Joseph Ryan
Aw c’mon Joe – the suspense is killing – what did the kid say? Monsieur Trichet, Herr Regling, Herr Weber and the entire EU Commission are waiting – they have had enough of the adults [The Governor excepted] – and are placing their bets on the high infants generation …..
16 replies on “Quarterly Financial Accounts for Ireland”
I’ll leave it to JtO to cherry pick any good news in this. I’m sure he’ll find a way.
I’d recommend a large size poster of Chart 5 – up every FF tree in North, South, East, West and Central Dublin – and up every PD lamp post in Dublin South East & Dublin South West … rest of the country to follow …. starting with Kildare & over every fence and hurdle in Punchestown …
45_degree slope to nowhere ….
Like a chimpanzee with a box of crayons in Laura Ashley – scarey.
@David O’Donnell
“45_degree slope to nowhere…”
Encouraging the misuse of election posters as sledging equipment is dreadfully irresponsible. Is it any wonder the country has gone down hill?
@ grumpy
🙂
@Grumpy – “Encouraging the misuse of election posters as sledging equipment is dreadfully irresponsible. ”
I don’t get this election poster thing. It all looks vaguely third world to me.
But looking at this, I guess that is where we are heading. Who do we rank alongside now with our S and P A- rating? Sudan? North Korea?
I dont think these are the kind of statistics JTO like to get involved in.
It’s a bit scary that the man now representing the government who oversaw all of this is bullish and confrontational and the man who wants to lead the next government wont step up and debate him on it…hard to comprehend.
It is like watching someone you love dying.
Over at Pravda the patient is all set to play in the all-ireland hurling final.
http://www.irishtimes.com/newspaper/opinion/2011/0204/1224288983224.html
There is reason for hope on the economy. Having some idea of the instincts of the parties in the event of a failure of the economy to grow or, worse still, if it takes another dip, would be helpful.
On a lighter note:
Having worked a lot in the FDI I can say that the Dilbert cartoon paints a surprisingly accurate picture of how it is to work for an American multinational.
Improved export-performance or not, I think that most employees can expect this:
http://www.dilbert.com/2011-02-04/
In fairness though, this particular incident never happened to me. For me it was an orange & my boss missed 😉
More seriously though, as mentioned before, unless the FDI are hiring more in Ireland there won’t be more spill-overs from them. There will be less as the costs are falling. Luckily it probably hasn’t been as cheap to hire as it is in Ireland now for years. Recoveries are slow though.
Capital injections into
Bank of Ireland and AIB are treated as financial transactions (or investments) in Government
accounts and therefore do not impact the deficit.
More evidence of enronomics. This time its the ICB’s turn.
Lots of European investors look at our numbers with shock.
If we actually reported the figures properly like most (UK are as bad as us (US are worse))of our euro neighbors do. they would have given the ghost long ago.
As for our Government forecasts. Alice in wonderland comes to mind!
One to read out to any politicians which call to your door.
I have not looked t these charts for very long. At present they are incomprensible to me. I wonder is it worth trying to understand them.
I wonder where the loss of deposits in Nov/Dec / Jan will reside in this analysis.
In fact I am beginning to wonder about the veracity of a lot of economic data.
Lets take the fall in GNP from 2007 to 2010. Approx 160bn to approx 135bn or a fall of less than 20%.
So are we to assume that if everybody in the economy was getting just 20% less income than 2007 then that should account for the fall.
I refuse to believe that the fall in income has been just 20%. If so the distribution of that fall has been shockingly disproportionate.
The greatest burden will have fallen on those who have lost jobs or businesses. Business profits has fallen dramatically. Even protected public sectors workers have lost close to 20%. [Their lordships and the gilded mandarins excepted].
20% would be a tolerable fall if evenly distributed.
But is it just 20%? It does not feel that way.
And its distribution is obscene.
The charts presented seem not only incomprehensible to me , and perhaps thats my fault, but are they in any way meaningful in terms of understanding or addressing the current apalling economic situation.
@Joseph Ryan
Print out chart-5; give it to a high infants graduate who has a few crayons in her/his school satchel; place chart-5 on the bottom left corner of the play-room; ask the kid to expand the 45-degree slope as far as possible; provide a chair; then a step ladder; then get up on the step ladder yourself and continue until you reach the ceiling about half way across the room; mark off the x-axis, and the y-axis; note the new measuements in years along the skirting board and billions up the left hand edge of the room. Write in one foot high letters along the 45-degree gradient …..
PIE IN THE SKY CONFLATIONIST POLICY – IRELAND 2011.
Leave it set unpainted for 10 years, and I guarantee that that kid will enter That Wall, with a background sound of Pink Floyd playing Lucy in the Sky with DiamonDs, and win the Postmodern Art competion at the Tate Gallery in 2021. This is our kids’ legacy; Jack B Yeats it ain’t – there are no men of destiny around at the mo.
@David O’Donnell
You are going back to my era. But I think Lucy in the sky was a Beatles number.
The Pink Floyd one I remember was “Money..its a hit ” to the sound of cash registers.
That sound conjures up images of bondholders emptying the cash registers in Ireland at present.
I take it that your recommendation would be not to spend time studying the charts though thanks to your prompting I have since learned a new word i.e “conflation”. A word that could be applied to the many attempts to explain away the wreck that is now the Irish economy by introducing and overlayering several statistics that may be positive in themselves but whose relevance to salvaging something from the wreckage is minimal.
@Joseph Ryan
Give the high-infants kid a go! Let us know what she/he says when on the stepladder ..
@Joseph Ryan
Aw c’mon Joe – the suspense is killing – what did the kid say? Monsieur Trichet, Herr Regling, Herr Weber and the entire EU Commission are waiting – they have had enough of the adults [The Governor excepted] – and are placing their bets on the high infants generation …..