Beyond the Programme: European Economic Governance and Ireland

The IIEA are hosting a half-day seminar tomorrow entitled ‘Beyond the Programme: European Economic Governance and Ireland’.

Speakers will include:

Michael McGrath, Assistant Secretary, EU and International Division of the Department of Finance

Alan Dukes, Former Minister for Finance

Donal de Buitléir, Director of

Pat McArdle, Chairman of the Economic and Monetary Affairs Committee at the European Banking Federation

Dr John Bradley, Economic Modelling and Development Strategies and Former Research Professor at the ESRI

Michael Tutty, Former Vice President at the European Investment Bank

Further information and the seminar’s research papers can be found here.

Attendance is open to all. To register contact daniel.ocallaghan at with your name and affiliation.

10 replies on “Beyond the Programme: European Economic Governance and Ireland”

God forbid we allow anyone with a view outside of a narrow right-wing consensus address the meeting. Why, a real debate might break out.

“European Economic Governance” doesn’t quote fit.

The Gaeilge has a better word.
Rábáil means fast, sloppy, unmethodical work

You have to go WAY beyond the programme. The car is stalled because the memes are banjaxed

We have been assured for Anglo markets that exit velocity would be upon us soon and that it would look something like this :

If it ever happens it’s going be more like this

Tull’s great white hope is the UK. Properly run, rational agus mar sin de

“Mark Carney said on Friday that the long hangover from the 2008-09 crisis will ensure interest rates are likely to remain “well below historical norms” in the medium term even as the British economy recovers.
The Bank of England governor also signalled that the central bank will drop the simple link between interest rates and the unemployment rate in a speech to British business leaders at the World Economic Forum in Davos. ”

That didn’t even last 6 months.

Someone in Davos said CBs should stop using targets that are falsifiable.
The UK economy has grown but productivity hasn’t.

What is the link now between interest rates and unemployment? .
Why are more Americans leaving the workforce than taking up jobs?

Private Eye 1355 p 6

“We have warned for several years that the boom in household indebtedness was unsustainable” said George Osborne. “As I said two years ago, an economy built on debt is living on borrowed time”
..this was Osborne the shadow chancellor speaking to fellow smarty- pants at Harvard. He went on: But the British government ignored this problem because their economic policy refused to see it as a problem. The result is that household debt stands at 175% of incomes, higher even than the 140% in the US”
In the intervening 5 and a half years this ratio has dropped to just over 140% but will, according to the Office for Budget Responsibility rise to over 160%, well into what Osborne called unsustainable. This is not some unfortunate side effect. The predicted economic growth that put such as smile on George’s face last week DEPENDS on personal consumption that, given no wage growth, has to be fuelled by debt.”

It’s a debt trap, a suicide rap . you gotta get out while you’re still young

Inequality is the 800 lb gorilla in the middle of the road.

@Ernie Ball

God forbid we allow anyone with a view outside of a narrow right-wing consensus address the meeting.

Sure, whatever you are having as long as it’s neoliberal.

Two of the speakers might not be as bad as you think.

Its possible that Michael Tutty has not been completely assimilated, the EIB has a moderately good reputation. It is its own thing and outside the remit of both DG-unworkablegoldstandard and DG-delusionalneoliberalorthodoxy so it is not “Committed to making the same mistakes until they work[TM since 2008].” Obviously a B Comm. from UCD is likely to be on the wrong side of the class struggle (or unwilling to admit it exists) but who knows?

As for John Bradley, although the ESRI have jumped the shark in a major way under John Fitzgerald, he may not have have taken the austerity soup. Given the current state of politics and academe non believers still have to watch their words if they care about their career prospects.

Still no one outside the narrow permitted range of centre right opinion of course but not all unconscious Hayek cultists.

Flannery O’Connor

“Where you come from is gone, where you thought you were going to was never there, and where you are is no good unless you can get away from it.


‘… the perfect opportunity for the Government to play “hardball”, [Buiter] said.
… something successive Irish governments have singularly failed to do in their negotiations with Brussels …

Thought for a moment there he said ‘handball’! More like ‘softball’. Rumour that Tooreen took on our fearless leader to try and toughen him up – but he kept dropping the sliothar, including on prime time TV. Tooreen dropped him from the panel, and went on to win the Mayo Senior Hurling Championship with a rout over Ballyhaunis. Mayo for the Liam McCarthy anyone? Anyone for hardball?

There is one and only one European Economic Governance Plan, it was announced in Bible Prophecy of the Statue of Empires found in Daniel 2:25 to 45, and the Three Beasts presented in Revelation 13:1-18.

Now after five years of money market capitalism, with the Fed having lost control of the Benchmark Interest Rate, ^TNX, the tail risk of Global ZIRP, is economic deflation and economic recession; she is going to be a bad bitch.

Regionalism is the singular dynamo of economic activity under authoritarianism, and is it attempts to deal with the derisking of liberalism’s debt trades and deleveraging out of currency carry trades.

The UK was once the centerpiece of a global empire that spread across the globe. But its failure as a global hegemonic empire, is like that coming soon to the US Dollar hegemonic empire, as this one flows as well into the beast empire of iron diktat regional economic governance, and clay totalitarian collectivism of debt servitude as presented in Bible Prophecy of Revelation 13:1-4.

All empires have been based upon sovereignty and seigniorage; and most have been established on a debt based money system which established seigniorage wealth.

Sovereignty is defined as the Sovereign’s policies and schemes which establish economic life, and which define the nature of the person. Since 2008, liberalism’s two persons, created by the democratic nation state banker regime, were the investor experiencing investment choice, and the client experience clientelism.

Seigniorage is defined as the credit and flow of the Seignior, that is the top dog banker, who in coining money takes a cut, which defines the nature of economic life.

Liberalism’s peak economic experience came through the coordinated efforts of the world’s central banks in establishing Global ZIRP, which created a crack up boom in risk assets, as the dynamos of economic action, these being creditism, corporatism, globalism, and clientelism, which facilitated inflationism, producing peak moral hazard based seigniorage wealth.

Liberalism sovereignty and seigniorage secured the Means of Economic Inflationism, where Milton Friedman and Ben Bernanke, using the Benchmark Interest Rate, ^TNX, under Global ZIRP, fathered and favored the investor who developed fiat wealth, defined as World Stocks, VT, Nation Investment EFA, Global Financials, IXG, and Dividends Excluding Financials, DTN, as well as the client receiving such things as SNAP Food Stamps, SSI Disability, DSHS Obamacare, and other transfer payments.

Liberalism’s economy died in January 2014 with the collapse of the Emerging Markets; this coming with the death of fiat money on October 23, 2013, and the death of fiat wealth on January 24, 2014.

But twin extinction events, terminated liberalism, and as a result its creation, that being the investor and the client died, as greed turned to fear that the world central banks’ monetary policies have crossed the rubicon of sound monetary policy and have made “money good” investments bad.

The first extinction event was the bond vigilantes calling the Interest Rate on the US Ten Year Note, ^TNX, higher from 2.48%, on October 23, 2013, which terminated fiat money, defined as the combination of Aggregate Credit, AGG, and Major World Currencies, DBV, and Emerging Market Currencies, CEW.

The second extinction event was the bond vigilantes calling interest rate on the Emerging Market Local Currency Bonds, EMLC, higher, and the currency traders calling the Japanese Yen, FXY, higher, and Emerging Market Currencies, CEW, lower, which forced the investor to derisk and delverage out of the Emerging Market, EEM.

Thus in January 2014, The First Horseman of the Apocalypse, that is the Rider on the White Horse, seen in Revelation 6:1-2, passed The Bow of Economic Sovereignty from democratic nation states and the world central banks, to regional sovereigns and regional sovereign bodies; these are now growing in political capital, and its authority to establish regional economic fascism, replacing all isms, such as crony capitalism, European Socialism, Greek Socialism, and Communism. Regional economic fascism is fated to be the singular, all inclusive, economic experience, as the ships of state flounder, and sink in the tossing sea of debt deflation driven, competitive currency devaluation.

Regionalism is establishing a new debt based money system, that being the diktat money system, where regional overlords, ruling in each one of the world’s ten regions in mandates of regional economic governance, and in debt servitude schemes of totalitarian collectivism unifying all of mankind’s seven institutions, establish regional security, stability and sustainability.

News reports reflect that the beast empire is now rising out of waves Club Med sovereign, banking, and corporate insolvency. It has the feet of a bear in banking supervision in Frankfurt; mouth of a lion in Berlin, as DW reports German FM vows more aggressive foreign policy; and coat of a leopard in fiscal supervision in Brussels, where a One Euro Government, that is a Eurozone Superstate, featuring a banking union, military union, and fiscal-debt union will form as leaders meet in summits to renounce national sovereignty and annonce regional pooled sovereignty as they set forth regional framework agreements, as these constitute the constitution of regional economic governance.

If this were not enough, please consider that Bible prophecy foretells that the beast regime will be accompanied by the Sovereign, Europe’s New Charlemagne, seen in Revelation 13:5-10, as well as by the Seignior, that is the Top Dog Money Lord, seen in Revelation 13:11-18; and that they will forge, the new normal seigniorage wealth of diktat, and they will coin its peer, diktat money, out of their fiery words, will and way.

Their sovereignty be Deutungshoheit in nature. There is only one sovereignty, and it provides only one life experience. Deutungshoheit is defined as interpretational sovereignty and connotes supremacy in all things, the result being German economic, banking, credit, and military supremacy, over all of the Eurozone. German linguist Thorsten Pattberg relates Deutungshoheit is a German word meaning “having the sovereignty over the definition of thought,” sometimes also called “the prerogative of final explanation.”

Authority now longer resides in democracy; now Obrigkeit, as the Germans say, resides in beast regime’s policies of diktat in regional governance in all of the world’s ten regions, and has affect in schemes of debt servitude in totalitarian collectivism in each of the world’s seven institutions.

Comments are closed.