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Troika’S Dirty Little Secret Is They’Ve Failed Utterly

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This sovereign debt crisis reinforces the sense of panic and it means that the only buyer of sovereign debt will be the European Central Bank. But this contravenes the ECB’s own rules and makes the Germans jittery because the Germans worry that their central bank will become a financial skip for Europe’s financial waste.

This is what contagion looks like. This is exactly what the Troika in Ireland was supposed to prevent and this is why the Troika has failed.

The “country quarantine” approach has failed. Contagion now abounds and infection is rampant. Any future bailout of the whole financial system could involve trillions of euro. This will not come without the political price of accelerated political integration. But now the irresistible force of increased political integration smashes into the immovable object of the citizens of Europe who do not want federalism. Expect referenda and then real fireworks will start.

Interesting article on Ireland's woes. Worth reading in full.

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VERY worrying if the author is who I think he is (recognise the name but don't know if I put the right face to it :unsure: )

This one? Why?

David Mc Williams is one of Ireland’s leading economic commentators. He was the first economist to see that the Irish boom was nothing more than a credit bubble and one of the very few to accurately predict it would all end in a monumental crash with bank failures, negative equity and rising unemployment and emigration.


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Interesting article on Ireland's woes. Worth reading in full.

I did.

The last paragraph:

Remember what happened to the country that constructed the Potemkin Villages? It was invaded by post-revolutionary, Napoleonic France which was precisely the type of political Armageddon that the little lie of the 'villages' was designed to prevent.

Guess we'd better pray for a hard winter.

Sometime soonish.

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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