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Flash

The Penny Drops At Irish Times

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Over in the land where everyone is still borrowing and spending like no tomorrow, I've noticed a little shift in media sentiment toward house price rises.

Last month, the goverment came out in the media and "blamed" the latest price rises on the profligacy of banks and claimed that they were making borrowing too easy.

And today the Irish Times (of all papers?!?) had a little editorial criticising estate agent Sherry Fitzgerald for gloating about price rises. I don't subscribe online, so I don't have the full content or a link, but here's a taster...

... estate agent sent out a press release last Tuesday to gloat about 2005 as an "outstanding" year for price inflation....

Have these people no sensitivity at all? Sky-high house prices are very good for the auctioneers and bankers, but they are an endless nightmare for everyone else.

They then mentioned the 23% increase in Dublin last year, "on top of crazy increases in previous years" and young people "all but priced out".

Ireland is set to become the most indebted nation in the Eurozone this year. I think the media is starting to see the writing on the wall. :rolleyes:

Edited by Flash

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Hah.

The real endless nightmare comes over the next deacde or two when the Irish lose their jobs because they have priced themselves out of the world market and all the debt has to be paid back, with interest or defaulted on.

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Over in the land where everyone is still borrowing and spending like no tomorrow, I've noticed a little shift in media sentiment toward house price rises.

Last month, the goverment came out in the media and "blamed" the latest price rises on the profligacy of banks and claimed that they were making borrowing too easy.

And today the Irish Times (of all papers?!?) had a little editorial criticising estate agent Sherry Fitzgerald for gloating about price rises. I don't subscribe online, so I don't have the full content or a link, but here's a taster...

They then mentioned the 23% increase in Dublin last year, "on top of crazy increases in previous years" and young people "all but priced out".

Ireland is set to become the most indebted nation in the Eurozone this year. I think the media is starting to see the writing on the wall. :rolleyes:

Not sure if this is the right link flash but here goes:

http://www.ireland.com/newspaper/property/...ARIANDEC29.html

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Ireland is set to become the most indebted nation in the Eurozone this year. I think the media is starting to see the writing on the wall. :rolleyes:

Per capita surely? Could they out do the UK in actual terms?

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Like the proverbial frog in the kettle (who didn't notice the water was getting hotter because it was a gradual process) the entire West is sinking into the black hole of idebtedness. The wealth is following production Eastward to countries that actually produce something.

Gordon's "economic miracle" that has been built on HPI never could last as all pyramids require constant inflows of cash to maintain the wealth of those at the top. Having "high house prices" is not an efficient means of production.

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Like the proverbial frog in the kettle (who didn't notice the water was getting hotter because it was a gradual process) the entire West is sinking into the black hole of idebtedness. The wealth is following production Eastward to countries that actually produce something.

Gordon's "economic miracle" that has been built on HPI never could last as all pyramids require constant inflows of cash to maintain the wealth of those at the top. Having "high house prices" is not an efficient means of production.

Well said!! So true.

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Per capita surely? Could they out do the UK in actual terms?

Yes. That is per capita.

The thing is, Ireland is going to become the most indebted with credit growth still growing at circa 20% per annum!!! At that rate, things are bound to get a hell of lot worse yet.

Here's an interest article from bloomberg on the issue.

http://www.bloomberg.com/apps/news?pid=100...ediFr0&refer=uk

Edited by Flash

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  • 301 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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