Saturday, April 3, 2010

Halligan’s hairshirt rant #693

Twelve months ago, credit downgrades and a deeply alarming fiscal deficit prompted bond investors to include Ireland in a group of fiscal stinkers known as the PIGS – standing for Portugal, Ireland, Greece and Spain. A year on, the Republic isn't quite

"British economists of international repute have been writing letters to newspapers arguing that we can avoid addressing the UK's shocking fiscal problems because to do so would be "to accept as binding the view of the same financial markets whose mistakes precipitated this crisis in the first place. This is irresponsible nonsense. Financial markets didn't cause this crisis. What caused it was fraud, dire political leadership and a lack of genuine regulation." Slack jawed at this nonsense in a national newspaper. "Financial markets didn't cause this crisis"????

Posted by tpbeta @ 09:43 PM (1576 views)
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12 thoughts on “Halligan’s hairshirt rant #693

  • every Irish family has been saddled with a debt of €50,000 to pay for the recklessness and sometimes outright criminality of our banking and regulatory systems.

    patient guys, the irish

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  • “This is irresponsible nonsense. Financial markets didn’t cause this crisis. What caused it was fraud, dire political leadership and a lack of genuine regulation.”

    but as the late, great Jimmy Cricket once said, ‘come here… there’s more’…

    “By guaranteeing bank bail-outs, weak governments stopped financial markets from working.”

    Now, which weak governments might they be?

    er, that would be all of them

    now why might that be?

    PLEASE try to work it out for yourself

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  • Hey it’s Saturday night. You should be drinking all that wall mart beer
    and watching the latest dumb ass teeth n smiles phone in

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  • i am

    multitasking is de rigeur in the 21st century

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  • Umm, public sector net debt amounts to £56,000 per adult in the UK.

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  • 5. alan_540 said… Umm, public sector net debt amounts to £56,000 per adult in the UK

    i’ll take your word for it

    and that is going to be paid back how?

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  • Slowly.

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  • 7. alan_540 said…Slowly.

    no chance !

    how about…

    quickly = hyperinflation

    not at all = default

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  • The US can carry it’s deficit as long as the dollar remains the world’s reserve currency which depends on the US maintaining global superiority and honouring it’s Chinese held bonds to some degree. The UK will not be allowed to inflate our way out of debt and default will not be an option either when there is still plenty for the government to flog off at cut down prices to its debt holders.

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  • what can’t be paid back, won’t be paid back

    this goes for the UK AND the US

    amazing as it may seem, the chinese haven’t realised this yet

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  • Financial institutions were the ones which lobbied for deregulation and government bailouts, so it’s disingenuous to argue that it wasn’t financial markets but their impairment that caused the crisis. So the Irish have been rewarded for their belt-tightening by lower borrowing costs? But there’s no sign at all that they’re likely to be rewarded any time soon by higher employment or GDP.

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  • this comment (by Paul Holmes) deserves a wider audience…

    Sorry Liam, but you appear to be way out of touch with the reality on the ground/at the coal face in Ireland and what is unravelling for real people as opposed to your high level ‘economic speak’..

    Teachers, policeman, firefighters and the rest of the bloated civil service have taken up to a 20% cut in salary and benefits in order to stay employed. Office blocks and housing developments lie empty in a style that Spanish developers would be horrified at. The debt/deficit cannot be absorbed and brushed under the carpet over the short term, the long term stagflation the Irish economy (and its people) face is terrifying, 20 years plus of zero growth may help heal society’s recent hubris, but the damage to their secular economy is an open sore decades away from being cortorised.

    Ireland is not an example to hold up of effecient economic crisis management, it was and remains a basket case..

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