Celebrating the Exit

The bailout for Ireland has been a resounding success.  The austerity programme that has been in place since 2008 has brought us back from the brink and piloted the economy back into recovery and economic sovereignty.  Let us rejoice.  Let us spread the word among the nations.  We have succeeded.  We are the solution to everyone's problems everywhere. 

And we have so much to celebrate.

Nearly 300,000 jobs have been destroyed, - more than one in every twelve jobs.  Our job destruction rate is five times the rate in the Eurozone.  We lead the EU in precarious work.  We have one of the highest level of low-pay. 

One-in-seven of our young people have fled the island due to the recession.

25 percent of the population suffer multiple deprivation experiences – over one million people.  Over 30 percent of our children live in deprived conditions, while one-in-five people at work suffer deprivation at home. 

One-in-ten people suffer from food poverty – it’s called hunger.

Ireland has absorbed over 40 percent of all bank debt imposed on European governments.  Every man, woman and child owes €9,000 in private bank debt (throughout Europe its only €200).  We are paying off the debts of banks that don’t even exist anymore.  But, as Ollie Rehn said, that’s water under the bridge

State debt has increased by nearly five-fold in only six years.  Households have debts nearly twice their income while half of SME debts are underwater.  Nearly 25 percent of all mortgages are in arrears or have been restructured.  Welcome to Debtor Island.

Hospital waiting lists are on the rise.

Domestic demand has fallen by 20 percent – the biggest fall suffered by any economy since the war except for Greece, another Troika project.  In fact, we’re still in a domestic demand recession (but shhh, don’t tell anyone, we’re trying to celebrate). 

Social Protection payments have been cut by over 10 percent in real terms over the last four years.

The Government sends young people job offers in foreign countries. 

The minimum wage hasn’t been increased over its 2007 level.  Statutory protection for the low-paid has been cut.  Real wages are still falling. 

Our tax haven tax efficient policies allow multi-nationals to get away with a 2 percent tax rate.  No wonder profits are rising faster in Ireland than anywhere else in the EU.

Investment in Ireland is half the level in the Eurozone.  Corporate investment is on floor.  But investors are getting real bargains, buying up distressed assets at knock-down prices.  Now that’s confidence.

Despair is up, car sales are down, manufacturing output is stagnating, homelessness is on the rise, most pension funds are insolvent and we have some of the highest paid bankers in Europe. 

* * *

So come to Ireland and help us celebrate.  The experts were right.  Our Government Ministers are wise.  We were right not to listen to the doomsayers and naysayers.  We are one people going forward together into a brave new future.

And don’t worry about our democracy – it won’t disturb the revelries.  We hold elections, we change governments but nothing ever changes. 

For we live in a one-policy state.  We have so much to celebrate.

Comments

[Vincent Lavery]

That about says it all in a nut-shell, I think that we should leave Europe, dump the Euro and drive all those foreign banks out of our country and set-up a national bank Of the people for the people and issue our own currency. It would be tough at first but if we are honest and responsible then I think that it could work!

[John #Molyneux]

Excellent, Michael.

[The Dork of Cork]

"car sales are down....."

So what ?
We still buy 70 -80s new cars a year which we don't need.
Remember we are a country under embargo.....and yet we can afford to buy BMWs!!

You don't seem to understand how the EU scarcity mechanism works.
Iceland burns more diesel on is fishing fleet then its road transport for a reason.

Its not a member of the IEA and not a member of the EU.

If it were you would see a very different energy balance.
A Irish like energy balance sheet where we burn energy on European added value toys before the energy can be made useful.
Forced car sales via free banking activities is a crucial part of the EU entrepot as it is a simple means to regulate scarcity in the interests of the financial sector.

Look at Londons balance of payments...its income from the rest of the world and especially the EU declined during the start of the economic crisis.
Now that its collecting more interest on the money supply rather then depending on credit expansion (Ulster Bank free banking operations) in the euro area it can only burn the oil in a more direct fashion in its home market.
The UK is the only growing large car market in the EU for this reason.
http://www.smmt.co.uk/2013/12/november-new-car-registrations-overtake-2012-full-year-total/

We now live in a oil standard rather then gold standard world.
If so lets pour oil down their throats.
It will be a sort of modern Marcus Licinius Crassus moment.

The financial sector won't know what to do with the surplus.
If they are to burn it a massive car boom would be needed in England destroying what remains of their once green and pleasant land.

[Robert Browne]

You sure about all this lads? One thing for sure is that you guys know how to talk the best béal bocht ever! However, I believe behind the scenes the marble tiles and hardwood floors are going well and the state of the art offices going well too and will soon be ready for the hard working representatives of Ireland’s “proletariats”. Austerity we were led to believe had nearly done for you, brought you to your knees we were told?

Only last week, I was talking to some of the "real" proletariats renovating Unite’s premises on Middle Abbey Street, next door, appropriately enough, to “The Twisted Pepper” home of great coffee btw. Work going on now for the best part of a year now and working more or less flat out for most of the time, including some all nighter’s. Worker solidarity in action or what? All to make sure Unit have only the best!

No expense spared on this renovation, including shower facilities, state of the art data comms, meeting rooms with full conference facilities. Michael should be nice and fresh for negotiations or he can do his regular appearance complete with the obligatory red tie, with Vincent B, without ever having to go home to freshen up! Austerity? Not on my watch says Taft! Hope I get an invite for the big opening.