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March 06, 2014


The Dork of Cork

This is a typical old world leftwing politically correct post.

Ehh - Micheal , I hate to break this to you but Ireland does not have a Irish labour market.

Whats happening is pretty simple - the most dynamic and money oriented Irish are leaving these shores.
The less capable Irish are then being subsequently replaced by euro and world based labour flows.

The objective is simply to maintain the rate of profit for the financial centers but at a grave cost to the local population.

The energy flux per person is crashing.
This is the reality of the modern market state we live in.
The population is increasing yet energy consumption is declining.
Need I remind you this is what happened in Ireland during the first half of the 19th century when the British banking union became a fully formed construct.
The euro experiment is a replica of the Victorian monetary petri dish .

Leftwing people who chose to join the euro market state are operating outside the Treaty of Westphalia.

Do you know what this means for the average person ?
Well on the one hand it means politics now has no meaning.
How can you be either left or right leaning in such a ecosystem ?

The Dork of Cork

Ahh the good gov Honohan talking about the famine thingy....

Governor Honohan

Faint echoes of pre-Famine in the recent bubble

"I hope it will not be considered invidious or distasteful to draw some parallels between the Famine and more recent events. A million dead and a million emigrants – the traditional aphorism, now regarded by scholars as conservative (Ó Gráda, 2012) – are not to be compared in scale or nature with the consequences of what has happened in the recent crisis. But there is some similarity in the build-up of vulnerability and monoculture through early marriage, subdivision of land-holdings and reliance on a single nutritious but vulnerable foodstuff that preceded the Great Famine and the property bubble banking monoculture of the recent bubble.

"True, even if there have been mistakes, it is surely the case that the Irish policy response has been less ideologically contaminated than that of the 1840s. But, as with many other episodes of economic downturn, international policy activism was stayed, not only by the constraints of infeasibility, but by censoriously excessive concerns about moral hazard."

What utter bollox.
He identifies the symptoms but the cause
Banker pox.

Here is Yves Smith from last year.

"Finally, for those watching the history of currency unions closely, it is interesting to note that the Irish pound was ended in 1826. One major (albeit dated) study of Irish economic history argues that “the suppression of paper money in 1826 the tragic effects of the Great Famine twenty years later were made inevitable”. If this latter point about the Irish pound is true, it implies that Ireland has fallen into another trap similar to the one that plagued it in the 19th century. The difference is that this time Ireland’s politicians gave up autonomy rather then having it yanked from them. Words such as tragedy and farce don’t begin to describe their crisis."

This is simple stuff.
Scarce currency policy forces you to export so as to obtain currency.
This destroys local economic redundancy such as basic trade connections between the village market town and city.
Its as predictable as night following day.

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