The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[seafoid]

It's time for something different. Take back our oil and start again. Never, ever vote for FF, FG or Labour - they have all repeatedly failed the people. The people have suffered enough - it's time we took control back.

Damn right. It's high time we tried something else. Take a brave step and walk away from the civil war parties, just this once and see what happens. Start thinking nationally and forget the parish pump for once.

But nobody is interested in reducing the budget deficit....

[Rossfan]

Can you imagine how many votes a candidate/party would get if they said they'd increase all taxes by 5% and reduce all Social Welfare/Health/Education and other public spending by 10% and spelled out what exactly that would mean in practical terms?

[muppet]

Can you imagine how many votes a candidate/party would get if they said they'd increase all taxes by 5% and reduce all Social Welfare/Health/Education and other public spending by 10% and spelled out what exactly that would mean in practical terms?

Did you miss this in Seanie's post?

Take back our oil and start again

[deiseach]

Take back our oil and start again

But but but businesses would leave! The same businesses who left in droves at the first sign of a downturn. It's amazing how many people seem to think that despite the long-run failure of our policy of tailoring everything to suit the needs of the sainted foreign investors, the solution is to double-down on the policy of tailoring everything to suit the needs of the sainted foreign investors.

[muppet]

Take back our oil and start again

But but but businesses would leave! The same businesses who left in droves at the first sign of a downturn. It's amazing how many people seem to think that despite the long-run failure of our policy of tailoring everything to suit the needs of the sainted foreign investors, the solution is to double-down on the policy of tailoring everything to suit the needs of the sainted foreign investors.

They would only leave when they are not making money. Oil & Gas will get more lucrative and these companies will not be going away. That Irish Times article 'Conned' above says it all.

[deiseach]

They would only leave when they are not making money. Oil & Gas will get more lucrative and these companies will not be going away. That Irish Times article 'Conned' above says it all.

I agree, and even if there is no oil or gas worth talking about it's about time we stopped being pushed around. We did everything that was asked of us in terms of creating a flexible labour market. We were frequently referenced before the crash by the likes of the Wall Street Journal as a model for other countries, and it did us naff all good.

[seafoid]

Can you imagine how many votes a candidate/party would get if they said they'd increase all taxes by 5% and reduce all Social Welfare/Health/Education and other public spending by 10% and spelled out what exactly that would mean in practical terms?

Did you miss this in Seanie's post?

Take back our oil and start again

How much is the oil worth ?

[muppet]

Can you imagine how many votes a candidate/party would get if they said they'd increase all taxes by 5% and reduce all Social Welfare/Health/Education and other public spending by 10% and spelled out what exactly that would mean in practical terms?

Did you miss this in Seanie's post?

Take back our oil and start again

How much is the oil worth ?

More than an Anglo, but less than one solitary Sam Maguire.

[magpie seanie]

It's time for something different. Take back our oil and start again. Never, ever vote for FF, FG or Labour - they have all repeatedly failed the people. The people have suffered enough - it's time we took control back.

Damn right. It's high time we tried something else. Take a brave step and walk away from the civil war parties, just this once and see what happens. Start thinking nationally and forget the parish pump for once.

But nobody is interested in reducing the budget deficit....

There are two major things you need to do to end a budget deficit (1) decrease spending and/or (2) increase revenue. I propose (2) by taking back our oil. Then we could even increase spending on necessary services but only if and when proper reforms take place. We cannot waste this possibly final opportunity.

My brother in the US made the point about how the tans used to always say that we weren't fit to govern ourselves. Turns out they might have been right so far but it's never too late to break a bad habit.

[thejuice]

I plan to properly reply to earlier messages when I have more time.

However, quick ceist

Now that we are exporting wind generated electricty to the UK market through an undersea cable, how much are we taxing this and are we taxing the electric companies that set up here?

[muppet]

http://www.bbc.co.uk/news/world-us-canada-23369573

Detroit becomes largest US city to file for bankruptcy

Detroit has lost a quarter of a million residents in the past decade

Emergency chief: Detroit 'insolvent'

The US city of Detroit in Michigan has become the largest American city ever to file for bankruptcy, with debts of at least $15bn (£10bn).

State-appointed emergency manager Kevyn Orr asked a federal judge to place the city into bankruptcy protection.

If approved, he would be allowed to liquidate city assets to satisfy creditors and pensions.

Detroit stopped unsecured-debt payments last month to keep the city running as Mr Orr negotiated with creditors.

He proposed a deal last month in which creditors would accept 10 cents on the dollar of what they were owed. Mr Orr suggested at the time there was a 50-50 chance of the city needing to file for bankruptcy.

In a letter accompanying Thursday's filing, Michigan's Governor Rick Snyder, a Republican, said he had approved the request from Mr Orr to file for Chapter 9 bankruptcy.

Gov Snyder said: "Only one feasible path offers a way out," adding that residents needed a clear exit from the "cycle of ever decreasing services".

"The only way to do those things is to radically restructure the city and allow it to reinvent itself without the burden of impossible obligations.

"It is clear that the financial emergency in Detroit cannot be successfully addressed outside of such a filing, and it is the only reasonable alternative that is available".

Mr Orr has said that the city's long-term debt could actually be between $17bn and $20bn.

The former manufacturing powerhouse's finances have struggled for some time, driven by a number of factors, including a steep population loss.

The city government has also been hit by a string of corruption scandals over the years.

Declining investment in street lights and emergency services have made it difficult to police the city.

The city lost 250,000 residents between 2000-10.

[muppet]

This paragraph is from a document I read but am unable to provide a link to.

The credit inflation analog to the Cantillon effect has played out perfectly in recent decades.
Central banks provided cheap money to banks, the cheap money artificially inflated asset prices,
artificially inflated asset prices made anyone connected to those assets rich as we became a
nation of speculators, those riches were achieved at everyone else’s expense, and ‘everyone
else’ has now realized what has happened and is understandable enraged … as Keynes
explained,

“Those to whom the system brings windfalls .... are the object of the hatred.
And now the social debasement is clear for all to see. The 99% blame the 1%, the 1% blame
the 47%, the private sector blames the public sector, the public sector returns the sentiment
… the young blame the old, everyone blame the rich … yet few question the ideas behind
government or central banks ...

Interestingly he was probably speaking about The States but it reads as pretty relevant for us too.

[muppet]

http://www.nytimes.com/2013/08/16/education/a-city-borrows-so-its-schools-open-on-time.html?hp&_r=0

PHILADELPHIA — Just a month after Detroit became the largest American city to file for bankruptcy, and with major cities like Chicago and Los Angeles struggling, this former manufacturing behemoth is also edging toward a financial precipice. But here the troubles are centered on the cash-starved public schools system.

The situation is not as dire yet as Detroit's. There is no talk of resorting to bankruptcy. But the problem is so severe that the city agreed at the last minute on Thursday to borrow $50 million just to be able to open schools on time. Even with that money, schools will open Sept. 9 with a minimum of staffing and sharply curtailed extracurricular activities and other programs.

[Hardy]

That's what you get when your mayor's a Nutter.

[seafoid]

This paragraph is from a document I read but am unable to provide a link to.

The credit inflation analog to the Cantillon effect has played out perfectly in recent decades.
Central banks provided cheap money to banks, the cheap money artificially inflated asset prices,
artificially inflated asset prices made anyone connected to those assets rich as we became a
nation of speculators, those riches were achieved at everyone else's expense, and 'everyone
else' has now realized what has happened and is understandable enraged ... as Keynes
explained,

"Those to whom the system brings windfalls .... are the object of the hatred.
And now the social debasement is clear for all to see. The 99% blame the 1%, the 1% blame
the 47%, the private sector blames the public sector, the public sector returns the sentiment
... the young blame the old, everyone blame the rich ... yet few question the ideas behind
government or central banks ...

Interestingly he was probably speaking about The States but it reads as pretty relevant for us too.

http://www.youtube.com/watch?v=aCRIuq56Pss