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THE LUCK OF THE IRISH?

By David Vance On March 1st, 2012 at 9:25 am

Will the Irish people deliver a blunt message to Merkel and the Eurogang or will they quietly submit to the Germanic austerity demanded of them? There is going to be a Referendum in a few months time and although the outcome cannot STOP the Fiscal Compact, it could cause deep embarrassment to the Brussels establishment. Interesting article here on The Commentator 

“Like the UK, the Irish people were sold a pup with EEC entrance. Unlike the UK, the Irish constitution allows them to have a say, although this is on the whims of the “experts” in Dublin. When the Irish go to vote, they will be bombarded with pro-treaty sentiment – if you think the BBC is bad, just watch RTE in vote time – and yet even if they agree with the treaty, they must pause and think about what the treaty means to Ireland.

Do the Irish want some bureaucrat to run their budgets for them? Do they want ever-increasing encroachment on their sovereignty? Because that is what will happen in the long run. France and German have announced that they will converge their corporation tax, do you honestly think that they will allow Ireland to continue its highly competitive and successful low corporation tax policy? Of course they won’t.

And the effects could be dramatic. When the Irish government stopped tax credits in the early eighties, companies that had enjoyed the Dublin air simply packed up and moved to London, it was nigh-catastrophic for the economy and presided over a mass emigration not seen since the 1950s.”

Things is, whilst I fully agree with all of the above, I believe the Irish will say YES to the new Treaty. I wish they wouldn’t but fear will be used as the key weapon that will be engaged todeliver the desired result.

Already, the Irish PM Enda Kenny has declared that this is all about staying or leaving the Euro. Fear will triumph and the Europhiles in the Irish Government will remain comfortably seated on the gravy train whilst a generation or two of Irish people endure severe economic hardship as the consequence.

IRELAND TO CHOOSE SERVITUDE OR SOVEREIGNTY?

By David Vance On February 28th, 2012 at 8:01 pm

Well, is there ANY doubt which way the Irish voters will jump as regards this crucial vote?

Ireland is to hold a referendum on whether to accept the European fiscal treaty which tightens controls on member states’ budgetary decisions, it has been confirmed.

Taoiseach Enda Kenny said he was confident the public will vote in favour of ratifying the contentious compact.

“I believe it is in Ireland’s national interest that this treaty be approved,” said Mr Kenny. The Taoiseach, who announced plans for the referendum in the Dail, said that adopting the fiscal compact would be vital for Ireland’s economic recovery and job creation.

Enda Kenny, just like his predecessors, will tug his forelock and bow to Brussels. The vast majority of the Political establishment, The Trade Unions, The Media – will all pretend to agonise about this…and THEN urge people to say YES though “Ja” might be more appropriate. I am sure you will recall when Irish voters had the temerity to say NO to EU ambitions in June 2008. They were sent back to the polls a year later to say Yes, and they did.

IRELAND TO BAN ALCOHOL…

By David Vance On January 30th, 2012 at 9:44 pm

The temptation to want to BAN things is particularly appealing to politicians like those in Dublin who have given up the right to exercise economic sovereignty and thus spend their time seeking the futile;

A TOTAL ban on the sale of alcohol in supermarkets, convenience shops and petrol stations is among proposals to tackle the country’s drinking problem. Children are now starting to drink at an average age of 14 compared to 16 just a decade ago, and a Dail committee said a radical overhaul is needed to change how alcohol is perceived, sold and marketed. The Joint Committee on Health and Children yesterday published ‘The Misuse of Alcohol and Other Drugs’ report, which noted binge and problem drinking is costing the State more than €3.5bn a year.

Great idea – that will really help the Irish economy and all those stores which rely on revenue from the alcohol they retail.

TROUBLE AT SHANNON…

By David Vance On December 28th, 2011 at 7:57 pm

US warplane sabotaged at Shannon airport

Wonder what President Higgins has to say about this?

An anonymous group has subverted security at Shannon airport in Ireland, and has damaged an American military aeroplane.

LEAVING THE EURO IS IRELAND’S “LEAST WORST OPTION”

By David Vance On December 28th, 2011 at 11:18 am

Well, as ATW readers know, I’ve been arguing this for ages but now it seems others are catching up! Here’s economist David McWilliams…

“Having its own exchange rate allows a country to adjust quickly. Yes, living standards when measured in euro fall, but that has to happen in both the Irish and the Icelandic case. The question is how do you achieve this and are you giving your people a chance?

There is a reason why no economy in the world has ever emerged from a recession like ours without changing its exchange rate. The reason is that it simply can’t be done. There is no evidence anywhere, ever, that shows that a country can operate a successful “internal devaluation” — particularly an economy carrying as much debt as we have.”

This is the point that some of us have made all along to those Nations like Ireland who prostitute themselves to the Euro. They surrender the only thing that can actually save them from Eurogeddon – the ability to alter exchange rates to suit domestic needs.

Ireland is caught in a Euro trap but yet its politicians are determined to keep it that way – lots of good jobs on the Brussels gravy-train, don’t you know. Meanwhile, a new survey today shows 79% of young Irish people see their future….outside of Ireland. Quite tragic, all un-necessary but the predictable price of Euro-membership.

GOING UNDERGROUND…

By David Vance On December 18th, 2011 at 1:57 pm

Let’s be clear on one thing – the Eurozone as it currently exists is beyond salvation.

 “A comprehensive solution to the eurozone debt crisis is ‘beyond the region’s reach’, rating agency Fitch has said. It has also warned that six of its economies – Italy, Spain, Slovenia, Belgium, Ireland and Cyprus – could be hit with credit downgrades in the near future.  The warning late on Friday is the second time in two weeks that the bloc has been threatened with multiple ratings markdowns – and heightened pressure on leaders to get to grips with the turmoil.”

So, Ireland could get ANOTHER downgrade, costing even more money and meaning deeper austerity. And yet the likes of Irish PM Enda Kenny can’t wait to pay supplication to Merkozy, sacrificing his country to try and save the Euro uber alles.

IRELAND SUBMERGING….

By David Vance On December 16th, 2011 at 4:20 pm

Here’s the deal. Ireland CANNOT afford to sustain its current debt levels and yet the Irish  politicians are determined to remain wedded to that which is destroying their economy.

IRELAND’S economy has nosedived again, falling 1.9pc towards the end of the summer, official figures have shown. A report on the value of gross domestic product for July-September, which includes the country’s huge multinational sector, showed the first drop since the end of last year. The domestic economy also suffered, with a 2.2pc downturn in home-grown business compared with the previous three months.

Sinn Fein’s strategy is to ensure Northern Ireland is integrated into this mess. Provonomics, the domain of the economically illiterate.

THE FUTURE FOR IRELAND AS PART OF GREATER GERMANY..

By David Vance On December 11th, 2011 at 10:55 am

Here is Irish Senator Shane Ross spelling out some harsh facts that the Irish Government is in denial over;

The summit went from bad to worse. Our closest trading partner, the UK, refused to sign up for treaty changes. The UK may be isolated, but the consequences for Ireland are deadly serious. The UK’s financial centre, the City of London, will write its own rules. Ireland’s Financial Services Centre (IFSC) will be competing with a neighbour free to offer far more attractive terms. The IFSC will lose out. Dublin’s rules will be made by Merkel and Sarkozy. London’s rules will be made by Cameron. If the new group of 17 signs its own agreement, Ireland will be further isolated from a natural ally.

We are certain to suffer further bullying. Our Government took one firm position. It was lining up behind the need for the European Central Bank’s intervention to support the euro. It wanted to see an ECB commitment to eurobonds. On Thursday, Mario Draghi put an end to that little aspiration. Nothing we wanted materialised.

Nobody was listening. Our debt is still hideous and unpayable. The UK has left us more isolated. We are committed to signing up for fines if we breach strict fiscal disciplines. We are heading for fiscal union. Despite our reluctance, we are likely to be forced to hold a referendum.

Wait for the Government’s spin to hear how Enda Kenny and Lucinda Creighton saved the euro. And, of course, how — once more — they saved Ireland’s 12.5 per cent corporate tax . The corporate tax rate was never under threat last week; but the new deal was what Mario Draghi ominously called a “a step forward”. The next “step” is fiscal union. After that, corporate tax will be in the hands of Angela and Nicolas. Guess where we go from there. The writing is on the wall for Irish sovereignty. But at least we saved the euro for a week or two.

THAT’s the point for most of those foolish Nations queuing up to back Merkozy. As Shane points out, they are giving up even the vestige of nationhood in order to sustain the hubris of those who have designed the flawed Euro uber alles.

RETURN OF THE PUNT?

By David Vance On December 8th, 2011 at 10:37 am

Someone, somewhere, is thinking the unthinkable. Here’s how it works; the Eurozone will break up with perhaps a core of Nations remaining in a tighter fiscal German owned smaller union, whilst other Nations bring back the currencies they willingly abandoned to join the profoundly flawed Euro club. Just read this…

THE Central Bank of Ireland confirmed today that it is not printing Irish punts and is only printing euro. The bank refused to comment on what it called “speculation” in today’s Wall Street Journal that it is considering if it needs to secure additional printing press capacity in the event that it has to print new bank notes to support a “reborn” currency.

The US newspaper quotes “people familiar with the matter” and says other central banks have started to weigh contingency plans to prepare for the possibility that countries leave the eurozone or the eurozone breaks up entirely. Seven Investment Management analyst Justin Urquhart Stewart said talk of Ireland printing punts was coming from a number of sources, on RTE’s Morning Ireland.

The truth is that Ireland has a shot of economic recovery IF it leaves the Eurozone, restores the Punt, links it closely to the British Pound, and abandons the huge debt that Merkozy has imposed on it. Some of those who oppose my politics think I harbour ill-intent to the Republic but this is quite wrong. I want to see a prosperous and successful Irish economy and I am certain this will not happen whilst it remains anchored in the dying Eurozone.

THE END FOR IRELAND?

By David Vance On December 7th, 2011 at 4:10 pm

As most people accept, Ireland’s excpetionally LOW corporation tax rate has been integral to attracting FDI and it is an excellent idea for a country to keep tax on business as low as possible. With the Irish economy staggering from crisis to crisis, comes this news….

The leaders of France and Germany have called jointly for eurozone countries to have common corporation and financial transaction taxes. The tax policy would apply only to the 17-member eurozone. France has long complained about Ireland’s low corporation tax rate of 12.5%.

Since Merkozy call the shots these days, and since they clearly seek to end Ireland’s advantage in this area, where to how for Enda and the gang?