16 1 min 12 yrs

More stress for workers..

“Hundreds of workers were occupying Ireland’s world-famous Waterford Crystal factory tonight after being told by text message they were losing their jobs. Scuffles broke out as private security teams brought in by receivers tried to keep back employees from storming the plant at Kilbarry, outside Waterford city.  Union officials, tipped off by former managers that the troubled operation was to about to shut, furiously texted staff who were at home, their wives and partners to scramble crowds towards the factory.”

Sad times and my sympathies lie with the workers. An awful end to their month but what can be done? 

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16 thoughts on “U R LSNG UR JOB

  1. My friend is one of the people who was let go from the factory. It is a sad state of affairs, but not because the factory was unprofiable

    You ask, ‘what can be done?’, as if we are powerless. We invented this economic system. It only exists because we let it.

    The first thing that needs to be understood is that the present economic crisis has not appeared out of nowhere; it has been caused willfully. It was not caused by the public, but by the bankers and brokers. This may be uncomfortable for some to accept, but it is true.

    The fractional reserve banking system is the problem. The charging of interest is the problem. Creating money as debt is the problem. There is no point tinkering with the system, the system itsel is at fault.

    There needs to be a stable currency, gold-backed or at least government controlled. The people need to regain control of the money supply and it needs to be stabilized.
    Dennis Kucinich’s actions in the house should be supported by all. Ron Paul, too, should be supported and encouraged because this is the only way to sort things out.

    The second problem is globalisation itself. Why can one not question it without being called a communist? Globalisation gives us alot of cheap crap. That is what it does. It also leads to very unstable economies. Jobs will move from wealthier areas to poor areas. What does it do for us?

    We need to focus on the local economy. We need to stop the free movement of goods and workers across borders. Yes, we need protectionism.

    Local currencies are a fantastic way of dealing with this and we need to ensure that what we need is produced by us. We need to ensure that our wages go back into the local economy and, ultimately, go back to us. Otherwise, we will continue in this perpetual boom and bust cycle.

    Production should not be our economies base function. It should not be there for investors and bankers to gamble with our wealth. An economy should be there to serve the people, to guarantee them a stable, happy, fun and stress-free life.

    We can do better.

  2. I see nothing wrong in the world with interest when used properly. It’s a good thing.

    And I don’t see what the intrinsic value of gold is supposed to be. Its a stupid metal.

    Here in the states, the late night radio is filled with the gold con men trying to frighten people into buying the one sure thing. Step right up.

  3. The metal or substance used is not important as long as it is rare. To be honest, i would prefer a situation where the Government controls the money supply. In that case, having a gold backed currency would be unnecessary. The important thing is that the money supply is stable.

    As regards interest, money in this system is credited as debt, as loans given out by banks. They only, of course, create the principal. What that means is, that there is not enough money in the world to pay back the loans. People have to loan more to pay the interest, therefore, debt in this system snowballs and will continue to increase. This means that the economy will periodically implode as the debt peaks and people cannot repay it.

    This is not necessary and such a system is certainly not sustainable.

  4. Those comments of yours GUBA…very interesting….but…something escapes me…ah yes, it concerns horses/stable doors, and bolting…

  5. And I don’t see what the intrinsic value of gold is supposed to be. Its a stupid metal.

    It has thousands of years of intrinsic value behind it, with only a few spurts here and there where its value was limited. And it now hangs like death over fiat currencies, especially in the UK and US.

    Im already in the process of converting a portion of my savings to gold. Merely to hedge against the very real possibility of a currency devaluation here in the UK.

  6. I wish I could convert a bit of the 401k to gold as a hedge, 10% maybe. But gold is not just a metal. It’s rare,noncorruptable, and an excellent conductor. ut one should not panic and buy all gold. It can go down very fast.

  7. Also, if you look at the corralation between gold and commodities there is stability. The same corralation with fiat currencies shows volatility and a clear trend in purchasing power of the currency. Check out graphs for Gold V Oil or Gold V Dollars V Oil for instant proof.

  8. It can go down very fast.

    Yes, and bizarrely it can go down fast even when demand rises. The gold market is very much rigged, simply because it is a pox on fiat currencies and thus cannot be allowed to overshadow the paper market. I personally wouldnt buy into it to make money, just to protect real ‘wealth’ or as a means of trade if the currency collapses altogether.

    PS dont buy bullion either.

  9. "PS dont buy bullion either."

    True dat. They screw you on the buy and on the sell. But I sure like holding it!

  10. True dat. They screw you on the buy and on the sell. But I sure like holding it!

    Plus governments are fond of siezing it in the hard times.

  11. My wife and I visited Waterford Crystal works whilst on our honeymoon in Ireland many years ago, (but still it seems just yesterday), and it remains in our memories of that wonderful week.

    With regard to the factory closure, and the stupid, clumsy and unacceptable actions by the Receivers; it would seem that the whole thing has been mishandled by Deloitte, and exacerbated by the union men who saw a chance to get their names up on t.v. as the ‘men who cared’.

    Let’s face facts, Waterford Crystal is a luxury item; and in these days of job losses around the world, the last thing that many people will be focussing upon is their ability to buy a Waterford crystal vase, or bowl, or set of glasses. One of the very few things which has survived forty-one years of our life together is the Waterford goblet which still stands, gleaming on our dresser. Most of the delicate stuff didn’t get past the three kids we brought into the world as they commenced crawling, walking and bringing their own brand of destruction with them.

    If there are prospective buyers out there, Deloitte should bring them together and discuss things, the occupation should end, and above everything else, both the workforce and the receiver should behave responsibly!

  12. Mike….I understand the now redundant Managing Director of Waterford Crystal has a consortium, backed by US investors, who are bidding to purchase the company and their Wedgewood business in Stoke-on-Trent. Hopefully, he and his group succeed….however, there will be massive job losses and the majority of the crystal will be produced in the Czech Republic, with the Wedgewood bone china out-sourced in China, I fear.

  13. A regards globalisation, there are a lot of practical things that could be done. Councils could introduce local currencies in their area and it could be made mandatory that a percentage of people’s wages are paid in that currency (maybe 30/40%. It could also be made mandatory for local business to accept it and it could be pegged to the national currency.

    This would particularly benefit the agricultural sector. Farmers and craft markets could be supported in every town and school children could be educated in local sustainable living. Big supermarkets could be forced to stock a percentage of their shelves with local products, helping smaller local shops.

    Can you imagine if, instead of drinking Heineken, you drank a locally brewed beer? I think that everyone would prefer that!

    What if, instead of pizzas or microwave dinners, people bought, cooked and ate local healthy produce?

    The community spirit of the past is sorely missed. In our rush to buy cheap lampshades from China, we have forgotten who our neighbor is. This is not lost forever and can be regained.

    For those who are interested in the local economy idea, there is a great group called the Transition Town Movement. They were set up in Kinsale, Ireland, but are strongest in a town called Totness in England. Here

    It is small-scale, but the ideas, at least. are there.

  14. William:

    I hear that the consortium want to buy Waterford Crystal only. They do not want the other companies that Crystal purchased. The Waterford Crystal itself is not unprofitable. The English companies they purchased, such as Royal Doulton, lost the money.

    If the Consortium get to purchase the Crystal section only, many jobs will, apparently, be saved.

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