Thursday, December 2, 2010
Irish Financial Fiasco
Bob: Greetings an interesting article on Ireland. The bad news in the US as to jobs, is also over here in the UK. The article below relates to the Irish Financial Fiasco. Perhaps it relates to the problem of America unemployment, as a result some Irish may be heading towards Tea Party country. In case you do no not where that country is located it is Boston, Mass. Did you notice Berneke had a meeting with a group of business people and said he was surprised that the unemployment numbers is not falling. Very strange that high Government officials in Washington including the President is not aware of America being de-industrialized. Perhaps Berneke and the President should travel to cities around America where once upon time America industrial might was at full gear, which today is no more, there are many factories that are empty of employees, perhaps we need to Educate our Government officials that deindustrialization creates high unemployment. We also need to educate our politicians that all third world countries that were never an Industrial country maintain unemployment level at 30%. –Joe
Joe: have a look at this website page called INFO WARS IRELAND, it contains a lucid speech given by Nigel Farage to the European Parliament, the speech is on YouTube. –Bob
Nigel Farage says,
“You are very, very dangerous people indeed. Your obsession with creating this Euro state means that you’re happy to destroy democracy. You appear to be happy for millions and millions of people to be unemployed and to be poor. Untold millions must suffer so that your Euro dream can continue. “But it won’t work because it’s Portugal next, with their debt levels of 325% of GDP, they are the next ones on the list. And after that I suspect it will be Spain. And the bailout for Spain would be seven times the size of Ireland, and at that moment all of the bailout money has gone. There won’t be any more. “But it’s even more serious than economics. “Because if you rob people of their identity, if you rob them of their democracy, then all they are left with is nationalism and violence. I can only hope and pray that the Euro project is destroyed by the markets before that really happens.”
Prepare for the stampede. As Britain lends the Irish £7bn in loan and guarantees, a huge job exodus from the Emerald Isle could hit the English mainland. You can hardly blame jobless Irish. Unemployment could shortly hit 13%. You go where the work is - but mainland jobs are also hard to find.
Many Irish - those in work - under the new spending review will also shortly pay tax for the first time. That means many must be tempted to leave, particularly the young and low paid. Not just for the UK but places like Canada and the US - if they can get in. Up to now the Irish have been relatively generous to their unemployed. Unemployment benefit rates are higher than in the UK - benefits start from around £75 rising to more than £160 - though that is a situation that must shortly change with their new austerity review.
Public sector walk-out
Irish think-tank the Economic and Social Research Institute predicts the number of those quitting Ireland in 2010 and 2011 could hit 100,000. Given the state of public service cuts, expect a good proportion of nurses and teachers and other public sector workers to give somewhere else a go. And given the state of Ireland's property market, bank lenders will be factoring in additional defaults as people up and leave.
At least they have a nice shiny new airport to depart from. Dublin's new T2 terminal cost €600m, a by-product of Ireland's massive economic boom that has now turned to bust. (see Financial Times article)