Ireland is suffering badly from a braindead ideological belief in markets and in membership of the EU. There is no, I repeat No discussion, on the possibility of Ireland leaving the EU and joining the UK in Brexit.

Propaganda against Brexit has reached pantomine proportions. Each time Teresa May makes a public statement that Britain is leaving the common market, there is a deluge of commentators attempting to rise opposition to the statement until the statement is repeated again: Oh yes we are, oh no we’re not. Remainers hose the media with anti Brexit propaganda on a daily basis.

Dan O Brien by all accounts can be considered a Remainer. Dan writes a column for the Sunday Independent. On 6 May he examines the idea of a new unified state for Ireland. To understand his article one has to understand that Remainers as a solution to the difficulties posed by NI leaving the common market, have proposed that NI would stay in the common market. They are in effect proposing a United Ireland solution notwithstanding its vehement rejection as a proposition by both unionists in NI and Teresa May speaking on behalf of the government of the UK.

The curious irony in Dan’s article is that he never mentions Brexit once in the whole article. Brexit will put up borders in Ireland and divide this nation further apart perhaps moreso than it ever has been in the past, the proposition that both southern Ireland and NI both leave the EU and join Brexit under some new commonwealth or other constitutional arrangement, is not worth consideration or mention.

Lets look at some more remainer propaganda from our right wing press. On 29th April writing in his column in the Sunday Independent, Colm McCarthy launched an attack on Jacob Rees-Mogg a possible successor to Teresa May who said “If Britain trades on WTO terms, we could potentially slap tariffs of up to 70% on Irish beef. That could bankrupt Ireland, who export £800 of beef to us every year”. He kindly threw in the observation that Britain’s withdrawal would ‘bankrupt the EU’, so important is the UK’s financial support….His alarming estimate of its economic importance is utterly deluded…As to the UK’s (discounter financial contribution to the EU budget , it has recently been running around £9bn /yr. For the EU-27 population of 450 million this works out at £20 per head per year.”

Its alarming Colm McCarthy is ignoring the effects of currency exchange differences between the EU and the UK already hitting Irish exports hard. Its even more alarming considering the impact on agri exports on the real economy in Ireland. Perhaps McCarthy cannot see the wood for the trees. UK has been the EU’s second largest net contributor contributing over £250bn since it joined in 1973.

Our GDP is falsely skewed controlled by Fiscal space imposed on us by the ECB in Frankfurt to prevent us investing in housing infrastructure either inside or outside the M50. Construction on foot of a national emergency has ground to a halt. Multinational activity in Ireland last year boosted growth to 7.8%. But looking into this figure further:

The IMF, in an assessment of Apple’s operations, estimated in a recent report  that the iPhone was effectively responsible for one quarter of measured Irish economic growth of 7.8 per cent last year.

The EU has its eye on taking away from Ireland the pillaged multinational taxes that should be shared among other members of the EU. Is this the glowing successful economy that can be indifferent to Brexit whose impact if e are to believe McCarthy will be indifferent if not felt at all by the EU.

Its likely Brexit will lead to further harmonisation including political harmonisation among states remaining in the EU.

Both in terms of currency, political and economic harmonisation there are interesting parallels between the efforts of Stalin who faced similar challenges and those efforts in the EU to bring about closer harmonisation albeit at the expense of democracy.

Comecon  here describes Stalin’s efforts to set up closer harmonisation and economic ties between satellite states of the old USSR and Russia.

Since the financial collapse of 2010 and subsequent bailouts there have been moves through a policy of austerity and closer regulatory supervision to reduce the likelihood of reenactment and fallout of future economic collapse across the states of the EU.

Bailout and supervision including the fiscal arrangements supervising our economy from the ECB to our Central Bank obedient execution of these policies have had radical impact on our economy.

This impact is little understood and has little media grasp in terms of public debate and has gone unnoticed in public life.

In many ways the harmonisation under public policy across member states through austerity has seen member states of the EU grow more and more dependent on policy set out from the ECB to what are perceived to have been reckless and profligate member states.

The growing influence of the ECB in economic matters has seen the economies of member states grow similar in comparison to the limited freedom of USSR satellite states under Comecon with increased discipline and austerity demanded of bailout states.

In Ireland this has meant the shutting off through stopcock lending policies of development of Ireland’s infrastructure especially in the area of property development.

Ireland’s political class can no longer go on global markets to issue bonds to provide the capital required for large-scale infra structural development. ECB has had its fingers burned before and is using its power and might to exercise frugality and reduce its exposure to future lending default.


The Comecon was founded in 1949 by the Soviet UnionBulgariaCzechoslovakiaHungaryPoland, and Romania.

The primary factors in Comecon’s formation appear to have been Joseph Stalin‘s desire to cooperate and strengthen the international socialist relationship at an economic level with the lesser states of Central Europe,[3] and which were now, increasingly, cut off from their traditional markets and suppliers in the rest of Europe.[4] Czechoslovakia, Hungary, and Poland had remained interested in Marshall aid despite the requirements for a convertible currency and market economies.

These requirements, which would inevitably have resulted in stronger economic ties to free European markets than to the Soviet Union, were absolutely unacceptable to Stalin, who in July 1947, ordered these communist-dominated governments to pull out of the Paris Conference on the European Recovery Programme.

This has been described as “the moment of truth” in the post-World War II division of Europe.[5] According to the Soviet view the “Anglo-American bloc” and “American monopolists … whose interests had nothing in common with those of the European people” had spurned East-West collaboration within the framework agreed within the United Nations, that is, through the Economic Commission for Europe.[6]

Lets look at the tightening noose of the EU on the Irish economy:

Lead article Sunday Times, August 22, ECB rules out respite for PTSB split mortgages. article by Niall Brady, “European banking regulators are set to dash the hopes of 4,300 Permanent TSB customers by ruling that their split mortgages are non-performing, despite being successfully restructured by the bank. this removes any hopes of the loans being removed from a €3.7bn portfolio that Permanent TSB is preparing to sell in order to comply with regulators’ demands that it reduce its high levels of non-performing debt.”

Currently with upwards of 26% of its loan portfolio under water and 14000 of its mortgages up for sale to vulture funds, it appears regulators from the ECB are in full swing to sell Irish customers to the highest bidder, then sell off PTSB itself to the highest bidder. Vulture fund money is preferable to writing off lending to Irish customers as vulture funds will inject money from world markets into the bank thus reducing the bank’s liability to local funds in the event of a future crash.

Is there not something strange in the above? When is the last time you heard the term ‘regulators’ when it comes to the Irish banks? We certainly could have done with some of these regulators in the previous bubble that led to our financial crash and subsequent bailout?

It’s a curiosity for this writer to read Irish economy commentators using statistical analysis from the Irish CSO weirdly combined with classical economic theory based on analysis of this often dubious output making projections on Ireland’s economic outlook.

It’s often allied with heightened frenzy in the media if, for example, a 1% or 2% improvement in wages is noted. Its promoted by the right-wing press as evidence of a booming economic outlook. Its blinded by ignorance of the global shadow economy its vulture funds plundering the Irish housing market so Irish buyers cannot compete.

It’s an Irish economy that no longer serves its people but rather serves the needs of the financial services industry in whose employment are the so-called economists of right-wing liberal agenda wishing this party to continue.

Economists looking at the housing situation wonder why land in Dublin inside the M50 that cannot be rezoned with services and a large building program, sorely needed to relieve shortages and cauterise the bubble that has rents and property costing more in Dublin than the same in Paris or Berlin, are not being built?

The ECB Fiscal space agenda has taken power away from Irish politicians and turned them into puppets whose role is to build confidence as Rome crumbles in the Health Service or the property market.

Meanwhile 3/4 of our graduates intend to flee this right-wing ideological nirvana whose propaganda from the remainers continues to fill the airwaves.

We need to hear more about IRexit as the EU drifts to its new version of totalitarian and anti democratic Comecon.


till again…..



Plan C Irexit

March 25, 2018

Preferred option B for this blog is Irexit with Ireland joining UK Brexit leaving the EU. Unification of the island of Ireland to follow with Ireland achieving a new status similar to the status of Scotland or Wales. All parties to negotiate agreement on new constitutional relationships that would cement economic and social ties seeing to undo the damage done by our divided island that otherwise post Brexit could easily see this island go the way of Cyprus partitioned with its borders and economic collapse with bail in of its citizens in spite of safeguards promising otherwise.

Another option A is the ludicrous suggestion by Fianna Fail of a backstop legally binding that would prevent a hard border in Ireland but would put a border for the 32 counties in the Irish sea. This has been attacked and vilified by unionists and Teresa May as a violation of the constitution of the UK and NI effectively an attempt to grab NI from its constitional place in the UK. Even more ludicrous would be the requirement as part of the deal for unionists to put up a border in the Irish sea preventing them trading freely with their largest trading partner the UK.

There is perhaps a simpler and more logical way forward if Occam’s razor like analysis is applied to the false dilemma and Gordian knot involved in trying to solve with Option A and B above.

NI will join Brexit, the Republic of Ireland will remain in the EU. There will be no hard border between NI and ROI. Instead of the border being in the Irish sea, the border is placed in ports that access EU countries from ROI. Quite apart from Schengen there is precedence for this with countries in the eurozone setting up borders to police immigration in violation of Schengen. However this border would concentrate primarily on trade issues.

Yes this would require a special status for ROI within the EU and would be in breach of Schengen and the free movement of goods and people within the EU but as a buffer state ROI would require exceptional measures with a new custom agreement between partners in shared negotiations between the UK, EU and ROI.

ROI would retain the euro as its currency and generally things would move along the same as they do now, but for the presence of a new border.

This border would be far simpler to police than a border between NI and ROI. Much work would need to be done to accelerate the movement of goods and people through that border. Negotiations could center on making the border as tariff free and as close to free trade as possible.

See earlier blogs on work that has been achieved in Hong Kong border with China. Paperwork and digital pre clearance for agricultural goods and goods from verifiable and known sources trading on a regular basis.

And what of counter arguments that would horrify us with the prospect of Brazilian beef undercutting our own beef prices or goods such as Mercedes cars on sale in UK with an extra tariff and the prospect of those cars imported through ROI into NI and flooding their market undermining their motor sales at the same time?

Yes, there are difficulties. But these difficulties are not insurmountable and our Dept of Finance can solve these on a case by case basis.

Such difficulties pale into insignificance compared to the imposition of a border between ROI and NI with a hard Brexit. Its time Irish negotiations over Brexit became a lot smarter than the ludicrousness of Option A. I note erstwhile Independent Stephen Donnelly trading up to Fianna Fail spokesperson on Brexit is trumpeting the phony solution of insisting on legal backstop for Option A above.

This is as phony a solution as the 8th Amendment support of his leader Michael Martin to abortion based on a woman’s right to choose out to 12 weeks to solve the rare occasions when primary care needs to e given to safeguard the life of a mother. But let’s not digress.

Let’s get back to the lives of citizens threatened with the imposition of a hard border and greater divisions than have ever been on this island between north and south. We should not have to pay through the nose for ludicrous politicians touting phony solutions hell-bent on making a bad situation worse.

Both Simon Harris Minister for Health and Michael Martin FF Leader of the opposition have gone very quiet on their support for the government’s position on the 8th Amendment following the strong showing of opposition to it last weekend.

Interestingly An Taoiseach Leo Varadkar has made a huge about turn on his policy re Brexit. Much criticised in this blog for his decision not to negotiate bilaterally with the UK, I picked up during this week that he met with Prime Minister Teresa May in bilateral discussions following his meetings with Trump and Merkel.

This u turn went unnoticed in the media but it went further than that. The UK were not vetoed by us preventing them get on to Stage 2 Brexit negotiations; in other words, the Stephen Donnelly approach was ignored and abandoned. I welcome that uturn.

Option C requires substantial work but it is doable providing there is good will toward this island from the UK and EU.

Preferred solution is our departure from the EU with Brexit followed by Irexit with further arguments in favour of this option to follow in part 2 of this blog for next time…

We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hardbecause that goal …

Unfortunately we are beleagured by politicians who’ve failed the challenges of homelessness, trolloy crisis, unaffordable housing for young people, Irish water, debt renegotiation: we’ve no reason to think they should not also make a mess of negotiations on Brexit.

As for leaving it to politicians who according to Brendan Howlin TD leader of the Labour Party can be relied on to reflect the will of the people, what a fallacious view of politics? Ask the people are they satisfied with Irish Water, the trolley crisis, housing and homelessness policies delivered by politicians over the past number of years? Or do they consider politicians reflect the view of minorities such as the ECB in Frankfurt, the wealthy financial sector in Ireland, the bankers?

Meanwhile in an attempt to burn its bridges the Central Bank is considering a move to close its printing works removing our ability to print our own currency in the future and in the process lose a national asset:


till again…



December 2, 2017

“He added: “As the British Government has ruled that option out it must offer credible, concrete and workable solutions that guarantee that there will be no hard border whatever the outcome of the negotiations.

“As we discussed today, the period between now and the European Council meeting in two weeks’ time will be crucial – indeed, the next couple of days. So we don’t have long, but I believe that with the right engagement and with the right political will we can reach an agreement on the way ahead.”

Mr Varadkar’s ‘agreement’ is likely to coincide with John Bruton’s view below that the UK should not leave the customs union! This is both naive and foolhardy as it ignores the certainty of Brexit for Ms May’s government who have repeatedly stated Brexit means Brexit means leaving the customs union.

But Mr Varadkar warned: “I am also prepared to stand firm if the offer falls short.” ”

Shirking its responsibility to come up with a solution to Ireland’s border problem with Brexit Donald Tusk head of the European Council passes the buck to Ireland’s Trojan horse.

Tusk is President of the European Council since 2014 .

Ireland does not have a seat at the negotiating table of the EU for talks with the UK.

It’s not in the interest of the EU to lay out a policy document and agreement with the UK over Brexit as this weakens EU and could be a template for other leave campaigns should they arise after the UK. There are compelling reasons for Italy, Spain, Portugal and Cyprus to leave.

In Ireland anti Brexit sentiment among political parties is at its highest.  For example  John Bruton describes how leaving the EU puts Brexit in conflict with the Interlaken principles of the EU. Of course it does. They are leaving not joining the EU.

Brutonbelieves a solution to the border problem is that the UK should not leave the customs union and it should agree to a 6 year interim Brexit period during which he hopes the UK can be persuaded to change its mind.

Bruton and the EU and Ireland are practiced in multiple referendums until the result they want is forcibly achieved. No longer espousing democratic principles the will of the people regarded as malleable or an indifferent inconvenience that is easily subverted.

The principle of democracy with Brexit demanding the UK leave the customs union is strongly defended by the UK.

Fudging of Brexit demands that the UK reconsider its position is weakening the possibility of an agreed solution that won’t impose a hard Brexit.

Let me put forward a solution that will maintain the Irish Republic in the EU. If the EU made an initial spend of 50bn euro to support Ireland during Brexit this would make the spend on our population of approx 5,000,000 at 10,000 euro per person.

Currently , NI has the highest public spend in any region of the UK with approx 15000euro per person.

This would compensate us for loss of trade and provide for our border out of public funds.

MrTusk and fellow European politicians have not been talking of any financial support for Ireland. Perhaps negotiators can enlighten us on why this is so.

Following our financial collapse and bailout we did not even get a ghostly presence of European politicians but we did get threatened by the bailout team supported by EU politicians who demanded terms that horrified the IMF.

It would appear post Brexit Ireland would have to be raised to the status of a protectorate and thus financial support for our loss is required.

It’s a tragedy that the Irish border will reemerge as a reminder of this divided island and divided people.

Withour common heritage and vast diaspora in the UK we should be leaving the EU with Brexit invoking an Irexit that can unite north and south and the UK.

The south has been a huge loss to the north and visa versa. We need northern Ireland politicians and southern Ireland politicians to bring this island forward rather than backward into a broken past.

Irexit will not mean MNC’s leaving Ireland. MNC’s are global in their sales. Irish farmers would continue to sell into the UK and worldwide. A free trade agreement with the EU will need to be agreed. Irish educational institutions and universities and public services especially healthcare would require upgrade and harmonisation with our UK counterparts.

Alas the political will and talent for examining the benefits of Irexit as opposed to remaining in the EU under the likes of Irish Water’s Phil Hogan keep the media in myopic tunnel vision focused on remain with the topic of leaving kept out of public discourse.

A few years of the consequences of Brexit for this island may leave it too late to get a better deal for Ireland leaving the EU.

Meanwhile we lurch blindly towards the nightmare destiny of the island of Cyprus rescued by EU bailin of depositors money in its banks recently following financial collapse of Cyprus.

Post Brexit we can easily become “…the Republic of Cyprus is de facto partitioned into two main parts: the area under the effective control of the Republic, located in the south and west, and comprising about 59% of the island’s area; and the north,[24] administered by the self-declared Turkish Republic of Northern Cyprus, covering about 36% of the island’s area. Another nearly 4% of the island’s area is covered by the UN buffer zone.

The international community considers the northern part of the island as territory of the Republic of Cyprus occupied by Turkish forces.[25][26][27][28][29] The occupation is viewed as illegal under international law, amounting to illegal occupation of EU territory since Cyprus became a member of the European Union.[30]”

What a mess Irish politicians are making and they are making it bigger.


till again……………

Anti Brexit Poodles

November 21, 2017

Occasionally the mask slips to reveal what our future in Europe actually means.

Ineffective, inarticulate policies from Enda Kenny to Labour’s Alan Kelly to Simon Coveney to the present incumbent, ‘Housing Minister’ Eoghan Murphy are couched in vainglorious nonsense about percentile increases in the building of social housing exploiting the propaganda value of building 150 houses against 100 houses last year is a 50% increase.

So why are the 15000 not being built that are required?

Eoghan Murphy:  They are saying we need to forget about the Fiscal Compact for a few years. We have a national emergency?

Brussels: Nein, nein, nein. We have  no homelessness and refugee crisis. Forget zat. No more billions for ghost estates no nonsense.

Maybe when you pay back €30 bn to our banks we give you some more?

You tell them every country has homelessness.

According to Varadkar Ireland’s homelessness is low by international standards. Probably referencing an OECD Report that came out in 2015 which warned that statistics comparing countries were not like for like. Many countries include those living at home with parents who would like to own their own home but can’t afford one. Or women forced to live in a safe refuge. Neither numbers are included in Ireland’s statistics, if they were our statistics would more than double.

Varadkar could also be referencing the latest OECD Report:  see above.

You might be surprised Ireland has only percentile .08% compared to eg Sweden .25% or Austria .17% or Germany .42% or France .22%. But look at the data for the last column which references a Yes or No to whether the figures include more than persons 1) living rough 2) living in emergency accommodation 3) living in accommodation for the homeless. The answer is No for Ireland.

Plus in Ireland’s case its certain the figures are inaccurate and do not take into account the explosion in homelessness from 2015 to the present day.

According to the above figures Ireland has 3,625 homeless which is completely false.

A more reliable benchmark is provided by Focus Ireland

“The most recent figures show that 806 young people aged between 18 and 24 are homeless in Ireland. This is an increase of 14% from September 2016 to September 2017. These figures count young people who are accessing homeless accommodation funded by local authorities. Since this the department began recording these numbers in June 2014 youth homelessness has increased 93%” Figures do not include those forced to remain at home unable to leave home because of the affordability issue…..

The most recent figures show a record total of more than 8,374 people homeless in Ireland. Nationally there are now 5,250 adults and 3,124 children homeless meaning more than 1 in 3 people experiencing homelessness is a child. The total number of people homeless rose by 25% from September 2016 to September 2017. The number of children has risen by 28% in the same period from a total of 2,426 children in September 2016.

Children now account for 37% of those living in emergency accommodation.”

Minister Damien English doesn’t want these facts examined as it will frighten foreign investors. The government’s chief housing adviser Conor Skehan has said homelessness is a normal thing, it happens.

I presume Conor also believes the vast tracts of land owned by local authorities that government policy refuses to build social housing on, is normal as well!

In 2014 Professor Eoin O’Sullivan stated that we could end homelessness by 2016 by redirecting funding  “The target to end homelessness by 2016 can be achieved if funding is diverted from expensive emergency accommodation to long-term sustainable homes, an international expert on Irish social policy has claimed.” That’s a laugh.

It’s rather a simplistic and quaint idea that boggles the mind as to what is meant by not funding emergency accommodation. Perhaps he meant families can sleep rough for free in his back garden.

But the point is taken that resources have to be made available for local authorities to build on a large-scale on lands they already own. Why don’t they build. If they built and prices fell, current lending by the banks would fall into negative equity leading to vast numbers leaving the market at once and possibly another banking collapse?

Speaking yesterday at a symposium on the Ethics of ‘Home’: Direct Provision, Homelessness and Ireland’s Housing Policies, Eoin O’Sullivan, professor of social work and social policy at Trinity College Dublin, said he was sceptical about claims that Ireland was facing a tsunami of homelessness.

Varadkar’s claim coordinated by his propaganda department of spin is an ominous sign of growing dictatorial totalitarianism at the heart of Europe and Ireland. The people are not listened to. Opposition to the status quo is smothered and quelled.

Such policies couple with our dysfunctional policing management, our dysfunctional waiting lists in our public health service  consultants paid in full on contracts that see them spend most of their time working in private health care, our declining universities and a growing gap between rich and poor worthy of banana republic status replete with the homeless forced into winter doorways or sleeping under bridges.

Profiteering banks want monies spent on social services to go into their pockets instead.

The democratic will of the people is being stamped out with a political agenda intolerant of dissent from its own people.

Politics itself has become dysfunctional with the Dail morphing into an estate agent. The leading opposition party under Fianna Fail in its confidence and supply agreement has underwritten the above policies of Fine Gael making any opposition or opposing policies from its side wholly hypocritical and inept.

So-called stable government this has helped brought about perpetuates the role of this state in Europe as an undemocratic protectorate of German and French banks and a failing EU. Sadly those on the take in Ireland have the upper hand.  Sheriff of Nottingham banks and political parties with the support of Europe are intent on transfusing as much blood from this country as possible.

This is done with policies to protect extortionate profit takers in the housing and property business, reducing the amount spent in public services such as health and education.

The future as set out by Brussels is more of the same and Irish poodle politicians lead the way in an anti democratic movement against its own people.

Being anti Brexit for people on the take in Ireland who wish the above party to continue is de rigueur even as the EU swings more and more to the right.

The only hope is that the UK will present an offer to southern Ireland attractive enough for it to consider joining the UK on Brexit. This would have an All Ireland unity component not as the mongrel foxes of Fine Gael would have it as an All Ireland outside the UK and remaining in EU with the 6 counties leaving the UK.

Ireland should leave the EU and join with NI in a united Ireland in a new commonwealth arrangement with Scotland, Wales and England. We do not have to be shackled by history in preparing for a common future that will benefit all.

A challenging and enterprising goal remains of a United Ireland joining a commonwealth of Scotland, Wales and England that would free us from the path to totalitarian domination by the right and restore social democracy in Ireland with a fair deal for all who live on this island.

We might have to wait a long time for this to occur.

For those politicians who laugh at this idea, consider this following extract from

Estate ownership and management in nineteenthand
early twentieth-century Ireland

“On absentee estates a great deal depended upon the efficiency of the estate agent. Ingeneral, the employment of agents (except in the case of smaller estates managed by their owners) was the most common form of estate management in nineteenth century-Ireland. Some ofthe greater estates employed a number of sub-agents supervised by the chief agent who, in turn, was accountable to the landlord himself. Agents were responsible for collecting rents (which were usually collected twice a year on appointed gale days in May and November and often in local hotels or estate offices in nearby towns) as well as eliminating arrears; keeping accounts; drawing up leases and ensuring that their covenants were adhered to by ten tenants; supervising estate expenditure; overseeing improvements; carrying out evictions; and valuing property. They often had to arrange their employer and seek abatements of interest on existing liaise between landlords and tenants, receiving petitions from tenants, receiving petitions from tenants particularly for reductions of rent [5]. Land agents were responsible for all aspects of estate administration and in the final analysis for managing expenditure on estates in their charge.[6]”

Our membership of the EU has brought us a puppet parliament unable to house, educate or give adequate primary health care to the people of Ireland forcing the emigration of the best and most talented.

Our property and housing crisis is completely dysfunctional and our health system is growing more so. Even young people with high academic qualifications in long term secure employment and high salaries are contemplating emigration because they cannot afford to purchase a place of their own.

Things don’t change that much. Nowadays Dail Eireann manages our estates and estate agents and absentee vulture fund landlords. It does little else.

Little change from the nineteenth century.

We have given up our sovereignty to Europe for this. We’ve heard it all before, Yeats September 1913:

Was it for this the wild geese spread 
The grey wing upon every tide; 
For this that all that blood was shed, 
For this Edward Fitzgerald died, 
And Robert Emmet and Wolfe Tone, 
All that delirium of the brave? 
Romantic Ireland’s dead and gone, 
It’s with O’Leary in the grave. 

till again….




Irexit  under Brexit?

“Imagine that the UK and EU form a free trade area, but that the UK sets a 20% tariff on Japanese cars, while the EU sets a 10% tariff. Without border controls between the UK and EU, everyone would import Japanese cars into the UK via the EU — which would undermine the UK’s trade policy. Similarly, imagine that the UK does a trade deal with the US, and agrees to admit American beef duty-free, while the EU retains a 15% tariff. Again, absent border controls between the UK and EU, everyone would import US beef into the EU via the UK, thus undermining EU trade policy.”( Kevin O Rourke )

“The resolution rubbishes Britain’s proposals for an infrastructureless NI border based on spot checks and says that the UK plan for a lack of physical infrastructure “presumes that the United Kingdom stays in the internal market and customs union or that Northern Ireland stays in some form in the internal market and customs union”. The PM has ruled out keeping the UK as a whole in the customs union or single market.”

It is now the case  negotiations over Brexit are focusing on 2 key areas 1. the Financial and 2. the Irish Border.

To understand the latter consider the impact on Spain of Catalonia leaving Spain purely from a trade perspective; or California leaving the US; or Kerry leaving the Republic.

By way of further clarification could I take issue with the use of the term Sovereign Republic of Ireland in Brexit negotiations : “Sovereignty is the full right and power of a governing body over itself, without any interference from outside sources or bodies. In political theory, sovereignty is a substantive term designating supreme authority over some polity.[1] It is a basic principle underlying the dominant Westphalian model of state foundation. ”

Ireland has given up large chunks of its sovereignty to the EU many EU treaties ago and can no longer consider itself a sovereign republic.

Back to the point:

O Rourke quotes: “The Union shall comprise a customs union which shall cover all trade in goods and which shall involve the prohibition between Member States of customs duties on imports and exports and of all charges having equivalent effect, and the adoption of a common customs tariff in their relations with third countries.”

Clearly we deduce Ireland if it remains in the EU cannot negotiate a FTA (Free Trade Area) for itself to set tariffs on imports. If it did so, it would have to pay for and accommodate an expensive border. Ireland must abide within European rules.

So we are left with the remaining option to consider, NI remains within the customs union.

Leaving aside objections by the DUP let’s go back to the sovereignty definition above. The British people have voted as a democratic people for Brexit. This means at the very least leaving the customs union with a new sovereign UK setting its own custom duties on imports and exports and rejection of a common customs tariff set by the EU.

But Kevin O Rourke in this paper offers many compelling reasons for Ireland to remain in the EU largely attributing Ireland’s prosperity to its membership of the EU. Unfortunately his arguments view membership of the EU through rose-tinted glasses.

For example he ignores the fact that FDI investment in Ireland through the 90’s to this day largely exports to the rest of the world and not the EU.

Our membership of the EU is a card largely overplayed to explain the attractiveness for Ireland for FDI. Ireland has many other attractions for FDI other than membership of the EU. Ironically many of Ireland’s tax policies are considered by the EU as anti-competitive and unfair and are targets for revision.

O Rourke ignores the hosing of free money into Ireland through its membership of the EU area and the lack of financial controls that led to investment of large parts of this money into an unproductive housing and property market, with growth impelled through construction of ghost housing, land lordism, commercial property markets that were stoked in rush to profit margins by Irish banking under a Central Bank largely government free of ECB European regulation.

Ireland’s financial collapse circa 2010 was made in the promise of membership of the EU providing financial stability of our economy freed of exchange rate controls and uncertainties due to our national currency.

We would be free of such unforeseen consequences as financial collapse? In that regard membership of the EU has been a dismal failure whether through Irish or European bad governance.

We currently have a debt to GDP ratio of 75%

Since the Paradise papers and before the above 75% is unreliable as its made up of figures from our multi nationals that through means such as the famous Double Irish involve offshore sales, trick accounting methods dubious to say the least.

Here is Ireland’s €200bn+ debt clock and the figure rises by the second. It rises by over €300 per second. Our financial affairs and our banks are still in a perilous state.

Our banks are vulnerable to external shocks such as Brexit. UK is a major market that will instantly make our agri exports uncompetitive and through  inward flow of cheaper goods could severely damage our retail industry as well as our agri industry.

We havn’t done as well out of our membership of the EU as europhiles like O Rourke would have you believe. We gave away our fishing industry, compare ours to that of Norway, ” With a coastline of more than 83 000 km, including fjords and islands, Norway is one of the world’s leading nations regarding the production from marine fisheries and aquaculture. The fisheries sector has always played a key social and economic role, nationally and regionally, and has been the basis for settlement and employment along the entire Norwegian coast. The vast marine areas under Norwegian jurisdiction are among the most productive in the world and provide ideal conditions for aquaculture production. Fishing and fish farming represent 0.7 percent of the gross domestic product (GDP) in 2010, with 12 900 full-time equivalents employed in the sector. In 2009, Norway ranked 11th in global capture fisheries production and the 7th in aquaculture production. It produced 3.5 million tonnes of seafood, about 25 percent coming from the aquaculture industry. ”

We have legacy issues stemming from financial collapse not the least of which is our homelessness, property crisis and trolley bed “8101 patients on trolleys in September 2017 awaiting admission for in-patient treatment. This represents a 7% increase when compared to September 2016.”

Society in Ireland is more unfair and fractured the gulf between rich and poor widening rather than decreasing.

Membership of the EU involving tax harmonisation, defence, and EU trade policies changing with UK under Brexit make a compelling reason for Ireland to review its membership of the EU.

It seems to me we have 3 choices.

  1. Remain in the EU and take what comes. This would be economically, politically and socially a disaster for Ireland. O Rourke states “Those who want Ireland to leave the EU know that they are in a small minority, and many will not come out and argue for their position particularly strongly, for fear of being laughed out of court. The evidence that our prosperity is based on EU membership is overwhelming. ” O Rourke’s remain case is underwhelming to say the least as he cites the success of Finland in 1991 required to face up to consequences of break up of Soviet Union and Denmark in 19th century to withstand tariff changes. The problem here is we live in a new era of a global economy and switching from beef to dairy will not help us. We do not have a manufacturing base to rely on. Our property market is as dysfunctional as it was before the crash of 2010. Ironically, if our property market had been more successfully cauterised than it has been with bailout and with NAMA, we would be in a better place to deal with Brexit. As it is our economy is extremely fragile.
  2. We could follow Switzerland and leave the EU–European_Union_relations  This would mean “The relations between Switzerland and the European Union (EU) are framed by a series of bilateral treaties whereby the Swiss Confederation has adopted various provisions of European Union law in order to participate in the Union’s single market. All but one (the microstate Liechtenstein) of Switzerland’s neighbouring countries are EU member states.”
  3. We could leave the EU and negotiate a Commonwealth FTA agreement with the UK that would include a 32 county dimension. This would invlove a political solution involving the island of Ireland and a new parliamentary democracy with Dail Eireann replacing Stormont. Legacy historical issues involving relationships between communities in a new Commonwealth of nations, Scotland, Wales, England and Ireland with greater freedoms in each jurisdiction would be a bold enterprise that could strengthen the island of Ireland and provide it with a dynamic future unfettered from the past that has cost Ireland dear.

O Rourke states: “Those who want Ireland to leave the EU know that they are in a small minority, and many will not come out and argue for their position particularly strongly, for fear of being laughed out of court. The evidence that our prosperity is based on EU membership is overwhelming. ”

O Rourke makes many fine points but overall i find his arguments for staying in the EU underwhelming. The EU is heading for greater centralisation and more exclusion of the periphery that will be to our cost. It has already been to our cost in its refusal to burn bondholders and saddle us with the cost of bailout to the dismay of the IMF.

I respect his opinions but take issue with his poorly chosen remarks above. There is a far greater number of Irish people critical of our membership of the EU as evidenced in our previous votes on Treaty matters, than he would lead us to believe.

Critics of our membership of the EU grow by the day. It would be much more helpful for informed debate if views on both sides were respected and derisory tones were left aside to allow evidence to speak for itself.

Evidence mounts by the second we should elevate the position of Irexit to give it the intellectual respect it requires by both our politicians and academia in Ireland. Its largely not debated whatsoever in RTE.

One political canard in this debate that informs debate at the moment is the unstated possibility that NI would leave the UK and join Ireland in a sovereign, united Republic and remain a member of the EU.

Firstly, we are no longer a sovereign nation. Secondly, while the Irish government may not respect the votes of the Irish people on European Treaties, Brexit will happen. NI as part of the UK with the DUP support of Brexit and the present government of the UK; to consider the possibility of NI leaving the UK under Brexit is ludicrous.

But if the proposal gains traction these facts will become immediately apparent.

New European Army !

Swamped by negative feedback from the citizens of Europe back in the ’50s the proposals to build a new pan European army with a new defence pact are back on the table:

“At least 20 EU members are expected to sign a new military collaboration pact – known as the Permanent Structured Cooperation (PESCO) – as early as next week.”

In a previous blog I’ve noted ”

Jean Claude Juncker has also suggested that EU member countries should give up their right to veto new tax laws.

With  UK Brexit Ireland will have no friend in the EU to protect its interests as it becomes cocooned under German and French control as a new buffer state between the EU and UK.

The European spider as it has done under bailout will suck this country dry.

Already this country is a pawn in the negotiations exploited by the EU to damage Brexit and the UK.

Our bid to host the 20123 Rugby World Cup was a fail beaten by South Africa of all places

But it is nothing to the failure of this government to chart us through Brexit waters which becomes more apparent by the day.

In general the bill for the mess has been put on the shoulders of taxpayers with the rich able to avoid those taxes and the bill is going to mount considerably.

Legacy issues hold us back:

Problems such as our homelessness and property crisis have been solved before when we were outside the EU. Fiscal rules within the EU prevent us investing in the infrastructure to solve the housing crisis so we increasingly see matters getting worse due to band aid efforts to protect the rich including our own banks.

Professor Drudy has solutions that are withheld from the public and he gets little publicity. But solutions such as his require us to reexamine our relationship with membership of the EU. We urgently need to recognise our need to join Brexit with Irexit to prevent lasting damage to the people of this island north and south.

Professor Drudy Committee on Housing and Homelessness



till again….

The Chocolate Eclair Budget

October 12, 2017

  1. The Backbone

Rising inflation and rising public utility charges will instantly erode any gains made by anyone in the budget. But most people when the rises of €3 –  €5 come in April 2018 should be able to afford a box of chocolate eclairs from their local supermarket.

But TD’s will gain approx €70 increase their rises come in Jan 2018.

The budget has no more backbone than a chocolate eclair.(1)

“Then-Assistant Secretary of the Navy Theodore Roosevelt got creative when he likened President William McKinley’s scruples (or the lack thereof) to a pastry: “He [McKinley] has no more backbone than a chocolate éclair.”

Here in Ireland we are in the midst of McKinley type politics with governing parties signed up to do nothing at most or as little as possible to resolve the deepening crisis in our health and property crisis.

In response to rules in 2012 brought in by Joan Burton  recovering at present from her failed efforts to imprison water charge protesters, charges thrown out by the courts, Finance Minister Pascal O Donoghue has stated such rules were bonkers eg discriminating against women who took time off to care for the elderly, in so doing the state a great service:

“”The advice I have available to me is that if we were to look to try to rectify this issue in one move in a single Budget, it would cost hundreds of millions of euro for me to do,” he added.”

Vacillation and kicking the can into the future.

In his budget speech O Donoghue in his introduction made a reference to the word ‘Compact’. Most people would miss the reference (2): This a nod to our European budget masters. They make sure we are not investing away ‘unnecessarily’ our Pension funds or worse issuing bonds to finance any large-scale procurement programmes to build housing and hospitals.

Fiscal compact defines the parameters of our budget.

Coming in as number 3 in our budgets largest spend is the amount set aside to feed our insatiable debt of circa €200bn mostly gifted to us in bailout during a time when there were no cheerleaders visiting Ireland to tell us how Europe would come to our rescue and share our burden. Now we have frequent visitors from the EU commission and European parliament to express solidarity with us!

Keeping budget deficits under control by failing to tax the rich and corporate Ireland in a time of national emergency and a housing crisis is our obeisant poodle politics at its most compliant  and obsequiously  subservient to our European controllers.

Our colonial past combined with a culture of authoritarianism within the Catholic Church has made it difficult for us to think independently as a nation in spite of rebellious artists and writers.

But we live in a time of massive genuflection to those who control our economy from Brussels.

Irexit is simple off the table as a political discourse and topic of debate especially on state subvented RTE….Getting back to our subject:

By way of comparison President  Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was an American engineer, businessman, and politician who served as the 31st President of the United States from 1929 to 1933 during the Great Depression. made many mistakes in reacting to the Great Depression eg

“The Smoot-Hawley Tariff Act, for instance, which Hoover signed reluctantly, raised tariffs on thousands of imported goods and initiated a trade war between the United States and Europe, thereby exacerbating the global economic downturn.” but he did achieve the following:

“The Federal Home Loan Bank Act attempted to provide incentives for new home construction and addressed the struggling housing sector. The Revenue Act of 1932 increased corporate and personal income taxes to unprecedented levels to fight the depression.

…Hoover launched a massive public works program, part of which included funding for construction of the Hoover Dam on the Colorado River. His administration implemented stronger protections for labor and substantially increased federal subsidies for agriculture. Hoover also played a key role in passing the Glass-Steagall Act of 1932, which limited the activities of commercial banks in an attempt to stabilize the banking sector.”

The Hoover administration’s final attempt to stymie the Great Depression was the Emergency Relief and Construction Act, also signed in 1932. The Act provided government-backed loans to banks and created public works projects in the interest of increasing employment. This blueprint was greatly expanded by Hoover’s successor, Franklin Roosevelt. Roosevelt’s New Deal, along with the economically stimulating onset of World War II, would effectively end the Great Depression.

In contrast Roosevelt was president from 1933 to 1945, longer than anyone else
in American history; he was elected four times. He took office at one of the worst points in   the Great Depression but told the American public, “ The only thing we have to fear is fear itself.” The early part of his presidency is remembered for the New Deala group of government programs designed to reverse the devastating effects of the   Depression.

“There are two ways of viewing the Government’s duty in matters affecting economic and social life. The first sees to it that a favored few are helped and hopes that some of their prosperity will leak through, sift through, to labor, to the farmer, to the small business man. That theory belongs to the party of Toryism, and I had hoped that most of the Tories left this country in 1776.”(3)

“My program, of which I can only touch on these points, is based upon this simple moral principle: the welfare and the soundness of a Nation depend first upon what the great mass of the people wish and need; and second, whether or not they are getting it.”

“Yes, when–not if–when we get the chance, the Federal Government will assume bold leadership in distress relief. For years Washington has alternated between putting its head in the sand and saying there is no large number of destitute people in our midst who need food and clothing, and then saying the States should take care of them, if there are. Instead of planning two and a half years ago to do what they are now trying to do, they kept putting it off from day-to-day, week to week, and month to month, until the conscience of America demanded action.

I say that while primary responsibility for relief rests with localities now, as ever, yet the Federal Government has always had and still has a continuing responsibility for the broader public welfare. It will soon fulfill that responsibility.”

Compare the above call to action to the vacillating long-fingered and painful dilly dallying approach of the present government’s pie in the sky incentivisation of private developers with lending and tax relief incentives to build unaffordable housing for young families!

This approach has already failed and is now compounded with a complete absence of large-scale public procurement programmes to build social housing to end the scandal of homelessness…….

Roosevelt’s New Deal speech spoke of “Blame ourselves in equal share. Let us be frank in acknowledgment of the truth that many amongst us have made obeisance to Mammon, that the profits of speculation, the easy road without toil, have lured us from the old barricades. To return to higher standards we must abandon the false prophets and seek new leaders of our own choosing.”

Lets not delude ourselves many in our society are living off the pigs back as well paid TD’s or public servants members of the elite managerial class rewarded handsomely for their lack of effort and ability.

“Never before in modern history have the essential differences between the two major American parties stood out in such striking contrast as they do today. Republican leaders not only have failed in material things, they have failed in national vision, because in disaster they have held out no hope, they have pointed out no path for the people below to climb back to places of security and of safety in our American life.

Throughout the Nation, men and women, forgotten in the political philosophy of the Government of the last years look to us here for guidance and for more equitable opportunity to share in the distribution of national wealth.”

Unfortunately, here in Ireland we have no Roosevelt, our national parties of Fine Gael and Fianna Fail have become inextinguishable and unified as one.

Divisions between rich and poor have been compounded in recent years. We are heading for a south american style gulf between rich and poor energised by increasingly dictatorial Brussels as its member parliaments drift radically to the right eg Viktor Orbán in Hungary. Many see the drift to the right as similar to the drift that took place in Germany prior to the rise of naziism in the 30’s.

People do not get a fair deal in Ireland.

2 Shoe Boxes

Since the global financial crisis trillions have been poured into banks and financial institutions by the FED to reignite a broken financial system and get the economy going again.

Failure to legislate to control housing and property prices has led to this market being turned into casino investment subject to predatory exploitation and speculation by developer landlords many of whom are TD’s, rich speculators and vulture funds.

Government has done nothing to reign in this exploitation of Irish people especially the young attempting to gain a foothold for their families in the property market.

Vast amounts of financial resources in the form of vulture funds compete against private individuals to move them out of the property market providing rich financial pickings. Controlling rental markets that can extort any rent speculators wish to use extract profit.

People deserve to be defended by government and not be exploited by government.

What used to be homes has now been turned into property casino chips that prey upon victims destroying community and making decent family life unaffordable.

This is not just happening in Ireland. It has already happened elsewhere as in the USA.

“But it’s not just a low-income problem

You’d think that only low-income families would be stuffed like sardines in New York’s claustrophobic apartments, but that’s changing. While around 24 percent of crowded households self-identified in the bottom 25 percentile of income, 19 percent were in the top 25th percentile.

The average household income for people living in these crowded households increased by 2.7 percent between 2005 and 2013; the median rent, meanwhile, increased 12.8 percent. In other words, the rise in rents far outpaced the rise in income among people who live in crowded conditions. Here’s how the report puts it:

This suggests that the affordability of the City’s rental housing stock may have played a role in boosting crowding.”

You would think that part of the solution of Ireland’s homeless and property crisis would involve looking abroad for solutions we could implement here.

You wouldn’t expect the present government to import disastrous solutions to our housing problems that involve stuffing tenants like sardines into apartment blocks. But that is exactly what is proposed. 

Fine Gael/ Fianna Fail plan to execute previous failed plans to stimulate private developers to address the housing crisis caused by lack of affordability and supply. The previous economic model that existed prior to our descent into the EU would have allowed government to raise loans on the open bond market, use Pension funds. However, our membership of bailout EU means our Fiscal Space (disposable income available for investment in our budget) is severely curtailed.

Our budget is largely out of our control as it is set out for us by the European Central Bank and its Fiscal Compact even though we go through mock-heroic rituals in the Dáil to pretend otherwise.

Some believe the only powers remaining in the Dáil is the power to preserve Dáil salaries.

So where is Ireland’s property market and homelessness crisis going under the present government?

The last few weeks provided a number of clues.

Reported in Glenveagh backed by Oaktree a vulture fund will probably target apartment building where apartments will be rented not sold to tenants.

Apartment sizes will likely be smaller:

“new orders will allow developers to have up to 50 per cent studios in a development as long as it contains 50 apartments and is “within walking distance of centres of employment or on or immediately adjoining major employment sites”.

“Earlier this year, Dublin City Council was excoriated for proposing studio apartments of 45sq m in just over 7 per cent of new apartment blocks, as long as they were in rental complexes of more than 100 units, with extra communal services.”

I’m not sure how communal living will be served by renters in shoe boxes living like sardines in a tin alongside young families in apartments too small for their needs. But the proposal is developer friendly addressing the conundrum of affordability vs profitability. Profitability will not be compromised by making these shoe boxes ‘affordable’. The formula is to sell 2 for the price of 1 maximizing profitability while reducing the quality of living standards.

Affordable is a curious term with many meanings. The real meaning becoming more evident by the day is that ownership will become less possible as an option. Instead vulture funds with access to vast funds will buy up all property both commercial and private. With the market cornered and contained they will be in a position to extract as much profit from letters and renters as they can get.

So-called democracy and capitalism in the west under the increasing financialisation of the global economy is fast disappearing. Private ownership of property is increasingly the preserve of state like conglomerates comparable to the communist USSR of old. Inevitably, the percentage of salaries required to finance extortionate property renting/let costs has significant impact on the real economy, the real economy suffering because capital is being hoovered out of the real economy to fund the profits of the growing minority who are the 1% benefitting.

affordability does not mean reducing the profits of vulture funds and private developers. It certainly does not mean reducing house prices to make the cost of property reduce thereby dropping people with large mortgages into negative equity perhaps leading to a property sell off and negative equity that might endanger the banks.

Commercial and private property has been switched into casino chips played as a high stakes game by the rich. That part about ‘for the people, by the people, of the people’ has been transposed by financialisation into  ‘for the rich, by the rich, of the rich’. The EU has become the servant of this new ethos with its vast bureaucracy.

We need Irexit to support Brexit but under unspoken censorship laws the subject is off the table.

    3 Brexit Talks Collapse

Talks on Brexit on brink of collapse,

It’s hard to see any agreement whatsoever pre Brexit between the EU commission, the EU parliament and the UK. A hard Brexit is almost inevitable.áil-exchange-1.3252219

“Rounding on Mr Martin, the Taoiseach said: “Is Fianna Fáil, the republican party, arguing now we should start training up Border guards, getting dogs ready, checking out sights for Border posts and truck stops ?’’

There has been a Leaked revenue report detailing the horror consequences of Brexit for Irish business. This has been witheld from public release. Part of the budget was announcement of unnecessary expenditure of €5ml on a communications(propaganda) office for government.

Yes, he should be scoping out Border sites and training border guards to prepare for the likelihood of a hard border. Varadkar in not preparing for such likelihood exposes himself as a head in the sand political stooge of Europe.

He should expect a phone call from his European masters telling him the date Ireland has to prepare for to make preparations for its hard border with the UK.

All the more reason for Irexit from Europe.


till again…..


  2. Fiscal Compact

Abandon Ship!

September 17, 2017

The only hot air in Project EU at the moment providing wind in its sails is the ludicrous notion that the inner core of EU member states should gang together to disenfranchise the PIGS to protect the banks of inner core member states such as those of France and Germany.

They are worried that in the event of a future calamity they may not be able to bully peripheral members of a PIGS alliance into submission as happened in the case of Ireland and Greece.

It’s a Goldman Sachs bankers view of the EU not one based on democracy or the democratic entitlements of the people of the EU. A way to sell the idea is to garnish it up under the camouflage of strengthening European democracy however contradictory this notion is.

Consider the following:

Irish MEP’s are among the least influential of MEP’s in the European parliament mainly because of the number of left-wing and independents in the Irish contingent.

“The annual survey shows that in a scale of one to five, Irish MEPs are in the second least influential cluster of national delegations in the European Parliament.”

Consider also Jean Claude Juncker’s (President of the European Commission), State of the Union  a  wake up call to those who support Ireland remaining in the EU.

Perhaps this will waken up some blindfolded Irish europhiles. But I doubt it as they are too well taken care of financially and otherwise on their junket trips to the halls of Val Halla in Brussels. Supporters of IRexit take note.



“And we can take credit for having brought public deficits down from 6.6% to 1.6%. This is thanks to an intelligent application of the Stability and Growth Pact. We ask for fiscal discipline but are careful not to kill growth. This is in fact working very well across the Union – despite the criticism.”

With zero interest rates growth has been dismal the only difference being tools to generate growth are disappearing fast while a landslide collapse of stock markets fueled by the drying up of Quantitative Easing yield a future of a European deflationary spiral rather than growth.

But even this growth is illusory a good example being that of Ireland where inflated property properties help the financial sector to pretend the real economy is growing rather than the true picture of paper driven financialisation driving the economy down.

Working well? According to Juncker this the Financial and Growth Pact lock on our fiscal space means we cannot tackle our housing crisis by investing the billions it requires to build homes to end homelessness and end the racketeering speculation that is driving the middle class out of property ownership into the hand of rental speculators.

Juncker’s vision for Europe contains some disturbing contradictions.

One is reminded of some quotes from George Orwell:

“All animals are equal, but some animals are more equal than others.”
― George OrwellAnimal Farm

“No one believes more firmly than Comrade Napoleon that all animals are equal. He would be only too happy to let you make your decisions for yourselves. But sometimes you might make the wrong decisions, comrades, and then where should we be?”
― George OrwellAnimal Farm

Juncker writes:

“…..Now is the time to build a more united, stronger and more democratic Europe for 2025.

“We are now protecting Europe’s external borders more effectively. Over 1,700 officers from the new European Border and Coast Guard are now helping Member States’ 100,000 national border guards patrol in places like Greece, Italy, Bulgaria and Spain. We have common borders but Member States that by geography are the first in line cannot be left alone to protect them. Common borders and common protection must go hand in hand.”

In regard to Brexit the border between NI and the south would appear to be ripe for the injection of a large number of officers from the new European Border and Coast Guard.

Perhaps under pressure from the expense of this undertaking Juncker during Brexit negotiations is hoping the Irish contingent to approach him to fund and supply this border police force.

Such an eventuality of course contradicts the illusory “more democratic Europe for 2025”

I can’t find any proposals for more democracy if you take away the call for more debate on these matters. Its talk without action.

“The future of Europe cannot be decided by decree. It has to be the result of democratic debate and, ultimately, broad consensus.”

Consider the following on the proposed operation and expansion of the European Border and Coast Guard.

Perhaps our depleting security presence of An Garda and defence forces should take note as apparently help is on hand with the imminent arrival European Border and Coast Guard. We will have no need of a state militia to build up our border patrols under Brexit.

“…for the first time since walls
were torn down a generation ago, the recent crises
have led to temporary controls being reintroduced
at certain borders within Europe.

…….Management of
external borders is the primary responsibility of
individual countries, but cooperation is reinforced
thanks to the operational support of the European
Border and Coast Guard. Continuous improvement
to border management is needed to keep up with new
challenges. If this is not done, some countries may
wish to maintain targeted internal controls…”

Clearly Juncker is advocating a stronger and less democratic system of policing and border control one that will replace “targeted internal controls”.

Critics of the EU have long pointed at the insider/outsider distinction between those on the periphery and those countries wielding the most power. Summed up in the PIGS acronym referring to the economies of the Southern European countries of Portugal, Italy, Greece, and Spain and Ireland.

Juncker proposes to solidify this by removing veto rights from periphery members with:

“A group of Member States decides to cooperate much
closer on defence matters, making use of the existing
legal possibilities. This includes a strong common
research and industrial base, joint procurement, more
integrated capabilities and enhanced military readiness
for joint missions abroad.”

Conversely those hoping for a more democratic Europe with greater financial involvement in solutions to national health and housing crises perhaps having an equivalent to CAP(Common Agricultural Policy) with a CHP(Common Health Policy) will be disappointed.

“……..Conversely, the EU27 stops acting or does less in
domains where it is perceived as having more limited
added value, or as being unable to deliver on promises.
This includes areas such as regional development,
public health, or parts of employment and social
policy not directly related to the functioning of the
single market.”

This document was written by bankers for bankers perhaps by Goldman Sachs. Its main interest is security to defend its own interests.

It wants the EU to starve public finances under the ruse of a so-called Fiscal and Growth pact to take power away from democratically elected politicians, remove their powers to control national finances and their obligation to respond to the needs of people for health, education and roofs over their heads. This is written for bankers by bankers.

Its not of the people, for the people, by the people. Think of a small eurogroup in the EU commission handing down what its been told to do by bankers led by Mario Draghi, the ECB and Goldmann Sachs. Think of Mario Barroso former EU commissioner with his contacts taking up the mobile phone on behalf of Goldmann and calling up Juncker!

Reading this document the most Ireland is going to get out of the EU to solve its housing and A&E crisis is the use of the EU’s bathroom here, by way of comic relief:

Jean Claude Juncker has also suggested that EU member countries should give up their right to veto new tax laws.

“The president of the European commission, Jean-Claude Juncker, spent years in his previous role as Luxembourg’s prime minister secretly blocking EU efforts to tackle tax avoidance by multinational corporations, leaked documents reveal.”

Juncker is behind EU proposals for CCCTB Common Consolidated Corporation Tax Base that will involve a large loss in revenue to the government. There is a proposal to tax technology companies and support for a Euro Finance Minister note below (won’t be funding a Common European Health Policy building a health infrastructure for member states).

It’s interesting that Europe’s share of global GDP is in sharp decline. Note EU27 includes UK 4% below so instead of 22% EU26 following Brexit will drop to 18%.

Brexit will provide opportunity for the UK to compete against the EU26 for a bigger global share of trade with the remaining 72% of global GDP.

Its trade will continue with the EU with the EU exposed more to the loss of a surplus trade balance with UK. To explore some of the full facts around this issue see here:










There is talk of a group of countries working together and agree on a common “Business Law Code” unifying corporate, commercial and related domains of law, helping businesses of all sizes to easily operate across borders. Think of them and us and a lurch to the centre.

There is nothing good in any of this for peripheral countries. Everywhere you look the veto and democratic involvement of peripheral countries is being under current proposals curtailed and reduced. This represents continuing erosion of democracy in Europe.

Embarrassed by growing centralisation with its drift towards totalitarian domination of the periphery europhiles are on the ropes defending the EU with ‘this will not get support’. Yet these proposals are in black and white given as where the EU is aiming to get to.

Banking union is not where EU missiles are aimed. This would put the inner core responsible for bills worked up by the ‘profligate’ periphery. Thinking banking union is on the cards for the EU is simply pie in the sky and nowhere is this mentioned in Juncker’s state of the union speech.

A eurowide insurance system to pay out when economic disaster befalls a member state is far from what inner core members of the EU want. There will not be a FED to bail out the EU’s Nevada.

In the following clip Jean Claude Juncker speaking of the EU, the future, peace. The irony is the flawed design of the euro is contrary to economic growth and political stability.

Note the answer to the question re Barroso and Goldman Sachs asked by the second young interviewer here (following 2016 State of Union speech). There is a need for a 10yr moratorium on members of parliament working for the banking industry.

Perhaps a banking union with transparency and accountability templates can be presented to the EU parliament at some point for discussion, but under present leadership dominated by France and Germany, this is unlikely.

More likely is the spider analogy with the periphery cocooned and prepared by the inner core ready for future consumption.

Ireland’s future lies outside the model for EU conceived by Juncker. On Defence, on CCCTB, on diminishing democracy, due to proposals to prevent veto especially on tax matters. On centralisation drift vis a vis European Finance minister there is likely to be more consolidation into authoritarian and cohesive centralisation.

Consider Ireland’s danger to its sovereignty and diminishing status as a sovereign republic. The notion of 32 county unified republic in this EU is an affront to the principles of democracy.

Consider the disastrous trade loss by Ireland’s agri industry on top of the lack of competitiveness for Ireland’s exporters due to a lower sterling.

Our relationship with EU becomes increasingly similar to the relationship between a bank and a property owner with an overhanging default risk.

They want  the money and no way will they allow us any role in running the bank.

Our future lies outside the EU in a new relationship with NI and the UK hopefully with a 32 county NI and republic of Ireland that will future proof economic and social progress not harm progress already made in NI and Southern Ireland.

You need a new vision for that.

Politically on bailout our relationship with EU has been one of hapless indifference and incompetence as we wallow and swallow euro dreams that have long since turned sour.

Time to find a way out before things become a lot worse….but perhaps things have to get a lot worse before this message gets across.


…till again









Head in Sand

August 28, 2017

Hitherto the Irish position on Brexit has been to ridicule the British negotiations post Brexit and hope Brexit will go away.

The EU have provided no plans on what they demand our border with NI should be. They demand these plans from British negotiators

We need to cost the border  with the European Commission, we need to examine what type of border will be put  in place.

We will be required to service and pay for its cost. Think of paying for a leg amputation for yourself to help you win a marathon you are competing in.

Putting the head in the sand and demanding the UK alone find solutions is reckless and irresponsible.

We are after all minions of the EU and we deserve to know what plans the EU post Brexit have in store for us.

The ludicrous demand the European Court of Justice will have jurisdiction in UK post Brexit has been shelved.

Germany’s proposition of a joint UK-EU panel as ultimate judge has now to be examined by each of the 27 member states before joint response.

Germany dictates the course of these negotiations.

You can see wheels will turn slowly if at all. Copy that methodology to every issue to be evaluated by each of the 27 member states and wonder will any Brexit deal pass muster with the EU.

Every dot will require an agreement from each of those member states.

A clean break without agreement would appear to be on the cards.

Pressure is mounting on Ireland to take a more active role in negotiations.We should encourage a more bilateral role for Ireland in these negotiations.

Instead in obedient compliance our head in the sand attitude has dispatched us to bottom of the class relegated to begging those issues effecting Ireland get highlighted.

Dubious and often unreliable and false figures of leprechaun economics frequently emanating as propaganda  from our Central Statistics Office ( CSO ) tell us our economy will boom over the  coming years.

This is challenged by the pain felt by our exporters into the UK market. Pain is being felt right now as sterling reaches an all time low against the euro.

Meanwhile sterling gets a boost for its exports while it’s imports drop. Many British holiday makers choose to stay at home rather than go to the EU including Ireland.

Lower exchange rate is already helping the British economy.

Sterling’s slump will cause many of our exporters to go out of business sooner rather than later.

Our  banks still teeter on the brink. Permanent TSB has over 20% of its lending in crisis. Expect large-scale repossessions.

Previous declaration on this blog on the need for Ireland to set up its own public Bank to provide low-cost building finance received a new twist this weekend.

I have outlined many times how resistant government is to resolving the housing crisis.

If construction and greater numbers of units coming to market brings down the cost of property this could damage vulture fund investments in Ireland, outstanding loans in our fragile banking system could go to negative equity setting off another sell off and another banking crisis.

But we live in an era of casino banking and homes are no longer homes but investments to gamble. There is clear evidence to show the middle class can no longer afford homes.

Supporting banks now translates to screwing the homeless and newer generations seeking a home.

Government has chosen a course to deny the needs of its people and capitulate to every demand from its corrupt financial sector.

Illustrating this fact this weekend was the reported case of Public Savings Bank Sparkasse which writes 50% of all German mortgages.

The bank operates similar to a credit union system not as transparent or public led as Public banks such as Bank of North Dakota advocated as part of a solution to our property crisis here….but ticks lots of the boxes required for a public bank.

It could make large savings for people applying for mortgages offering a lower by far interest rate on mortgages.

Sunday Indo reported 27th August “Sparkasse’s project manager in Ireland:

” I hear that politicians may be discussing in the background that the Sparkasse model may be threatening for the privatisation of AIB or BOI.”

Alas there is no real plan to tackle housing. Coming up with a plan to tackle housing might even threaten the banks in spite of how ludicrous this sounds

A properly funded Housing Agency coordinating policy, funding and provision of public housing is deeply and urgently required.

It needs Plan A to tackle the housing sector in Ireland. There is no sign of it coming soon. Plenty of little trees but no forest.

Dublin city council has a plan to fast track provision of 8000 housing units west of Adamstown but this may turn out to be pie in the sky.

By itself it doesn’t come close to address the number of units required annually over coming years to address the shortfall.

Likewise NAMA published a paper in 2015 on its plans but many plans have been shelved and NAMA is not held to account.

The Public Accounts committee should have NAMA and bankers in on a weekly basis to defend their activities in the property sector.  NAMA benefits vulture funds more than the Irish people while it’s activities are put beyond accountability and investigation.

Our Freedom of Information Act requires serious alterations to remove the Chinese Walls cloaks of secrecy protecting indefensible shortcomings and failures in NAMA.

The question why vulture funds instead of native developers and government as brokers using our pension fund have not acquired property suitable for relieving our housing crisis from NAMA is evidence of large failure by government.

There is no evidence to show government ever considered competing against vulture funds for NAMA property.

Countrywide councils are not funded to provide housing. This is the ideological fallout of a government right-wing party that has produced no position papers that address the crisis apart from 29 published housing initiatives that have all failed.

The reason for failure is FG and FF both are controlled by their banking financial sector and by large numbers of TDs in excess of 35% benefitting as landlords from increased rental prices.

They do not see it as the job of government to provide public housing.

Most of those failed plans try to incentives the private sector to build and construct residential property. But our developer and construction sector is broken.

The large players, Irish developers fallen victim of our property crash have been broken by NAMA.

NAMA has serious questions to answer on how it has broken the native capacity of developers in the Construction Federation of Ireland to grow our construction sector.

Government should serve the people. It is not fulfilling its mandate.

Many believe it can no longer respond to the needs of the people.

It’s not fulfilling its mandate constructed as it is by the banking sector complicated by incompetent compliance and useless obedience to the EU.

Till again…

Varadkar’s Vassals

June 28, 2017


In his book, p97  “And The Weak Suffer What They Must” Yanis Varoufakis gives praise to the following rather prescient observation of Margaret Thatcher, a politician he has next to nothing in common with:

“But if I were (playfully considering the notion if she were governor of the European Central Bank), there would be no European Central Bank accountable to no one, least of all to national parliament’s. Because under that central bank there will be no democracy, (and the central bank will be) taking powers from every single parliament and be able to have a single currency and a monetary policy and an interest rate policy that takes away from us all political powers.

Those words have borne true for politicians in Ireland and across Europe. Consider that new phrase ‘Fiscal Space’ that arrived on our shores only a few years ago following a visit from the troika. This means Europe dictates budgetary limits it has set for us, our politicians cannot borrow on behalf of the state to invest in the public housing infrastructure the state requires to combat homelessness.

With Ireland €200 bn in debt, political roles reduced to being the obedient and compliant messengers of European dictats  Ireland’s politicians have struggled to pretend otherwise. They pretend to have the power to end our housing crisis, to build our hospitals to build the infrastructure a growing population requires.

Instead of large-scale municipal housing projects, hapless “Help to Buy Schemes” for first time buyers has had the opposite effect of increasing prices for first time buyers.

Government  encouragement of the private sector to take the lead in increasing public housing stock on the scale required to end homelessness and extortionate rent, has failed. But politicians wishing to pretend they have the power still pretend they can respond to the mandate of the electorate that gave them their vote.

Instead Ireland is run managed by our banks and anonymous unelected officials from the European Central Bank and the European Commission more secretively by Ireland’s Economic Management Committee. Not even the European parliament as a toothless legislator can change that.

Investment in capital infrastructure in education, research and in health is bottoming out to make further burdening of the electorate of the present and the future, look dismal in the extreme.

In such a situation you would imagine that debate on whether it is wise that we should remain in the EU or exit alongside the UK would be worthwhile. but you would be wrong if you did.

We appear to have a severe case of Stockholm syndrome ..” is a condition that causes hostages to develop a psychological alliance with their captors as  survival strategy during captivity”. However this analogy is not completely fair as both our European captors and our politicians appeal to our sense of well-being promising a return to the good days prior to what Lisa Hand described as:

It was like a physical punch in the gut. Outside on Merrion Square, frozen snow glittered on the streets. But it was nothing compared to the icy chill which hung in the air of the press centre in Government Buildings on the desolate night of Sunday, November 28, 2010, as the packed room watched a group of strangers from the IMF, EU and ECB settle into seats just vacated by the Taoiseach and two cabinet ministers.

This Troika was our new government now – unelected, unwanted and absolutely indispensable. Three Kings bearing a bitter gift of €85bn for a broken nation teetering on the edge of the precipice. Thirty pieces of silver in exchange for our hard-won, precious sovereignty.”

On many levels we inherit an erstwhile disastrous  membership of the EU: political disempowerment above coupled with an unelected an unaccountable European Commission, unconscionable bailout that burdened Ireland with losses that should have been shared by European banks, billions that have been lost through our loss of fishing grounds, the prospect of Brexit causing losses of €5bn annually of agri business and further massive losses as yet unquantified, disastrous and deteriorating public services that presently buckle on the point of serious short fall.

The real problem with the euro is that it doesn’t have a system of circulating surpluses and deficits among member states as exists in the US under the FED. Instead the broken economies or Europe are meant to recover through a system of bailout and austerity in which every penny lost has to be returned from borrower to lender. This puts severe stress on already broken economies such as Greece.

Devaluation for member states as a system of self-regulation is not possible so states already burdened by bailouts are further burdened by austerity.

This is a loop that cannot be broken except by the breakup of the euro. Perhaps this fact alone is at the heart of Brexit many politicians in the UK perhaps having foreknowledge of the imminent breakup of the euro itself.

Negotiations over Brexit not only flag the exit of the UK from the single market the euro represents, but also flag the very survival of a euro severely challenged as it will be by Brexit.

Notwithstanding a budget deficit that is currently under control though weighed down by over €200bn of public and private debt, a serious housing crisis disastrously managed by NAMA (who’ve alarmingly sold off housing stock to the lowest bidder rather than contributing to the supply of housing in a broken residential housing market); Ireland INC finds itself inflated by rising housing prices;  a return to a bubble economy supported by fragile banks facing what could be a greater threat to its economy than the meltdown of 2010, Brexit.

In place of flooding propaganda from both media and political sources denouncing Brexit with an arrogance that grows by the day, there should be an informed debate on whether we too should exit the EU.

The EU does not work anymore. Its unelected and unaccountable  bureaucracy has forced member governments into submission to a euro system that is proving disastrous for member countries leading them down to a path to ruin.

Without economic shock absorbers see below it has failed to deal with the financial losses of meltdown inherited through the 2008 Wall St crash and has sought to recover by a system of bailouts kicking the can into the future rather than healing the wounds that brought periphery nations such as Ireland into economic collapse.

Following 2008 Nevada in the USA went into financial collapse. Though a system of deficits and surpluses administered by the FED surpluses of states were channeled to this deficit state along with measures to rein in its banks and put the state back on sure-footing.

No such system exists in the EU. Instead vast losses were piled on the shoulders of deficit states and their taxpayers burdened with these losses through bailouts growing the gulf between rich surplus nations and deficit nations.

The policy of returning member states to economic growth has failed in Europe. Further centralisation of Europe can only mean less democracy for member states and increasing authoritarianism for member states.

EU  has drifted far from its original aspirations.

As political accountability has lessened the gulf has grown between the disenfranchised poor, the people, and their politically disempowered representatives.

Can things get worse? Sure they can:

“Once Draghi stops buying government debt, we may see a meltdown in the euro altogether.

The ECB wrote: “It is to be expected that significant developments on both the global and the European level will increase the risks posed by clearing systems.”

ECB is moving financial clearing houses from London to Paris.

Into this vacuum has stepped the far right introducing the nightmare scenario of the rise of extremism growing by the day awakening memories of Germany in the twenties and the consequences of this for democracy. This is engendered by a Europe run by a faceless bureaucracy, a European Commission that is held unaccountable to political movement by the people, a toothless European parliament that cannot legislate for the people.

Meanwhile 2 more banks in Italy have failed “Two more Italian banks failed over the weekend– Banco Popolare di Vicenza and Veneto Banca.Banks in Italy”. It will take €17bn of taxpayers money to bail them out.

This will come close to emptying the pockets of taxpayers but the story only begins here and offside hidden in the wings are a vast number of other banks in Italy struggling under the financial losses hidden away since the 2008 financial collapse tsunami that swept across Europe in 2010 until now.

Next move will be to raid depositors money with bail in as happened in Cyprus.

Varadkar’s  statement that his door is always open to the UK to talk not of Ireland also exiting with Brexit but of UK remaining in the EU shows a  contempt for the will of the British electorate who’ve voted Brexit.

Ireland does not think twice of holding referendum after referendum until the people are lied to enough to ensure their compliance with the will of compliant and obedient politicians.

I’m sure his door is always open is persuaded by his failure to attract any interest from NI politicians in Irish government calls for a United Ireland while remaining in Europe. Surely one of Fine Gael’s greatest political conceits.

Arlene Foster has just done a billion sterling deal with the Tories in the UK in return for minority support of Tory government. Her DUP party campaigned in favour of Brexit.

It will be interesting to see how much of this money will go towards the provisioning of border controls between NI and southern Ireland when Brexit comes about. For sure this money is meant to cushion and shock absorb NI from the effects of Brexit especially in its relationship to Southern Ireland.

Interestingly no similar commitment has been forthcoming from the European Commission as a buffer support of southern Ireland. Nor have Irish politicians been engaged in any public lobbying of the European Commission other than the acknowledgement of the empty acknowledgement Ireland is a special case!

In regard to the provision of housing, health and education we have to question whether democracy in Ireland exists anymore.

See this def:

” :  government by the people; especially :  rule of the majority 

:  a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections

Varadkar’s government’s failure to make good their promise to build social housing only 10% of which were built last year from a ridiculously low base shows political impotence.

Varadkar is wedded to further erosion of democracy and would not think twice of re-running any Irish referendum if it didn’t suit his preferred outcome. This is implied in his door open statement.

Varadkar’s future for Ireland is a Vassal Irish state with powerless politicians paid exorbitantly to groom Irish voters to accept all medicine from Europe as it plunges Ireland into deepening austerity.

The future of such politicians comes with the tantalising opportunity to progress to political positions in any number of the vast network of Brussels based European institutions who run our lives without accountability or democratic input.

The forces ranged against rational debate of an Ireland IExit proposition in support of Brexit are extensive and wide-ranging. Interest groups against Brexit range from politicians to public servants, to farmers, to the financial sector, all of whom are beneficiaries of the current status quo inside the EU.

Government budgetary considerations trundle along on receipts from a ruinous property sector, Corporation tax receipts that can collapse at a moments  notice under adverse pressures from Donald Trump to Donald Tusk, President of the European Council.

Not leaving out the security costs of a hard Brexit border and the extra tariffs charged against our exports to the UK under Brexit. Perhaps large-scale emigration endured over previous years will return to take pressure off our public services.

We should be talking to the European Commission on the question of monetary flows from the European Central Bank into Ireland from surplus EU members to help us shock absorb Brexit. We’re not.

The fact that instead the European Commission, as it did for our bailout forced us to take it on the chin for Europe without its support on burden sharing, will leave this country to fend for itself under Brexit, should be sufficient reason for our politicians to want out of the EU.

We do indeed exist in a financial bubble many on this island benefit from. Many wish this party to continue. Storm clouds are gathering however and all bubbles are easily burst. Looks like Ireland could be one of those bubbles that Brexit bursts first.

This will happen in spite of Varadkar’s vassals putting their heads in the sand and hoping for a good outcome for Ireland under Brexit.

This will happen in spite of efforts by Mario Draghi, President of the ECB or Donald Tusk President of the European Council cementing the relationship of the European Commission and Ireland by perhaps making Enda Kenny our ex Taoiseach Tusk’s successor while embarrassingly our state crumbles under the effects of Brexit.

On such an imaginative digression, I thank you for reading the above.


till again

The Centre Cannot Hold

June 12, 2017

The shock of British Conservative losses clearly shows the distrust of the electorate in regard to dictum that politicians are there to serve the needs of the people not the banks.

People are revolting against those political parties and politicians in league with the banks and financial services industry who loot people through austerity and no taxes for the rich.

People want ownership of their democracy back from politicians who troll for the rich while public services are looted through austerity. The middle class disappears leaving an increasing banana republic divide between rich and poor.

Following bailout money was printed out of nothing given to the banks and financial institutions as a reward for driving financial collapse!

The rich feasted on a frenzy of investment into stocks and shares and bonds it was hoped would also stoke economic activity. This has created the irony that since 2010 the books of many large corporations show slowing economic activity while their stock prices through artificial printing of money have since gone through the roof!

A corollary of this was austerity which sought to make the poor pay for losses stoked up by the rich.

With austerity and asset support of the rich in every feasible way possible through globalisation, the increasing power of the financial sector sought new speculative interests to assert its growing power.

Under the flag of austerity the financial sector has brought pressure to bear on politicians under its control and spell to privatise public services everywhere from healthcare to education to water supply hoping such utilities could be laundered into privatised assets to benefit the share speculators in large financial institutions.

Austerity made asset stripping of public services and asset stripping of public ownership of residential housing, health care and education the norm. Lack of public housing programmes allowed speculators to drive up property prices to unconscionable levels.

Further erosion of the middle class is evidenced in the lack of affordable public housing with the control of residential property passing into the hands of rich property speculators and vulture funds to further enslave the young whose ability and right to hold private property is under challenge.

An alliance between right-wing government parties, the banks and financial institutions and rich property speculators and developers drove property prices to the bubble levels they are today.

The crash of 2008 being just a minor blip on such policies that continue to this day with homelessness and hospital trolleys the new norm while the economy becomes laundered into that which has more in common with a banana republic than a modern democracy.

Clearly young people are voting against centre right parties whose collusion with the financial centre has brought about fewer full-time jobs, zero hour contracts, unaffordable and zero opportunity to purchase property to start a family home, lack of decent health care and a collapsing and unaffordable health system.

The current leader of the Fianna Fail opposition, on the election of Taoiseach in waiting, Leo Varadkar,  stated Fine Gael needs to do more on housing and homelessness and health, while his confidence and supply agreement and support of Fine Gael joins him at the hip with Fine Gael against a public programme of public housing.

Collectively they are yoked together by the yoke of Fiscal space an imperative imposed on them by Europe. Arguably in effect these politicians are powerless pretenders offering us policies that claim far more than they can deliver.

According to Philip Ryan Sun Independent, 11 June, p5 ” TD’s came under fire from the public after the last budget when their pay was to increase by €2,700 in April. Now they will get an approx €5000 on top of this which would restore 98pc of the salary cuts they received throughout the recession”

Such political hypocrisy has become the new norm. Further examples of political hypocrisy are evidenced in the collective failures of Simon Harris, Simon Coveney and Leo Varadkar to offer mere band-aid policies to end our housing and health crisis. Many members of such right-wing parties have vested interest in buy to let properties and own a portfolio of residential housing stock. They have no interest in bursting the housing bubble or ending homelessness.

While it would be easy to declare the need for TD’s as unnecessary and obsolete in particular ministries for Health, Homelessness and Education, as they have no power to bring about policies people require, as ‘Fiscal Space’ governed by Europe and Ireland’s banks, we must retain the hope that some politicians will emerge from young voters with enough intelligence, determination and ability to prevent Ireland’s slide into Banana Republic mode.

Both Fine Gael and Fianna Fail are signed up to the odious control of our fiscal sector by Europe, both are signed up to the austerity mantra of reducing our public sector including reduced pay for new entrants. Both are signed up to reduced taxes on the wealthiest including on those working in the financial sector.

Woven into the spider’s web are bailouts of the financial sector shouldered by weak politicians lacking in public spirit and enthralled by the financial sector.

Failures in the euro zone have shown how influenced the euro zone is by its crippled dependency on the banking sector. Most of the banking sector in Italy is insolvent. Spain has just seen Santander absorb Banco Popular previously one of Spain’s largest banks.

Spain’s Banco Popular got taken over by Santander for the sum of one euro. It had approx 37 bn in toxic loans on its books.

Some shareholders will get hit but the bulk of its toxic loans will remain toxic but Santander will attempt to hide them.

Popular had its share price nose dive recently on foot of bad lending practices and losses last year of 3bn euro.

Italy is filled with banks on the verge of collapse without a Santander to bail them out.

Part 11

In our banking sector we face the imminent sale of a 25% of AIB.

In Budget 2014 Noonan changed the law to prevent insolvent institutions setting 50% of their previous losses as DTA or deferred tax asset against future tax charges, to 100%.

This could mean AIB will not be required to pay a penny tax out as far as 2050.

In a sound bite heralding the sale Noonan praised the offloading to the private sector of the bank compared to its retention as a public Bank that could be subject to political interference.

Leaving aside the raft of political appointments to the banks such as Dick Spring or Alan Dukes or the lack of regulatory laws in Ireland or the lack of any supervision whatsoever.

Consider the political boosting of property bubbles that led to collapse.

Consider the range of bubble inducing legislation over the recent while including first time buyer grants that have helped inflate a toxic bubble in our property market once again.

With such evidence we need not worry that retaining AIB as an Irish Public Bank could damage Irish taxpayers.

The evidence is clear there is far more likely risk of toxic involvement of the state in the private banking system than there ever could be in a public bank.

So what would a public Bank be like? Consider the operation of the Bank of North Dakota.

The many benefits of this bank are that profits are returned to the state. It can support a municipal and public housing programme. It’s mandate is to support communities rather than the black hole of shareholders out for their own profit.

It can be regulated and controlled in a manner that existed prior to 1994 where deregulation of the banking sector began in earnest.

What is Noonan doing instead?

The bank will pay No corporation tax for 30 years. We have a housing emergency in Ireland where 3bn from the sale of AIB needs to be invested in an urgent municipal housing programme to end the growing scandal of homelessness and patients on trolleys in hospital wards.

The sale will cost taxpayers millions in lost revenues as the bank returns to profit. It has recently provided dividends for the state a large proportion of which will be lost on the sale.

Another reason not to sell is Brexit which will put severe stress on our economy.

We could do with a bank that might be a solution to help our economy rather than exacerbate a broken economy.

It makes no sense to pay down 3bn against our overall debt levels of which this is a drop in the ocean.

It is ludicrous that 3bn if this is raised is sent into a black hole that makes no difference except an Exchequer loss that is sent into the black hole of Europe’s financial sector evidenced in the Santander Spanish and Italian debacle that could be better spent on emergency capital projects that are much-needed. Nor have I mentioned Greece.

A public bank will give us greater leverage in negotiations over Brexit. Noonan disgracefully got us a poor deal (no deal) on renegotiating our bailout debt. He defended bondholders against the public interest. He welcomed in vulture funds to Ireland and rolled out the carpet of tax-free perks for speculative interests. Tax payers and the rights of the people of Ireland were jettisoned through incompetent handling of our financial crisis. It looks like Brexit will turn out an even bigger mess.

We need to jettison Europe and negotiate our own Iexit from Europe. We should be looking to negotiate a new united Ireland with our friends in NI with the view to becoming an all Ireland commonwealth partner with the UK, Scotland and Wales.

Protecting social services, health and education should inform our negotiations with the EU and UK as we move away from the EU which has dismally failed to live up to its expectations, but instead has become a toxic and Orwellian Black Hole dooming this island to homelessness, falling standards in social services, education and health care, such standards are about to get a lot worse.

There will be no bailouts of the public sector similar to the bailouts it provided our financial sector to allow it to give perks such as the recent €5000 our TD’s awarded to themselves to keep themselves sweet.

On the one hand Irish taxpayers get to raise €3bn for our bailout lenders, on the other Irish investors in such shares can get severely burned in a Brexit downturn.

There is of course the loss to Ireland’s taxpayers of a public bank that could be managed to support the needs of Irish taxpayers rather than the requirements of looting vulture funds and asset strippers or at best blind investors who are cogs in the machine that is taking us nowhere.


till again.