Machholz's Blog

What is truth?


Thanks’ to the gang of 3 .(snap, crackle and pop )

The Irish Debt Clock ticks on inexorably Sunday.11.04.2010

Thanks’ to the gang of 3 .(snap, crackle and pop )

(Cowen, Lenihan & Gormley)

The Republic of Ireland’s national debt is at unsustainable levels and rising thanks due to the incompetence of these economic terrorists and Traitors

€ 79,658,801,354

The FINANCE DUBLIN Irish Government Debt Clock was set at midnight on June 30th 2009, when it was €65.278 billion.

Update March 30th 2010: The NAMA bailout in context

The size of the NAMA bailout, even at the highest estimate made of its funding appetite to date, and reflecting, as it rightly should have done, a conservative haircut of 47 p.c. on loans acquired, still dwarfs the impact on Ireland’s national debt of the underlying imbalance between state tax revenues, and public expenditures. The total cost of NAMA, at its worst, put at something north of €30 billion, was guesstimated by the Minister for Finance to be recoupable within 10 years by the Exchequer in his statement to be found at the below link. This estimate was backed as reasonable by the Governor of the Irish Central Bank, Patrick Honohan on Irish television on the night of the NAMA announcement on March 30th.

Statements on the bailout fromOp-Ed in the March 2010 issue of Finance Dublin: ‘Evidence-based Economics’
NAMA



By contrast, the Irish debt clock, reflecting no element of NAMA in it at all, had risen by €14 billion in just the nine months since the debt clock was set, on June 30th at €65.2 billion. By the end of March it has risen to €79.2 billion. The package put together by the Irish Finance Minister on NAMA shows that the money may be at least recoupable in a period of, perhaps, ten years. The daily deficit spending by the Irish Exchequer deficit is NOT recoupable. Given that the underlying deficit spending of the Government dwarfs the size of the NAMA bailout, a puzzle exists: why did Mr Cowen arrange pay talks with the ‘social partners’ lasting until 3 a.m. on the morning of March 30th at Croke Park, with a deadline of announcing a deal whereby there would be no further public sector pay cuts until 2014, – potentially the most momentous economic decision for the Irish economy in a decade – on a day when 1) the NAMA deal was announced, and 2) the largest domestic insurer was placed in administration? These two events transpired to push reportage on the pay deal down the news schedules on Irish state television and other media outlets. Evidence-based Economics can help put these issues in context. For more on this click here (from the Op-Ed in the March 2010 issue of Finance Dublin):

As
I have stated over and over again this bunch of economic terrorists in the Current Irish Government are not to be trusted and we the people are the only ones that are able to kick them out as the current opposition do not seem to be up to the job and seem to be quite happy to let the musical chairs game carry on for another two years

We the people cannot wait that long, we might not have a republic then!
source link http://www.financedublin.com/debtclock.php

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