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Archive for October, 2009

NAMA Toxic Loo !

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Mr. Raymond Crotty

 

“Our Enemy the State”

A Tribute to Mr. Raymond Crotty 1925-1994

Economics Lecturer

Trinity College Dublin, Ireland.

An excellent article sent to me, by Christopher M. Quigley, B.Sc., M.M.I.I., M.A., WealthBuilder.ie | October 30, 2009

 

“Our Enemy the State”, so said Raymond Crotty in 1988 in his book “A Radical’s Response”. In this treatise Mr. Crotty, former farmer and economics lecturer at Trinity College, tried to explain why Ireland should not have joined the EEC. Through his efforts the constitution was correctly used to try to protect the Irish people from what he saw as abuse of privilege by an immoral political class that usurped power from the British in 1922. This class, he believed, were using the resources of the Irish people for their own selfish benefit.

What would Mr. Crotty be saying now about the “EEC” which has now morphed into the (communistic) European Union? To get a sense of how he would be thinking I include some excerpts below:

“Sixty years on (1986), the Irish economy is back again to a position similar to that of 1922, immediately after the break with Britain…….Joining the EEC seemed, in 1972, the answer to 50 years of failed self-government. Fifteen years of membership of a Community comprising all the former capitalist colonial powers has done nothing to alleviate, but much to aggravate the problems of the former colony……This happened also with the earlier Union with Britain, which brought untold hardship on the Irish masses, while, as intended, securing the position of the elites who engineered the Union. The new Union likewise has resulted in wholesale loss of jobs, a quadrupling of unemployment and an increasing extreme dependence on subsidies from, and credit through, the EEC.”

Thus we can see that though much has changed since 1986, unfortunately most remains the same in 2009.

Ireland is now lurching toward financial ruin through NAMA (the National Asset Management Agency, its home-grown form of quantitative easing) and out-of-control public sector borrowing. Many would say that it is the financial crisis that caused the problem however, I believe, it is the failure of our political class to ethically regulate itself which is the true source of the current mayhem. This class is working closely with a golden circle to bail itself out yet will now leave a “bill of costs” which will cripple the Irish public finances for decades. This class has sold out the country to a super socialist Europe that forces itself into every aspect of out lives to the detriment of real freedom. The ongoing erosion of our liberty is clothed in a veneer of “greater good” but the effect is social atrophy. This governmental “fabianism” will result in the control of everything by an all powerful bureaucratic elite, where “ownership” is valueless due to carbon taxes, government regulation, local authority supervision, clerical intrusion and stealth constraints.

As Crotty predicted, the state is no longer the friend but the enemy of the citizen. This situation was always the case in mainland Europe and throughout the British Empire. Constitutions were thus developed by revolutionaries, such as DeValera (the Irish Prime Minister), to tame the power of the ex- colonial states. This lesson of history has been forgotten by the “new” Irish and they have now sold their children’s birthright to elites, while they allow themselves to be brainwashed by sport, by the X-Factor, by crime-watch, by global warming, by “swine flu” hype, by media consensus and other “timely” nonsense.

To quote Mr. Crotty again:

“A number of expedients have been tried and found to yield short-term benefit but longer term aggravation of the original weakness. Protection gave jobs in the 1930’s; but it was no longer tenable in the 1950’s, by which time it had done irreparable harm to older, non-protected industries. Deficit financing, particularly with the Whitaker stratagem built in, made all things possible, including a public debt in 1987 equivalent to 160% of GDP. ………There is no light at the end of this tunnel. The unbroken record of undevelopment in all former capitalist colonies is that the road the nation now follows ends in collapse and chaos. The experience of 65 years of self-government points to the same ending (how prophetic he was). But that is of less consequence to the poweraholic establishment than that they should remain in charge. Hence their insistence that there is no alternative to the present course though it must end in disaster.”

Thus we can see that Ray Crotty knew in 1986 that the European Experience would end in disaster for Ireland, and we currently who are socially conscious, are experiencing a political catastrophe of unspeakable proportions. To repeat he foresaw all this.

But Mr. Crotty did not leave it there, he used his considerable intellect to propound a way forward, an analysis which we know all too well was never followed. His solution could be applied even now, if only we found the will and the determination. His formula for economic and moral salvation runs as follows:

“It is not difficult to identify the nature of the change that is necessary to transform Irish undevelopment into development. That change is determined by the character of capitalist colonial undevelopment and the mechanism of its implementation, as analyzed here. It involves essentially eliminating capitalist colonial privilege and its associated disabilities which are maintained by a state that is the direct descendant of and heir to England’s Dublin Castle rule in Ireland. Producers are charged too little for land and capital and too much for labour. ……All taxes should be removed from labour (PAYE & PRSI) and the things that labour buys (VAT). Tax revenue from land and from the financial system (Banks, Insurance Companies and Building Societies) should be maximized. In addition, in order to save revenue and to preclude further borrowing by corrupt and corrupting politicians, the public debt should be repudiated. …..The proposed fiscal changes would transform Ireland’s undeveloping economy into a developing one. Given that transformation, it would be feasible to reappraise critically the Irish state. The state is the enemy of the nation and has been the cause of its undevelopment. But even as the nation has been undeveloped by the state’s actions, the people have looked more and more to the state to remedy the situation.”

In the year of our lord 29th. October 2009 The Irish people somehow must start rejecting the local/international enemy now robbing the national coffers. Raymond Crotty cries out from the past and his call in 1986 (in hindsight) was prophetic, insightful and true. He was not listened to then and we are paying the consequences. It is never too late to admit one was wrong, to brush oneself down and learn to start again, but this time can we move onto the right road, not some media induced, delusional escape hatch? Can we run the enemy within, out and redevelop ourselves? History shows that all things are possible, particularly to those who wait and act with a sense of the time and moral destiny.

Reference:

“A Radical’s Response”

Raymond Crotty

Poolbeg Press

Dublin 1988

Postscript

“Everyone carries a part of society on his shoulders,” wrote Ludwig von Mises, “no one is relieved of his share of responsibility by others. And no one can find a safe way for himself if society is sweeping towards destruction. Therefore everyone, in his own interest, must thrust himself vigorously into the intellectual battle.”

Ludwig Von Mises

The Austrian School of Economics

Iceland losing its big Mack’s

Iceland

Is closing down its three McDonald’s restaurants, hit by rules that it must buy imported beef and other ingredients from Germany with its beaten-down currency. “The economic situation has just made it too expensive for us,” Magnus Ogmundsson, the McDonald’s Iceland franchisee, told Associated Press.

more at  http://blogs.wsj.com/source/2009/10/27/iceland-loses-its-golden-arches/


This is the NAMA Gravy Train!

Remember the Dail gravy train?

This is the NAMA Gravy Train!

 

NAMA will open up an enormous opportunity for endless streams of funds for politician’s pet projects

With the annual running costs projected at €240 million annually according to the Irish times ,with this kind of money sloshing around you can be sure that the friends of friends will be well looked after !

At the same time we read that

TAOISEACH Brian Cowen


Yesterday warned campaigners for lower income families that significant cuts in social welfare will be included in the forthcoming Budget.

When will we see the anger that is building up within the general public break out on to the streets?

Remember it didn’t take long for the people in Romania to dish out justice to their corrupt politicians


The people will take only so much!

Irish times .com

Taken from


Wednesday, October 28, 2009

 

MICHAEL O’REGAN

A NUMBER of TDs yesterday expressed concern about the estimated €2.64 billion to be paid out in fees and expenses by the National Asset Management Agency (Nama) over its projected 10-year life.

Fine Gael finance spokesman Richard Bruton called for greater scrutiny on the likely expenses to be incurred. He said that the Nama draft business plan set out expenses of €240 million annually. “It offers no explanation of any great detail on that, except for the first three years,” he added.

Mr Bruton was speaking at the resumed meeting of the Dáil Committee on Finance and the Public Service, which is considering the committee stage of the Nama legislation. The committee, under the chairmanship of Fianna Fáil TD Michael Ahern, will meet again today.

All TDs are entitled to attend the debate, which is being held in the Dáil chamber, but only members of the committee can vote on amendments.

Minister for Finance Brian Lenihan said it would only be after the first year of Nama that its annual costs could be identified with complete certainty. “Nama acquires all the service-providers subject to the EU public procurement procedures, and the most economically advantageous tenders are chosen,” he added.

Labour finance spokeswoman Joan Burton said that if €100 million of the indicative fees of €240 million was going into the banks, that would leave €140 million annually for the various business houses. These would include auctioneers, valuers, accountants and lawyers. She said that most barristers and accountants would have “their mouths watering” at the thought of such an income coming their way.

Pat Rabbitte (Labour) warned that there was a potential for a conflict of interest, adding that the €2.64 billion involved was an awful lot of money. “We had a special budget last year for a smaller amount of money than that,” he added.

The main valuer, said Mr Rabbitte, was the person who until recently advised the developers, while the firm of solicitors had advised the developers over recent years. “They plead Chinese walls . . . some of them have so many Chinese walls that you can see rickshaws lined up at a distance,” he added.

Kieran O’Donnell (FG) said that people had grave misgivings about the level of expenses involved. Lucinda Creighton (FG) said there was a genuine concern about the potential for professional fees to grow out of control over Nama’s lifetime, with the possibility that it could become a gravy train for certain professions.

Frank Fahey (FF) said that at some stage the Dáil should get some indication of the fees paid to the banks. Mr Lenihan said he was essentially being asked to provide more information about a draft business plan for an entity which had not quite come into existence.

He agreed that while the current appetite for competitive tenders was overwhelming, that might not remain the case in a few years’ time.

“The fee levels are estimates,” said Mr Lenihan. “Anything after three years is almost impossible to predict with any certainty.” Currently, said Mr Lenihan, tender prices for fees were coming in very low.

Of the €240 million in estimated fees next year, most of it would be recovered from institutions as they related to due diligence costs which were estimated at €165 million at the time of the draft plan.

In fact, the Minister added, the latest estimates of cost would likely be closer to €100 million as a result of the outcome of EU competitive tendering which was under way.

Expenses documents for Mary Harney

Taken from www.thestory.ie

Expenses documents for Mary Harney

Posted: 24 Oct 2009 08:04 PM PDT

Ken Foxe of The Sunday Tribune has uploaded files relating to expenses claimed by Mary Harney. You can check out details by clicking the links he has supplied on his blog.

There is a massive amount of information there, far too much for one person to digest (for example “part I” is 123 pages long). I encourage you to scan through it at random and email Ken if you notice anything interesting. He is available at Ken DOT Foxe AT gmail DOT com.

If you are a blogger then you may also consider linking to his post to get more eyes on the documents. The more eyes, the better.

I have noted some people, both online and offline, have said the expenses stories, because they are based almost solely on FOIs, are examples of “lazy journalism”. Completely wrong. Try sending a random FOI on expenses and see how far you get. Writing a good FOI requires more than guesswork, it needs an understanding of how the system works, an eye on what is coming down the line, and a decent steer.

Ken, and it seems now, various other journalists, are still on the expenses case, and it is not going to stop at some point in the morning. Ministers need to make these documents available for public inspection immediately. Until they do, Ken, and others, including Gavin, will continue to FOI them – perhaps simply on a point of principle. Right now the easy choice for all ministers is to throw their expenses to the public, anything is just delaying the inevitable.

And to the Opposition, Joan Burton is the only person to put her expenses online. What are the rest of you up to? Nearly all TDs expenses are already in the public domain because the papers FOI them annually, why not put them online yourselves as a symbolic gesture? Anything less and people might get curious.

Call a general election Now

ireland&co

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