What is truth?

Archive for the ‘David McWilliams'’ Category

something has to change (By David McWilliams)

By David McWilliams

Did you know 47 million Americans live under the poverty line and that figure has risen every year for the past four years? There are more Americans in poverty than at any other time during the past 52 years.

What about the fact there are the same amount of jobs in total in the US economy today as there were in 2000, and yet the population is 38 million larger? These are significant figures because the US economy is not creating jobs and, without jobs, these figures get worse. If they get worse, something will give.

Maybe the rise in US poverty is the reason why extremely rich Americans like Warren Buffett are imploring US President Barack Obama to tax the rich more. Maybe Mr Buffet reckons it is better to give away a bit of wealth now, than all of it in a massive political change later. We see the same thing in France, where the very rich are arguing to be taxed more.

full article at source: http://www.davidmcwilliams.ie/2011/09/21/world-is-on-the-edge-and-something-has-to-change?utm_source=WebsiteSubscribers&utm_campaign=275fecfcfb-Weekly_Roundup_10_August_2011&utm_medium=email

We don’t have an economic policy, it’s all just a big bluff

 

David Mc Williams is like a lonely voice of logic in the wilderness

The powers that be want shut of him and wish he up sticks and goes away!

The hard hitting questions and the overwhelming logic to his solutions speak for themselves

Every concerned citizen should read this latest article which exposes our present political elite and their lies

This country is in such need of a jolt of reality and Mr. David McWilliams should be congratulated on his dedication and persistence in bringing the real truth to the people of Ireland and I only hope he is not too late! Is the message getting true??

Machholz

 

When we get real, we will see that Anglo’s debts are likely to be in the region of €36bn — or roughly 50pc of its loan book of €72bn. As the bond market indicated yesterday, we are clearly running out of time, and contrary to the minister’s assurances, no one thinks the €25bn bailout of Anglo is “manageable”. This cavalier attitude to finance is frightening away proper investors. This is exactly how the Greek crisis started and we know how that ended.

The Government is bluffing with our future, and by extending the guarantee yesterday it is simply showing all the signs of panic, rather than firm financial management

By David Mc Williams

full article http://www.davidmcwilliams.ie/2010/09/08/we-dont-have-an-economic-policy-its-all-just-a-big-bluff

Who’s right ,Eurpoe or The USA ??

 

By Brian Parkin and Tony Czuczka


June 7 (Bloomberg) — Chancellor Angela Merkel‘s Cabinet is meeting to tie up a “decisive” round of budget cuts that will shape government policy for years to come, fueling disagreement with U.S. officials who favor measures to step up growth.

Ministers met for 11 hours until early today to identify potential savings of 10 billion euros ($12 billion) a year, after Merkel said Europe’s debt crisis underscores the need for budget tightening to ensure the euro’s stability. A large part of the cuts were agreed overnight, a government official who spoke on customary condition of anonymity said by phone. Talks resumed at 9 a.m. Berlin time.

“It’s not exaggerated to say that this Cabinet meeting will give important direction for Germany in coming years, years that will be decisive,” Merkel told reporters yesterday before ministers met in the Chancellery. She is scheduled to hold talks with French President Nicolas Sarkozy in Berlin later today.

Merkel’s government is reining in its deficit and urging fellow euro-region states to do likewise to thwart a sovereign- debt crisis. The savings risk further alienating voters angry at Germany’s 148 billion-euro share of a European plan to backstop the euro and clash with a June 5 call by Treasury Secretary Timothy F. Geithner for “stronger domestic demand growth” in European countries like Germany that have trade surpluses.

At stake for Merkel is “the credibility of Germany as one of the countries forcing the others to start fiscal tightening,” Juergen Michels, chief euro-area economist at Citigroup Inc. in London, said in a phone interview on June 4. “It’s a very fine line between fiscal tightening and not choking off the economy.”

Bund Yield Record

German 10-year bunds rose, pushing the yield down to a record low today, as concern the debt crisis may spread boosted demand for the perceived safety of the 16-nation currency’s benchmark securities. The yield fell three basis points to 2.55 percent as of 8:52 a.m. in London. It reached 2.548 percent, according to Bloomberg generic data, the lowest since at least 1989, the year the Berlin Wall fell. The euro fell 0.2 percent to $1.1940 at 10:49 a.m. in Frankfurt.

Tax increases, cuts in welfare and jobless benefits and the loss of about 10,000 civil service posts are among the German measures being considered, Deutsche Presse-Agentur reported, citing unnamed government sources. Utilities face 2.3 billion euros in higher taxes if parliament agrees to extend the running time of German nuclear-power plants, the news agency said.

‘No Taboos’

The Defense Ministry said last week there are “no taboos” when it comes to potential savings. Merkel’s Cabinet seeks to cut almost 30 billion euros to 2013, Bild newspaper said June 5, without saying how it got the information.

Germany’s budget deficit is forecast to rise to 5.5 percent of gross domestic product this year. While that’s less than half the 13.6 percent of GDP in Greece last year and smaller than the U.K.’s 11.1 percent for the fiscal year to March 2010, it’s still almost double the European Union’s 3 percent limit.

Germany’s top AAA rating is at risk unless Merkel’s government agrees on deficit cuts and persuades other euro-area nations to do likewise, Kurt Lauk, who heads a business lobby within Merkel’s Christian Democratic Union party, told reporters on June 2. “We’re at a decisive turning point,” he said.

Spain, which lost its top grade from Fitch Ratings last month, has seen government borrowing costs soar to a euro-era record, even after Prime Minister Jose Luis Rodriguez Zapatero announced the deepest budget cuts in at least three decades.

Roubini on Stimulus

While countries with large debt such as Italy should trim deficits and contain wages, Germany should spend more and raise wages to help fuel demand in the euro area, Nouriel Roubini, the New York University economist who predicted the financial crisis, said in an interview.

“Germany can afford having more stimulus not just this year but next year,” Roubini said June 5 in Trento, Italy.

Finance Minister Wolfgang Schaeuble, in an interview en route to a meeting of Group of 20 counterparts including Geithner in Busan, South Korea, said there’s no disagreement “in principle” over the need to reduce deficits, only over the pace at which action is taken.

While “it’s possible that the U.S. could use accelerating growth over time to help them reduce their deficits, in Europe we can’t count on growth alone to mend our fiscal position,” Schaeuble said June 4. “I don’t share the view that reducing deficits and strengthening growth are mutually exclusive.”

To contact the reporters on this story: Brian Parkin in Berlin at bparkin@bloomberg.net; Tony Czuczka in Berlin at aczuczka@bloomberg.net. source http://www.bloomberg.com/apps/news?pid=20601087&sid=aVGqrlbamDjE

 

 
May 26, 2010Don’t Doubt Bernanke’s Ability to Create Inflation

With the Dow Jones now down 11% nominally from its high last month, NIA has been getting hundreds of emails and phone calls asking if there is any way we could be wrong about the threat of hyperinflation in the U.S. and if indeed deflation is the real problem we need to be worried about. The names Nouriel Roubini, Robert Prechter, and Harry Dent get mentioned to us a lot, with many NIA members asking why these so-called “experts” believe deflation is in our future.

Roubini, Prechter and Dent have been wrong about the overwhelming majority of their economic forecasts over the past decade. When it comes to their latest predictions about deflation, they will actually be right to some extent. We will see deflation in some assets like stocks and Real Estate, but only when priced in terms of real money – gold and silver. In terms of dollars, prices for pretty much all goods and services are guaranteed to rise dramatically over the next few years. Creating inflation is the only thing in the world Federal Reserve Chairman Ben Bernanke knows how to do and is good at.

During the past week, the mainstream media has shifted from saying we are experiencing an “economy recovery” to now saying we are at risk of a “double dip recession”. Nothing fundamentally has changed in our economy. The fact is, the U.S. economy has been in a recession since mid-2000. All government reported positive GDP growth since mid-2000 has been due to nothing but inflation. Our economy should have experienced a depression in 2001 and an even greater one in 2008, but the depression has been temporarily avoided at the expense of an inevitable Hyperinflationary Great Depression down the road.

NIA believes it is impossible for the U.S. to experience price deflation when the Federal Reserve has held interest rates at 0% for the past 17 months. Sure, there will probably be a second wave of mortgage defaults that could cause another round of forced liquidations on Wall Street, but during any future period of forced liquidations, we doubt the U.S. dollar will still be looked at as the “safe haven” it was in 2008/2009. Gold and silver will soon be looked at as the only real safe havens because they are the only assets that provide protection from both a deteriorating economy and massive inflation. Precious metals will decouple from the Dow Jones and we will begin to see gold and silver rise at the same time as the stock market falls.

Bernanke was questioned yesterday following a speech at the Bank of Japan about whether a 4% inflation target would be better than the Fed’s current inflation target of 2%. Bernanke responded that “it would be a very risky transition” if the Fed changed their inflation target, claiming that U.S. inflation expectations are currently “very stable”. (NIA estimates the real rate of U.S. price inflation is already north of 5%.)

Unfortunately, no policymaker in the world is smart enough to accurately control the rate of price inflation through the manipulation of interest rates, and certainly not Bernanke. It’s mind-boggling to us how the mainstream media could believe anything Bernanke says about inflation after how wrong he has been about everything else. Maybe the press has already forgotten that it was Bernanke who in July of 2005 said, “it’s a pretty unlikely possibility” that home prices will decline across the country, “house prices will slow, maybe stabilize but I don’t think it’s going to drive the economy too far from its full employment path”. We are 100% sure that Bernanke will be proven wrong again when it comes to inflation.

The U.S. Dollar Index has rallied from 75 to 87 since December and is approaching its high from March of 2009 of 89. This has given Bernanke the cover to keep interest rates at a record low 0%, but NIA believes Bernanke is misreading these economic signals. When the U.S. Dollar Index reached its high last year of 89, gold was only $900 per ounce. Today, gold is approximately $1,200 per ounce. The fact that gold has held up so strong despite a rapidly rising U.S. Dollar Index, proves that our financial system is getting ready to overdose on excess liquidity. The U.S. Dollar Index has rallied only because it is heavily weighted against the Euro. The Euro is now overdue for a huge bounce, which we believe will send the U.S. dollar crashing while sending gold to new record highs.

It’s not good for us to pay too much attention to short-term volatility in the financial markets. Short-term “noise” often causes investors to second guess what they know is true. In our new documentary ‘Meltup’ (which has now surpassed 441,000 views in 10 days) we said, “If stocks were to see a nominal decline one last time, we will likely see Bernanke shoot up his largest ever dose of quantitative easing, which could turn the current Meltup into hyperinflation.”

We are seeing signs of this coming true already. Washington is now calling for another stimulus. Larry Summers, senior economic adviser to President Obama, has asked Congress to begin drafting a new stimulus bill in an attempt to prevent a “double dip recession”. The proposed size of this new stimulus is so far only $200 billion, much smaller than the last $787 billion stimulus bill. However, we are sure Congress will increase the size of it, especially if stocks continue their nominal decline. The new stimulus bill will likely coincide with trillions of dollars in additional quantitative easing by the Federal Reserve.

Source http://inflation.us/dontdoubtbernanke.html


 

The major difference is that the Americans want to print money and spend

And the Europeans and particular the Germans want to tighten and save and stop waist!

To my mind the most prudent are of course the Europeans but it would suggest that there is a lot more pain heading our way ,with our European partners in contraction mode and the Germans demanding more austerity measures from all the other EU countries I can’t see where the jobs growth will come from

Even when our own incompetent government will be telling that Ireland is now growing again

Without growth in jobs this is just a mirage that soon will fade again.

The Billions that are been poured down the toxic banks toilets will not save or generate jobs

the billions so far have not even stabilized the situation, and with the next phase of the depression now coming down the track at us the government will need to borrow more money to plug even more holes in the toxic Anglo Irish Bank, together with the disaster that is NAMA there is no way we can borrow enough money and remain financial viable as an independent sovereign state !

Somebody please stop this madness

David Mc Williams has a new article ” Kill Anglo to save Ireland” (http://www.davidmcwilliams.ie/2010/06/07/kill-anglo-to-save-ireland) all independent minded people should take the time to read

We cannot afford to just sit back and allow our sovereign nation disappear in an ocean of debt

we owe it to our children and ourselves .


Tell the people the truth about the Markets & NAMA

Do you really want to know what is really going on in the market place?
Ever heard of the “Rigged Market capitalists system”
Are you ready for this news??
Ernst & Young auditors of Anglo Irish Bank now working for NAMA ,
The same auditors for Lehman Brothers .
This is criminal , allowing this to go on, they should all be in Jail !
We must have a new Irish people’s political party that will stop this fraud in its tracks.
A political party that will prosecute all the individuals responsible for this criminal conspiracy
They must be brought to justice
We the people must have our pound of flesh!

David McWilliams How FF put middle class deep into ‘debtor’s prison’

David McWilliams has posted a new article, ‘How FF put middle class deep into
‘debtor’s prison” ,follow link below  it will open you eyes!

Has Fianna Fail destroyed the Irish middle class? If the answer is yes, then
this recession will have considerably more dramatic lasting effects than even
some of the most realistic observers suggest. The reason for asking this
question is that the huge debts incurred by the broad middle class in the
property boom can’t be paid. And with no coherent mechanism for individual
mortgage default, the Government is putting bondholders before mortgage
holders.

You may view the full article and add your own comments at
http://www.davidmcwilliams.ie/2010/01/27/how-ff-put-middle-class-deep-into-debtors-prison

Spot the difference

 

This is a part of an article that David McWilliams wrote see link

http://www.davidmcwilliams.ie/2010/01/06/iceland-shows-importance-of-putting-people-before-banks

Yesterday the, largely ceremonial, president of Iceland stood up for what is right. He decided that it was not democratic for the Icelandic government to insist that the Icelandic people pay foreign depositors who deposited money in Icelandic banks that subsequently went bust.

The president refused to sign the parliament’s bill, which would have penalised the Icelandic people for the mistakes of the executives of the Icelandic banks. He concluded that this was not reasonable as the banking mess was not the fault of the average Icelander. Iceland will have a referendum on the issue now.

This move implies that Iceland might jeopardise its access to IMF funds as well as definitely knock back its aspirations to join the EU.

The official line peddled by the international bureaucrats is that standing up for the small guy undermines Iceland’s credibility. However, the president decided that if credibility in the eyes of the foreign investors comes via hoodwinking the average Icelandic citizen into footing the bill for a mistake the financial markets facilitated, then it was better to be not credible.

Comment


I wrote to the Irish President on the 12.11.2009

See below

Dear Madam President,

The Nama Bill was passed in the Dail this afternoon by 81 votes to 62.

This is the single biggest fraud perpetrated on the Irish people and all 81 TD’s that

Voted for this will be held accountable!

Nama will buy property loans with a supposed book value of 77 billion Euros, according to the Government

Brian Lenihan has estimated that the loans are currently worth about €47 billion.

On what bases could he possible justify this valuation?

Who exactly is being bailed out, none other than foreign entities with no allegiance to Ireland

Why anybody would take anything that this person says seriously, judging on his past record and bearing in mind that this person is responsible for the crises in the first place along with his incompetent cohorts !

By overpaying by €7 billion, the Government hopes to avoid bankrupting the banks

What a laugh, somebody should tell him that they are all ready bankrupt, (morally, socially, and financially)

These Banks have in the past stole from their own customers, the revenue and have being shown to be corrupt and found trying to manipulate each other’s shares and yearly accounts

The Bill will now be sent to President Mary McAleese

I appeal to you, the President, Mary McAleese

Not to sign this piece of legislation and as President to protect the Irish constitution which guarantees all the people the right to be heard?

The 500 green party members had their vote and now the vested interests in the Dail have had their say

We the ordinary people want to have our say, call a referendum on NAMA

Demand that this be brought before the people now!

Sincerely

This is the reply I got !

Conclusion

Our Presidency is just another link in the chain that is strangling Irish Democracy

No sooner has the current president set foot in the Aras she has immersed herself into the game of staying in power and sod the rest of the ordinary people

What a difference the Irish president sends out the above letter and supports the foreign bond holders but the, president of Iceland stood up for what is right. He decided that it was not democratic for the Icelandic government to insist that the Icelandic people pay foreign depositors

The Icelanders at least have a true Man of the people in their President

We on the other hand have yet another stooge for the ruling elite


CAB Join up to-day !

Citizens Association of the Bewildered
(CAB)

As stated before I remain convinced that we must put pressure on the powers that be

Again to-day Brian Cowen fob off the Idea of an investigation into the Banking meltdown that he and Brian Lenihian help to cause

He also poured water on the notion to revisit the previous financial regulators negligence

We can make all the comments we like and David McWilliams will eventually move on to the next topic

I believe that it has its uses, like b ringing likeminded individuals together to discuss the grave matters facing the Irish Nation.

But I am not satisfied anymore just talking about things I want to do something and I want to fight back I want to bring the fear I have every day, to the very people that have caused this incredible damage to our country

These people have blood on their hands, just look at the suicide’s statistics

There comes a time when you just have to stand up and take action !

Who will join me?

To all Irish patriots out there join


CAB  
 now

(Citizens Association of the Bewildered)

This new association is dedicated to taking the fight into the streets of Ireland to take back our country from the incompetent political leaches that have destroyed our independence, handed us over to unscrupulous bankers and their masters the foreign bond holders

This club is for people willing to fight using all available means to take back our country from the corrupt politicians in Lenster House who have sold out their own people to enrich themselves

You can get in touch with me  at  bewilderedcitizens@gmail.com

Only if you are willing to fight for what you believe in.

Any help is appreciated but do something!

Tag Cloud