What is truth?

Posts tagged ‘Business and Economy’

My next extension or garage!

If you are expecting to see property prices rise anytime soon in Ireland or expect to get a job in the building industry  forget it, a 3D Printer will do the job ,any job and all the jobs in  construction  very soon !So don’t believe the hype that property prices are increasing. Just look at this video and ask yourself do you believe the same people who sold overpriced shoeboxes to the rest of us and are now enjoying their ill-gotten pensions while 100,000 citizens wallow in the hell of negative equity and will have to endure the corrupt banks dictate to them how to live and die!

I am in the market for a Garage or a conservatory and if you are a builder forget it, my next extension/garage  will be built by myself from a 3 d printer at a fraction of the price!  

Ireland’s Demographic Dividend Turns Negative?


Ireland has one of the highest and healthiest birth rates in the advanced economies club, a fact that remains valid even today, amidst the economic downturn. In the past, this has prompted some economists and commentators to label this trend ‘the demographic dividend’. I always pointed to the fact that if this indeed is a ‘dividend’, then retaining it within the Irish economy (society) is as important as generating it in the first place. Alas, over the recent years, our demographic dividend has been largely squandered away by the combination of a cyclical downturn (temporary loss of jobs) and more importantly by the structural recession (longer term loss of jobs). I highlighted the top line trends in our migration in the previous posts (here and here).
Here, let’s take a quick look at the ‘demographic dividend’.

full article at source:http://trueeconomics.blogspot.de/

Bankl of Ireland increase of 300% on the premium for life insurance to 640 euro per month !

Sent in to us to-day

Bank of Ireland is engaged in cherry picking in the life insurance market! Ageism is alive and well in this Irish government backed toxic and corrupt Bank. How many more Banks are engaged in this despicable practice and what can we, as consumers do about it? This of course rules me out of ever buying a property as I would not be able to afford a mortgage with these insurance costs! An increase of 300% on the premium is just outrageous!For the past 15 years I have had this term life policy with Bank of Ireland I was at the time running a business and this policy was required by the bank as collateral. I have in fact paid off all loans about 8 years ago and I decided to continue with this policy as I had no other life insurance. I am healthy and have no medical problems and I have never smoked a cigarette in my life. The life cover is about to run out next month and I received this correspondence in the post to-day.

Basically the policy is now worthless .I was told it had a value of 2300 euro about 8 months ago but when I asked to-day I was told it had a value of just 120 Euros. I am also informed if I wish to continue with the policy I will have to pay 300% more premium and that will only take me up to 2017 (5 years from now) My current premium is 219 euro per month and these gangsters are now blackmailing me into paying them 640 Euros per month .Effectively I have to take on a new, never-ending mortgage for the privilege of insuring my life. Or you could take it another “we don’t want your business “You are too old” you might die and we will have to pay out!

This is a state backed swindle and robbery, but who gives a shit??

Back in Wicklow

Back in Wicklow

No sooner I get back to Wicklow the rain comes down in torrents and I had to get out the heavy weather gear to cope .It rained all day and there is a big difference in temperatures of Lubeck and Wicklow .Following up on our efforts to support local Wicklow business enterprise we have the opening of a new fresh fish shop on the South Quay (see photo)

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A local fisherman turned shopkeeper has decided to take the plunge and set up shop. So all you local folk please do come down and support this new local enterprise .I was informed that there are special offers every week! I love fresh fish and no doubt I will be a regular customer, what about you??

Up-date from Lubeck

Up-date from Lubeck

The weather is miserable and wet, the post Christmas town is getting back to normal .In the town square there is now an Ice skating ring and it looks like fun to be able to skate so I might just try it this week. To pass the time I am helping a friend renovate his house in the Hux Str .Met a few interesting people in the local Irish Bar “Mac Thomas” on the Untertrave .There seems to be no shortage of business in the town .Some shops are displaying signs for extra help but the pay is desperate in comparison to Irish pay rates average seems to be around 3.75 per hour. You’re not going to get rich on these rates!  Rents are on average between Euro 350 to Euro 750 per month for a nice big house. You will need to take on two to three jobs at that rate! I have an idea of opening an art gallery with exclusive Irish artists.

On the wider national airwaves the German President seems to be in a spot of bother because of gifts from friends and his financial dealings with these friends .This is a big scandal and the political machinery is in full swing to save him and the day. So what’s new we have this kind of thing in Ireland all the time. Taxes are going up and new taxes for ground rents are also on the up. Selling or buying property is also getting fashionable and expect to pay 5 – 6% in commissions to the real-estate agents also you can expect to pay the government about 8% plus the lawyer will want to get his slice of the pie so in all you must always add on approximately 20% of the asking price if you are buying. Prices are on the up as more and more people are taking their money out of German Banks and investing in property.

This is completely new for Germans as most people rent .Young people are also getting into property. As they are increasing becoming aware that they could buy the same property at less cost to themselves for the property they want to rent!

I pay 400 euros per month and in a year I am paying approx 5000 Euro  in ten years I would have paid the price for a decent flat in a good area in the town (approx 50,000Euro or I could come together with some other friend and buy a decent renovated old house in the city centre. In any case Lubeck is open for business and I intend to take advantage !


Why We Should All Be Very Skeptical on China

By Michael Pettis

I’m often referred to as a ‘China Bear’ and that’s a word I really hate. I’m not a China bear—I’m a skeptic. And, in some of the incredibly feverish statements we’ve heard in the press and among my former investment banking brethren about the prospects in China, as well as in some of the things we hear about the imminent collapse of China, I have to say that I find much of that to be very very questionable and frankly nonsense. There are some very very big problems that China faces and a lot of the long-term expectations that many of us have for China, whether it is that China will be the largest economy in the world in 5 years—I’ll take that bet, it won’t—or whether it’ll collapse in five years—I’ll also take that bet, it won’t. I think the truth is a little bit more boring—it’s somewhere in the middle.

full article here :http://www.financialsense.com/contributors/michael-pettis/2011/10/21/chinese-malinvestment-is-worse-than-most-people-think

Shebeen Chic continues to fight for its survival.


Last Saturday I got a tip from a friend to go and visit a venue called
the Shebeen Chic.

What was different about this place was it was been shut down by the landlords
who are looking for a massive increase in the rent.21 people are about to loose their
jobs and I understand some of them are sleeping in the premises every night .The
Irish Independent carried the story last week
 and I am informed it’s only a
matter of time before the sheriff arrives and the place is closed with the loss
of all those jobs.

The Tenant is the victim of the current government’s lack of urgent
action on upward only leases and commercial rents. Having heard firsthand the
story from the Tenant and his Manager  I
am astounded that this type behavior is allowed to go on in Ireland .It would
appear a man’s business is been taken away from him  in spite of the fact he is paying the agreed
rent and is fully paid up. As this matter is still in the process of negotiation
I probably should refrain from saying anymore .

Needleless to say if you are in the area please do go in and support the
staff by buying a drink.

Facebook link to the Shebeen chic here:  https://www.facebook.com/pages/ShindigShebeen-Chic/158138891327

Obama’s new jobs Stimulus


If you think things are bad in the US. Here in Ireland our government
have abandoned the unemployed, They have spent billions in bailing out Bankers
and developers .Not one single penny has been spent on jobs creation ,every
penny raised in income taxes goes to pay the interest on new debts created by forcing the private gambling debts of the Banks on to the ordinary taxpayers .There has been no Jobs stimulus, we have instead higher taxes and new stealth taxes, cuts is social welfare and cuts in healthcare and higher salaries and golden handshakes for the incompetent unelected insiders (Top civil servants) running the country. The government are doing everything to encourage people to emigrate so they don’t have to
pay job seeker’s allowance to them .

All we have to look forward to is more of the same from  the clueless politicians spouting the same trip in their usual condescending manor whilst they protect their own backs from their own backstabbing party hacks who dream of taking away their Dail seats in the next election.

At least Obama is going to spend a few dollars on job creation in the US !

Derek Quinlan’s art collection to be sold by NAMA

By Namawinelake

In terms of transparency in engaging suppliers of services, NAMA seems to be burrowing itself deeper and deeper down Alice in Wonderland’s rabbit hole. Whilst the agency started out by advertising all contracts for services and there was, by all accounts a rigorous procurement process to appoint an army of professionals, it seems these days that the agency is satisfied with a brief beauty contest before making appointments. Rumour has it that agents HT Meagher O’Reilly has been appointed by NAMA to let all the commercial property under its control in the south Docklands in Dublin.

full artical here at source:http://namawinelake.wordpress.com/2011/08/18/nama-appoints-company-to-sell-derek-quinlan%e2%80%99s-art-collection-a-company-which-the-european-commission-found-had-operated-a-cartel-which-defrauded-art-sellers-out-of-290m/

How much has NAMA lost on its investment in Irish government bonds?

By Namawinelake

At times you have to have sympathy for NAMA. As an asset management agency whose main assets are properties located in Ireland, the agency has really been up against it to achieve success since its inception in late 2009. The collapse in banking and credit, the deflation of an incredible property bubble, the abolition of Upward Only Rent Review commercial leases for new leases and the threatened retrospective abolition for old leases, an economy which has shrunk or at best is growing academically, the absence of confidence – it really has been a toxic environment for a business whose main purpose is to make money out of property and property-related loans and you can’t blame NAMA for much of the above.

see full article at source : http://wp.me/pNlCf-1GY

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