Ireland’s finance minister, Michael Noonan,
By David Mc Williams
On Friday, both the Financial Times and the New York Times carried banner pieces criticising how Ireland is being used and, more to the point, is allowing itself to be used as part of a large tax avoidance scheme. Opinion is shifting against Ireland’s corporate tax system. And we are talking about the Financial Times and the New York Times – hardly the Worker’s Hammer or Militant.
Added to this, we have reports that the Irish corporate tax system might be a sticking point in the on-going German coalition talks as the left-leaning Social Democrats is demanding tax harmonisation in return for access to future EU bank bailout funds. Right across the political spectrum – left to right – momentum is moving against the way in which Ireland taxes its foreign corporations.
Not that long ago, at the G20 in Enniskillen, the world’s head honchos said that they would act together to level the playing field for corporation tax to prevent companies abusing tax shelters…………………
full article at source: http://www.davidmcwilliams.ie/2013/10/14/lets-talk-about-tax
By Thomás Aengus O Cléirigh
The Irish government’s attempt to re-invent the toxic banks as “Pillar community friendly banks” is just a farce. The Banks latest advertisement that floods our TV screens is insulting and an attempt to dumb down the citizens of Ireland. These toxic corrupt dens should be closed down and the directors should be doing jail time. But there is a more sinister problem here on our door step and it is in the IFSC in Dublin.
Did you know that there is approximately 1.4 trillion Euros on deposit and under Management in the various Fund management companies in the IFSC? Now I myself have two bank accounts one in Bank of Ireland and one at Allied Irish Bank and I estimate I am paying about 2.5% in costs every year (taxes) for the privilege of having these two bank accounts. I suspect that everybody else in Ireland is paying the same through the dirt tax and penal bank charges, but what taxes are the super rich paying to hide the billions in the ISFC off shore tax haven? “Nothing”. Not a single penny, No Taxes!
Remember every euro the government gives away to these billionaires they squeeze out of our health service, our educational system and our community services. Want to know why your taxes are going up in the next budget? Easy the puppet government is giving tax concessions to the likes of all these multinational corporations. Remember that when you get your water charges, your property tax etc you are paying Google’s and Apple’s taxes for them!and dont get me started on the corrupt tax avoidance scams down at Europe’s largest hot money centre the IFSC
What a great bunch of suckers we really are! Time to get these leaches to pay their proper taxes!
By David Mc Williams
Last Friday’s Financial Times contained an article which suggested that the Republican Party is seriously thinking of returning the US to the gold standard, and that it will discuss this idea at the annual party convention in Tampa this week.
Many people will react to this radical idea by asking if the Republicans have learned anything at all from history. But do they actually have a point?
Surely anyone with a grasp of economic history knows that strict adherence to the gold standard, with the balanced budget mantra, at a time of asset price deflation in the early 1930s exacerbated the recession, which morphed into the Great Depression. But is the case as open and shut as that?
While the lessons of that era are reasonably well accepted, there are also those who will rightly point out that, whatever about the 1930s, anyone with a grasp of recent economic history can see that the massive quantitative easing of the past five years has had little or no effect, other than facilitating a massive increase in the US’s national debt.
full article at source: http://www.davidmcwilliams.ie/2012/08/27/going-for-gold
How long can the European media keep the EU credit implosion a secret? The disgraced former IMF Director, Demonic Strauss Kahn said on Tuesday December 12th, 2011 that No ‘Firewall’ Exists and Europe Has ‘Only Weeks’. Of course within minutes of this Financial Times news release which detailed his vent on EU leadership and the perilous situation in Europe, the article disappeared.
The details of the European liquidity crisis are generally reported, but for some reason no media source wants to pull the pieces together so everyone can see the magnitude and futility of the crisis. A growing Collateral Contagion is being shrouded in the apparent belief that the solution to the European Financial and Banking crisis is a grand change in Treaty governance. Obviously the European Central Bank (ECB) was well aware of the reality, when it was forced to deploy a historic and unprecedented LTRO (Long Term Purchase Operations) on Wednesday December 21, 2011. 560 banks desperately and immediately grabbed what they could, to the tune of €489B.
The LTRO bought the EU private banks some time. It did nothing to solve the EU Sovereign Debt Crisis. After less than one week, the cash held at the ECB surged €133B to a new record €347B. Since the net LTRO was only €210B, it tells you that the EU banks not only have a cash problem, but more specifically, as ECB President Mario Draghi says: “hoarding at the ECB signals that the problem afflicting the Eurozone is not so much about the amount of liquidity but that this liquidity is not circulating around the region’s banks”.
full article at source: http://www.marketoracle.co.uk/Article32327.html
Can someone at your illustrious newspaper explain why the headline changed from “EU fails to reach an agreement” to “Eurozone signs up to closer ties” in the space of 10 minutes? Presumably because senior FT management regarded the former as a nationalist distortion of the truth. There was an agreement and a good one….it just did not include the UK. No doubt various eminent commentators on the FT will now rant on about how the agreement is incomplete, because, just like your failed writer of headlines, they would rather see a glass half empty than half full….especially when it comes to decisions which undermine the economic theories of the nation state. With all the respect that I believe the UK coalition government is due, what has happened here is entirely due to the continuing rift in the Conservative Party, which, logically, should be resolved by its break up….not the break up of the Eurozone! – Financial Times feedback/Danny Barrs
see article at source:http://www.thedailybell.com/3334/Financial-Times-Changes-Article-Headline-on-EU-Three-Times
By Donal Buckley
This is an extract from the Financial Times.
What works for Greece will apply to Ireland with one condition.
Such rationalisation of debt to affordable levels is conditional on Ireland having political leadership to achieve debt reduction and bond holder participation in debt forgiveness.
July 10, 2011 8:33 pm
EU stance shifts on Greece default
By Peter Spiegel in Brussels and Patrick Jenkins in London
European leaders are for the first time prepared to accept that Athens should default on some of its bonds as part of a new bail-out plan…
The full article can be found at:http://www.ft.com/cms/s/0/5ffeabf0-ab09-11e0-b4d8-00144feabdc0.html
saw this on the FT Blog “The A-List”, and thought you would be interested.
POSTPONING GREECE‘S INEVITABLE DEFAULT
A default by the Greek government is inevitable. With a debt to gross domestic product ratio of more than 150 per cent, large annual deficits and interest rates more than 25 per cent, the only question is when the default will occur. The current negotiations are really about postponing the inevitable default.
But Greece is not alone in its insolvency and a default by Athens could trigger defaults by Portugal, Ireland and possibly Spain. The resulting losses would destroy large amounts of the capital of banks and other creditors in Germany, France and other countries. There would be a drying up of credit available to businesses throughout Europe and there could be a collapse of major European banks.
The following personal message was included:
“Here is a clear, concise analysis of our economic situation.
We sit tight and wait for the ECB to inform us of the timing for a concerted default.
There is hope in this perspective, miracles may happen if we wait for the ECB command.”
“FT” and “Financial Times” are trademarks of the Financial Times.
Copyright The Financial Times Ltd 2011