How long before Ireland goes burst?

Ali Babba

How long do you think it's going to be before Ireland goes broke? Nobodies making any money, nobodies spending money, companies are only surviving on any reserves they have, banks aren't lending money, this really can't last too much longer. With the onset of the next budget and all our money going down the NAMA black hole i'd say six months tops...........

nachoman

Good thread. yeh I was reading an article in the sunday times about how its going to be alot more harsher in the next three years. My self I don't think we've reached even zero yet never mind growth in the economy, things are gonna really get bad.

ejmaztec

Ali Babba wrote: »

How long do you think it's going to be before Ireland goes broke? Nobodies making any money, nobodies spending money, companies are only surviving on any reserves they have, banks aren't lending money, this really can't last too much longer. With the onset of the next budget and all our money going down the NAMA black hole i'd say six months tops...........

No problems if you're a somebody.

bleg

It'll have to be a lot of rain...

starlit

Ireland is already bust!:eek:

Ali Babba

Property prices are expected to fall further too by the looks of it. Bank of Scotland pulling out too looks ominous.

plein de force

next wednesday

sparksfly

What exactly will happen if/when we go bust?

Rented Mule

bleg wrote: »

It'll have to be a lot of rain...

In that case, Leinster House should float well above everything.

Ali Babba

ejmaztec wrote: »

No problems if you're a somebody.

More nobodies around than somebodies by the looks of things so.....

Rented Mule

sparksfly wrote: »

What exactly will happen if/when we go bust?

....that's when the whores come in !!

RonMexico

Bring it on, its inevitable and those heartless bastards in power deserve to have it happen on their watch. If only so they are run out of office like diseased rats, never to return again.

Sanjuro

When somebody sticks a pin in it... Nobody drop any pins...

Plebs

The social welfare bill needs to be halved.

Terry

https://www.youtube.com/watch?v=V17duGlHEYY

NoHornJan

sparksfly wrote: »

What exactly will happen if/when we go bust?

Santa won't be coming...

Ali Babba

Plebs wrote: »

The social welfare bill needs to be halved.

There won't even be money to pay half of the social welfare bill or the wages or pensions. It will be a free for all i'd say or we'll end up with military rule. The Gardai and defence forces are already in training for riots.

Gummy Panda

AH economists are very insightful

starlit

We be all singing in the rain!

orourkeda

NoHornJan wrote: »

Santa won't be coming...

Santy is only a bollix in anyway

Terry

Ali Babba wrote: »

There won't even be money to pay half of the social welfare bill or the wages or pensions. It will be a free for all i'd say or we'll end up with military rule. The Gardai and defence forces are already in training for riots.

https://www.youtube.com/watch?v=wRnSnfiUI54

Superbus

You know those ads for Concern?

It'll look like that throughout the country, just with more white people and fields.

Jeboa Safari

Don't think we'll collapse now. And seeing all the 2010 cars this year people are spending money.
Looking at Reeling in the Years over the last week, we're no where near as bad as the 70s. I don't know how the country managed to run at all, between postal, bank and power strikes, and the oil crisis meaning people had to queue for oil. Troubles also in full swing, and unemployment higher than it is now. Think there was a bank strike that lasted 6 months

InTheTrees

We're already bust. I'm surprised so many people didn't already know that.

Cavehill Red

Plebs wrote: »

The social welfare bill needs to be halved.

Or how about we stop paying for bankrupt banks and use the billions tied up in dodgy finance to create some fcuking jobs?

iamthe43

Cavehill Red wrote: »

Or how about we stop paying for bankrupt banks and use the billions tied up in dodgy finance to create some fcuking jobs?

Agreed

Ali Babba

Jeboa Safari wrote: »

Don't think we'll collapse now. And seeing all the 2010 cars this year people are spending money.
Looking at Reeling in the Years over the last week, we're no where near as bad as the 70s. I don't know how the country managed to run at all, between postal, bank and power strikes, and the oil crisis meaning people had to queue for oil. Troubles also in full swing, and unemployment higher than it is now. Think there was a bank strike that lasted 6 months

Granted there are some people who seem to be unaffected by the recession but some can't even put food on the table and others are just keeping their heads down in the hope that it will all blow over. From what i'm seeing is that it's still in free fall, more and more companies are failing and the banks aren't loaning and pulling the plug on overdrafts all over the place, even to companies that are relatively strong.

Ban Ki Moon

I give it 3 years (at best)

A better thread would be 'when will the global economy finally collapse' under its already buckled foundations

Its is only a matter of time, There is no if.

Governments have pumped collasal amounts of money into this hopeless trap that we call an economy and all to no avail, Unemployment figures have been rising in most major economies like the U.S ,Japan and the E.U, Stagflation is the best we can hope for now.

ejmaztec

Ali Babba wrote: »

More nobodies around than somebodies by the looks of things so.....

The somebodies dropped the nobodies in the sh1t and are now living on their wive's millions.:(

questionmark?

I always wondered what would have happened the country if we did an Iceland and went under? Two or so years on and they seem to be on the road to recovery whereas the mess in our public finances we'll be felt for god only knows how many decades to come we are so far in debt now.

Cavehill Red wrote: »

Or how about we stop paying for bankrupt banks and use the billions tied up in dodgy finance to create some fcuking jobs?

The problem with that cavehillred is that it makes sense. The banks, developers FF dont seem to get that getting us back to work is more important than Anglo Irish bank.

Plebs

Cavehill Red wrote: »

Or how about we stop paying for bankrupt banks and use the billions tied up in dodgy finance to create some fcuking jobs?

Who do you think is giving the State the money to pay the social welfare bill? The banks...

€205 a week plus rent allowance is far too much money to be giving single men. Especially when I can buy 12 cans of Bavaria for €12 in my local SuperValu.

Ban Ki Moon

Ban Ki Moon wrote: »

I give it 3 years (at best)

A better thread would be 'when will the global economy finally collapse' under its already buckled foundations

Its is only a matter of time, There is no if.

Governments have pumped collasal amounts of money into this hopeless trap that we call an economy and all to no avail, Unemployment figures have been rising in most major economies like the U.S ,Japan and the E.U, Stagflation is the best we can hope for now.

More likely the bankers will press the "reset" button, magic their debts away and start new currencies. When their debts disappear, so do your savings, but their savings will be golden so they will still be rich.

Ban Ki Moon

Deleted User wrote: »

More likely the bankers will press the "reset" button, magic their debts away and start new currencies. When their debts disappear, so do your savings, but their savings will be golden so they will still be rich.

So they have a reserve currency?

Cavehill Red

questionmark? wrote: »

I always wondered what would have happened the country if we did an Iceland and went under? Two or so years on and they seem to be on the road to recovery whereas the mess in our public finances we'll be felt for god only knows how many decades to come we are so far in debt now.

They let their banks go bust. We should have done likewise. After all, isn't that how capitalism is supposed to work? What we're engaged in is corporate socialism, and free marketeerism for the plebs.

questionmark? wrote: »

The problem with that cavehillred is that it makes sense. The banks, developers FF dont seem to get that getting us back to work is more important than Anglo Irish bank.

Because FF are way more connected to those who lost money through property speculation and Anglo than they are to the bulk of the population.
You'd hope people would remember this and turf everyone of their shoddy arses out of office, but they probably won't.
If it were up to me, I'd be jailing bankers and politicians for what they've done to this country.

Ban Ki Moon

Ban Ki Moon wrote: »

So they have a reserve curruncy?

Gold!

Ban Ki Moon

Deleted User wrote: »

Gold!

Sure.you said it.

Cavehill Red

Plebs wrote: »

Who do you think is giving the State the money to pay the social welfare bill? The banks...

Not Anglo, not BoI, not any of the banks we're propping up with borrowed money from abroad. If we HADN'T underwritten zombie banks and created a slush fund (NAMA) for property developers, we'd have plenty of money to pay for social welfare. We'd have money spare to create jobs to reduce the demand on social welfare too.

Plebs wrote: »

€205 a week plus rent allowance is far too much money to be giving single men. Especially when I can buy 12 cans of Bavaria for €12 in my local SuperValu.

What's that got to do with anything? Are you seriously suggesting that half a million unemployed people are squandering their pittance on p!ssy lager?
Grow up.

ninebeanrows

The prospects are very poor and upcoming winter will be very tough.

With the double dip a likely prospect in the global economy prospects for Ireland are very poor considering we are living on borrowed time. Our only saving grace is that there are another half dozen econonomies in the EU as vulnerable as us although this could also be a negative. If all the dominos fall at one or in a short space of time, things could turn rough quickly.

I am usually a doom merchant but i honestly hope for a quick global recovery. Things look so sh-te right now i don't want to see things actually hit the fan.

Unfortunately the above is a symptom that it actually might be very very close.

A extremely worrying period for the Irish and Global economy.

Once the growing sentiment of uneasiness about a lack of recovery hits the markets thing might move rapidly.

Plebs

Cavehill Red wrote: »

Not Anglo, not BoI, not any of the banks we're propping up with borrowed money from abroad. If we HADN'T underwritten zombie banks and created a slush fund (NAMA) for property developers, we'd have plenty of money to pay for social welfare. We'd have money spare to create jobs to reduce the demand on social welfare too.

And who do you think gave Anglo the money? If we don't repay the Germans, they won't pay our social welfare bill. Think about that.

Cavehill Red wrote: »

What's that got to do with anything? Are you seriously suggesting that half a million unemployed people are squandering their pittance on p!ssy lager?
Grow up.

What I am demonstrating is that €205 a week affords single men a very nice life.

Cavehill Red

Plebs wrote: »

And who do you think gave Anglo the money? If we don't repay the Germans, they won't pay our social welfare bill. Think about that.

You seem to be adept at missing the point.
WE gave Anglo the money, thanks to our bogey government. WE are the ones who will have to repay it. Had that, and the other banking and property bailouts, not been pursued, we'd have sufficient money and cashflow to deal with the recession.
How about you think about that.

Plebs wrote: »

What I am demonstrating is that €205 a week affords single men a very nice life.

I'd say it doesn't actually. I'd say it provides a subsistence existence.
But in any case, you're shifting your argument. Originally, you wanted to slash social welfare in half, which would be impossible without plunging half a million people well below the breadline, and causing significant hardship to hundreds of thousands of children.
Presumably you're now beginning to realise just how ridiculous that statement was.

Plebs

Cavehill Red wrote: »

I'd say it doesn't actually. I'd say it provides a subsistence existence.
But in any case, you're shifting your argument. Originally, you wanted to slash social welfare in half, which would be impossible without plunging half a million people well below the breadline, and causing significant hardship to hundreds of thousands of children.
Presumably you're now beginning to realise just how ridiculous that statement was.

Gimme a break. You've been reading far too many Charles Dickens novels.

iamthe43

Plebs, seriously...leave it out. If your looking to rant about those unfortunate enough that have lost their jobs, rant somewhere else FFS. This is a thread about the doomed nature of this country

hinault

Ireland is already bust, as others have said earlier.

The question is can we dig outselves out of this mess?

The entire NAMA project and the recapitalisation of the banks will put the kybosh on any short term recovery because our govt has decided that the entire nation must bear the cost of bailing these banks out.

In the medium to long term, if the economy continues to deteriorate, fewer people will be working which means social welfare payments to more poeple and less tax being generated from those that are in work.
Couple this with the loan repayments for the monies given to banks and it is very hard to see any good economic newe even in the long term.

Cavehill Red

Plebs wrote: »

Gimme a break. You've been reading far too many Charles Dickens novels.

Whereas you've been reading too much of the neo-con BS that got the globe into this mess.
My point stands, whereas yours has been demonstrated to be nonsense.
If we hadn't allocated tens of billions of euro to prop up property developers and dodgy banks, we'd be much better off.
And the tiny amount of money you propose to save by slashing social welfare by 50% would achieve next to nothing in that context, while plunging hundreds of thousands of people into genuine poverty.
To be honest, I'd love to see Fianna Fail try something like that. They might just find their heads on spikes if they did.

Plebs

Cavehill Red wrote: »

Whereas you've been reading too much of the neo-con BS that got the globe into this mess.
My point stands, whereas yours has been demonstrated to be nonsense.
If we hadn't allocated tens of billions of euro to prop up property developers and dodgy banks, we'd be much better off.
And the tiny amount of money you propose to save by slashing social welfare by 50% would achieve next to nothing in that context, while plunging hundreds of thousands of people into genuine poverty.
To be honest, I'd love to see Fianna Fail try something like that. They might just find their heads on spikes if they did.

"Any man who is under 30, and is not a liberal, has no heart; and any man who is over 30, and is not a conservative, has no brains."

Cavehill Red

Plebs wrote: »

"Any man who is under 30, and is not a liberal, has no heart; and any man who is over 30, and is not a conservative, has no brains."

What's conservative about corporate welfare beggaring the nation?

Plebs

Cavehill Red wrote: »

What's conservative about corporate welfare beggaring the nation?

The State, yes the ones who issue the banking licenses, allowed the economy to overheat - melt down even. Therefore, the State must pay.

Biggins

Rented Mule wrote: »

....that's when the whores come in !!

Bad news, they are already here: http://uk.news.yahoo.com/21/20100823/tuk-charity-sees-prostitution-case-rise-e1cd776.html

Cavehill Red

Plebs wrote: »

The State, yes the ones who issue the banking licenses, allowed the economy to overheat - melt down even. Therefore, the State must pay.

For Anglo's debts? For shareholders' equity decline in zombie banks? For developers' speculative losses?
Why?
That's corporate welfarism. It's as conservative as a kibbutz's five year plan.

Plebs

Cavehill Red wrote: »

For Anglo's debts? For shareholders' equity decline in zombie banks? For developers' speculative losses?
Why?
That's corporate welfarism. It's as conservative as a kibbutz's five year plan.

Vote Labour next time round so.

Cavehill Red

Plebs wrote: »

Vote Labour next time round so.

Maybe I did the last time.
Maybe more people should the next time. They didn't hand over billions to bankrupt banks.
But this is hardly party political. When you have commentators like McWilliams and Gourdieff stating that the government has squandered untold billions bailing out their mates, then the conservative position most definitely opposes the clientelism of the current government.
It seems to me that you're a classic victim of the current regime's distraction techniques.
Public V Private sector, Employed V Unemployed, City V Rural. They keep on throwing up these preposterous divisions to distract the populace from their activities in beggaring the nation to prop up their bankrupt pals.
And you're the fool buying into that.
Let's reverse and start again. I say we should scrap all bank guarantees, fold NAMA instantly and let all bankrupt banks and developers go to the wall.
As an alleged conservative, you oppose this because...?