Irish Economy - Do we understand how bad the situation is?

DonJose

Does the average Irish person understand the incredible situation we are in at the moment. Depending on who you believe, market analyst's or the government, we have enough money to last 60 days or until June 2011.

60 days scenario
http://www.bloomberg.com/video/64352822/

June 2011 scenario
http://news.yahoo.com/s/ap/20101110/ap_on_bi_ge/eu_europe_financial_crisis

The frightening story is todays 10 year Irish bond. It now stands at 8.422, it had risen as high as 8.47, thats up 6.083% today alone.
http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

So basically we are just weeks or months away from the EU or IMF stepping in, its a sad day for Ireland!!!

Duggy747

Can't we talk about puppies for a change?

Ali Babba

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

amacachi

If the budget doesn't get through we're done. Come April we're out of money and no-one to give it to us. Well done everyone.

gbee

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever,.

Ye, we had a girl on yesterday and she posted "La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA..La De DA" when someone was trying to explain.

So yes you are correct.

DonJose

The 10 year bond looks like hitting 9% today!!! Currently at 8.490, up 6.940% today alone. Looks like there is a run on the country as I type.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

FatherLen

please just stop talking about the economy in AH. even for a day.

Chairman Meow

DonJose wrote: »

The 10 year bond looks like hitting 9% today!!! Currently at 8.490, up 6.940% today alone. Looks like there is a run on the country as I type.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

Woo hoo lookatit go!!! C'MON FINANCIAL RUIN!!!

ejmaztec

Duggy747 wrote: »

Can't we talk about puppies for a change?

We'll be eating puppies soon.:(

Sykk

Oh look, an economics thread.. Not seen one of these in about 4 minutes.

Victor McDade

ejmaztec wrote: »

We'll be eating puppies soon.:(

Are we all being shipped out to Korea?

the keen edge

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

I don't get how people, in general, are so unaware or just dont seem to care, of how much of a financial **** hole Ireland is in.

The time pasted years, not months, ago when people should of being taking notice of what our governmental leader's were ridiculously calling scaremongering!

The tide has gone out now, and we are clearly standing there without any trousers on.

Sea Sharp

We should cut 40bn in the budget and be able to say: "Hah, we don't need your stupid money bond holders."

maxwell smart

I think the problem is that some people don't understand the reason the bond market is running so high. There are lots of CFD's (Contract for Differences) at play on Irish bonds and these are driving the price higher, and as we are not actually in the market, the bond dealers can pitch them at very high rates today hoping that a 0.1% increase tomorrow will mean they can flip them without having to pony any money up front.
The real fun is when we go back into the markets. Lets say we go back for 10 billion and we are offered 8%. If we refuse the guys who betted on a CFD for a really high figure are screwed.
So if we went back early when we still had some reserves we could play a game of poker with these guys. It's just a very high stakes game.

partyatmygaff

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

mikom

https://www.youtube.com/watch?v=ZR6wok7g7do

mikemac

I don't stress over things I can't control

Well I used to and that's how I got my username

Sungodbr

I predict a riot!

DonJose

feelingstressed wrote: »

I don't stress over things I can't control

Its not about being stressed over things you can't control, its about being aware of the situation and planning ahead. If the EU/IMF have take control we are looking a totally different lifestyle to what we are/were used to.

MetzgerMeister

partyatmygaff wrote: »

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

Thanks, thanks, thanks and thanks again!

jodaw

maxwell smart wrote: »

I think the problem is that some people don't understand the reason the bond market is running so high. There are lots of CFD's (Contract for Differences) at play on Irish bonds and these are driving the price higher, and as we are not actually in the market, the bond dealers can pitch them at very high rates today hoping that a 0.1% increase tomorrow will mean they can flip them without having to pony any money up front.
The real fun is when we go back into the markets. Lets say we go back for 10 billion and we are offered 8%. If we refuse the guys who betted on a CFD for a really high figure are screwed.
So if we went back early when we still had some reserves we could play a game of poker with these guys. It's just a very high stakes game.

We are a nation of gamblers right? We love our horses and playing high price property speculation games. We are fecked either way. So why not just take everything we have left including the NPRF. And short the CFD's pocketing the profits of the longs when we hit their stops

I mean one of our most successful business men "Quinn", thought i would be a great idea to risk billions.

flyton5

No I don't think we do. Please, do enlighten us. :rolleyes:

jodaw

partyatmygaff wrote: »

Irish Economy - Do we understand how bad care?

Personally I don't. I didn't cause it and I and most others for that matter have no influence whatsoever on its performance. Moaning and complaining about the economy every waking moment is wasting your life.

I think you could be moaning when you are walking to the shops with a wheelbarrow full of Eire-Euros for a slice pan!!! Still dig your head in the sand the future will never happen. :rolleyes:

JONJO THE MISER

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

partyatmygaff

jodaw wrote: »

I think you could be moaning when you are walking to the shops with a wheelbarrow full of Eire-Euros for a slice pan!!! Still dig your head in the sand the future will never happen. :rolleyes:

The economy's a fickle thing. I've got much more important things to worry such as my LC. Things that I have no control over aren't worth worrying about.

jodaw

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Clever man. One thing we can be sure of in the system that we operate, history repeats itself.

Check out them survival seed packs too. Heirlooms

And also one on those bunkers that Del Boy and Rodney had

DonJose

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Yeah and I bumped that thread.

the keen edge

JONJO THE MISER wrote: »

Ive came on here before saying how bad things would get and advising to stock up on food and basic supply's but i was laughed at:rolleyes:

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

partyatmygaff

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

If it did, you wouldn't be reading about it here on the internet anyway...

Diapason

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

Nah, there'll be enough cheese to go round.

jodaw

partyatmygaff wrote: »

The economy's a fickle thing. I've got much more important things to worry such as my LC. Things that I have no control over aren't worth worrying about.

The way things are going your LC will be the least of your worries. Still, in reality it is not you that created this crap. If i were you i would be seriously pissed off about this country and what the greed of the older generations achieved

Sungodbr

Sungodbr wrote: »

I predict a riot!

So do I. In about two and a half, to three hours at the Dept. of Finance.

ejmaztec

the keen edge wrote: »

I don't get how people, in general, are so unaware or just dont seem to care, of how much of a financial **** hole Ireland is in.

The time pasted years, not months, ago when people should of being taking notice of what our governmental leader's were ridiculously calling scaremongering!

The tide has gone out now, and we are clearly standing there without any trousers on.

Since when do people wear trousers when they're swimming?

mikemac

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

If Dock workers staged an all out strike for several weeks you'd see shortages.

Though there is more then enough food produced in Ireland

partyatmygaff

jodaw wrote: »

The way things are going your LC will be the least of your worries. Still, in reality it is not you that created this crap. If i were you i would be seriously pissed off about this country and what the greed of the older generations achieved

Meh... We'll all survive no matter how bad the economy becomes. Life goes on, money means nothing.

Glenster

Oh no! It's gone up to theoretically 8.6%! What if it goes theoretically up to 8.7%?!? Then we'll be theoretically poor. We aren't on the bond market!!!!!!!!!!!!!!!!!!


This is the stupidest conversation I've ever heard.... actually no it ties with the "my house is theorectically worth a million euros, therefore i'm a theoretically a millionaire" blather that we had five years ago.

People never learn.

scientific1982

Watch from 13:10 onwards. Why is our government doing this to the people.

https://www.youtube.com/watch?v=J0nyR8pZaEg

questionmark?

Duggy747 wrote: »

Can't we talk about puppies for a change?

We could but Biffo is having them made into a coat for himself and seanie :eek:




/yes its a big coat

jodaw

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

I remember gathering information somewhere about our food supply chain. Because of the complexity of delivering food to our plates, it was maybe 1/2 days for empty shelves in the supply chain breaks down...

Always plan for the worst and hope for the best

df1985

ahhhh sure twill be grand.

In reality though, I think a lot of people are sick and tired of hearing these things, and wont care until they get hit in the pocket. Ignorance is bliss and all that.

DonJose

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

Analysts are saying Ireland has enough money to last just 60 days. The government is saying we have enough money to last 7 months. So far the government have gotten everything wrong. We can't afford to borrow at the current 8.5%, where will we find the money to run the country, to pay civil service, to pay social welfare. Scary days ahead.

Glenster

the keen edge wrote: »

Honestly, do you think it could possibly get to that stage, as in food shortages?

It couldn't, could it?

Jesus wept................

thebigbiffo

blather blather blather blather...

we're not borrowing until the new year. lets have a thread on bond market interest rates then please. after the entire world sees the population get raped on Dec 7th - the bond markets will give us a better shot.

either that of the IMF give us the money - which at this stage i'm not quite sure is such a bad thing.

thebigbiffo

DonJose wrote: »

Analysts are saying Ireland has enough money to last just 60 days. The government is saying we have enough money to last 7 months. So far the government have gotten everything wrong. We can't afford to borrow at the current 8.5%, where will we find the money to run the country, to pay civil service, to pay social welfare. Scary days ahead.

we'll borrow the money at better interest rates from the IMF/ECB and let them come in and cut the (huge amounts) of waste concerned in running the country, the civil service, the social welfare....that's not scary - it should be a f'uckin priority

R P McMurphy

Will there be a reduction in sky for Irish subscribers or will things never get that bad?

jodaw

partyatmygaff wrote: »

Meh... We'll all survive no matter how bad the economy becomes. Life goes on, money means nothing.

Correct in that.

I visit Colombia on a regular basis. When i return i ask myself the question. WTF are people this country moaning about? No such thing as social welfare or "entitlements" over there.

But life goes on regardless. Let the banks collapse and life will still go on. The sun will still rise and set. The banks have the power and people are made to feel there is no alternative but to enslave ourselves for them. Not true ...

Always there is an alternative ...

On the stockpiling the food thing. If some of the most wealthy people in the world think that storing the seeds of all food plants deep in a mountain in Norway is a good idea, Maybe it is not such a bad idea to have a few to one side.

JONJO THE MISER

Its going to get very very messy, we wont be able to borrow money and will get a bailout with massive massive cuts and 30-40% of public servants laid off, massive riots and strikes and a massive increase in crime.
Im sorry to say but things look very very bleak, im leaving most of my money on online wallets at the moment to be honest, just to be on the safe side.

JONJO THE MISER

R P McMurphy wrote: »

Will there be a reduction in sky for Irish subscribers or will things never get that bad?

thebigbiffo

jodaw wrote: »

I visit Colombia on a regular basis.

bet you travel by boat?

Rabble Rabble

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

Lol.

Diapason

Still, at least if we're plunged back into poverty we can form a soul band and narrowly miss jamming with Wilson Pickett.