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Has Irish Independence Been A Success?

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    #182
    asdasd
    Closed Accounts Posts: 3,185 ✭✭✭asdasd


    I would be very careful criticising how other countries conduct their business.

    We cant realy have much of a thread about independence from the UK, unless we compare with the UK, now can we? The fact is Ireland has begun to make it's cuts. The UK has reduced income tax this year, and poured billions into the economy - via Quantative Easing. As some time in the future interest rates must rise, and the UK's short lived recovery wil collapse. Interest rates are now at 0.5%.

    Irelands property has fallen by a far greater and faster percentage, so even an increase in the ECB's rates ( also inevitable) will have less of an effect.

    I am not enamoured with NAMA. However whilst hearing lots of criticism about it, I hear very little solutions.

    By the way it is not as if the UK is rounding up it's corrupt politicans, or incompetent bankers.

    And, to repeat, we can have to cpmare with the UK, and with how Ireland would be in the UK ( not as wealthy as the South East, but more like Scotland). That is what this thread is about, we didnt gaing independence from Siberia, Nigeria, or Switzerland.


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    #183
    asdasd
    Closed Accounts Posts: 3,185 ✭✭✭asdasd


    Also some of the figures you quote are disengenuous since the 20 B shortfall includes the bank recapitalizations this year, you included both in one paragraph. In fact that makes the day to day shortfall not all that severe.


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    #184
    dkin
    Registered Users Posts: 125 ✭✭dkin


    asdasd wrote: »
    We cant realy have much of a thread about independence from the UK, unless we compare with the UK, now can we? The fact is Ireland has begun to make it's cuts. The UK has reduced income tax this year, and poured billions into the economy - via Quantative Easing. As some time in the future interest rates must rise, and the UK's short lived recovery wil collapse. Interest rates are now at 0.5%.
    I agree in principle I just find comparing Ireland's economic health to anywhere outside of an african dictatorship almost laughable (only slightly exaggerated), for reasons outlined above. The UK doesn't have to raise interest rates if it doesn't want to that decision is entirely up to the BOE. It depends entirely on the policy decided inflation vs deflation. I agree however that the UK was also reckless and bought into the global property bubble in the last few years but definitly not to the same extent as Ireland.
    Irelands property has fallen by a far greater and faster percentage, so even an increase in the ECB's rates ( also inevitable) will have less of an effect.
    A rise in the ECB rate will be disasterous for the country as all those overvalued morgages still have to be paid back. I do not consider it as likely as others tho as eurozone inflation is not massive.
    I am not enamoured with NAMA. However whilst hearing lots of criticism about it, I hear very little solutions.
    Let the banks and the developers fail.


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    #185
    dkin
    Registered Users Posts: 125 ✭✭dkin


    asdasd wrote: »
    Also some of the figures you quote are disengenuous since the 20 B shortfall includes the bank recapitalizations this year, you included both in one paragraph. In fact that makes the day to day shortfall not all that severe.

    I'm not 100% sure of this but I thought the bank recapitalisations were paid out of the national pensions reserve fund and therefore don't appear in that 20B.


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