Part 2 of the three part series, Addicted To Money
Nowhere to Hide
In Episode 2, “Nowhere to Hide”, David takes a road trip through the economic badlands, revealing the inescapable global reach of crisis, from bankrupt Iceland to struggling Honduras. Now that the credit meltdown has peaked, it’s left debris spread throughout the real economy. What we are witnessing is the ebbing tide of a failed ideology, supercharged capitalism, says David. And in its place are the skeletons of industries that can’t adapt to the downside of globalisation.
Further information on the RTE website.
Does anyone else here see the advertisements of iFOREX flashing up? David? I find this hilarious to say the least. Here we are, talking about the outrageous events that climaxed in banks holding entire countries hostage, only to be invited to gamble on currency movements, one of the biggest high risk trades these markets have to offer, and now anyone is invited and can trade on the Forex, yeah right. Come on in and loose some. Surely you have full control over the advertisement offers on your site, and while your background in banking is known, I can not but… Read more »
Hehehe :o) David was not aware about it apparently.
Nice one! LOL
Another good episode David. Getting off topic, I think the ifoex ads are perfect-ably acceptable. If someone clicks on it, invests money in, and ultimately looses it that is their own fault. It’s not the fault of the site that they saw the add on. Personal responsibility appears to be a forgotten standard ie. we did vote the same government in 3 times in a row,
Much better episode than last week. More meat on the bones and the imagery wasn’t as annoying or distracting.
Hi, I would like to add that Addicted to Money is a very interesting take on what is happening in the global economy althought it would be helpful if David elaborated a bit more on the issues & conclusions. For example in last night’s episode one of the conclusions appear to be that some countries such as the US, and presumably Ireland, had such high levels of debt that the only way the country could get out of the mess was to default on the debt. It was suggested that this would be done by deflation through printing more money… Read more »
Will the euro go down the drain with the Dollar ?. Some believe, that we were brainwashed to embrace globalisation, but it is a wolf in sheeps clothing, sending us into debt slavery, and that carbon tax is just the next phase of a controlled take over. I know people, just ordinary people (my Dad), who predicted all of this 25 years ago, and they were just laughed at. No one is laughing now.
David your program last night was excellent, except for the bit where the man in Iceland tell us that everything is still functioning fine despite the economic collapse. But excuse me, may be I misunderstood something. I thought the first part was excellent as well, and I’m looking forward to the next one. It is clear to me that going ahead with Nama will be a total madness. If the speculative projections of the Government are wrong, the citizens of this Country are going to have to repay it for generations to come. How can we trust the same politicians,… Read more »
Missed the episode, but they are subjects of lunch conversations now, which is a high praise I think. One suggestion: people seem to fall easily into this “bank personification trick”, the concept of “we bail out the banks now, but they’ll pay us later”. It is not obvious that banks are not people, and taking money from the banks in the future (through levy or whatever) is an attempt to punish its future shareholders, not the current bondholders. And in the end it is not going to work, as all that money will still be extracted from the public, just… Read more »
I think your programme is quite interesting although a lot of what you says is what I call — CSEA (Common Sense Economic Analysis) CSEA comes from being an intelligent human being and watching what is going on around you, clearly you do. Reading economics books is fine but reading the labels of where clothes are made being sold in Dunnes, Primark or Asda and you get the real picture of what is going on in the world. I am a firm believer in Asia Pacific excluding Japan and have had my (very) modest private pension fund entirely in this… Read more »
OK Woodsey! I’m glad at least we agree regarding NAMA. If you are talking about “a bloodless one”, then it becomes “evolution”. And as in the “famous joke”, the difference is only one letter. Mr. Stiglitz had something to say about it: “You don’t call it nationalisation, you call it “pre-privatisation”. And then we’ll see how far the Banks want to push it! If we make enough noise, some TDs might think it twice knowing that citizens are going to make them personally responsible, if they do it, without people’s consent. This could even constitute a violation of civil rights!… Read more »
Good morning,
As we learned yesterday, until 2020 we get back approx 5,5 billion Euro from NAMA. On Top a childrens hospital with 350 beds and > 800 parking slots, valued at approx Euro 750 mio will be finished, in 2014.
We have nothing to worry about, we are in competent hands. LOL
Hi David, I got a chance to watch episode 2. You say that globalisation is bad for Ireland. Well, no, its not, its just that we have to change and adjust ourselves as the globalised ‘model’ changes on a daily basis. This change is inevitable. Ireland is in a weak position as it is more open to changes in globalisation changes than many other countries. Icelands leverage was huge at 10x GDP. But is ours not more than that? The winds of ‘correction’ have affected China, no doubt. An interesting factoid is that whilst it exported 116billion USD last month,… Read more »
A very well known video exists with Peter Schiff, who is to see in the series. It shows and other financial experts forecasting, commenting, advising in 06 / 07, at the height of the media height pushing the bubble. Most of the those experts were incredibly wrong. Irish viewers may not know those US pundits, but it will be familiar. The experts from the banks who appeared on TV had all the same message. It includes a really proper diagnosis from Peter Schiff: “We have to stop borrowing and consuming and start saving and producing again.” That could be said… Read more »
Peter Schiff sounds like a true American hero. The others like the ones were telling us we were going to have a “soft landing” and had the best economy in the world.
Always singing from the hymn sheet they are given! I wonder why?
Yeah we are in great hands!
it is true what laughingbear says
the iFOREX (currency trading) add is on the following page:
http://www.davidmcwilliams.ie/2009/11/01/the-great-deception-must-end