While property prices in the country in general are still 33 per cent off their boom-time peak, property prices in Sandycove in south Dublin are only 5 per cent off their 2007 peak. They are likely to pass that peak by the end of this year and continue upwards.
The acceleration of Sandycove prices versus the rest of the country is what could be termed the “room with a view” premium. Houses that command a view of the sea or over the city lights have seen their value rocket by more than anywhere else in the past few years.
For example, apartments in Grand Canal Dock, with views over the water and across the city, are only 14 per cent off their peak while the rest of the city lags behind, according to Ronan Lyons of Trinity College Dublin and Daft.ie.
The prices of second-hand classic cars and wooden hulled yachts are rising fast too, while tables at expensive restaurants are almost impossible to get in Dublin, Cork and Galway.
Houses with sea views, swanky cars and posh restaurants are all “bragging purchases”. The economics of bragging is all about signalling that the buyer has enough cash and is prepared to pay for the status that these assets and experiences confer.
Cave dweller
Buying high-status goods is not new. Ever since the first cave dweller gave his missus an ornately carved mammoth’s tooth, we humans have craved and conferred status via rare things. Beautiful and scarce items deliver meaning beyond their intrinsic value.
Regularly the expense is a “willy waving” competition among rich men. Sticking with willies, did you know that the bar stools on Aristotle Onassis’s yacht, The Christina, were covered with buttery-soft and extraordinarily expensive foreskin of the sperm whale? But this ostentatious, and I suspect rather meaningless, gesture (although I have never experienced the frisson of sitting on a dead whale’s foreskin) was part of Onassis’s battle to outdo fellow Greek shipping tycoon Stavros Niarchos. When two rich men start fighting over a trophy, all reason goes out the window.
This is an extreme example, but such positional spending does create social anxiety, particularly as we move towards the middle classes. The behaviour at the top seeps into the consciousness of those lower down the social scale, because what makes people anxious is not their absolute level of income but their income or wealth relative to other people’s.
It is the contrast in society that is the source of friction. If you feel that you are going backwards while some people are moving out of sight, it is normal to feel inadequate. This sense of inadequacy can trigger social problems, where people feel they either do not have a stake in society or that their stake is diminishing.
Extraordinary evolution
And this brings me to the extraordinary evolution in Irish chief executive pay and benefits in the past few years. At the top of Irish companies, a winner-takes-all culture has developed, whereby the rewards at the top are extremely high, and the gap between the boss and the average worker is widening.
Look at the salaries of Ireland’s superstar chief executives in the past few years.
In 2001, the chief executive of CRH, Ireland’s largest listed company, earned 50 times more than the average worker in the country. This extraordinary differential could arguably be justified by the strains of the job and the unique skills required to run a large corporation. But by 2016, the chief executive of CRH earned 267 times more than the average worker.
A worker on the average wage would have had to work for 53 years to earn what the CRH chief executive did in 2001, and would have to work for 267 years or until the year 2285 to earn as much as the chief executive earned in 2016.
Bosses have always earned more than their underlings, but in Ireland today the differential between what the people at the top of some large companies have elected to pay themselves versus what the average worker earns is pretty much off the scale.
In 2001, the boss of DCC, another large Irish conglomerate that owns companies including Flo Gas, earned 33 times the salary of the average worker. Today, the boss earns 120 times the average.
At Kerry the top dog earned 37 times the average guy in 2001. Today his income is 97 times the average industrial wage.
And in Tullow Oil, the corresponding figure was 21 times in 2001, and today the chief executive takes home a cool 101 times the average worker.
Runaway rewards
Technically and legally, if the shareholders are cool with that, then we shouldn’t worry – it’s shareholders’ money after all. But we should be aware of what is happening because such disparities affect us as a whole.
When we get runaway rewards at the top, the spending at the upper echelons of the country sparks a consumer spending race. It drives up prices of all sorts of premium goods – like Sandycove houses with sea views.
The process is communicated to people lower down through property supplements like the one published every Thursday in this paper, whose lead story usually features a high-end, out-of-sight home. It tells us something about the social anxiety the rest of us feel that this out-of-reach gaff is often listed among the most viewed stories on irishtimes.com.
Ireland is not unique. These trends are global. In the past, this “winner-takes-all” dynamic was limited to rock and roll and sport, but this has changed. The superstar culture is evident in lots of areas where rock-star private surgeons, celebrity orthodontists, super-star gynaecologists, big-wig barristers, and even grind school teachers, Pilates instructors and personal trainers make much more than others in their field.
The enormous gap between chief executives and average workers is only one sign of this recent trend, but given the amounts involved and its impact on society, it’s something to keep an eye on.
The differences between the wages or salaries of managers and staff has always been a ‘bone of contention’ in the private sector and I’ll give you an instance of what I mean. The management team in the firm I worked for over 30 years were absolutely paranoid about the ordinary workers finding out how much they earned on an annual basis, so much so that when changes came about in regard to there being 2 employee trustees elected to keep an eye on the company pension fund back in 1994 the management team with the help of the actuaries of… Read more »
“When we get runaway rewards at the top, the spending at the upper echelons of the country sparks a consumer spending race. It drives up prices of all sorts of premium goods – like Sandycove houses with sea views.” That sounds daft. Surely its access to moola either borrowed or earned plus rising asset prices and consumer confidence driving the spend? This article is more proof if any were needed that there is no connection what so ever between talent and pay. Your ability to maintain the status quo at all costs irrespective of the destruction going on is what… Read more »
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ps://twitter.c
om/joshnathankazis/status/996207778950762496
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Cement Roadstone Holdings [ CRH ] received a fortune for having built the Concrete Wall Barriers in Israel & the other Occupied Territories of the Palestinians ;
CRH have blood on their hands every day because of that dirty deed.
Partisangirl
??
?Verified account @Partisangirl
TWEET
Look at the lack of reaction of left liberals over #israel shooting 2000 protesters in #Gaza,
The same ppl that cried crocodile tears over Aleppo and #Syria and called for regime change against #Assad are silent now.
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ps://twitter.c
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http://ww
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AND, HERE FOR BENEFIT OF “AFTER CEASATION OF ACTIVITIES” PUBLICLY “SELF-DECLARED” IRA SUPPORTERS 8-) + GCHQ-HASBARA COLLABORATORS ;
http://ww
w.anphoblacht.c
om/contents/11236
CEO ==> POWERFUL PERSON [ At least in the realm of that particular company ] >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ARGUABLY WORTHY COMMENT IN REPLIES SECTION OF THE FOLLOWING VERY FASCINATING REVELATIONS ON ; “THE WORLD’s MOST POWERFUL PEOPLE” HERE BE THE COMMENT ; Anonymous 11 May 2018 at 04:19 1. Donald Trump is fighting against’ Deep State ‘to save America 2. Putin & Xi ditching petro dollar and slapping Rothschild banking system etc. 3. Russia Iran China alliance against West&Israel ….. With these lot of fake notions many people think they are awakening. >>>>>>>>>>>>>>>>>>>>>>>>>>>> Anonymous11 May 2018 at 05:04 Spot on >>>>>>>>>>>>>>>>>>>>>>>>>>>> AND,… Read more »
RAPING THE IRISH NATION IS THIS VILE-LOT
BUT, GIVES WILLFULLY DOES IRELAND
http://www.thetruthseeker.co.uk/?p=24489
The “shareholders” are pension funds managed by mates of the CEOs.
WHAT A DISPLAY => THE MARXIST ATTACK ON THE IRISH IN FULL SWING HA -> THE MASK IS SLIPPING A BIT -> THEY PRESS A LITTLE TOO MUCH ON THOSE SHAME BUTTONS -> BUTTONS BRED IN BY 800 YEARS OF SERVITUDE . . . CAN YOU HEAR IT? . . AND SO IT GOES -> . . — REMEMBER IRISH PEOPLE — BELIEVE YOUR MASTERS — THE IRISH ESTABLISHMENT — ALLOW MURDER OF LITTLE UNBORN GIRLS — YOU ARE THE PROBLEM IF YOU DISAGREE . . . — HOW DARE YOU SLAVES SPEAK OUT! — DO YOU KNOW HOW MUCH… Read more »
VAST MAJORITY OF THE SUPER-RICH BOSSES & THEIR WIVES & THEIR ADULT DAUGHTERS, & SONS, WANT A RAMPING UP OF THE ABORTION REGIME. THEY DESPISE THE IRISH UNDERCLASSES ; AND, YEARN FOR THEIR NUMBERS TO DROP CATASTROPHICALLY. ///////////////////////////////////////////////////////////// OK, SO, AS A RICH HIPSTER U DO NOT BELIEVE IN GOD. THUS, U ARE FEARLESS IN BREAKING MORALS THAT PHILOSOPHICALLY CAN ONLY COME FROM A BELIEF, & FEAR, OF GOD. BUT, EVEN IN THE TEMPORAL SCHEME OF HUMAN HISTORY, GIFTED HISTORIAN FROM FUTURE SCHOLARLY MILIEU WILL SURELY JUDGE VERY HARSHLY IRELAND’s PSEUDO-INTELLIGENTSIA FOR RAMPING UP OF THE ABORTION REGIME. AND, THEY… Read more »
IRISH STATE IS IN THE INTERNATIONAL SPOT-LIGHT THIS WEEK THE RICH OF THE IRISH STATE ARE SET TO PROFIT WITH $ MILLIONS FROM THE POLICY DESCRIBED BELOW BUT, THE UNDER-CLASSES OF THE INDIGENOUS IRISH WILL SUFFER EVEN MORE. “IT IS ALL JUST SO G….” >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> HEADING ; Irish Pressured to House Migrants In Spare Bedrooms, Vacation Homes’ Dan Lyman May 16, 2018 The Red Cross is asking the Irish to “put empty space to better use” by offering up their spare bedrooms or entire properties to accommodate migrants. Working in conjunction with the Irish government, the charity seeks to import… Read more »
ACCURATE COMMENT ABOUT THE ALLEGED CEO OF THE COUNTRY FROM WHICH IRISH STATE HAS MOST NUMBER OF MULTINATIONAL COMPANIES LOCATED HERE
i.e.
ACCURATE COMMENT ABOUT Mr. DONALD TRUMP [ PRESIDENT OF USA ]
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>..
Henry Makow
?@HenryMakow
Henry Makow Retweeted PatriotFirst
TWEET ;
Trump is a Freemason and a blackmailed Israeli agent. His nationalist act is a ruse to sucker patriots into supporting Zionism.
https://www.henrymakow.com/2016/11/Tempering-our-Expectations-of-Trump%20.html …
//////////////////////////////////////////////////////
https://twitter.com/HenryMakow/status/996894677994438656
ACCURATE COMMENT ABOUT THE ALLEGED CEO OF THE COUNTRY FROM WHICH IRISH STATE HAS MOST NUMBER OF MULTINATIONAL COMPANIES LOCATED HERE
i.e.
ACCURATE COMMENT ABOUT Mr. DONALD TRUMP [ PRESIDENT OF USA ]
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>..
Henry Makow
?@HenryMakow
Henry Makow Retweeted PatriotFirst
TWEET ;
Trump is a Freemason and a blackmailed Israeli agent. His nationalist act is a ruse to sucker patriots into supporting Zionism.
https://www.henrymakow.com/2016/11/Tempering-our-Expectations-of-Trump%20.html …
//////////////////////////////////////////////////////
https://twitter.com/HenryMakow/status/996894677994438656
IMPOSTER + SABOTAGING MOLE CEO OF NOW VERY CORRUPT SUPER-MULTINATIONAL IS HERE KISSING THE HAND OF THE 2 MAIN ENEMIES OF THE IRISH NATION ;
THANKFULLY, THE MEMBERS OF THIS SUPER-MULTINATIONAL CAN EFFECTIVELY GO UNDERGROUND & EMERGE STRONGER THAN THEY EVER WERE ;
BUT, TO DO SO REQUIRES THAT THEY, IN THE MAIN, BECOME “AS INNOCENT AS A DOVE, & AS WISE AS A SERPENT”.
http://www.thetruthseeker.co.uk/?p=170167
TO TRUTHIST HOW THE “MAGI” WORK THEIR TRICKS => IN BRIEF -> IT IS SLEIGHT OF HAND -> PSYCHOLOGICAL MANIPULATION => THROUGH TRAUMA . . . IT WORKS AS FOLLOWS -> FIRST ENGAGE THE POPULATION WITH TRAUMA -> THE TRAUMA MUST “relate” TO THE DESIRED INCOME -> VERY SUBTLE => ATTACK AT THE UNCONSCIOUS . . . EXAMINE THE CURRENT MEDIA PROPAGANDA -> THEY WANT THE IRISH POPULATION TO ACCEPT => THAT ABORTION = HEALTH OF WOMEN . . NOW TO THE PTSD CAMPAIGN => NEVER MENTION ABORTION DIRECTLY => BUT THE MEDIA WILL HAVE STORIES ON THE HEALTH OF… Read more »
Unlimited production of money creation has place the world in a bubble of all things. The latest manifestation is the pay of corporate executives. Most of the stock market is held up with high prices generated by two things. Central banks have directly or indirectly bought the stocks of major corporations and corporations have bought back their own stocks. In many countries, notably Japan, the CB has bought stocks directly. In other markets the cheap money is borrowed by the company and used to buy back the stocks. Internal buy backs do not enhance anything other than the share price… Read more »
Charity begins at home!! house the local homeless before alien. This is a trojan horse of an invasion. Eliminate migrants by not bombing the foreign country to oblivion in the name of regime change. It is Western foreign policy that creates the migrants n the first place. Do you think this is a deliberate policy to attack and destroy the western industrial democracies. The evil of such thinking knows no bounds. Follow the money.
http://www.breitbart.com/london/2018/05/16/irish-told-house-migrants-spare-bedrooms/
https://www.independent.ie/business/personal-finance/property-mortgages/variable-rates-so-high-because-thousands-are-choosing-not-to-pay-their-mortgages-36919488.html IBF & Failed Irish Bankers 2004 to 2009 DOGSHIT mortgages are still a major problem. Check out @davidhall75’s Tweet: https://twitter.com/davidhall75/status/997376807434321920?s=09 This is what happens when you try and solve a logical problem with a political agenda. The FAILED Irish bankers spin is that new banks wont come into the Irish market because of Irelands refusal to repossess houses. Bollicks 1. There are no problems with Irelands 2012 to 2018 mortgages. 2. The Irish failed bankers never restructured their 2004 to 2009 dogshit mortgages. “Full term split mortgage restructures ” were stonewalled by FAILED Irish bankers. The courts would have… Read more »
IF ONLY WE HAD ECONOMISTS WITH THE MORAL, & INTELLECTUAL, COURAGE TO TELL THE FACT THAT ; THE IRISH NATION IN THE IRISH STATE DOES NOT OWE A SOVEREIGN GUARANTEE FOR THE LOAN BOOKS OF THE IRISH BANKS TO ANYONE THAT SOMEONE DECLARED THAT WE DO IS UNLAWFUL & EVEN “ILLOGICAL + UNFOUNDED + UNDUE”[ Because it is “illogical + unfounded + undue” that the Irish Nation should give a Sovereign Guarantee for this ] BUT, ALAS, ALL WE HAVE ARE VAIN “BONO-TYPES” TRYING TO IMPRESS “THE NEW YORK BOYS” BY ABORTING THE IRISH NATION THROUGH DESTROYING OUR “LIVES” +… Read more »
Irish State is in process of losing out in extra $5 Billion Investment by Intel ; Intel are investing it in Israel instead. YES — YES — YES The Irish State is VERY VERY VULNERABLE because it is dependent on the will of Foreign Multi-nationals to be based here MANUFACTURING exports. With those manufacturing jobs comes jobs for suppliers, & taxes for the government, & some R & D, & up-skilling of some of our work-force, & considerable pollution & corruption to Ireland, & Irish Stakeholders. Israel is a major rival to Irish State attracting massive Multi-national Companies to manufacture… Read more »
And, naturally, u think that if the CEO’s are highly paid that they would have the guts to say, & execute this REFORM WHICH I RATE ONLY THE UK, USA, CHINA, AUSTRALIA, INDIA, SAUDI-ARABIA, & CANADA — by sheer fact of their particular Economic Power & / or Geographical Position & / or Immense Population & / or Gravitas & Timing — could succeed with this policy ; AND,OF COURSE ISRAEL COULD SUCCEED WITH THIS POLICY “ANYTIME” ; 8-) NOT The Irish State nor a United Ireland ; NOT at this present time THE DREADFUL FEW WOULD EXACT DEADLY REVENGE… Read more »
GOOD STUFF AGAIN, HENRY !
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
1 thing is for sure ;
TRUMP IS NOT A PATCH ON JFK
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Henry Makow
?@HenryMakow
TWEET ;
Encore-
Banking System is Key to Understanding Our Servitude
https://www.henrymakow.com/2018/03/banking-system-servitude.html …
HIGHLY-PAID ROTHSCHILDS & ROCKERFELLERS MAKE US ALL FEEL EXPONENTIALLY SMALL HEADING ; How Pierre Trudeau Turned Canadians into Debt Slaves May 18, 2018 PREFACE ; On December 12th, 2011, Comer (The Committee for Monetary and Economic Reform) filed a lawsuit in Federal Court to try to force a restoration of the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as it had until 1974 when Pierre Trudeau turned it over to the Rothschild Syndicate. As a result, government debt has mushroomed. Combined federal and provincial net debt has increased from $833 billion in 2007/08… Read more »
Canadian 10 year interest rate move with the USD rates.
http://business.financialpost.com/news/fp-street/long-end-of-canada-yield-curve-inverts-for-first-time-since-2007
“And the amount of compound interest that the government has to pay has increased over the years as well, a problem that has been affecting other participants of the economy. This series will provide an in-depth analysis of Canada’s monetary system and discuss how the system is designed to marginalize Canadians and perpetuate an endless cycle of debt.” http://prudentpress.com/finance/overview-canadas-current-financial-position/ “Thus from the points presented above, one can easily determine which sectors have been most favored and which have been neglected the most as a result of the private banking system. The FIRE (financial, insurance, and real estate) sector has grown… Read more »
https://youtu.be/Bx5Sc3vWefE
The fraudulent money robs people to bankruptcy. Explained by a 12 year old.
“Biddle’s act was the very reason Jackson, and many others before him had been opposed the banking system in the first place; the power to control the credit and currency of America could be exploited by the banks to cause shortages in the money supply, which would then lead to economic depressions.”
http://prudentpress.com/finance/dangers-usury-banking-system/
@ Tony Brogan, Ref. My Reply to Mike Flannelly some 40 hours ago [ please see above ] “ALL of the Principals PLUS Interests” owing are technically impossible to pay in 1 instantaneous sum. However, with Velocity of Money [ But, now no longer money since this currency mere Non-Money ] they can be paid. THIS THOUGHT OCCURED TO ME RECENTLY ; I WOULD WELCOME TONY BROGAN’S REFLECTIONS ON THAT POINT.” >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ABOVE IS SLIGHTLY REDACTED BY TRUTHIST SO AS TO FUNCTION IN THIS CONTEXT FOR ALL LOANS OF NON-MONEY CURRENCY GIVEN TO GOVERNMENT & INDIVIDUAL PERSONS [ REAL OR… Read more »
http://prudentpress.com/finance/dangers-usury-in-banking-system/ Crozier claimed that the basic principles behind the Aldrich bill and the Glass-Owen bill were one and the same; to allow private control over the public’s money and currency, and to allow banks the power to issue money. Despite Crozier’s analysis, Congress proceeded in passing the Glass-Owen bill in 1913. On the day the bill was passed, Congressman Lindbergh prophetically warned, This act establishes the most gigantic trust on earth. When the president signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is… Read more »
BREAKING NEWS ! IRELAND SAYS NO TO ABORTION >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>> Ireland says, “According to the Law of Biogenesis, all life comes from pre-existing life and each species reproduces after its own kind. Therefore, human beings can only reproduce other human beings So it doesn’t start out as one species and suddenly become a human being.” She goes on– “some people say, “Well it’s a woman’s body, it should be her choice,” citing another common argument. She further exposes the flaws inherent with pro-choice reasoning, saying, “There’s a 50% change the baby she’s carrying is a male child and he would… Read more »
THE OPPOSITE OF “DUMB & DUMBER” TYPES WILL FIND THIS ARTICLE VERY INTERESTING ; >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> HEADING ; Meet ‘Mini-BOT’: Italy’s New Parallel Currency Plan by Tyler Durden 05/18/2018 In 2009/10, squeezed by insolvency, a lack of liquidity, and Federal limitations, the California government began to issue a ‘parallel currency’ in IOUs in lieu of payment on everything from supplies to contracted services and health-care costs, so it can actually preserve cash to make payments to its generous debtors. Now, eight years later, despite all the talk of ‘recovery’ and ‘global synchronous growth’ and ‘normalization’, Italy’s newly-formed coalition of The League… Read more »
The US proclaims full employment at around 4% unemployed. It is alleged there is little inflation.
Why is it that 13% of the population or 42 million are still on food stamps. Why are there no well paying jobs for these people, Or are they disabled for one reason or another?
Is the unemployment figure a lie?
Is the inflation figure used a lie?
shadowstats shows a real rate of 6% based on 1990 methodology and a 10% rate based on 1980 methodology.
What do you believe is the correct unemployment rate and the correct inflation rate?
http://www.shadowstats.com/alternate_data/inflation-charts
TRUTHIST
-> JACK NICHOLSON?
=> A GOOD EXAMPLE
-> ADOPTED BY HIS GRANDMOTHER
=> THE CHILD OF STATUTORY RAPE
.
.
THE PRO CHILD MURDERERS STATE
-> THE CHILD OF RAPE LESS THAN THE REST
-> THE CHILD SHOULD PAY FOR THE SINS OF THE FATHER
.
.
HERE IS THE TRUTH
-> THE CHILD OF RAPE
=> IS A VICTIM OF RAPE
-> THIS CHILD WITH FACT THAT THEIR FATHER RAPED THEIR MOTHER
.
.
JUST LIKE JACK
-> HE DOES CARE TO KNOW HIS REAL FATHER
http://www.todayifoundout.com/index.php/2010/11/jack-nicholsons-supposed-sister-was-actually-his-mother/
I perceive David as running away from himself when instead he should be a chivalrous knight overturning the deeply carved block in the Annals of Ireland of he being responsible for a host of terminations of that which his supporters hold so dear to their bosoms, that which they hope will be there for to take care of their needs when they old, that which they would scream belongs to them, that which they would urge even the poorest of Ireland to protect at all costs for them, … yes, their mortgaged properties, & other bank borrowings. And, I believe… Read more »