Brexit, Trump and the victory of the profoundly Eurocentric and tax-harmonizing Macron have focused our attention on exactly what type of economy we have here. What are our alliances? Where does our interest lie and how best should we navigate the next few years? In short, the question now is who, in economic terms, are we?
There has been a lot of commentary on Brexit and how bad it might be for the country. This may turn out to be the case, but we don’t know yet how it will pan out. It is significant that since the Brexit vote, our economy has not spiraled into a tailspin as was predicted by the mainstream; in fact, the opposite has been the case. This economy has been on a roll.
This development alone should be enough to treat much definitive commentary with a pinch of salt.
However, what should shift our credence from a pinch to a mountain of salt, is the fact that much of this apocalyptic commentary has come from those who could be described as being “on the payroll”.
People “on the payroll” are usually professionals who are paid either by the State, the EU or ancillary professions that depend on the status quo. All these institutions follow a hard editorial line whereby the EU is wonderful in all respects and further European integration is not so much a point of argument as a self-evident truth.
They may be proved right but that outcome is not a given, particularly for an Atlantic economy like ours where non-EU trade and investment links predominate. The facts on the ground indicate that we are as much an Atlantic economy as a Continental one.
For example, when you read a tome on the relationship between Ireland and the EU written by, let’s say, the “Jean Monnet Professor of this” or the “Robert Schuman Professor of that”, the editorial clue should be in the title and the narrative is likely to be as objective as a screed on private property written by the “Karl Marx Professor of Economics”.
Thus in the same way that the Anglo Irish Bank Chair in Corporate Governance might set alarm bells ringing if you were to engage in a discussion on lending, so too should any title that has the forefather of Europe integration in it when discussing the future relationship of this country and Europe. Who wouldn’t be equally cautious when assessing the judgment of the Clinton Institute of American Politics on the Republican Party?
By the way, when it comes to the EU, there are loads of these academic positions all over Europe. In truth, opinion forming is an industry like any other and if someone is bought and paid for, then they are likely to toe the party line.
So we should be vigilant.
This is not a slight on the academic integrity of the people involved; rather it is a health warning on objectivity. My father once remarked to me, honestly and without prejudice, that “a man’s view of the world is often determined by who pays his wages”.
That sounds fair, don’t you think?
A small suggestion as we go into a debate on the future of the country is when someone is “on the payroll”, this fact should be declared up front so that we can have some objectivity in the crucial national conversation. It’s a modest proposal if you will!
The reason such disclosures are important is because the debate is so critical.
When we look at the country in the context of the world, we see that Ireland has three enormously important relationships.
Economically, Ireland is a trading nation and we sit atop, what was up to now, a reasonably solid, three legged stool.
One leg is Britain, the market where a huge amount of our traditional products end up. Forty percent of all our agriculture — our biggest indigenous industry — is consumed by British people. But even more significantly in terms of bonds, our neighbour is a home from home for half a million Irish citizens. Today, there are about as many Irish-born people living in England as there are Irish-born people living in Connacht!
These are blood ties, the product of history, geography and simple proximity. In a sense, these are bonds that we can’t shake off even if we wanted to do so.
The second relationship is with the US, by far and away our biggest investor and the country we built and have deep cultural and historic affinity. To put the commercial relationship in context, US corporations have invested $380 billion in foreign investment in Ireland, more than they have invested in the whole of Latin America, or the whole of the Middle East or more than they’ve invested in China! The latest figures from the American Irish chamber of commerce reveal that in 2015, American corporates invested $58 billion in one year.
Without American capital Ireland would be Portugal with poxy weather.
The third relationship, of equal importance, is that with continental Europe. This is a deep political and diplomatic bond, if a somewhat tenuous personal one. For example, while our political class scuttle back and forth to the continent, we don’t. There are close to 500,000 Irish people living in England, there are a mere 13,000 living in Germany, Europe’s powerbroker. Therefore, unlike the UK, the EU links are bonds of political strategy, engineered by policy rather than by people.
That said, politically the EU is an anchor for us in the world and one that commercially gives us access to the market of 500 million Europeans.
So all these relationships, the Atlantic and the continental are equally important and inter-dependent.
In the years ahead, the clear strategy for Ireland is to maintain all these relationships. If the British look like being frozen out of Europe, through their own bloody mindedness and EU intransigence, we must be prepared to broker a better deal for all, even if that means breaking ranks with the EU 27. Likewise, if there are moves to harmonize tax and Mr Macron seems keen to do this, we have to use our veto in Europe. Finally, if the American political class moves towards protectionism, we have got to reassure US corporates that Ireland is the place they can invest and get a better return on equity here than in the US. It is that reassurance, not executive orders scribbled by the Donald, which will be the key long-term metric in determining capital flows. Money is like water: it flows to the place of least resistance. We should be that place because that’s the key to prosperity.
There’s every reason to be positive. There’s every reason to back ourselves.
However, juggling all these interests will demand adroitness and common sense. In terms of the national conversation, it would be unforgivable to allow the future debate to be dominated by voices that are already bought and paid for.
Móra na maidine daoibh.
And subscribe.
There is a fourth possible leg.
Create an IBIC.
International Bitcoin Investment Centre.
I agree .
With regards to fisheries the government is considering to award a foreign control business the exclusive right to harvest all the Irish seaweed on our shores using a special sea mower only to be exported with little or no value -added . This is a rape of the sea economy. Citizens have no voice when economic and political corruption is rife in our own midst.
The biggest problem of all is our accumulated debts. As a result we are unable to do whatever is in our interests, and are instead compromised by the agenda of Frankfurt. We are in a predicament of needing to i) reduce indebtedness ii) improve public sector performance/efficiency iii) improve productivity across the board iv) ensure the survival of whatever businesses we have that are domiciled in Ireland, whilst hoping that they do not go full CRH and build a corporate empire abroad that offers no synergies with then operation here – but which will result in a lot of flying… Read more »
Subscribe.
Update on the 4 Donkeys of EU apocalypse. 1. Juncker is in place. Clueless, Delusional, and gaffe prone. And that is when he is sober. Which is not always the case. Any attempt to see him replaced will see him defiantly resist. Additionally, most of those under him are equally inept. 2. Macron is now in office. Macron’s antics with Trump indicate somebody who loves producing a public spectacle. I am calling it now – Macron will be an even bigger disaster than Hollande. Hollande knew his limitations. Macron does not. Macron is a clown. 3. Italian election looking like… Read more »
[ For example, when you read a tome on the relationship between Ireland and the EU written by, let’s say, the “Jean Monnet Professor of this” or the “Robert Schuman Professor of that”, the editorial clue should be in the title and the narrative is likely to be as objective as a screed on private property written by the “Karl Marx Professor of Economics”. ] Spot on. We need to be objective about the EU empire. We also need to be in a position of being able to live according to the results of our objective analysis. Unfortunatley, the main… Read more »
David, you seem to get where we stand. Likewise our former ambassador in Ottawa, Ray Bassett.
The problem as I see it is that Micheal Martin is the back seat driver in this government.
It is like being stuck with another Bertie Ahern, leading the policy making completely astray. Nothing gets improved in the public realm, in this scenario. The exact opposite of objective analysis is what takes place. Instead it is deals, politicking, handouts, pr stunts, and posturing.
Plus the inevitable sell out of our interests.
Good Article, David. Thoughtful and reasoned. Leaves me to contemplate!
With our national debt of €200 billion, I’m sure the EU would remind us where we stand if we broke ranks. Coveney or Martin both seem incapable of independent thought, we might stand a chance with Varadkar just because he’s so obstinate.
Anyway, let’s hope we’re not the next Greece.
Second worst in the world = Ireland
https://howmuch.net/articles/per-capita-debt
Make Ireland Independent from Europe and rescind the odious debt.
http://www.thedailybell.com/news-analysis/spain-is-holding-catalonia-hostage/
“”In contrast to eurozone countries (core as well as periphery) that remain deeply constrained by excessive external debt, Iceland has just paid down its foreign obligations by a cool US$61 billion, returning them to the safe 2006 level.
The country that suffered proportionally the world’s biggest financial collapse in 2008 is now set to boom again as it diversifies from fish, tourism and aluminium into renewable energy and information technology.”
http://www.businessinsider.com/icelands-economy-miracle-2016-5
It is called leading by example.
When new Eurozone countries gained access to easy credit backed by German economic strength, one can only compare it to Tacitus’ cynical observation in his Life of Agricola concerning the Romanisation of British tribal leadership: Book 1 paragraph 21 “Inde etiam habitus nostri honor et frequens toga; paulatimque discessum ad delenimenta vitiorum, porticus et balinea et conviviorum elegantiam. Idque apud imperitos humanitas vocabatur, cum pars servitutis esset. “Hence, too, a liking sprang up for our style of dress, and the toga became fashionable. Step by step they were led to things which dispose to vice, the lounge, the bath, the… Read more »
If Irish nation through for example The Irish State were to really act independently ; Well then, the big 3 that David focuses on in his article would agree to crush us swiftly. Not that they are not crushing us all along ; Actually, they have been crushing us all along. 1. The Dreadful Few > Vikings destruction on behalf of The Dreadful Few of Christ-loving + Christianity saving Ireland > Viking-settled Normandy Rulers of England & Wales with Financeg of The Dreadful Few conquering the Irish Nation & subjugating us to genocide, starvation, slavery, etc. etc. 2. E.U. stripping… Read more »
Look at what happens when u try to look after the wholesome best interests of ur own nation + not be going out there doing harm to others ;
Heck, even a piddly newspaper in Ireland will facilitate the resulting demonisation of u ;
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http://www.irishexaminer.com/viewpoints/analysis/eu-needs-to-act-now-to-curb-orbans-despotic-tactics-451201.html
Ireland caught in the middle of “all 3 + another ‘u know who'” powers here ;
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“GEOGRAPHICALLY” SPEAKING
“LOGISTICS” SPEAKING
“CUSTODIAN-OF-EVIDENCE” SPEAKING
inter alia
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https://twitter.com/HenryMakow?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fwww.henrymakow.com%2F
http://www.independent.ie/irish-news/politics/varadkars-property-tax-cut-for-dublin-homeowners-35769195.html Already starting a general election ? To be honest, the bit where local authorities are overwhelmingly funded from Central government, but they also get a mini-tax for themselves is a bit absurd. However, let us be honest here – if certain councils were given the money, they would only waste it. DLRCC, being leaders in this regard. If this was PAYE tax that we were talking about, people would laugh. Why would people with high incomes claim an exemption from the PAYE rate, and those with middle incomes not be able to do the same ? But because it… Read more »
With Britain out of the EU, there will be a purge on dissent, within the EU. In fact it started within days of the Brexit vote. In many respects, this is already underway with regard to the Visegard 4, Greece, Denmark, and Finland. It will get even worse. Call it the Junckerization of Europe. All the stuff that Jean Claude Jucker is enthusiastic about, will become the core belief system. And it is a belief system. Those that disagree will be treated with contempt. Ireland’s corrupt political gangs, having pushed Ireland into Stockholm syndrome, will be a prison guard, who… Read more »
It is not in the interests of the people of Europe, that there is one hegemonic powere structure ruling over them. That has been the lesson of the entire period from 1400 to today. It is in the interests of all of us that we co-operate freely with one another, and help each other out, in a respectful and dignified manner (on both sides of such activity). Current EU policy is not that. It is going in the incorrect direction. This has been the case for two decades. We are being sold a pup. And we need to either actively… Read more »
https://www.thestar.com/news/world/2017/05/30/polish-afghan-special-forces-rescue-11-hostages-from-the-taliban.html
A Corporate Finance Professor I once had, used to say, numbers are like fine perfume, they should be sniffed not swallowed. Same applies to many, many other things. And people. Europe, Britain and America are beyond our control and yes we need to get along, stand up for ourselves and react intelligently in our interests. Ireland has so much going for it – our democracy, our freedom, a green and pleasant land, our young people, our great education system, fantastic culture, our compassion, our kindness, our global voice, our spirit, our communities, our belief in something larger than ourselves. However,… Read more »
So the British Royal Family visited the Irish State & then …………………………………………………. H really spread around to the towns & cities outside of Dublin. . . One must not forget that the British Royal Family have a long history in the opium business. And, Lord Mountbatten — or Lord Monty when visiting Kincora Boys Home in Belfast — was deeply involved in H biz. Ref. Chris Spivey article ; . http://chrisspivey.org/who-murdered-mountbatten/ . . . Also, whistleblowers have since revealed that Pan American Airplane carrying 258 civilians in 1988 brought down by b..mb when flying over Lockerbie, Scotland was done by… Read more »
TYPO ;
Battle of Little Small-Horn
INTERESTING FOR THE CEREBRAL READER
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HEADING ;
These 100 Secret Societies Prove Who Really Rules America
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https://www.youtube.com/watch?v=ON8xq0djCRk
The real state of the US and by extension the world.
http://campaign.r20.constantcontact.com/render?m=1101357242253&ca=3f34f190-5ea2-4e4b-9c40-e0e131a8bd4c
http://www.telegraph.co.uk/news/2017/05/30/trump-responds-merkel-criticism-furious-tweet-saying-germany/ Merkel has walked herself into an argument, in a moment of pure silliness. It is evident that she is living in a bubble of her own design. She has behaved in a very intransigent manner herself, and now is is moaning about others ignoring her. Karma is a beach. She talked on behalf of a continent, that never elected her to anything. She made pronouncements that were designed to slight Trump – being completely oblivious to the fact that Trump never loses this type of encounter. The sensible thing for Merkel would be to have said nothing. She is… Read more »
Silk Road VOLVIT into Belgium now !
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http://www.independent.ie/life/motoring/car-news/volvo-begins-chinese-takeaway-of-s90-saloon-by-rail-35771294.html
Dr. Mahathir Mohamad
THIS MAN IS A VERY SMART COOKIE ;
EUWES BETTER READ UP HIS WRITINGS & ABOUT HIS ACHIEVEMENTS.
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AND, HE IS — TO THE BEST OF MY KNOWLEDGE — THE ONLY LEADER OF A COUNTRY WHO “CALLED A SPADE A SPADE” ABOUT THE “PRIVATE CENTRAL BANKING” RACKET & OTHER NASTY THINGS ABOUT THE DREADFUL FEW.
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And, like all decent Muslims, he would :
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revere Christ
revere Mary the mother of Christ.
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And, he would be very disapproving of “CHRIST-MOCKING” & “MARY-MOCKING” JERKS on any Econ-Socio-Politics-Cultural Blog.
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http://aanirfan.blogspot.com/2017/05/ft-9-11-was-inside-job.html
Henry Makow recommend this ; . And, after perusing it I know that he recommended it obviously because Chesterton as philosopher had great insight into what is really SAD / NOT HAPPY / NOT GAY at all ; https://www.lifesitenews.com/opinion/g.-k.-chesterton-its-not-gay-and-its-not-marriage?utm_content=bufferf31c0&utm_medium=social&utm_source=lifesitenews%2Btwitter&utm_campaign=buffer ………………………………………….. Meanwhile near Sodom & Gomorrah, about to happen is for each & every health insurance company & Dept. of Health an annual nightmare ; Costs aftermath is extremely expensive u know ? . . Thankfully no candidate for leadership of Blueshirt Party would partake in such activities offensive to the backbone of society ; THE WORKING CLASS. Incl. The Jobless… Read more »
. I reckon : . …………………………………………… . PROGRESSIVE BUT OLLIGARCH-DOMINATED Russia interested in Poland territorially for : . Silk Road purposes ; But, this can be secured with eventual sensible trilateral agreement ; Russia-Poland-Germany And, it will when Germany is truly a FREE & SANE country. . Access to North Sea from all-year-round ice-free port . ………………………………………..…. . CAPTIVE & INSANE Germany interested in Poland territorially for : . acquisition of Territory from Poland . terminating the Truth being said by Poland as to the real “numbers” WITH “ethnicity” of who died prematurely in what ALL were GERMAN camps in… Read more »
I keep meeting anti-Putin Yankees who immediately counter any positive comment about Putin by using the dismissive comment ; . “Putin is NOT good Do u know that Putin is big pal with the Oligarchs or Russia ?” . Well, OK, I get it ; . THE OLIGARCHS OF RUSSIA ARE NASTY PUTIN IS VERY CHUMMY WITH THE OLIGARCHS OF RUSSIA. SO, PUTIN IS NASTY SO, RUSSIAN PEOPLE – ELECTORATE OF RUSSIA – ARE NASTY. . OK. . BUT, THEN, Cynthia McKinney PhD ; Former Congresswoman, &“Green Party” Candidate for USA President in 2008, authoritatively informs us ; ?. .… Read more »
EDIT ;
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And, if he did properly & completely SWIFTLY make Russia into Christian country again , I believe that this would be very agreeable to substantial Buddhist & Moslem populations of Russia ;
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Their morals & values are practically identical.
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http://nypost.com/2017/05/26/how-team-obama-tried-to-hack-the-election/
“”This Mt. Everest of accomplishments belongs to a man who is straight out of central casting. Every day, he looks like a million dollars and is stunningly successful in his dealings with everyone from heads of state to manual laborers to ardent fans to entrenched skeptics. Every day, he brings both ebullience and laser-like focus to a job he clearly relishes, displays admirable courage in making hard choices, and is zooming along at warp speed to Make America Great Again!”” https://exposingmodernmugwumps.com/category/politics/donald-trump/ “”I believe that ultimately history will put President Trump in the same league as Washington, Jefferson, and Lincoln. But… Read more »
Wholesome women volunteer for ISIS martyrdom. It could be “the girl next door” that you took to the prom!!
http://nypost.com/2017/05/13/meet-the-western-women-who-are-flocking-to-join-isis/
“”Honor killings, forced marriages, rape, domestic abuse and FGM are no longer confined to the Middle East. Such savagery is happening all too often inside our own borders with brazen disregard for our laws.””
http://nypost.com/2017/05/20/middle-eastern-savagery-is-seeping-through-americas-borders/
Europe too , is my guess.
The cute whore having his cake and eating it… Not going to work this time.
Choose the EU and pay a heavy price
http://newstarget.com/2017-05-24-do-the-math-heres-the-rational-analysis-why-99-of-current-bitcoin-owners-will-never-be-able-to-sell-bitcoins-for-anything-close-to-the-imagined-current-value.html
The writer here refers to bitcoin as a Ponzi as does Grzegorz I do not strictly agree as defined, but do agree that it has currently bubble characteristics that need to be heeded.
Take you profits early and convert to a solid asset. Profit and prosper!!
http://www.zerohedge.com/news/2017-05-28/russia-and-iran-sign-oil-goods-barter-deal-escape-petrodollar
http://www.breitbart.com/tech/2016/10/10/anti-thought-police-infogalactic-launches-as-wikipedia-alternative/
@ Grzegorz, I think we made important insight about Putin. Retaining most of ur prior opinion. Bringing along a lesser amount of my prior opinion. And, in our dialogue here, adding extra insight. That trip to Zimbabwe — obviously derided people & place by the bold & the beautiful of this world — revealed a great much about Putin. But, he is not the enemy of the righteous inside or outside of Russia. I would not be relying on him to help me personally. Just look at that great man Gadaffi. He has helped Syria at least for 3 reasons… Read more »
EU paper advocates plan to bundle Eurozone debt: The FT cited an EU Commission paper on the future of the Eurozone, which advocated the launch of sovereign bond-backed securities that packaged countries’ national debt into a new asset. The aim of the plan would be to strengthen demand for debt issued by weaker governments, encourage banks’ portfolio diversification, and avoid contentious debates on whether to launch common-currency bonds.
Same old scam. Monetized otherwise unsaleable debt. Remember the mortgage fiasco. Who could forget?
FORTHCOMING VISITOR, Mr. B.S., TO DAVID MCWILLIAMS BEING NOT FORTHCOMING ABOUT KILLER WHICH THE MEDIA IS LYING ABOUT AS BEING “Right-Wing Extremist” WHEN THE KILLER IS THE OPPOSITE OF THAT,
vis.
Killer is actually a Left-Wing Extremist ;
AND, THESE LIES, BY Main-stream Media, AIMED TO PROTECT BERNIE SANDERS.
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Bernie Sanders also mis-representing the situation ;
And, again it to the Truth’s loss.
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http://dailycaller.com/2017/05/28/portland-killer-is-an-anti-circumcision-bernie-sanders-supporter/
http://www.sundayworld.com/news/crimedesk/deported-isis-suspect-plans-court-fight-to-return-to-ireland
I’d say he plans more than a court fight.
A view of the “refugee” crisis from Slovenia (some interesting videos):
https://www.youtube.com/watch?v=YQyqxqCzXsA
Prime Time – 09/05/2017
https://www.rte.ie/news/player/prime-time-web/2017/0509/
Rte objectivity. Watch the interview between Prime times David and Colm mccarthy on public sector pensions. David first tries to claim that public sector pensions are now defined contribution. Colm corrects the rte accidental spin. After 5 mins colm says that all 2million Irish workers should pay for their retirement the same transparent way. Not two tier. Public sector rte say that you can only do what is POLITICALLY ACCEPTABLE. Colm mccarthy asks rtes David WHY ????? Prime time my hole. Public sector sound bite time more like. All workers get 11000 yr contributory pension. Costs 5bn yr pay as… Read more »
U BETCHA that Andrew Gormley Mooney / Alfie Moon is very sad about this;
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https://friendsofsyria.wordpress.com/2017/05/31/syria-shoots-down-israeli-plane-suspected-of-helping-isis/
Lot’s of methane coming from the Irish media this morning. People with big cars, and backed flight schedules giving out about other people not “doing enough” to reduce greenhouse gas emissions. I have no time for these hypocrites. I know one of them from years ago, and the term santimonious hypocrisy does not go deep enough. IF there is a need to reduce carbon dioxide/methane production, then maybe they might start with their own habits. Meanwhile in Ireland we continue to see obvious problems. The largest problem is the settlement pattern, which is suburban, and subrural sprawl across the East… Read more »