Tag: David McWilliams

Why We Are Where We Are

(Originally Published on Indymedia.ie in December 2010)

Throughout the history of the Irish state, Ireland was seen as an almost backwater of the Western World. It was a country literally and both metaphorically on the fringes of Europe with an economy which always seemed to be floundering in the doldrums. All of this changed in the nineties with the onset of the Celtic Tiger which was effectively brought about by low corporate taxes, an educated workforce and the low cost of wages. All of this led to a massive upturn in the economic fortunes of Ireland but when things should have naturally slowed down, those with political power ensured that the Celtic Tiger was extended beyond its natural lifespan by creating a bubble. The bubble in this case was a property bubble and like all bubbles in economic history, it was bound to burst. The government, and their associates in the banking industry and construction industry, did their best to try to convince people, not only in Ireland but also all across the world, that Ireland was the perfect economic model to follow. In reality it was all smoke and mirrors when in actual fact the entire economy was based on a lie; the need for more and more property. This lie, along with the cronyism at the very top of Irish politics, has led to the situation which we are now in where we are likely to default on our sovereign debt within the next 2 years.

Economics Irish Style

(Originally Published on Indymedia.ie in November 2010)

The last week will be remembered in Ireland as one of the most tumultuous periods in Irish history. We are hurtling downwards at an ever increasing speed. Future generations of Irish people are to be burdened with the debt of the bankers and the entire Irish banking industry. What was once unthinkable is now likely to pass and all of this is down to the actions of the government and their friends. In the two years since the banking guarantee was enacted, there have been no major steps taken to sort out the financial mess that the banks have gotten the country into and now that problem is having its final and fatal effects on the future of the country; a political party with no mandate from the people is in the process of turning Ireland into a debt serving nation and nothing more. The leader of said party is doing nothing more than cling onto power for as long as he can in order to serve out his own agenda, whatever that may be, and no “hair shirt budget” is going to change the fact that Ireland is both an economic and political basket case.

The Sale of Ireland

(Originally Published on Corkstudentnews.com in October 2010)

The next month is make or break time for Ireland; most likely break. We are on the verge of the harshest budget in the history of the state. This is the first of a “four year plan” in order to get the country’s finances back into shape and back on track. The problem is that the government plan won’t work and they most likely know it won’t work. What will happen is that the country is going to be dead in the water for the next decade or more. If you can imagine all of the horror stories of emigration, mass unemployment and general stagnation from the fifties and eighties, then you might come close to what is going to happen in Ireland. All of this is being done in order to keep the status quo in power; the “haves” versus the “have nots”, and next month is when we will finally know just how far the government will go in order to save themselves and their friends by selling us and the entire country down the drain.

We Are Being Watched

(Originally Published on Corkstudentnews.com in October 2010)

We are being watched. Every move we make and everything that we say is being analysed down to the last letter. Even our reaction to these analyses is being watched. One would think that I am describing something, as clichéd as it has now become to do so, out of George Orwell’s 1984. However, the truth is far more insidious. When I say we are being watched I mean the Government and the country at large is being watched. The people doing the watching are the people in the money markets. They are expecting everything to come crashing down around us any day now and as a result, the cost for us to borrow money on the international money markets has soared. What no one can be certain of is when this collapse will finally hit us.