Thursday, 30 September 2010
What is the connection between a repeat convicted drink driver and an ex-Selfriges worker whose job was to fold towels people returned......They are both useless at Economics
Maybe George Osborne should have stuck to folding towels
Red Rag - The art of making yourself publically look a right twat when it comes to Economics:
First up the repeat Drink Driver 02/10/2008: "Despite Gordon's whining to the EU it is now the case that Irish Banks now represent the safest place to deposit money in the EU, with a guaranteed AAA guarantee from a country with the lowest national debt to GDP of any AAA country. Thanks to Gordon prolificacy Irish Commercial banks are safer than the bank of England"
Now the Ex-Selfidges towel wrapper 23/02/2006 : "A generation ago it would have been laughable for a British politician to go to Ireland to see how the economy should be run. Today it is different, Ireland stands as a shinning example of the art of the possible in long-term economic policy making, and that is why I am in Dublin to listen and learn. What has caused the Irish miracle and how can we in Britain emulate it?They have much to teach us if only we are willing to learn."
Today the Irish Stock Market is down 75% from 2007, Londons FTSE is down 17%. The Irish Government has a government deficit of 14%, the highest in the EU. This will rise to 32% of GDP thanks to another bail out of its banks, or in other words increasing public debt to 98.6% of GDP.The government had to pay £45 billion to take £55 billion worth of non-performing property loans from their big three banks.Put it another way, the amount of money Irealnd has had to use to bail out it's banks is the equivilant of 30% of it's GDP. In Britain we have used 6%.The banks bail out alone has cost every single person in that country the equivalent of £20,000.Ireland lost it's AAA status from Standard and Poors and is now seen as AA+ with negative outlook. This means that it will now cost Ireland more to borrow.Irish GDP fell 1.2% in the second quarter of 2010....it may be heading back into recession.
Ireland was the first country in Europe to start "austerity measures" to cut it's deficit. According to the Economist it's economy has gone from being a Celtic Tiger to an abstemious jogger that has suffered an heart attack.It also described in less than glowing terms Ireland's austerity measures... Ireland's "Good Behavior" may have ultimately been penny wise, pound foolish.
So there you go, throughout all walks of life be it repeat drink drivers or towel folders......you will always find people who haven't got a clue about economics.
Hat tip Robo!
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