Well Nitak you know your one who was spreading rumours (and also her legs but thats another story) about the 2 in the smoking area. Well is she coming?.
You guessed on the nose Sinead. It is her.I asked her along as I am sick of all those fake profiles on here and we can meet a person who was mistaken as a fake profile. You all know who I mean and also who you are.
Ciaran being a Man U fan I have to say today is one day when I can put rivalries aside. Also if anyone believes in justice they should not buy the rag known as the Sun. What they printed about the Liverpool fans was beyond belief. Kelvin MacKenzie should have been shot for what he did. So if there is any justice in the world a good start would be seeing the sun lose a lot of readers.
This is torture for a debtors' economy. You can survive deflation; you can survive debt; but Irving Fisher taught us in his 1933 treatise "Debt Deflation causes of Great Depressions" that the two together will eat you alive.
Don't blame the victim. Ireland has been betrayed twice in this saga. Once by New Labour, which led Dublin to believe that Britain would join EMU at the same time – covering Ireland's dangerously exposed flank of Sterling trade.
It was betrayed again by the European Central Bank, which opened the monetary floodgates early this decade to nurse Germany through a slump, holding rates at 2pc until late 2005, despite flagrant breach of the ECB's own M3 money targets. Fast-growing Ireland and the Club Med over-heaters were sacrificed to help Germany. They were left to cope with credit bubbles as best they could.
Ireland struggled. Construction reached 21pc of GDP – a world record? – compared with 11pc in the US at the peak. Mr Lenihan hopes to shield banks from the calamitous consequences by creating a buffer agency. It will soak up €80bn to €90bn in toxic debt – or 50pc of GDP.
He borrowed the plan from Sweden's bank rescues in the early 1990s, but overlooks the key point – it was not the bail-out that saved Sweden's financial system, the country recovered only by ditching its exchange peg and regaining its freedom of action.
Without that sort of liberation, Ireland's property slump will grind on for years and more multinationals will join Dell in decamping to cheaper plants in Poland. Ireland risks a deflationary slide into bankruptcy.
Of course, it is not the job of the ECB to set policy for Dublin's needs. But it would at least help if Frankfurt began to set policy for Europe's needs. Has the ECB noticed the collapse of industrial output in Spain (-24pc), Germany (-23pc), Italy (-21pc), France (-14pc)?
Simon Johnson, the IMF's former chief economist, said the ECB is pursuing a "ruinous policy" by disregarding the clear and present danger of deflation. "If they wait until deflation is 'fully in the data', it will be too late," he said.
Spain is already tipping into deflation. Unemployment has reached 3.5m or 15.5pc, and is rising very fast. Finance minister Pedro Solbes – ex-Mr Euro and lately the Torquemada of Madrid life – was toppled last week in a bitter dispute over spending plans. He said the kitty is empty. Quite. But is his fall a sign that Spain is no longer willing to follow the Frankfurt deflation script?
France too is fraying. The over-valued euro – fruit of ECB doctrine – is hollowing-out core industry. This week ArcelorMittal mothballed its historic foundries in Lorraine in what looks like the final demise of French steel. Workers are taking matters into their own hands everywhere, holding managers hostage in what amounts to low-level terror tactics.
No doubt, Germany will recover. Its export machine is heavily geared to the global cycle. Southern Europe will not recover. The cost gap between North and South has grown too wide. Which is why the ECB's deflation policies must prove so destructive.
If the ECB continues to serve as the instrument of German tastes, keeping German inflation near zero, then Club Med and Ireland must necessarily deflate into Hell with all their debts. Unless Germany accepts inflation of 4pc, 5pc or 6pc for a while, the only way the South can claw back lost competitiveness is through outright wage cuts, and that is not a macro-economic option for debtors. Is anybody facing up to this core reality in euroland?
Ireland prides itself on a nimble workforce and flexible practices that make it different from Club Med. It can adjust faster to ups and downs, goes the story. For those of us who feel a duty to Ireland, let us hope this, at least, is true.
skimpydoo Forum Posts (4,805)
. Have a ball on here as its worth it 
You should see my hose 
The worlds worst girl
Trying to give people some laughter.