Eamonn Blaney's Website » Economy

Another EU Summit, Another EU Failure

eblaney — Tue, 13 Dec 2011 14:57:19 +0000

The recent machinations by the EU to resolve the economic crisis by taking advice from bankers and financiers is akin to holding an AA meeting over a few pints in the local pub and they will have just about as much success. However, it is obvious that the EU politicians, unelected officials and those in the financial services sector are suffering from an addiction. Their addiction to power, control, ego and personal financial gain, has destroyed the lives, hopes and aspirations of tens of millions of people Just like every other addict, the Eurocrats immediately condemn anybody who begins to suggest that it is they who may be a big part of the problem.

What is Really Going on in Europe?

eblaney — Tue, 15 Nov 2011 18:59:53 +0000

So we have reached the point where the Irish government is ineffectual and powerless in relation to the running for what is supposed to be our Democratic Republic of Ireland. What's more, the parliament in the European Union is also powerless and ineffectual in relation to the drama is unfolding in Europe. Make no mistake about it, as we approach the end game of this financial disaster our real masters are those in the financial services industry and their media and political insiders.

The Money Merry Go Round

eblaney — Sun, 01 May 2011 12:12:18 +0000

According to the International Monetary Fund’s latest report, practically every developed economy is in debt. So everyone is in debt to someone else which is exactly the way the financial wizards of this world want to keep it. After all, we give them the license to literally print money which they then lend to us …

TD’s had better think before voting.

eblaney — Mon, 06 Dec 2010 12:25:28 +0000

As we get closer to the financial and social endgame resulting from Fianna Fail and the Greens governance are country, their incompetence and lies are laid bare for all to see. Those of us who were advised to go and commit suicide by the then leader Mr. Bertie Ahern and didn't, can see their very worst nightmares coming to fruition. We knew it was going to be bad but we could never have conceived just how bad it has become. And this is really just the start. In a speech in 2007 Mr. Ahern promised that in a fall would reduce the gap between what we spent and what we took in taxes than revenues. He lied. Mr. Cowen, who was then the finance minister, simply went along with what ever he was advised to do by those total incompetents in the Department of Finance. The big accountancy and legal firms operating in Dublin who oversaw audits of the major banks and financial institutions, and charged millions for it, reported that everything was okay, these companies also lied. Full article on www.EamonnBlaney.com

The National Debt solution is in our back yard.

eblaney — Fri, 12 Nov 2010 09:09:28 +0000

Auctioning some of our Oil & Gas reserves could get us out of the present economic and social mess yet it has never been considered or discussed. No, we are just been fed the same bullshit i.e. that individual citizens have to bail out the Irish banks, which are failed privately owned companies, even though it was not their fault. Why ?

Public Service workers must be let go – A proposal.

eblaney — Mon, 18 Oct 2010 16:18:57 +0000

My proposal for removing up to 100,000 public servants is relatively straightforward although it will have to be accompanied by substantial reforms in work practices, promotion policy, pension entitlements and attitude. For example, the defined benefit, indexed linked pension scheme is simply too expensive for our country to afford for the foreseeable future. The abolition of this pension must include all public servants whether employed now, in the past or in the future. If new legislation or constitutional amendment is required to make this happen, then so be it. The fact that there are people who retired over ten years ago and are presently receiving pension that are actually higher now than their salary they were on when they left, is outrageous.

Public job cuts will be worth the pain – Sunday Indo 26/9/2010

eblaney — Sun, 26 Sep 2010 20:07:11 +0000

No doubt you are sick of listening to the radio, watching the television or reading newspapers and getting nothing but bad economic news. Unfortunately, this is happening because our Government -- and many of us -- closed our eyes and ears to the reality of what was unfolding before the meltdown. The priority now is to resolve it the best we can and as quickly and as equitably as possible. To do so is going to require some major decisions, all of which will have substantial and far-reaching consequences for every one of us. Finance Minister Brian Lenihan should immediately tell us what options he considered prior to the bank guarantee scheme and the implications of each. Not once, since this crisis began, have we been treated like adults and told exactly what options were considered. Instead, we were told the bank guarantee scheme is the only show in town, with no explanation whatsoever. Suspiciously, none of the other options (if any) have been discussed publicly by the Government.

What Are The Alternatives To This Economic Disaster? (Sunday Indo 12 Sept 2010)

eblaney — Fri, 10 Sep 2010 18:09:09 +0000

To be published in the Sunday Independent 12 Sept 2010 On numerous occasions in the last week we have heard our Minister for finance Mr. Lenihan remind us of the necessity to continue to guarantee the banks. Not to have done so initially would almost certainly have meant the instant financial collapse for our state. Of the two options open to him (letting the banks go, being the first), guaranteeing the Irish banks was the only practical option. Well, according to those who were advising himself and Mr. Cowen on that fateful night, when the crises meeting took place in Government Buildings. Let's face it, this is what he was told by the CEO’s and the Chairmen of Allied Irish Banks and Bank of Ireland. And these people should know shouldn't they? These were the same people who, we had been led to believe, understood international finance, economics and the creation of wealth. After all, the bankers were finance professionals and Mr. Lenihan and Mr. Cowen, were legal professionals. You wouldn't go to a solicitor for financial advice nor vice versa, would you? Our representatives at the meeting (Zig & Zag) were either lied to or they were incompetent, or both. Fortunately for everyone in the room that night, we’ll never know as there were no minutes taken at the meeting. Yeah, right. We can only surmise that the bankers put up an extremely strong case for the guaranteeing of the banks and strangely Anglo Irish bank, which they knew was in serious trouble. The problem is, Mr. Lenihan has ever told us what, specifically, the alternatives were. Sure, we have heard the warnings of “economic meltdown” and “imminent collapse of the financial system” etc etc. But so far, nobody has actually told us what these mean. What advice specifically did Mr. Lenihan and Mr. Cowen receive from the bankers? What "appalling vista" lay before them that left them with no choice but to guarantee the Irish banks and therefore a generation to economic hardship? I, for one, would really like to know the answer. I mean, how bad would the alternative have been? ./............

400,000 Euros per job created ? There is a better way…

eblaney — Sat, 10 Jul 2010 09:34:55 +0000

Recently, The Minister for Trade Enterprise and (Un)Employment Mr. Batt O'Keeffe ,announced the creation of 50 high-tech jobs, at a cost of €20 million. Not surprisingly these jobs are are to be created in his constituency. Think about that for a moment, €400,000 for each job created. And even then, the profits are repatriated to the parent companies Country of origin.

The Elephant in the NAMA Room

eblaney — Tue, 15 Dec 2009 20:27:10 +0000

To read the full article, please click on the Headline above. The 'Associated Loans' are the amount of money that was lent to borrowers which was secured against the anticipated increase in the value of the underlying asset! The formula used to calculate the anticipated increase in value must be the same as used to calculate the length of a piece of string....