Kilkenomics – the Kilkenny economics festival could not have been better timed

[Max Keiser] accused Minister for Finance Michael Noonan of a “brazen act of contempt for the people” to announce €3.8 billion worth of budgetary cuts in the same week the department announced it had “found” €3.6 billion which had disappeared from the system as a result of an accounting error. He said it showed a complete inability to track what was happening in the system and claimed that such an absence of transparency allowed bankers and traders to engage in “financial terrorism”.

22 comments on “Kilkenomics – the Kilkenny economics festival could not have been better timed
  1. Sharky says:

    Monday onwards could be a awesome precious metal buying opportunity , CME group is ordering major margin hike requirements on over 300o securities so could be a awesome Time to BTFD !

    Will look out for more news

  2. kitty says:

    Max quoted as saying, strong leaders were needed.
    Peter Antinioni as saying, a wave of right-wing sentiment could sweep across the EU.

    We don’t talk the language of the far right on this site but use the word ‘sovereign’. I think having people build things on the other side of the planet is all about inbalances.

    Here is the UK we have tried to hold out to looking at our financial sector as a means to provide jobs. Slowly the middle class jobs have left the country as a direct result of already shedding the working class ones.
    In London lots of people on the train going into work staring down at their phones, tapping away, keeping their minds hermetically sealed. They can’t look up because they are part of a clown army fed on the illusion of a constant housing boom. They all in their hearts must know the system has been one big ponzi scheme and if they don’t know I wonder if they have a heart at all.
    Perhaps a collective guilt* they were all too ready to have their neighbour undercut to outsorcing. That they could gain a profit by getting on a ladder first. In their haste to ‘work hard to succeed’ their lives flash by ever more Nasty, brutish and short.(Thomas Hobbes. Bellum omnium contra omnes).
    Some of these folks will go all nazi on us. They have this hackneyed retort that only those who ‘work hard’ are deserving but get this confused because they somehow think only those somewhere up the ladder have worked hard. When in fact the structure is a pyramid and on each layer fewer and fewer get rewarded for working hard and many get their reward because for being one or other form of low life. Most of us put in the effort but remain impoverished.
    So how do any of these people get to a point where they realize each sovereign nation (and here one starts to open a pandora’s box with the word ‘nation’) has to have a self sustaining system? And to do this without scapegoating a minority.

    * I say ‘guilt’ because I’ve noticed in life that so many people will often harden their hearts rather than yield and be mortified by their own behaviour. And I say ‘mortified’ because sometimes to change the course of our lives we kind of need to have a part of us die but letting go is so difficult.

    If we are to get strong leaders we’re going to need good listeners. I wonder if I want the clowns to raise their heads or not?

  3. “A surge of right-wing governments all over Europe” was the final note of this piece. Then we will see a clamp-down on freedom of expression and George Orwell’s worst nightmare becomes reality. During WW2, gold and diamonds fornd their way to Swiss Banks via a short detour to some interesting “Detention Camp”. The merry-go-round of History!

  4. MirrorMirror says:

    .

    On AJ : James Corbett: Fukushima Situation Still Critical! 1/3

    http://www.youtube.com/watch?v=lnVfgRiPJhQ

    Good report as usual

    .

  5. alanborky says:

    Matt Taibbi to Mayor Bloomberg: “you know what, Mike Bloomberg? FUCK YOU. People are not protesting for their own entertainment, you asshole. They’re protesting because millions of people were robbed, by your best friends incidentally, and they want their money back. And you’re not everybody’s Dad, so stop acting like you are.”

    Read more: http://www.rollingstone.com/politics/blogs/taibblog/mike-bloombergs-marie-antoinette-moment-20111103#ixzz1cpMjyeJ8

    God bless America’s Rolling Stone!

  6. Danny Cunnington says:

    I can’t really see nationalism in it’s classical sense breaking out. You will get some goons of course trying to stir it up but if you look at the new parties like the pirate party of Berlin you can see that there’s not much of the old left/right program left. They want copyright reform. a ban on GMO seeds and an end to financial corruption. The nearest thing to nationalism is a sort of libertarianism.

    Most of these people who claim that nationalism is coming seem to think we are back in the 1930s. You can’t really call European countries putting back borders and requiring immigrant workers to get work permits nationalism because that was exactly to situation right through the 1990s. You could hardly have called any of these European countries Nationalistic and right wing (Although Austria seemed fairly close).

    All the introduction of the Euro did was act as a wealth transfer mechanism in which richer countries got slightly poorer and periphery countries did better. All of this had no merit because it ignores the free market reality of why these countries were “richer” nations in the first place. Most of the periphery countries lost any advantage through a wave of inflation that applied to everything apart from their wages. Stuck with a centrally imposed monetary policy they could do nothing about they couldn’t stop huge speculative bubbles from engulfing their real estate which were bound to eventually pop.

    The original promise of the Euro was that it would boost cross border trade by around 25%. This never happened although cross border trade increased from the blowing of a huge bubble to hide the collapse of the Dot com bubble. The only single advantage of the Euro was that it was easier for people to compare prices when on holiday or cross border shopping and it eliminated changing fees and commissions The problem with this is that most people didn’t have a problem operating a 99 cent calculator and people had known which things are cheaper or dearer in different countries and had done so for decades.

    The reason some things were cheaper in other countries was because these countries had different economies and set there own monetary policies. The stability came from internal pegging. Eg; Dutch guilder pegged to DM at 1 to 1.1 and the Austrian shilling pegged to the DM at 7:1. Dutch guilders pegged to the Belgian and Lux franc through the Benelux agreement.

  7. @alastair Carnegie, 1984 is 1 of most prophetic books I’ve ever read. Franz Kafka is pretty good2, ”The Castle’ is about alienation, bureaucracy, the seemingly endless frustrations of man’s attempts to stand against the system, and the futile and hopeless pursuit of an unobtainable goal’
    And ‘The Trail’ where a man is arrested and prosecuted by a remote, inaccessible authority, with the nature of his crime never revealed.
    Sound familar?
    @kitty, +1, souless they are I say souless.

  8. susan says:

    bloomberg looks like his lips have been glued to the back of his ears. i guess plastic surgeons aren’t what they used to be

  9. Jayme says:

    Well said kitty.

  10. bammbamm says:

    3.6 billion accounting error? That’s about as likely as Yankee Stadium disappearing.

  11. davem says:

    @kitty – very true, this is life in London

  12. Karsten Hansen says:

    Monday could be awaysome for gold?
    Just wait a minut,aint it about people this freaking uprise,or is just another plain mindless stupid buch of sharks with the freaking mouth open to swallow anything that comes around?
    I have seen much stupidety and lies in my time,but to surport another Goldrush surport the enimy to get rich,thats were the line breaks.
    People are dying out there,for the very same reason,speculators in death and destruction my Presioso Metalico,what is the difference,some speculate in Paper,others in metal,others in Prostitution others in commodity,but cook it down ,its all about the same,Prostitution Pimps and Kingpins.
    So what do you have in the basket today,Derivativs in the worlds Farvelas,thats where the future is.
    Velcome back to 1701,and the 500 million slaves!

  13. Specky4eyes says:

    Great post Kitty. Maybe our individual outlook needs to be more local, almost tribal rather than national. Buy locally produced goods when possible. Make do and mend. Barter. Only use the banks to process cheques, don’t leave your money sitting there. Come off gas and electric central heating if you can and move into locally produced fuels such as re-newble wood. Grow much more fruit and veg in our gardens. We can organise our own local economies without too much recourse to local and national government can’t we?

  14. F. Beard says:

    KilKenny?

    Why would anyone want to do that? Yet nearly every episode he gets killed.

  15. Bruce says:

    You go to work, paying your taxes like a dog.
    Watching every cent.
    Being responsible.

    Meanwhile, on the other side of town:
    Your gov “loses” 3.6 billion pounds.

  16. snoop diddy says:

    What is it with the Irish, can’t they afford video cameras and then place the clips on youtube?

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