Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
I do remember our debates about Ireland. I pointed out that Ireland is a failed neoliberal utopia and that it's low tax - tax haven

Which is not actually true (lower headline rates but better enforcement gives it similar corporate tax share to France), but let's not allow that to get in the way of a good rant.

And that Fine gael and Fianna fail are six and half a dozen.

But the CDU and SPD are not?

that nothing was rotten in Ireland prior to autumn 2010,

Uh, no. You will have to provide a reference when you make such scurrilous accusations.

tacky references to a "fourth reich" and so on.

See above regarding references and scurrilous accusations. This particular one should not require any great skill at Google-fu to find, if it actually transpired.

You especially did see no problem in Ireland at all that couldn't be solved with a default,

I did not see any problem in Ireland that was any of my business and which could not be solved with a default. If the Irish want to blow housing bubbles, then that's their problem. And if stupid French, British and German banks want to lend them money to blow bubbles, then I have absolutely no sympathy when they lose their shirts. Certainly, the Irish taxpayer (or, for that matter, the German taxpayer) should not be forced to pay for the stupidity of banks that lend against overvalued collateral.

but only on foreign creditors.

[Citation needed]

Taxes could and should never rise and nothing should be changed at all.

[Citation needed]

Basically you proposed that the Irish welfare state could be kept compatible with low taxes eternally by subventions from other EU countries.

Uh, no. I said that Ireland should not raise taxes in order to pay stupid banksters who placed bets on a real estate bubble.

Whether the Irish want to run their welfare state by printing Treasury bonds or by taxing is for the Irish to decide. Nobody is holding a gun to any foreigner's head and demanding that he buys Irish Treasuries - Ireland, remember, has a current accounts surplus. Their current predicament is caused by capital accounts inflows to blow bubbles - something for which the lenders are at least as responsible as the borrowers.

What I argue is that the Irish central bank should be allowed to buy those Irish Treasuries, at issue and in unrestricted volumes, because the money markets are totally unfit to make policy of any kind, including interest rate policy.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Aug 14th, 2011 at 08:26:33 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Occasional Series

24 July 2014
by dvx - Jul 23
59 comments