Irish citizens were the only people in Europe allowed to express their democratic will. They said “NO!” The EU’s dirty ratifiers won’t accept that answer.
The Irish ruling elite realise that they need to show leadership by example in tough times.
Will British politicians follow suit? After all their pension’s profited from short selling. Will they get their snouts out of the hard-pressed taxpayer provided gold-plated troughs? Perhaps some of the senior executives at the BBC could follow the example of their counterparts at the Irish state broadcaster? They all want the bankers to sacrifice their bonuses, but don’t the Chairman of the FSA and the Governor of the Bank of England need to make sacrifices? It is not as if they have been brilliant at bank regulation. If they were all paid on a performance-related basis they should be losing 30% or more – the same as the stock market has cost pensioners…
Despite Gordon’s whining to the EU it is now the case that Irish banks now represent the safest place to deposit money in Europe, with a AAA guarantee from a country with the lowest national debt to GDP ratio of any AAA country. Thanks to Gordon’s prolificacy Irish commercial banks are safer than even the Bank of England.
UPDATE : Lots of whining in the comments about this, so may as well mention that WPP is joining the taxodus and leaving Brown’s Britain and re-domiciling in low tax Ireland.
UPDATE October 2010 : This is quoted at Guido on a regular as some kind of evidence of terrible analysis. It is the case that Irish bank paper became safer in 2008 than any other European bank paper once the state guarantee was in place. The question that should be asked: Was a state guarantee a good idea? The impairment this has now brought to Ireland’s sovereign credit rating suggests not.
Now the economy is in trouble Irish interest rates should be lowered to make the currency more competitive and the attractive to U.S. investors. Ireland is a high cost country for American investors who now look elsewhere. Irish finance ministers John Bruton in 1986 and Bertie Ahern in 1993 drove down the punt to bring in foreign investment when economic growth was faltering. But as a member of the euro, devaluation of the exchange rate is no longer an option.
Yesterday the president of the ECB, Jean-Claude Trichet bluntly told Paul Tansey, economics editor of the europhile Irish Times that “the ECB has to care for the superior interest of the euro area”. Tough luck, Ireland isn’t important, monetary policy will not help the Irish. Anti-treaty campaigner Declan Ganey says the Irish are not eurosceptic, they are Brussels-sceptic. As the Brussels political elite’s contempt for Irish democracy becomes clearer, that could change…
In a landmark ruling yesterday the European Court of Human Rights ruled that the British government’s scheme of external surveillance was not “in accordance with the law”. Of course the British government tacitly allows the Americans to do the same to you.
When the result came in yesterday Mark Mardell looked shocked and sounded exasperated. The BBC has continually been running this line in its reporting of Ireland’s historic vote on the Lisbon Treaty:
“Just over three million Irish voters are registered – in a European Union of 490 million people.”
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The real comparison with Ireland is even far more dramatic and much less democratic than the image the BBC has been projecting….
We declare the right of the people of Ireland to the ownership of