Credit Crunch : Irish Politicians Lead with Pay Cuts

Hopefully this is another Irish example that will be followed here. The Irish President Mary McAleese has announced that she will be taking a 10% pay cut in light of the current budgetary troubles. The finance Minister Brian Lenihan says he and his ministerial colleagues will also take a 10% wage cut. The opposition leader has instructed his party’s parliamentarians to take a 5% cut. The governor of the Irish Central Bank and Financial Services Authority has volunteered to also surrender 10% of pay. RTÉ’s top six executives are taking a “significant reduction” in pay. This follows the government’s announcement of a round of spending cuts as recession bites.

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…

Top o’ the Credit Ratings To You

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.

EU to Ireland : Tough Luck

Back in the last century Guido was very much in a minority in Ireland opposing swapping the punt for the euro – “it is the future”, “it will make things easier when we go on holiday”. Not the strongest economic arguments. More often the antipathy was blamed on Guido spending too much time in the company of British Eurosceptics.

Now times have changed. Being in the eurozone is recognised as having exacerbated the property bubble. Interest rates were just too low and cheap money flooded into over-priced property. If Ireland’s central bank had interest rate sovereignty it would have raised interest rates – it couldn’t and the Irish property crash will be one of the world’s worst as a result. 

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…

Secret of Irish Profits

Two interesting bits of Irish news yesterday. Research released Wednesday shows that in Britain the average company makes a profit of some €22,500 per employee. This compares to Irish companies who on average make a profit per employee of €45,800. This is after transfer pricing and other disortions were stripped out.

Is that why the security services on behalf of the British government illegally and secretly monitored every telephone, fax and email to and from the UK and Ireland for seven years. Using laws which the British government insisted were necessary to combat a growing threat from terrorism they undertook mass covert surveillance. Do they want the secret of high profits or do they think Osama is hiding in the caves of the West coast? Think he went that way…

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.

Irish “No” Hero Declan Resolute in Westminster

Victorious “No” campaigner Declan Ganley is in London tonight doing a bit of a victory lap and setting out his plans should the EU decide to press ahead regardless of the democratic will. He spoke from the heart, not as smoothly as a politician, he listened patiently to a critique from Sir Michael Whitewhich lasted almost as long as his own speech (though it ended with a question mark). He was firm, in a room full of Eurosceptics he maintained his own pro-European credentials, stating that he wanted a democratic, peaceful Europe. He said he was perhaps Brussels-sceptic. He advocated turning the 2009 European elections into a referendum.There was much laughter when Declan predicted that the Europhile Irish Times journalist would report that he was speaking to a room full of CIA backed Eurosceptics at an extreme right-wing British think-tank. He was speaking at an event hosted by the centrist Policy Exchange think tank and liberal pressure group Open Europe. When a hostile questioner identified himself as from the European Movement, Declan pointed out, to the amusement of the crowd, that his organisation actually was financed during the Cold War by the CIA.

BBC Reporting Insults Irish Democracy

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.”

The implication is clear. Those beastly Paddies are depriving everyone else in Europe of the benefits of the Lisbon Treaty. They want to convey the image of a minority running rough shod over every one else. The BBC fails to mention that Ireland is not depriving Europeans of their say. It is the only member state which gave its people a say on the matter. It is the other member states who are depriving their people of a say lest they give the wrong answer. In those states, like Britain, it is their legislatures who decide what is best and hang what the people feel.
The BBC’s comparison is bogus because it is comparing an electorate with a population – many of whom will be young babes in arms who have no say anyway. A Scottish co-conspirator has taken time and trouble to tot up the legislators in the other member states so we can see the reality of who decides on our European future. 15 member states have unicameral legislatures:

    LEGISLATURE MEMBERS
    Austria 245
    Bulgaria 240
    Cyprus 59
    Denmark 179
    Estonia 101
    Finland 200
    Greece 300
    Hungary 386
    Latvia 100
    Lithuania 141
    Luxembourg 60
    Malta 69
    Portugal 230
    Slovakia 150
    Sweden 349
    TOTAL 2,809

And the remaining 11 are bicameral.

STATE LOWER HOUSE UPPER HOUSE TOTAL
Belgium 150 71 221
Czech Republic 200 81 281
France 577 321 898
Germany 613 69 682
Italy 630 315 945
Netherlands 150 n style=";font-family:Arial;font-size:85%;" > 75 225
Poland 460 100 560
Romania 332 137 469
Slovenia 90 40 130
Spain 350 264 614
United Kingdom 646 745 1,391
6,416

In total there are a mere 9,225 people deciding the European future for 490 million people outside of Ireland.

The real comparison with Ireland is even far more dramatic and much less democratic than the image the BBC has been projecting….

Ireland Saves Europe Again

Guido is so proud he could cry. The land of saints and scholars saves Europe from the darkness once again. The people of Ireland, a free sovereign state, stood up to and defeated the Brussels imperium.

+++ Irish "No Vote" Hopes High on Early Returns +++

RTE reporting “The No vote is strong in many rural areas and in working class districts of cities, while middle class areas appear to be less supportive of the Treaty than had been anticipated.”

Wexford Split on Lisbon

The priest reckons turnout is going to be about 20% at our polling station. The farmers will probably shade towards the Yes since the IFA claims to have secured a veto (they haven’t really, who knows what backroom deal has

[…]

+ READ MORE +

Taking The Pulse at the Polls

The poll results will not be known until tomorrow evening (counting does not start until tomorow morning).

Rumours abound as to the outcome, the governing Fianna Fáil party commissioned a private poll which apparently shades it for them. They also

[…]

+ READ MORE +

As Ulstermen Sell British Liberties, the Irish Can Vote to Preserve European Liberty

On Easter Monday, 24 April 1916 on the steps of the General Post Office the Proclamation of the Irish Republic was read out. It included the words

We declare the right of the people of Ireland to the ownership of

[…]

+ READ MORE +

+++ Shock Poll Irish Times : No 35% Yes 30% +++

RTE News Flash 22:08

The latest opinion poll on the Lisbon Referendum is showing the ‘No’ side surging ahead in a dramatic reversal of opinion. The TNS/mrbi poll in tomorrow’s Irish Times shows opponents of the Treaty with a 5%

[…]

+ READ MORE +



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Chuka has been trying to spin the Siemens row:

Chuka Umunna: It’s no different from Sky News quoting a business leader.

Adam Boulton: Except yours says ‘VOTE LABOUR’ at the bottom.

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Labour: The Party of Benefits Labour: The Party of Benefits
GOVERNMENT DIGITAL SERVICE BEATS MICROSOFT INTO SUBMISSION GOVERNMENT DIGITAL SERVICE BEATS MICROSOFT INTO SUBMISSION
EUROPOL CHIEF: SNAPCHAT GREATEST TERRORIST THREAT EUROPOL CHIEF: SNAPCHAT GREATEST TERRORIST THREAT
Sky News Ballot Ballad Sky News Ballot Ballad
WATCH: UKIP Pledge Card Revealed WATCH: UKIP Pledge Card Revealed
Mini Wars Mini Wars

OZZIE NUMPTY EMAILS DAVID CAMERON’S PASSPORT NUMBER TO ASIAN FOOTBALLERS OZZIE NUMPTY EMAILS DAVID CAMERON’S PASSPORT NUMBER TO ASIAN FOOTBALLERS
Hell? Yes Hell? Yes
Cameron’s Last Speech in Downing Street (Before the Election) Cameron’s Last Speech in Downing Street (Before the Election)
Free Sun Advertising On the BBC Free Sun Advertising On the BBC
Downing Street Fighting Like Cats and Dogs Downing Street Fighting Like Cats and Dogs
Lucy Powell Falls Apart Under Questioning Lucy Powell Falls Apart Under Questioning
Feminist Jazz Hands Explained Feminist Jazz Hands Explained
WALTER MITTY CV OF ANTI-FRACKING CANDIDATE WALTER MITTY CV OF ANTI-FRACKING CANDIDATE
Cassetteboy v Cameron and Farage Cassetteboy v Cameron and Farage
MICROSOFT SHAKES DOWN PUBLIC SECTOR FOR DOSH MICROSOFT SHAKES DOWN PUBLIC SECTOR FOR DOSH
WATCH: Toby Young Skewers Labour Zero Hours Contract Attack Line WATCH: Toby Young Skewers Labour Zero Hours Contract Attack Line
MAIL TRICKED INTO QUOTING BATMAN FILM IN PLANE CRASH COVERAGE MAIL TRICKED INTO QUOTING BATMAN FILM IN PLANE CRASH COVERAGE
ANTI-FRACKING PARLIAMENTARY CANDIDATE WANTED TO WORK FOR FRACKERS ANTI-FRACKING PARLIAMENTARY CANDIDATE WANTED TO WORK FOR FRACKERS
Crick Gets Paxo’d Crick Gets Paxo’d
Cameron’s Secret A-List Cameron’s Secret A-List
Corrections and Clarifications: Brooks Newmark Corrections and Clarifications: Brooks Newmark
What is Wrong With the Lobby? What is Wrong With the Lobby?
Arrogant Bercow: “I’m Not Going Anywhere” Arrogant Bercow: “I’m Not Going Anywhere”
GOVERNMENT SHELLS OUT FOR PHOTO OF DEAD ZEBRA GOVERNMENT SHELLS OUT FOR PHOTO OF DEAD ZEBRA
DWP Press Office Wins the Internet DWP Press Office Wins the Internet
Two-Faced Chuka Ruins Labour Attack Ad Two-Faced Chuka Ruins Labour Attack Ad
Cameron Mauls Miliband at PMQs Cameron Mauls Miliband at PMQs
Actual Pub Landlord Likes Farage Actual Pub Landlord Likes Farage
Dave’s SNP Poodle Zinger Dave’s SNP Poodle Zinger