Irish Budget Decided in Berlin

Today Dave is off to see Chancellor Merkel as we learn that advance copies of the proposed Irish budget were circulating for approval in the Bundestag in Berlin before being seen in the Oireachtas in Dublin. Elected Irish politicians will rubber-stamp the budget once German politicians have approved it.

German approved regimes have now been appointed in Italy and Greece, the Irish finance ministry is run by the Bundesfinanzminister with German “advisers” in Dublin acting as financial Gauleiters. In September 2008 the Irish government was instructed to guarantee the bad loans made by German banks who lent to the failed Anglo-Irish Bank and the Fianna Fáil government submitted, sacrificing generations of future taxpayers on the altar of the €uro. The Irish electorate kicked them out bringing in a Fine Gael government which promised to renegotiate the debts. In government Fine Gael too have bent the knee to Berlin.

As smaller sovereign states succumb to the German finanz-blitzkrieg it is difficult to see how the interests of those nations outside the developing German co-prosperity sphere are well served by the EU, particularly given that France’s AAA credit rating looks about as secure as the Maginot Line. It is Britain’s age old role to be a check on German domination of Europe, if Germany wants to reform the EU in its own image the British people should be given a referendum on their continuing membership…




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Quote of the Day

The FT’s Wolfgang Munchau on the “fake maths” of economic forecasts:

“The truth is that our ability to forecast the future beyond the current quarter is limited… The curse of our time is fake maths. Think of it as fake news for numerically literate intellectuals: it is the abuse of statistics and economic models to peddle one’s own political prejudice… The fakeness of the maths lies in an exaggerated inference. Economic models have their uses, as do opinion polls. They provide information to policymakers and markets. But nobody can see through the fog of the future.”

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