"Addicted to Money" TV Show - Appalling

Re: Addicted to Money - Appalling

Carolina said:

But in 2005 he did predict the arrival and consequences of an Irish banking crisis cause by a credit crunch and predicted that NAMA would be set up to deal with it. He was spot on.

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Hard to argue with that.

Re: Addicted to Money - Appalling

Mr mcwilliams must be an avid reader ,if not a contributor of this forum....he has got inputs for his programme from a lot of contributors..myself included.
He may have predicted the credit crunch...but all bubbles burst.He is concerned about climate change...fair enough but Ireland isn`t going to be too badly effected by climate change.I mean he has trotted out the looming dangers of oil and water wars..he mustn`t have been here in july and august..probably making his programme.
And we are told it takes thousands of liters of water to make one kilo of beef....well we have plenty of heaven send water and of course cattle produce methane...well can`t we use the methane to fuel our power stations.
Some of his ideas are evolving.....last year he was suggesting we make use of the irish diaspora and was pictured with argentinians of irish descent.Of course most of the irish diaspora are quite poor and have nothing to offer us ..financially that is.
Now he suggests we tap influential people of irish descent...but isn`t our entire foreign affairs department and all our politicians constantly courting our rich and influential diaspora and others besides.
ANYWAY.enough with mr mcwilliams...lets get to the crux of our present economic difficulties.All the wests cheap manufacturing industries have gone to asia where workers are getting a few euros a day and glad of it,especially when the alternative is going hungry.The west like the U.S., the U.K. and ireland have consumption as a major part of the economy. But what you may ask does this mean? Well it is like this...LOW paid workers in asia do the work while high paid individuals in Ireland and the U.S. do the consuming.Why are we high paid.?...simple really in that we set the exchange rate and dole out the money to our citizens thru`dole or salaries so they can consume!This happy relationship unfortunately broke down because everybody forgot the rules.Firstly the wests bankers and politicians got a dose of hubris and believed their own hype that they were invincible and basically turned a blind eye when they should have been stringent control of the whole banking apparatus.
The other thing is that asian workers believed they could have a western lifestyle with cars and nice big houses and beef to name a few.....However as mr mcwillliams pointed out the worlds resources are limited and such aspirations by asian workers would price the worlds commodities especially oil at too high a level.
Unfortunately markets and recessions are a way of adjusting aspirations and giving everyone a dose of reality.
Who pays the expenses in making Mr mcwilliams programme? He certainly gets around.

gaius said:

Some impressive shooting of the messenger going on here.

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There's possibly a differece between someone delivering a timely message that will help people and someone who delivers it garbled or late [i.e. its useless] and makes money from doing so.

FWIW

ONQ.

Re: Addicted to Money - Appalling

Carolina said:

But in 2005 he did predict the arrival and consequences of an Irish banking crisis cause by a credit crunch and predicted that NAMA would be set up to deal with it. He was spot on.

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We all knew a crunch was coming, but the extent of if was definitely not reported as definitively as your post suggests.
McWilliams report states:

"Awhile back I heard one of our most successful bankers musing about national plans, financial war cabinets and credit crunches. And if you know he is worried about the ramifications of Moonie economics, you should be too."

Well isn't that swell - what happend then?

1. Did McWilliams extrapolate this into the rampant disregard for regulation and total financial collapse we have experienced - No!
2. Did the person in question say this in front of our then glorious Finance Minister and/or did he do anything about it - No!

Please don't parade McWilliams as some sort of Oracle we should now turn to for the Get Out Clause.
We used to watch Heady Obbs for that and look at how he fared in the crunch - ouch!
Nobody saw the severity of it - nobody foresaw AIB's share collapse.

I am not an economic pundit but evne I have some clues that I didn't get from reading McWilliams Column.

• We need new products we can sell to recovering economies at the right price to get us out of this hole, not more borrowing.
• We need a functioning, capable civil service, not ISO 9000 clones who can't get the job done on time and for a price.
• And we need most of all, to become productive ourselves, to pay our own fair share of the tax burden that's coming and spend on goods and services in this country to keep the economy running on a day-to-day basis.

As some wise poster noted in this thread, money is one commodity that isn't consumed by its use - it multiplies.
Right now as an open economy, we're prey to the negative multiplier effect.
But if we can even turn one economic sector/indicator into the black, the multiplier will start working for us again.

That's what we have to achieve.
And keep working on the other sectors/factors.
Lets put those well-educated Grade 1 Civil Servants to work on this.
Not attending back covering department meetings, but thinking outside the box to break this deadly cycle we're in.

What are we paying them for otherwise?

ONQ.