fastest shrinking economy

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dockingtrade

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as we are the fastest shrinking economy in the developed world isnt it time that all those on high (left & right) accept we cannot have the rates of pay we have in both the private and public sector.

What does an outside analyst/investor/commentator think when they see the state of the economy and then see pay levels??
 
dockingtrade said:
What does an outside analyst/investor/commentator think when they see the state of the economy and then see pay levels??
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They think this "http://www.nytimes.com/2009/04/20/opinion/20krugman.html"

I think there's a 30% chance of the IMF or EU getting called in to fix this country at the moment. What does everyone else think?
 
And here's how our money is being spent:

http://www.rte.ie/news/2009/0428/garda.html

The president of the Garda Representative Association has accused the Office of Public Works of continuing to squander public money with no concept of value.
Michael O'Boyce told delegates at their annual conference that the OPW spent €15,000 refurbishing a gym in Letterkenny for which they had been quoted €5,000.
He also claimed that the Office spent €16,500 to put a shower in Ballinhassig Garda Station, €4,050 for 10 square yards of floor covering for Churchill Garda Station and €1,100 to replace three bulbs in another station.
 
How can we be the fastest shrinking economy when sterling has dropped by 40% and the dollar by a similar amount? Makes zero sense. If you use either the dollar or sterling as a measure, we are a lot richer than last year. If you use the euro as a measure, we have contracted by only a fraction of the amount that UK and USA have.

Zero chance of IMF being called into this country. However bad we are, we are not as bad off as many of our EU colleagues and they'll have the IMF in a long time before us. If things get soo bad that we require the IMF, they'll have no staff to deal with us as they'll be busy elsewhere e.g. UK.
 
shnaek said:
They think this "http://www.nytimes.com/2009/04/20/opinion/20krugman.html"

I think there's a 30% chance of the IMF or EU getting called in to fix this country at the moment. What does everyone else think?
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shnaek, this link was done to death last week on The Great Financial Debate. As one or two others have postulated, this self-styled financial demi god rides the markets like Don Quixote rides Rocinante .......... paying homage to and railing against all sorts of percieved friends or enemies in the world of Mammon. So lets hope that after his quixotic adventures he can return and be happy with his Dulcinea as Alonso Quixano. But those of his ilk usually fall prey to melancholia. And then he can give us all a break.
 

I know the link has been done to death above alright. But he is a Nobel prize winner! Guess those Nobel prize guys are all crazy cads though Put Brian in there any day and he'd sort 'em out!!
 

economic activity has dropped the fastest. Comparing currencies has nothing to do with this. if you base your measure currencies, are you saying we have only a small problem??


we gone off the point a small bit.

I'll put it this way "how are current pay levels defended" based on the the shrinking economy
 
OMG. The Return of The Jedi, starring P Kruger (macrowaveeconomics). Cappucino time for moi
 
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shnaek said:
I know the link has been done to death above alright. But he is a Nobel prize winner! Guess those Nobel prize guys are all crazy cads though Put Brian in there any day and he'd sort 'em out!!
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Hiya snaek. Why settle for one nobel prize when you can have two. "BOGOF". Joseph Stiglitz forecast a world economic meltdown over two years ago. And here we have a far better balance on things. Possibly with a medal on both shoulders . Not every economist ......... nobel or otherwise ..... is a one dimensional bore like Paul Krugman. As being an economist is not an exact science there is major room for bringing all sorts of things into play. As someone suggested earlier, his organisation has got to keep the dollars rolling in. So like the follow up of a movie, if it does not outdo the prototype in most ways it is deemed a flop. But that is the world of make believe. This is real life.
 
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The guys behind the Black/Scholes Model won Nobel prizes too....they sure as hell didn't nearly cause a global meltdown either....
 
I thought that the Black Scholes interpretation was passe. Considering that it only operates correctly inside normal parameters. If normal parameters were constant, a reasonably savvy oranutang would come out quite well. Wild fluctuations take on a life of their own so the text book goes ot the window. Krugman merely chucks in a load of data into the machine and watches the result disseminate. He does so spectacularly. In sub-Saharan areas they kill a cockrel. And don't charge you a fortune to attend the spectacle.
 


I think many people are pre occupied with what may seem large amounts at first glance, compared to say their Uk counterparts to use an example.
What is generally omitted from an argument on wages when compared is the absolutely massive difference between costs of living.
Just a few examples, nothing specific...
When I visit the Uk I take the family for an excellent roasted meal, the full works at £3.50 for an adult a fiver with a pint, In ireland at a guess the same would be €20. min
I had to get a new tyre, cost me £30 ....in Ireland it cost me €120
My pulic liabillity insurance is 300% more expensive in Ireland
A pint is half the price (£ to €)
A plasterboard cost me £2.50 in B&Q and €12 in Chadwicks

What I am saying is a teacher in Ireland for arguments sake may earn €38,000
A teacher in the UK may earn €28,000.....but the cost of living is at least half and probably more.
 
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