Ireland forfeits claim to Rockall - is this the price of Britains support for the bailout?

Irish claims to ownership of Rockall has been forfeited under secretive discussions with the British. It seems likely, given the timing, that this may well have been the 'price' of Britains somewhat surprising support for Ireland's recent economic bailout.

So we have a 'Fianna Failed' government - supposedly Republican in idiology giving even more of our hard fought for territory back to the British. Surely Charles Haughy and the martyrs of 1916 will turn in their graves.

According to The Guardian, "Britain and Ireland have agreed a common marine border that leaves Rockall in the UK sector."

This must come as an unpleasant surprise to the vast majority of the Irish population. Another under-the-table sell out by those trusted to represent us. Worse, we appear to have forfeited an asset that could well have become a major building block in Ireland's eventual economic recovery.

But in many ways, we should not be surprised that this government chooses to prefer to lick the ar**s of those who raped and pilaged our fair country over so many centuries than to safeguard our interests and those of our future generations.

Maybe Sinn Fein and Gerry Adam's foray into 'Free State' or 26 county politics is more timely than many expect!

Ernst & Young and Centre for Economics and Business Research slug it out over Ireland

Ernst & Young offer a not so rosy outlook on Ireland - but Centre for Economics and Business Research (CEBR) suggest strong return to growth in 2012....

Ernst & Young project GDP in Ireland will fall by 2.3% next year. against the European Commission forecast that Ireland's GDP will grow by 0.9% next year, while the Department of Finance’s own estimations show a growth of 1.75%......

Among the factors that would drag down the economy would be the scale of emigration, which would deplete Ireland’s labour supply, a likely raise in interest rates from the European Central Bank, and the government’s necessary spending cutbacks.

On a positive note E&Y suggest the export sector would remain steady but domestic demand will continue to slip.

Meanwhile, the Centre for Economics and Business Research has predicted a second Celtic Tiger phase of economic growth, which it says will wipe out Ireland’s budget deficit as early as 2013. They are projecting almost no growith in 2011 but suggest the country will return to growth of 7.2% in 2012 and to 6% annually from 2013.

Who's right?

Could porridge and spuds be the answer to Ireland's troubles?

We've gone from the 'troubles' to political solution and to the new 'troubles' of a different kind. In the course of the past few weeks it has become clear that Ireland spends a horrific amount in Britain on imports. Cutting the UK trade by 75% would go a long way towards solving the country's debt. The other 25%, of course should remain untouched representing the Irish in Britain originated trade (Irish to Irish or I2I trade). The way to achieve this is going back a little in time and resuming what turns out after all to be a well balanced and low cost self sufficient Irish diet. Porridge and Spuds.

The BBC reports on 'a man in the US' who's currently living on spuds. He's fit and healthy, has lost some weight and all he's missing is variety - which is where the oats come in. Of course, what the BBC fail to disclose is that this is an Irish American. Or maybe he's a fully fledged Irish man. He must be.

And it doesn't stop at food. The BBC reports that spuds are rich in fibre so there must be the possibility of making clothes from them too. And when it all gets too much there's the well known process of turning a few spuds into a little poteen. The possibilities are endless.

Where there's muck there's money! Ireland good for a punt.

It may well prove true that there's a crock o' gold at the end of the rainbow. With reality out in the open, and Ireland's government finally forced to come clean (no mean feat - and lets hope they stay that way) the time, it seems, is ripe for a punt.

The crafty Americans with their undentable optimism and unshakable positivism are already eying up Ireland as a destination for their greenbacks. The Wall Street Journal is out there championing Ireland to its readers with an article that any Irish person would do well to read. Maybe all those money outflows are not necessary after all. The safe haven might well be Ireland itself!

Go on, take a punt. You know you want to.

What should happen to Ireland's politicians and bankers?

Reckless banks and greedy developers have led Ireland down the slippery slope. Rather than rein in all the craziness, the government actively encouraged the kamikaze fools who never looked further than the pile of money in front of them and their bonuses at the end of each year.

The Government, led by ‘Fianna Failed’ and encouraged by a never ending stream of brown envelopes, proclaimed Ireland's artificial boom far and wide. Everything was done with a short term outlook.

The dismal failures are disastrous for Ireland.

What should happen to the politicians and bankers? What would you do? Do the developers share the blame and should they share the punishment?

Ireland's government - masters of the intransitive state

Confusion seems to be the order of the day (and week) with Cowen and friends seemingly unable to explain what's going on in pure and simple terms. To be or not to be? Bailout? Can the government really be like a doorsep preacher using the age old trick of getting a foot in the door? Either Ireland needs the bailout or it doesn't. The FT today sets out the state of play - but swings into uncertainty around the issue of the stance of the Irish government.....

It's time for the Irish government to make an honest statement, set out its stall and get on with the business of running the country. If the budget needs to be brought forward, so be it. Government salaries and the public service should be slashed and the out of control welfare hand-outs should be reined in. Successful industry leaders should be brought in to run the show for the next six months to one year with only oversight from the Government.

Is there a danger that an Irish Bailout will rekindle British antagonism towards Ireland?

The media are at it again. The past few days have seen increasing frequency of articles mentioning the sum of £7 billion as Britain’s contribution to an Irish bail out. Not quite a media frenzy yet – but the issue of Ireland’s debt mountain certainly is.

The war in the North ended. The Irish economy boomed. The construction sector became an unstoppable rocket boosted by recklessness of the banks and ineptitude of management, bankers and government. Had it been an export led construction rocket it would have all made sense. But no, It became a question of ‘how many stupid people can you fit into a small space?. And then the crash.

The resulting crater is greater than any excavation undertaken in the boom years of construction. So big, in fact, it is claimed that it can be seen from outer space. Herman Van Rompuy, president of the EU believes it is so big that the entire EU is on the brink and may well fall over and fall in.

Meanwhile, Brian Lenihan, Batt O'Keeffe and the rest of the Fianna Failed led government  thinks the sun is still shining. If Charles Haughy was around he may have been able to call in a few favours from friendly rich autocratic rulers who supported Ireland’s struggle against the Brits. But he’s gone and there seems few friends left.

The Germans and the French did not appreciate Cowens proclamation that they were jointly to blame for Ireland’s woes. Others in Europe were also not amused. ‘Pass the buck’ stopped in Europe after the first World War and the culture of ‘who’s responsible pays’ was ushered in. The price firmly set on Ireland now is money in return for higher corporate taxes. The Government has screwed all of us.

The mantra now in Europe seems to be towards dismantling the Irish brand – our low tax attractiveness to international business. To Ireland, the loss of a few inward investors will have a sustained detrimental effect on the economy. To Germany the loss or gain of a few inward investors is hardly water under the bridge in the scheme of things. But revenge is sweet.

The British media smells blood and we all know that blood, dirt and sex sells papers. It’ll get worse. In a bold move and one that demands all our respect, the incoming CBI chief in Britain, John Cridland, has spoken out for Ireland (we have a few friends out there still) saying that "They're very much on the mettle. They need the confidence of the markets and a bit of breathing space." A Brit to be applauded!
The fuddle continues.

The government blame the French, the Germans and the banks. The government is an innocent party. It’s not the government that needs funds, they chant. ‘It’s the banks’. The ineptitude of the government in failing to be open and honest is frightening. The failure to be effective leaders and managers is beyond comprehension.

Politics need to change. Nomination for election should be, in future, based on demonstrated competence for the job. Ministerial posts must no longer be given as favours – but the post holder should be subject to the rigours industry applies in the appointment of senior executives.
Those with any sense of pride among the Fianne Failed ranks must stand up. Time for Fianna Nua.