at the time of the SSIA I was resident in Ireland but planned to leave for a while - the regulations specified that you had to be resident in Ireland to participate so I didn’t - I must be the only person I know who was abroad and didn’t do it anyway.
I’d love to see those whose Gap Year/Year disgracing themselves in Bondi was funded through the SSIA bonus pay it back with penalties but the chances of that happening are remote…
Punish savers. Punish those who pay back their debts. They are evil hoarders. Nothing good has ever come out of having savings. Nothing. It is better that people go straight on to the dole at the maximum rate than put money aside for the sort of rainy days we’ve had the last few years.
Maintain aggregated demand over a longer period? Bollocks. Let’s blow it all in an orgy of spending. Next year will look after itself.
Pay down excessive debt? Me arse. Interest rates have never been lower apart from last year and the year before. If you’re not paying 40% of your salary on interest, you’re bleeding the economy dry. Get your credit card out and build up a balance. The banks need your interest payments. Remember, interest is not dead money. Interest rates never go up.
So go on, stretch yourselves. Your money will be more elastic if you give it a bit of a stretch. It’s your flexible friend, know what I mean? Ching ching. Rubber money is all the rage among the moneyed classes. Snickers, get some debt numbnuts.
Is that it ? Has economics nothing else to offer besides reinflate the property market and get those evil hoarders spending ?
There is a reason that they are called hoarders . They never spent in the first place .
“eCONomist” calls for (debt-based?) spending spree to boost debt-burdened economy…
Note the use of the word “CONfidence”…
Could you be anything but cynically hostile toward these fuckers.
How does anyone listen to or believe this shit anymore
If we can only get the people spending the money they don’t have again then maybe the confidence fairy will come back sprinkle fairy dust on the celtic tiger and bring it back to life. Now even if that was a possibility, which it’s not, would we even want the Celtic Tiger forever? I personally wouldn’t.
The fiat money system not only expects inifinite growth but exponential growth. We’ve now found that, that is impossible. It’s time to move on and design a different system that doesn’t expect exponential growth.
What do you mean PtG? I can’t think of a better way of instilling consumer confidence than by telling people you’re going to start robbing their savings if they don’t buy stuff.
You had to be “ordinarily resident” - this is quite flexible.
I don’t know about you Alan, but I’m saving cause I’m insolvent through negative equity and I don’t like being insolvent.
I can see why people would be confused … I am a little myself…
FFS I’m sick listening to this, a healthy economy will get people spending again, not the other way around.
Ha! brilliant…so in essence hes saying that his SSIA in reverse scheme would work as follows…
The individual is also required to declare that at all times during the life of the SSIA he/she:
• was NOT the beneficial owner of the assets held in the SSIA;
• had more than one SSIA;
• was NOT resident or ordinarily resident in the State;
• subscribed to the SSIA from funds NOT available to him or her, maybe directly or indirectly
from borrowings; and
• DID use the assets in the SSIA as security for a loan
It seems like what hes really calling for is an SSIA scheme where people tell the truth this time round??
I might have confused you there…
I was quoting from the Revenue website - just showing what a heap of sh1te the SSIA scam was in the first place. Roundly abused - because it could be roundly abused. Probably the gimpiest vote buying exercise this side of Venezuela
No, not at all. I was just being facetious in attempting to determine what an SSIA “in reverse” scheme might look like ie the first SSIA scheme with people simply telling the truth on their application forms…
It seems like you had to be tax resident to open it, but at the end of the five years you had to declare you’d been resident or ordinarily resident for the whole five years.
That makes sense. Well actually, it doesn’t make sense for them to do it, but it does make sense that they would do something that doesn’t make sense.
We have already had a reverse SSIA of sorts. Firstly, we had the government scrappage scheme for new cars. Secondly, we had the private sector pension grab, which funded the reduction of VAT on newspapers, restaurants, newspapers, etc.
I wonder what they will come up with next:
An increase in DIRT to fund a NAMA beag which will transfer money from hoarders, sorry savers, to proven “consumers”?
“What in effect we need in our opinion is an SSIA scheme in reverse, rewarding consumers who spend rather than save.”