Looks like we have a firm date for the collapse of the Irish Economy.

David McWilliams says it will be March. … 47051.html

Hell, if ECB won’t take NAMA bonds, it’s back to the stone age.

Don’t believe the hype,the ECB won’t bailout Greece?They’ll keep saying that until they do,the same way some arrangement will be made for any country getting into trouble.The main aim is to prevent the collapse of the Euro,and everything will be done to preserve the currency.

There won’t be any mortgage defaults in Ireland either as the government is setting up a scheme to allow defaulters to continue living in the property whilst paying only a fraction of the mortgage payments.If that fails they’ll just print money,of course the Germans won’t allow that you say,but the Germans wouldn’t agree to bailouts of bankrupt countries either would they?And now its going to happen.

Forget any promises,who would believe the word of a banker after what has just happened?


Well, I don’t know about no mortgage defaults, but broadly speaking, agreed. I don’t understand why people still believe in the myth of ECB as hardcore monetarist Gradgrind Bundesbankers when, as you say, they’ve already effectively bailed out bankrupt banks and bankrupt countries.

Growth and stability pact my elbow, any Eurocrat worth his salt knows that agreements are there to be broken.

McWilliams doesn’t truly believe his own thesis either, otherwise he’d already have left the country.


Of course the relevant question is where he keeps his cash.

But there are still lots of AAA cash flows out there. Or rather cash flows that be structured as AAA. The Minister already has been given the power via the NAMA bill to create structured products and derivatives so there should be no problem creating a few 10B’s of instruments that are rated AAA if the need arises.

Eh, so we are totally fucked by April.
Someone please tell me McWilliams is wrong and why?

I’m honestly shitting bricks at this point, Nama 2 - The reckless home owner bailout etc, FF up in popularity polls…


They could, but that just turns other cashflows into junk.

ECB will not insist on AAA collateral in repos and shut Ireland/Greece out. McWilliams is just wrong. Isn’t he?

However, something is clearly up, and it is impacting NAMA …

McWilliams is firmly outside the tent now, bridges smouldering in the background.

Good article.

Copied from the foppy-haired thread…

I’m sorry, but this man is a loon, had he gone to Russia in the 1980’s who did he manage to live and work in Boston in the 1990’s, a communist queuing for bread, and then working the good life in Boston, Hollywood would have a problem tieing this one up…

Honestly the creditabilty of this man is stuffed, Chuck D is not an economist, even I know that.

He went as a student for a few weeks months perhaps. I heard him speak about it on the Marian Finucane radio show I think biggin’ up that last series he did. I don’t see the problem.

The man traveled like so many did back then because the economy was surprise surprise in ruins at the hand of the usual suspects whose fucking children have now done exactly the same.

eh … he was selling russian bonds for a uk based bank for a good fewyears in the late 80’s

How did he get a visa for the US afterwards???

He may have travelled but, why would you leave the 1980’s Ireland and go to Russia? why didn’t he go to UK, or the USA, or was he the lad who liked to be different, saying goodbye to his friends at the airport, and “queue” in the Aeroflot desk,which was only in Shannon btw

Even if he did go, for a few weeks/months how did he learn Russian so quick to be able to understand Pravda?, whilst the girl was listening to Neil Young to improve her english,had he commanded the Russian Language so quick he would helped the girl with her english, but I suppose he was busy queueing for bread.

Just because he was on Marian Finucane, doesn’t make it truth either :laughing:

I heard that, he moved on then to selling… just selling

I think he’s thrown in a small anecdote as a metaphor for the current predicament. I am sure he has written about it before. Maybe he is also a fantasist like so many other famous sons of Ireland and has in fact never “gone on one of dem foreign holidays” as Jackie Healy Ray once shrilled over the airwaves like a shot canine. Who the fuck really knows but you could always email him and ask him or leave a comment on his blog/site relating to the article.

and don’t forget dishwasher at the Red Lion, Bleaker Street, New York (1988)…

Lads its all in one of McWilliamss books … forget which one.

He admits that he developed a fascination with things Russia and Soviet … which is consistent with him being a contrarian, not accepting the consensus and all that. Wanted to see for himself.

I think McWilliams is mainly on the level, he flies some kites and is sometimes a little vain but you know thats the media business he is in.

Maybe, and maybe he should try dealing the facts, or as we all know Miriam O Callaghan “undressed” him…


A feckin loon, and yet he’s still regarded by some XX

I went to Russia before the collapse. I’ve been to Serbia before the collapse. China, before it opened up. Taiwan, before I went to China. India. Indonesia. Korea. Colombia. Saudi Arabia. I’ve been to America too. So what?

Get back on topic.

You are probably not old enough to remember Radio Moscow (or the Voice of Russia), which transmitted in english. It also, similar to the reference in McWilliam’s article in the SBP, had glowing reports on the grain harvests in the Ukraine.

Btw, I used to pick up Radio Moscow in the early 1980s on a clapped out radio (which had a short wave band) in our house on the North side of Dublin. The Yanks had their own radio station called ‘Voice of America’ -

Also, they used to sell Pravda in english in Easons on O’Connell street (in the 1980s).

I’ve read McWilliam’s articles for the last few years, I take careful note of what he has to say, he has been proven right on a number of occasions.