The David McWilliams thread


This is probably the stupidest thing I’ve heard him say. Someone should tell him that it’s possible to acquire shares in exchange for tax money.

You really don’t need to read further than this: “Shares are permanent wealth, whereas taxes are transitory income.” My eyes wanted to puke a little just reading that.

Let’s look a public MNCs first: if the government wants to spend tax money on shares in US MNCs, they can already do it. No advantage here. And the MNCs who have an Irish tax liability probably have decent cash stores outside the US and would prefer to give us €€ rather than shares. It’s a stupid idea for public companies.

Now let’s look at this applied to private companies. What McWilliams seems to be suggesting is that we give up tax in exchange for untraded, illiquid shares in MNCs. In other words, give up a liquid asset in exchange for an illiquid one, that we cannot use to pay public servants, or pensions. So we would need to borrow even more in order to invest in these companies. In other words, we’d be borrowing from the bond markets in order to invest in tech stocks.

And we wouldn’t even be able to direct these investments; presumably only companies that were profitable, with a tax liability, but with no free cash would give us shares. We’d be stuck with a random assortment of stocks in MNCs, some of which would never be liquid.

Does McWilliams forget that only a short time ago we had no money to pay salaries, and no ability to borrow that money? And now he’s advocating that we borrow even more to speculate on tech and pharma stocks. Jesus.


Read the comments section in the FT under Mcw article.

I think this effort of his will not enhance his reputation or bring him more op-ed opportunities.


Just like we got “shares” in banks right?

And shares in what exactly most of these are registered as LTD companies, they can be folded up as quickly as they can be started, with most of the money moving onto warmer Caribbean shores


maybe he means preference shares or a separate class or something?
he’s not very bright so I think he can get in over his head very quickly, he’s a great self promoter and I think he can communicate quite well, but deep intellect isn’t his thing…

If he just means normal equity then the NTMA could just buy some equity in every company with a market cap above €XBln that is domiciled in Ireland… 99% of them will be publicly tradeable…


Luckily he makes his living as a journalist


Let’s hitch our economy to FDI through out fiscal policy and let’s double down by buying their shares? FFS, I don’t think so.


Didn’t our ministers listen and acted on his idea before? people who shout the loudest have a tendency to get noticed.


Is he our Boris Johnson now?

Still doesn’t change the fact that it was a government minister who called to his house to eat garlic raw.




Sometimes I agree with him, sometimes I don’t (could be just my attitude to his style of delivery :smiling_imp: )…but reading his latest blog did leave me a bit deflated… … e-in-a-day

“…The net result will be a rush to buy now that the deposit rules have been loosened…the Central Bank’s authority will be undermined irreparably. Put simply, all the good work is now undone. That’s not a bad day’s work now, is it?”

Not so sure I see an impending rush to buy stuff-that-aint-there. However, it is sad to see the efforts of central bank taking a rabbit punch from a bunch of fekers charged with looking after the greater good.

#2131 … in-the-fed


as opposed to floppy haired, savvy celebrity ones ?

McWilliams goes full Zero Hedge? … ility_ends


Full alternate facts more like! :slight_smile:


Interesting one tonight down in Kilkenny on China v US. Strong concensus that China will have to blow soon enough, and devalue prompting a lot of capital flight and a torch flash in on the shadow banking sector. But not to worry the Rothschild/Rockefeller/Goldman Sachs Fed will ride to the rescue. So we can sleep tight.

Old man Malmgen.reckoned it’s widely reported in China that the US generals had a good sit down with the General Secretary to clear the air over South China sea and Nth Korea. So Trump can now ride into town, slap a few backs and trade a few horses on the side. Interesting to hear a veteran insider like Malmgren shoot the breeze.


How do they clear the air when China is ramping up its South China sea island building and militarisation program?


Apparently it’s theirs to fish and build as they see fit now. But the US continue to run their subs through there, more than they did under Obama. While apparently China will soft annexe Nth Korea with tacit US support over the next few years. So they reckon down Kilkenny way.


David McWilliams: If you want to work smarter, quit your smartphone … -1.3376939

Some very good general insights and advice from DMW, imho.


He has a point.
Who else did a dri-fi January?


That is easily the best article he has written in a decade.


Good yes, but worrisome that it’s not blindingly obvious to everyone. Personally, I’ve been a technophile since my pre-teens (i.e. for forty odd years), but I was never stupid enough to sign up for Twitter, Facebook or Instagram. I also don’t even keep my phone – smart or dumb – about me when at home. People who know me know that it gets checked once or twice a day. I can be contacted quicker in an emergency but only two or three people know how. Life’s too short to be hopping to attention for all and sundry, let alone some bleeping feed on the interwebs. (Although I do notice I’m approaching my ten thousandth post on the Pin :neutral_face: :smiley: )


Wait 'till we get 5G and the airport body scanner style radio waves fly about all over the shop. No tin foil gonna stop that.