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 Post subject: Re: You're charging how much?
PostPosted: Wed Jan 26, 2011 12:05 am 
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Speculator

Joined: Jul 23, 2010
Posts: 401
This may seem like a bizarre posting to put in here. But anyway, I was talking to a great friend and relative who lives in USA and works in the American system so to speak, ie a government job stateside. He is finding the recession is finally starting to actually affect him and his megabucks, in that he had a Pay-Freeze imposed for 2 years very recently. First time his pay has been affected. He mentioned that there is a lot of talk over there about the dollar collapsing. He said there is some talk of both the Euro and the Dollar collapsing and what happens then.. I think the Euro being as strong as it is against the dollar makes me think the Dollar really isn't up to much these days! Is the world collapsing around us while we sit idly by and discuss the price of a 2 bed in Malahide, fluctuating?!


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 Post subject: Re: You're charging how much?
PostPosted: Wed Jan 26, 2011 11:20 am 
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Property Magnate

Joined: Aug 12, 2009
Posts: 500
Quote:
You're charging how much?


There is a good explanation of the EFSF/EFSM/IMF mechanisms and rates on a new briefing paper by Karl Whelan over on irisheconomy.ie:

http://www.irisheconomy.ie/index.php/20 ... /#comments

He calculates the EFSF rate to be at least 6.05%, the EFSM at least 5.7% and the IMF rate to be effectively 5.7%.


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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 12:51 am 
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First Time Buyer

Joined: Dec 16, 2010
Posts: 84
bokonon wrote:
Quote:
You're charging how much?


There is a good explanation of the EFSF/EFSM/IMF mechanisms and rates on a new briefing paper by Karl Whelan over on irisheconomy.ie:

http://www.irisheconomy.ie/index.php/20 ... /#comments

He calculates the EFSF rate to be at least 6.05%, the EFSM at least 5.7% and the IMF rate to be effectively 5.7%.


IMF monies not necessary, dual currencey system will clear up all financial woes.
http://www.vote4pluto.com/Home_files/Pluto_2011.pdf


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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 5:36 am 
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Posts: 10546
V4Victory wrote:
bokonon wrote:
Quote:
You're charging how much?


There is a good explanation of the EFSF/EFSM/IMF mechanisms and rates on a new briefing paper by Karl Whelan over on irisheconomy.ie:

http://www.irisheconomy.ie/index.php/20 ... /#comments

He calculates the EFSF rate to be at least 6.05%, the EFSM at least 5.7% and the IMF rate to be effectively 5.7%.


IMF monies not necessary, dual currencey system will clear up all financial woes.
http://www.vote4pluto.com/Home_files/Pluto_2011.pdf


Yeah, that'll work. Print shite-loads of Phunt Nua which will be pegged to the euro no matter how many are created. People will trust it and will see it as their patriotic duty to use it, and won't run screaming for the nearest exit with their euros in a suitcase. 8DD

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"Prediction is very difficult, especially about the future" – Niels Bohr


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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 5:39 am 
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bokonon wrote:
Quote:
You're charging how much?


There is a good explanation of the EFSF/EFSM/IMF mechanisms and rates on a new briefing paper by Karl Whelan over on irisheconomy.ie:

http://www.irisheconomy.ie/index.php/20 ... /#comments

He calculates the EFSF rate to be at least 6.05%, the EFSM at least 5.7% and the IMF rate to be effectively 5.7%.


That paper is interesting. Karl evidently thinks that the EU interest rates can and should be renegotiated, and that it would be in both Ireland and the EU's interest to do so. The way I see it, the EU may have a gun to our heads, but we've got a bomb strapped to our chest.

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"Prediction is very difficult, especially about the future" – Niels Bohr


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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 2:38 pm 
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Joined: Dec 16, 2010
Posts: 84
ps200306 wrote:
Yeah, that'll work. Print shite-loads of Phunt Nua which will be pegged to the euro no matter how many are created. People will trust it and will see it as their patriotic duty to use it, and won't run screaming for the nearest exit with their euros in a suitcase. 8DD

Yes, you're right, its absolutley better to allow foriegn bankers and the IMF to print shite-loads of money out of nothing and then charge massive amounts of interest on it until finally we have to surrender our natural resources.
I am wrong, and you are right, by the way, I'd actually like to see all of your plan, you must have worked quite ghard on it. Where is it linked or available?
Or are your efforts soley confined to ineffective little critiques and hoarding your own jellybeans and to hell with the next guy? If thats the case, you're part of the problem, not part of any solution. Effort is effort.


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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 4:29 pm 
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ps200306 wrote:
Yeah, that'll work. Print shite-loads of Phunt Nua which will be pegged to the euro no matter how many are created. People will trust it and will see it as their patriotic duty to use it, and won't run screaming for the nearest exit with their euros in a suitcase. 8DD

Yes. Doomed to failure unfortunately. It would be similar to the last days of the Soviet Union where official price controls still existed in parallel with rampant inflation and a dollarised economy. Then you ended up with crazy price mismatches and an out of control black market. One famous example was the journalist who travelled from Moscow to Vladivostok. The fare for the private taxi that took him to the airport (25 minute ride) was $100 but the ticket for the 6,000 km flight (12 hours) was the rouble equivalent of $7.

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 Post subject: Re: You're charging how much?
PostPosted: Thu Jan 27, 2011 4:35 pm 
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Posts: 10546
V4Victory wrote:
ps200306 wrote:
Yeah, that'll work. Print shite-loads of Phunt Nua which will be pegged to the euro no matter how many are created. People will trust it and will see it as their patriotic duty to use it, and won't run screaming for the nearest exit with their euros in a suitcase. 8DD

Yes, you're right, its absolutley better to allow foriegn bankers and the IMF to print shite-loads of money out of nothing and then charge massive amounts of interest on it until finally we have to surrender our natural resources.
I am wrong, and you are right, by the way, I'd actually like to see all of your plan, you must have worked quite ghard on it. Where is it linked or available?
Or are your efforts soley confined to ineffective little critiques and hoarding your own jellybeans and to hell with the next guy? If thats the case, you're part of the problem, not part of any solution. Effort is effort.


All fiat currencies are a confidence trick. The question here is whether you want to be part of the same confidence trick as the Germans or think you can pull off one of your own. Leaving aside patriotic emotionalism, I know who I'd be betting on. You think people are going to get behind a new Irish currency after the fiasco that the running of this country has been for the last decade? I wish you all the best, but I'm afraid you are away with the fairies.

My plan is the same as Morgan Kelly's plan -- there is no plan, we are relying on the kindness of strangers -- and Karl Whelan's plan -- let's see if we can cosy up to the strangers and convince them their best interests are served by not screwing us.

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 Post subject: Re: You're charging how much?
PostPosted: Sat May 07, 2011 3:55 pm 
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Property Magnate

Joined: Aug 12, 2009
Posts: 500
Deckchairs, Titanic...
Quote:
Republic of Ireland to get 'EU loan rate reduction'
Ireland is to get an interest rate cut on the emergency loans it has acquired from EU bodies, the BBC has learned.

Currently, Ireland pays an average rate of 5.8% on loans agreed with the IMF, fellow Eurozone countries and a special fund set up by the European Commission.

It is unclear how much of a cut this will entail, but a 1% cut could be worth up to 400m euro ($572m; £349m).

Sources say a special written procedure will be adopted ahead of the meeting of EU finance ministers on 17 May
...
The Irish government has long said that it would never give up its low corporation tax rate of 12.5% as part of any deal, even though France and Germany have argued that some change to that rate would be required.

EU watchers have suggested that Ireland may need to change its corporation tax base rather than the 12.5% rate.

That could mean that large firms headquartered in Ireland might only be allowed to use revenue earned in Ireland rather than EU-wide for corporation tax purposes.

The Irish government spokesperson said: "The reduction in the interest rate has still to be agreed by the member states and this will be discussed in due course".

http://www.bbc.co.uk/news/business-13321551


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 Post subject: Re: You're charging how much?
PostPosted: Sat May 07, 2011 7:29 pm 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3470
Location: Cathair na dTreabh
BBC says Republic of Ireland to get 'EU loan rate reduction'
RTÉ says Department denies EU interest rate deal

Where have we seen this scenario before?

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 Post subject: Re: You're charging how much?
PostPosted: Sun May 08, 2011 11:24 am 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3470
Location: Cathair na dTreabh
We won't pay off our debt... Fine Gael Minister admits Ireland plans to restructure €250bn borrowings as economist warns Ireland is bankrupt
Quote:
As Europe tried to ease the pressure with a 1% cut in our bail-out interest rate, ministers were admitting that the full amount could never be repaid.
‘It is not called defaulting – it’s code for a restructuring,’ said one senior minister.
‘This is hopefully where we are going to get to. But you do that by agreement. You don’t do it by being the first one to jump into the lake.
‘You do it if there’s no other course of action open to you; you do it with the support of the people who are lending to you. ‘You cannot do it unilaterally,’ he added.
The minister admitted that the Government is pinning its hopes on events in the increasingly beleaguered eurozone forcing a wholesale rethink in the months and years ahead.


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 Post subject: Re: You're charging how much?
PostPosted: Tue May 10, 2011 4:35 pm 
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Joined: Nov 7, 2008
Posts: 1317
http://www.rte.ie/news/2011/0510/bailout.html

Quote:
'It is important that in defining the interest rate, debt sustainability is firmly taken into account and therefore the commisssion already some time ago proposed a reduction of the interest rate for Ireland in order to help Ireland overcome its debt burden in the same way as Greece or Portugal,' Mr Rehn said.


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 Post subject: Re: You're charging how much?
PostPosted: Tue May 17, 2011 11:44 pm 
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Property Magnate

Joined: Aug 12, 2009
Posts: 500
At last Noonan's trying to marshall some support
Quote:
Ireland says cheaper aid needed to avoid failure in eurozone
BRUSSELS, May 17 (Reuters) - Portugal, Greece and Ireland all need cheaper loans to ensure efforts to rehabilitate them succeed, Ireland's finance minister said, and he pressed for a European to lead the IMF should its current chief leave.

Michael Noonan's remarks signal a change of tack in Dublin's so-far unsuccessful bid to win a lower interest rate on aid given to it by euro zone states, by attempting to ally itself with others in a similar position.

It also comes amid frustration in Dublin with French demands that Ireland first increase its low corporation tax to win a cut in the interest rate on its loans, demands Noonan described as "not the smartest way of ensuring that programmes succeed".

"In the context of the discussions on the programme for Portugal, I made the point very strongly that the pricing arrangement on the programme is too high," Noonan told reporters outside a meeting of European Union finance ministers.

"There are issues surrounding the rate which deal with whether programmes are successful or they are a failure.

"You can enhance the possibility of the success of the programme if you reduce the pricing. The future of the euro zone is connected to that agenda," said Noonan, adding that others in the meeting had supported his views.
...
http://www.reuters.com/article/2011/05/ ... AM20110517

Meanwhile back at the ranch...
Quote:
Bank guarantee extended further
THE Government is applying to extend the €150bn bank guarantee scheme from June 31 until the end of the year.

The extension is expected to be announced "weeks" before the guarantee scheme runs out, to avoid uncertainty in the markets.

In March, the Government announced that it would continue guaranteeing almost all the deposits and bonds issued by the banks until at least December.

It is understood that a formal application to extend the existing Eligible Liabilities Guarantee (ELG) scheme beyond June 31 was sent to Brussels last week -- the European Commission will only ever approve an extension for six months at a time.
http://www.herald.ie/national-news/bank ... 48653.html


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 Post subject: Re: You're charging how much?
PostPosted: Wed May 18, 2011 7:35 am 
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Real Estate Developer

Joined: Jun 13, 2008
Posts: 760
Scrambler wrote:
This may seem like a bizarre posting to put in here. But anyway, I was talking to a great friend and relative who lives in USA and works in the American system so to speak, ie a government job stateside. He is finding the recession is finally starting to actually affect him and his megabucks, in that he had a Pay-Freeze imposed for 2 years very recently. First time his pay has been affected. He mentioned that there is a lot of talk over there about the dollar collapsing. He said there is some talk of both the Euro and the Dollar collapsing and what happens then.. I think the Euro being as strong as it is against the dollar makes me think the Dollar really isn't up to much these days! Is the world collapsing around us while we sit idly by and discuss the price of a 2 bed in Malahide, fluctuating?!



Well I changed the way my salary was paid recently. I now get paid in Asian currency directly instead of Euro i.e. my base salary was switched to the local Asian currency as my salary has been devaluing over the last year. This trend is really noticeable outside of the US/EU/UK, anybody holding assets in these currencies but living in Asia has seen their value erode dramatically and in the case of the USD/EURO it looks like the only way is down, the US because of it's huge debt it needs to inflate that away while making exports more competitive, the EU because of the looming PIGS crisis and danger to the Euro.


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