Population: 34 million.
Size: Second largest country in the world.
Real Estate: pricier than Central Park West apartments.
Land: Frozen as far as the bleedin' eye can see.
Bubble: Definitely, darlings!
Collapse: Guaranteed.
Timeline: Imminent.
Future: DARK.
Saturday, October 27, 2012
Friday, September 21, 2012
The Commodities' Producers Meltdown
Most of "genius" is predicting the timing of meltdowns (even though most rational financial participants know that it's not that important.)
Goodbye, Australian and Canadian housing bubbles. It was lovely knowing you.
Australia is in full-on meltdown mode as we speak. Canada is lagging a little by about six months but that's neither here nor there.
(On a related note, goodbye Chinese investors in Vancouver. And goodbye, Mrs. Watanabe in the currency markets for yield. ありがとう, ありがとう! Your clocks are gonna get cleaned.)
No, you weren't terribly different. Sucks to be you!
Goodbye, Australian and Canadian housing bubbles. It was lovely knowing you.
Australia is in full-on meltdown mode as we speak. Canada is lagging a little by about six months but that's neither here nor there.
(On a related note, goodbye Chinese investors in Vancouver. And goodbye, Mrs. Watanabe in the currency markets for yield. ありがとう, ありがとう! Your clocks are gonna get cleaned.)
No, you weren't terribly different. Sucks to be you!
Thursday, February 09, 2012
Ireland Returns to Traditional Economy - Exporting Irishmen!
Bloomberg reports: Irish Urge Children to Leave as Export Gain Masks Lost Jobs.
Anthony Roche is urging his unemployed son to emigrate to Australia from Ireland to escape joblessness stemming from the country’s economic collapse.
Unemployment may climb to 14.6 percent this year, the central bank forecast on Feb. 2, as companies such as Royal Bank of Scotland Group Plc and Allied Irish Banks Plc prepare to shed more workers.
Irish unemployment tripled to an average 14.2 percent last year from 4.5 percent in 2007, as the economy shrunk by about 15 percent as a real-estate bubble collapsed. Emigration rose to the highest since the 19th century in the 12 months ended last April, with about 76,400 people leaving Ireland during the period, according to the Central Statistics Office.
Worse, over half have been jobless for more than a year and with 30 percent of people aged 24 and under are out of work, the office said in its quarterly employment survey.
When 30% of your younger force is out of work, you are basically doomed.
The correct solution for the Irish would've been to default on the debt as we have talked about many many many many many times but if you're a junior Irishwoman (or Irishman), conditional on the fact that your politicians are fuckin' retards, the best option is to leave.
Which makes the problem bigger, and of course, the default more likely. Which they should've done in the first place!!!
Oh well!
Anthony Roche is urging his unemployed son to emigrate to Australia from Ireland to escape joblessness stemming from the country’s economic collapse.
Unemployment may climb to 14.6 percent this year, the central bank forecast on Feb. 2, as companies such as Royal Bank of Scotland Group Plc and Allied Irish Banks Plc prepare to shed more workers.
Irish unemployment tripled to an average 14.2 percent last year from 4.5 percent in 2007, as the economy shrunk by about 15 percent as a real-estate bubble collapsed. Emigration rose to the highest since the 19th century in the 12 months ended last April, with about 76,400 people leaving Ireland during the period, according to the Central Statistics Office.
Worse, over half have been jobless for more than a year and with 30 percent of people aged 24 and under are out of work, the office said in its quarterly employment survey.
When 30% of your younger force is out of work, you are basically doomed.
The correct solution for the Irish would've been to default on the debt as we have talked about many many many many many times but if you're a junior Irishwoman (or Irishman), conditional on the fact that your politicians are fuckin' retards, the best option is to leave.
Which makes the problem bigger, and of course, the default more likely. Which they should've done in the first place!!!
Oh well!
Thursday, January 05, 2012
Death Spiral?
Bad mojo in Hungary: EU Says Hungary’s Central Bank Law Holds Key to Aid Talks.
The EU and the International Monetary Fund broke off negotiations on the aid package last month after Hungarian Prime Minister Viktor Orban refused to abandon the central-bank law, which came into force on Jan. 1 as part of a new constitution. The Budapest-based Magyar Nemzeti Bank has said the new law undermines its independence.
“We will decide whether the independence of the Hungarian central bank is fully in line with EU treaties and then of course we will be ready to open the formal talks with the Hungarian authorities on the financial assistance they requested last November,” Olivier Bailly, a spokesman for the EU, told reporters in Brussels today.
Almost every sign screams hyperinflation, and a failed state.
If you were Hungarian, what would you do?
The EU and the International Monetary Fund broke off negotiations on the aid package last month after Hungarian Prime Minister Viktor Orban refused to abandon the central-bank law, which came into force on Jan. 1 as part of a new constitution. The Budapest-based Magyar Nemzeti Bank has said the new law undermines its independence.
“We will decide whether the independence of the Hungarian central bank is fully in line with EU treaties and then of course we will be ready to open the formal talks with the Hungarian authorities on the financial assistance they requested last November,” Olivier Bailly, a spokesman for the EU, told reporters in Brussels today.
Almost every sign screams hyperinflation, and a failed state.
If you were Hungarian, what would you do?
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