Peoples Economy David McWilliams Day 5. Ireland’s Deficit


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Questions Asked.

Vicky >> (All): So was the bank guarantee your idea?

jim >> (All): What is a realistic cost for any bank guarntee alternatives?

Kevin Ryan >> (All): It’s not credible – is it? – for the ECB to respond to the destruction of some bank investor capital (burning) by responding with measures that bring about a total destruction of bank investor capital?

Neil >> (All): When we say burden sharing for bank bondholders, if we gets this to happen 50% of the bondholders are Irish.Are we not saving money on one side but then losing it on the other?

jim >> (All): Were the sweedes insolvent or illiquid? what were our banks?

Andy >> (All): What are the likely consequences of a sovereign default?

liamdenn >> (All): Considering the carnage of the past few years. and how quickly things changed whats to say our deposits will be safe? was it not the case in argentina that depositers were ruined

Neil >> (All): It might be a very stupid question but can the ECB not simply print more money? The FED call it quantative easing…is this an option?

Mary Fitzgibbon >> (All): Both FF and FG repeat the mantra that we ran out of money and and proposal of banking debt default implies that ‘we would have no money to pay the teachers, nurses and guards’ How can we counter this propaganda?

Juan Keville >> (All): Should we scrap the min wage deal and set a max wage deal for workers…

jo >> (All): Declan Ganley was on about getting a quote for printing punts as a threat to ECB. You also talked about this. How would it work? Would you recommend the money again be a debt based currency? Or are you finished making recommendations

Andy >> (All): Do Sinn Fein’s policies constitute “crazy economics” as portrayed by FF, FG & Labour?

Trich >> (All): How much money does Ireland know at this point? How much does it rise on a daily basis?

Mary Fitzgibbon >> (All): Enda Kenny said this morning that any bank default is ‘out of the question’. Will he ever see sense?

Matthew Wall >> (All): Referendum on bailout is a great idea.

Colm Casey >> (All): Hi Dave. I’m working on a campaign for an ind. A question that people want more and more detail on is “If we tell Europe a few days after #ge11 that we are not paying the bank debt, a) will ECB still provide liquidity for our banks and b) how soon beofre we return to bond markets?” Also, currency is a big thing.. ie print punt nua as leverage.. the Germans have DM’s. What  would the liklihood be of Euro collapse? What is the limit we can push Germany to before they let Euro go?

Alan >> (All): David, how much of the “burning the bondholders” discussion is too late due to how much is already paid back and replaced with ECB funding?

Eamonn >> (All): Is the 140 billion owed by the Central Bank to the ECB, Soverign Debt ?

Kehlan Kirwan >> (All): The total EU bailout is over roughly a trillion euros + the trillion and half that they want countries to start paying back, with a gap in eurozone finances of 2 to 3 trillion in the eurozone. Can the euro survive this?

shaunaoboyle >> (All): what about rabo bank – are deposits safe there ?

Kevin >> (All): “A prophet is not without honour, save in his own country,” any sign of this changing? any parties or indos listening to you?

jo >> (All): Just €11 billion on Income tax last year

geri mcgrane >> (All): Love the idea of a referendum on this issue but dont believe this will happen.  Do you agree that the party/.parties that are elected should bring on board competent experienced economists such as yourself, constantine or Paul sommerville to liaise with the EU/IMF

Joanne >> (All): Why is not nobody in jail for the gross mismanagement of the country’s finances?  Or is a case being brought against any of the politicians involved.riky >> (All): ask china for a bailout? scary!

jim s >> (All): Do you think the central bank model of money creation is the best option for the majority of people or is there better way such as free market money or treasury issued money?

Colm Casey >> (All): tax break for employers?

Matthew Wall >> (All): David, great ideas on a number of issues. Do you think, though, that they will become politically influential given the policy stances of the main parties running?

appreciate RT folks you can login now @davidmcw #Deficit #GE11 @PeoplesEconomy *live NOW* http://bit.ly/eV14Rh

Colm Casey >> (All): Wow on thouse figures.. Also… has the pension fund been used to pay bondholders?

riky >> (All): why would bondholders agree to a debt-for-equity swap for worthless shares in zombie banks?

Colm Casey >> (All): Also… what exactly is left in pension fund? 4.5 bn or 5.4? GTCost was talking about 900m the night of the frontline debate

Colin >> (All): (Asked Brian this yesterday but interested in your opinion) A total figure of sovereign debt (including bank guarantee) of around 300 billion. However bailout is merely 85 billion. Is one side badly wrong or is there a way to make these figures agree?

riky >> (All): how would market respond to our meddling in business managment? we are already teetering on the brink in terms of willingness to do business here

Mary Fitzgibbon >> (All): How long before debt forgiveness for mortgage debt has to be seriously faced up to?

Colin >> (All): Could burning the German/French banks trigger a double-dip recession in Europe?

Trich >> (All): What happens to those of us who have to stay, I couldn’t emigrate?

riky >> (All): if you can’t predict whether the gvmt will force me to swap my debt for worthless shares, i will not do business here in future

Bri >> (All): In the other seminars I’ve expressed my concerns re the DoF. Isn’t it a huge risk that they won’t or aren’t capable of turning policy around?

monagt >> (All): Hi David, it looks like credit is grinding to a stop. PPL cant buy or sell houses so if this continues what happens? I mean no money available at all.

DM >> (All): What are in your opinion the most important reforms necessary for our banking system? Rather than recapitalising zombie banks and allowing them to limp on within the same framework, shouldn’t that framework undergo wholesale restructuring? For starters what about the distinction between deposit (warehourse) banks and loan (investment) banks?

Victoria >> (All): What do you think of FG Mortgage Relief policy

Colin >> (All): (Trich – I’m planning to move home! David – am I mad? 🙂 )

jim s >> (All): : Do you think the central bank model of money creation is the best option for the majority of people or is there better way such as free market money or treasury issued money?

Henry O Malley >> (All): Can a petition be organised to ask for Referendum on bank debt?

riky >> (All): why can’t we rescind guarantee and sell them off as a going concern? We lose the debt and the ATMs stay stocked 🙂

Kourosh >> (All): nama announced yesterday that it had sold Montevetro to google, and that it has performed better than expected, also saying that nama is working? could this be true or is it just trying to prove some sort of fake worth?

Trich >> (All): David, IF we get a new Government in ge11, How long will reform take on the banks, IMF/ECB ?

liam >> (All): we’re still wating for NAMA’s last quarterly report Kourosh, so anything we say abut them now is largely guesswork

Colin >> (All): Iceland is usually touted as a model for Ireland, except of course that they can devalue to remain competitive. Given that there’s now upward pressure on interest rates, what are we going to have to do differently to emulate their relative success?

Kourosh >> (All): brilliant david, that sounds great

DM >> (All): Thanks for taking the time to talk David.

monagt >> (All): mortgage tsunami – a few words

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