Originally Posted by pragmaticapproach

The question is, how do you transition? an intermediate phase is required whether you wish for reform or total abolition of the current system.

Has to be gradual, in a social constructionist, unplanned, spontaneous manner. States will gradual go bankrupt and scale down in size, allowing entrepreneurship to flourish.

Originally Posted by Blucher

Twitter / FGoria: RT @AP: BREAKING: French p

Can't see the Bond Markets responding well to that.

Dow Futures plummeted (relatively at this hour) to that. How long before the crack addicts work out that this is Bullish for QE3?

Originally Posted by Cassandra Syndrome

Has to be gradual, in a social constructionist, unplanned, spontaneous manner. States will gradual go bankrupt and scale down in size, allowing entrepreneurship to flourish.

I'm already planning a website for my virtual chipper,

Www.Gobble.ie

Originally Posted by Ribeye

I'd follow Ron Paul's plan, adapted to Ireland, transition slowly but steadily, and only after I had taken an axe to all the waste and vested interest spending!

RP's plan is more suited to a federal superstate, but I agree with the idea of gradual reform to a more sensible state of affairs.

I'd start by cutting funding to all quangoes to zero overnight(not so gradual), liquidating NAMA and contracting as many public sector duties as possible out to private management firms.Obviously that has more to do with making government more efficient rather than reducing its scope, but that would be a longer term goal. In any case the tax savings once passed on should have some impact in helping to make the general populace more receptive to the idea of further reform.

I probably wouldnt abolish the welfare state entirely, but would instead transform it from a system of universal entitlements to a more targeted safety net.

Originally Posted by Cassandra Syndrome

Has to be gradual, in a social constructionist, unplanned, spontaneous manner. States will gradual go bankrupt and scale down in size, allowing entrepreneurship to flourish.

You sound more Hayekean than Rothbardian there

Reuters [14 Minutes ago] says Italy and Spain are battling it out:

WRAPUP 7-Battle over Spain, Italy rescue erupts at EU summit | Reuters

Originally Posted by Cassandra Syndrome

Dow Futures plummeted (relatively at this hour) to that. How long before the crack addicts work out that this is Bullish for QE3?

Indeed.

Wonder if QE3 is difficult in this election year though.

Or for that matter whether the voting public understand or care.

Originally Posted by Norman Bates

Reuters [14 Minutes ago] says Italy and Spain are battling it out:

WRAPUP 7-Battle over Spain, Italy rescue erupts at EU summit | Reuters

This thread is turning into the Stabilisation thread.

Originally Posted by Norman Bates

Think you're being very hard on him. Of course, he has his flaws, but don't entirely agree that the show is worthless. Many get a good laugh out of it. And sometimes, just sometimes, some worthwhile information.

And many other programmes on Irish channels are totally ignored by posters, many in fact don't even have a thread set up on them. You'd wonder why?

Hes a character alright and a great journalist but his show is a bit snobbish in a way. When on a populist channel , doing current affairs, one should bow to the audience and be more relevant and less self indulgent and obtuse.
His handling of the Wallace affair is a perfect example of his arrogance and 'out of touchness'.

Originally Posted by Cassandra Syndrome

Dow Futures plummeted (relatively at this hour) to that. How long before the crack addicts work out that this is Bullish for QE3?

I trade the Dow index during the day, but unfortunately the spread would eat me alive if I attempted to short it now. Im pretty sure my SB firm quotes the futures price as supposed to the actual index after hours.