Seems that Irish people are being sensible and saving money for the depression that is coming our way. Savings have increased, on average, from 4% to 12% of income. It will really only start in Ireland when the banks increase their interest rates next month - and then, when Germany decides it must raise the ECB base rate to save the Euro. And thats not even taking the impending collapse of the Chinese property bubble into account.

But, in true Fianna Fáil style, Dermot Ahern has just been on RTÉ news telling of his plans to get Irish savers to blow all their money. He recons that that will make everything better.

What do you all think? Is Dermot right. Should we go out and blow that 12%

Originally Posted by Cael

Seems that Irish people are being sensible and saving money for the depression that is coming our way. Savings have increased, on average, from 4% to 12% of income. It will really only start in Ireland when the banks increase their interest rates next month - and then, when Germany decides it must raise the ECB base rate to save the Euro. And thats not even taking the impending collapse of the Chinese property bubble into account.

But, in true Fianna Fáil style, Dermot Ahern has just been on RTÉ news telling of his plans to get Irish savers to blow all their money. He recons that that will make everything better.

What do you all think? Is Dermot right. Should we go out and blow that 12%

Whats the plan?

Originally Posted by deiseguy

Whats the plan?

Well, strangely enough, he doesnt have one yet - but he tells us he is trying to think of one...

FF seem to think that if they can kickstart another consumer spending boom, it might eliminate the need for some cuts. While it would certainly boost the tax intake, the confidence just dosen't seem to be there yet.
How are they going to start encouraging people to spend I wonder?

Originally Posted by Cael

But, in true Fianna Fáil style, Dermot Ahern has just been on RTÉ news telling of his plans to get Irish savers to blow all their money. He recons that that will make everything better.

FFS! - Barely a month after the they launched of the National Solidarity bond!!! Did he really say that? he's in big doodoo if so. Any links?

Originally Posted by Cael

Well, strangely enough, he doesnt have one yet - but he tells us he is trying to think of one...

Dermot Ahern thinking now makes the Six-one news.....Actually thats really scary someone like Ahern thinking

Originally Posted by deiseguy

Dermot Ahern thinking now makes the Six-one news.....

Well, it is a rare event...

200 % DIRT tax perhaps? for every 1 euro in interest you pay the govt 2 euros...

Originally Posted by Cael

Seems that Irish people are being sensible and saving money for the depression that is coming our way. Savings have increased, on average, from 4% to 12% of income. It will really only start in Ireland when the banks increase their interest rates next month - and then, when Germany decides it must raise the ECB base rate to save the Euro. And thats not even taking the impending collapse of the Chinese property bubble into account.

But, in true Fianna Fáil style, Dermot Ahern has just been on RTÉ news telling of his plans to get Irish savers to blow all their money. He recons that that will make everything better.

What do you all think? Is Dermot right. Should we go out and blow that 12%

Absolutely not. I hope that everyone has learnt at least one lesson from the credit splurge, it always ends in tears. If you want something save for it. Do not get yourself up to your neck in debt or you will be seriously vunerable to governments making a mess of things (absolutely guaranteed). Once savings reach an individual's comfort zone (mine is at least 1 year's expenditure) they will start spending themselves again anyway and consumer spending will rise but this time with solid backing.

Thanks Dermot....but considering you're going to reintroduce college fees...I better keep it for the 3 scaries...so that they can then emigrate!!!...