uh oh economy

[st333ve]

i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!

[Seos]

It might be even worse now but that's almost 2 years old:
http://atangledweb.typepad.com/weblo.../08/index.html

[emmet100]

i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!

Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.

[rockofcashel]

i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!

Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.

Do you need to be told how absolutely crazy your post is in economic terms Emmet ?

[emmet100]

i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!

Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.

Do you need to be told how absolutely crazy your post is in economic terms Emmet ?

Look, what I'm saying is that:
1. people only take on debt if they are confident they can pay it back, and if the banks believe they have the means to do so.
2. individuals manage debt much better than States do, so this is not the same situation as we were in back in the 1980s
3. the commercial debt mentioned in the article is used to further economic growth and future GDP, so the burden of the debt will be lessened as time goes on.

[yellowfish]

actualy thats about the amount we have on our mortgage, though im not sure yellowfish junior is keeping up his end (spending v income he needs to try a lot harder) Its managable-though we both need to work which can be difficult. i would imagine that other people in other countries would be in around the same position. though im glad i got on the property ladder (in england ) 10 years ago- pity those trying now.

[DSCH]

How does this effect a net saver, who owns no property? :wink:

[rockofcashel]

i hust stumbled upon this,on the net.
thought it might be interesting to some people.

The Republic of Ireland, that feared economic tiger, is on it's way to becoming one of the most indebted countries in the world, according to figures released by it's Central Bank. Each man, woman and child owed €45,000 0R €153 BILLION collectively. Mmmm...how I'd like a slice of the interest of THAT!

Does that include all personal debt and mortgages etc. Becasue it may look bad but in reality, if a family of three owes E45k each, thats E135,000, which isn't that big if it's a mortgage. Debt is usually much better managed by individuals than States, i.e national debt, so I wouldn't not too concerned about this.

Do you need to be told how absolutely crazy your post is in economic terms Emmet ?

Look, what I'm saying is that:
1. people only take on debt if they are confident they can pay it back, and if the banks believe they have the means to do so.
2. individuals manage debt much better than States do, so this is not the same situation as we were in back in the 1980s
3. the commercial debt mentioned in the article is used to further economic growth and future GDP, so the burden of the debt will be lessened as time goes on.

I don't want to sound harsh, but you've a hell of a lot to learn about the real world.

First of all, those figures are out of date. We currently are in an even worse situation that what was in the first thread, with every man woman and child statistically owing about €65,000 not 45,000.

Now lets go through what you believe.

1. Seeing as DCSH above said, what has this got to do with a net saver with no property, we'll talk about that first.

Hundreds of thousands of Irish people are in the same boat. They don't owe money on property, so those that do, owe more than €65,000 per person.

2. There is no point saying that you can even the debt out over the whole family as you suggested, because kids to not earn money, and therefore have no contribution to make towards paying off the debt. In fact they are net spenders (see yellowfish above). Therefore the burden of repayment os even higher on those that do.

3. What makes you think that debt is better managed by individuals than by the state ? The state has restraints on spending (though you wouldn't think it sometimes), whereby they can only make borrowings up to a certain % of the state GDP (Euro Stability Pact). Individuals who borrow in many cases (especially for mortgages borrow multiples of their earnings). States also borrow at a cheaper rate, and if stuck have access to outside funds which individuals do not (selling government bonds etc)

4. If you're not too concerned about that, I bet you're too young to be paying a mortgage, a car (or two), childcare, weekly household bills, utility bills, waste bills etc etc etc

5. Many people are taking on debt without any idea how they are going to pay it back. Debt for current spending if you will (day to day living, not capital enhancing). Banks give this out without any notion of how it's being paid back. A recent case in example that I was told, a man bought a television for €600 on credit, and a week later he was offered another €18,000 credit by the same finance company without asking for it.

[georgedillon]

Relax, roc. Mass Immigration will cure everything! We'll all get rich!
GD

[rockofcashel]

Relax, roc. Mass Immigration will cure everything! We'll all get rich!
GD

As a matter of interest George, who advocates mass immigration ?

And don't say SF, because we don't. Or New Sinn Fein either.