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Thread: Telegraph seems to have gone a bit mad

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    Politics.ie Member seabhcan's Avatar
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    Default Telegraph seems to have gone a bit mad

    The UK Telegraph seems to have taken the whole Irish collapse very personally. First they run an article about how hundreds of London traders were shouting monkey noises at Lenihan - a story that has turned out to be on the imaginative side of truth.

    Now they have an article saying Ireland should cut all government expenditure, let all the banks die, and then leave the euro.

    http://www.telegraph.co.uk/news/worl...was-bogus.html

    The Departments of the Arts, the Environment, Community Affairs and Defence should all be scrapped, along with their budgets. Free university tuition fees and all overseas development aid should be abolished. Ireland’s enormous social welfare budget, designed during years where mass unemployment seemed inconceivable, should be ruthlessly cut, so that they help only the very poor and unskilled. A fire sale of government assets (such as the state-owned gas and electricity companies) and the halting of capital expenditures would help to pay down the national debt and reduce interest payments. Further tax hikes should not be considered – these would make economic recovery even less likely.
    Happily, they think that tax hikes should be avoided as they would harm the recovery. Its good to hear that those smart economist in the Telegraph seem to have worked out that scrapping most government spending wouldn't harm the economy (!).

    Of course, elsewhere in today's edition, they think that the tory plan to cut child benefit for the rich is a tiny bit harsh.

    Have they gone a bit mad? Why is the Telegraph taking such an emotional interest in our economy. Might their editor or owners be among those mysterious bondholders?
    Last edited by seabhcan; 5th October 2010 at 12:27 AM.

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    Politics.ie Member White Horse's Avatar
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    Quote Originally Posted by seabhcan View Post
    Why is the Telegraph taking such an emotional interest in our economy?
    Ideology. They see sudden cheap credit from the eurozone as the cause of the bubble. Plus Ireland's fiscal deficit is an extreme version of that in the IK, and they recommend similar cuts in UK piblic expenditure.

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    Politics.ie Member PAD1OH's Avatar
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    the telegraph was always a rag

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    Politics.ie Member Catalpa's Avatar
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    Quote Originally Posted by seabhcan View Post
    The UK Telegraph seems to have taken the whole Irish collapse very personally. First they run an article about how hundreds of London traders were shouting monkey noises at Lenihan - a story that has turned out to be on the imaginative side of truth.

    Now they have an article saying Ireland should cut all government expenditure, let all the banks die, and then leave the euro.

    Ireland's austerity programme was bogus - Telegraph


    Happily, they think that tax hikes should be avoided as they would harm the recovery. Its good to hear that those smart economist in the Telegraph seem to have worked out that scrapping most government spending wouldn't harm the economy (!).

    Of course, elsewhere in today's edition, they think that the tory plan to cut child benefit for the rich is a tiny bit harsh.

    Have they gone a bit mad? Why is the Telegraph taking such an emotional interest in our economy. Might their editor or owners be among those mysterious bondholders?
    all overseas development aid should be abolished.


    ASAP!

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    Politics.ie Member cyberianpan's Avatar
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    It is a guest columnist, so characterizing it as the Telegraph is a bit rich. Also ..what he says is quite close to sense
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    Politics.ie Member Twin Towers's Avatar
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    The same medicine the IMF will be administering.

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    Politics.ie Member ManOfReason's Avatar
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    The Departments of the Arts, the Environment, Community Affairs and Defence should all be scrapped, along with their budgets. Free university tuition fees and all overseas development aid should be abolished. Ireland’s enormous social welfare budget, designed during years where mass unemployment seemed inconceivable, should be ruthlessly cut, so that they help only the very poor and unskilled. A fire sale of government assets (such as the state-owned gas and electricity companies) and the halting of capital expenditures would help to pay down the national debt and reduce interest payments. Further tax hikes should not be considered – these would make economic recovery even less likely.
    Seems like the executive summary of the IMF report we will be reading in the not to distant future.
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    Politics.ie Member
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    Quote Originally Posted by White Horse View Post
    Ideology. They see sudden cheap credit from the eurozone as the cause of the bubble. Plus Ireland's fiscal deficit is an extreme version of that in the IK, and they recommend similar cuts in UK piblic expenditure.
    Much of the difference, though, is in the fact that the UK deficit does not include their bank bailouts, whereas ours does. Other than that, they are similar - see here, for example:

    Ireland’s annual deficit figure – projected to balloon to 32pc of GDP – also warrants examination. This number actually includes the cost of the bank bail-outs, unlike its UK equivalent. Labour buried the cost of the RBS and Lloyds capital injections, not including them in the published deficit figures, a convention the Tories look set to continue. If Ireland followed the same methodology, its 2010 deficit would be 11pc of GDP, similar to the UK.

    British ministers argue that bail-outs are “financial transactions” from which the government may eventually reap a return. So they shouldn’t be included in the deficit. Such a position not only undermines the UK Government’s fiscal credibility – effectively “banking” a return before it has been made. It also means the UK Government is petrified of taking the necessary steps to force banks to disclose their smouldering off balance-sheet liabilities, write-off losses and engage in root-and-branch restructuring – as that would cause the public finances to collapse.
    The source for that is also the Telegraph, and may also help explain why the Telegraph is so interested in Irish affairs.
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    Default The Daily Torygraph.

    The Daily Telegraph newspaper in Britain is nicknamed the Daily Torygraph for obvious reasons of course...

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    Politics.ie Member former wesleyan's Avatar
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    The Telegraph was always a racist, rightwing, Tory rag. For any Irish person to read it is akin to writing yourself a poison pen letter.

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