Ireland grows 26%, economists baffled

But it's no wonder, Ireland has the lowest corporate tax in the world. Free market at work, gentlemen.

Other urls found in this thread:

irishtimes.com/business/economy/aircraft-leasing-activities-to-distort-trade-figures-says-esri-1.2235091
irishtimes.com/business/economy/handful-of-multinationals-behind-26-3-growth-in-gdp-1.2719047
theguardian.com/business/2014/aug/24/ireland-house-prices-property-bubble-debt
irishtimes.com/business/economy/analysis-crazy-growth-figures-bear-scant-relationship-to-reality-1.2719106
rt.com/business/350622-european-banks-crisis-deutsche-bank/
bloomberg.com/news/articles/2016-07-12/ireland-s-economy-grows-26-as-u-s-companies-chase-lower-taxes
anyforums.com/
twitter.com/NSFWRedditGif

Based Noonan slipped a fuckin sly one under the entire world once again. We're the sly limerickman of the world, slithering back to success.

...

Not so true

irishtimes.com/business/economy/aircraft-leasing-activities-to-distort-trade-figures-says-esri-1.2235091

Trade is not GDP growth

Not just capitalism. Sly hoorism. Allow to explain.

In 2011, Michael Noonan became minister for finance of Ireland. We were reeling from a gigantic crash. Emigration was close to 5% of the population per year, borrowing was close to 30% of public expenditure. The banks were insolvent. Our credit rating was in the shit. We were the second I in the PIIGS, but none of the others fell as hard as fast, the tax take had plummeted and unemployment had tripled.


That's where BASED NOONAN comes in

He adopts the driest, weariest tone he can muster, and he slithers all over the radio and TV, announcing cuts all over the place. But he restored stability. The public finances stabilised. He put the departments of foreign affairs and enteprise under the wing of experienced technocrat Richard Bruton - They got to work, and growth turned around. A tiny bit. Enough to slither in.

And so he slithered. He took advantage of historically low credit availability and refinanced all the debt at lower rates (than 5-10% interest rates we were getting in the crisis). He paid off the English first. No good having them hold over a crisis bilateral loan. Then as things stabilised further, he set the NTMA to work auctioning bonds. And they dropped. And he refinanced and so on. All this bullshittery reduced the cost of borrowing, allowing modestly expansionary budgetary measures, which stimulated economic growth.

Then the payoff started from the FDI push. Quietly and ever so competently, they marketed. Ireland was weathering the storm. Ireland would keep the tax rate.

Then he did a stroke. The 6.5% nominal tax rate on "KNOWLEDGE BOX" licensing. The perfect container for newly mobile firms seeking tax avoidance. The rest of the world was already irate about 12.5% and BASED Noonan slipped them the 6.5% rate.

So now he presides over the fastest growing economy in the world. Record GDP growth. The scheme is handwaved away, but in reality, the world remains agape, incredulous.

we cook the books a little, we're the snaky jews of europe

irishtimes.com/business/economy/handful-of-multinationals-behind-26-3-growth-in-gdp-1.2719047

An economist should not be surprised by this, unless they are a paid off government hack/propagandist.

The GDP figure sort of overshadows the genuinely incredible turnaround in the economics. But it's all the Limerickman's smoke and mirrors. The day he retires, the emperor's new clothes will come off. Some Dublin man with no bullshit in him to pull a sly one the vultures of international finance will spoil it all.

Remember that the first celtic tiger also succeeded a stint as minister for finance for Michael Noonan. Bertie & Co simply inherited the house in '97, as MEEHAUL and Co will in a year or so's time. But just remember the dry shite cute hoor limerickman who got you there.

>handful of big tax dodgers move paper headquarters to ireland
>WOw our GDP grew! What a miracle!

>create giant financial bubble
>WOOOO CELTIC TIGER HERE WE GO LADS
>bubble bursts
>fuck
>...
>you know what let's do it again
>WOOOOOOOOOOO CELTIC TIGER

Canada's is 15. You were saying? America's is 39 and what it's an economic shithouse?

And yet it is still a shithole. It's almost like GDP isn't a good indicator socio-economic success.

Actually, they have much tighter lending restrictions. In any case, it was your dickhead financiers that made it possible by flooding Irish banks with cheap credit, which they lent to a skyrocketing property market, giving average Paddy and Marys 110% mortgages at 500K for a 2bed in Longford. The property bubble was as much a dysfunction of European finance as Irish cute hoorism (which was plenty in evidence).

>, giving average Paddy and Marys 110% mortgages
It was our financial regulators who figured this was a fine thing though.

Believe me, I have a pot of gold

Canadian nor American GDP has never risen by such a gigantic proportion. Ireland is a small enough economy that movements in a few billion can dramatically affect the percentage growth rate. For the US or Canada to jump economically by 15 or 39% would be an unprecedented leap in productivity.

Ireland's only skimming the top in global economic terms, availing of some easy mobile cash by making things here cushy for them. We needed to do this to prosper on account of being a wet, impoverished bog hole on the atlantic coast of Europe. But at this point we're one of the world's best positioned countries, English speaking, EU member, very educated, business friendly. The only thing that holds us back is a lack of momentum, capital that came easy will leave easy given a better opportunity. We need to stay competetive.

Noting to see here, all is well!

theguardian.com/business/2014/aug/24/ireland-house-prices-property-bubble-debt

Our financial regulators assumed (as apparently every member of the narcissist generation did) the only way was up, that the banks could assess risk responsibly (because they used to, reckless lending was a creeping problem, because they did used to have to be more careful). Truth was, Paddy and Mary appeared to be doing well. Yay everyone! Every bundle of cash they threw out for a while yielded retarded returns. The property market fuelled that inflation and everyone in the game from Mick the builder to Fritz the investment broker made a killing until 2008, then the arse fell out of it, and the house of card crashed down. Doesn't seem to be quite the same way now, what with a tax base that isn't fuelled mostly by stamp duty payments on new housing. Now Britain on the other hand has all the ingredients of our crash, but hasn't quite suffered it yet. It's inevitable though, and possibly will manifest in the Autumn.

basically, because everything is cyclic, construction, destruction, construcrion, destruction...

war, peace periods, war, peace periods...

economic growth, recesion, economic growth, recesion...

nothing changes really

The leap in 2014 appears to have been a return to normal trends. late 2015 and 2016 house price figures in Dublin have stagnated, and the commuter belt and satellite towns are now picking up neatly in line. Current Dublin residential prices have settled at around 3% inflation per annum. Possibly due to revised mortgage lending restrictions (which the banks are lobbying to remove, of course).

no offense but this is purely because every company in the world wants to pay next to no tax so they go to Ireland
shit even i thought about moving there and i dont even have a company yet nor do i like ireland

It all checks out, We just did the books, everyone should buy shares in Ireland !

irishtimes.com/business/economy/analysis-crazy-growth-figures-bear-scant-relationship-to-reality-1.2719106

>He adopts the driest, weariest tone he can muster, and he slithers all over the radio and TV, announcing cuts all over the place.
The mad man. Also why use slither? Is he reptilian?

Wtf this is exactly how the American recession happened, how could you retards not see this coming?

>every company in the world wants to pay next to no tax
Gee who would've guess Capitalism worked

Ireland is basically a shell company.

Theres nothing wrong with this, its just business.

ireland is also becoming a faggot nation at an exponential rate.

I don't know how to tell you this, but material wealth is the enemy of mankind, and mammon is the vehicle by which satan enters the world.

in reality, americans are just switching to ireland from britain as an english speaking nation to serve as our gateway into EU financial markets.

You're just an intolerant bigot!

Same way as you retards didn't see it coming. The only reason our property market bubble popped was because the the mortgage debt crisis that started in the US.

Also, loads of fucking people saw it coming. We even had lots of documentaries on our national broadcaster talking about how insane our debt levels were and how crazy the banks were operating, but no one actually wanted to do anything about it.

>material wealth is the enemy of mankind
says the burger

In all fairness though, since 2008 wages have fallen and not recovered , rent and house prices have incresed drasticaly , the room i used to rent jumped from 500 two years ago to 800 and disposable income stagnated , most people and although there has been some new job created there all in administration and bullshit with pretty shitty pay in comparison with other countires like the states, Developeres igh get offered 30k mas out at 60k for experienced bacuse we can just hire somebode else with broken english to do it, evey job i go into half the people are brazilian or form eastern europe, nice people might i add, but most of my friends are unemployed (Arts Degrees), also i barley here english on my comute to work anymore , its all spansih studentes or polish yappering louldy on there phones to there familys back home in poland who there sending hald htere mone to to build houses , which i say fair play too, but it also measn alot of the money createdit going abroad strating away on not get reinvested , also eveyone tends to spend all there money on alochol and travel abroad if they have any left at the end of the month, and when shit hits the fan everones going to leave agian like i did

Because he's a shnake. A shankey shnake

I would know better than anyone, wouldn't I?

That's interesting user. Didn't know the whole scoop there.

Say what you will about our government, but we do actually tend to have people who can get shit done and know how to keep the basics of our economy and financials going. That's what separates us from a lot of europe.

it's national capitalism; nations compete between each other to be favored by corporations.
I don't know if it is actually a good thing, at least it keep the socialist a bay, since most excessive money will be funneled into the competition.

don't tred on me pls

s... shut up

what the fuck is up with irish physiognomy?

>eveyone tends to spend all there money on alocho

Ah that's what I was reading there ;]

Free market best market

>also eveyone tends to spend all there money on alochol and travel abroad if they have any left at the end of the month

It's not living for the weekend anymore. It's living for the weekend away. The amount of money wasted on pissups in London

Turns out when you eat the potato for multiple generations, you start to look like them : (

Fuck yeah

Slovakia nad poland grew by almost 50%, and a lot of eastern european countries grew a lot.

Growth that rapid reeks of bubble economy. I wouldn't get your hopes up just yet.

white pepo

That's cumulatively since 2004 though. Ireland grew 26% in 2015 alone.

/v4/ stronk

I heard ireland has a lot of homeless people, is this true?

>Desiretoknowmoreintensifies.jpeg

Tell me about the potato
how does it grow so much?

How is the job market for a burger who wants to be POTATOED

Ireland superpower by 2020

We also have populists who will drive us into the ground for votes though.

Imagine if we took all the boom money and did something with it? We'd be set. Instead, we pump billions into banks and somehow manage to not gain ownership of them from doing it.

You know, if you're on the dole, they pay you to go on courses, go to college. Any dipshit can go on a pharma lab tech or manufacturing line course and be in a pharma job in 12 months. Any dipshit with a brain can go to UCD with a liberal arts undergrad and come out the other side with a Masters in Computer Science, and slime into a job with a multinational. I'm not saying it's never been easier, but actually getting a job if you're arsed qualifying into it is not this easy in other countries.

...

Not sure. Probably not. We have a "homelessness" problem right now. Which is basically a lot of people who can't afford houses, who usually get one from the state, don't have one right now. Instead the state is paying for them to stay in hotels. So they aren't on the street, but it's being called a "homelessness" problem.

There's a few homeless people on the streets too, but they get free hostels to sleep in, but a lot don't want to because they are dangerous apparently.

>Imagine if we took all the boom money and did something with it?
We did, and then some. That's how we got into debt before the crash. Then we got into more debt.

>Instead, we pump billions into banks and somehow manage to not gain ownership of them from doing it.
We did get ownership of them.

>Now i have become potato, destroyer of genes

Ireland needs to make a massive military investment asap, and then engage in coalition combat with the USA for awesome foreign aid.

>tfw we've been stealing all of America's corporations while they blame Meixco

Agreed. Right now we are neutral pussies : (.

Nah you're alright

ireland is a gay country now, they can't do that zerg rush shit they did before.

We're already too complicit in US imperialism, fuck off

The problem isn't GDP growth. Why can't you fucking corporate cock-sucking clowns realize this?

The problem is how much of a person's economic output gets shared by him and his employer.

In the US, average economic output per citizen has been growing steadily (GDP Per Capita), but a higher share of that economic output goes to the rich than before leaving the median income of the middle class lower than it was several decades ago.

>massive military investment
Ireland is a neutral country. All our army does is stand around in Africa making sure the uncivilized niggers don't start clubbing each other to death

Lol the only good thing about Ireland is its neutrality.

Ireland and most of europe is completely dependant on the US military. It's sad as fuck that we don't have serious militaries over here. Irelands not poor anymore. We can afford to do our bit.

>neutrality
>good

so even your modest military is ruining the world

When's the next recession lads?

Yar, I know, I worked in tech and finance, lots of incapable people doing meaingless jobs just so we can bill the clinet and tell them it takes a lot of specilesied work when in fact eveyone is a dumb ass

Any day now.

>edgelord bolshevik

workers are overexploited by (business) and (government) because fuck them. whats new?

>We did get ownership of them.
No, we got ""ownership."""

Somehow, we can't actually influence them in any way.

Ok that's nice and dandy Ireland. Now how about you get the Muslims out of Dublin? You let that city go to shit overnight

This is why the EU is committing to a "genuine Economic Union, a Financial Union, a Fiscal Union and a Political Union by 2025." Fiscal policy will be dictated from Brussels before long.

Full communism when lad

There's no such thing as a free market you stupid prick.

>Somehow, we can't actually influence them in any way.
We could. It's just not wise to do so. Can't force them to give out more mortgages etc. If they don't do it themselves it's because they know it's risking money, so if we own them and force them to give out mortgages, we are really just risking the money we put into them.

We'd end up defending you paddies if you ended up getting invaded. We can't have a hostile state doing a cuba next door.

How does Sup Forums drag every single aspect of politics back to "pakis out reeeeeee"?

nest year when Deutchbank fails, merkel Invided an army of young men to the country , she'll promice them permant residnets if they fight for here in the upcomming war

rt.com/business/350622-european-banks-crisis-deutsche-bank/

Isn't your economy still shit after the recession? You guys were on the up and up before it happened

Thursday week

But you really did let the Paki's take over your city. Its a fucking shithole now

Reminder that it will only continue to grow as the UK leaves the EU as the number of countries with english as the first language has dropped , so all the american multinationals are gonna move here

Did you see the OP?
bloomberg.com/news/articles/2016-07-12/ireland-s-economy-grows-26-as-u-s-companies-chase-lower-taxes

Keep in mind we have an organization dedicated to buying property and reselling it at a lower price. And that they do this while people repeatedly state the use of keeping this property.

Goolgle, Apple, Facebook etc are all now based in Ireland, dodging tax.

It massively skews the figures.

None of this money will even be seen by the Irish. It all slips offshore.

That's not real growth. That's just shell companies that pretend to be here.

Clearly none of them have even been to Dublin either

Dublin is a European capital and thus pretty multicultural. The problem with Dublin is not brown people but the heroin addicts that line the streets

I can only hope that changes attitudes to economy around Europe... people sadly love socialism

Poland is being destroyed by the new govt national socialist policies, Greece is destroyed, Italy is walking dead since introduction of the euro

Growth is not a good thing faggot.

Thank God someone understands this.

GDP and GDP Per Capita mean nothing to the bottom 99%. What the middle class should care about is how much in income they're making.

We keep focusing on the wrong thing. Higher GDP Per Capita means nothing when immigration fucks the labor supply and gives the rich a higher share of your economic output.

yeah, but you make money off of it. more money than you'd make if you didn't shell. collecting 12.5% of billions is nothin to sneeze at

so where in Ireland is it still pure with no hint of Mudslimes?