Occupy was right, says Bank of England director

By Economics Correspondent Seán Whelan @seanwhelanRTE This might just be the speech of the year.  Andrew Haldane, the Executive Director of the Bank of England in charge of Financial Stability, and a top policy making official at the bank, went to a meeting organised by Occupy Economics last night, and said “Occupy has been successful in its efforts to popularise the problems of global finance for one  very simple reason: they are right”. Furthermore he told them Occupy’s voice had …

Short & Medium term issues – Schauble breaks down the Irish bank debt problem

By Economics Correspondent Seán Whelan @seanwhelanRTE Wolfgang Schäuble’s visit to Dublin was designed to avoid causing another fit of the vapours among hypersensitive commentators on Ireland’s debt problems.  He largely succeeded in that objective by sticking to the script written the week previously by Chancellor Angela Merkel and Taoiseach Enda Kenny, the one that described Ireland as a special case. As far as Mr Schäuble was concerned, the “special case” would be treated as such when euro zone finance ministers …

Bailout number two – is it worth it?

By Business Editor David Murphy @davidmurphyRTE An intriguing characteristic of this crisis has been the fact that the impossible can miraculously become possible. Germany had been opposed to giving Ireland a deal on bank debt. Then last weekend after some speed diplomacy between Chancellor Angela Merkel and Taoiseach Enda Kenny, Ireland was designated as a “special” case. And on Friday, in an interview with our Europe Editor Tony Connelly, a key member of Germany’s Christian Democrats has raised the possibility of an …

IMF’s the Good, the Bad and the Ugly

By Economics Correspondent Sean Whelan @seanwhelanRTE “Assuredly it does not pay to be good”, said economist John Maynard Keynes. The economist was writing about Britain’s efforts to deal with the high level of debt it had built up after the first World War (140% of GDP). The IMF have pulled out this quote as part of a review of how a number of advanced economies coped with debt ratios above 100% over the past 100 years – and they agree with …

Government plans for collecting property tax

by David Murphy, Business Editor @davidmurphyRTE The words “property tax” are striking fear and anguish into the hearts of Irish households across the country. It is clear the Troika and many politicians have been less than impressed with the €100 household charge. It was unfair to levy the same charge on a wealthy person in a big house in Dublin 4 as a less well off individual in a small house Leitrim. That mistake breached one of the principals of …