€11,111 debt per head of Ireland's population

Eleven thousand, one hundred and eleven euros and eleven centimes is the actual debt per head of Ireland's population if you divide the 50 billion of the total costs so far as announced yesterday by the population of 4,470,700 rounded up to 4.5 million. That is over 11,000 thousand euros for every man, woman and child in the country, or taking the old yardstick of 2.2 children per family a debt of €46,700 per household. Yet the Irish Government maintains they can repay these huge amounts from a declining economy thus sparing the large foreign bankers from any losses on their purely greed driven speculative investments, read here. A quote from the linked article: Then, as now, investors are assessing the growing risk that a eurozone member will default on its debts – a calamity for the EU. Mr Lenihan had to spend half-an-hour on the phone to fellow European finance ministers trying to reassure them there is "no question" that Ireland will have to seek external help, saying the nation is "fully funded". Ireland has been magnificently open about its banking woes and bold in the vanguard of efforts to meet and stem the losses, but such pain is being endured to spare foreign bankers having to be bailed out by their own taxpayers. In reality the final figures can still not be fully known as most of the Irish losses are in property and as the austerity gets harsher property prices will plummet further, a dilemma belatedly now being recognised in the UK, read here. David Cameron as Prime minister of a Coalition Government now stands in danger of making the coming House Price Collapse the personal property of the Conservative Party as he has done nothing since May to tackle the underlying issues and thus firmly pin the blame on the previous administration. Opening criminal proceedings against former Treasury Ministers would be an astute recognition of the scale of the coming disaster, but policy proposals which confront the issue, labelled as "Brown Levies" would be even cleverer.

Jail for Gordon Brown!

It is extremely gratifying for this blogger to read a call for the jailing of the former Prime Minister, Gordon Brown, in a national newspaper. Jeremy Warner an Assistant Editor of the Daily Telegraph writes in that newspaper, linked here: "The case is quite easily constructed; that he did willfully take the brakes off public spending, that he failed to control the recklessness of the banks, that he stripped the Bank of England of its powers of financial supervision and gave them instead to a shiny new, politically correct but wholly inept regulator, that he misled parliament over the state of the public finances....." It may often have seemed fanciful in the boom times of recent years when I called for just such a future policy, there are several other members of the former cabinet who should eventually join him if this nation is ever to restore a working democracy. In a couple of years further in to this age of austerity the demands across the towns and villages will, I believe, achieve just that, but a good start can be made with Brown. Introducing the Brown Levy I suggested here, here, here and here,will add to the pressure and is daily becoming a more urgent necessity in the face of the now obvious UK Property Price collapse which will simultaneously require the amended equity loss sharing arrangements long proposed on this blog..

The "Brown Levy" - more detail!

A levy on the huge accumulation of assets in Britain's property price bubble, I have dubbed the "Brown Levy", has attracted some interest today, so further detail might be helpful. How can it be justified to the public? Look at how we should value a home? Among the elements I suggest must come: affordability, access to employment, nearby transportation, security from crime, nearby education facilities and of course protection from the elements. What is most certainly not an element in a realistic valuation is the chance to make a quick and undeserved profit. Note that many of the elements which give a home value are provided by Society and then administered by Government. The levy could be sold as an investment to put a floor under values. It could of course be structured to maximize returns on the greatest property windfalls of recent years and/or the mortgage providers who fed the greed. If the next Government must make huge cuts to halt the growing deficit and repay debt then such cuts will fall on the services which have in the past given British property its value. A transfer of assets from individuals to the central exchequer as proposed on this blog (after halting EU payments , note here that today, once again, the Greek euro rescue began to unravel) is thus sensible to maintain the services which enhance house values and the cost as a Brown Levy will correctly lay the blame with the individual who was its cause. Property prices are destined to tumble anyway once interest rates return to the required levels and tax levels jump to pay off the debt. By a capital transfer with a "Brown Levy" many of these penalties might be avoided as national bankruptcy will possibly be a nightmare that need never arrive! This blog's proposals to protect against walkaway mortgage holders which will feed the likely collapse have now been ignored for two years! Can this idea at least get a reasonable hearing in the Mainstream Media?

UK Debt - The Cure!

The "Deficit" which the main parties have chosen to substitute for the "Debt" in this campaign can be easily cured. Every responsible adult in the country knows that spending has to be balanced with income to cure a deficit. Handling the debt, which ongoing deficits have caused, is more problematic, hence the silence from the confidence tricksters who aspire to occupy Downing Street as the next puppets for the EU. These sly leaders of Britain's three main parties will debate in Manchester tonight, each apparently blithely unaware that this particular Titanic, in which they have invested the nation's wealth and sold out its independence and democracy, the EU, has been stricken by the iceberg that is Greece and will soon be no more, read here. Cutting loose from the EU and throwing no further money down that particular drain, as recommended by the UKIP, will help with re-paying debt, but will now be nowhere near enough. Last December I suggested a "Brown Levy" being a transfer from the bank inflated property bubble created in the UK to the exchequer. This could be obtained via a once off levy, perhaps only payable on the sale of property but immediately transferable to the national asset base, or by a sliding scale annual payment on property values spread over five years. Either way, whatever the politician, the facts require ceasing EU payments AND tapping the asset based which is now all that remains available to the nation and is all locked up in abnormally inflated land and property values. The whole property owning establishment WILL SCREAM IN PROTEST and of course will have the entire media on their side, BUT bigger reductions in values will be sure to follow if matters continue as they are. Will anybody put this to the three tricksters tonight?

EU withdrawal is England's main hope for economic salvation

The following was my comment to an article in yesterday's Sunday Times about Scottish Chancellor of the Exchequer's plans for a mere 40 billion of government spending cuts, linked here:

Martin Cole wrote:

The other side of cuts to get to the 131 billion this week admitted as having been incurred in the bank bailout (with the likely impact 850 billion) are taxes. A few minutes contemplating what can be taxed to supply these kind of sums will bring you inevitably to the only area where the excess money supply ended up - the housing market. Whichever party forms the next government, the logical move will be a five year sliding property tax beginning at 5 per cent perhaps declining to one per cent over the five year parliament. All homes included. The alternative, UK sovereign debt default and national bankruptcy. OR perhaps withdrawing from the EU, a more logical and equally effective cost saving measure which might by then be seen as preferable.

December 6, 2009 6:40 AM GMT on community.timesonline.co.uk

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The plain fact is that an economic revival and recovery while repaying the huge debts incurred under the negligent and incompetent governance of the mainly Scottish UK adminstration of recent years is totally impossible when saddled by the payments promised to the EU by these same economic vandals and within the over-regulated environment of the marxist orientated EU project. The intolerable conditions of the withdrawal procedures of the Lisbon Treaty are clearly economically equally unsupportable. The English nation plausibly has a legal case that the Lisbon Treaty was ratified unconstitutionally by a Scottish Queen as part of a long-running economic conspiracy against her English subjects, in clear contradiction of her Coronation Oaths. The problem arising if the Tory Party, under its present leader, with a continuing commitment to remain within the EU, (which may perhaps also be ascribed to his own self-proclaimed "Scottish blood running thickly through his veins") will be discussed on one of my other blogs "Teetering Tories", linked here. The most likely sliding scale property tax, necessary with Britain staying within the EU, could be dubbed the "Brown Levy"!