Collapse of Irish Economy Predicted in 1998 RTE TV

[thegloope]

Who cares about Ireland?, the EU obviously pull Ireland along on a

dog leash, we hate the UK for being the UK, yet they help us whenever we ask, the USA only cares about the Irish American vote back home, our education system is RUN by a fucking church, and we vote for two backward parties who consistently hold back progress and force emigration every dozen or so years, removing the best Irish people from the country, leaving morons behind to repeat the following steps in due course.

[qwer8907]

Great vid the banks are the new english landlords we are in the grip of ecomnic slaverly thanks to the irish political system and the eu the fighting Irish wheres our spirit gone ?

[hailtosatansvictory8]

Learn the Truth at JoyofSatan,org!!

[ringwormts115]

best video iv ever seen 

[PatAndOrRick]

There is one thing you didn't predict sir: how completely ridiculous your hair would look thirteen years on.

[TheItaliamarco]

this pathe sketch shud be on the savage eye

[mrtaoroo]

Nice pictures of Phibsboro and St.Peter's Church..bringing it all back...

[wesm65]

We can't blame Bertie "nobody told me" Ahern. "It was Lehman's wot done it" !

[40ny]

This man should have been the Financial Regulator.

[sharonbeautyschool]

hahaha ireland was NEVER rich

[SugaaarRush]

What about the IRA? Yeah lets seperate from the UK, then grovel for their money 40 or so years, good job.

[aodhanmc1]

All these professional advisers told us get on the property ladder at inflated prices or we'll miss out they must have knew the bubble would bust  but.....'commisson' drove them on lining their pockets big bonuses screw the people. When it crashes i'll have a nice suitcase of money stashed away. White collar crime!

[torque234]

fuck he's exactly right all of what he said happened

[MrDorasz]

very good



[Lordangers]

Fantabydoody, good prediction. Well summed up

[badsign1980]

this what happens when banks lend more cash then what they have, money that will never be in circulation, but then they retract real physical money from all of us, they can retract every penny and we still own them 3 times as much... even ppl who didnt asked for loans why? because they are inside the economy... its a scheme, go ask the federal reserve system... well ask sir evelyn otschild he invented this scheme, basically the poorest regions go bankrupt first, its scheme, but all go after

[retroblondygirl29]

how do you control a nation?shackle the taxpayers with high debt i think the irish government are not the idiots you think they are its a form of control people will be in so much debt they wont have the strength or the time to fight policies you can see it now irish people are renound for their rebellious nature if this was 20 years ago there would have been a revolution but the generation now are so depressed and demoralised they have no will to fight well done government great job!

[dman15333]

zillions of dollars?

[Riddlerx333x]

you irish should watch this and pass it on >>

watch?v=YmiFB9hJxus

[staffattack]

If that house only cost €100,000, how cheap must that pint be...

[expectationlost]

um where are ye now?

[Frizzon09]

I bet he feels really smug around about now :)

[tvrulesnation]

They didn't actually get him to empty a whole bat-tub of water? what a pointless way of showing an example :P

[shteamroller]

@tvrulesnation  he made a valid and worthwhile point, well done....

[fATALLUNGDISEASES]

This stuff shoulda been taught in schools. It's pretty much the same thing that happened in 1929 in Wall st, and again at the end of the eighties in London. Will we ever learn?

[fATALLUNGDISEASES]

@fATALLUNGDISEASES the answer is no.

[anyoldthings]

fair play to you Tom, i remember you telling me about this in the HUT

back in 2001 or 2

[Crispy9647769]

He makes it sound so simple.......

[woowoker]

@Crispy9647769 because it is, dont live beyond ur means...

[Truthisgreater]

@Crispy9647769

It is simple - go to jim corr's youtube on the march and he points to important videos.

[dubit10]

We are all the suckers. Shame on us for what we have left for our kids generation.

[frecklemusk]

you can see its a punt more clearly at 1:17

[theliammurphy]

We need to support the politicians that want to abandon Anglos debt.

No2Anglo.com

Liam

[JUK1980]

The very idea of banking involves some degree of fractional reserve lending. And the bath isn't being drained, it's being re-distributed (partly to the bankers).

[YorBLoke]

fair play to your man..! smart dude..!

[KellyAnnRhymes2010]

oh...FINALLY THE ARMCHAIR WARRIORS HAVE COTTONED ON TO THIS..LMAO

[hedgertiger]

Ireland going cap in hand to Britain again. Better the devil you know 

[brendangwbergin]

Sorry why is there a € symbol on the flip chart??? Was this made recently?

[Primordeum]

I remember when I was being "taught" Business Studies in 3rd year (2000), we started on the section on banking/loans where we were told a bank could legally lend 10 times the money it actually had. I said "That's crazy, what if people wanted more than 10% of the loan?", the teacher glared at me frostily and I was given a week's detention.

[Stevedun07]

@Primordeum A weeks detention for askin a question? Come On!! what kind of borstal did you go to?

[foxyboyy]

@Stevedun07 Ur a creep!! U know that! Primordeum, dnt rise to this spoofer!

[Primordeum]

@Stevedun07 It was a Christian Brothers school, though not exactly a borstal. Just had an extremely neurotic teacher (who needs standards when hiring an "educator"?) that would overreact if someone contradicted the book.

[PdiddyDub]

Scarily prescient

[johncool182]

Check out the € sign at 0:58 :P

[dublintim]

@johncool182 It's a £

[dublintim]

@johncool182 It's a £

[johncool182]

@dublintim It's clearly a €

[stevenstiffler78]

@johncool182 Thats an old punt/pound sign ya numpty. There's only one stroke through it whereas the euro sign has €. Thats the way it was done. Plus he says that the couple are being loaned a hundred thousand POUNDS.

[sgrehan]

Ha, as if we would ever let that happen. Sure it'll be grand

[vanlennonthe1st]

fuck me thats unreal!

[omcguigan]

It just happened!!!!!!!!!!!

[Truthisgreater]

It was the Mossad the Rothschilds' private terrorist army who murdered Dr. David Kelly and who carried out 9/11 using drone aircraft and pre-planted explosives.

[johnangelo75]

@Truthisgreater well you every fuck off with your conspiracy theories the last thing i want to here now is more bullshit

[Truthisgreater]

@johnangelo75

that should be 'hear' -or isn't english your first language?

[johnangelo75]

@Truthisgreater you are listening to so much american bullshit conspiracies you have picked up annoying american ways of correcting peoples grammar...wanna be yankie nut

[Truthisgreater]

@johnangelo75

you appear a narrow minded parochial thinker . Many american people are very aware of the reality of Zionist bankers One World Conspiracy as are many Europeans. Most of both continents however are Zionist stooges i.e. Kosher Conservative in the case of America or else kosher socialists/leftists in the case of Europe . The important difference is not ones geographical location- the difference is those who know at least a general idea of the truth verus the MSM gullible

[johnangelo75]

@Truthisgreater BULLSHIT

[Truthisgreater]

@johnangelo75

You can't really argue can you?

[johnangelo75]

@Truthisgreater  nothing to argue about your talking shit

[Truthisgreater]

@johnangelo75

That would be spelled "you're" and your case is equally as impressive. Do you think that you can say why you don't agree or is there any reason at all?

[johnangelo75]

@Truthisgreater plp who correct other plps grammar/typos are insecure & try to make themselves look clever & feel important by doing so...my reason is your bullshit fantasy land comments

[Truthisgreater]

@johnangelo75

Actually you make yourself look even dumber when you make such grammatical errors in what is probably your first language. That would indicate sub-normal intellectual ability - in both continents including the one the people of which you claim to have superiority over. That is if the calibre of your debating skills hadn't already -A well framed argument-as opposed crass insults and crude stereotypes might change that perception, if you were able to produce one,

[johnangelo75]

@Truthisgreater

The plp who have something to prove ie they are intelligent & clever pick out other plp's typo's...the plp who are really intelligent and educated have nothing to prove...

[Truthisgreater]

People who call other nations dumb invite the comments they get, especially when their own contributions are as semi-literate and lacking in substance as yours have been.

[Truthisgreater]

The Rothschilds also own the IMF and World Bank as well as the world's central banks. Hitler's father was a illegimate Rothschild and they funded the 1917 Bolshevik Revolotution and the National Socialist Movement in Germany once they ensounced Hitler (rothschild) as its leader.

[sharperguy]

This is a horrible misunderstanding of the situation. There is a scam in banking, but this isn't it.

Also, what on earth was the bathtub metaphor about?

[philipkeaveney777]

The 1 person that disliked this video is either a banker or is completely screwed financially and sorry they didn't listen...

[TroyDouglas917]

I actually worked for a bank in 1998 and it was a crazy time. Even then, I remember there was talk of a collapse but as the years wore on it looked like we were invincible. Even as the recession started it was claimed you were alarmist if you pointed out the truth and this guy was doing it in 1998 and no one listened.

[luxyaltz219]

Somebody knew something wasn't right , when at the height of the boom you heard about property in parts of Dublin being more expensive than London or even central Paris f f s ,then you know somethings doesn't add up .....

[aoc319]

Shhhhhh. Stop talking down the economy!

[dave777blaster]

The economic lesson is this

The banks bundle all those bad loans into derivative financial instruments then

sell them as triple A investments. then they bet against them performing.

because they know that they are a ticking time bomb

and then the day comes people can no longer pay those faulty loans back ,they never really could.Presto in comes the Govt raising taxes and bailing out the banks

on the peoples dime.the banks commit the fraud and then the Govt perpetuates it .legalizing it .Ponzi

[rajnugent]

And this was made in 1998....

[TheREALSisko]

Can someone remove that 'IRELANDYouAreNext' guys comments, really don't wanna be seeing any stormfront users posting on such an interesting videos as this.

[irishgeal1]

lmao, is that fello a drainage engineer by trade, but he was spot on. and god be with the days when u could have a cig with ur pint.

[BetamaxLives03]

I'm afraid the BBC's interpretation of most social and political phenomena may be a wee bit over your head little guy.

I know this makes you angry and frustrated but there you are. I'm sure a lot of things make you angry and frustrated which is why you resort to having numerous accounts on this website and use all of them to broadcast "yur take on tings"

Incidentally, as you are a particularly stupid and cowardly couch nazi, you don't get to post on my profile.

Sorry, little guy...

[BetamaxLives03]

"Uh yuz er a fag er r yuz a handicap er wha?"... what's with this bullshit? You seem to really pile it on when talking to me. Why?

I kick little morons like you around because it is easy, fun and takes surprising little effort.

You're unable to think of your own insults (outside of the usual "ur a faGOt nD uR a rETArd LOL").You're the angry little weirdo. I'm sure I've told your other incarnations the same. Probably why it seem so familiar to you.

So what's got you so worked up little guy?

[BetamaxLives03]

My response was actually meant to be posted to your "de BBC r priks" horseshit comment, but the owner of the video in question seems to have blocked me and for the life of me I don't know why.

You people are really fond of "blocking"... not to bright or too courageous.

Shame you can't "block" people in the real world eh little guy?

[MrKenny1878]

It might of took ten years but my god this boy was right.

[mrtaoroo]

Some good clips of Phisborough there..I recognise Peter's school and the pub, Doyles?

[DrFijiFanclub]

If I'm not mistaken, it's really about fractional reserve banking being somehow fraudulent. In fact, it's the fractional reserve system that dragged us out of the dark ages. Ireland's problem was rampant corruption at the highest level. complete failure by the regulator, political cronyism, excessive risk-taking by the banks and developers, and a public who didn't care where the money was coming from as long as they got a cut.

[seanankerr]

This is from 2001 or 2002 not 1998 I remember watching the original broadcast. It's a good analysis but a bit simplistic, the banks did over lend but leverage has been a common banking practice since the rennaisence, sensible leverage won't cause a banking crisis, it's the spiraling rate of leverage coupled with easy post September 11th credit which fucked us

[breda83]

The Irish are not an intelligent race....

[manconoo]

@breda83 The Irish are a very intelligent race of people, corrupt leadership, criminal bankers and fluoride in your water is where the problem lies.

[breda83]

@manconoo yet the Irish elect these stupid crooks time & time again. Haughey raped the Irish people and the Irish give him a state funeral. The Catholic Irish is the pig that eats it's own shit.

[manconoo]

@breda83 the crisis is global and it's entirely engineered.

[The22clowns]

@breda83 sadly i agree im an irishman and i can still remember the obvious lies told by bertie ahern for years during the tribunal and to the media yet the people voted him in on his personality alone. yes its official the irish are thick.

[breda83]

@The22clowns It's a shame because the Irish are very talented

[jacksnack1111]

@breda83 i think you sound like a bitter little planter that lives in our country

[manconoo]

This has nothing to do with the immigrants , this has everything to do with the criminal banking cartel.

[breda83]

@manconoo  It has to do with the backward & catholic mindset of most Irish. The catholic Irish are not an Intellectual people. Alcohol has rotted Irish thinking for ages also.

[Ausiz]

Ireland's economy was doomed anyway. With or without immigrants. This video from 1998 (when immigrants were quite rare in Ireland) shows that signs of total economical crash were clear even then. Actualy because Ireland's economy keeps on falling, maybe Ireland will naturally loose all the immigrants, because of growing unemployment and low wages... But if this scenario of total collapse happens, real irish people will leave Ireland too...

[rottwieler20]

@Ausiz Well as long as ever Immigrant and foreinger leaves Ireland then im happy Ireland for the Irish only.

[rottwieler20]

@greeneyefull Well we dont want you silly Yanks or Immigrants in Ireland.

[larsiemannen]

It's not wrong that value of paper get higher value, or lesser value; everything in nature does that according to a free market - but the wrong-doing is that gov/priv have monoply on production of currency. That's where the problem is!

[johnsenkenn]

More myth propaganda, it's not the bank on the corner there create the money out of thin air, it's the state - bank the central bank. This myth propaganda can only have one reason, to shift the attention away from the real crooks. Because then the system can keep running.

[conjoly]

@johnsenkenn Agreed. Very simplistic

[rottwieler20]

All they bring to our shores is high-crime rates massive ressetion levels poverty loss of jobs depresstion get out of Ireland Ireland on for the Irish.

[conjoly]

@rottwieler20 lol u are super thick

[rottwieler20]

@conjoly Not at all Lad not at all.

[manconoo]

@rottwieler20 That's the policy of the elite and the bankers - divide and conquer. That's exactly what they want to do, get you distracted with a scapegoat, racial tensions, tribal mentality. Anything to keep you weak and keep the eye of them.

[draoi99]

That's why there are associated banks, so if there's a credit scare, the government steps in to ensure everyone gets their deposited money back. Nothing new there.

[delacaravanio]

Wow, a whole ten years before the crash. That's impressive.

[boscoesarmy]

@delacaravanio Do you trust Banks? Are you not responsible for own decisions? Did the Irish Government set the Interest rates ? Do intertest always stay low or stagnant? Did you not listen to Economists warning 8 years ago we were in a bubble? The Bankers should be fucking jailed, but the Irish people need a good kick up the whole for electing who they elected. We ripped each other off and as a society we all participated in our own downfall. I just think people should take some responsibility

[boscoesarmy]

@delacaravanio There's nothing impressive about it. Dozens of economists were warning about this ten years ago. It was just a matter of listening to them. Any time Economists were warning about it, the people ignored the warnings and followed each other like cattle over a cliff.

[boscoesarmy]

Everybody is to blame for the mess were in. Bankers, builders,Credit card companies, and the consumers. People rail against the evils of a nanny state. Ultimate responsibility lies with the people. Ireland's property boom was a BUBBLE ten yrs ago, it was a BUBBLE 5 yrs ago and today the bubble burst. There were plenty of economists warning about ireland been a property bubble but people wanted to keep up with their neighbours. Everybody got in on the act.

[delacaravanio]

@boscoesarmy Remind me again:

Did "the people" set interest rates?

Did "the people" give out over 100% mortgages.

[boscoesarmy]

@delacaravanio Your the same guy that would be railing against the evils of a nanny state. The majority of the electorate voted these crooks in for 3 consecutive terms. I voted labour. I listened to the expert economists 8 years ago that were shouting that this was a property bubble and the prices were unsustainable. I didn't buy. At the very end of the day, you are ultimately responsible for own decisions. Everybody is to blame. The people dont want to accept any responsibility for the mess.

[Ausiz]

@boscoesarmy It's easy to say that IT'S PEOPLES FAULT , but most people just follow trends and natural desire to live a good life NOW (not in the distant future) and actualy don't have time or intelligence to predict the outcomes of actions. The main people who SHOULD predict and control the consequences of economical processes in the country are those who rule the country (that's why they were elected afterall). People are responsible only for their personal actions, but not for global economy.

[boscoesarmy]

@Ausiz I'm not saying it's the peoples fault per se. What I'm saying is that the people don't want to take any respnsibility for the part they played in it. I'm saying everybody played their part. Off course the government and banks played a huge part but the people contributed to their own downfall. Ireland's property bubble was always going to burst and the world recession only speededup the inenitable. Germany's economy was solidly based and was able to withstand the storm..

[coldcallinguk]

@boscoesarmy who said: Everybody is to blame for the mess were in. Bankers, builders,Credit card companies, and the consumers.

What about savers Boscoe's Army? Are they to blame too. What about people who saved cash or paid their credit cards off at the end of the month and prudent'y lived with their parents or rented a house? Are they to blame too?

[luke1st]

thats pretty good just shows how ff are irresponcible and the people should learn at last not to trust the same shower of ejits who have no idea how to run a business let aloan a country

[tomprendevilletv]

The enclosed 4 minute clip was a stand-alone item on an RTE Show called @last TV. As far as I know the full TV Show it is not available for purchase, as it was made for TV, as opposed to commercial distribution.

[roddyrodrodrod]

hard to understand him but he predicted correctly. who is he? David macWIlliams?

[Bren28]

Great to see this on here, this is bang on!

[strasheep]

haha

 he called it alright..

[Plumpynuter]

Nobody seen it coming. My arse!

Bertie ahern is and was always a crook and all the fuckwits in Ireland who voted for them are to blame. Yea you 42% (shower of tits)