Thursday, 8 January 2009

The meltdown gathers pace

So Dell announce the termination of manufacturing at its Limerick facility, with the loss of almost 2,000 jobs directly and, given the prevailing ratio in IT manufacturing, an overall total of about 10,000. This represents more than 10% of the overall Stab City population, representing, for example, the equivalent of 300,000 losses in Greater Manchester, or 35,000 in Wichita.

This is carnage, but it was predictable, not by professional economic forecasters, but by anyone who cared to look under the covers. One of the earliest posts in this blog, almost two years ago, forecast exactly this predicament. I suggest you check it out here as the issues are still relevant, except much more urgently now. Compare my foresight with the ‘professionals’ who, up until six months ago still reassured us that ‘the fundamentals are sound’.

Yeah, right.

Now as I also mentioned earlier, Ireland might now be unable to borrow the necessary funds by issuing government bonds (the standard method). The Germans’ recent attempt to raise €6 billion has fallen short, so can you imagine what we face trying to raise three times that amount this year?

But as I always say, every cloud has a silver lining. This catastrophe that has fallen on us will, at long last, give this useless government no option but to address the fundamental flaws in the economy. Primarily they’ll need to take their snouts out of the trough and address the cost and efficiency of the public sector. Pity that so many will suffer so much in the meantime.

11 comments:

Anonymous said...

Yes indeed, almost 2 years ago you had it lamped. How the so-called professionals can hold their heads up beats me.

Georgie Casey said...

I was reading this post wondering how you would pin the Dell job losses on the Blacks but you let me down. You're slipping

general1812 said...

“The new world order will be built as an end run on national sovereignty, eroding it, piece by piece will accomplish much more than the old fashioned frontal assault”. Council on Foreign Relations Journal 1974, pg. 558

clonycavan said...

The waste of money feather-bedding our out-size public sector, and funding the litany of absurd causes (most of legal aid goes on 'no-hope' asylum claims, and the divorce quarrels of disagreeable indigents; a significant proportion of the 'foreign aid' budget funds the the mortgages of NGO staff in darkest Finglass; besides teaching English to those whose preparations for living here didn't include learning Irish or English before they arrived!) HAS TO END.

Anonymous said...

being a limerick man myself , and having been forced to work in ze special fabriken (camp ), i mean facility in raheen limerick , i would like to give my 2 cents worth

! YAHOOOOOOO I AM FUCKING DELIGHTED !!!! it couldn't have happened to a nicer bunch of cunts ! the irish workers (permanent non contract that is) were the biggest shower of non unionized back stabbing bastards i ever met in my life , lying to people , telling them work hard , extra hard , and you will be made permanent ! after 3 months the poor fools were fired out the door, the irish scum allowed dell to bring poles to be trained in the plant in limerick , dell paid these poles 2.50 an hour , did the irish scum lookout for their own jobs , no !!! they did what they were told which was to make themselves extinct !!! justice at last !!

dell minimum wage maximum effort

Anonymous said...

YIPPEE LIMERICK MAN WELL SAID. SUMS IT UP 100%. I must know you but lets keep it secret or we'd be strung up.

Well said again!!!

Anonymous said...

Georgie Casey - the reason is that they're too tghick and lazy to work in a computer factory. Got it?

Lenni O'

Anonymous said...

what bitter nasty fuckers these guys are. no matter what the attitude of the dell guys were, it's so nasty to wish them ill.

Anonymous said...

Savant,

off the point but you might want to have a look at Laban Tall's blog.

It has article on the staggering percentage of BMEs who work in the public sector.

Kilbarry1 said...

I retired early from the Public Service myself with quite a good deal. While I have no objection to my former colleagues getting it in the neck, I hope my PENSION is safe??

SAVANT said...

I like your style Kilbarry - I like it. Man after my own heart!