Nonsense

Iris people, crippled by mortgage burdens they will never be personally be able to repay because even bankruptcy does not wise such debt in Ireland

Please Ritchie, wipe the drool off your chin.

Mortgage debt in Eire is recourse, just like it is here in the UK. So even if you give the house back you still owe the money.

But of course such debts are wiped out in bankruptcy.

Really, don\’t be absurd: and yes, this is something an accountant should know.

15 comments on “Nonsense

  1. Assuming “Iris” to mean “Irish” and “wise” to mean “wipe”, of course on an individual level he is wrong (bankruptcy wipes out such debts).

    But if we look at the bigger picture and assume that the bulk of Irish govt indebtedness relates to mortgages that individuals cannot or will not repay, then the only way for the taxpayer to free himself from that burden is to emigrate

    If you stay in Ireland and continue working, simply declaring yourself bankrupt does not alleviate you from having to pay income tax, i.e. to repay other people’s mortgages (including your own, if that’s why you went bankrupt).

  2. From Richie on history:
    “This agreement is, for Ireland, the equivalent of the reparations deal for Germany in the Treaty of Versailles: the imposition of a burden on its people they didn’t not create and will never be able to afford”

    I’d like to know who came crashing through the streets of Bailleuel & across my bloody potato patch in ’14 if it wasn’t the German Army. Certainly got their markings on the shell fuses.

    I’m not saying Versailles was the best treaty ever signed but if you’re going to exonerate the German people for WW1 then you have to for WW2 & the Japanese etc etc etc. If you send the lads off to war waving flags & shit happens you’ve only yourselves to blame.

    Sore point with me. Till I lived there I used to go along with all that French advance by retreating nonsense. My village war memorial has 20 civilian deaths & 27 military deaths recorded on it. It’s a tiny village with a church built in 1926. The one remaining piece of the old one’s by the door.

  3. Posted the above with:

    “Don’t feel obliged to post this Mr Murphy but learn some history before you post things like that. As far as I’m aware Dublin hasn’t invaded Belgium & I’ve calmed down now.”

    Shouldn’t think either will survive moderation but I’m starting to detest that priggish, self satisfied cnut.

  4. Mr Murphy’s post on the Irish crisis contains an interesting description of George Osborne as “proven to be charlatan, an economic imbecile or a liar”.

    I think psychologists call it projection.

  5. For all the obvious nonsense in his post, I do agree with the underlying thrust – that the bailout of Ireland is pointless, is just an exercise in kicking the can down the road, and will not stop the whole edifice crashing to the ground at some later date. It merely prolongs the agony of the Irish people, in order to maintain the euro fantasy. It is politicians imposing misery on the others so as to not lose face themselves. It is akin to treason.

    They should leave the euro, default on the debt and start again from scratch.

  6. “Assuming “Iris” to mean “Irish” and “wise” to mean “wipe”,…”: and “like” to mean “as”.

  7. Tim,

    I think when Murphy refers to “mortgage burdens” he’s talking metaphorically about the national debt that the Irish government has taken on. Not actual mortgages.

    Interesting that he accepts that higher taxes will make Irish people leave Ireland, but doesn’t think that higher taxes will make foreign hedge fund managers leave London.

  8. I’ve not seen it reported anywhere, but I just bet the Irish are congratulating themselves on being browbeaten into voting in the Lisbon Treaty. On the second go round…

  9. “This agreement is, for Ireland, the equivalent of the reparations deal for Germany in the Treaty of Versailles: the imposition of a burden on its people they didn’t not create and will never be able to afford”

    I wonder if Murphy is aware how close his argument is to that of one A Hitler, used as justification for further war and genocide. Should this similarity in idealogical viewpoints be pointed out to Murphy and, if so, how does one slip it past the censorship on his blog?

  10. The Irish people aren’t responsible foe huge debts? Didn’t they vote in the Government? Didn’t they take out mortgages at the top of a colossal property bubble?

  11. “if you’re going to exonerate the German people for WW1 then you have to for WW2 & the Japanese etc etc etc.”

    I don’t think that follows. The War Guilt Clause in Versailles was contentious, precisely becaus WWI was a stupid farce in which everyone was at fault. On the other hand, nobody except neo-Nazis believes that the Axis countries weren’t the main aggressors in WWII.

  12. john b
    “…a stupid farce in which everyone was at fault.” Remind me, who presented Serbia with an ultimatum for which “we agree to your demands” wasn’t the right answer and who violated Belgian neutrality ?

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