“We continue to expand our macroprudential framework to ensure we have the right tools to manage potential risks to financial stability and the addition of the Systemic Risk Buffer will be an important tool for us in building a resilient banking system with sufficient capital buffers to absorb these structural shocks.”
[translation : “We want you to forget this mess is partly our fault by pointing to Brexit and using intentionally complicated economic jargon”]Article in Journal.ie by Cormac Fitzgerald : “Hard Brexit could cause house prices to fall, Central Bank warns“
I could have been at home watching Manchester United v Barcelona. But I made myself a promise that I would make an effort to get more involved in local politics, and given the amount of signs I have seen around the area for this meeting in St John Bosco Youth Club, a mere ten minute walk from my front door, to not go would be to break that pledge.
The meeting was held by local councillor Hazel De Nortúin. Now when I say ‘local’, she hails from Ballyfermot, yet she represents me as Drimnagh has been curiously cut in two and my house falls in the ‘Ballyfermot/Drimnagh’ zone. Still, the very holding of this meeting shows that the councillor is willing to be involved throughout the ward.
Her party is People Before Profit. I confess to knowing little about them, save for assorted Facebook posts, but I do know that their name itself is closely aligned to my politics so it was a safe bet that I would feel at home in this company.
The principal speaker was Brid Smith TD and the theme was ‘Why Carbon Tax Won’t Stop Climate Change’. She began by highlighting the protest by schoolchildren all over the country, but particularly outside the Dáil. where over 15,000 were reported.
Deputy Smith also pointed to a poll which found that 39% of Irish people saw climate change as one of the most important issues of today, adding that while some might think that was a low percentage, she was actually encouraged by it.
She has recently been sitting on a Special Oirechteas Action Committee which followed on from a Citizens Assembly. She referred to it as more of an ‘Inaction’ committee because it appeared that the decision to level the carbon tax on ordinary citizens was already made.
She claimed that the supposed thinking behind the tax was that if people’s habits could be changed, ie if we can move away from carbon-intensive forms of energy, then supposedly this would influence (‘by osmosis’ as she ironically called it) the large corporations.
An interesting plan if true…especially given that when it comes to distributing wealth, corporations tend to favour things going in the opposite direction. When it comes to the carbon tax, should we call their plan “Trickle up?”
She also pointed out that even if carbon taxes did have some positive effect, they would never be enough to tackle climate change on their own, yet once implemented the government could well consider them to be a ‘catch all’ of sorts. ‘The one tool becomes the only tool’.
Next the TD covered the whole area of ‘Just Transition’ – when she explained it I knew what she meant though I had never heard it called that before. Basically when a society moves from one form of energy to another, care must be taken that the existing workers in the old service are offered the opportunity to move into the new field. Seemingly People Before Profit have been working with Bord Na Mona workers in this area.
Apparently three of the main political parties, Fine Gael, Fianna Fail and Labour, along with the Green Party, are in favour of pushing ahead with this tax, which probably means it is likely to go through.
In the interest of fairness I took some time to go over the websites of various parties to see how they presented their policy (if any) on carbon tax and/or climate change in general…
FINE GAEL – banner on homepage #TogetherOnClimate Climate Action – when you click it you see 16 links under heading of ‘progress’ none of which refer to carbon tax.
‘carbon tax’ search produced links on Special Oireachtas Committee
FIANNA FAIL – No search facility. No mention of carbon tax under section ‘tackling climate change’
LABOUR – ‘Labour’s clear preference is for ring-fencing funds from carbon taxes to pay for home retrofitting, including in local authority housing, and other ways of reducing energy poverty’
SINN FEIN – ‘Imelda Munster has criticised the agreement…to increase carbon tax four fold’
GREEN – Cuffe : ‘The aim of the carbon dividend, or carbon cheque, is to change behaviour. By placing carbon taxes and giving back what is taken to households it provides direct incentives for people to move to low carbon heating.’
SOCIAL DEMOCRATS – can’t find policy on carbon tax but policy section shows they are keen to reduce emissions
RIGHT2CHANGE 10-Point policy programme – ‘A Progressive Government will make protection of the rights of Mother Earth a Constitutional Imperative’
‘The IFA is up in arms over suggestions that people should eat less meat and drink less milk. No doubt carbon taxes will be pushed also as a key part of this debate.’
‘Women make up 70% of farmers world-wide yet only own 2% of land…they are responsible for 90% of the caloric intake of the average family’
SOLIDARITY – nothing on climate change on ‘what we stand for’ page
…just to be clear, my research for the above information was not exactly extensive. There are so many parties in the jurisdiction that it isn’t easy to keep up with them all.
As you can see my attention was drawn most to the Right2Change platform – the quotes above were taken from the Facebook page of Joan Collins TD. I like the way they constantly use phrases like “Under a Progressive Government Ireland can…” because while that may be extremely aspirational right now, if we don’t discuss and use such terminology regularly, it could remain so.
But that’s not to say I was completely turned off the PBP folks just yet. They passed around a page for names and addresses – I offered my information though I fell short of ticking the ‘Join’ box for now.
When the meeting was over a chatted for a few minutes and then left. I was first to head for the door and Deputy Smith thanked me for attending.
I’m glad I did, and I look forward to following the progress of the PBP’s resistance to the introduction of the tax.
Next on this site I’d like to start covering the various candidates standing for election to the council in May.
Ireland is set to hold a referendum on May 25 to repeal the Eighth Amendment which was added to the Constitution in 1983, and if the Yes vote prevails, provisions can be made via legislation for safe and legal abortions in the jurisdiction.
Article by Saeed Ahmed and Isabella Gomez in CNN.com on May 3, 2018
“By passing an intentionally unconstitutional bill, Iowa Republicans have declared that they do not care about the foundational values of our state, or Iowa’s future,” Planned Parenthood Voters of Iowa said.
With just a matter of weeks left until the referendum, the focus for all campaigners right now is on winning the vote, which of course is perfectly understandable.
But with ‘Yes’ consistently leading the polls, should they be reflected in the actual vote itself, I wonder if we need to be mindful of what the political climate could be like afterwards?
Removing the Eighth Amendment will allow for legislation to be debated and passed in the Dáil, but that can of course be changed by future governments, and whatever percentage of the electorate votes ‘No’ will become an instant constituency for right-leaning parties to court in election campaigns down the line.
Take the examples in many ‘Republican’ or ‘Red’ states in the USA. The Roe vs Wade decision of 1973 allowed for safe and legal access to abortion across the country but since that time, state governments have passed a series of laws restricting access to such services that were so severe, particularly to women from lower economic classes, that they might as well have had our 8th amendment in place, and as you can see by the article linked above, Iowa is the latest state to take it further.
My hope is that should Yes win the day, it’s supporters will remain politically active to ensure proper legislation remains on the statute books indefinitely. JLP
Apologies once more for the gap in posts – financial realities mean we have had to prioritise our monetised site in recent weeks as it has been a busy time for content over there.
However, even if we managed to post every day since we kicked off FPP in August 2016 we wouldn’t have been able to express our core beliefs more than this one and a half hour long video of the recent town hall hosted by Bernie Sanders. Please check it out if you haven’t already. It’s a shame it was only covered online.
We always need to be sceptical of the mainstream media, but arguably the area where we need to be more so than any other is that of economics.
Article by Dean Baker in Center for Econopic Policy and Research on February 21, 2018
None of the rules we have in place that redistribute upward were given to us by the market. They were the result of deliberate economic policy.
When legislation is passed that cuts corporate taxes it is chiselled into concrete, yet when it redistributes wealth among the lower classes it is written on tissue paper.
The reason that quote is rather clunky is that it’s mine, and I’m far from a qualified economist, but FWIW I reckon the #AppleTax issue and way the Irish government protects its corporate tax rate are at the forefront of a status quo that is generally accepted as ‘untouchable’ and similar thinking exists in other western countries.
For that reason Baker’s quote from his article is what inspired me to write this post, but the wider point is that when it comes to economics we have to look beyond what the ‘experts’ put forward by the mainstream media say, and that is where the internet comes in.
I’m not saying we have to agree with the thoughts of people like Richard Wolf, but if we are to have a full discussion on any topic it seems a no-brainer to at least discuss the alternatives and even a massive crash like that we experienced ten years ago wasn’t enough to have us wondering if allowing the top corporate players to run the economy wasn’t the best idea. Since then elected representatives who dare to oppose austerity are virtual outcasts both in the Dáil and in media coverage of same.
So that’s my point…but if you’re on for getting more specific, check out this Op-ed in the NYT and then read Baker’s reply.
While Economics is an academic field in its own right, there’s no reason why we the voters can’t educate ourselves to a decent standard on it once we know where to look, and more importantly, where to be sceptical. JLP
President Trump wants us to stop focusing on anything negative to do with his administration and instead heap praise on him for the success of the US economy since he took office.
YouTube clip by CNN on 29 Jan 2018
Trump [in clip from campaign speech]: “When you hear 4.9 and 5% unemployment the number is probably 28 and 29, as high as 35…”
Cuomo [in CNN studio]: “You know what? I agree with the President!”
“You are entitled to your opinion. But you are not entitled to your own facts.” ― Daniel Patrick Moynihan
For me, the health of an economy is far from the only yardstick by which we should be judging our government. But even if we accept that it is, CNN’s Chris Cuomo has done a great job putting the figures Trump has been crowing about into context.
At best, the economic reports under Trump are basically continuing the success that Obama had after inheriting a disastrous crash of the market. But as Cuomo points out, in some areas the figures aren’t even that great in themselves.
But the best evidence he has comes from ‘candidate Trump’ who’s words are often found to be in direct opposition to those of ‘President Trump’.
And don’t just take CNN’s word for it…back in August the New York Times pointed out that : ‘Trump Praises the Stock Market at 22,000 That He Said Was a Bubble at 18,000‘
Let’s be clear…all politicians play fast and loose with economic figures to big themselves up, it’s just that in Trump’s case he has taken it to a whole new level by selectively ignoring his own words from the not-to-distant past. JLP