Rich and Tame
Ireland is now the second richest country in Europe — after Luxembourg. According to UN estimates, Ireland has a GDP per capita of $101,000. The US has only $69,000.
Tuesday, June 04, 2024
Bill Bonner, writing today from Dublin, Ireland
A protestant pastor walks into a brothel in Dublin.
“Outrageous,” said Paddy, drinking Guinness at a bar across the street. “Sinful,” added Sean, his tablemate. “Diss-gusting,” was the judgment of Declan, slightly drunk.
A few minutes later, a Jewish Rabbi was seen entering the notorious establishment.
“Will you look at that,” says Paddy. “Unbelievable.”
“These people just have no sense of shame. No morals,” Sean concludes.
“Dish-gusting,” Declan, now even drunker, opines.
The three men go on with their discussions when Paddy notices a Catholic priest going in the same unmarked door.
“Oh my... one of the girls must be sick,” says he. Sean nods in approval.
“Well, itsha house of ill-repute, ha ha.”
The old Dublin was a place of fun... of piety and recklessness.
It was on display in last week’s Irish Sun newspaper.
“May God comfort an already broken family,” said Father Michael Casey as he put Edward Hutch Jr. in his grave.
The ‘already broken’ part was the result of an incident in 2015 when Gary Hutch was shot dead, allegedly by a member of the Kinahan family.
This led to the murder of David Byrne, one of the Kinahan clan.
Gerry “the Monk” Hutch was charged with the crime, but not convicted. But Eddie’s dad, Eddie Sr., was killed at his Dublin home... ”in a revenge hit,” says the paper.
Altogether, the Kinahan-Hutch feud has resulted in 18 killings. Two of the survivors are Eddie Hutch’s younger brothers. Both would have liked to attend the funeral, but they are currently serving time at Wheatfield Prison.
The Hutches and the Kinahans, like the Hatfields and McCoys, are relics of an earlier time... a wilder, poorer Dublin.
“Oh... if I’m honest... Dublin isn’t an Irish city anymore,” said the taxi driver.
Americans will say “to be honest,” already raising doubts about their habitual veracity. The Irish take it further. “If I’m honest” puts you on notice that what follows may or may not be God’s Own Truth.
“How do you mean?” we asked.
“It’s an international city now. Not at all like the old Dublin.”
Dublin is still gray. Its old public buildings and handsome Georgian private houses still grace the center part of town, near St. Stephen’s Green. There are still some pubs and tour companies offering to show Americans the “old Ireland.” And there are still a few wrinkled taxi drivers able to speak the old brogue... and keep a few jokes on hand for visitors from Boston.
It must be a huge disappointment for Irish Americans. They think they hear the harp... the bagpipe and fiddle... and a tenor calling from across the glen.
Oh father dear, I oft-times hear you speak of Erin's isle
Her lofty hills, her valleys green, her mountains rude and wild
They say she is a lovely land wherein a saint might dwell
So why did you abandon her, the reason to me tell
But then, arriving at Dublin airport... they are straightaway transported to a prosperous, modern city... with a section — the Silicon Docklands — that could be in Kuala Lumpur or Vancouver.
Today when we call a cab, the driver is more likely to be from Bangladesh than from Tipperary. And often, we feel like the most “Irish” person on the tramway. There are Pakistanis, Africans, Chinese, Malays, Spaniards, Brazilians... not just one or two, but whole groups of them speaking their native languages. They are almost all young... and, we presume, employed by Ireland’s booming tech sector.
“I guess Dublin is more like New York than New York itself. It’s a real melting pot,” explained our taxi man.
Ireland is now the second richest country in Europe — after Luxembourg. According to UN estimates, Ireland has a GDP per capita of $101,000. The US has only $69,000.
The Old Ireland was poor and wild. The New Ireland is rich and tame.
More to come...
Regards,
Bill Bonner
Research Note, by Tom Dyson
This is a very important chart, showing the most important bear market in finance and perhaps even in all of US market history. This is the Treasury Bond/Gold ratio. Treasury Bonds and gold compete with each other to serve as mankind's main store of surplus wealth i.e. this chart depicts a battle between man-made digital gold (bonds) and actual gold.
Digital gold worked well for many years, but then the US government and friends fell into the temptation of abusing the system. And so the world's savers are returning to actual gold again for storing their surplus capital. This chart has just made a new low.
The entire counter-trend move from 2011-2015 is now erased. I expect much lower levels for this ratio ahead. Oh well. I'll have more to say about this in my Weekly Update tomorrow to subscribers.
Hilarious NPR report on swing voter focus groups in the US: All the voters say the economy is terrible, they can’t afford food or medicine, and that Trump will be better on the economy. In the follow up, the reporter tells Steve Inskeep that people are desperate and are talking like it’s 1934. Inskeep says “I know we have to listen to these people, but how much of their feelings about the economy is due to them being deceived by misinformation?” I guess grocery and gas receipts are now categorized as misinformation.
But, but, diversity is our strength! I'm overwhelmed from the cultural enrichment that nobody voted or asked for.