PROPHETIC: Our 2014 story on Prof. Kelly’s warning
You can see the terrifying detail of how and when this will happen by listening to
the Professor’s UCD lecture, which you can find » here on YouTube.
The good news is that Professor Kelly also tells us how to stop this catastrophe.
by Paul Kelly
His solution has been tried in the US, and has worked. He would triage the thousands
of SMEs that currently have large property loans. The viable ones would be given
a five-year “reprieve” during which repayments would be cut or paused.
Most, he said, would emerge unscathed, and the cost to the taxpayers would be minimal.
Unfortunately, he warns, politicians barely recognize the existence of small and
medium size enterpises, let alone bother about their problems: “They [SMEs] don’t
hold press conferences, they don’t give out free drink to journalists, they don’t
make political contributions.” But, as the Professor warned the Irish public:
“Most of you work there!”
In his prophetic 2014 lecture, Prof. Kelly warned that the crisis would hit when the
ECB’s Mario Draghi began to do a “stress test” on Irish banks. Draghi would demand
a cleanup of loan books, with borrowers forced into bankruptcy. But ECB enforcers may
have to wait in line:
While some are busy counting votes and doing Dáil deals, vulture funds like Goldman
Sachs, Cerberus and CarVal will be smashing in SME doors by the thousand, collecting
IOUs bought for a pittance from government-owned AIB and BoI .
Last week we contacted the larger parties and asked them to make SME survival, and
vulture-fund protection, an election issue. True to Professor Kelly’s prophesy, we
Only AAA/PBPA took us seriously. Bríd Smith pledged to act. And thanks also, Aengus
Ó Snodaigh (SF), for your support.
So now only the “New Left” have even a prayer of solving a crisis that Fine Gael,
Labour and Fianna Fáil are too dim or distant to recognise, much less tackle. That’s
why we need Bríd Smith in the Dáil. Let’s hope we elect fifty more like her.
That way, we’ll have someone on our side of the door, saving our jobs, when the goon
squads come calling.
THE PROFESSOR who predicted the housing bubble of 2008 has predicted an Irish small
business crash — and it’s already started to happen.
This site repeated his warning nearly two years ago. Just before the local elections
of May 2014, we said, “VOTE, and make your job the number one election issue.”
We explained that UCD’s Professor Morgan Kelly spotted something that economists,
politicians and journalists had ignored: Ireland’s greatest jobs providers — small
and medium sized businesses (SMEs) — were up to their necks in debt. His message:
“If they crash, thousands of jobs will go.”
A NEW ROW about a post-midnight racket made by builders has inflamed opposition to
the St James’s National Children’s Hospital (NCH) project, with protests led by the
Ceannt Fort Residents’ Association (CFRA).
Earlier in the planning process, architect and CFRA member Jean Early made
a devastating critique of the plans and submissions made both by St James’s site proponents
and their professional advisors, including architects, surveyors and traffic experts.
Ms Early and others, including Connolly for Kids advocate Jonathan Irwin, discovered
dozens of “clangers”, inaccuracies and simple untruths in the Children’s Hospital
board’s submissions and public statements, including:
• misleading information about which reports had endorsed the site • misleading facts
and figures related to costs, parking and traffic • false claims that there was a
coherent “master plan” for a maternity hospital adjacent to the proposed National
Children’s Hospital (NCH). Even NCH advocates now admit that the maternity project
will take 10 to 15 years — and require the demolition of existing theatres and
ICUs. (See page 1 of our print edition, Local News South, April 6 2017.)
Meanwhile, the immediate focus of neighbours’ anger is noise. According to a complaint
— already circulated by CFRA on behalf of residents in the St James’s Street/Ceannt
Fort area — there were deafening jackhammers, compressors, and earth movers brought
in to work on the site, with work continuing until 3:00am on March 14 to 15.
Cllr Tina MacVeigh (PBP, Dublin South Central) actually left her bed to witness the
late-night/early morning efforts.
The CFRA also received complaints from residents in Donnellan Avenue and McDowell
Avenue, who had also heard the noise that night.
Residents rang a hotline set up by Children’s Hospital contractors BAM. BAM claimed
that the work was “nothing to do with us”, as it was being carried out by St James’s.
A hospital spokesperson told residents, and later Local News, that the work had started
early. The late finish had been “unforeseen”.
Despite repeated requests from Local News, no one in St James was able to explain
why the work had extended from 9:45pm to midnight and, by some reports, until 3:00pm.
Neither could we ascertain why some of the noisiest work, involving jackhammers and
earth-moving equipment, had been reserved for the later part of the day.
Meanwhile a Dublin mother, Edel Killilea, has told of how a hazardous birth had set
her against plans to site the NCH away from a maternity hospital. She posted the
heart-rending story of how her newborn, Sienna, on her Facebook page.
Sienna had to make the journey from the Coombe Women’s Hospital to Crumlin, following
a C-section and other complications surrounding the birth:
“The day previous, it took almost 5 hours to stabilise Sienna enough that she would
be able for an ambulance transfer for heart surgery in Crumlin.”
“This should not have to happen! Our government is about to proceed with one of the
most monumentally disastrous decisions that this country will have ever seen. They
are about to spend over one billion euros of taxpayers’ money on a hospital that
not alone is being built in the wrong location but it will not be co-located with
a national maternity hospital.”
Ms Killilea added that “the longest trip Sienna or any sick baby should have to make
after being born is down a corridor”. She said that locating the NCH at St James’s
would mean, in emergencies, “a life threatening ambulance transfer across a congested
Ironically, Master of the Coombe Sharon Sheehan had offered to locate the Children’s
Hospital in her own extensive grounds in Cork Street. A costed plan, “Putting Children
First”, showed how to do it — with big savings. This offer was taken up by cabinet
in 2012 and then, at the very last minute, rejected. Mystery surrounds the volte-face,
but insiders blame medical politics in the RCSI Hospitals Group, of which both the
Coombe and St James’s are members.
• For more on this story, see Local News South Edition, April 6. Click on the front
page icon to access that issue in full