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@shengloongtan229

7 ай бұрын

Patrick, you visited my country, Malaysia? Why didn't you let me know? I thought we were friends /jk How was the food?

@typxxilps

7 ай бұрын

I can remember that had to rescue Ireland in 2008-2010 when they were bankrupt due to the finance crisis and their gambling. I bet this will end in the same situation. In the 80 the EU gave money and german car suppliers moved plants to ireland back then cause I can remember the trouble in the assembly line where the parts were missing cause the irish could not deliver in time. Then they had to hire airplanes to deliver electric harnesses for car production

@itsm3th3b33

7 ай бұрын

Well done Patrick. Good video explaining the disparity between paper wealth and reality. One thing isn't understood (using Apple as an example; I'm sure all the other companies do the same) : Say Apple sells an iPhone in the USA and makes $500 profit. Does Apple actually move that $500 into Ireland and pay the (low) tax there, or just reporting to Ireland their $500 profit? If the latter, the Irish politicians are just sitting there happy to collect 2% ($10) on that sale as free money rolling in? Truly, that can disappear any time. Maybe they should require the actual transfer of that money... but then Apple would have no money to pay their USA and China employees, who actually made that iPhone. LOL

@deeppurple883

7 ай бұрын

I didn't know the 20mil was struck down. Cheers

@zibifranz2429

6 ай бұрын

Irish GDP is a fake, cheating with lower corporate tax rates and attracting companies like Apple to tax in Ireland (to in fact evade taxes) is just a manipulation and is not changing anything in country's economy which is very weak. Ireland has not invented anything as it is technologically underdeveloped, never produced a any car, which is the first sign of technological status. Technology goods are not even produced in Ireland, they are just re-packaged in Ireland to get the EU stamp and evade taxes. Irish economy is a joke and germany will sooner or later close this circus. Criminal developers and corrupted government are hand in hand pushing young generation to emigrate abroad so this will end up in a total disaster.

Im a young professional Irish man who moved to Spain because I couldn't rent an apartment in my home city Dublin

@millevenon5853

7 ай бұрын

How are the job opportunities in Spain? What job do you do? Is it easy to make friends?

@famejay7318

7 ай бұрын

You loser you can't afford shit

@colinporter7108

7 ай бұрын

I was just in Ireland and listened to all the phone one following last week's budget. Family's distraught because they couldn't afford school uniforms and wanting to claim for their children's shoes........ A mass exit of professionals who cannot afford a house. Not quite the picture painted here?

@vitalynz

7 ай бұрын

@@colinporter7108 is this housing picture any different from anywhere else in the first-world-countries?

@gloin10

7 ай бұрын

@@colinporter7108 I would advise you to look at the situation in the UK.....

I spent 3 years in Dublin and although the locals are super friendly and welcoming, the problems with lack of infrastructure and housing crisis were truly shocking. The cost of living vs income level simply does not make sense…

@henghistbluetooth7882

7 ай бұрын

I honestly don’t know how anyone can Ford to live in Dublin. Average salary is about 85% of that for the UK for my company but house prices in Dublin are about 50% higher again than London.

@katariina3319

7 ай бұрын

I was there for a couple of years just before the crash and although prices were otherwise ok there just weren't any nice studio apartments available. Everyone had to live in shared houses which was really weird for people coming from the Nordics. Plus the quality of those (insulation etc) was quite bad. Public transportation was also not great, the buses did not have any schedules at stop level. So a lovely country to visit, but...

@ExilSvensk

7 ай бұрын

Indeed. Infrastructure in Ireland is third tier. Their electric showers are a good example. What a joke. Electricity prices are also insane. Internet slow and expensive. List goes on.

@bobbyaxelrod5959

7 ай бұрын

Literally copy and paste this for any hamlet, township, city, metro, etc…

@squareyes1981

7 ай бұрын

Capitals rarely represent countries. They really only represent capitals in general. Moving to any capital without a six figure salary awaiting you is a good way to get poor

I recently took a job in Melbourne on a similar salary to the one I was in Dublin (~100k). My rent has gone from a third of my salary to a sixth, and my overall living expenses vs salary has decreased dramatically. I love Ireland and would love to move back, but when you make twice the average salary and can’t even imagine owning a home it’s a non runner

Well done, probably the most factual and unbiased explanation of the Irish economy and tax system I have seen. Before everyone that is reading this decides that they are emigrating to Ireland unfortunately our governments have never figured out how to get value for money when funding public services nor used the revenues its received to fund major infrastructural projects such as roads, hospitals, schools etc. We might appear to be a richer country than yours, but for most living in Ireland the cost of living is far higher than you probably experience. If you still decide to come don't forget to bring a tent. The decades of under investment in social housing and a government that encouraged and allowed vulture funds to buy up massive amounts of property after the financial crash now means that there simply is not enough rental properties on the market at a price that the typical worker can afford. (liked and subscribed 👍)

@killdamnation

4 ай бұрын

I think the housing issues in Ireland have far more to do with our planning laws than vultures funds and social housing.

I own my own company in Ireland, as an Irishman and it's been absolutely amazing. We were an extremely poor country but the improvements in the last three decades have been fantastic

@atix50

7 ай бұрын

I remember being a kid in the 80s. Endless strikes, no one young was working, Dublin was crumbling. Ballsbridge and beyond was derelict with the exception of a handful of houses. Loads were converterted bedsits. Then boom. I love my little slice of the world. ❤

@AssociationSoccer

7 ай бұрын

@@atix50 It's hard now, but it's far better then what it once was. So glad to see my city improve from like you said, the 80s, when the docklands and quays were in ruins and the inner city was derelict. Now everyone in my family and extended family have amazing opportunities like going to college and this Erasmus thing I never got the chance to do. It's just simply amazing

@PhilippBlum

7 ай бұрын

On the expense of everyone else...

@AssociationSoccer

7 ай бұрын

@@PhilippBlum Yeah sorry, I forgot my company in Ireland was destroying your life Philipp Blum, from Germany.

@jordand5555

7 ай бұрын

Apple sure likes storing billions of US dollars there tax free, must be great

Thank you for your informative videos. The clarity with which you convey complicated subjects is amazing.

The tie selection was a nice touch. Great video.

Excellent Video Patrick! Thanks super informative and concise with entertaining qualities. Cheers from Cork city. You're the man!

I have been waiting for ever for a great Irish gdp per capita video that puts it all together. That was brilliant. Thank you so much. Sub'ed.

could you please do more content relating to Ireland? You explain things so well and do incredibly thorough research, it would be great to hear more about what's going on here without having to filter through a load of noise and personal opinions

I tried to get a job in Ireland recently. I was told my middle class pay is not enough for getting a decent flat next to the workplace. I gpt lucky, they did not hire me.

@huwzebediahthomas9193

7 ай бұрын

Property prices dropping like a stone in Wales here. Can get a two bed house for about 120k. Seems to have dropped a quarter behind people's backs, in plain sight. Knew it was coming.

@matthewbarry376

7 ай бұрын

​@@huwzebediahthomas9193not gonna happen in Ireland. Banks cut mortgage lending so much that unlike the UK most of the buyers here are Investment funds, Foreigners, or the Government.

@doniehurley7634

7 ай бұрын

@@huwzebediahthomas9193 That wouldn't buy a garage in Ireland

@elcookiemonsteru

7 ай бұрын

@@huwzebediahthomas9193 I wish i could buy a house for 120k in Finland! lol That probably can get you a 20sq2 old apartment in a really bad neighbourhood.

@BTMOvie78

7 ай бұрын

I have never understood how a country where, businesses pay almost no taxes and residents are forced to live in rat cages, with a near-zero public system and forced to pay everything at full price from dawn to dusk, is considered “rich”. Or that people over 30 are not yet homeowners or are waiting for the death of their parents/grandparents to finally afford a house or apartment. Who gets rich here? Businesses in Ireland or the Irish?

Absolutely stunning. What a fantastic video! Appreciate the research and time

Fantastic video as always Patrick. Complex interplay if so many different factors distilled to their economic ramifications in a simple manner. 💯

Ireland may have invented the iPhone, but the Netherlands created all of U2's music.

@darragho6358

7 ай бұрын

I mean have u2 we don't want them

@CG_CAKE

4 ай бұрын

@@darragho6358 X'D

@stephaniemurria5534

Ай бұрын

Seems like U2 are the only ones who can afford to live there.

Very informative and thourougly resarched. Thank you.

Excellent video, thanks.

Hey Patrick. I just want to say I've really been enjoying your channel. I think your dry wit is really fitting when it comes to economics, there's so much ridiculous with the economy, but in the end, we're all just kind of going with it. I've always been interested in economics and tech companies, but there's so much in that space that doesn't make any sense. Dollars just seem to appear out of nowhere in silicon valley, and I always knew there was something fishy, but I'm not educated enough to really know for sure. In the process of watching your SBF takedowns, I'm starting to learn a little more how our society really works, learning much more about what the modern-day corporation does, the absurdity of company valuations, what "liquidity" is. It's been very educational and I hope I can form some better informed opinions based on what you taught me. I'm sure you'd probably say I'm not even close to understanding the world, and I'd agree, but I'll keep tuning in and seeing what you have to say, I'd love to hear it.

@AicyDC

6 ай бұрын

I'd recommend Patrick's video "The Rise And Fall Of Blitzscaling!" if you haven't watched it already, it covers what you mentioned about the absurdity of company valuations and other things.

Patrick specifically talked about thousands of Irish citizens leaving in 1993 for work as a point of reference compared to net returns in 1998. I met Irish nurses who took good paying jobs in Saudi Arabia in 1994-95. I am thrilled the Irish have opportunities at home close to family and schoolmates.

@krombopulos_michael

7 ай бұрын

The problem in Ireland today is not that there are a lack of jobs, but there are a serious lack of places to live. Residential building has not kept up at all with population growth, and these days many nurses leave because of the difficulty finding somewhere to live.

@michaelstanley5215

7 ай бұрын

People have always been Ireland's greatest export and that will always continue. The average Irish person is not better off now then they were in the 90s, in fact like everyone else they have went backwards - prices of things like housing and food are astronomical now and the average person is breaking under that strain. Ireland seems rich because so many corporations have used it as a tax haven while employing few people directly and paying very little (if anything) in taxes. Ireland will not be able to keep up this facade forever and when it crumbles Ireland will be in a worse state then it ever was because it is essentially doing nothing to prepare for this future.

@Konkel529

7 ай бұрын

lets not forget about the tax and fees on a lot of stuff, and owning a car is a must to get around anywhere in Ireland.

@RazorMouth

7 ай бұрын

​@@michaelstanley5215that's actually nonsense.

@michaelstanley5215

7 ай бұрын

@@RazorMouth It isn't, but certainly inconvenient for you.

Excellent video. Really enjoyed. It's rare to find one nowadays that doesn't just talk about some kind of Irish exceptionalism and focuses on the cold, hard facts.

Well broken down, thanks Pat

“You can’t just throw around the L word like that “ 😂

@AdamBechtol

7 ай бұрын

😛

24:01 - There is no general government debt, at least not in the traditional sense. There is private, corporate debt that was moved onto tax payer (in return for lower wages, higher unemployment, reduced funding of social programs and etc). Aka, socialized losses.

Thanks for vid. 👍

Excellent video about a very complex situation

I just realized I'm not smart enough to follow any of this..but I light a damn good campfire.

Excellent as always Patrick, many thanks!

Good work.

I find your videos amazingly informative and enlightening to my non financially educated brain. Always so much to think about! Thank you, thank you.

"It was really when the iPhone, the search engine and social networks were invented in Ireland........" Pure Gold.........a pot of gold!

@Art-is-craft

7 ай бұрын

No but lots of service and technical industries were developed.

Patrick , I love your videos and especially documentary ones like Ponzi. I wish I could help you make more of those. Cheers and keep on going!

Thank you and that was brilliant

Very good analysis learned a lot thanks for taking the time to summarise

Do one for Singapore too! Another country with big sovereign wealth funds but no oil reserves.

@rherydrevins

7 ай бұрын

They do export a lot of oil, though (look it up). Being located along a major shipping route opens up very unexpected opportunities.

@torpedospurs

7 ай бұрын

@@rherydrevins They do earn from refining oil and manufacturing chemicals from oil. But the value added of the entire chemicals sector is only 4% of GDP.

@alexhubble

7 ай бұрын

That one, I suspect, is a product of a work ethic you can bend horseshoes around and a fairly benevolent, fairly totalitarian leadership structure.

@ForwardGuidance

7 ай бұрын

Slave labor helps Singapore a lot.

@Art-is-craft

7 ай бұрын

@@rherydrevins You mean Singapore trades.

I love this. I have worked in global finance for almost 20 years, and someone from my company tried explaining the Ireland thing. This video does a much better job. *smashes SUBSCRIBE button*

@Zerpentsa6598

7 ай бұрын

Could you explain if these companies do not repatriate their profits to the US, what do they do with it and how to pay dividends to US shareholders?

Thanks Patrick

very interesting topic and i enjoy your delivery as w always

Bankers were jailed in Ireland following the 2008 financial crisis. Former Anglo Irish Bank CEO David Drumm was sentenced to six years in prison for his role in a bank fraud scheme in 2008 In addition, former Irish Life and Permanent Chief Executive Denis Casey was sentenced to two years and nine months following a 74-day criminal trial, Ireland’s longest ever. Willie McAteer, former finance director at the failed Anglo Irish Bank, and John Bowe, its ex-head of capital markets, were given sentences of 42 months and 24 months respectively...

@bigbarry8343

7 ай бұрын

yes, but people who were involved in audits and stress tests of anglo irish at the time leading to subprime crisis of 2008 are now in senior managerial positions in banking. so its just a few scape goats.

@Jasonmakesvideo

7 ай бұрын

Good

@Art-is-craft

7 ай бұрын

Jailing bankers who made mistakes just makes angry people feel better but does not address the real issues of the time. Irish government finances in that era were horrible. There was a point that the government got caught spending 50 billion per year but was only taking in 30 billion in taxes. There are still problems today such as road taxes taking in about 4 billion per year but the budgets for the roads is only about 1.5 billion and then people wonder why the roads are so bad.

@millevenon5853

7 ай бұрын

​​@@Art-is-craftI agree underlying problems must be fixed but normal people would be jailed for making mistakes. Why not bankers?

@Art-is-craft

7 ай бұрын

@@millevenon5853 Why should people be jailed for making mistakes in a job. No body talks about jailing county council workers who make mistakes or HSE front line staff. People were angry at the time but for all the wrong reasons. By the way the exact same thing could happen again only it would be an entirely different work force.

7:43 Patrick I love your humor

Great video!

Good video

Patrick most likely always wanted to cover this topic given his unique insider knowledge, great detail as always.

I had a job that required me to work 3 months of the year in Ireland from 1995-99. There were two things happening that I think really drove their economy. One was they had a very large number of university educated young people with technical degrees AND they offered sweetheart deals to large corporations that were required to have a presence in the EU. I can remember there being more Mercedes sold there per capita than anywhere else. I managed a team of engineers. They were smart, worked hard and wanted to succeed. It is no surprise that they are where they are. I live in Canada and am jealous that our govt is driving us down the drain rather than building the country.

@vonb2792

7 ай бұрын

Dublin looks so Much like Montréal

@ravanpee1325

7 ай бұрын

So Ireland is just a tax heaven which steals other countries taxes

@michaelstanley5215

7 ай бұрын

It's important to note WHY they had so many educated people - the government would pay their tuition and give them a living wage to go to school. The engineers were a minority - there were a lot of graduates in things like liberal arts because a lot of people didn't actually expect to be employed after graduation. You are also glossing over the handouts that the EU provided Ireland as an incentive to join - it's very easy to build an economy when you are flooded with so much free money. Patrick was incorrect when he said that Ireland wanted to decouple from the UK to marry its fortunes with the EU economy, Ireland wanted to be a EU welfare state. The EU offered Ireland far more money to leave the UK then the UK could spend to keep them.

@mikeOnTheChoob

7 ай бұрын

​@@michaelstanley5215eh, the republic of Ireland left the UK a few generations before joining the EU/EEC. If you just mean decoupling further then yeah, but what would you expect a country to do in that situation. Ireland is a net contributer to the EU. I dont understand your gripe. I understand people getting annoyed about multinationals accounting tricks but that is a different matter.

@michaelstanley5215

7 ай бұрын

@@mikeOnTheChoob Who said I had a gripe? You seem to be reading far more into this then actually exists.

Great video

Did my purchase of a couple of very nice wool sweaters help? Irish made from Irish wool. They really are nice sweaters.

@sean_d

7 ай бұрын

I hope they really are. Lots of sweaters sold to tourists in Irish beauty spots are really imported and named as if they are Irish.

@Fudmottin

7 ай бұрын

@@sean_d They were expensive enough. They were very particular about the wool they were made from and place of manufacture. However, I am no expert.

@sean_d

7 ай бұрын

@@Fudmottin Sounds good. May have got it wrong about importing. The Aran Sweater Market is the big company supplying many tourist outlets but secretive about exactly where they are made, claiming Ireland but not specifying where. Given the quantities very unlikely to be made on the Aran Islands or hand-knitted, despite suggestive carefully worded text on their advertising, but they probably do special lines of hand-loomed sweaters too. Some locals probably still do them by hand-knitting. "Well wear!" as we say here to someone with a new garment.

@Fudmottin

7 ай бұрын

@@sean_d My late grandmother used to knit sweaters. This has that look, but I'm sure a machine could duplicate it well enough to fool me. It does have particular care instructions. No tossing that into a washing machine! LOL. Thanks!

Very good video. - A bit off point but I wish we were using the budget surpluses to fix the housing crisis and improve the health service. The cost of either buying a home or renting is unaffordable for many and it's a massive chunk out of most people's income. It means companies have to offer higher and higher wages to entice workers. Corporation tax is probably going to harmonised throughout the EU. We need to look at how we can keep Ireland as attractive a base for companies as possible, even without a tax advantage. We should be doing all we can to reduce the cost of living here and fixing the housing crisis would really help.

@darragho6358

7 ай бұрын

So do I while conspiratorial I believe that the government don't necessarily see fixing the housing crisis as within their interest as fixing the crisis is going to cause massive deflation to the housing market as the supply/demand curve fixes itself suddenly leaving a massive amount of people in negative equity or seeing maybe 40% sliced off the value of their homes. That plus the recent surge in people deciding that small amounts of investment properties are a viable retirement strategy. Suddenly the government will make a lot of their core voter base angry and believe they would have a very hard time getting elected for a while

@whymustisignin4this

7 ай бұрын

@@darragho6358 But fixing the housing crisis should involve measures for dealing with houses that will go into negative equity when house prices fall. One thing we could do would be for the government to buy distressed loan portfolios from the banks at a discount - and then pass those discounts on to the mortgage holders. So while homeowners would see a drop in the value of their home, they would have a reduced mortgage to pay back, and the cost of paying rent for their child who has gone to college in another part of the country would also be lower. If done right, it would be hugely popular with voters. It just wouldn't be popular with the large institutional investors in our property market.

@MrManBuzz

7 ай бұрын

​@@darragho6358I wouldn't even say that's "conspiratorial". It's pretty much blatantly obvious. FFGs main voter base are largely older property owners. The electoral reality for them makes it impossible to actually solve the housing crisis. "Vote for us, we're going to tank the value of your home by 40% by flooding the market with supply" Yeah, that's not going to happen.

@danjsy

6 ай бұрын

​Something needs to happen, immigration is just going to keep increasing

Im a professional and lived there for 13 years. I dare say that the per capita earnings is not even half of that.

@jeebusk

7 ай бұрын

"The" or "Your"

@storyofthestock5462

7 ай бұрын

@@jeebusk💀💀💀

And then you go to Ireland and realize the infrastructure is crumbling, public transit is a pure joke compared to the rest of Europe, and people live in obscenely expensive shoeboxes. But hey, at least the corporate overlords are happy.

@ExilSvensk

7 ай бұрын

This. So much this. Been there done that. I like Ireland and the Irish but wouldn’t want to live there again.

@Art-is-craft

7 ай бұрын

It has nothing to do with corporate overlords. Ireland is a high tax economy and that is most obvious when it comes to car prices when compared to other countries. On average each Irish person is subjected to a near 50% taxation. Until that changes do not surprised at the issues that arise.

@coyotelong4349

7 ай бұрын

@@Art-is-craft 50% taxation? That’s absurd

@Art-is-craft

7 ай бұрын

@@coyotelong4349 Now not 50% income tax but an accumulation of taxes to include income, sale tax and other taxes.

@RazorMouth

7 ай бұрын

​@@coyotelong4349 50k salary about 23% income tax. 100k about 37% The more you earn the more you pay, it's a progressive tax system. Very low earners pay almost no income tax.

Good to see you were at Nomad Capitalist events.

I worked at a major financial institution that built its global trading infrastructure around an Irish incorporated bank. We had a huge back office in Dublin, starting in the early 1990s, and very good relations with the Central Bank of Ireland. It was a huge component of our ability to embrace new product, efficient tax structures, reliable settlement and effective investigations. I realize that there isn’t a great sharing of wealth from this kind of activity and we were benefiting from legal and political arbitrage but that Dublin operation was a significant relative advantage for our institution. I hope the high tide is lifting all boats now.

@Art-is-craft

7 ай бұрын

Irelands wages have increased several fold since the 1980s. Unemployment is also several times lower.

@darragho6358

7 ай бұрын

​@@Art-is-craftyet real income has massively been decreasing in this country for years and the unemployment rates post 2008 have been manipulated by part time work zero hour contracts. Yes we created jobs through the austerity but the figures are there that those jobs were not meaningful

@darragho6358

7 ай бұрын

It worked in the past under lemass but the system fails as production has changed in the last 60 years. Suddenly the necessary labour in comparison to production is very low so given the level of tax breaks we create we don't create anywhere near the same level of employment we did in the past.

@Art-is-craft

7 ай бұрын

@@darragho6358 Income in Ireland has increased. And the number of people employed has also increased.

@mjerez6029

7 ай бұрын

Efficient tax structures 😂😂 that is the white collar way of say tax evasion 😂

Living in Ireland the situation here is not good, it can only end in tears here.

@benchoflemons398

7 ай бұрын

The real estate is the problem, which is an artificial creation of the government due to anti landlord and anti build regulations. If that’s fixed it’s blue skies for Ireland (not literally)

@mzyil

7 ай бұрын

@@flamaros1987 the population is uneducated and poor. the youth is out of control, they are either drug addicts or criminals or both. the public does not trust the central government. sometimes you feel like you are living in a medieval mountain and there is no order. a vast number of people are frauding the government with welfare schenanigans, and they have been doing it for at least 2 generations. the greed of the wealthy and the anger of the poor is clearly visible when you walk on the streets, especially in the central dublin. unless they do something to fix the wealth inequality by punishing greed, ireland won't last long. the indirect effects of the big companies like 40% payroll taxes will disappear when no one wants to live in ireland and work for these companies. irish people are proud, unlike the governments, they won't admit that they depend on these companies and their foreign workers. but they absolutely do and unless they educate their already not properly educated population into qualified workers to replace them they will lose in the metrics outside gdp too.

@reggie69.

7 ай бұрын

​@flamaros1987 there's no housing and the government doesn't care about helping it's homeless

@papi8659

7 ай бұрын

@@reggie69. So its the same as everywhere else then ....

@reggie69.

7 ай бұрын

@papi8659 yes but Ireland's literally has like 700 houses available to rent and there was this house viewing that went viral why because the land owner allowed anyone who wants to come go to the house and view and didn't expect what would happen next so people did and for this one house viewing over 100 people came Before Sunrise to see this one house that picture is just exemplar of the housing crisis that we are deal with it's common for a foreign students to get accepted into an Irish University and then they would have to go home because there's literally no space in student accommodation and as soon as you can't get that there's no way you can get a place to live outside the uni unless you're willing to commute with a car from rural area so you might as well just go home especially as a student because landlords are getting so many applications that they only pick the perfect people and don't bother with less than the ideal tenant they literally have like 200 people and over to pick from

Excellent video Patrick. Really smart people make complicated things sound easy. Thanks for doing that boy.

Thanks.

I distinctly remember that when I set up my PayPal account, it was some middle aged Irish woman who performed the KYC call. She was very pleasant. Never actually used the account (debit cards exist), but I 've always remembered it as a benchmark for the level of customer service I want my business to provide.

@AcidOllie

7 ай бұрын

Yes this is indicative of every single person in Ireland. They are all happy, pleasant and helpful if you call any of them at any time for any reason.

@johnoconnell3842

7 ай бұрын

@@AcidOlliehaha good one. One of the worst level of customer service in Europe. Try speaking to any one in retail or civil service. Shocking. I’m Irish and lived in multiple countries and currently living in Ireland

@bid84

6 ай бұрын

@@johnoconnell3842you sound like a Karen John

@johnoconnell3842

6 ай бұрын

@@bid84you’re right of course…that must be it. Have a travel around and come back to me

Moral of the story: The country showing best GDP does not mean that country is livable for regular people. And any Government of any country does not give damn about their own people

@sarahmurphy-nf4yl

5 ай бұрын

Exactly

@leojohn1615

5 ай бұрын

so how should the Irish government arrange their economy?

@anm3037

5 ай бұрын

Your last sentence is sad but true.

Thanks very much, Patrick. This message needs to be heard everywhere. It's not working anymore, printing money out of thin air and favouring corporation over people, while repressing savers and rewarding speculators.

@atix50

7 ай бұрын

Did you hear the part where he explained that's where Ireland gets 80% of its tax revenue? Corporations..

@jetnavigator

7 ай бұрын

​@@atix50at the expense of every country apple, etc operate in.

@lovelylemonfactory

7 ай бұрын

@@jetnavigator ..because of the tax rules those countries implement.

@kerimgueney

7 ай бұрын

@@lovelylemonfactory are you suggesting a race to the bottom in corporate tax? I mean, I'm all for it. Let's live in an anarcho-capitalist nightmare.

@lovelylemonfactory

7 ай бұрын

@@kerimgueney Not at all. The countries can enforce taxation policies that do not allow companies to do this. As Patrick said in the video, Apple told congress what reform could be done so they would pay tax in the US, the US chose not to do implement it.

GreaThanks

I knew what this was about when I read the title. As a sidenote: this is the reason the backlog for European privacy cases against Big Tech is gigantic. Ireland got saddled with the EU's GDPR authority over all these multinationals and it's overwhelming.

@mikethomas4193

7 ай бұрын

Does it seem likely Ireland will be in a rush to sort the backlog?

@TrulyMadlyShallowly

7 ай бұрын

@mikethomas4193 Good point. Can't has apparently turned into wont, seeing as the DPC itself lobbied for rules being nicer to Facebook

@TrulyMadlyShallowly

7 ай бұрын

But it was an impossible task to begin with and you wonder who ever thought this set-up was a good idea

@zibifranz2429

6 ай бұрын

Irish GDP is a fake, cheating with lower corporate tax rates and attracting companies like Apple to tax in Ireland (to in fact evade taxes) is just a manipulation and is not changing anything in country's economy which is very weak. Ireland has not invented anything as it is technologically underdeveloped, never produced a any car, which is the first sign of technological status. Technology goods are not even produced in Ireland, they are just re-packaged in Ireland to get the EU stamp and evade taxes. Irish economy is a joke and germany will sooner or later close this circus. Criminal developers and corrupted government are hand in hand pushing young generation to emigrate abroad so this will end up in a total disaster.

@alexhubble

6 ай бұрын

@TrulyMadlyShallowly Tax lawyers, I believe, approved the setup. And who's to say they are wrong?

Did you allow as many commercials as you could possibly pack into the video to interrupt the viewing? Hey, Patrick?

thank you

I would have hoped for some breakdown of salaries. After all, a country is made by people, right? Regardless of whether the above is right or wrong, it would have given more context and helped explain some of its problems.

It's almost as if its capital is always Dublin

@ElectrostatiCrow

7 ай бұрын

They call me Mr Irelamd cause my money is Dublin.

@ElectrostatiCrow

7 ай бұрын

@@arrell1xyz Did the Ulster affect the color of pee coming out of your Cork?

@ElectrostatiCrow

7 ай бұрын

@@arrell1xyz 😂

The Mr Oppenheimer in minute 9 is pretty funny and ironic when having to come in for an inquiry 😂

Does explain much of what Analog Devices did in Ireland when I worked for them.

10 minutes to the stream: can already like cuz I know its gonna be good ... 😅

@l.a.8709

7 ай бұрын

Always! 😊

It's all on paper but the tax windfall is nice

I’m an Engineer and have never had any interest in finance or economics until I discovered Patrick’s channel. He makes the concepts interesting and easy to understand. Although I would like to hear more about rap music.

Kindly do a segment on Poland growth. Also Indonesia-if it could be an Asian Powerhouse. Then Morocco for Africa and finally Mexico for the American continent. These countries are touted to grow as US firms shift operations from China to these areas and chip firms like Intel are building plants in Poland and Ireland.

I would love to see where all this infrastructure money has been spent.

@rapier1954

7 ай бұрын

I don't think it has been spent yet.

@joliecide

7 ай бұрын

Potatoes?

@reganovich

7 ай бұрын

The infrastructure money he refers to is from the early 90s known as EU structural funds for the development of impoverished regions of the EU. Frankly, Ireland makes a mess of alot of things but those funds were well spent on our first major dual carriageway Road network, which has literally transformed the country...just fyi

@rapier1954

7 ай бұрын

@@joliecide quit trying to be smart people like you the way you are.

@RainbowCurveCostuming

7 ай бұрын

Not in county Cork that’s for sure lol

Patrick, I would love to see a video about multinationals, wealthy countries' Double Tax Treaties, and the way they are used to deprive developing economies of taxes. The UK is so bad with this

Great info but I need to put you in 1.5 to follow

I think that GDP also equals to: GDP = profit + wages. More profits mean higher GDP without neccesarely improving the standard of living buy inflating per capita GDP. In the formula of: GDP= C + G + I + X - IM It is reflected in "I",but no investment in something that really increasing capital stock with can subsequently increase consumption.

Brilliant, as always.

Good analysis Pat. Haven’t watched one of your videos in a while. Good for Ireland to leverage their corporate tax system to encourage employment. I think you stated that 10% of current Irish employment is directly tied to these businesses. Wish Canada had a surplus of that size to pull from when times get tough. Keep up the good work sir.

@Zr0Bites

7 ай бұрын

It says much more things than that, pay attention please.

@PBoyle , now we need same for Luxembourg

Thank you for educating people.on this madness

What's worrying is that if everyone did what Ireland was doing, it wouldn't work. Those are some extremely shaky foundations ...

@MA-go7ee

7 ай бұрын

The opposite. If countries were incentivised to drive down their tax rates and cut regularatory red tape, both costs which are passed on to the consumer, that would make their products cheaper for said consumer. Regularatory costs also massively benefit large multinationals who can easier afford to pay them while penalising smaller companies. Less onerous regulation lowers the cost of entry into the market, meaning more competition which is better for the consumer. Point being, the world would be significantly richer if trade were less restricted. That's exactly what the post WWII history shows. Poverty has gone down in concert with a decline trade restrictions.

@rkan2

7 ай бұрын

When targeting a few huge multionationals which Ireland is arguably doing, sure... But low tax rates do not equal to having just certain businesses flocking to you.. It obviously also generates new business. I would have a business if the social tax on doing it in my country wouldn't be so high and getting even higher. Whether it would be profitable is another matter.

@aaaaaaaaaaaaaaaaaaaa69

7 ай бұрын

@@MA-go7ee I wasn't clear - I meant that Ireland wouldn't be particularly wealthy if everyone else adopted the same strategy.

@Art-is-craft

7 ай бұрын

@@aaaaaaaaaaaaaaaaaaaa69 Every country would be more wealthy if taxes were lowered and deregulation occurred.

@Raphael4722

7 ай бұрын

I agree. Ireland is essentially stealing tax receipts from other countries. Anyone who thinks the low corporation tax would work by stimulating local business alone, is delusional. As someone who lives in Ireland, I have to say the sustainability of this economy is concerning.

So the USA taxes its citizens who live abroad but not its companies? And from the country that says companies have the same rights as people?

@givenfirstnamefamilyfirstn3935

6 ай бұрын

The U.S. health industry is all about maintaining the highest imaginable charges to dumb poorish ordinary _little people._

Hi Patrick, pardon my off topic comment. Please would you do a talk about hydrogen energy and its feasibility? Thank you.

Very interesting video. Cheers Patrick

Honestly I'd love to see a video from you on why the US doesn't have it's own sovereign wealth fund, as it would on paper align with nearly everyone's preferences; a free market solution to the lack of social services, paid for via investments in the economy rather than through straight taxation.

@andrewharris3900

7 ай бұрын

US doesn’t have a federal wealth fund but some states do, like the Alaska Permanent Fund.

@shawnconway6009

7 ай бұрын

@@andrewharris3900 That's my point though. It doesn't, which to me always seemed odd.

@patward6567

7 ай бұрын

All great for Globalist Corporation's The Real Irish get Crumbs

@aarzu10

7 ай бұрын

Because the US would artificially manipulate markets (even more than it already does) simply by using its financial institutions. A US sovereign wealth fund would literally break markets.

@greatwolf5372

7 ай бұрын

​@@aarzu10This is the correct answer. At best the US sovereign wealth fund could be a passive investor. Any activist investment like other SWFs would be too politically charged. Even passive investment would be accused of favoring big businesses.

Ive lived in Ireland for the last 7 years, and I haven't seen any of this money around me (infrastructure etc). Where is it all going?

I know of a woodland nymph that would be excellent to run the fund. She just has to work out some problems 1st

Nice tie

i always wondered why my (american) contact lenses were made in Ireland...now i see clearly

@trishoconnor2169

3 ай бұрын

I see what you did there!

A video about Ireland not ridiculing Irishman Kevin O'Leary is a video wasted.

@johnl.7582

7 ай бұрын

What? Kevin is as Irish as Apple.

@ahmataevo

7 ай бұрын

You mean Canadian Kevin?

@ariavachier-lagravech.6910

7 ай бұрын

Patrick did not need to taint himself by saying Kevin name

@Mr-pn2eh

7 ай бұрын

​@@johnl.7582it's called sarcasm. You should try it sometime.

@johnl.7582

7 ай бұрын

@@Mr-pn2eh welcome to the joke

Just bought 2 mars bars yesterday in dunnes to help GDP. On a side note eating 2 mars bars will effect my health which will put more pressure on our healthcare system, but short term expect good GDP numbers

8:43 The Economist "newspaper."

I also think this can't end well . Debt in most big industrial countries is high, taxes on goods and wages also, on the other side company taxes are either low or get evaded and wealth taxes are often non existent. So when they states need to invest in like say military or infrastructure like ...now? I mean I heard Microsoft needs to pay 29B$ I think this is only the beginning ..

Good video. I question how he got that most of our population agreed that Apple shouldn't owe us the 13bn.

@supertuscans9512

6 ай бұрын

Because Apple had met its tax obligations in Ireland as mandated under Irish law. It was none of the EU’s business.

Excellent. As always

Another cracking video Patrick, but surprised the subject matter didn’t produce any references to your own origins, your name and accent are a dead giveaway 😉

I live in the Netherlands. The country scores quite high in various “rich country” rankings. Well, the truth is that 75% of the rental market is social housing. Something isn’t right here.

@beng4647

7 ай бұрын

US has a similar scam going. Our whole economy is rich people passing money back and forth. Literally nothing gets done. Ever.

@AS-fv5cr

7 ай бұрын

GDP is not the right figure to measure populations wealth…

@FederalPandas

7 ай бұрын

I thought that was one of the best things about the Netherlands actually. I friend of mine immigrated there in a quite good job, and he told me without any shame that loads of people he knows are on government housing. But I'm not from there. So if anyone knows any better I'd love to hear it.

@xkolm49

7 ай бұрын

@@FederalPandas well the good thing is everyone has some housing (not this won't apply to the expats but mostly to locals; expats pay the full price, of course). But I put it in a contrast with the headline - if the country is so rich, why there are so many poor people that they can't even pay for their own housing?

@MarKeMu125

7 ай бұрын

@@FederalPandas social housing seems to mean everyone is generally better off. There's no series of middle man taking a cut so everyone has more disposable income which gets spent on local business. It's exactly the same as Singapore where about 80% is also social housing and they've also got great economy.

I, an American, have an Irish co-worker who has nothing good to say about Irish government. He failed to find work after graduating and ended up in the US about a decade ago. Still, I remember 20+ years ago when everyone in the US saw Ireland as a perpetual basket case on poverty and civil strife. So, progress!

@donfalcon1495

7 ай бұрын

Glad you’ve got him🤣

@Art-is-craft

7 ай бұрын

It is much easier to get a job in Ireland than to emigrate to the US.

@rapier1954

7 ай бұрын

Now you've got him keep him.

@carpetslime

7 ай бұрын

If he was trying to get a job a decade ago it was during a recession. Jobs were hard to come by for a few years, but it had already turned around by 2015. Bad timing most likely.

@Art-is-craft

7 ай бұрын

@@carpetslime It was still easier to get a job in Ireland than to emigrate to the US in 2008.

Are you watching Scotland, you could be in this conversation too!

Fascinating to see how Ireland's GDP/Capita mirrors that of the Netherlands and Iceland up to 2015

I'd love to see how much the Irish people actually benefit from schemes like this versus the benefits in profit and shareholder dividend increase these massive corporations get from doing them. All I see online is unhappy Irish folk, in particular the effect that second home buyers and airbnb owners have had on the housing market. If everything becomes more expensive for the people living there because of stuff like this and the government does nothing to rebalance this then overall what benefit is there apart from kickbacks for politicians and PR headlines.

@killdamnation

4 ай бұрын

I think a lot of the complaints around housing stem from irelands planning laws. At the moment it is quite difficult, and expensive to build large scale developments which are really what’s needed at the moment to increase supply. The benefits to the Irish people are really employment and above average salaries. US companies employ enormous number of people both directly and indirectly. The tax they generated has also helped the government to decrease tax on employees and increase benefits over the last years

Ireland is the richest country in the world, but only in the same way that George Bailey from It’s a Wonderful Life is “the richest man in town”

@Art-is-craft

7 ай бұрын

Ireland has a massive export industry. With over 35% economic exports.

Patrick, have you heard about Technofeudalism by Yanis Varoufakis? Definitely something to add on your reading list.

@Art-is-craft

7 ай бұрын

Is he not a communist?

Yes. That is all!