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As a irish person....yes... Our politicians are obsessed with things looking good rather than actually being good... Sucks to be a person ..great to be an international company🙃
It's really sad how Ireland behaves. Ripping everyone else in the EU off, while they actually have the talent to build something amazing within the EU.
The hallmark of a dysfunctional country. Leaders of the smooth-brained variety like to look down on things from the top, never scratching the surface or understanding things on a deeper level. I wish more leaders would ask themselves questions like "Does it work?", "Is this practical?", "What are the potential negatives?", etc.
This is all fair, but I feel its my patriotic duty to point out that this isn't like Venezuela becoming completely dependent on oil and then being broke as f**k once the oil price drops or something. Ireland has no oil, no coal, no steel - we have some nikel, arable land, and people we can educate. The money made from the shenanigans has, by and large, not been mis spent on foolish boondoggles, we've educated our work force and built a decent road system and generally tried to run the place sort of competently. And if you look at things like the Good Country Index and the Human Development Index, things that look at factors other than just GDP, we tend to rank pretty highly. We also definitely enticed the US firms into Ireland with the tax rate, but we've KEPT them by being well educated, being an easy place to do business and being competitively salaried. Intel, Analog, Pfizer and whole slew of others actually manufacture things here - this isn't the Cayman islands where "corporate HQ" is just a post box in an office somehwere. Its absolutely true that our real wealth is much lower than our "on paper" wealth, and its absolutely true that we were happy to ride that particular gravy train for as long as we could - but its also true that we knew it couldn't last forever and we agreed to end it (once we had no other choice.....).
Here here people are too quick to criticise and judge, even our own people Ireland would be an economic backwater if it wasn’t for our government being clever and making the best out of a country that has no unique natural resources
This does seem like quite an inflammatory video alright. Theres a lot more to modern Ireland that the low tax rate, especially with such a focus on the double tax loophole that was closed yeara ago. Also the current 12.5% tax isn't exactly a whole pile off the new 15% minimum. Also no mention of the extremely highly educated workforce and the specific knowledge in things like Biotech and Pharma etc, that aren't easily transferable, unlike standard manufacturing roles
@@jamesomeara8668 Yeah this video skims over a lot of the Irish economy. Most economies in the world are borrowing massive amounts of money while Ireland runs at a surplus. So to say that Ireland doesn't benefit anything from multinationals and then not mention the actual economy being very healthy and well run seems to suggest the video had an agenda. If he was talking about the "real" economy then this should have been discussed along with the things like median salaries, etc.
The term Celtic Tiger generally referes to the period following economic expansion in the late 90s to the crash of '08. It is not usually used in reference to today's Ireland.
Certainly not, the crash of 2008 gutted the Irish economy, destroyed the housing market. The Celtic tiger turned into the Celtic kitten, totally helpless to control its own economy.
I'm irish and your history lesson was quite irritating tbh, there was a reason people were so dependent on the potato!! The country was a net exporter of food while that million starved.
The video was purely propaganda. The video was fear mongering about a business going belly up on a lawsuit and taxes. Simple put. The intention of a tax as a penalty, is not to tax an honest company out of existence. But to tax the self inflecting cult out of existence. Politics is all about Republicans being a cult and Democrats are the anti cult. The definition of a cult is self inflecting harm. And lawsuits and taxes are not this self inflecting harm the cult is doing. But a tax is something only the people pay. And not something a company pays. Taxing my milk will only make me pay that tax (the people buying that milk). But taxes do serve as a second catalyst. A speeding fine. To not act in a cult (self inflecting) harm. Such as being a predatory leader to our businesses requires stopping. Because rewarding savers is punishing the borrowers. And this is a self inflecting harm that must come with a penalty fine. AKA tax the cult, AKA tax the rich. Simple put. The intention of a tax as a penalty, is not to tax an honest company out of existence. But to tax the self inflecting cult out of existence.
We are living in a central planned economy where every good thing seems controlled, from real estate to stocks and now gold. I'm open to ideas how to safeguard and grow my wealth amid high inflation, can't let over a mil lose its value by just sitting in my bank.
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This video is a half truth, and that’s being generous. Tax gets these companies in the door, but they have real value-adding operations in Ireland that generate enormous real economic activity. For example; Ireland is one of the world’s largest producers of pharmaceuticals and medical devices. Irelands Human Development Index (HDI) ranking of 7th in the world proves the economy benefits its people (HDI is based on lifespan, education etc. not GDP). Portraying aircraft leasing as a tool for dodgy airlines is ridiculous. Several national flag carriers lease their planes in Ireland (such as American Airlines), because it’s cheaper to lease than to borrow upfront. We would all be paying far more for plane tickets without leasing. I expected a lot better from this channel.
I think he's making some reasonable points though we are overly dependent on the foreign firms we really need to grow more Irish firms to find replace some of them.
I remember Ireland in the 1980s. In comparison to back then and to other countries I've lived in, it seems pretty wealthy today. To me at least. Maybe not "second richest country in the world" wealthy, but definitely above average.
I mean there is a metric used that can compare countries wealth more fairly which is AIC, and using it Ireland is just ahead of Cyprus and behind Japan. I’m from Northern Ireland and I guarantee you that no Ireland is not some Uber wealthy country, and in fact many people are struggling more than in some average or poorer country. It summed up by the fact that the main university in Dublin is cancelling study exchanges because incoming students have been ending up homeless due to there being no housing.
We are the third highest GDP per capita but the cost of living is also high too, so in theory can earn 80k - 100k dollars a year but housing prices is like a hundred thousand, and it is not like all of Irish have this Having high amount of money is kind meaningless if cost of living like housing price is also high as well
Different reasons and those areas build/innovate or are known tax havens, switzerland is not a place to aspire to considering how they build wealth. @gordanhyland7422
The irish economy is massively overstated by the incessant capital inflows of US conglomerates. On the one hand, these multinationals drive up living standards and create an astronomical number of high paid jobs. On the flip side, these firms also ratchet up living expenses and most notably housing to staggeringly high levels. Having said that, Irish youngsters are bearing the brunt of housing unaffordability.
The government got out of the (social) housing building game decades ago. County Councils only build a 10th of what is needed. The government (FFG) want anyone with a spare bit of cash to be an accidental landlord (govt. gets tax on the rental income) and the landlord has to pay the mortgage using post-tax money. Something like ISAs or Roth IRAs would cool the housing market.
I can understand the argument. But then the only way to be fair would be a flat tax rate. And people always fight the idea. In the end, i have concluded people want to pay less by making others pay more. There is nothing fair about this.
@@pocki892 ----- Exactly right and a point overlooked by this video. Apple for example currently has 6,000 employees located in Ireland earning nice salaries. What is more Apple has been employing people in Ireland since 1980 when Steve Jobs established the relationship.
Well, create several hundred high tech manufacturing jobs and offer benefits and perks, and bring several billion in fireign investment into the country, then you can pay 12.5%
Like with a lot of your more recent video's, you set out with a view on answering a question and then trail off into tangents, never really getting back on topic. Most of the script didn't seem to match the visuals on screen and almost all information is quite dated. Quality over quantity comes to mind...
I've commented similarly on other videos. Definite decline in quality. Lazy analysis in some cases with little discussion or nuance so you don't learn anything substantive.
Yes Irealnd's GDP is over inflated, however the Irish government and central bank use the adjusted GNI (GDP-multinational tax receipts) to really gauge the economys performance. Also the very business friendly policies have created a very strong manufacturing industry here, especially phamaceutical products, Irelands largest export, creating many high paying jobs which benefit a large proportion of the population. Taking away Irelands IP schenanigans, you see a country which has a strong manufacturing industry, highly educated workforce, many multinational headquarters, a reputation which is very business friendly environment and the only english speaking country in EU, all of which did not exist pre celtic tiger. I don't agree with the governments policies, however, to essentially conclude with Ireland is a con man which is destined for failure due to short sighted policies is disingenious. This sad wet rock in the Atlantic had zero infrastructure due to the nations status as a colony for >900 years, and then a nation suffering from a post colonial economy for 70 years, has no natural resources, and had net emmigration and brain drain for the past 150 years as there were no prospects for it's citizens. Nowadays, it has become a nation at least on par with their European counterparts, with a sovereign wealth fund to boot, full employment and significant opportunities for its citizens and the few fortunate migrants that make it here. This video glosses over the seismic changes which have occurred in Irish society over the past 30 years.
GNI is still inflated by multnationals hence GNI* of which Ireland uses, which is still high and not totally remove from the effects, but a point about GNI, because it is so high, Ireland has enough headroom to take money from the ECB if need be. These multinationals are contributing a lot to Irish Manufacturing, and Irish Services. I know personally that Amazon alone are building data centres up and down the country are having positive knock effects not only in Rep of Ireland but also across the border in Northern Ireland as well. If these multinationals leave then it will be a more serious threat to Ireland than Brexit. Sovereign wealth fund, which will accumulate, will allow some independence from ECB and allow to mitigate some of the potential economic hardships in future.
And while Ireland's GDP might bypass its citizenry to some extent...That same criticism of GDP was made, generally, by the very economists who were awarded the Nobel Prize for inventing it in the first place. It is why projects like Real Time Inequality were started to try to quantify who actually benefits from the on-paper absurd US GDP figures that are pretty much just paper as far as the citizenry are concerned. Sure the USA has a magnificent GDP and a pretty good GDP per capita...but how many US City and State, never mind the federal, governments are broke because of accounting "shenanigans" with GDP and sweet-heart tax deals? A classic example is Wyoming and Jackson Hole--which is the USA's massive personal/corporate tax shelter attached to a broke resource-extraction-dependent state, a la Venezuela, that 100% doesn't benefit from the accounting tricks. At All. You know when you cross the border into Wyoming--because the mobile homes start popping up--until you hit the Rich Parts like Jackson Hole that are owned by billionaires.
Absolutely. Ireland has a lot going for it, I’d say it’s one of the more promising countries in Europe. Yes it suffers all the same western neoliberal problems, but as it’s a small nation the problem are easier to solve. They are building houses everywhere the government has generous grants and schemes for buyers, they need more social housing also but I don’t think some Irish people realise how good they have it, there’s a reason why so many Germans and British move there.
The only reason those jobs have come to Ireland is because of this massive tax evasion. Ireland should be poor and it’s not because it has screwed over many more naive nations.
@@ONeill01 the data centres are a disaster, they have put too much pressure on the grid and we have been getting warnings of potential black outs the past couple winters, they use more resources than most of our cities do, all while providing barely my jobs
Ireland forecasts budget surplus of more than €8bn in 2024, According to a 2022 report by IDA Ireland, there are a total of 301,475 people working for foreign multinationals in the country.
That sounds a very dubious number, some 10-15% of the working Irish population is subject to foreign multi nationals who could move out at a moments notice.
The stability and growth of Ireland’s corporate tax revenue, heavily dependent on major multinational tech and pharmaceutical companies, remain robust. History shows that these revenues have increased steadily since 2014. Concerns about multinationals leaving Ireland due to changes in tax regulations have proven unfounded, as evidenced by continued investments and operations of major companies like Microsoft, Google, Apple, Meta, and Amazon. Ireland’s appeal to multinational corporations extends far beyond tax incentives. Historical perspectives reveal that companies are attracted to Ireland for its predictable low-tax regime, stable political environment, English-speaking workforce, and membership in the eurozone. These factors create a favorable business environment, making Ireland a preferred location for U.S. companies looking to establish a European base. Despite adjustments to tax structures by the U.S. and the EU, such as the closure of loopholes like the Double Irish and Dutch Sandwich, Ireland’s corporate tax revenues have continued to rise. Even changes in U.S. tax laws during the Trump administration did not deter multinationals from maintaining or increasing their presence in Ireland. This resilience indicates that Ireland’s attractiveness is rooted in more than just favorable tax deals. The presence of five out of the eight global corporations that have reached a market valuation of a trillion dollars underscores the strategic importance of Ireland. These companies’ decisions to base significant operations in Ireland reflect the broader range of benefits the country offers, beyond financial incentives.
Nice video but, respectfully, get your facts right about the irish famine. The British powers let the potatoe blight ravage Ireland and exported all other crops grown on the island. Mass starvation and emmigration followed.
6:50 - I'll just point out here that real and effective tax rates are different things, and some countries in Europe (*cough* France *cough*) have so many ways to getting around paying corporation tax that their effective rates put Ireland to shame.
@@AquaticSkipper Id give odds that relates to just one company, Apple and how they have taken advantage of capital allowances ie the depreciation of intangible assets.
Correct. Its like the Irish are being punished for having such a transparent tax system unlike other countries that have so many allowances or tax breaks. A certain American billionaire pays no tax.
Even in "socialist" Canada the federal rate is supposed to be 38% but the effective rate is really around 15% or even lower (like in film production for instance). It's all very confusing to me
The great hunger was a genocide btw. The british were using Ireland as a big farm and shipped out everything that wasn't a potato. When the potatoes got the blight, england did not change a thing and made the people of Ireland starve.
That old myth is totally untrue. The central government in London didn't ban Irish farmers from exporting grain especially to locations where they could get a better return. However that was more their obsession with laissez faire economics than any desire to harm the Irish population. That's also why after Peel's government fell from power that aid moved large from direct government intervention to encouraging private charitable donations. Basically an early version of Thatcherism - to give a more modern comparison - which did play a major role in the suffering of the Irish population in this period. :(
@@stephenpickering8063 There we're very few Irish landowners due to the annexing of land for the 600+ years prior and the distribution of Irish land to the upper classes of Britain during the transition from Feudalism to Capitalism... The Irish worked the farms for British and Anglo-Irish landlords and during the famine the British army protected food being exported at the behest of the landowning class. Sadly not a myth but one of the great cases of "the winners write history". Ireland's population would be over 40 million if it wasn't for this genocidal starvation under British rule.
Greece is so hopeless it is almost sad to see how Greece went from the birthplace of western science, mathematic, philosophy, and government into this?
I don't understand why Aircraft leasing is being painted as a bad guy here? You paint a picture that they are somehow responsible for budget airlines going to the wall? Anyway, this system helped drag the country out of the dirt that it was in from 1920's up to the 1980's. It worked, and no one in Europe or the US had an issue with it until it did. Look at the number of countries that brought in variations of the Irish IP system linking investment in R&D with subsidies and tax write offs. There are no good guys in this ... Every Government is scratching around for more tax to fund excessive spending and waste to help keep them in power longer. The "fixing" of the global tax system isn't about putting money into the pockets of their countries citizens. My2c anyway.
What’s really annoying about this piece is that it is so poorly researched and presented, especially in terms of Irish history and the real world benefits that Ireland and its people have received, that it make me question everything else on this channel. I’m very disappointed.
Its not their economy is a scam, its that GDP is an awful metric People use it because it is easy, but easy for something as incredibly complex as a modern complex is just another way of saying "Dumbed down to utter pointlessness" Ireland is onto something good, its basically free money, but they shouldn;t and I think don't expect it to last forever.
Yeah it’s free money at the expense of everyone else in the world. Globalism only works on the assumption that bad faith actors won’t just steal everything not nailed down
No their economy is a scam. It only manages to grow at the expense of the rest of the EU. It’s frankly amazing the EU has managed to hold together this long with how many nations in it are so openly self serving.
I'm not sure what the point of this video is? Yes, if you exclude most of the 'highest value' economic activities being carried out in a country then the economic data won't look as good Ireland is a country with just over 100 years of history and the island is limited in natural fossil fuel resources. It has instead therefore decided to focus its economic efforts on becoming an attractive european base for multinational high tech, pharma, aircraft leasing, etc.. industries - yes, by using its low corporate tax rate and other pro-business policies, but also its skilled, educated & hard working english speaking population, its membership in the European Union, access to european markets, and its political stability and neutrality. Don't get me wrong, this strategy has led to many other issues (housing shortages, not everyone in the country benefits, etc.. which btw many European peers are also facing) and Ireland has a lot of work to do to further develop its infrastructure & improve its quality of living. But on the flip side, it has provided opportunities for many people and has allowed Ireland to develop further economically. The tone of this video feels overly political and fails to capture the nuance of the situation in my opinion -feels a bit similar to summarising Australia as a country which is 'just' mining and burning coal at an unsustainable rate and that its actions are contributing to the climate crisis that we are now facing (which I dont think is fair to say).
I agree with this. It is a video with an underlying agenda that Ireland is doing something inherently wrong, which I think is an unfair way to summarise the Irish economy.
This video actually annoyed me greatly. Full of bias, untruths, twisted commentary and missing nuances. It’s a pity because there is an actual story to be told around this but this video fails desperately.
What nuance ? Can you tell me more about it. All the comments are talking about the misrepresentation of the big famine, but that was not the point of the video and not the story he was telling.
Your commentary is very poorly constructed, biased, and overly simplistic. As someone who currently resides in this prosperous country, I can assure you that Ireland is thriving, with a 4% unemployment rate. The economy is not just active but flourishing and expanding. Most indigenous businesses are performing exceptionally well, and the large multinational corporations here provide highly paid jobs that significantly benefit the local economy. You've conveniently omitted several critical reasons why Ireland is prospering. The most crucial additional factor is our highly educated workforce, a significant asset. Additionally, being a native English-speaking country with a common law system is highly valued by American companies. Access to the EU single market is another vital advantage. Plenty of other countries have lower corporate tax rates than Ireland, yet they do not experience the same level of economic success. This clearly underscores the multifaceted strengths of Ireland's economy rather than the over simplistic nonsense that you have presented.
This video is very informative, however, it is somewhat misleading. It’s 100% accurate in that GDP is not truly representative of the country’s wealth. However, it’s untrue to say that the massive foreign direct investment into Ireland has not benefited the country. Approximately 30% of the workforce is either directly or indirectly employed by these companies. These employees are among the best paid in the economy. Furthermore these companies have invested 10s of billions of dollars in Ireland. A much more accurate way of measuring Ireland’s wealth is Gross National Income (GNI) and by this metric Ireland drops from the second wealthiest country in the world to ninth wealthiest. Ireland has garnered 10s of billions in tax, both corporate and income tax, over the past three decades to the benefit of the country. Having said that it has not always spent these monies wisely. Irish public sector employees and civil servants are among the highest paid in the world so much of the national wealth generated by taxes, rather that being spend on infrastructure, services and reduced taxes for citizens has been distributed to public sector employees, including politicians.
Wait, so Ireland is responsible for the failure of your shitty budget airline now? This video manages to mix poor historical analysis (no mention of the malignant neighbour that kept Ireland poor for centuries) and shallow/dated analysis of the current position. Yes, tax minimisation did bring US multinationals here originally, but there is a "real" economy behind this now, in as much as bullshit tech jobs are ever real. Also, the "sick man of Europe" tag was more commonly applied to the UK in the late 20th century (and at various other points in time France, Germany, Italy and Russia), never really Ireland - Ireland was too small and irrelevant for anyone to bother labelling it that way. The biggest economic mis-step after independence of the 26 counties was an initial push for self-sufficiency, which was politically understandable but economically misconceived. Anyway, do better.
We will regret a lack of self sufficiency in the future. A change in the way the wind blows could send every multinational scuttling out of Ireland. What then?
He didn’t say Ireland was responsible for Bonanza, he used its as an example of asset parking in Ireland. The whole point of the video is to point out the fact that Ireland is not one of the richest countries in world by GDP per capita because the numbers only exist on paper. In many ways setting itself up for failure and irrelevancy in the near future.
@@BusesAreFatCars The wind has changed with 2008 crisis and the tax the multinationals have to pay has increased [Estonia now has a lower cooporate tax]. The multinationals haven't moved and are not likely to.
@@paulohagan3309 Any US President could alter the conditions that allow them to operate here as they do at the stroke of a pen. You believe that will never happen? They pay more, yes. Much more? Enough? Not in my country. My country is one of the richest in the world, on paper. In reality everything is starting to buckle. Mass immigration is not bringing any real benefit to the country, yet the government won't stop. They keep granting the visas. The majority of the immigrants are from outside of the EU. For a country of 5.3 million (official numbers, actual number is higher) we have just under or just over 2000 rental properties available at any given time. It has been this way for years. We do not have the housing or the infrastructure for all of these people. Yet the government refuses to stop. Almost every hotel in the country is packed with refugees. The quality of life for everyone, though especially working class people has fallen and continues to fall. The government denies it is even happening. Hospital waiting lists grow and grow. Teachers struggle with foreign language speaking students. State propaganda is advertised on at least half of all buses and bus stops, which now never includes an ethnically Irish man unless depicting them in a negative light. Even the wealth the country does have is terribly mismanaged by a managerial class of administrators who have usually never run anything of consequence in their lives beyond a school spelling competition (yes many of our politicians are former teachers - either that or went directly into politics). We have no leaders. Just administrators. They cannot solve problems, simply finesse existing problems as they take their marching orders from the EU, who they are only ever too happy to try to please. Nothing is more important to them than a pat on the back from the EU. Where this all leads is easy to see. It leads to the collapse of our culture, the one we fought hard to maintain under 800 years of oppression and occupation by the English. Now our politicians are destroying it themselves. We stopped following UK policy after they left the EU, though we are still following many of their mistakes. The difference is that many Irish believe that Irish people are mentally deficient and that we would have never have emerged from the dark ages of being a farming nation were it not for the enlightened wisdom and finances of the EU. It's nonsense. Every country ij the world (except those actively at war or profoundly corrupt or oppressed by it's neighbour) has drastically changed over the past several decades. We would have done the same. England is starting to buckle under the weight of government lies and a lack of leadership favouring the people and the nation. That's not going to change under Starmer. Ireland is on the same path, we're just behind them and some other countries. We still have time to partially roll back, though we won't. Our leaders just have to keep that GDP high so they can claim they're doing a good job. Yet our services, infrastructure and quality of life are all buckling. If you've managed to carve out a bubble where your life and finances are decent well then that's good foe you. A large proportion of people are not doing as well, and it is a direct result of government apathy, corruption, warmongering, incompetence, greed, and for many, thanks to their new love of intersectionality a hatred for their nations history, culture, and it's people.
The other "wealthy" states Norway, Finland, Iceland and Sweden are close to as rich on paper as Ireland yet it seems all wealthy countries are bleak and even though our wages and prices are higher, the quality of living is at or about Germany or Austria. Many of us are struggling. Still, we have a massive social safety net to keep us aligned with them. Please do this again with any Wealthy nation and not pretend Ireland is the outlier. Including Australia where the generation also below you can never afford to buy a house. Also, our tax revenues do benefit us because as you mentioned, the proposed sovereign wealth fund. plus our current budget surpluses. I've never been to Singapore so I have zero idea if their quality of life is above or below Germany and France. Norway surprised me the most. As crazy expensive as it is, if you are not in fishing or oil, you are decimated each month for even the price of food not to mention rent.
If your budget airline ordered its own aircraft it would have been waiting till 2035, clearly there business plan wasn’t worth the paper it was written on. On another note we export frozen deserts to Australia because your wages are too high to manufacture them yourself. There’s plenty of places that are cheaper to do business than Ireland.
As an Irish person I can testify to the fact that there are so many errors in this video it’s not worth taking entirely seriously. Some good points, but a lot of misunderstanding and incorrect interpretation.
I hope your financial summary is more accurate than your historical one. Big errors on a topic you clearly know nothing about devalues your thesis on what you clearly do know about, because many people won't separate the two.
Yet you scored the Irish economy 8.4 out of 10 in a previous video I think and it's near the top of your leaderboard. The exact same things that you mention in this video were at play when you made that video.
This video never mentions the highly educated English speaking workforce (the only English speaking country in the EU now) and how the Govt pressured these companies to hire locally in order to avail of these benefits.
This is an embarrassingly poorly researched video. I cringed every time you referred to Ireland today as “Celtic tiger”. Multi nations provide tens of thousands of high paying jobs here, generating huge taxes. Airplane leasing was a genius move. I’d love to see a video about this by someone not so biased.
Everytime i work with an irish immigrant they say the same thing, the 08 crash was so hard on them that they gave up and fully chamged countries (canada / trades work) and havent wanted to go back since. Infinitesimal sample size but not wamting to go home is a pretty brutal indicator of qol
In Perth Western Australia post GFC many Irish came to Australia generally and the ones I spoke to,a lot based on my job, didn't see a future in Ireland sadly.They mostly loved it here but also missed home.
Ireland has a history of emigration (I'm Irish) the QoL is good, mostly comparable to Europe. Housing is incredibly expensive, but that's no different than Europe as well. I'm not saying this video isn't accurate or that Ireland doesn't have problems.
Does anyone really think the Republic of Ireland hasn't improved for normal people since the 80s?Aye,sure go back to high taxation and see how well off normal people are in 20 years.
Of course it has I grew up poor in West Dublin in the 90s I remember my family not having much. Now we want for nothing the only real issue in Ireland is housing the government needs to start building housing and that's more for population reasons people don't want to start having children until they have their own house.
@@ciaranbrk Is it really that difficult to build a lot of houses around Dublin?England names millions of new houses but surely they don't need so many in Ireland.
Ireland has a housing crisis but so does the United States and Canada. There is a particular housing problem in Dublin, however, there are multiple EU countries which have a worse homeless problem compared to Ireland including in France, Luxembourg, Greece and Sweden. By many measures; Ireland is almost as wealthy per capita as France and wealthier than Spain. For an isolated country with few natural resources like Ireland to achieve this, is impressive. How did Ireland do it? Multinationals in Ireland pay a lower tax rate. That is why they are located in Ireland with their employees who contribute to the Irish economy. For the longterm future, the Irish Wealth Fund seems like a promising idea.
@@bb1111116 Our butter is also top notch and considered a luxury food item globally - which I find hilarious but it’s a great thing for our dairy industry
@@emanwhomakesbarrels701 ; I do understand about housing crises, whether personally and by looking at the data and articles. But I do not believe my reply to you, which had details about this, is being posted so you can see it.
It is amazing the amount of this video that is factually incorrect (Celtic tiger died with the financial crash) the ignorance displayed of Irish history is laughable and loses all credibility in somehow trying to link the imposed famine in 1800’s to current economic circumstances. It is a little disheartening to realise that what could be a good educational opportunity needs now to be fact checked. If the other content is like this, you would be better off ignoring.
I love your content but I’d be lying as an Irish person if I said that describing hundreds of years of British oppression and violence as merely “pre-existing economic hardships” didn’t bother me a little.
Contradicts your other video on Ireland that states it has diverse industry and ranking it high on the EE leaderboard. Wonder what prompted your change of view 🤔
I normally quite like this channel but this video is so inaccurate and demeaning to the history of Ireland……. So many wrong things being said and out of context…
@@tiglishnobody8750 No population size. GDP is only 533 billion. Even a small economy like Australia has 1.7 trillion and I don't think EE would call Australia a major economy.
I find his assertion that the presence of multinationals in Ireland doesn't really benefit with the majority of the population bizarre, considering the huge surplus, the exchequer has from corporation tax receipts (how on earth else would it be able to afford all these utility bills credits).
I'm Irish born and bred, and I've left with no plan on returning. Our public services have been degrading for 16 years creating signficant problems with crime and healthcare, our cost of living is INSANE. Entire economy is built around sustaining outrageous house and rental prices for retirees who rely on them as a pension, and encouraging multinational buy-in. All my friends are either living at home indefinitely or struggling to rent a mouldy room for outrageous fees. Wages have not kept up with cost of living at all unless you're Dublin-based and working an abnormally good job. Many immigrants arrive and are genuinely shocked by how dire things are here given what they've seen on the news. It's enormously frustrating and nobody ever hears about it. If you ever do another Ireland video, there are some insane market and governance dysfunctions you could cover related to the economic structure we've cultivated.
@@voodo0983 Moved to Spain. It wasn't our first choice but my girlfriend and I had been planning on leaving for two years and she got an excellent job in Madrid. Very happy we did. Life is a lot easier here.
@@TadghWagstaff Fair play to you, but I think your PoV is tunnel-visioned. Lots of people here live fulfilling lives and it’s a great country 🇮🇪 not perfect, but it’s pretty good
@@TadghWagstaff I'm a mechanical engineer from SA, looking to move to Ireland (most likely will work in wind turbine maintenance) You think its a bad idea or should I rather go to New Zealand?
I love hearing how the GDP on paper is high but in reality isn’t over and over and over in this video without hearing your point then changing argument to common airline lease, ok this channel have nothing to offer, I’ll open my first company in Ireland for sure.
You're quite wrong about the aircraft leasing business in ireland being just a tax dodge. It's an industry that has been built from the ground up since the 1970s, initially by ILFC and GPA. Once a location becomes a centre of excellence for a particular industry and critical mass builds them that's where everyone goes. Sure, taxation is important but it's real business. Same goes for the Pharma industry. Just like finance in London or movies in Hollywood. They could happen anywhere but the infrastructure and expertise is in those locations.
Regarding relations with the EU, I wouldn't worry too much for Ireland: the "Commissioner for Financial Stability, Financial Services and Capital Markets Union" (sic) is Mairead McGuinness, an Irish Conservative politician...
Constantly referring to Ireland as a "little country", referring to what can only be described as genocide as "the great hunger", and implying that tech is not the biggest industry in the world, and will be for the foreseeable future, just give the impression of jealousy. Ireland is a huge player in the market whether you like to admit it or not. Maybe you need to take a deep dive into your own country and see that the Irish are propping up your work force at the minute. Australia thinking they're a big country, land of crooks still kicking up to the king, embarrassing.
I love living in Ireland. Our FDI appreciate us here in Ireland as their IP safe haven, hard earned mind you. I really enjoyed and learned from this good video.
It's referred to as the Famine - not the great hunger. Also, The Celtic Tiger refers to a period of a few years of very strong economy. We are not known as The Celtic Tiger, that's not a thing.
The phrase in the Irish language is "An Gorta Mór" which translates as the Great Hunger. That's what the famine was known as for a long time. Cecil Woodham-Smith wrote a book about the Famine with that title.
@@fergal2424 I agree with you completely. I think at the time Irish was much more widely spoken. Great Hunger has fallen out of use generally as you say.
7:57 - Oh, that's an oversimplification. This has to do with a difference in US tax law as to where tax is booked vs other countries, and a peculiarity in Irish tax law created under Lemass in the 1960s (IIRC), where there was an assumption that foreign companies investing in Ireland would be opening factories, not doing the equivalent of a reverse takeover and redomiciling. Effectively Irish law makes the company tax resident in the US and US law makes the company tax resident in Ireland. The US (and the US is the only country where this is a problem), could fix this overnight if they cared.
Completely ignoring the landlord class of English folks who exported food during the famine, argued against famine relief, and had spent decades undermining the development of industry in Ireland as a way to prevent competition with the industrial centres in Manchester and Liverpool. Before the Industrial revolution Dublin was the second largest city on these Islands, the Irish economy was intentional sabotaged.
As others have said, this is quite a biased and somewhat inaccurate portrayal of Ireland. It implies that Ireland is much less well off than it is. For example, budget surpluses in Ireland over the past few years (which are forecast to continue for the forseeable) have been so large that the government has set up a soveriegn wealth fund to pay for an aging population into the 2040s and beyond. This is a luxury very few top tier OECD countries currently enjoy. Yes it may come from high corporate tax receipts but the effects are very real indeed - quite contrary to the implied invisible wealth of 'leprechaun' economics'. Our social welfare system.is also very generous. This has not come about by chance. Ireland has been extremely sucessful at making the most of its unique profile (it is the only English speaking country in EU, it has the most highly educated workforce, strong ties via a big diasoera to the US and UK etc) to attract the world's biggest companies. Most if not all of these compnaies (Apple, Intel, Google, Facebook, Salesforce etc) have no intetest in moving from Ireland. Ireland is reliable and consistent in its policies. Companies that move here are confident things will remain as they are into the future, and this is very attractive. I think much of the critque from oversees is envy driven. Ireland has made some very smart and shrewd decusions since the 1980s and deserves to reap the rewards.
The last sentence was that Holland is a partner in tax crimes just like ireland. Is having low taxes a crime? Only to communists. You have an Aussie accent, so your heritage is basically the tax avoidance and prison continent that Britain dumped all its lawbreakers on in order to save money, but now you say ireland is tax avoidance. Tax avoidance is not a crime. Tax avoidance is your heritage, and Britain's greatest export is independence days.
All I want is one completely honest, NO BS Economics explained video where he finally says yes, the government taking your shtt at whatever level they feel like they need is a complete scam, and Austrian Economics with libertarian politicians and a small government is the solution to every single problem that exists today.
I'm British and l laughed when I was watching an infographic video on GDP per capita when Ireland suddenly doubled overnight! Whilst I'm sure the Irish are a capable people, but what is GDP per capita telling you exactly? 😂 Google's moved in to avoid paying tax in the USA!
This is well below the standards I would expect of this channel. The great hunger was a genocide by England - no mention of that. Ireland was primitive and disadvantaged the way it was because colonial England made it that way and kept it that way. No mention either of the advantages Ireland has in terms of education, being the only native English speakers in the EU, being the nearest EU country to the U.S etc etc. Even the title, questioning if Ireland is a scam. By whom? Who is trying to scam who and why? Normal economic metrics not being able to adequately measure Ireland does not mean there's a sinister element to things. Ireland specifically rejected the Nice treaty because we wanted control of our tax policies. We're a tiny fish in a big pond of massive fish/sharks. Look at how we were shafted in 2008 by having to take private debt on as national debt to protect EU, UK and US banks. Other countries can match our tax policies if they wanted to.
The US GDP per capita hits a little more because the population here is so much more than the countries in the top 10. Some of those are borderline micronations and Singapore actually is. We're spread over all this area and people and overall we've pulled the most people into an overall high standard
Well, tell that to the teethless housekeepers from VA that I have worked with during my stay on Work and travel exchange for international students. I haven't seen such thing as high standard there.
@@Honzicek22You must be in a low income area then. Besides the north part surburban area of Virginia that DC workers live in, it isn’t a place known for its wealth.
The US has huge wealth disparities. Lots of billionaires pulling GDP per capita figures up. If you look at median income instead, the picture's not quite as rosy, but it's still one of the highest in the world.
What do the Irish citizenry get out of all this wealth flowing through their country? Hundreds of thousands of jobs and many, many billions in corporate tax. Been almost two decades since any Irish person imagined those headline figures reflected anything 'real', but they do bring large benefits to the Govt budget. Celtic Tiger? Haven't heard that term in almost twenty years. I feel great shame at facilitating tax avoidance, but instead of trying to scold the Irish out of their use of whatever resources at their disposal, maybe Germany wants to build a few VW factories here, or give us access to our natural marine resources. Most of us want to escape this chicanery, but we need a hand to get out, not sneered at. Still at least we don't profit from killing the planet with our coal industry.
When you take out the effect of the Multi-Nationals on our economy, our GNI per capita is still higher than the UK. This video seems to be extremely one-sided in its analysis of how the Irish economy functions, we’re not just a tax haven, and we’re also not straining our international relations anywhere near to the extent that’s implied.
@@SilentEiregni per capita also deflates Irelands economy. If the UK made its own measure excluding financial companies in the same way Ireland excludes aircraft leaders because they don’t actually effect the economy it would also look poorer than it is on paper.
Quite hard to take any of the rest of this video seriously with an introduction that was so starved of any actual insight on the cultural, societal and economic impacts of imperialiasm. Not a bit of context or even so much as a meaningful word on how being colonised for 800 years, the country being used essentially as a farm for the British empire, where all indigenous industry, talent and skills was intentionally, aggressively wiped out, and overseeing "famine" that occurred when millions of tonnes of food was exported by the British every single year of this "famine" that is actually now widely accepted as a ge*** id e
The Irish gig with multinational corporations is a sleight of hand....however....Ireland has come a very long way and is an amazing country. Quality of life today is so far ahead of where is was 50 years ago its incomparable. I grew up in Dublin in the 70s and I have two teenage sons. Their life is 1000 times better than anyone experienced in the 70s. It's been a remarkable run for the country. Ireland is a very beautiful country with very kind hearted people, lets not beat on them.
Kind hearted? If you lived in northern ireland during the troubles you wouldn't agree with that, blowing up shoppers because of your political view is not very kind hearted. Irish people are good at ignoring their own barbarism while claiming victimhood.
Ireland is not a run of the mill country, it, in common with all European countries, has a long history of striving against odds to become what it is today. But its geographical position is not ideal. In fact it is out on the western fringe of Europe, not a large population (Though that is rising, but how economically useful the immigrants are is a question). Ireland will continue but there will be struggles to overcome.
The Trump presidency didn't exist, don't you know? And all the business growth due to lower corporate tax is thanks to Biden for some other nebulous reason. ; )
The graph used to show the corporate tax rates across several countries ends at 2013, and the Google CEO congressional hearing he talked about he also said was in 2013.
From $10K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Most people don't understand the concept of "buying the dip" buying the dip is all about buying digital assets when their prices are down and selling off when the price rises.
Same here I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me.
I had a hard time following this video, either in English or translated to Spanish, but because of how fast you talk. You should consider checking what's a recommender speed limit on videos to make them more accessible for commoners unless you prefer targeting local people who can follow your speed.
The USSR also holodomor’ed the Ukrainians and exported Ukrainian grain during a famine (which rhymes with Irish history) to get funds to continue their industrial development during the Great Depression
It's so "unstable" that we've been experiencing amongst the fastest economic growth in tje western world each year for almost 30 years (except 2009 - 2014)
But the muiltinationals DO put money into peoples pockets. Job creation is massive and country at full employment. One of the reasons the country is flooded with migrants & zero housing left.
This is a very poor video. Poorly researched with huge misunderstandings of the details. The basic premise is correct, as many, many people have written and published videos on before. The Irish people are well aware that their GDP figures are inflated, we've been teaching that in schools and universities for decades. In Ireland we actually use GNI (and other variants to removed the affect of IP too) because we are not idiots and are interested in finding true measurements of Irish productivity. What this video misses by a mile is that Ireland is using all of this so called shenanigans to attract Foreign Direct Investment and high paying jobs. So much so that before tax Irish GINI is one of the worst in Europe, but it then uses a fairly high tax regime to move that money around the economy. Is Ireland a paradise? No, of course not. Is Ireland the lowest Corporate Tax haven even in Europe? Nope, both Hungary and Estonia (and others) have low corporate tax systems. What Ireland has is an English speaking, highly educated workforce with a large diaspora that helps attract foreign capital. It's also a decent place to live so foreign workers feel safe etc. The real threats to Ireland's success are the ongoing housing shortage, the threats to Globalisation from nationalists worldwide and the fact that it requires good fiscal policy to manage an economy without access to monetary policy. The sovereign wealth fund is a recognition that this situation is likely temporary. The current government doesn't want to create spending which isn't backed up by stable tax revenues, so it's redirecting what it considers a windfall tax into a fund that can hopefully generate stable revenue in the future. This is pretty good policy and the fact that all you did was write vague negatives about it is a sign that you knew you were out of your depth on this one. This video is so bad that It genuinely makes me question the quality of your other videos where I knew less about the economies you were talking about.
Some very shoddy research in this video. At the very start of the video you illustrated how poor and backwards post independence Ireland was using pre independence imagery. It went downhill after that.
The channel never really claimed or tries to be serious. It's more pop-economics to be entertaining more than anything else. His older content was a bit more rigorous, but he probably realised it wasn't as popular.
Yes, he realised that half-arsed inflammatory videos yield a better return. He literally produced a video comparing Ireland's real and "paper" economy without comparing GDP to metrics specifically designed by the Irish Central Bank to remove external distortions: Modified gross national income and Modified Domestic Demand. GNI* comfortably knocks 20-25% off Irish GDP depending on the year. MDD (when adjusted for savings) shows consumption of Irish households lies somewhere between that of Sweden and the Netherlands. As Ireland was dirt poor for most of history our infrastructure hasn't kept up with the growth and has consequently bottle-necked the country's potential for future growth in the short term: essentially we have the wallets of 2024 Dutch citizens with the infrastructure of 1970s Netherlands. As a side note, Ireland gets a lot of flak for its economic shenanigans (in many cases, rightly so) however it would be interesting to see how other economies would fair should their distorting factors be accentuated. and examined. How much does the City of London and the Chanel islands distort UK GDP? How much does the port of Rotterdam distort Dutch GDP figures?
Hear are some facts about Ireland right now;_. Ireland has the most educated people in the EU and I would imagine Globally. I have grown up in Ireland and we are an above average rich country. The number of jobs the HiTech creates is actually lean than the jobs Irish companies create in the US. Ireland will continue to get richer as the years roll on. Will everyone be better off? No, of course not. Some people in Ireland think the Irish tax payer owe them THEIR standard of living and do little for themselves. These people are the biggest whiners and never shut up. They have not learned that personal development starts with them, getting educated, working hard and being a contributor to the development of the State. But we are doing well and that is a fact.
All I see is a bunch of people walking around with money and nothing to spend it on. Ireland lacks amenities so it is good time to set up business or service. In the UK they have no money and too many options
@@someirishguy1662 I get you but honestly I don’t really see that, out gunned if they have an idea or business plan not very well thought out or bad location. Example open up the only take away in a small town/ village you’ll clear up, lots of opportunities to be big fish in small pond. Theres some good schemes and grants for enterprise. Plus the old generation are letting go and dying off now so I’ve witnessed attitudes shifting and willingness to try new ideas. You probably couldn’t open the cool coffee shop in town as it stepped on the toes of the local oligarchs who owned the pub, hotel, garage etc but he’s gone now and his children are useless coke heads so it’s easy pickings
Perfectly described, I know where this "economic" point of view comes from. A guy named keynes who believes the government is the main propulsion of the economy, and who praised taxes as if they are coming back to ppl exactly how they need. The good money is the money of your work in your own pocket for you to decide what to do with it. This socialist way of viewing the Irish economy is bad for Irish people.
Nice defense of a socialist economy perspective. USSR worked on exploitation of their own people and natural resources, collapsed, people were hungry and faced famine. On Ireland nowadays almost no one faces hunger and famine anymore and this is bad why?
So what you’re saying is if all these multinationals pulled out of Ireland, taking with them all their jobs, unemployment would increase and the economy would collapse? Not exactly insightful, that. For sure Ireland is overly-reliant on this sector, and could do with developing more indigenously productive goods and services to diversify its economic base. But Ireland stands to become a major renewable energy exporter (if it can get out of its own way), and potentially with the same scale of benefit Norway has gotten from oil.
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Why didn't you put ireland on national leader board. Do you not consider it a nation?
As an Australian what are your views on monarchy
Cmon, talk about land value tax, Georgism soon!
No ranking?
@thomasfsan You should also be focusing on climate collapse
T A L K S L O W E R
“That money was just resting in my account”
I heard yer a racist now, Father!
Father Curlery😂
It could have been worse. The money could have been tanning in the Cayman islands as well. Lol
Yes Ted
It was.
I hate it when my green colored country goes red
Salam my friend.😂
The redcoats are back
Caelid citizens be like:
Symbolically in Ireland we do too regardless of its meaning
Green above the red!
Seamus, fetch the fertiliser
As a irish person....yes... Our politicians are obsessed with things looking good rather than actually being good... Sucks to be a person ..great to be an international company🙃
It's really sad how Ireland behaves. Ripping everyone else in the EU off, while they actually have the talent to build something amazing within the EU.
@PhilippBlum ripping off how exactly? The corporate tax rate is now 15%
@@Dewaters65 What about all these backchannel deals they do?
Wich one are you?
The hallmark of a dysfunctional country. Leaders of the smooth-brained variety like to look down on things from the top, never scratching the surface or understanding things on a deeper level. I wish more leaders would ask themselves questions like "Does it work?", "Is this practical?", "What are the potential negatives?", etc.
This is all fair, but I feel its my patriotic duty to point out that this isn't like Venezuela becoming completely dependent on oil and then being broke as f**k once the oil price drops or something. Ireland has no oil, no coal, no steel - we have some nikel, arable land, and people we can educate.
The money made from the shenanigans has, by and large, not been mis spent on foolish boondoggles, we've educated our work force and built a decent road system and generally tried to run the place sort of competently. And if you look at things like the Good Country Index and the Human Development Index, things that look at factors other than just GDP, we tend to rank pretty highly.
We also definitely enticed the US firms into Ireland with the tax rate, but we've KEPT them by being well educated, being an easy place to do business and being competitively salaried. Intel, Analog, Pfizer and whole slew of others actually manufacture things here - this isn't the Cayman islands where "corporate HQ" is just a post box in an office somehwere.
Its absolutely true that our real wealth is much lower than our "on paper" wealth, and its absolutely true that we were happy to ride that particular gravy train for as long as we could - but its also true that we knew it couldn't last forever and we agreed to end it (once we had no other choice.....).
Here here people are too quick to criticise and judge, even our own people
Ireland would be an economic backwater if it wasn’t for our government being clever and making the best out of a country that has no unique natural resources
This does seem like quite an inflammatory video alright. Theres a lot more to modern Ireland that the low tax rate, especially with such a focus on the double tax loophole that was closed yeara ago. Also the current 12.5% tax isn't exactly a whole pile off the new 15% minimum. Also no mention of the extremely highly educated workforce and the specific knowledge in things like Biotech and Pharma etc, that aren't easily transferable, unlike standard manufacturing roles
@@jamesomeara8668 Yeah this video skims over a lot of the Irish economy. Most economies in the world are borrowing massive amounts of money while Ireland runs at a surplus. So to say that Ireland doesn't benefit anything from multinationals and then not mention the actual economy being very healthy and well run seems to suggest the video had an agenda. If he was talking about the "real" economy then this should have been discussed along with the things like median salaries, etc.
Your trains still run on diesel...
And we have kids dieing in a,&e in limerick after waiting 14 hours to be seen by a doctor@@germanogirardelli
The term Celtic Tiger generally referes to the period following economic expansion in the late 90s to the crash of '08. It is not usually used in reference to today's Ireland.
I’ve seen “Celtic Phoenix” being used now
@@NewBeckerhere we go again
@@NewBecker what stupid idiot came up with that
Just one of the many errors and half truths in this video.
Certainly not, the crash of 2008 gutted the Irish economy, destroyed the housing market. The Celtic tiger turned into the Celtic kitten, totally helpless to control its own economy.
I'm irish and your history lesson was quite irritating tbh, there was a reason people were so dependent on the potato!! The country was a net exporter of food while that million starved.
The video was purely propaganda. The video was fear mongering about a business going belly up on a lawsuit and taxes.
Simple put. The intention of a tax as a penalty, is not to tax an honest company out of existence. But to tax the self inflecting cult out of existence.
Politics is all about Republicans being a cult and Democrats are the anti cult. The definition of a cult is self inflecting harm. And lawsuits and taxes are not this self inflecting harm the cult is doing. But a tax is something only the people pay. And not something a company pays. Taxing my milk will only make me pay that tax (the people buying that milk).
But taxes do serve as a second catalyst. A speeding fine. To not act in a cult (self inflecting) harm.
Such as being a predatory leader to our businesses requires stopping. Because rewarding savers is punishing the borrowers. And this is a self inflecting harm that must come with a penalty fine. AKA tax the cult, AKA tax the rich.
Simple put. The intention of a tax as a penalty, is not to tax an honest company out of existence. But to tax the self inflecting cult out of existence.
I think he just didn’t want to get into the politics of it all and annoy the brits watching by calling out their ancestors for causing the famine
@@evansheehan8717 He's a citizen of the common wealth. Doesn't want to admit to the horrors of the empire.
That's Liberalism for you and Neo Liberalism is Liberalism 2.0.
@jemmullen it was irelands pure at the time as well
We are living in a central planned economy where every good thing seems controlled, from real estate to stocks and now gold. I'm open to ideas how to safeguard and grow my wealth amid high inflation, can't let over a mil lose its value by just sitting in my bank.
buy bitcoin! it is decentralized and most secure, thus healthy competition among many miners
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Opting for a brokerage Adviser is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 300% since 2022
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My CFA Jessica Lee Horst, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
This video is a half truth, and that’s being generous.
Tax gets these companies in the door, but they have real value-adding operations in Ireland that generate enormous real economic activity.
For example; Ireland is one of the world’s largest producers of pharmaceuticals and medical devices.
Irelands Human Development Index (HDI) ranking of 7th in the world proves the economy benefits its people (HDI is based on lifespan, education etc. not GDP).
Portraying aircraft leasing as a tool for dodgy airlines is ridiculous. Several national flag carriers lease their planes in Ireland (such as American Airlines), because it’s cheaper to lease than to borrow upfront. We would all be paying far more for plane tickets without leasing.
I expected a lot better from this channel.
I've really admired so much from this channel. It's hard to know what happened here.
What would U expect from an Aussie anyway they all come from the best country in the world 😅😂😂
Yeah this take is a bad one from EE, negatively biased, not sure why
Agreed- little bit of saltiness here that I didn't really get from videos on the likes of Singapore that do share quite a lot of similar traits
I think he's making some reasonable points though we are overly dependent on the foreign firms we really need to grow more Irish firms to find replace some of them.
I remember Ireland in the 1980s. In comparison to back then and to other countries I've lived in, it seems pretty wealthy today. To me at least. Maybe not "second richest country in the world" wealthy, but definitely above average.
I mean there is a metric used that can compare countries wealth more fairly which is AIC, and using it Ireland is just ahead of Cyprus and behind Japan. I’m from Northern Ireland and I guarantee you that no Ireland is not some Uber wealthy country, and in fact many people are struggling more than in some average or poorer country. It summed up by the fact that the main university in Dublin is cancelling study exchanges because incoming students have been ending up homeless due to there being no housing.
We are the third highest GDP per capita but the cost of living is also high too, so in theory can earn 80k - 100k dollars a year but housing prices is like a hundred thousand, and it is not like all of Irish have this
Having high amount of money is kind meaningless if cost of living like housing price is also high as well
@@tiglishnobody8750 Also true elsewhere, is housing cheap in California or Switzerland?
@@tiglishnobody8750 GDP per capita is a misleading statistic. Try median wage adjusted for inflation (PPP).
Different reasons and those areas build/innovate or are known tax havens, switzerland is not a place to aspire to considering how they build wealth. @gordanhyland7422
That summary of IRL's economic history needs more work.
I'm being very polite.
An understatement
You should start your channel and make one then
Why? Do you just not like the fact that Ireland’s economy is based on everyone else’s expense?
@@adamheuer8502Economics explained chats a lot of shite in this video specifically when talking about history. He and his writers haven't a clue.
I checked out at 'great hunger'
The irish economy is massively overstated by the incessant capital inflows of US conglomerates. On the one hand, these multinationals drive up living standards and create an astronomical number of high paid jobs. On the flip side, these firms also ratchet up living expenses and most notably housing to staggeringly high levels. Having said that, Irish youngsters are bearing the brunt of housing unaffordability.
The government got out of the (social) housing building game decades ago. County Councils only build a 10th of what is needed.
The government (FFG) want anyone with a spare bit of cash to be an accidental landlord (govt. gets tax on the rental income) and the landlord has to pay the mortgage using post-tax money.
Something like ISAs or Roth IRAs would cool the housing market.
just build houses
Youth bear that brunt everywhere.
@@declanmcardleI would be shocked if you don’t have the same thing as we do everywhere: NIMBY, aka “I got mine”
@@nietur With what builders?
Corporations paying only 12.5% while i have to pay almost half of my salary in taxes. Well done Ireland.
As an irish person who pays slightly OVER half in tax, you're welcome
Makes more sense if you recognize that your high paying Job would probably not exist in Ireland if the Taxes weren't so low.
I can understand the argument. But then the only way to be fair would be a flat tax rate. And people always fight the idea. In the end, i have concluded people want to pay less by making others pay more. There is nothing fair about this.
@@pocki892 ----- Exactly right and a point overlooked by this video. Apple for example currently has 6,000 employees located in Ireland earning nice salaries. What is more Apple has been employing people in Ireland since 1980 when Steve Jobs established the relationship.
Well, create several hundred high tech manufacturing jobs and offer benefits and perks, and bring several billion in fireign investment into the country, then you can pay 12.5%
Like with a lot of your more recent video's, you set out with a view on answering a question and then trail off into tangents, never really getting back on topic. Most of the script didn't seem to match the visuals on screen and almost all information is quite dated. Quality over quantity comes to mind...
My thoughts exactly. The double-Irish hasn't been used for nearly a decade now.
I've commented similarly on other videos. Definite decline in quality. Lazy analysis in some cases with little discussion or nuance so you don't learn anything substantive.
Still waiting for money to trickle down. It'll happen soon I promise
😂😂😂😂
For that you need to buy shares. Don't tell me nobody ever told you that. You thought it would happen by itself?
@@mathieusimoneau3358 absolutely no way you took this so seriously 😭
@@mathieusimoneau3358No, I'm an illiterate weeb with the IQ of a penguin.
Relax brother. T'was only ever a mere jest.
trickle presumes poverty
Yes Irealnd's GDP is over inflated, however the Irish government and central bank use the adjusted GNI (GDP-multinational tax receipts) to really gauge the economys performance. Also the very business friendly policies have created a very strong manufacturing industry here, especially phamaceutical products, Irelands largest export, creating many high paying jobs which benefit a large proportion of the population. Taking away Irelands IP schenanigans, you see a country which has a strong manufacturing industry, highly educated workforce, many multinational headquarters, a reputation which is very business friendly environment and the only english speaking country in EU, all of which did not exist pre celtic tiger. I don't agree with the governments policies, however, to essentially conclude with Ireland is a con man which is destined for failure due to short sighted policies is disingenious.
This sad wet rock in the Atlantic had zero infrastructure due to the nations status as a colony for >900 years, and then a nation suffering from a post colonial economy for 70 years, has no natural resources, and had net emmigration and brain drain for the past 150 years as there were no prospects for it's citizens. Nowadays, it has become a nation at least on par with their European counterparts, with a sovereign wealth fund to boot, full employment and significant opportunities for its citizens and the few fortunate migrants that make it here. This video glosses over the seismic changes which have occurred in Irish society over the past 30 years.
GNI is still inflated by multnationals hence GNI* of which Ireland uses, which is still high and not totally remove from the effects, but a point about GNI, because it is so high, Ireland has enough headroom to take money from the ECB if need be. These multinationals are contributing a lot to Irish Manufacturing, and Irish Services. I know personally that Amazon alone are building data centres up and down the country are having positive knock effects not only in Rep of Ireland but also across the border in Northern Ireland as well. If these multinationals leave then it will be a more serious threat to Ireland than Brexit. Sovereign wealth fund, which will accumulate, will allow some independence from ECB and allow to mitigate some of the potential economic hardships in future.
And while Ireland's GDP might bypass its citizenry to some extent...That same criticism of GDP was made, generally, by the very economists who were awarded the Nobel Prize for inventing it in the first place. It is why projects like Real Time Inequality were started to try to quantify who actually benefits from the on-paper absurd US GDP figures that are pretty much just paper as far as the citizenry are concerned.
Sure the USA has a magnificent GDP and a pretty good GDP per capita...but how many US City and State, never mind the federal, governments are broke because of accounting "shenanigans" with GDP and sweet-heart tax deals? A classic example is Wyoming and Jackson Hole--which is the USA's massive personal/corporate tax shelter attached to a broke resource-extraction-dependent state, a la Venezuela, that 100% doesn't benefit from the accounting tricks. At All. You know when you cross the border into Wyoming--because the mobile homes start popping up--until you hit the Rich Parts like Jackson Hole that are owned by billionaires.
Absolutely. Ireland has a lot going for it, I’d say it’s one of the more promising countries in Europe. Yes it suffers all the same western neoliberal problems, but as it’s a small nation the problem are easier to solve. They are building houses everywhere the government has generous grants and schemes for buyers, they need more social housing also but I don’t think some Irish people realise how good they have it, there’s a reason why so many Germans and British move there.
The only reason those jobs have come to Ireland is because of this massive tax evasion. Ireland should be poor and it’s not because it has screwed over many more naive nations.
@@ONeill01 the data centres are a disaster, they have put too much pressure on the grid and we have been getting warnings of potential black outs the past couple winters, they use more resources than most of our cities do, all while providing barely my jobs
Ireland forecasts budget surplus of more than €8bn in 2024, According to a 2022 report by IDA Ireland, there are a total of 301,475 people working for foreign multinationals in the country.
Can’t wait to bring those jobs Home!!
No need for Irish people to be getting paid when American companies can hire American workers!
That's fantastic, the British are going around begging for investment, people to stop putting this country down.
That sounds a very dubious number, some 10-15% of the working Irish population is subject to foreign multi nationals who could move out at a moments notice.
The stability and growth of Ireland’s corporate tax revenue, heavily dependent on major multinational tech and pharmaceutical companies, remain robust. History shows that these revenues have increased steadily since 2014. Concerns about multinationals leaving Ireland due to changes in tax regulations have proven unfounded, as evidenced by continued investments and operations of major companies like Microsoft, Google, Apple, Meta, and Amazon.
Ireland’s appeal to multinational corporations extends far beyond tax incentives. Historical perspectives reveal that companies are attracted to Ireland for its predictable low-tax regime, stable political environment, English-speaking workforce, and membership in the eurozone. These factors create a favorable business environment, making Ireland a preferred location for U.S. companies looking to establish a European base.
Despite adjustments to tax structures by the U.S. and the EU, such as the closure of loopholes like the Double Irish and Dutch Sandwich, Ireland’s corporate tax revenues have continued to rise. Even changes in U.S. tax laws during the Trump administration did not deter multinationals from maintaining or increasing their presence in Ireland. This resilience indicates that Ireland’s attractiveness is rooted in more than just favorable tax deals.
The presence of five out of the eight global corporations that have reached a market valuation of a trillion dollars underscores the strategic importance of Ireland. These companies’ decisions to base significant operations in Ireland reflect the broader range of benefits the country offers, beyond financial incentives.
Generally when a youtube video title contains a question mark. Its not true and its clickbait
Betteridge's law of headlines
Get DeArrow, one of it's features are viewer typed titles that should be more explanative of the content.
@@manana1444 DeArrow is awesome, thanks!
you just had to find some way to use "shenanigans", didn't you?
Cheeky shenanigans.
Well, it was right there. How could he not?
too bad he couldn't work in 'shillelagh' somehow, as in 'Ireland is now being beaten with its own shillelagh'
Nice video but, respectfully, get your facts right about the irish famine. The British powers let the potatoe blight ravage Ireland and exported all other crops grown on the island. Mass starvation and emmigration followed.
That wasn't the point of the video
It's spelt Potato.
You dolt!
6:50 - I'll just point out here that real and effective tax rates are different things, and some countries in Europe (*cough* France *cough*) have so many ways to getting around paying corporation tax that their effective rates put Ireland to shame.
Irelands effective rate has been quoted as 0.6%, it is a "tax black hole" as the IMF head put it
@@AquaticSkipper Id give odds that relates to just one company, Apple and how they have taken advantage of capital allowances ie the depreciation of intangible assets.
Correct. Its like the Irish are being punished for having such a transparent tax system unlike other countries that have so many allowances or tax breaks. A certain American billionaire pays no tax.
1000% yes
Even in "socialist" Canada the federal rate is supposed to be 38% but the effective rate is really around 15% or even lower (like in film production for instance). It's all very confusing to me
The great hunger was a genocide btw. The british were using Ireland as a big farm and shipped out everything that wasn't a potato. When the potatoes got the blight, england did not change a thing and made the people of Ireland starve.
That old myth is totally untrue. The central government in London didn't ban Irish farmers from exporting grain especially to locations where they could get a better return. However that was more their obsession with laissez faire economics than any desire to harm the Irish population. That's also why after Peel's government fell from power that aid moved large from direct government intervention to encouraging private charitable donations. Basically an early version of Thatcherism - to give a more modern comparison - which did play a major role in the suffering of the Irish population in this period. :(
@@stephenpickering8063Irish farmers? You mean British landlords, surely.
@@stephenpickering8063Jesus wept
@@stephenpickering8063 There we're very few Irish landowners due to the annexing of land for the 600+ years prior and the distribution of Irish land to the upper classes of Britain during the transition from Feudalism to Capitalism... The Irish worked the farms for British and Anglo-Irish landlords and during the famine the British army protected food being exported at the behest of the landowning class. Sadly not a myth but one of the great cases of "the winners write history". Ireland's population would be over 40 million if it wasn't for this genocidal starvation under British rule.
@jemmullen Sorry, absolute bollocks about what irelands population would be now, irish people will believe anything that's anti british
Those AI images of Mike are unnerving
I was wondering if I was the only one. They are so uncanny. It weirdly made me want to throw up like a bad theme park ride
Yeah, it's weird how AI art is instantly recognizable. I personally much prefer stock footage.
EE: “Ireland has come a long way from the sick man of Europe”
Greece: “Why are you looking at me?”
Greece is so hopeless it is almost sad to see how Greece went from the birthplace of western science, mathematic, philosophy, and government into this?
I don't understand why Aircraft leasing is being painted as a bad guy here? You paint a picture that they are somehow responsible for budget airlines going to the wall?
Anyway, this system helped drag the country out of the dirt that it was in from 1920's up to the 1980's. It worked, and no one in Europe or the US had an issue with it until it did.
Look at the number of countries that brought in variations of the Irish IP system linking investment in R&D with subsidies and tax write offs. There are no good guys in this ...
Every Government is scratching around for more tax to fund excessive spending and waste to help keep them in power longer.
The "fixing" of the global tax system isn't about putting money into the pockets of their countries citizens. My2c anyway.
Because it is not a problem until it is. It denies taxes to the tax jurisdiction where the revenue is earned, or where the capital and IP are from.
If every country did it, every country would end up poor. When governements compete for corporations, the corporations win.
@@nekhumontadon't hate the playa
@@nekhumonta If every country harassed corporations like Venezuela we'd all be poor too if not poorer
@@hotbeefymcd8162 in this case the players decide how the game is played so yes I blame them.
What’s really annoying about this piece is that it is so poorly researched and presented, especially in terms of Irish history and the real world benefits that Ireland and its people have received, that it make me question everything else on this channel. I’m very disappointed.
Its not their economy is a scam, its that GDP is an awful metric
People use it because it is easy, but easy for something as incredibly complex as a modern complex is just another way of saying "Dumbed down to utter pointlessness"
Ireland is onto something good, its basically free money, but they shouldn;t and I think don't expect it to last forever.
Yeah it’s free money at the expense of everyone else in the world. Globalism only works on the assumption that bad faith actors won’t just steal everything not nailed down
No their economy is a scam. It only manages to grow at the expense of the rest of the EU. It’s frankly amazing the EU has managed to hold together this long with how many nations in it are so openly self serving.
Try the surplus
I'm not sure what the point of this video is? Yes, if you exclude most of the 'highest value' economic activities being carried out in a country then the economic data won't look as good
Ireland is a country with just over 100 years of history and the island is limited in natural fossil fuel resources. It has instead therefore decided to focus its economic efforts on becoming an attractive european base for multinational high tech, pharma, aircraft leasing, etc.. industries - yes, by using its low corporate tax rate and other pro-business policies, but also its skilled, educated & hard working english speaking population, its membership in the European Union, access to european markets, and its political stability and neutrality.
Don't get me wrong, this strategy has led to many other issues (housing shortages, not everyone in the country benefits, etc.. which btw many European peers are also facing) and Ireland has a lot of work to do to further develop its infrastructure & improve its quality of living. But on the flip side, it has provided opportunities for many people and has allowed Ireland to develop further economically.
The tone of this video feels overly political and fails to capture the nuance of the situation in my opinion -feels a bit similar to summarising Australia as a country which is 'just' mining and burning coal at an unsustainable rate and that its actions are contributing to the climate crisis that we are now facing (which I dont think is fair to say).
I agree with this. It is a video with an underlying agenda that Ireland is doing something inherently wrong, which I think is an unfair way to summarise the Irish economy.
Buzzwords and semi xenophobic troupes
the plan is to funnel the taxpayer of others countries into Ireland, can't works forever
Ireland's workforce are no more skilled than anywhere else in Europe - the companies are there for the tax breaks and they'll be gone just as quickly.
Ireland has 2,000 years and more of history not 100.
This video actually annoyed me greatly. Full of bias, untruths, twisted commentary and missing nuances. It’s a pity because there is an actual story to be told around this but this video fails desperately.
What nuance ? Can you tell me more about it. All the comments are talking about the misrepresentation of the big famine, but that was not the point of the video and not the story he was telling.
Your commentary is very poorly constructed, biased, and overly simplistic. As someone who currently resides in this prosperous country, I can assure you that Ireland is thriving, with a 4% unemployment rate. The economy is not just active but flourishing and expanding.
Most indigenous businesses are performing exceptionally well, and the large multinational corporations here provide highly paid jobs that significantly benefit the local economy. You've conveniently omitted several critical reasons why Ireland is prospering.
The most crucial additional factor is our highly educated workforce, a significant asset. Additionally, being a native English-speaking country with a common law system is highly valued by American companies. Access to the EU single market is another vital advantage.
Plenty of other countries have lower corporate tax rates than Ireland, yet they do not experience the same level of economic success. This clearly underscores the multifaceted strengths of Ireland's economy rather than the over simplistic nonsense that you have presented.
This video is very informative, however, it is somewhat misleading. It’s 100% accurate in that GDP is not truly representative of the country’s wealth. However, it’s untrue to say that the massive foreign direct investment into Ireland has not benefited the country. Approximately 30% of the workforce is either directly or indirectly employed by these companies. These employees are among the best paid in the economy. Furthermore these companies have invested 10s of billions of dollars in Ireland. A much more accurate way of measuring Ireland’s wealth is Gross National Income (GNI) and by this metric Ireland drops from the second wealthiest country in the world to ninth wealthiest. Ireland has garnered 10s of billions in tax, both corporate and income tax, over the past three decades to the benefit of the country. Having said that it has not always spent these monies wisely. Irish public sector employees and civil servants are among the highest paid in the world so much of the national wealth generated by taxes, rather that being spend on infrastructure, services and reduced taxes for citizens has been distributed to public sector employees, including politicians.
Wait, so Ireland is responsible for the failure of your shitty budget airline now? This video manages to mix poor historical analysis (no mention of the malignant neighbour that kept Ireland poor for centuries) and shallow/dated analysis of the current position. Yes, tax minimisation did bring US multinationals here originally, but there is a "real" economy behind this now, in as much as bullshit tech jobs are ever real. Also, the "sick man of Europe" tag was more commonly applied to the UK in the late 20th century (and at various other points in time France, Germany, Italy and Russia), never really Ireland - Ireland was too small and irrelevant for anyone to bother labelling it that way. The biggest economic mis-step after independence of the 26 counties was an initial push for self-sufficiency, which was politically understandable but economically misconceived. Anyway, do better.
We will regret a lack of self sufficiency in the future.
A change in the way the wind blows could send every multinational scuttling out of Ireland. What then?
@johnl.7582. Well said! And I used to think this was a quality channel.
He didn’t say Ireland was responsible for Bonanza, he used its as an example of asset parking in Ireland.
The whole point of the video is to point out the fact that Ireland is not one of the richest countries in world by GDP per capita because the numbers only exist on paper.
In many ways setting itself up for failure and irrelevancy in the near future.
@@BusesAreFatCars The wind has changed with 2008 crisis and the tax the multinationals have to pay has increased [Estonia now has a lower cooporate tax]. The multinationals haven't moved and are not likely to.
@@paulohagan3309 Any US President could alter the conditions that allow them to operate here as they do at the stroke of a pen.
You believe that will never happen?
They pay more, yes. Much more? Enough?
Not in my country.
My country is one of the richest in the world, on paper.
In reality everything is starting to buckle.
Mass immigration is not bringing any real benefit to the country, yet the government won't stop. They keep granting the visas. The majority of the immigrants are from outside of the EU.
For a country of 5.3 million (official numbers, actual number is higher) we have just under or just over 2000 rental properties available at any given time.
It has been this way for years.
We do not have the housing or the infrastructure for all of these people.
Yet the government refuses to stop.
Almost every hotel in the country is packed with refugees.
The quality of life for everyone, though especially working class people has fallen and continues to fall.
The government denies it is even happening.
Hospital waiting lists grow and grow.
Teachers struggle with foreign language speaking students.
State propaganda is advertised on at least half of all buses and bus stops, which now never includes an ethnically Irish man unless depicting them in a negative light.
Even the wealth the country does have is terribly mismanaged by a managerial class of administrators who have usually never run anything of consequence in their lives beyond a school spelling competition (yes many of our politicians are former teachers - either that or went directly into politics).
We have no leaders. Just administrators.
They cannot solve problems, simply finesse existing problems as they take their marching orders from the EU, who they are only ever too happy to try to please. Nothing is more important to them than a pat on the back from the EU.
Where this all leads is easy to see.
It leads to the collapse of our culture, the one we fought hard to maintain under 800 years of oppression and occupation by the English. Now our politicians are destroying it themselves.
We stopped following UK policy after they left the EU, though we are still following many of their mistakes.
The difference is that many Irish believe that Irish people are mentally deficient and that we would have never have emerged from the dark ages of being a farming nation were it not for the enlightened wisdom and finances of the EU. It's nonsense. Every country ij the world (except those actively at war or profoundly corrupt or oppressed by it's neighbour) has drastically changed over the past several decades. We would have done the same.
England is starting to buckle under the weight of government lies and a lack of leadership favouring the people and the nation. That's not going to change under Starmer.
Ireland is on the same path, we're just behind them and some other countries. We still have time to partially roll back, though we won't.
Our leaders just have to keep that GDP high so they can claim they're doing a good job. Yet our services, infrastructure and quality of life are all buckling.
If you've managed to carve out a bubble where your life and finances are decent well then that's good foe you.
A large proportion of people are not doing as well, and it is a direct result of government apathy, corruption, warmongering, incompetence, greed, and for many, thanks to their new love of intersectionality a hatred for their nations history, culture, and it's people.
The other "wealthy" states Norway, Finland, Iceland and Sweden are close to as rich on paper as Ireland yet it seems all wealthy countries are bleak and even though our wages and prices are higher, the quality of living is at or about Germany or Austria. Many of us are struggling.
Still, we have a massive social safety net to keep us aligned with them.
Please do this again with any Wealthy nation and not pretend Ireland is the outlier. Including Australia where the generation also below you can never afford to buy a house.
Also, our tax revenues do benefit us because as you mentioned, the proposed sovereign wealth fund. plus our current budget surpluses.
I've never been to Singapore so I have zero idea if their quality of life is above or below Germany and France.
Norway surprised me the most. As crazy expensive as it is, if you are not in fishing or oil, you are decimated each month for even the price of food not to mention rent.
If your budget airline ordered its own aircraft it would have been waiting till 2035, clearly there business plan wasn’t worth the paper it was written on.
On another note we export frozen deserts to Australia because your wages are too high to manufacture them yourself.
There’s plenty of places that are cheaper to do business than Ireland.
As an Irish person I can testify to the fact that there are so many errors in this video it’s not worth taking entirely seriously. Some good points, but a lot of misunderstanding and incorrect interpretation.
I hope your financial summary is more accurate than your historical one.
Big errors on a topic you clearly know nothing about devalues your thesis on what you clearly do know about, because many people won't separate the two.
Yet you scored the Irish economy 8.4 out of 10 in a previous video I think and it's near the top of your leaderboard. The exact same things that you mention in this video were at play when you made that video.
Shhhh.... ; )
Were you paying attention at all? The the ranking is based off GDP, this video is saying that GDP is inflated.
This video never mentions the highly educated English speaking workforce (the only English speaking country in the EU now) and how the Govt pressured these companies to hire locally in order to avail of these benefits.
Malta is another well educated English speaking country in the eu
98% of the population speak Maltese so no not really!
This is an embarrassingly poorly researched video. I cringed every time you referred to Ireland today as “Celtic tiger”.
Multi nations provide tens of thousands of high paying jobs here, generating huge taxes.
Airplane leasing was a genius move.
I’d love to see a video about this by someone not so biased.
Your 'summary' of Irish history is grade school with zero context and wrong. Maybe skip the history lesson next time.
Everytime i work with an irish immigrant they say the same thing, the 08 crash was so hard on them that they gave up and fully chamged countries (canada / trades work) and havent wanted to go back since. Infinitesimal sample size but not wamting to go home is a pretty brutal indicator of qol
In Perth Western Australia post GFC many Irish came to Australia generally and the ones I spoke to,a lot based on my job, didn't see a future in Ireland sadly.They mostly loved it here but also missed home.
Ireland has a history of emigration (I'm Irish) the QoL is good, mostly comparable to Europe. Housing is incredibly expensive, but that's no different than Europe as well.
I'm not saying this video isn't accurate or that Ireland doesn't have problems.
Half of everyone i have heard of plan on leaving once they finish their apprenticeships cos of how much they can earn in australia/ new zealand
So the only people you talk to are those still abroad 15 years later?
I think your sample is biased.
Basically and immigrant from anywhere will tell you the same. That’s why they left.
Does anyone really think the Republic of Ireland hasn't improved for normal people since the 80s?Aye,sure go back to high taxation and see how well off normal people are in 20 years.
Of course it has I grew up poor in West Dublin in the 90s I remember my family not having much. Now we want for nothing the only real issue in Ireland is housing the government needs to start building housing and that's more for population reasons people don't want to start having children until they have their own house.
@@ciaranbrk Is it really that difficult to build a lot of houses around Dublin?England names millions of new houses but surely they don't need so many in Ireland.
Ireland has a housing crisis but so does the United States and Canada.
There is a particular housing problem in Dublin, however, there are multiple EU countries which have a worse homeless problem compared to Ireland including in France, Luxembourg, Greece and Sweden.
By many measures; Ireland is almost as wealthy per capita as France and wealthier than Spain. For an isolated country with few natural resources like Ireland to achieve this, is impressive.
How did Ireland do it? Multinationals in Ireland pay a lower tax rate. That is why they are located in Ireland with their employees who contribute to the Irish economy.
For the longterm future, the Irish Wealth Fund seems like a promising idea.
@@bb1111116 Our butter is also top notch and considered a luxury food item globally - which I find hilarious but it’s a great thing for our dairy industry
I don't think you realise how worse Irelands housing crisis is compared to the rest of Europe.
@@emanwhomakesbarrels701 ; I do understand about housing crises, whether personally and by looking at the data and articles. But I do not believe my reply to you, which had details about this, is being posted so you can see it.
Irish people think they have it so bad.
Usa housing crisis is not that bad compared to Ireland or Canada ,you can still get houses for low 200k in very nice areas
6:47 was there a need to cut off the lowest 10% from this graph's vertical axis? looks very misleading.
Yeah, they do it with the unemployment graph in this video too. I hate it when content creators do that
It is amazing the amount of this video that is factually incorrect (Celtic tiger died with the financial crash) the ignorance displayed of Irish history is laughable and loses all credibility in somehow trying to link the imposed famine in 1800’s to current economic circumstances. It is a little disheartening to realise that what could be a good educational opportunity needs now to be fact checked. If the other content is like this, you would be better off ignoring.
Poor quality video, with a very poor take on irelands economy
.
I love your content but I’d be lying as an Irish person if I said that describing hundreds of years of British oppression and violence as merely “pre-existing economic hardships” didn’t bother me a little.
It would be great if you started your Y-Axes from zero to give a clearer representation.
Contradicts your other video on Ireland that states it has diverse industry and ranking it high on the EE leaderboard. Wonder what prompted your change of view 🤔
Perfect use of the word shenanigans in this video's context-ostensibly of Irish origin, but factually unknown. [slow clap]
I normally quite like this channel but this video is so inaccurate and demeaning to the history of Ireland……. So many wrong things being said and out of context…
I wouldn’t really call Ireland a major economy. It’s too small for that, even if it is wealthy per capita.
too small? like the size of Ireland?
@@tiglishnobody8750 No population size. GDP is only 533 billion. Even a small economy like Australia has 1.7 trillion and I don't think EE would call Australia a major economy.
@@Zei33 But we have HQ to many largest companies around world than Australia can dream
@@tiglishnobody8750 did you actually watch the video?
@@Zei33 I did watch and Idk what you talking about
I find his assertion that the presence of multinationals in Ireland doesn't really benefit with the majority of the population bizarre, considering the huge surplus, the exchequer has from corporation tax receipts (how on earth else would it be able to afford all these utility bills credits).
I'm Irish born and bred, and I've left with no plan on returning. Our public services have been degrading for 16 years creating signficant problems with crime and healthcare, our cost of living is INSANE. Entire economy is built around sustaining outrageous house and rental prices for retirees who rely on them as a pension, and encouraging multinational buy-in. All my friends are either living at home indefinitely or struggling to rent a mouldy room for outrageous fees. Wages have not kept up with cost of living at all unless you're Dublin-based and working an abnormally good job. Many immigrants arrive and are genuinely shocked by how dire things are here given what they've seen on the news. It's enormously frustrating and nobody ever hears about it. If you ever do another Ireland video, there are some insane market and governance dysfunctions you could cover related to the economic structure we've cultivated.
@@voodo0983 Moved to Spain. It wasn't our first choice but my girlfriend and I had been planning on leaving for two years and she got an excellent job in Madrid. Very happy we did. Life is a lot easier here.
@@TadghWagstaff Fair play to you, but I think your PoV is tunnel-visioned. Lots of people here live fulfilling lives and it’s a great country 🇮🇪 not perfect, but it’s pretty good
@@TadghWagstaff I'm a mechanical engineer from SA, looking to move to Ireland (most likely will work in wind turbine maintenance) You think its a bad idea or should I rather go to New Zealand?
Sounds a lot like NZ - but without the tax haven benefits & costs.
It’s very interesting to hear someone’s first hand experience, thanks for sharing
I love hearing how the GDP on paper is high but in reality isn’t over and over and over in this video without hearing your point then changing argument to common airline lease, ok this channel have nothing to offer, I’ll open my first company in Ireland for sure.
You're quite wrong about the aircraft leasing business in ireland being just a tax dodge. It's an industry that has been built from the ground up since the 1970s, initially by ILFC and GPA.
Once a location becomes a centre of excellence for a particular industry and critical mass builds them that's where everyone goes. Sure, taxation is important but it's real business.
Same goes for the Pharma industry.
Just like finance in London or movies in Hollywood. They could happen anywhere but the infrastructure and expertise is in those locations.
Its just poor reporting and research, really looks like EE has an agenda
Regarding relations with the EU, I wouldn't worry too much for Ireland: the "Commissioner for Financial Stability, Financial Services and Capital Markets Union" (sic) is Mairead McGuinness, an Irish Conservative politician...
Constantly referring to Ireland as a "little country", referring to what can only be described as genocide as "the great hunger", and implying that tech is not the biggest industry in the world, and will be for the foreseeable future, just give the impression of jealousy. Ireland is a huge player in the market whether you like to admit it or not. Maybe you need to take a deep dive into your own country and see that the Irish are propping up your work force at the minute. Australia thinking they're a big country, land of crooks still kicking up to the king, embarrassing.
Yeah - the Great Aussies still sucking up.....
Can I suggest you buy a bag of gobstoppers
I love living in Ireland.
Our FDI appreciate us here in Ireland as their IP safe haven, hard earned mind you.
I really enjoyed and learned from this good video.
It's referred to as the Famine - not the great hunger. Also, The Celtic Tiger refers to a period of a few years of very strong economy. We are not known as The Celtic Tiger, that's not a thing.
The phrase in the Irish language is "An Gorta Mór" which translates as the Great Hunger. That's what the famine was known as for a long time. Cecil Woodham-Smith wrote a book about the Famine with that title.
@@gaiaiulia yes but you'll never hear anyone call it that in typical conversation. The famine is far more common usage.
@@fergal2424 I agree with you completely. I think at the time Irish was much more widely spoken. Great Hunger has fallen out of use generally as you say.
Hey, where'd the leaderboard go?
7:57 - Oh, that's an oversimplification. This has to do with a difference in US tax law as to where tax is booked vs other countries, and a peculiarity in Irish tax law created under Lemass in the 1960s (IIRC), where there was an assumption that foreign companies investing in Ireland would be opening factories, not doing the equivalent of a reverse takeover and redomiciling. Effectively Irish law makes the company tax resident in the US and US law makes the company tax resident in Ireland.
The US (and the US is the only country where this is a problem), could fix this overnight if they cared.
This guy 😂 waffling on with the English monarchy's version of Irish history and talking complete bollocks.
He's an Aussie, a colonial.
AI Mike is interesting. There's a little uncanny valley, but it's the best use of AI that I've seen from your channels. I will accept this usage.
Ireland was dirt poor when part of the UK. So much better now
Completely ignoring the landlord class of English folks who exported food during the famine, argued against famine relief, and had spent decades undermining the development of industry in Ireland as a way to prevent competition with the industrial centres in Manchester and Liverpool.
Before the Industrial revolution Dublin was the second largest city on these Islands, the Irish economy was intentional sabotaged.
6:44 please avoid using graphs like this, they are very misleading!
As others have said, this is quite a biased and somewhat inaccurate portrayal of Ireland. It implies that Ireland is much less well off than it is. For example, budget surpluses in Ireland over the past few years (which are forecast to continue for the forseeable) have been so large that the government has set up a soveriegn wealth fund to pay for an aging population into the 2040s and beyond. This is a luxury very few top tier OECD countries currently enjoy. Yes it may come from high corporate tax receipts but the effects are very real indeed - quite contrary to the implied invisible wealth of 'leprechaun' economics'. Our social welfare system.is also very generous. This has not come about by chance. Ireland has been extremely sucessful at making the most of its unique profile (it is the only English speaking country in EU, it has the most highly educated workforce, strong ties via a big diasoera to the US and UK etc) to attract the world's biggest companies. Most if not all of these compnaies (Apple, Intel, Google, Facebook, Salesforce etc) have no intetest in moving from Ireland. Ireland is reliable and consistent in its policies. Companies that move here are confident things will remain as they are into the future, and this is very attractive. I think much of the critque from oversees is envy driven. Ireland has made some very smart and shrewd decusions since the 1980s and deserves to reap the rewards.
Ask the same about the UK economy……where money makes money from money and from nothing else.
Thats right! - the backbone of their economy.
The last sentence was that Holland is a partner in tax crimes just like ireland. Is having low taxes a crime? Only to communists. You have an Aussie accent, so your heritage is basically the tax avoidance and prison continent that Britain dumped all its lawbreakers on in order to save money, but now you say ireland is tax avoidance. Tax avoidance is not a crime. Tax avoidance is your heritage, and Britain's greatest export is independence days.
All I want is one completely honest, NO BS Economics explained video where he finally says yes, the government taking your shtt at whatever level they feel like they need is a complete scam, and Austrian Economics with libertarian politicians and a small government is the solution to every single problem that exists today.
I'm British and l laughed when I was watching an infographic video on GDP per capita when Ireland suddenly doubled overnight! Whilst I'm sure the Irish are a capable people, but what is GDP per capita telling you exactly? 😂 Google's moved in to avoid paying tax in the USA!
Awful analysis
This is well below the standards I would expect of this channel. The great hunger was a genocide by England - no mention of that. Ireland was primitive and disadvantaged the way it was because colonial England made it that way and kept it that way.
No mention either of the advantages Ireland has in terms of education, being the only native English speakers in the EU, being the nearest EU country to the U.S etc etc.
Even the title, questioning if Ireland is a scam. By whom? Who is trying to scam who and why? Normal economic metrics not being able to adequately measure Ireland does not mean there's a sinister element to things.
Ireland specifically rejected the Nice treaty because we wanted control of our tax policies. We're a tiny fish in a big pond of massive fish/sharks. Look at how we were shafted in 2008 by having to take private debt on as national debt to protect EU, UK and US banks. Other countries can match our tax policies if they wanted to.
The US GDP per capita hits a little more because the population here is so much more than the countries in the top 10. Some of those are borderline micronations and Singapore actually is. We're spread over all this area and people and overall we've pulled the most people into an overall high standard
Well, tell that to the teethless housekeepers from VA that I have worked with during my stay on Work and travel exchange for international students. I haven't seen such thing as high standard there.
@@Honzicek22You must be in a low income area then. Besides the north part surburban area of Virginia that DC workers live in, it isn’t a place known for its wealth.
The US has huge wealth disparities. Lots of billionaires pulling GDP per capita figures up.
If you look at median income instead, the picture's not quite as rosy, but it's still one of the highest in the world.
What do the Irish citizenry get out of all this wealth flowing through their country? Hundreds of thousands of jobs and many, many billions in corporate tax. Been almost two decades since any Irish person imagined those headline figures reflected anything 'real', but they do bring large benefits to the Govt budget. Celtic Tiger? Haven't heard that term in almost twenty years. I feel great shame at facilitating tax avoidance, but instead of trying to scold the Irish out of their use of whatever resources at their disposal, maybe Germany wants to build a few VW factories here, or give us access to our natural marine resources. Most of us want to escape this chicanery, but we need a hand to get out, not sneered at. Still at least we don't profit from killing the planet with our coal industry.
Not Irish, but an Ozzy telling you the Irish economy is a scam when Australian house prices are 10 to 12x the medium income..... whatever.
Takes one to know one
When you take out the effect of the Multi-Nationals on our economy, our GNI per capita is still higher than the UK. This video seems to be extremely one-sided in its analysis of how the Irish economy functions, we’re not just a tax haven, and we’re also not straining our international relations anywhere near to the extent that’s implied.
@@SilentEiregni per capita also deflates Irelands economy. If the UK made its own measure excluding financial companies in the same way Ireland excludes aircraft leaders because they don’t actually effect the economy it would also look poorer than it is on paper.
Quite hard to take any of the rest of this video seriously with an introduction that was so starved of any actual insight on the cultural, societal and economic impacts of imperialiasm. Not a bit of context or even so much as a meaningful word on how being colonised for 800 years, the country being used essentially as a farm for the British empire, where all indigenous industry, talent and skills was intentionally, aggressively wiped out, and overseeing "famine" that occurred when millions of tonnes of food was exported by the British every single year of this "famine" that is actually now widely accepted as a ge*** id e
The Irish gig with multinational corporations is a sleight of hand....however....Ireland has come a very long way and is an amazing country. Quality of life today is so far ahead of where is was 50 years ago its incomparable. I grew up in Dublin in the 70s and I have two teenage sons. Their life is 1000 times better than anyone experienced in the 70s. It's been a remarkable run for the country. Ireland is a very beautiful country with very kind hearted people, lets not beat on them.
Kind hearted? If you lived in northern ireland during the troubles you wouldn't agree with that, blowing up shoppers because of your political view is not very kind hearted. Irish people are good at ignoring their own barbarism while claiming victimhood.
@@seymourclearly yes you would. The people of Northern Ireland are very kind hearted people.
Ireland is not a run of the mill country, it, in common with all European countries, has a long history of striving against odds to become what it is today. But its geographical position is not ideal. In fact it is out on the western fringe of Europe, not a large population (Though that is rising, but how economically useful the immigrants are is a question). Ireland will continue but there will be struggles to overcome.
The US corporate tax rate is 21%, not 35%. It's been this way for six years. This is not a small error in to make in this video.
The Trump presidency didn't exist, don't you know?
And all the business growth due to lower corporate tax is thanks to Biden for some other nebulous reason. ; )
The graph used to show the corporate tax rates across several countries ends at 2013, and the Google CEO congressional hearing he talked about he also said was in 2013.
He even talked about the Tax Cuts and Jobs Act near the end lol
Him saying that was not a mistake, this is not a small error to make in this comment
Compare the lives of Irishman and lives of citizens of Luxembourg & Switzerland! Reality check! GDP per capita numbers do not tell the whole story!
From $10K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Most people don't understand the concept of "buying the dip" buying the dip is all about buying digital assets when their prices are down and selling off when the price rises.
Hello, how do you make such amount? Sometimes I feel so down of myself because of low finance but I still believe in God.
I Thank God for Bringing Christine Evelyn Mackie brokage service into my life
God has used her to save so many lives including mine, could remember when I started with her back in 2022.
Same here I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me.
I had a hard time following this video, either in English or translated to Spanish, but because of how fast you talk. You should consider checking what's a recommender speed limit on videos to make them more accessible for commoners unless you prefer targeting local people who can follow your speed.
Luxemburg has the Same Business Model
The USSR also holodomor’ed the Ukrainians and exported Ukrainian grain during a famine (which rhymes with Irish history) to get funds to continue their industrial development during the Great Depression
It's so "unstable" that we've been experiencing amongst the fastest economic growth in tje western world each year for almost 30 years (except 2009 - 2014)
But the muiltinationals DO put money into peoples pockets. Job creation is massive and country at full employment.
One of the reasons the country is flooded with migrants & zero housing left.
This is a very poor video. Poorly researched with huge misunderstandings of the details. The basic premise is correct, as many, many people have written and published videos on before. The Irish people are well aware that their GDP figures are inflated, we've been teaching that in schools and universities for decades. In Ireland we actually use GNI (and other variants to removed the affect of IP too) because we are not idiots and are interested in finding true measurements of Irish productivity. What this video misses by a mile is that Ireland is using all of this so called shenanigans to attract Foreign Direct Investment and high paying jobs. So much so that before tax Irish GINI is one of the worst in Europe, but it then uses a fairly high tax regime to move that money around the economy.
Is Ireland a paradise? No, of course not. Is Ireland the lowest Corporate Tax haven even in Europe? Nope, both Hungary and Estonia (and others) have low corporate tax systems. What Ireland has is an English speaking, highly educated workforce with a large diaspora that helps attract foreign capital. It's also a decent place to live so foreign workers feel safe etc.
The real threats to Ireland's success are the ongoing housing shortage, the threats to Globalisation from nationalists worldwide and the fact that it requires good fiscal policy to manage an economy without access to monetary policy.
The sovereign wealth fund is a recognition that this situation is likely temporary. The current government doesn't want to create spending which isn't backed up by stable tax revenues, so it's redirecting what it considers a windfall tax into a fund that can hopefully generate stable revenue in the future. This is pretty good policy and the fact that all you did was write vague negatives about it is a sign that you knew you were out of your depth on this one.
This video is so bad that It genuinely makes me question the quality of your other videos where I knew less about the economies you were talking about.
Some very shoddy research in this video. At the very start of the video you illustrated how poor and backwards post independence Ireland was using pre independence imagery. It went downhill after that.
The fact that you have put Ireland for years next to the top of your “leaderboard“ speaks volumes about the seriousness of this channel.
The channel never really claimed or tries to be serious. It's more pop-economics to be entertaining more than anything else. His older content was a bit more rigorous, but he probably realised it wasn't as popular.
Yes, he realised that half-arsed inflammatory videos yield a better return. He literally produced a video comparing Ireland's real and "paper" economy without comparing GDP to metrics specifically designed by the Irish Central Bank to remove external distortions: Modified gross national income and Modified Domestic Demand. GNI* comfortably knocks 20-25% off Irish GDP depending on the year. MDD (when adjusted for savings) shows consumption of Irish households lies somewhere between that of Sweden and the Netherlands. As Ireland was dirt poor for most of history our infrastructure hasn't kept up with the growth and has consequently bottle-necked the country's potential for future growth in the short term: essentially we have the wallets of 2024 Dutch citizens with the infrastructure of 1970s Netherlands.
As a side note, Ireland gets a lot of flak for its economic shenanigans (in many cases, rightly so) however it would be interesting to see how other economies would fair should their distorting factors be accentuated. and examined. How much does the City of London and the Chanel islands distort UK GDP? How much does the port of Rotterdam distort Dutch GDP figures?
This man is going through stats and they most educated people agree with him as for you well😅😅😅 it speaks for itself
Another video where sooo much is wrong ffs
Hear are some facts about Ireland right now;_. Ireland has the most educated people in the EU and I would imagine Globally. I have grown up in Ireland and we are an above average rich country. The number of jobs the HiTech creates is actually lean than the jobs Irish companies create in the US. Ireland will continue to get richer as the years roll on. Will everyone be better off? No, of course not. Some people in Ireland think the Irish tax payer owe them THEIR standard of living and do little for themselves. These people are the biggest whiners and never shut up. They have not learned that personal development starts with them, getting educated, working hard and being a contributor to the development of the State. But we are doing well and that is a fact.
Yes, many people come here with bright eyes of success and making money only to be crushed by the reality which is the cost of actually living here
I concur
Yep high standard of living turns into unaffordable at some point
All I see is a bunch of people walking around with money and nothing to spend it on. Ireland lacks amenities so it is good time to set up business or service. In the UK they have no money and too many options
@@infosuge even so, the small business owner is often outgunned and priced out of the market, and good luck getting bank loans nowadays
@@someirishguy1662 I get you but honestly I don’t really see that, out gunned if they have an idea or business plan not very well thought out or bad location. Example open up the only take away in a small town/ village you’ll clear up, lots of opportunities to be big fish in small pond. Theres some good schemes and grants for enterprise. Plus the old generation are letting go and dying off now so I’ve witnessed attitudes shifting and willingness to try new ideas. You probably couldn’t open the cool coffee shop in town as it stepped on the toes of the local oligarchs who owned the pub, hotel, garage etc but he’s gone now and his children are useless coke heads so it’s easy pickings
Norway, Luxembourg, Switzerland and Singapore used to be poor countries too not so long ago but I don’t see anyone taking pot shots at their wealth
Dunno if Ireland's economy is a scam, but I do know Economics... "Explained"' analyzes economics using a scam ideology.
Yup, why I unsubscribed
@@Lando-kx6some too!
Yet yall are still here? 😂@@chrismd00
Perfectly described, I know where this "economic" point of view comes from. A guy named keynes who believes the government is the main propulsion of the economy, and who praised taxes as if they are coming back to ppl exactly how they need. The good money is the money of your work in your own pocket for you to decide what to do with it.
This socialist way of viewing the Irish economy is bad for Irish people.
Nice defense of a socialist economy perspective. USSR worked on exploitation of their own people and natural resources, collapsed, people were hungry and faced famine. On Ireland nowadays almost no one faces hunger and famine anymore and this is bad why?
So what you’re saying is if all these multinationals pulled out of Ireland, taking with them all their jobs, unemployment would increase and the economy would collapse?
Not exactly insightful, that. For sure Ireland is overly-reliant on this sector, and could do with developing more indigenously productive goods and services to diversify its economic base.
But Ireland stands to become a major renewable energy exporter (if it can get out of its own way), and potentially with the same scale of benefit Norway has gotten from oil.