If the Irish Weather service – Met Eireann did economic warnings, Ireland would today be under a Status Red warning following today’s OECD report.
A status Red warning demands that we ‘take action to protect ourselves and our families by moving them out of danger.’
Back 4 Good are quite surprised that Leo and his team Pascal, Simon x 2 and Eoghan are not running hourly press conferences advising the Irish people that the economic crash is on the way and to stay indoors and stop spending.
Today’s OECD report warns of high temperatures and an “Overheating Economy ” this of course is not fresh news to members of the Back 4 Good platform as we have warned that without corrective action Ireland is heading for Crash 2.
Like Crash 1 we find that Crash 2 is again driven by construction related activity with borrowing rising significantly over the past 6 months.
As we look up at the economic sky we see dark clouds and just behind these hidden out of view is our old friend a property bubble with house prices growing by an unsustainable 13% pa.
Other concerns on the horizon is a warning by the Irish Central Bank on Monday that almost 8000 mortgages taken out before the crash could default in the event of Crash 2 taking place.
Indeed some parts of Ireland have already encountered stormy weather with one famous Tech hero Web Summit’s Paddy Cosgrave warning yesterday, as he announced over 50 new jobs, that ‘high rents and house prices were now a significant factor in trying to attract people to work in Dublin.’
Mr Cosgrave went on to say that ‘some of the largest and fast-growing companies, like Amazon and Stripe, are openly talking about the problem of housing in Dublin.’
The Web Summit themselves are now providing a mortgage supplement, or a rent supplement for some new employees to assist them in dealing with the property boom.
And of course there is Italy which is heading into a new economic crisis with the country at risk of a financial crash and markets around the world shaken as investors shift money away from banks into safe havens of state bonds.
The impact on the Euro and the Euro zone along with the upcoming Brexit will add further concerns and damage to Ireland with the strong possibility that Italy will require a large bail out.
Yet the Irish Government, basking in the outcome of last week abortion referendum, appear to be oblivious to the Red Warning as supplied to them by the OECD, with Government Spending increasing significantly and a planned expenditure of an extra 4 billion in budget 2019 in October.
We all recall that this is exactly what happened just before crash 1 in 2006.
Hold on to your hats guys the storm is on its way for sure (again).
By Gregory Craig
Founder and Developer of Back 4 Good, a key influencer and global talent marketing and change strategist.
An expert on Talent sourcing on a global scale in all industry sectors and occupations.
Devises innovative solutions to discover, match and secure top talent.
