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Ireland is Bankrupt…a letter from Ireland

Every time I think there’s nothing more to say about Ireland, something else comes along just as juicy as the last. I’m waiting for Mcavany to post transcripts of his recent interview with Ambrose Evans-Pritchard. That’s a must-listen, but I need the all-important litany of statistics he mentions. Thus, want transcripts. How do you say it, “DOA”? Again, lights out in Eurozone, then the scurge should spread ever wider.

Ireland is Bankrupt…a letter from Ireland (excerpt)

“Ireland is not only insolvent because it has no liquidity, no way of meeting its debts. The government decided to link the economic future of the country to a failed banking system and now the two are inextricably intertwined.

No amount of raised taxes can bail out the banks and still pay the day-to-day running expenses of our welfare state.

The famed ‘Celtic Tiger’ boom economy was always a high-risk, dangerous fiction. Someone dubbed Ireland the ‘Wild West of Economics’. Our illusory wealth was tied to a property bubble that was as unsustainable as it vacuous, and all the money was borrowed, primarily from German savers. We were hooked on credit like it was crack cocaine.

We binged but never purged and we stayed high to postpone the inevitable hangover. Everybody was in cahoots, from corrupt local governments, driving through emergency rezoning laws, to rogue bankers financing the criminal inflation of developments and shoveling billions to builders, to newspapers cashing in on their property advertising to regulators asleep at the wheel.

Our mafia don cum Taoiseach, Bertie ‘Gombeen-Man’ Ahern, invited critics of the system to commit suicide. Nobody left the orgy. Nobody wanted to leave. Planet Hollywood had finally come to Planet Ireland!

http://www.angrybearblog.com/2010/11/ireland-is-bankrupta-letter-from.html

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