Sunday Letter from Ireland
THE MOST-READ item in the Irish broadsheets this month is a full-page essay by economist Morgan Kelly in the Irish Times. Walking away from the bailout conditions imposed by the European Central Bank could restore Irish solvency. Kelly is a respected economist and all the more reputable because he pointed out the folly of Ahernomics when the Irish government was fanning the flames of an overheating economy in 2007. Back then, the leader of the Irish government recommended suicide for those who talked down the Irish property boom. The problems are deep, the government has changed and the country has lost its national sovereignty to foreign bankers. That storyline is set to repeat for the time it takes for Ireland to renegotiate with the loan sharks who have imposed a debt of more than EUR 10,000 on every man, woman and child in the Republic. Some of those issues play out in a short video that I made in my blustery back garden today.
Last Week: "From a Hit Team Pilot" on May 2, 2011.
Last Month: "Pausing with the Stars" on April 8, 2011.
Last year: "Brilliant Noise-Cancellation Operations" on May 8, 2010.
Five Years Ago: "Pervasive Clocks" on May 7, 2006.