Image: Niall Carson/PA Wire/Press Association Images
in this blog, we love food!
but also we love Irish people!
so ...eating the Irish is not good...
why not eating the turkey-s? or the Lords?
Paul is writting
In early 2009, a joke was making the rounds: “What’s the difference between Iceland and Ireland? Answer: One letter and about six months.” This was supposed to be gallows humor. No matter how bad the Irish situation, it couldn’t be compared with the utter disaster that was Iceland.
But at this point Iceland seems, if anything, to be doing better than its near-namesake. Its economic slump was no deeper than Ireland’s, its job losses were less severe and it seems better positioned for recovery. In fact, investors now appear to consider Iceland’s debt safer than Ireland’s. How is that possible?
Part of the answer is that Iceland let foreign lenders to its runaway banks pay the price of their poor judgment, rather than putting its own taxpayers on the line to guarantee bad private debts. As the International Monetary Fund notes — approvingly! — “private sector bankruptcies have led to a marked decline in external debt.” Meanwhile, Iceland helped avoid a financial panic in part by imposing temporary capital controls — that is, by limiting the ability of residents to pull funds out of the country.
And Iceland has also benefited from the fact that, unlike Ireland, it still has its own currency; devaluation of the krona, which has made Iceland’s exports more competitive, has been an important factor in limiting the depth of Iceland’s slump.
None of these heterodox options are available to Ireland, say the wise heads. Ireland, they say, must continue to inflict pain on its citizens — because to do anything else would fatally undermine confidence.
But Ireland is now in its third year of austerity, and confidence just keeps draining away. And you have to wonder what it will take for serious people to realize that punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.
stop now και ας κάνουμε αναγωγή στα δικά μας...
1. δεν έχουμε δικό μας νόμισμα!
2. δεν θέλουμε να βάλουμε κανόνες στην κεφαλαιο-αγορά, δηλ. στο κρεωπολείο χρήματος-ανεργίας.
συνεπώς και εμείς θα έχουμε την τύχη της Ι-ρ-λανδίας και θα μακαρίζουμε την Ι-σ-λανδία...
μήπως είναι ώρα να ξανα-σκεφτούμε την δραχμούλα μας?
αλλά από οικονομικά δεν σκαμπάζω και πολλά...