Irish cartoon

Quite like this cartoon from The Guardian about the Irish economy – eventhough I am Irish myself. How life can change in the space of 3 years. When I was there in 2007 people were incredibly buoyant about the state of the economy and thought that it would never end. But recessionary interest rates set by the ECB allowed Irish bank executives to borrow huge sums, which they lent to their chums in the property business. When Anglo Irish Bank called in the goververnment in December 2008, it had lent 15 people more than €500m each. Property prices in Dublin were, by the early the early 2000’s, higher than those in London – and that word called leverage was very evident. As we know it couldn’t be maintained and the rest is history. A good read is Fintan O’Toole’s book – Ship of Fools.

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