Aug 7, 2009

Recommended reading

From Gavin's Blog,

We are a two-bit emerging market economy, dominated by political and business elites. I think it’s an open and shut case. Every word Johnson intended for Russia accurately applies to Ireland. We are almost the definition of a banana republic.

The only difference is in the last paragraph. “Some within the elite have to lose out before recovery can begin.” No. In Ireland, no oligarch property developer will lose out if the government can help it – thanks to the €90 billion NAMA, what will be the largest property ‘firm’ in the world.

Go read it all. Now.

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