David McWilliams is probably Ireland’s most famous economist. In 2006, he published the hit book The Pope’s Children, which described the new young bourgeoisie of the Celtic Tiger. McWilliams also criticised the Irish boom’s heavy reliance on speculation on the property market at a time when such sentiments were seen as ‘raining on everybody’s parade’. Since the recession, he has strongly advocated radical regime change in Ireland, as well as the belief that Ireland can and should default on its creditors.
I’m not an economist, and while I get the general gist of what’s happening in Ireland at the moment, I could not claim to be truly financially literate. However, the article published in the Irish Independent this morning by McWilliams gives pause for thought about the current bail-out – and McWilliams has been right before.
“Foreign banks and creditors should lose everything they gambled on the likes of Anglo, but instead, they have been saved by the taxpayer
Make no mistake about it, this ‘bailout’ will sink Ireland. We are witnessing a monumental struggle between the innocent average Irish person and the guilty creditors of the bust Irish banks.”
Read the rest here…