Tuesday, Jun 02, 2009
As long as the UK isn't first, Brown will feel he can justify going to the IMF.
Independant: Ireland set to go bust, claims economic historian
A dire warning that the Republic is a prime candidate to go bust has come from one of the world's leading economic historians.
"The idea that countries don't go bust is a joke," said Niall Ferguson, Harvard professor and author of The Ascent of Money.
"The debt trap may be about to spring" he said, "for countries that have created large stimulus packages in order to stimulate their economies."
His chosen prime candidate to go bust is "Ireland, followed by Italy and Belgium, and UK is not too far behind".
Posted by flintster1994 @ 08:00 AM (1475 views) Add Comment
22 Comments
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1. paul said...
Let's be blunt though, when people talk about large stimulus packages to boost the economy they are mostly talking about one thing - printing money to give to mortgage lenders to get house prices rising again.
Politicians and economists will first and foremost frame a problem in terms of solutions that will benefit them first. Over a year ago now Soros indicated that the end of the beginning of this crisis would only come about when those 'solutions' had been tried and had failed.
I can see no other outcome to signal that those solutions have failed than credit downgrading or running to the IMF.
The most criminal aspect is the belief that such naiive and self-interested solutins might have worked in the first place.
2. crunchy said...
In the cold light of day UK is already bust. Thatcher got lucky with North Sea Oil.
Brown/Cameron have nothing but an over flogged donkey. A conspiraloon would say they have everything to gain in the New
"Global" Green Era, but people will never listen.
The most seemingly outlandish claims of future cunning plans that await us seem more plausible now than any plans that are palatable.
Hope for the best, prepare for the worse, and give the blinkers back to the dead donkey!
3. crunchy said...
The "reaction" to the true creators of problems is what politians need to solve.
Untill that happens don't expect any improvement in the quality of society and the lives they lead.
4. Crunchy said...
Ooops..and the life's they lead.
5. crunchy said...
Nothing to do with parties. Everything to do with "reaction."
How many times do I have to say it! The real movers and shakers have too much power and money, which is the true problem.
If politians and dare I say it, the public were to change the way they reacted to these peoples whims we would have a sound basis to work
from and the movers and shakers would lose power very quickly as a result. WE ARE FEEDING THE MONSTER!
6. crunchy said...
Oops.....and the life's they lead
7. crunchy said...
Nothing to do with parties. Everything to do with "reaction."
If politicians and dare I say it, the public were not to react on the movers and shakers whims, they would lose power very quickly.
These people have too much money/power, but only as a result of our laziness and greed, or the "reactive" need for it.
WE ARE FEEDING THE MONSTER!... Starve the monster and we will elect the correct party.
8. icarus said...
Let me get this straight. Large stimulus packages are dangerous because they create 'debt traps', which could make countries like Ireland go bust but the Fed has avoided a depression by 'massively expanding the monetary base'.........but isn't that a large stimulus package?
9. crunchy said...
5. icarus
3. crunchy said...The "reaction" to the true creators of problems is what politians need to solve.
10. crunchy said...
icarus....Politicians are always "reacting" with the two lesser of evils.
That is not a sound base on which to make the right choices.
It is no coincidence that they cannot make a choice that is the correct choice.
11. The Number Cruncher said...
I always read his books with scepticism as he loves to excuse the establishment. His work on the British Empire, while being well researched and academically enlightening, is often just a long list of excuses for our historic brutality.
He nearly always sides with the establishment so if Niall Ferguson is saying this then I am very worried indeed.
I fear that people will not want to face up to realities that we must share the resources of the world better and work harder for our living standards.
Its very sobering to think that this economic crash could end up with estate agents and BTL landlords rioting in the streets. I might even join the specials so I can meat out some justice myself.
12. icarus said...
crunchy - the only time a politician gets it right is when he says the other party is unfit to rule.
13. happy mondays said...
@ crunchy, not them pesky Illuminati again !
14. crunchy said...
Problems with posting. Hope some get my point.
15. crunchy said...
11. happy mondays
The classic mistake monday is to give them a name, or try to.
Don't search for the name you will not find it. Search for the problem and if it can be resolved, the name will come soon enough.
16. happy mondays said...
you normally call me happy ?
17. debtfree said...
Talking to someone who lives in Ireland and said the work has dried up, people aren't paying up on accounts for work already done and new business is virtually zero. He's started growing food and has cut back on everything. This is on our door step and without a doubt, we are next, probably within a year.
18. happy mondays said...
@ 15 Bang goes the peace agreement..
19. crunchy said...
14.
Happiness is ignorance.
Monday is a new dawning.
20. happy mondays said...
17 That's put a smile back on my face..Happiness is when i bend with the wind..
21. debtfree said...
Ireland has 11.1% unemployed and also suffering from the biggest contraction in an industrialised country since the 1930's.
22. crunchy said...
@ 19
http://www.youtube.com/watch?v=66vEX1tAsHc&feature=related