A blog for the unwashed and well-read
"...social programs that weren't investments, they were wish fulfillments."Or why socialism fails again and again.KT has more on Ireland and the EuroZone crisis, here.
11/19/2010 12:45:00 PM
Thanks for the link! I'm learning more about the Irish crisis. As I understand it (marginally), the Irish had a housing bubble similar to ours, but when theirs popped, they nationalized their banks. Now the debt of the banks is the debt of the nation. They still have the Domino Effect as a trump card, but that will only last so long. Those Dominos - Portugal, Spain and Italy - are all doomed to fall no matter what happens to Ireland.
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