A must read essay of concern for the mindboggling ineptitude of the Irish ruling and political classes. Professor Morgan Kelly, Professor of Economics at University College Dublin is the academic whose analyses of the causes and prognostication on the national economic future chime synchronously with mine. The Irish Times published an opinion essay by him entitled “Ghosts of debt and jobs will haunt economy” on December 29th, 2009. This is the latest of his series of prescient articles which dissect the entrails of the Irish economy leading inexorably to the awful truth that we are …… in trouble. What he says may be dismal but unfortunately it appears true to Bill Tormey.
He is concerned that the state itself may become bankrupt by bailing out the banks through NAMA and nationalisation. His solution is to turn the foreign creditors of banks into their owners as Iceland has done with Kaupthing Bank.