When the crash came and people lost jobs and could not meet their obligations, the Irish government in cahoots with the banks and the old-boy network of Ireland’s 1%, bailed out the banks and the wealthy at the expense of everyone else. The author argues against austerity and in favor of a currency devaluation. That is not possible if Ireland retains the Euro. His solution is to leave the Euro, devalue Ireland’s currency, and then rejoin the Euro later. His point is why should the nation suffer to save a few wealthy individuals and a few banks?
This book is an interesting read with logical arguments, in my opinion, against too-big-to-fail. What happened in Ireland resembles what is happening here in the US as well as the experience of other European nations now, particularly Greece. The people of Greece are suffering so that banks, especially in Germany, do not experience any losses on their loans.
- Let’s nail this myth: Germany does not need Ireland to be a bailout success (namawinelake.wordpress.com)
- Bank Of Ireland And AIB Top Salaries Revealed (news.sky.com)
- Irish Homes Drawing Buyers After Market Crash: Mortgages – Bloomberg (bloomberg.com)
- A message to the servants of the Irish people (thepressnet.com)