The Celtic Tiger never was, it was a myth!
We had the EU pump in billions of euros. We had the banks pump in billions of euros. Because the Irish were in the euro zone they were unable to take the necessary fiscal measures to stop the economy overheating, but they have shown such a level of financial ineptitude that had they had control they would probably have made it even worse.
Companies were setting up IT support in Ireland. Why? Not because of the home grown talent as there was none. It was because of the masisve EU handouts. All the key staff came from overseas. Often they would fly in for Monday to Friday, then fly back home for the weekend. A lucrative gravy train whilst it lasted but of no benefiit to the Irish.
Banks were peddling money like crack cocaine dealers. Want a million euros guv, why not have two, three even? The pushers getting fat on bonuses on the amount they pushed.
British banks alone have pushed somewhere between 50-100 billion euros. Heading the pack RBS. A bank that typified greed. Now bailed out by the British taxpayer.
Property prices soared. Houses that were going for a few hundred, maybe a few thousand or tens of thousand, were now going for half a million.
Greedy property developers and speculators jumped on the bandwagon. Money was to be made out of nothing.
Then came the crash and the day of reckoning. The idiots in charge displayed their lack of understanding of economics. The squeeze, austerity measures, have made a dire situation worse.
One property, at the height of the boom valued at £10 million, could not even reach the reserve at auction of a little over half a million. Individual apartments once fetching half a million, now cannot make 11,000.
And the losers? The builders, the plumbers, the brickies, all out of work.
The latest package from the economic illiterate cretins that constitute what is jokingly called a government in Ireland is to lower the minimum wage, hike taxes on working people. This deflates still further a failing economy. Meanwhile corporation tax stays at at ludicrously low rate.
Also see
Euro – economics of the madhouse
Why austerity is not common sense
Will the cuts work? Just look at Ireland
If ever there was a campaign that Tories should support …
Tags: Celtic Tiger, cuts, economics, Ireland, tax, Toxic Tiger, UK Uncut
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