the humble libertarian

out of many one

Sunday, May 20, 2012

The Withering Shamrock: How the Irish People Got Stiffed by the Irish Government

In Greece, the financial disaster is attributable to unsustainable borrowing to maintain an unsustainable socialist cradle to the grave entitlement state. The Greeks couldn’t live on the money of other Europeans forever and their day of reckoning arrived. In Iceland, a tiny nation of 300,000 fishermen and farmers magically churned themselves into high finance gurus who traded on money borrowed from Iceland’s banks that borrowed the money from foreign banks. The Icelanders did the only thing they could do; they allowed their banks to go bankrupt and started over by going back to fishing and farming. Of course the foreign banks did get stiffed but they also gambled by making stupidly insane loans to gambling fishermen and farmers. The Icelanders also had the advantage of not being a member of the European Union so they didn’t have the Troika noose around its neck. What could the Troika do besides military invade, occupy and steal their fish? For what? There was nothing tangible to get out of Iceland. But Ireland?
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Judy Morris Report 

Judy Morris,
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