DmcW: Central Bank must finally show leadership

Blue_Horseshoe · July 13, 2008, 10:34am

Taken from The Sunday Business Post, 13th July 2008

[One of the basic rules of economics is that, if we want to increase our income in the face of rising costs, we all have to increase our productivity, implying that we have to work harder or smarter. Over the long term, there is no substitute for this.

We in Ireland thought that we had invented away around this inevitability by borrowing against inflated houses. We put our hearts and souls into this scam, becoming one of the most indebted nations on earth in the process. We realised that our income couldn’t sustain our lifestyle so, instead of reining in, we splurged.

The main architects of this shaky edifice were the Irish banks, and its structural engineer was the Central Bank.](https://www.sbpost.ie/post/pages/p/story.aspx-qqqt=DAVID+McWilliams-qqqs=commentandanalysis-qqqid=34389-qqqx=1.asp)

Blue Horseshoe

Green_Bear · July 13, 2008, 10:39am

continued over here
thepropertypin.com/viewtopic.php?t=11653