Huff Post: Ireland's Economy in Free Fall Collapse

Huffington Post, 12th April 2009

Blue Horseshoe

It’s a relevant article, same theme as usual now, but with the important addition that is being ignored by the Guardian/Telegraph style articles of late; basically, there is zero manufacturing or industry in Ireland. We make nothing, create nothing and can sell nothing.

This is a global recession, but the credit crunch will be over in many places as things improve, but it will happen in countries with top-rated industries first, not cut price like Ireland or CHina. UK will see a surge as it is the financial centre for much of the world, Germany has large scale industry (not just cars), Italy will continue to get by on tourism, US will return some manufacturing to US-based activity.

What do we have in Ireland? Nothing. This is why, as in the other small boom places like Paraguay or Nauru which are one-hit wonders, I don’t see a postive future for Ireland. At the very most, we can hope to have an ongoing semi-failed-state status like Italy or some of the Bundeslands.

What’s our thing? Finance? Large scale industrial manufacturing? Tourism? It seems like nothing except for a cheap place to set up a business, a sort of pseudo-tax-haven, is what Ireland is. Every country or area or state has a thing that it relies on particularly for maintenance of business and economy, which continues through boom and bust. OVer the decades and centuries, UK has developed London has a centre for world trade; companies can shut down, manufacturing can go bust, mining towns closed, but it still trundles along at 10% or at 1000%.

Without any foresight or creative thinking except tax-and-spend, or rob the middle-class to give to the banks economics, we are fucked. Or I should say, you are all fucked because I, for one, am out of here next year!

Too true.
Maybe we should copy another failed state, somalia and take to the seas as pirates.

I disagree. The next generation of next-generation economies will rise in smaller economies where ingenuity is required to overcome particular problems. And costs are lowest.

Optimism is the opium of the masses.

I’m home for a week and I have to say the impression I get is pretty bad.
Pubs are empty, money is tight… people arent going out so much…
Plus, paying in Euros is now almost par with sterling.
Things are very expensive here.

Its one thing to read about this on the web; its another thing entirely to see the reality of it.

The difficulties ahead for Ireland as an economy, a culture, an identity and a nation are formidable.

not entirely on topic but even that is supposedly a lie and it is a cover up for toxic dumping and fish theft. I am not sure why anyone would steal toxic fish but we already have those 2 things; there is lots of nuclear waste in the Irish sea and we store medical waste in the garden of ireland - Why not copy them and get the us navy over here

I thought that the US was in a pretty dire state at the moment with masses of property foreclosures and so on, is it really worse over here?
Are we being shown the full extent of the nations problems, because if Ireland were to collapse I fear we would be the last to hear about it.

Lets say for a moment that the worst case scenario comes about, what happens to savings in our banks?

Foreclosures in one sence, are a good thing - I would be much more worried if you did not have foreclosures.

  1. They at least show you that the system for reprocessing the house is working
  2. Always remember - for every poor sod that looses a home, another lucky punter gets a decent crack at life with a cheap home

I live in the boston area - the thing that the statistics dont show you is that the the Foreclusures are clustered in very undesirable areas. Its the poor who are being killed. That may change going forward - I worry about a lot of my coworkers who have lost jobs, they will have a lifeline of about 6 months and after that all bets are off…