We Haven't Learned From Ireland's Financial Crisis

The New York Times:

Put simply, by allowing our biggest banks to become even bigger -- and more leveraged -- the government is taking on a large contingent fiscal liability. Whatever you think of current fiscal policy -- and whatever the outcome of the current debate over taxes and spending in the U.S. -- remember this: by all standard balance sheet measures, Ireland was running responsible fiscal policy over the past decade. But the implicit liabilities of the Irish state were ballooning out of control, in direct proportion to the size of the biggest Irish banks. Three banks failed and this has taken down the entire Irish economy.

Read the whole story: The New York Times

Comments

[Bill Hazelton]

04:40 PM on 12/18/2010

I have the answer to Ireland's financial crisis right here:
http://www.creditcardassist.com/blog/my-answer-to-irelands-financial-problems-2405/

[JacksonAndy78]

05:43 AM on 12/13/2010

The more incompetent the American Government looks the EASIER it is for the European International Banksters to SELL ONE BANKSTER CONTROLLED SYSTEM with the G20 as the FAKE CONTROLLER covering for the BANKSTERS WHO REALLY RUN THINGS.

TRICHEY of the EU CALLS AMERICA'S FINANCIAL REGULATORY SYSTEM "CL-UMSY and INC0MPETENT!"

Do you think there is any chance that the entire Bush Years were SETUP to be INC0MPETENT in order to create a crisis so the Eur-opean Int-ernati­onal Ba-nksters could call America "CL-UMSY and INC0MPTENT and takeover control of the Wo-rld Banking System?

[JacksonAndy78]

05:35 AM on 12/13/2010

America is being victimized by the same International Banksters that are Victimizing many Poorer countries in Europe.

How did the poor people of Europe pull off this political heist of government money?

We need to understand the mechanics step by step.

Or could it be the BP and GOLDMAN Link:

Irishman Peter Sutherland - At the Heart of WHO DICTATES to the WORLD:

Chairman of BP and Goldman International needs the money for fraud penalties.

Vampire capitalism has taken over the so called free world.

http://www.muckety.com/732E211B1BCEDE2EB6FB46663CB28E1C.map

http://en.wikipedia.org/wiki/Peter_Sutherland

[NessEliot1932]

05:33 AM on 12/13/2010

A GLIMPSE OF THE CORPORATE MANAGEMENT STRUCTURE OF EUROPE AND AMERICA:

Repubs and Dems both work for the same BOSS - The International Bankers of Europe. The theater of the ABSURD!

http://www.muckety.com/F52F3891FFF246DCB076E2997AB6CF35.map
http://www.muckety.com/0D8990530AC9EC46D16508F25DC8FF85.map

Clintons
Rothschild(s)
Summers
Peter G Peterson
Blair
Peter Sutherland
Rubinstein
Peterson Flunky: Simon Johnson - http://www.project-syndicate.org/commentary/johnson14/English
Peterson Flunky: Edwin M. Truman - http://www.bloomberg.com/video/64736154/

[Siebenstein]

04:04 AM on 12/12/2010

Huh???????????

You haven't learned from your own crisis. Why look to Ireland?

[onrecess]

03:18 PM on 12/08/2010

... fox teachES... Sigh.

[StuffMoreStuff]

01:25 PM on 12/08/2010

Well DUH!
Not only are they taking this risk, by bailing them out in the first place, they're nearly guaranteeing these fools to do foolish stuff again.
This the worst part of this whole bit. We have a crisis that nearly takes down our financial system and nobody wants to actually fix it. They want to put band-aids on it.

[Junius Publius]

12:35 PM on 12/08/2010

Wait is there a difference between banks and government?

[kpos101]

12:16 PM on 12/08/2010

what is happening in europe? i thought the socialist model was the answer?

what is happening?

[HatFan]

12:24 PM on 12/08/2010

You've been sorely misled if you think the EU is about socialism. What EU countries do you regard as socialist by the way? I could do with a laugh.

[StuffMoreStuff]

01:26 PM on 12/08/2010

I got new for you! the US is next!

[blogisti]

11:43 AM on 12/08/2010

We have learned that the Banksters own all governments. The people are merely the serfs who must pay for the Banksters gambling debts.

[NoMercy]

11:52 AM on 12/08/2010

Yep. That's what I've learned over these past 2-3 years.

[NoMercy]

11:30 AM on 12/08/2010

The US is "Too big to fail" - Ireland is not, Greece is not, and it appears international banking thinks Europe is not.

But the US - at least the financial sector - no worries. It will keep on sailing.

[TheFriendlyAtheist]

11:22 AM on 12/08/2010

Great post Simon, but you forget the number one law of capitalism; the assets of the rich must always be protected by the state.

[nirek]

11:15 AM on 12/08/2010

Why should we learn from them and their experiences when we have NOT even learned from our own? Who among you thinks we have learned anything from history? What makes you think we will pay attention ?

[bcmom]

11:13 AM on 12/08/2010

No why would we want to admit we could learn something from another country??? Heaven forbid.

[Last chance]

10:57 AM on 12/08/2010

Austerity for the citizens....Billions for the bankers.

[NoMercy]

11:31 AM on 12/08/2010

Yep, because they "create" the wealth. Not the workers - they are just expendable human resources.