by Msarkadina ... not like .....
Not being an expert in micro-or macroeconomics (if I just meet my bills) can not do a very deep analysis. Necesito the help and explanations from someone who knows (much) and has infinite patience as well as a great teaching ability. What I write here is a summary of barbarism liberal who catch it on the current Irish economic situation, as I understand it, the simplest and most graphic can (also). Descúlpome in advance for my possible mistakes. I stress once again that I am a poor law in the matter.
How did it all:
1 .- euro comes into Ireland.
2 .- The Irish government decided to create a pseudo tax haven in the euro area, thus giving banks the power to autorregularse. This has left meaning that they did what they had given them the will.
3 .- Once in Frankfurt (European Central Bank) operated a policy "generous" and that German banks, as the French do their August to lend money to the Celtic Tiger (to be was not so, but acted as if were, what of style these days).
As time passes the bonanza, and inclement reaches the year 2008. And the nightmare with him.
The fall of banks such as Lehman (and other disasters) freezing the financial markets and the world learns what is empufado.
Then the Irish banks (ultradependente money borrowed from other European banks) are helpless. When distrust is the common currency (no one lend to anyone) is mission impossible to renew or extend credit.
A "wonderful solution" Irish government? Because these banks liberaloides ethically all-valley do not have a liquidity decide to axudiña (public money, of course). But the "problem" does not get passed, so I still give money to the bottomless pit. In the final end nacionalizándoos and discover with horror that the real problem was the toxic assets (subprime mortgages, for example) and not lack of liquidity. Finally, what is achieved is to nationalize the bank debt. Consequence? Court of public funds and recession.
The state, engulfed by the "sins" the greed of banks (with the complicity of politicians and business and the passivity of much of the population), begins to suffer the same problems: too unreliable so they will not even give us time. Earlier this month (November 2010) it is clear that the bank debt is higher than the country's economy and that the Irish can not save them. The embattled Salvador urgently need a bailout, now in bankruptcy.
The euro has crazy euro Irish or Icelandic. But the Irish case is depressing. Not allow them to devalue the currency because that would reduce debt and thus a reduction in revenue of usury of creditors in the past generous German or French. Afternoon piach, char mo na hÉireann (Ireland my darling)! You should not miss ...
I hope that this land back to what it always was: a land of saints and poets (like Rory Gallagher, an example of what has given this island).
Driver O'Reilly: Glabs acabemosss with capital ..... .... .... snurlsss ... cgrissse to pay the banks ....!!!!! (Today sobroume a Guinness ...)
As in Ireland .... Aburi, yogurt ....
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