Ireland in Trouble
In this article, "The victims of Ireland's economic collapse," the author spells out how bad economic conditions have become in Ireland. The article states that the budget deficit is 14.3% and is even higher than Greece. Ireland, like Greece, has borrowed their way into economic disaster. The interesting dynamic that Ireland faces is that of mass emigration. The article states that in the 1950's five hundred thousand people left the country because of poor economic conditions. This same thing happened in the 1980's on a smaller scale, but the effects crippled the economy for "decades." It will be interesting to see what happens after this years economic burst. The article states that one hundred thousand people are estimated to leave the country next year. In dealing with the financial bubble-burst cycle that country after country seem to be facing I think that Robert Kuttner got it right. 1) regulate financial institutions if they are involved in bank-like activities, 2) Limit Leverage 3) Police conflicts of interest.