Some time I posted something on the two Irelands my wife and I visited, the
dark and disorganized Ireland of the 1970s and the modernized, economically
surging Ireland of 2000 -- all those new houses everywhere and all those new
cars. Now Ireland is in a state of crisis and has had to be bailed out.
Comparisons are made between Ireland and the other PIGS.
While I'm not really sure of what I'm saying here, I believe that the situation
of Ireland and, for example, Greece are quite different. Greece was deeply in
dept because it had become too permissive with regard to social programs and
labour practices. It's overwhelming debt was essentially sovereign debt --
debt that the government had to repay but couldn't. In Ireland, on the other
hand, all those new houses and cars represented a huge load of personal debt to
banks, debt that people expected to be able to pay because good times would
surely continue. Well, sadly, they didn't.
Ed
----- Original Message -----
From: Steve Kurtz
To: [email protected]
Sent: Wednesday, December 01, 2010 5:10 PM
Subject: Re: [Ottawadissenters] Ultra-rich getting richer while middle class
stagnates
Great piece, John.
Steve
On Dec 1, 2010, at 3:39 PM, John Verdon wrote:
Arthur you might enjoy Umair Haque's latest blog post
http://blogs.hbr.org/haque/2010/11/the_irish_banking_crisis_a_par.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness%2Fhaque+%28Umair+Haque+on+HBR.org%29&utm_content=Google+International
On Wed, Dec 1, 2010 at 2:01 PM, Arthur Cordell <[email protected]>
wrote:
--
John Verdon
4 Ashbury Place
Ottawa, ON
K1M1H3
voice 613-744-4278
searching for the pattern which connects....
knowing the difference that makes a difference...
Sapere Aude - The true is the whole.
Compassion is the natural condition of what one really is.
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