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Tuesday, February 8, 2011

They aren't calling it reparations

...and "today" is not called the "inter-war period" or whatever.

Anyway, Ireland has been debt-bombed back to the stone age.

There is little point trying to cherry pick quotes from Michael Lewis's latest.

So, I'll just pick two favorites, like everyone else:

A political investigative blog called Guido Fawkes somehow obtained a list of the Anglo Irish foreign bondholders: German banks, French banks, German investment funds, Goldman Sachs. (Yes! Even the Irish did their bit for Goldman.)

“I do some personal security, and things of that nature,” he says, when I ask him what else he does other than drive financial-disaster tourists back and forth across Ireland, ...

True or false: without a thriving periphery, the economic growth prospects for the Eurozone look bleak, in the long run. After all, weren't Spain, Portugal, and Ireland the "California" of Europe? No? Okay.

no, there is nothing here. What else can one do, but weep?

Remember "DOW 36,000", the aspirational book for serious people by serious people? That's kinda what happened with respect to property in Ireland, except, before the bust, they obligated the taxpayers to payoff the "36,000" figure.

Irish home prices implied an economic growth rate that would leave Ireland, in 25 years, three times as rich as the United States.