Something is happening, see the articles:
Soden: Let's quit EU and join US
Frederick Forsyth: Rise up, reclaim your country
Leaving the euro might well be our 'least bad' option
Mike Soden's [Irish Central Bank advisor] announcement is probably not accidental because of it's timing. This issue was simmering since 2008. Ireland jeopardised its sovereignty by assuming their private banking debt on call from Brussels, in return for some guarantees, as revealed through some leaks on David McWilliams forum, recently.
The fact that Soden chose now to speak out plus the rumors of a feud between Lenihan [fin.min.] and Cowen [prime min.], indicate that something bad is happening. My guess is that they are finding out to their surprize that those German and French "guarantees" are probably not as solid as they seemed 2 years ago (if it comes to foreign "guarantees" they should ask Poles - they may know something about that...).
Also, Lenihan has probably realized (by adding up all figures) that Irish economy will not recover on cutbacks alone. The reason is obvious to me or McWilliams - the lack of indigenous industry. A service based economy (with a notable exception of the Swiss banking phenomenon) cannot cut-back its way to prosperity, as Greeks are now finding out too.
[shocking economic heresy=on] You have to actually _produce_ something that other people would buy and charge competitive prices for that. [shocking economic heresy=off]
In my humble opinion, Ireland will not be able to solve it by exiting EU and joining US, going alone or with other alliances - the moment this happens, European banks will probably immediately pull out resources and loans from the Irish banks collapsing them and sinking the state. It is worse than Iceland - Iceland is small enough to survive being cut off, on cod fishing alone. Ireland is too big to do that and too small to do what the British are doing now.
Also, you can see here a classical example of "monkey" regressors' culture in action, among the Irish/EU ruling caste: when everything is well they cooperate, when "bananas" are lacking, they kick out the weakest members out of their herd.
THE BIG PICTURE: Ireland is effectively insolvent – the next crisis will be mass home mortgage default, writes MORGAN KELLY
Eoghan Harris: Public-sector wealth can only lead to private decay
Iceland safe, Ireland sorry?
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