Wednesday, April 08, 2009

That Irish Austerity Package..

Well, someones done it at last. Actually CUT wages, pensions, programmes, and INCREASED taxes.
And quite right too. It's what we need to do but with the numbers roughly 10 times as big. Think about it.
I watched a programme last night about the 1929 crash. The similarities with today are startling. Increase in borrowing. Speculation. And the one I particularly liked was that on October 23rd, generally regarded as the day before it all got really nasty, there was a crash in Automotive stocks ( cars to you and me) which would appear to have been the catalyst for the greater crash to follow. US car manufacturers are actually considering bankruptcy at the moment.
Thinking about it, that makes sense. Cars account for a huge percentage of our GDP ( think of repairs, new tyres,petrol, insurance etc etc), and if their sales are falling, so is everything else.
Alex Salmond has referred to the Celtic Tiger Arc of Ecomonic growth. This was Iceland, Ireland and Scotland.
Looking a bit motheaten and Tiggerish, methinks.

2 comments:

Winchester whisperer said...

Have you heard about the Irish brain drain...

kinglear said...

ww- I hate to think - tell me.