Thursday, March 22, 2012

The Slow Death Of The Celtic Tiger

Ireland has officially fallen back into recession, as reported by the indispensable Lord Keynes. Another example of the "success" of austerity.


  1. I don't know who first came up with it, but for me the best metaphor to describe what's happening to Ireland and other countries is that of the medieval doctor bleeding his patient.

    When the patient's condition deteriorates the answer is more bleeding which of course worsens things even further, leading to more bleeding and so on...

    Just as the medieval doctor is so in thrall to his Greek and Roman authorities that he trusts them more than his own eyes, so are many of today's economists seemingly unable to think outside the dominant orthodoxy of recent decades, despite the wealth of evidence serving to discredit it.

    PS: Just before the global financial meltdown, the Polish PM promised to turn Poland into the 'next Ireland'-- for once we can rejoice in a politician not keeping a promise!

  2. Hello Czarny Kot,

    Thank you for the great comment! I would agree that the medieval doctor metaphor is an excellent way to describe what is happening in Ireland and other victim nations of neoliberal austerity.