Ireland faces hard slog

Some interesting remarks from Krugman, and Hurley of the Central Bank, who were both speaking in Dublin today:

Is Hurley being too optimistic about recovery next year? Remember he was the one who said in November 2007:

Is Krugman's estimate of 5 years accurate?

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to have animal cruelty finally banned in Ireland. Yet another Green Party promise reneged on.

In fainress to Hurley in 07, I think he was referring to non preforming residential property loans - and he was right. The "toxic loans" we have are totally different to US - ours are developer loans.

Good old Paul the statist, don't blame the government.Its hard to see why government borrowing has been so high in the last few months!!! and this guy won a noble prize.!!!

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The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals... it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted." --Thomas Jefferson to John W. Eppes, 1813.

What do you think of his comments about nationalisation? Will his recommendations carry any clout here?

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“The Green Party is completely opposed to violence and cruelty to animals and as we campaign to take enough seats so that we can have a role in the next government we will do everything in our power to end these cruel activities." - Trevor Sargent 2007


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to have animal cruelty finally banned in Ireland. Yet another Green Party promise reneged on.

This depends in a large part on what happens internationally. If the rest of the world picks up, we could be out of it sometime in 2010.....but by out of it I mean anemmic growth.
It also depends on other unknowables- how well will NAMA work? Will it get the banks lending again? How significant is the fact that while job losses have increased, the recent figures show a big decrease in the pace of job losses?

Probably the more important strategic question is this: what can we do to ensure that future growth is diversified and is composed of a good balance between FDI, domestic firms who export, consumption and construction? This crisis has made our weaknesses clear to us and we will continue to be vulnerable so long as we fail to address them.

He didn't say we'd actually recover, he said in 5 years we might stop declining and join our eurozone partners in a 'lost decade'

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Why didn't he say that then? Even I was predicting that the collapse of the commercial property market and the looming developer loans and I'm hardly an 'expert'

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I doubt very much the bogmen in Fianna Fail will pay heed to what an internationally respected economist like Krugman has to say.

Cowen usually hides his ignorance by saying something like he will do it his way.

It is pretty clear the government cheered on the bubble.

Krugman today in Dublin.

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