Thursday, March 18, 2010

Morgan Kelly on the Irish Credit Bubble..

Anyone who wants to understand what's going on here in Ireland should read this paper by Economist Morgan Kelly. A Quote:

Since the seventeenth century, financial innovation has consisted in banks finding new ways to lose money. However, while US, UK and European banks lost money in exotic derivatives, Irish banks lost money the old fashioned way, by making bad property loans.

1 comment:

Xavier said...

Hi Rolfe, I read your spirited defense of Bjorn Lomburg. My name is Xavier and I'm a BBC Radio Producer and on our global affairs discussion show our guest is Bjorn Lomburg himself. He'll be answering questions from people all over the world and we're interested in inviting you to take part in the discussion. If you're interested you can contact me at many thanks Xavier