Tuesday, 9 November 2010

Is Ireland actually Bust?

Today I listened to a programme on BBC Radio 2 which made me sit up and take notice. The subject was the financial position of the Republic of Ireland which has been brought into question by at least one major bank.

Apparently this one bank has lost so much money gambling that it has brought down the country's economy. Now I know that the Irish have a reputation for gambling and I have personally witnessed their reckless disregard for their personal finances at the Cheltenham National Hunt Festival but to ruin the economy of a country is farcical.

Now I have to ask...and I will continually.. how can a country, under the umbrella of the EU, collapse like Greece and now Ireland?

How many other countries will we see going to the wall under the umbrella of the EU. Who will be next? Spain, Italy or Portugal or dare I suggest the UK? I see all the western nations dashing to the east for trade agreements. They are all scrabbling around India and China... does this mean that in general the western economies have been wrecked?

Have the world financiers decided that they must now change direction and that the western countries will now become the poor countries of the future. I have a horrible feeling that my granddaughters will soon be learning Hindu or Mandarin.

1 comment:

Julian said...

Too right they will, though my money would be on China - India is really too disorganized to be a world power and it isn't half the manufacturing powerhouse China is.