What caused the Ireland crisis...in brief?

[moar]

Just wondering if somebody could summarize a very complicated issue?

Thanks in advance...I know im a n00b:clap:

 

[Shakone]

Greed and idiocy/naivety.

 

[moar]

hahaa yes definitely...buut I need a little more depth.

I have an interview tomorrow and i know im going to be asked this.

 

[Hotch]

Lack of potatoes.

 

[BSD]

You serious moar ?

Spending more than you sustainably have, in a nutshell.

Eg Ireland had some of the highest civil service salaries, while simultaneously having some of the lowest taxes.

If you have a store and you keep spending more than you make you'll face problems eventually, and selling your stuff to people who buy on credit coz they think they can afford it coz their house values are gonna keep going up forever coz its a new paradigm doesn't make your business model any more solid either.

 

[anley]

Politicians saying anything and promising the moon to get short term results/elected. Or to put it another way, spending and borrowing far more than is bought in.

The trick the politicians have been using for decades now is that the longer term problems their short term policies create will be on somebody else's watch. True, until the piper finally comes calling, which he will, and is currently. Then all hell breaks loose..............

 

[Splitlink]

Just wondering if somebody could summarize a very complicated issue?

Thanks in advance...I know im a n00b:clap:

The Irish!

 

[pboyles]

They ran out of other peoples money. First their EU/EEC handouts reduced or stopped then their banks couldnt borrow any more money from other people.

 

[Hilarymannah]

The question isn't "What caused the Irish crisis",..but how come the same crisis is developing throughout every western country,..at approx' the same time ?
Is it mere coincidence theory, or are there more fundamental reasons,....
The clue maybe in the title of this article:
"Crafting the agenda for the 21st century"

http://www.oecdobserver.org/news/fullstory.php/aid/519/Crafting_the_agenda_for_the_21st_century.html

Give me control of a nation's money and I care not who makes her laws.
Mayer Amschel Rothschild
http://en.wikipedia.org/wiki/N_M_Rothschild_&_Sons

 

[Splitlink]

I must confess. There was a time when I was interested in Anglo-Irish Bank. Fortunately, I had other things on my plate at the time. i.e., CYOF and his "Little Paple" who, along with Soccy, were writing naked put options like there was no to-morrow .:clap:

 

[Martinghoul]

Same as everywhere, the collapse of a property bubble... I have a paper on the subject which is pretty good.

And, Hilaryman, you're hilarious, as always...

 

[William King]

The major damage was caused by the guy known as Dumm. Yeah basically it was greed for money and power which caused the crisis.

 

[Hilarymannah]

Martinghostly,........I do try to please !:cheesy:

 

[spinola]

Hmm yes, I tend to agree with the "nothing happens around the world by accident" And who is on the other side of these trillion dollar bailouts , why they must be thinking trade is rather swift at the moment. I mean the last £200 billion the UK borrowed off of the Bank of England see's them, the BOE pick up 600 million interest, and they supply the money and buy the debts.

Good game, good game !

Maybe it's not what, but Who caused it ?

 

[counter_violent]

Everyone caused it. They were all quite happy to play the game on the way up, but they don't like it on the way down.

 

[MrGecko]

what can I say - they put a Punt on the Euro!

 

[PualoP]

Bad karma finally catching up with them for supporting the Nazis during WW2

 

[moar]

Thank you all for your responses. It is greatly appreciated!

 

[BSD]

Bad karma finally catching up with them for supporting the Nazis during WW2

Haha I didn't even know or at least not remember that !!!



I was actually out partying a bit the other night and met this really lovely mother / daughter combo from Ireland who'd come on a visit to Germany coz the lil one liked Tokio Hotel.

Had some good laughs with them, very sweet people.

Oh, and they could drink ;-)))

 

[anley]

Everyone caused it. They were all quite happy to play the game on the way up, but they don't like it on the way down.

Too true. No doubt anyone who was cautious during the boom times was laughed at. It's human nature.........

But here's an idea for many of the Irish who go on and on about how great Ireland is, but don't actually live there. Why not move back to paradise? Mass re-immigration would be great for the country.