Oh my.
My pub is less crowded these days. Fishermen and out-of-job bankers alike.
The latter however have a worrisome burden: they bought all those beautiful houses in the surroundings of Dublin. The classic housing trap sprang up and now everybody is in trouble as payments have to be made while the price of the underlying asset is deteriorating.
We see the colleagues of the New European Union members leaving the Emerald Isle in droves.
This is war, said Dave (McWilliams, a former official at the Irish central bank). Of course, but the enemy is not visible. Except in the middle- and back offices of banks. So where to fight?
My pub is less crowded these days. Fishermen and out-of-job bankers alike.
The latter however have a worrisome burden: they bought all those beautiful houses in the surroundings of Dublin. The classic housing trap sprang up and now everybody is in trouble as payments have to be made while the price of the underlying asset is deteriorating.
We see the colleagues of the New European Union members leaving the Emerald Isle in droves.
This is war, said Dave (McWilliams, a former official at the Irish central bank). Of course, but the enemy is not visible. Except in the middle- and back offices of banks. So where to fight?
Now, Dave is a good lad. Especially when he raises his voice after a nice dinner. He gets even better with a pint in his hands.
Speculation is rampant that Ireland will default on his debt obligations – just like Iceland – and then everybody starts to talk about Austria, Spain, Greece and Italy.
Most important observation: the dollar is getting stronger but also gold has a nice run, today.
Adieu, mon Celtic Tiger.
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