Sunday, May 13, 2012

The Oracle of Limerick

Said the Irish economist, Kinsella:
"Our economy isn't quite insular;
We may seem like a rock
'Til we're hit by a shock
From Madrid or the Roman peninsula."

This weekend marked Limerick Day, otherwise known as the birthday of Edward Lear, who first popularized the limerick. On that day, the thoughts of an economic limericker naturally turn to Limerick's economist Stephen Kinsella. Professor Kinsella of the University of Limerick recently wrote a blog post asking "What Is The Important Thing No-One Is Saying?" His answer:
Irish people, I think, see that we really aren't the masters of our own destiny: that events in another country anther state could spell the end for us regardless of the choices we make. Were Spain or Italy to default, if the bond markets do not recover sufficiently from their current turmoil, and if the European authorities do not recognize the need for growth in the periphery to offset unsustainable increases in private debt that have been made public, we are sunk.
We can only hope that our next Limerick Day will find less anxious times for the citizens of Limerick.

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