Tag Archives: Eurozone

The Daily Rant: ON Windfalls.

Imagine you’re cleaning your house or apartment (which is something I do, by the way: I imagine I clean; I rarely do it in real life), when all of a sudden you find some money, money you never knew you had. It’s a substantial wad of cash and it could come in very handy in these times of severe austerity. You’d make use of it, wouldn’t you? Like pay off a few bills and treat yourself to a holiday or other such luxury. In other words, you wouldn’t look a gift horse in the mouth, right?

Due to an accounting error and human error (with the left hand not knowing what the right hand was doing), it appears Ireland isn’t as broke as it was previously thought. We are now richer to the tune of 3.5 billion euro, an amount of money that was found by accident. So what will our government do with this windfall? Wouldn’t it be a wonderful gesture if every tax-paying adult got a little something extra this December in the Budget? Say about €10000 each?

As Eliza Doolittle sang in My Fair Lady, “Wouldn’t this be lovely?”

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100 Words, 100 Days: Day 57. On Economics.

What I know about economics wouldn’t even fill the back of a very small postage stamp. I can’t tell the difference between hedge funds, trust funds, endowment mortgages and debenture schemes. The only thing I know about defaulting is when the time comes to lay the blame.

Default always lies at someone else’s door (if you pardon the pun). Someone with a bit more knowledge than I suggests that there’s a 98% certainty that Greece will not make its loan repayments within five years.

Default lies with those who gave it to them in the first place. Default was never theirs.