There has been huge turmoil on the global stock exchange over the last 24 hours. There are on-going concerns about the U.S. debt crisis. And likewise across Europe there are fears that Spain and Italy (the 3rd and 4th biggest economies in Europe) may become insolvent!
For the past year, I have been very concerned about Ireland’s plight with regards to our sovereign and bank debt and international credit rating.
However, for once, I am now calm and very optimistic about our future. We have been the pariahs of Europe (only outdone by Greece). We’ve been given a good caning by the EU, ECB and IMF. We’ve been thrown some money and told we’re going to have to pay it all back with significant interest (so that the people who loaned us the money will make a good profit). And no one ever believed that we could fully pay back our loans.
So the reason for my smug calmness – is the knowledge that we are now not alone. The major powers in the world are in the same septic pool. And now no one is talking about Ireland anymore.
And I believe that the U.S. and European economies as a whole are too big to be allowed to fail! I appreciate that this is worrying and that world leaders don’t seem to know what to do. But they will have to do something. Clearly life in the West is not going to be the same. We will have to learn to live more simply as many of our fellow men around the world.
But this is something that will affect all and not just imposed on Ireland. I am no economist and may be talking through my hat, but I’m sure no economist has a crystal ball either. So tonight I am going to sleep in peace. While world leaders cancel holiday plans and get cracking on reorganising the world economy.
Feel free to have your say gentlemen.
And ladies – do behave! Nicole has promised to spank your bottoms if you don’t behave! (On second thought please do misbehave!)