Ireland Returns to Traditional Economy - Exporting Irishmen!

Bloomberg reports: Irish Urge Children to Leave as Export Gain Masks Lost Jobs.

Anthony Roche is urging his unemployed son to emigrate to Australia from Ireland to escape joblessness stemming from the country’s economic collapse.

Unemployment may climb to 14.6 percent this year, the central bank forecast on Feb. 2, as companies such as Royal Bank of Scotland Group Plc and Allied Irish Banks Plc prepare to shed more workers.

Irish unemployment tripled to an average 14.2 percent last year from 4.5 percent in 2007, as the economy shrunk by about 15 percent as a real-estate bubble collapsed. Emigration rose to the highest since the 19th century in the 12 months ended last April, with about 76,400 people leaving Ireland during the period, according to the Central Statistics Office.

Worse, over half have been jobless for more than a year and with 30 percent of people aged 24 and under are out of work, the office said in its quarterly employment survey.

When 30% of your younger force is out of work, you are basically doomed.

The correct solution for the Irish would've been to default on the debt as we have talked about many many many many many times but if you're a junior Irishwoman (or Irishman), conditional on the fact that your politicians are fuckin' retards, the best option is to leave.

Which makes the problem bigger, and of course, the default more likely. Which they should've done in the first place!!!

Oh well!

Éireann go broke

From the sycophantic and syphilitic New York Times: The Irish Economy’s Rise Was Steep, and the Fall Was Fast.

The Irish economy, pummeled by the most severe housing bust in Europe, has collapsed.

The recession started earlier and its bite has been deeper. Housing prices have fallen by as much as 50 percent. Bank shares have plummeted by more than 90 percent. Unemployment is approaching 10 percent.

The roots of Ireland’s fall date to more than 20 years ago, when a clutch of economists, politicians and civil servants put their heads together in this very pub and planted the philosophical seeds for the Irish economic miracle.

Known widely as the “Doheny & Nesbitt School of Economics,” these beery musings soon became government policy that chopped taxes in half, sharply reduced import duties and embraced foreign investment — a radical transformation that gave birth to the Celtic Tiger and perhaps the most open and vibrant economy in Europe.

But beyond the glow of this sudden efflorescence that made Ireland the fourth most-affluent country in the Organization for Economic Cooperation and Development, a housing bubble had begun to form. Low interest rates, a wave of inward immigration and a bank lending spree drove housing’s share of the economy to 14 percent, the highest in Europe, from 5 percent.

BY wide consensus here, two events have come to define — both culturally and financially — the sweep and excess of the Irish property boom. Both revolve around Sean Dunne.

The gossip around town is that Mr. Dunne, whose brazen deal-making and Donald Trump-like lifestyle epitomized the country’s euphoric boom, might be going bankrupt.

“I grew up with nothing and I know the value of money,” he adds. “The Celtic Tiger may be dead and if the banking crisis continues I could be considered insolvent. But the one thing that I have is my wife and children — that they can’t take away from me.”

Looking at the picture of his wifey, that's not quite a safe assumption, Dunne-derhead.

Brokey brokey = no pokey pokey, an dtuigeann tú?