Tuesday, September 30, 2008


The world of banking has been capturing the headlines recently. The whole sorry mess is tumbling down like the house of cards, built on sand that it is.

The government have kindly guaranteed all the savings in Irish Banks. It doesn't really mean much as there is no issue with liquidity in Irish Banking. The astonishing move is to guarantee all the money borrowed by Irish banks. That is a much riskier move and it gives banks a get out of jail free card.

It would be pretty nice to make oodles of money creating bad debt and then having it all cancelled out by the man. Imagine it in any other industry?

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