Ireland Blows Out

This article from the Telegraph speaks volumes. A few highlights: at one point during the boom, 1/5 of all workers were in construction; Ireland now has 350,000 empty houses (for a population of 4.2 million); house prices are expected to fall by 80%; there are 16,000 taxis in Dublin - a city of 500,000.

In high relief for all the world to see, Ireland's mania has gone completely to bust. The former tiger of the Eurozone is now a basket-case. If ever there were a case of classical economics at work, it is here: the Depression is a natural consequence of the mania that proceeded it; and the greater the mania, the greater the depression.

Just as the harlots enter the Kingdom of Heaven as the avant-garde, so Ireland will lead the nations that relied too much upon the FIRE (Finance, Insurance and Real Estate) Economy straight to economic Hell. In her train are the United Kingdom, and the United States. Perhaps Australia and Canada will escape the worst because they actually still produce things that people want - though this is looking increasing less likely since the world seems to be entering an 'all-fall-down' depression.