Anyone who doubts that the Irish economy is built on some very dodgy foundations should listen to RTEs This Week programme last Sunday.
TCD economist Antoin Murphy explains how multinational companies are using Ireland as a giant money laundering operation. Countless billions in profits, generated in other countries, are being “washed’ through our economy as if they originated here.
The Government and IDA are happy with this manipulation of profits but the US Government is not at all happy and is threatening to take action. Shane Ross writes about the situation is last Sunday’s Independent.
‘These excesses should not blind us to the dependence of the Irish economy on US multinationals. We desperately need them to stay. Such an admission is unfashionable. We like to pretend that we created our boom on our own. We didn’t.
Ask Irish politicians what caused the boom and they will nominate ‘social partnership’ as the font of our prosperity – a reason carrying an unsubtle implication that they themselves had a hand in it.
Nothing could be further from the truth.
Our Celtic Tiger is multinational-conceived, created and christened. ‘