Most people agree that there are two principal reasons for our ongoing financial crisis; the global crisis that originated in the sup prime market in America and the bursting of our own property bubble.
Sunday Independent columnist Gavin Duffy, however, thinks differently. According to Mr. Duffy we Irish are suffering from a persecution complex, we’ve convinced ourselves that the situation in Ireland is worse than any other country (Questions & Answers, 1st question).
In fact, says Duffy, every country in the world is suffering from a property bubble on the same scale as we are because of “an unholy trinity of three seismic events that happened in the last twenty years.”
1. The fall of Communism resulted in a sudden flow of huge amounts of money into the West.
2. Technology that moved this money around the world faster than anyone could count it or any regulator could police it.
3. After a millennium of serfdom the Chinese decided to open up their country and provide the global economy with low cost manufacturing.
That money flowed into the West and it had to find a home and it found it in property and that’s what caused the global financial crisis.
So, does everybody understand? The fall of the Soviet empire, fierce fast money and an evil Chinese plot to swamp the world with low cost goods.
Now Duffy, pass me that joint, you’ve been sucking on it for far too long.