A Stark Déjà vu

In the years leading up to financial meltdown, despite warnings from many sources, the government refused to accept the reality of what was happening.

We were told the ‘fundamentals were sound’, that there would be a ‘soft landing’ in the property market, that critics should stop ‘talking the country into recession’.

ECB board member Juergen Stark was in Dublin yesterday eerily restating that whole mad reality, this time in respect of the Euro area.

Europe was not heading into a second recession.

The ECB still believed the euro area was heading for an economic “soft patch”.

We should avoid talking ourselves into a recession.

Stark also delivered the, by now, standard pat on the head to the government.

Ireland is the role model for other Eurozone countries.

Ireland shows it is possible to implement (austerity programmes) as long as there is support in the society and a consensus among political parties.

Among those lapping up Dr Stark’s Alice in Wonderland view of reality were Financial Regulator Matthew Elderfield, Alan Dukes of the Irish Bank Resolution Corporation, and UCD economist Colm McCarthy.

Just a few of the amadan’s who are merrily leading Ireland down the road to perdition.