Michael "Liar's Poker" Lewis has a fantastic, captivating piece on the Irish econopocalypse in the new Vanity Fair
. Lewis ranges freely from slice-of-life observations about Dublin as a city occupied by foreign management consultants trying to figure out what to do with the disastrous worst-of-the-worst banks, to the history of the Celtic Tiger economy, to the ebb and tide of Polish workers in Ireland as an economic indicator, to the incredible and bizarre housing boom that, inevitably, turned into a world-class bust. It's vintage Lewis, gripping, savage, illuminating:
Even in an era when capitalists went out of their way to destroy capitalism, the Irish bankers set some kind of record for destruction. Theo Phanos, a London hedge-fund manager with interests in Ireland, says that "Anglo Irish was probably the world's worst bank. Even worse than the Icelandic banks."
When Irish Eyes Are Crying
Ireland's financial disaster shared some things with Iceland's. It was created by the sort of men who ignore their wives' suggestions that maybe they should stop and ask for directions, for instance. But while Icelandic males used foreign money to conquer foreign places--trophy companies in Britain, chunks of Scandinavia--the Irish male used foreign money to conquer Ireland. Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was to buy Ireland. From one another. An Irish economist named Morgan Kelly, whose estimates of Irish bank losses have been the most prescient, made a back-of-the-envelope calculation that puts the losses of all Irish banks at roughly 106 billion euros. (Think $10 trillion.) At the rate money currently flows into the Irish treasury, Irish bank losses alone would absorb every penny of Irish taxes for at least the next three years.
(Thanks, Fipi Lele!
(Image: Budget Day In Dublin - Useless Gobshites, a Creative Commons Attribution Share-Alike (2.0) image from infomatique's photostream)
2001 Nobel laureate in economics Joseph Stiglitz has a long history of being on the right side of history. For example: pricing the Iraq war at $3T; raising the alarm about sovereign wealth funds acquiring US debt; nailing the double-standard on bailouts for debt crises (and the way that this destabilizes poor countries); sounding the […]
In this 30 minute video, Harry Brignull rounds up his work on cataloging and unpicking “Dark Patterns,” (previously) the super-optimized techniques used by online services to lure their customers into taking actions they would not make otherwise and will later regret.
What to do if you’ve just signed up to work in one of the most expensive real-estate markets in the world, with almost all of your net worth tied up in illiquid shares in your employer’s company? Just ask a Silicon Valley bank for a 100% mortgage, which they’ll cheerfully supply on 24 hours’ notice, […]
Those of us who love music wish we could listen to it 24/7. But it’s impossible when we’re trying to converse with our friends, or when are swimming in the local pool.That is, until now. The KOAR Bone Conduction Bluetooth Headset, now 48% off, has changed the audio game.Made with lightweight titanium memory metal, this headset boasts patented bone conduction technology to transport sound […]
It’s one thing to enjoy dinner at home and a nice glass of Cabernet Sauvignon with your best friend, Netflix, but it’s another thing entirely to make that meal from scratch and get that wine delivered right to your doorstep.But what if we told you there’s a way to make this possible? To keep your social life, […]
Having to pack and drag your stuff through security can put quite the damper on your vacation plans. Thankfully, we’ve got your back with one way to make traveling more painless: the Jumper Overnighter Travel Bag.This compact bag is so lightweight that you can effortlessly carry it, and fit it into any overhead compartment. But just […]