This is however, the first time I've heard Ireland described as a "basket case" ... just wish it wasn't true.
But Latvia's troubles are indeed special: the very policies that allowed the "Baltic Tiger" to grow at a rate of 12 percent in 2006 are also causing it to contract violently by a projected 10 percent this year: money, freed of all barriers, flows out as quickly as it flows in, with plenty being diverted to political pockets. (It is no coincidence that many of today's basket cases are yesterday's "miracles": Ireland, Estonia, Iceland, Latvia.)Also, Michael Parenti, nicely sums up just effect these bailout's are having;
Worse still, the ensuing multi-billion dollar government bailouts are themselves being turned into an opportunity for pillage. Not only does the state fail to regulate, it becomes itself a source of plunder, pulling vast sums from the federal money machine, leaving the taxpayers to bleed.So in typical "Irish leadership" (a phase sure to become an oxymoron) our dear leaders handed over €7 Billion to the crooks last night the very week it emerged Permanent TSB secretly transfered €7 Billion to the now nationalised Anglo Irish Bank in order, one assumes, to make it's books look prettier. That wasn't Cosy Capitalism, it was full on XXX Rated Capitalism where the boy's swap and share everything and anything and the party never ends.
Only now the government (a.k.a the Mom) has accidentally walked into the room catching her favorite son doing things she never even imagined whereupon she promptly turns on her heel, leaves the room and pretends nothing happened. Later when her son comes down for tea she act's like he has just arrived in, rambles on about the neighbours and hands him money so he can have a good time when he's out later..."He's such a good son you know"