Irish economy close to a basket case says NY Times’ Paul Krugman

I’ve read Krugman’s article in the NY Times and am pretty impressed with his points. James O’Brien’s headline above has completely misrepresented the thrust of Krugman’s arguments - nowhere does he call Ireland a basket case. He acknowledges that the ills of Ireland (and Spain) were due to the collapse of America’s Fannie Mae and Freddie Mac businesses and by implication, Lehman Bros. He correctly points out that the European Union’s economy is bigger than that of the USA and therefore in a strong position to deal with crises. He offers a choice of four solutions to the Irish, Spanish, Italian and Greek economic problems (mentioning also those of Belgium) - toughing it out; debt restructuring; copying Argentina’s solution; and revived Europeanism. He suggests that Ireland (and Greece, Spain and Portugal) might need to leave the Euro currency to help an economic revival and/or default on its loans like Argentina did. At the moment, we in Ireland are toughing it out but I’d go with the debt restructuring option. Krugman, after all his analysis, admits that he really doesn’t know the answer. Having drawn comparisons between Nevada and Ireland, he then goes on to note that Europe is not fiscally integrated while the USA is, therefore destroying his comparison of the two. So why did he write the article in the first place? For that alone, yes, I agree he’s an Idiot.

look comparing Ireland to Nevada means this guy is an idiot

I could, and did, write something similar to this myself - and I'm no economist - just an ordinary taxpayer and critical observer. As they say, it's not rocket science. Dump the euro, default on senior bondholders, and revert to the punt linked to the pound sterling. The economic border between the Republic and Northern Ireland disappears and we start afresh with a whole island cooperative economy. (See Irish Central Geraldine O'Connell Cusack)

Ireland is not as fortunate as Nevada, which belongs to a Nation which that has something called the Federal Reserve, where people can just pull money out of thin air, and print and print and print ad-nauseaum, with absolutely nothing to back up all this confetti currency in circulation. Now what would you call an economy like that Mr Krugmann???.

Sorry but anything Krugman says is plain B/S. The man is a standard idiot, bases his opinions not on facts but HIS STUPID OPINIONS! Sorry for his students who are forced to listed to blatant rhetoric.

Paul Krugman is an idiot. If he says Ireland is doomed, it's a great day for Ireland!

I have big news for you. (I’ll comment on Krugman’s thoughts when I see what he has to say in full). Meantime, may I say that there might be a case for Ireland becoming a basket case (perhaps net case, in this case) when the overall winner at the Irish Young Scientist and Technology Exhibition – proudly now known as The Young Scientist of the Year (YSotY) 2011 (Ireland) – is Alexander Amini, a teenager born in New York but now sensibly living in Ireland....... His winning project uses sensors to identify and analyse different tennis shots. Yes, perhaps basket case, definitely a net case. But ya know... maybe this signals the end of all the professional Federers and Kournakovas... anyone can now improve their tennis game and win millions of bucks using this invention. If Ireland’s reputation as a centre of scientific and business excellence, born out of previous winners of the YSotY, depends on someone with a system that analyses tennis shots, then maybe we are heading for being a basket case full of nutters like Alex Amini. (J/K -Fair dues to him, congratulations to him on a unique invention).

this freddy Krugmann is a political hack, nobody pays an heed to what he spouts.

At least in Ireland the defaulted homes are in more bucolic settings than those cookie-cutter faux Spanish-style homes sitting vacant in the desert miles from The Strip. At least they are not running the AC needed to mitigate the 105 degree heat.

Never mind this fool. Ireland, Nevada, Spain and the Greece economies will be around long after the New York Times and its mentally squalid sister The Boston Globe, have collapsed in to obscurity. Take the big picture, Mr Economist: Ireland is a Mickey Mouse economy in Europe, could Rhode Island bring down the United States? I do agree on one thing, Ireland should break away from the European Union, and set up its own independent currency. Secondly, they need to set up the first European Bolivarian Republic, become self sufficient – and start growing spuds again. For years Paddy has been drinking Poteen (a distillate of spuds), we need to use that as our fuel. What we can’t produce we can trade with Venezuela – spuds and carrots for oil and bananas. And, did I mention…. Bono as El Presidente!

Princeton University believes he is a pretty good economist. However, as a political columnist he might rate one step above being an idiot. His accusations only two hours after the Tucson shooting that Sarah Palin and the Tea Party were responsible shows he can be one of the best Republican asset's going into the 2012 elections.

To recover like Nevada, what Ireland needs is a big gambling city like Las Vegas.

@justhimself: Please suggest some countries that might be a better comparison.

Belgium, Luxenburg, are not a comparision. They can load their goods at their source on a lorry and drive straight through to the customer. Ireland is an isolated island, nearest neighbor to the west is 3000 miles away. hardly a neighbor north or south, we have a close neighbor to the east but cannot get along too good with them. LETS GO BACK to Devs policy, a cottage, an acre to grow spuds and cabbage raise a pig and an ass and gaelic language is all they need, and dont deserve any more......

No worry. This Bozo hasn't been right about anything since he jawboned his way into a bogus Nobel ...