Here is a big cheer for the Irish. No, I'm not talking about the Notre Dame Football team; I'm talking about the people of Ireland. Like much of the world Ireland has economic problems. Unlike many other countries they are not asking for someone to bail them out of those problems. Instead most seem determined to deal with the situation on their own. To do so they are willing to take pay cuts, cut back on luxuries, and otherwise tighten their belts.
Many Irishmen are making comments like, “batten down the hatches and take the pain.” “Ireland recognizes one of the things about being an independent country is if you borrow, you pay your way,” “It’s time for the Irish to pull together and make sure they keep control of their finances, even if that means enduring higher taxes like the Greeks.” That is to their credit and a refreshing change from Greece and France where people riot if asked to cut back.
Of course Ireland's problems are serious and at this point there is no guarantee that they will be able to avoid requesting outside help. A minority of Irishmen do want to request help. However most are trying and are willing to make the hard decisions, even if it means unpleasant lifestyle changes.
The Irish are an example for all to follow. They realize that there is no money tree, no big daddy with unlimited resources. They also know that if they accept outside aid it will come with strings attached. Rather than sell their freedom and independence to a bail-out plan, they are willing to suffer the inconveniences that come with remaining self-reliant.
If only other countries, including the U.S. would emulate the Irish attitude. What a difference that would make.
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Friday, November 12, 2010
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1 comment:
This is definitely a good example to follow however I fear that our economy is so upside down that it would be next to impossible in this country to just bite the bullet and let this mess play out. We are now printing money in order to buy t-bills. In other words we are borrowing money that we printed.
P.S. have you ever read Confessions Of An Economic Hitman? It is a very good example of how we managed to manipulate other less developed countries into economic entrapments that they can't possibly develop their way out of.
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