What do banks contribute to society?   John Cassidy, writing in The New Yorker, asks What Good Is Wall Street?  In the course of this questioning article, Cassidy refers to Lord Turner, Chairman of the UK’s Financial Services Authority, who described much of what happens in financial centres, such as Wall Street, as “socially useless activity”.  He also interviews Dr. Paul Woolley, a former investment banker who has endowed the Woolley Centre for the Study of C

Should Ireland leave the euro?   There has been some talk about Ireland, and other financially troubled euro zone countries, leaving the euro.  But what would it mean, in practice, if Ireland were to leave?  Putting aside the theoretical attractions, what would exiting mean in practice?  Read Leaving the euro: How would it work? for some thoughts on what would be involved.

The long-awaited Irish government four year recovery plan was published yesterday . It is available at http://www.budget.gov.ie/The%20National%20Recovery%20Plan%202011-2014.pdf   In my view,  there are some necessary and  good measures in the plan: the promise of a property tax, the increase in the carbon tax and a reduction of tax relief on pensions to the standard rate.   However, the plan is disappointing, even given fairly low expectations of this government. Brian Co

Why are those responsible for our crisis not paying?   Isn’t it interesting that it is the ordinary men and women of Ireland, for generations to come, who are going to be paying for the utter mess that has been created by our banking, regulatory and political leaders.  We are hearing that the minimum wage is going to be hit, that social welfare is going to be hit and that taxation is going to be raised.  Meanwhile, those responsible for creating and exacerbating the crisis

What will it take to save Ireland?   With the Governor of the Central Bank, Prof. Patrick Honohan, saying that he expects the talks now underway between the government, the European Commission, the ECB and the IMF to result in a loan offer to Ireland, the question still remains as to whether Ireland should accept a bailout or not.   In an editorial, The New York Times (18th November, 2010) proffers: “What Ireland needs more than anything is a plan to restructure its banks&rsq