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Very interesting sounds like somewhere else I know

That is what you get when you have a greedy and corrupt government, our former leader spent over €18,000 a year on makeup, like that could help him! The gormless fools running Ireland at the moment aren't much better.

sage & onion wrote:Very interesting sounds like somewhere else I know

Yea Dubai was similar, but our debt is not as big as Ireland. Govt debt in Ireland is around 2 trillion US$.

http://www.cnbc.com/id/30308959/The_Wor ... s?slide=21

I hope, it is not taken the wrong way, I'm not putting them down... Ireland is a very nice country. It is very informative video. Dubai situation is similar to Singapore (actually worse, but still better than Spain and Ireland), when they had a property bubble and burst.

I'm glad for the Dubai bubble burst, or things would have been much worse.

Nucleus ,



Its all down to various levels of greed, I know many people who made money before Dubai's bubble burst and also many that were hurt.

sage & onion wrote:Its all down to various levels of greed, I know many people who made money before Dubai's bubble burst and also many that were hurt.

Yea I remember Arnie was warning against investing in 2008, he had experience in UK property market bubble.

Read 'boomerang' by michael lewis, interesting stuff: not just about ireland but greece, germany, iceland and a california town.

Greece isn't doing well either. We have huge economic challenges.

Ambassador wrote:Read 'boomerang' by michael lewis, interesting stuff: not just about ireland but greece, germany, iceland and a california town.

Thanks for the recommendation - got a copy yesterday and about 3/4 way through. I like his style and found myself chuckling at his wry comments.

There are more detailed books about the financial crisis - mostly by economists - but this one is very readable and eye opening.

Cheers,

Shafique

Will have to add that book to my list.

kanelli wrote:Will have to add that book to my list.

How many books are on your list?









I'm just curious.

Nucleus ,

I think you may be referring to private debt. Although this is offset against assets all over the world and there are a lot of wealthy Irish out there.

Public debt is about the same as Dubai's. This is more difficult to pay off.

I'm talking about externat debt, here is a list of countries by external debt: http://en.wikipedia.org/wiki/List_of_co ... ernal_debt

UAE is at 33 with 122 billion. External debt is what is owed to other countries.

--- Mon Apr 23, 2012 10:13 pm ---

This will explain more. http://www.nytimes.com/2011/06/11/busin ... harts.html