Kevin O’Rourke on Ireland and Europe Post author By Philip Lane Post date June 9, 2011 The Institute for New Economic Thinking (INET) carries a video interview with Kevin – you can find it here. Categories In Uncategorized 7 Comments on Kevin O’Rourke on Ireland and Europe ← Contractionary austerity watch — Greek edition → A better friend than we know 7 replies on “Kevin O’Rourke on Ireland and Europe” I’m a bit deaf, so I’m not sure whether this is a accurate: Since the Irish tax payer will not be able to foot the bill for the Irish banks, a socialization of debts will eventually lead to sovereign default, Kevin O’Rourke notes. Does KO’R really consider it as open-and-shut as that suggests? I’d be interested in knowing whether other members of the blog team are equally gloomy. I think the point is taken slightly out of context. It was a piece discussing the ECB vetoing of burden sharing and the point been made was that in arguing the case for burden sharing it is not sufficient to have a moral argument. When making the case you have to argue that it is unsustainable and argue that “since the Irish tax payer will not be able to foot the bill for the Irish banks, a socialization of debts will eventually lead to sovereign default”. It was the basis for an argument rather than an explicit view. Kevin may believe the situation is “as open-and-shut” as the extract suggests but I don’t think we can infer that from this interview (which is very worthwhile viewing). This is a reasonable presentation of the issue. A complex issue like this cannot be summed up in a soundbite. In addition to this interview, Kevin’s presentation to the recent INET Bretton Woods Conference provides an excellent analysis of the economic and political challenges in the EU and highlights Ireland’s limited room for manoeuvre within the present inflexible ECB/EU thinking . Essential viewing for the new government. http://ineteconomics.org/ivideo?v=MzC-UFItRZc&size=large&start=1 The Bretton woods talk was quite impressive but I just don’t believe the core narrative. If we were to get a central treasuary in the EU it would rapidly become a hybrid Imperial Rome / Washington DC like capital which I am sure many in that audience greatly desire. Within less then a century possibly a few decades Europe would get its modern Caligula or Nero. @Seamus Coffey Thanks for the reply. I’ll go in search of better headphones. Goodonya KO’R 🙂 ‘ We need a positive shock which transforms the situation from catastrophic to merely disastrous’. That’s the purest Flann O’Briain. The native genius at work. Voice matters, and history is the fourth dimension. We are not bet yet. You rightly nail the failure of political leadership at the heart of the EZ project. VB show producer take note. Comments are closed.