I'm not a racist, but. . . |
News - Hugh's Views | |||
Written by Hugh McManus | |||
Warning: mktime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 119 Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 247 Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 251 Warning: strftime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 252 Sunday, 12 October 2008 17:06 |
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People of Ireland, get ready to hear this phrase pop up in conversations about the economy! September marks the end of summer. In Ireland, it also marked the end of the stunning economic growth known as the Celtic Tiger. Ireland is the first EU nation to enter a recession. Well, a recession calculated by the rather sloppy measure of two consecutive quarters of slowdown in GDP. It's the first recession in Ireland in twenty-five years. Over half the working population of country has seen nothing but economic growth. September was the month that showed that retail sales dropped in August; the first drop since 1984.In this global downturn, Ireland is hurting and will continue to hurt. The downturn is particularly tough on those who bought property two or more years ago, particularly if the mortgage wasn't fixed rate. The housing boom is over. Property values have slumped but at least interest rates appear to be holding steady. With a large portion of the economy dependent upon exports, the downturn could be exacerbated as other countries start to retrench. With around 500 American companies in the state, Ireland's economy is inextricably tied to the prospects in the US. If the US enters a deep recession–and all signs are that the US could be looking at its worse recession since the 1930s–Ireland will suffer too. In response to a slowing economy and to concerns about the stability of its banks, the Irish government took at the extraordinary step of giving a guarantee to deposits in Irish owned banks. The guarantee protects about $500 billion in deposits; not surprisingly, this promise has affected the ability of the country to borrow in global credit markets. With the downturn in full swing, it won't be long before unemployment rises. Ireland has attracted thousands of foreign workers in the past few years. Many of those from EU states and some from other countries will be entitled to government assistance should they lose their jobs. Those already unemployed already receive such benefits. In every downturn, in every country, people inevitably start to blame immigrants for exacerbating the nation's economic woes. It will happen in Ireland too. So, in an attempt to neutralize what follows, get ready to hear the introductory phrase "I'm not a racist, but . . . " punctuate many conversations on the state of the economy.
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