Tuesday, November 23, 2010

And After You're Done Giving $25K/person To The Banksters

Please make sure to make the suffering more profound and intense.

(Reuters) - Ireland should gradually lower unemployment benefits and cut the level of its minimum wage in order to boost employment, the International Monetary Fund said in a paper released on Monday.

Yes that will work. God I've come to loathe (most) economists.

IMF on Ireland, 2006:

• The outlook for the financial system is positive. That said, there are several macro-risks and challenges
facing the authorities. As the housing market has boomed, household debt to GDP ratios have continued to
rise, raising some concerns about credit risks. Further, a significant slowdown in economic growth, while
seen as highly unlikely in the near term, would have adverse consequences for banks’ non-performing loans.
Stress tests confirm, however, that the major financial institutions have adequate capital buffers to cover a
range of shocks.