David McWilliams: ECB bailout is the only card we have left to play
On Monday morning, on High Street in Kilkenny, I popped into a cafe to grab a coffee before leaving the Marble City following a wonderful weekend of economics, comedy and common sense at the Kilkenomics festival (www.kilkenomics.com).
Just as I was paying, the man who ran this lovely little cafe asked me nervously whether his life savings were safe in Irish banks. He told me he couldn't sleep at night worried about the risk that his money wouldn't be there in the morning.
He said he simply didn't trust them -- the banks or the Government -- any more. Given what had happened over the past two years, he said, he couldn't rule anything out. He said that so many unthinkable things had happened -- Anglo, negative equity, ghost estates, bailouts, NAMA, FAS scandals, AIB bankers lying about the state of their books -- he was prepared for anything now.