Thursday 19 January 2017

David McWilliams: We don't have an economic policy, it's all just a big bluff

Published 08/09/2010 | 05:00

A poker player wearing mirrored glasses while playing at the Boylepoker.com International Poker Open in Dublin in 2008. David McWilliams argues that our political
and banking 'elite' is playing a high-stakes bluff with taxpayers' money
A poker player wearing mirrored glasses while playing at the Boylepoker.com International Poker Open in Dublin in 2008. David McWilliams argues that our political and banking 'elite' is playing a high-stakes bluff with taxpayers' money

ON THE radio on Monday, Brian Lenihan spoke of "not showing his hand" to the European Commission. He suggested that we in Ireland had to "hold our nerve". These phrases are not normally used in economic policy -- rather, they come straight from the world of poker.

  • Go To

This language is appropriate as it probably best sums up the Government's policy throughout the banking crisis -- it has all been a big bluff.

Yesterday, the financial markets reacted to the gambler's words by selling Irish bonds, thus driving the yield (at one stage) up from 5.78pc to 6.15pc.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Read More

Don't Miss

Editor's Choice