David McWilliams: We don't have an economic policy, it's all just a big bluff
Published 08/09/2010 | 05:00
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.
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.