Wednesday 16 August 2017

It's time we tapped into potential of the diaspora's power

The Saint Patrick's Day parade on New York's Fifth Avenue. AP
The Saint Patrick's Day parade on New York's Fifth Avenue. AP
David McWilliams

David McWilliams

A FEW years ago, a reviewer decided to do a hatchet job on a book I wrote. This book was written in mid-2006. It forecast explicitly that the Irish banks were dangerously over-lending, one of the main banks was a wildly speculative "hedge fund" and would come crashing down when the property bubble imploded.

It predicted the economy would crash in 2007 and out of the wreckage that would follow, the importance to the economy of the diaspora would be recognised and would help recovery.

At the time, the newspaper in which this review was published was buying an online estate agent, MyHome.ie, for €50m-plus, filling its pages with property-porn and arguing editorially that we'd have a "soft landing". The so-called "paper of record".

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