Why we must listen carefully but then proceed cautiously
PROFESSOR Morgan Kelly has intensified the debate on the financial crisis with his attack on the handling of the EU-IMF bailout, his dramatic proposals for the future and his criticism of the Governor of the Central Bank, Professor Patrick Honohan.
Anything Morgan Kelly says must be taken seriously. He is Ireland's leading prophet of doom, who warned in advance of the coming economic meltdown when the political and banking establishment mocked the idea. It is well remembered that the then Taoiseach, Bertie Ahern, said he wondered why such critics did not commit suicide.
And there is no denying the sensational nature of his present analysis and proposed solutions. He hits at the heart of the establishment on the issue of the EU-IMF bailout, and he makes a twofold demand: that we should dump our debts on the doorstep of the European Central Bank and eliminate our budget deficit in order to pay our own way.