Sunday 19 November 2017

David McWilliams: Lunacy of NAMA bailout will tip us over the edge

David McWilliams

David McWilliams

Will Britain be the first country to go bust or at least have a run on its currency before, not after, the Olympics?

Traditionally, countries and cities host the Olympics with great fanfare, expecting great things from tourism and then, when the marathon finishes and the clean-up begins, they are left with a nasty bill. However, such is the 'feel-good' factor associated with the prestige of the games that the bill is rarely presented before the opening ceremony.

But this time it might be different. Britain is in a precarious financial position, but at least it is exceedingly lucky in that it can print its own currency. However, while devaluation saves parts of the economy, it almost guarantees a run on the currency, particularly now that Britain faces a hung parliament.

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