Friday 20 April 2018

Ditching the euro could boost our failing economy

One of the things about crises is that they tend to blow the credibility of shibboleths out of the water.

A shibboleth is a mantra to which people get attached because it is easier than hard thinking. If enough people repeat the mantra it becomes gospel, and instead of using our heads, we exchange alleged truisms. Ireland's been exposed to enough shibboleths in the past five years to last us a lifetime.

One of these was "property only goes up". The second was "the fundamentals are sound" which, along with "this time it's different", are particularly costly mantras. We also got the "soft landing" shibboleth. Or what about the one last October, "our banks are well-capitalised"?

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