None of us should feel smug about the financial crisis affecting the Western world, but, writing in National Review, Dalrymple makes the case for Ireland as the worst offender:
Thanks to the banking crisis, the budget deficit this year will be 32 percent of GDP, probably a peacetime record for any state. The underlying problem of the “normal” government deficit, as well as private indebtedness, contracted with rising house prices as collateral, is even worse: An average Irish household of four is now committed to paying interest on debts of something like $800,000 before it consumes so much as a potato. It is not difficult to see what will happen if interest rates rise. In any case, Irish government borrowing is even now three times as costly in interest rates as German.
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