Tuesday, May 12, 2015

The Rise And Fall Of The' Celtic Tiger '

A recent Toronto Star article divulged some interesting facts about the rise and fall of the 'Celtic Tiger', commonly known as Ireland, that spent the 1990s enjoying unprecedented economic growth. Housing prices quadrupled and unemployment fell from 17% to 4% and 'plasterers were making 2 000 Euros ($2 666 Canadian) a week and spending 200 Euros on a pair of pants'. In 2007, the housing bubble burst and the Bank of Ireland's stock plunged 75% in one year. Now Ireland has an official unemployment of 14%. No matter how well things go in the boom, the bust will follow and the bubble will burst. There is no security for the worker in capitalism. John Ayers.

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