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ADOPTING THE stance of Prof Morgan Kelly on the abandonment of the EU-IMF bailout would constitute a "lethal injection" to the Irish economy, Taoiseach Enda Kenny has said.

He is right about the lethal injection but wrong about who it would kill. It would put an end to the current charade and kill those whose recklessness in lending brought about the bubble. Ireland has a trade surplus, it was never legally obliged to bail out even the Irish banks, and it should put back on the bank's books all that it has taken into NAMA.

The effect of this would be a collapse of the current rotten system. It would fail while Merkel dithered. In time the refusal would come to be seen as the courageous key event in taking down a monstrous world banking system. In the meanwhile, it would be the breath of life to Ireland, whose only real problem is the, at best, folly of Fiana Fail bailing out its crones. Loyalty is a virtue, but to sacrifice the future of others so your buddies won't have to face the consequences of their folly is a crime.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 1st, 2011 at 02:00:22 AM EST

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