Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I think you put your finger on a key point about the post 2003 Celtic Tiger boom.  Most of the borrowed money which fuelled the boom when on property speculation and speculative development - not on the development of productive assets like wind farms and smarter electricity grids.

If the economy had been directed by true entrepreneurs rather than bansters/financial engineers and property speculators, we wouldn't have had the asset price bubble and crash that we now have - and would be better able to afford any interest costs arising from productive investment.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Jun 22nd, 2011 at 12:13:01 PM EST
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