Politics have reached an extraordinary juncture. Politicians, at least those with savvy, do not want to be in government. The two traditional parties, Fine Gael and Fianna Fáil, must be thanking their lucky stars they have not agreed a coalition; being in power into the somewhat uncertain future could prove a poisoned chalice. A disastrous outcome of the Brexit negotiations would be greatly compounded by Covid-19 virus, which, apart from causing enormous health worries, could precipitate economic chaos.
There are fears of a grave fall-off in tourism. Stock markets are noticeably nervous. Collapsing growth and stagnation of markets and employment would make intensification of quantitative easing and bond purchase an imperative to avoid a recurrence of the economic collapse of 2008. The great tragedy is denial that loss of growth can be avoided by intensification of debt to try and stimulate consumption, which has already passed itszenith.
Growth is simply no longer needed or possible in a world producing too much; and employment is under increasing strain from automation and robotics.
Perhaps, after finding a cure for Covid-19 virus, politicians and economists might come to their senses on the absurdity of trying to resurrect ‘economic growth’. Perhaps they might, before it’s too late, devise an economic ideology that can provide prosperity for all in a world of abundance and greatly reduce dependence on human effort. It would be the ultimate example of snatching glorious victory from the jaws of abject defeat.