Pinning hope on the smart economy is flawed

IRELAND is, as Captain Boyle said, in a “state of chassis”.

In fact, it’s possible to argue that we are in several states of chassis. We face a massive hole in the public finances. Even at the conclusion of the Government’s plan to set these right, we will still be borrowing several billion per annum — adding to the already large national debt.

To ensure that we are never again dependent on “the kindness of strangers”, many commentators have suggested that we accelerate the setting to rights of the state finances.