Will NAMA turn out to be our Waterloo?

BELIEVE it or not, the British government is – to this day – paying a 2% annuity on so-called consol bonds which it used to finance its campaigns in the Napoleonic Wars from 1803-1815.

No doubt, the “national interest” justified this enormous borrowing at the time.

Those who tell us NAMA will have wrapped up its operations in 7-10 years might do well to reflect on this.