Bondholders are not the only ones to blame

AS someone watching from afar who has close ties with Ireland, I cannot believe the number of writers who contend that bondholders are somehow responsible for Ireland’s banking problem or indeed Ireland’s national debt.

For those of us who visit your fair land frequently this misplaced arrogance defies belief. Who bought all those expensive homes? Why did Ireland have more BMWs on the road per capita than France and Germany? Who chose to purchase holidays abroad and second vacation homes? Why was everyone obsessed with the value of their homes? Residential real estate does not create any real wealth per se, it only circulates money within the economy — and in Ireland’s case, over-inflates the cost of everything. As much as I love Ireland, it is time to accept your own responsibility and acknowledge the fact that everyone was living way beyond the means of the country’s ability to pay. Ireland has a great future if everyone gets back to the basics and capitalises on its natural resources of culture, people and geography.

Brian Charles