I believe we have isolated the problem.
From John Maudlin's Frontline Weekly Newsletter.
A quote from Irish Prime Minister Brian Cowan taken from his speech to the Irish Parliment last Tuesday.
If this country and this parliament fails to make the necessary adjustments, then we put at risk the funding of the State after July of next year and what will happen then is that we will be faced with a situation where we will only be able to spend EUR 31 billion.
The State could not go on spending EUR 50 billion a year, when it was only taking in EUR 31 billion.
Being only able to spend EUR 31 billion would involve a serious adjustment in the level of (government) services that could be provided.
No responsible government, therefore, could contemplate that approach.'
Ok, think this one through for just a second.
What the Prime Minister of Ireland just said here is that no responsible government could contemplate spending a sum of money equal to what it is taking in.
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