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ECONOMIST PROFESSOR MORGAN Kelly has warned that Ireland could take as long as ten years to recover from its current economic woes.
“Typically when you have a big credit bust like this… You’re talking about a decade for things to recover,” he said.
In a rare public appearance, the UCD academic was giving a keynote speech at the Kilkenny Arts Festival last night. He gave his personal overview of the Irish economy, speaking about “where we came from, where we are, where we’re going.”
Professor Kelly, sometimes nicknamed ‘Dr Doom’ after accurately predicting the economic crash, said Ireland still has “very big problems” – adding that the banking crisis was just a distraction from the underlying issues in the Irish economy. He said that huge mortgage debts and unemployment among Irish people would be a millstone around the country’s neck as it struggled to recover, and that the country was currently “insolvent”. “We owe more money than we can realistically repay,” he said.
Earlier this year, Professor Kelly hit headlines when he called on the Government to default on its debts and implement drastic austerity measures as the quickest route to recovery. He said he had since gone back on this conviction. “Things have got worse, we’re stuck with [the bailout],” he said.
However, he said that he does not believe the Eurozone will collapse due to the current debt crisis. “Eventually it [the problem] will be solved,” he said. “The Eurozone is too complex to collapse.”
Thanks to Kilkenny Arts Festival.
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Thanks a bundle, B-B-B-Bertie & Cowen. Thanks alot.
He lays it out based on the figures. Ireland is bankrupt, has been since that traitor Lenihan guaranteed the banks. Once we accept this, then we can start to realistically plan for the future.
Ahern did not “appear to” tell Kelly to kill himself – he told him to. He said the same to anyone who didn’t buy into his trickle-down bubble, and now some are being pushed into doing exactly that, thanks to his legacy. A real traitor, who did it all for vanity.
Hey Declan don’t forget the other muppet McCreavie !
I’m listening to this as I fill out my application for Australian residency
Morgan Kelly for President please
The President of Ireland has no function that could possibly save the country. He or she cannot make laws, cannot formulate policy or even make a pronouncement that smacks of politics. The presidency is a gagging order. If you want Morgan Kelly to do something constructive then he should be made a Senator and appointed to a Ministry.
And what good would that do?? Perhaps people should remember the painful obvious, this country elected Ahern, Harney, McCreevy because of ? greed? Go back to 2001 and see for yourself what the celebrity economists were saying, when they should have been pointing out the risks of a bubble economy,they did in fact cheerlead the tiger, because they made money from it!
What a bunch of scrupulous people past and present running this country. They will never be forgiven for selling us out for their own gain. Waiting on my visa for NZ. How sad it is for the people left behind that cannot not leave. It’s history repeating it self…..
Government doesn’t solve problems; it subsidises them.
Government isn’t the solution to our problem; Government is the problem. -Ronald Reagan
Wow a quote from a geriatric right-wing loon who spent a long time in government.
The roots of this crisis are in the economic approach of Reagan and Thatcher. The problem has been building up for that long.
I’m bored, seriously bored
Wow you need to be a Professor of Economics to give that speech? Thank you for pointing out the obvious.
He pointed out the obvious before and was advised to commit suicide by the traitor Ahern
Yes but that was before we the sky actually fell.
Do you think that there was anybody in this country on Saturday morning who didn’t know that most of the country has “huge mortgage debts” and that unemployment is a bad thing. And I’m pretty sure we all realise that the country has been insolvent for quite some time now.
Morgan Kelly’s the original One Trick Pony.
Is Dr Kelly a future-teller or what? Wait a min…..how come he got a Prof when he is often wrong with math?
If he could see the future he would know the Euro is knackered.
well, he’s one of the people some politicians wanted to shut up; politicians who thought “as long as things are good, things are good”, the kind who think economies run on good sentiment. basically Morgan was a dissident to the state’s economic policies (i think?), who people like Bertie Ahern tried to ridicule and dismiss.
do you understand, fully, what Morgan was paid to stand in front of the droolers and tell them, what they had already knew?
why would you be an economics professor and stand on a stage to be lauded to hear what we had heard for er, how long? I mean, do economics professors not get paid enough either?
D
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