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This Weeks News
Average level of debt in Clare goes from lowest to highest in country
THE average level of debt for every Clare man, women and child is now higher in any other county in Ireland and the county will be the last to come out of recession.
That was the stark declaration issued yesterday by economist David McWilliams, who said that personal debt in Clare rose from being one of the lowest per capita in Ireland before the Celtic Tiger to the very highest after.
McWilliams, who undertook extensive research in Clare while writing his book Follow the Money - The Tale of the Merchant of Ennis, said that land speculation, especially in the Ennis area, was the main reason for the county’s financial strife.
According to research carried out by Dublin financial research company, Business Pro, the average debt of Clare people rose from just €6,159 in 2003 to €20,596 last year.
“Clare went from being the least indebted county in Ireland before the boom to the most indebted after. That is phenomenal and it is all down to huge land speculation in Clare,” McWilliams told The Clare People yesterday.
“A lot of people may have assumed that this boom was a Dublin problem, with the Ross O’Carroll Kelly mentality and thinking like that, but the evidence shows that Clare has become more indebted than any other county. So that is why I decided to go to Clare to write this book.
“I spent a lot of time in Clare researching the book and in many ways the character of The Merchant of Ennis is its hero.
“This is a national issue but it is quite explicit in Ennis, you can really feel it there. I had a terrible moment the first time I was in Ennis to work on the book. I went into the square, to the statue of O’Connell and looked around - there he was surrounded by every single financial organisation in the country. So I thought, ‘here we go again’.
“What has happened is not surprising considering what has gone on around Ennis in the last few years. If you look at all of the estates that were built around Ennis, it was a joke.”
THE Government is making the recession worse by practicing “economic nonsense” according to one of Ireland leading economists.
Controversial economist and broadcaster David McWilliams told The Clare People yesterday that bold actions could see Ireland out of the current recession but the current polity was making things worse.
McWilliams, who latest book Follow the Money - the tale of the Merchant of Ennis sold out in many Clare bookshops before Christmas, will be in Ennis this weekend for the Ennis Book Club Festival.
“Unfortunately there are no real signs that we are moving in the right direction, you get the impression that the Government are digging a deeper hole for themselves, and for us by extension,” he said.
“What you have is the Government claiming they are following economic sense but they are not, they are following economic nonsense. This book was written last summer before all this carry-on with Greece and the euro and it predicted that we would be having serious problems with the currency.
“We have to choose how we can use out involvement with the euro to it’s full effect and this means is telling the creditors of the banks that we don’t have the money to pay them.
“I don’t think that anybody in Clare believes that putting €10 billion into Anglo Irish Band and Irish Nationwide is a good idea. We have a deeply misguided government which is pursuing deeply misguided policies.
“We need to negotiate with the creditors in the bank and pay them back 10 cent in the Euro back on their investments in Ireland. But they made a bad investment in the first place. That is the way that capitalism works, ether we are in a capitalist country or we are not. Right now we have capitalism for the rich and socialism for the poor.”
McWilliams is calling on the people themselves to take matters into their own hands and drag the economy out of it’s current situation.
“The most important thing in a crises is how you react to it. You have to react positively to these things - we are in extraordinary circumstances and we need an extraordinary reaction,” he said.
“If we got that, this country would be out of the recession very quickly. You have to be upbeat you have to think about ways of improving things. The Government’s policy doesn’t look like it’s going to help us, it looks like it’s going to hinder it. It’s up to all of us to take a long look at the county and see what are we going to do to change it.”











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