Buiter Truth

The title is meant to be a ‘phonic’ play on ‘bitter’ but, truth to tell, I don’t know how the estimable Willem Buiter of the FT and the LSE prounouces his surname.

Regardless, he was in town at the much un-remarked International Financial Services gig that was held last week. I can’t afford the entry fee to these shindigs and so had to learn about the goings-on from Vinny Browne’s website.

The one quote that stood out for me (‘cos I agree with it and  it was  the first thing that I said when the G’tee was issued) was his remark about the Irish State not having a sufficient balance sheet to stand behind the Guarantee that it issued. He continued:

‘‘The Irish government’s approach to the banking crisis appears designed to maximise the cost to the taxpayer.”

Words to remember.

Damm it but I am sick and tired of writing about this NAMA nonsense……