From Dr Dalrymple:
Angela Merkel has in effect become the new ruler of Ireland, a kind of 21st-century Henry II, using clout of the financial rather than the medieval kind. . . .
Assuming a zero rate of interest and no population growth, every man, woman, child and baby in Ireland would have to pay back $250 a year for 2,000 years to clear the debt (the precise figure, by my calculation, is 1,936 years, based on one estimate of Ireland’s total external debt, but what is 64 years among friends, or creditors?). . . .
I mean no disparagement of the Germans by the latter, however. It was not something that they sought. Rather it was something thrust upon them by their own diligence, industry and constant application of intelligence to the real rather than the virtual economy; and by their willingness to get-rich-slow, which was in such marked contrast to some other nations that I could name. Ireland is a morality tale, but not just for itself.
I am fascinated by the success of the German economy.