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Morgan Kelly of the Irish Times follows this Irish forum.

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Sceala Irish Craic Forum Discussion:     Morgan Kelly of the Irish Times follows this Irish forum.

Morgan Kelly writing in the Irish times calls out Patrick Honohan for his actions.
Morgan Kelly is a Professor of Economics at University College Dublin. He is noted for his predictions regarding the Irish economy. The Irish Times has described him as Ireland's official soothsayer

Morgan Kelly is supposed to be our best economics free thinker, the man able to warn us all. Morgan Kelly is better than any other economics expert in the media, but he is neither brave or insightful writing his concerns about Patrick Honohan and the bail out now.
Morgan Kelly is only now picking up on the exact same concerns that our own Kerrin was posting here last year, over 7 months before and timely. All a bit late now for Morgan Kelly to be telling us all that Patrick Honohan is not good for our economic health.

Morgan Kelly points about Honohans actions.
The ideal time to have reversed the bank guarantee was a few months later when Patrick Honohan was appointed governor of the Central Bank and assumed de facto control of Irish economic policy.
Honohan’s miscalculation of the bank losses has turned out to be the costliest mistake ever made by an Irish person. Armed with Honohan’s assurances that the bank losses were manageable, the Irish government confidently rode into the Little Bighorn and repaid the bank bondholders, even those who had not been guaranteed under the original scheme. This suicidal policy culminated in the repayment of most of the outstanding bonds last September.
At this stage, with Lenihan looking set to exploit his strong negotiating position to seek a bailout of the banks only, Honohan intervened. As well as being Ireland’s chief economic adviser, he also plays for the opposing team as a member of the council of the European Central Bank, whose decisions he is bound to carry out. In Frankfurt for the monthly meeting of the ECB on November 18th, Honohan announced on RTÉ Radio 1’s Morning Ireland that Ireland would need a bailout of “tens of billions”.
Rarely has a finance minister been so deftly sliced off at the ankles by his central bank governor. And so the Honohan Doctrine that bank losses could and should be repaid by Irish taxpayers ran its predictable course with the financial collapse and international bailout of the Irish State.

Morgan Kelly was writing his insights in The Irish Times - Saturday, May 7, 2011 irishtimes.com/newspaper/opinion/2011/0507/1224296372123.html Irish Times Morgan Kelly

Kerrin writing his concerns about Patrick Honohan's actions as it happened last year over 7 months ago.

Patrick Honohan is a former IMF employee.
His recent actions make a question of his independence.
Example ...before the IMF appeared our elected Minister were confidently stating Ireland was safe and needed no external funding till at least mid 2011.
Patrick Honohan ..by account of national radio employees ...went out of his way to independently contact the media to air his opinions on a potential loan from the IMF. The media never contacted Patrick Honohan ...he contacted them.
Patrick Honohan went out of his way to state that Ireland should accept a loan. Single handed Patrick Honohan effectively forced the arm of the Irish Government.

Following Honohan's loan urging .....A run on Irish banks and debt followed.
Patrick Honohan followed his opinion up a week later ..when stating in his opinion ...that all the Irish banks are for sale.
Not surprisingly ...a run on Irish banks and by default more debt followed.
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Both of these comments applied pressure to the government ...and gave leverage to the markets and the IMF/EU team.
Patrick Honohan's deliberate public words were fundamental in causing recent runs on Irish banks.
Patrick Honohan is supposed to be working for Ireland.

Patrick Honohan role in the bail out crisis . Concerning patrick honohan bailout concerns 2010

Morgan Kelly was too late telling the Irish public about this disturbing action by Patrick Honohan. He followed this Irish forum months too late for our good.

More from our own Kerrin
Patrick Honohan is a supreme expert ...so we were informed by the government through the unquestioning media ..told that he is beyond reproach or question.
They must have forgotten that he claimed just 2 years ago that the banking crisis was manageable ....proving beyond reasonable doubt .. that Honohan like too many economists ...make it up as they go along ....as events unfold.
They must have also forgotten that not that long ago Patrick Honohan stated his belief that the Anglo Irish Bank was systemic to Ireland.
That opinion alone should have been more than enough reason to warrant real concerns about the competency and independence of Patrick Honohan.
Anglo Irish bank was systemic to the Irish nation ....Where exactly were these systemic high street Anglo Irish banks or any ATM.
The same Patrick Honohan now states ...after the bond holders of Anglo Irish banks are mostly paid out for their reckless speculation ....that Ireland does not need Irish banks.

Morgan Kelly has still not picked up on the last very conflicting point made by Kerrin in 2010.
And very cleary last year

Who are the bondholders in Anglo Irish bank
Patrick Honohan the governor of the Irish central bank ...described Anglo Irish banks as systemic to Ireland ...that was a false claim ...his strange and eager role in all this is very concerning ...more of this later.

The banks and their hired accountants have destroyed Ireland ...and because Brian Lenihan and the government has allowed them to destroy us ..and covered their losses ...it is beyond our finances. We will default ...regardless of loans from the IMF.

Who are the bondholders in Anglo Irish bank

Kerrin you are in the wrong business.
Now everyone knows Patrick Honohan role in the bail out crisis was concerning.

Anyone can copy, but few Irish online have anything of note or real insights to read. Most other Irish sites online are useless, just copied parts of the main Irish media. Our media is too conditioned or blinkered to produce much original thinking articles.
Such unique insights - at the time of posting, and thought provoking articles, are the reason why I usually love reading parts of this Irish forum. I don't always agree with them all, but at least they make me think once a day.
Please keep it up, Ireland needs more free thinkers, with something original to say.

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