Latest Issue

Three weeks ago, German Chancellor Angela Merkel said, “We won’t allow only the taxpayers to bear all the costs of a future crisis.” Her statement was obvious, correct, and a huge mistake. Immediately Ireland plunged into turmoil—with investors pulling their money out, fearing they would take the hit should Irish banks fail. Irish bond prices fell, yields shot up.

Ireland should have been safe, at least for a while. …

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect