The Irish solution to financial meltdown.

When it comes time to write the history books of this financial chaos the world now finds itself in, I believe a turning point will be noted in the Irish response to the crisis. Indeed, it may come to be known as the Irish solution, in time to come.

As many of you will know, the Republic of Ireland - or at least its government - was the first country in the world to guarantee the bank deposits of its homegrown Irish banks. This was a masterful move - and will be seen (and is already by many) as a wise move. You see, by guaranteeing the banks, Ireland created the world's safest haven for depositors - thus, if no other country did the same, money would fly to Ireland, in a jiffy, from all over the world. The Irish banks would be overladen with newly won cash. Of course, Ireland knew this - and knew, therefore, that the risk of having to pick up what was calculated to be a potential 9 trillion dollar bill, was remote. Irish banks were safe because Ireland said they were safe.

I believe that the Republic of Ireland knew that the rest of the world would be forced to follow suit. The Irish government must have been aware that other nations could not stand by and do nothing in response. Thus, Ireland's unilateral move has forced the hands of governments around the world to do what they should already have been doing: guaranteeing their banks, so that depositors would not withdraw all their funds and deplete the banks of capital, killing them in the process. So, Germany and Greece followed, in quick succession - and now Australia, too, has said that it will "guarantee ALL deposits for three years".

Ireland's financial wisdom may just have saved the world from an even greater catastrophe than would otherwise have befallen it. Islands of surety in the chaos are being created all over the world, as other governments come out with guarantees of their banks - and all because of the Irish.

Of course, some governments will resist backing their banks in this way. Such governments will, I think, sit by and watch their banks shrivel up and die as the deposits are moved to banks in territories that do offer such guarantees. In time, all governments will be moved to offer some form of guarantee: it is the only way to bring some confidence back into the financial system.

It is interesting to see that it was a small nation like Ireland that led the way in this. It was not the United States of America - which hereafter shall forever be known as the CAUSE of this global financial mess. The USA spent its time arguing over whether it was socialist/communistic to bail out the banks - letting the chaos grow, as they did so. Ideologies such as capitalism/socialism really, really, really don't matter when the entire financial system is collapsing around the world: what must be done, must be done, irrespective of what people might call it. It rather amazes me that they would even consider ideologies at this point.

The small nation of Ireland will be thanked, by history, for its unilateral initiative, in stepping up to do what must be done to ensure that the financial chaos we have now entered, globally, does not endure a moment longer than it has to.

Perhaps, people everywhere, should go out and drink a pint of Guinness, in salute to the Emerald Isle, land of leprechauns, pots of gold and wise finance ministers.

(If you would like to learn more of Ainan Celeste Cawley, a scientific child prodigy, aged eight years and seven months, or his gifted brothers, Fintan, five years exactly, and Tiarnan, twenty-eight months, please go to: http://scientific-child-prodigy.blogspot.com/2006/10/scientific-child-prodigy-guide.html I also write of gifted education, IQ, intelligence, the Irish, the Malays, Singapore, College, University, Chemistry, Science, genetics, left-handedness, precocity, child prodigy, child genius, baby genius, adult genius, savant, wunderkind, wonderkind, genio, гений ребенок prodigy, genie, μεγαλοφυία θαύμα παιδιών, bambino, kind.

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