I gave the following presentation to the UCD Geary Institute earlier today. They're a good crew and had lots of interesting comments and ideas on the contents afterwards. One in particular struck me: will the collapse in pension funds drive Ireland's savings ratio to a new, higher equilibrium level (like in Japan/China/Italy)? The savings ratio is certainly rising, and pension funds are certainly falling.
Which is why the assumption that the Irish government can increase income taxes without impacting consumer spending due to consumers simply spending their savings instead (as suggested here) might just be a tad heroic.
Have a look - let me know what you think: