The big correction: Kinsella on economics

The big correction: Kinsella on economics

It wasn’t actually the end of the world on the markets last week. Some wealthy people lost some pseudo-wealth. That’s all

‘The markets are in turmoil,’ squeals one headline. ‘Chaos grips Wall Street,’ hyperventilates another. ‘Yet another whipsaw day,’ squawks an announcer clearly thinking and speaking in ALL CAPS. ‘Markets close to correction territory’ quietly sobs another headline as its writer presumably breathes heavily into a brown paper bag.

The algorithms some rich people wrote to bet for them lost some money last week. That’s all. The Irish economy will continue to grow. Everyone’s pension is...

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