Reasons to fear a false dawn

The warm feeling Ireland's economy is experiencing may be more like the bedwetting of quantitative easing than an actual recovery, writes David McWilliams.

17th March, 2013
`The rally in Irish bonds is a reflection of politics, not economics'.

There are many ways to describe printing money excessively, but the following quote from the Wall Street Journal's money editor, attributed to a US official, is one of the most memorable.

"It is like peeing in bed. It feels good at first, but pretty soon it becomes a real mess."

Whether the official is overstating the initial enjoyment is really a matter of individual peculiarity, but you get the point.

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