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24 Jun

A Swift solution for Irish banking

The lowness of interest, in all other countries a sign of wealth, is in us a proof of misery, there being no trade to employ any borrower. Hence alone comes the dearness of land, since the savers have no other way to lay out their money.
[…]
I have sometimes thought, that this paradox of the Kingdom growing rich, is chiefly owing to those worthy gentlemen the BANKERS, who, except some custom-house officers, birds of passage, oppressive thrifty squires, and a few others that shall be nameless, are the only thriving people among us: And I have often wished that a law were enacted to hang up half a dozen bankers every year, and thereby interpose at least some short delay, to the further ruin of Ireland.”

Jonathan Swift on banking in his 2008 1728 Tract, A short view of the state of Ireland.

His account of rising prices, and Dublin being full of new buildings as builders hire each other is oddly familiar.

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