Here is a short lesson in Irish history: one of the most hated figures in the country's often troubled past was the "gombeen man", a character forever associated with the 19th century Irish Famine in which a million people died and another million were forced to leave the country.
The gombeen was the money-grabbing middle-man who profited from the people's desperation for food by charging exorbitant rates for meagre but life-saving produce.
He was usually Irish but, in the popular imagination at least, he always worked for the British landlords who owned the country back then.
This is what the nationalist poet Joseph Campbell said of him:
"Behind a web of bottles, bales,
Tobacco, sugar, coffin nails
The gombeen like a spider sits,
Surfeited; and, for all his wits,
As meagre as the tally-board
On which his usuries are scored."
It was thought he had been thrown out of the country along with the British in 1921 but I've got news for you: the gombeen man is back, armed with a full panoply of weapons from the IMF and the EU. The tally-board this time will be drawn up in Washington, Brussels and Frankfurt.
If Ireland is forced to go to these international financial institutions for a life-saving bail-out, as now looks inevitable, the gombeen will be in Dublin taking an axe to those aspects of Irish life - education, health care, public services, law and order, low-taxes - that made the Republic one of the most attractive places in the world to live.
Call this, if you like, an embittered reaction from an Irish citizen, despondent at seeing the country's hard-won economic independence and prosperity surrendered for a few billion euros.
But enthusiasts for a single currency in the GCC area - the UAE of course is no longer among them - would do well to study the events unfolding in Dublin. Whatever happens with poor old Ireland, there are lessons to be learned about how, when and even why countries should enter a currency union.
Because it is the euro that has reduced Ireland to its current dire straits - the euro, and the gombeen men, Irish, American or European, who will now hammer in the coffin nails.
The Irish themselves must bear a lot of the blame. How could a poor, underpopulated, agriculture-based society on the extreme limits of Europe suddenly become home to a thriving property market rivalling London, New York and Paris? It should have made somebody sit up and think when apartments in Ballsbridge, Dublin, were changing hands for more than the equivalent in Manhattan or Mayfair.
The statistic that brought it home to me was this: in 2005, the part of the world that had the highest per capita ownership of private swimming pools was not Malibu, California, or Boca Raton, Florida, nor even Dubai, UAE, but County Donegal, Ireland.
These were not owned by farmers who suddenly decided they might have need of a refreshing dip after they finished cutting the hay, traditionally the principal economic activity in the beautiful but impoverished region.
They were owned by investment bankers, stockbrokers and property investors from the great megalopolis of Dublin who, having made their millions there, wanted to get back to their Irish roots in the rural homelands. A swimming pool was just part of the package, even if totally inappropriate for the climate of north-west Ireland.
So indigenous greed was part of it; the gombeen man was usually Irish. But it was the euro and Ireland's enthusiastic membership of the EU that created the conditions for greed to grow.
Ireland had stoked its own property boom by a combination of generous tax incentives for businesses and entrepreneurs, especially the "creatives", which sucked in investment in the 1990s. The launch of the euro in Ireland in 2002, replacing the Irish pound, or punt, and the low interest rate regime Germany insisted on, really set the Irish property market alight.
Freed up from foreign exchange constraints and seeking the highest return, euros flooded into Ireland to inflate the property market. By the time the Irish realised what was happening, at the very beginning of the financial crisis, it was already too late.
Without the power to adjust interest rates or introduce currency controls, they were helpless to prevent the collapse. The one big, radical measure they took - when the government guaranteed all bank deposits - has exploded in their faces now that all Irish banks are more or less toxic institutions.
The fate of other small economies on the periphery of Europe, such as Greece and Portugal, simply reinforces the message: a one-for-all currency regime in a region with more than 300 million people all at different stages of economic development is simply not practical. The architects of the euro zone were peddling a fantasy when they suggested it was a desirable arrangement.
The Greek, Irish and (looming) Portuguese crises might prove to be the coffin-nail for the euro zone but somehow I doubt it. The gombeen men of the EU and IMF have got their power web in place and I doubt they'll want to relax their grip now.
[ fkane@thenational.ae ]
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Tu Jhoothi Main Makkaar
Director: Luv Ranjan
Stars: Ranbir Kapoor, Shraddha Kapoor, Anubhav Singh Bassi and Dimple Kapadia
Rating: 3/5
SPECS
Engine: 1.5-litre 4-cylinder
Power: 101hp
Torque: 135Nm
Transmission: Six-speed auto
Price: From Dh79,900
On sale: Now
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
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Starting price: Dh79,000
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ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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Company name: Revibe
Started: 2022
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Based: UAE
Industry: Refurbished electronics
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Sector: Online veterinary service provider
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Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
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Name: GiftBag.ae
Based: Dubai
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Sector: E-commerce
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Our family matters legal consultant
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Indika
Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
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The specs
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Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
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