I was at an economists' conference, in Trinity College, Dublin, yesterday, on the present economic and financial crisis.
In introducing his presentation, Patrick Honohan used the image of the camel. I thought he was going to dwell on the traditional view of the camel as a horse designed by a committee, and then go on to point out the many shapes the proposed NAMA might take. But no! CAMEL is an acronym of the headings under which banking performance is assessed.
Nevertheless, this poor unfortunate animal may well be an accurate representation of where we are now at. We don't have a unique solution to the current problem. Economists are offering varying elements towards one, but nobody seems to have a complete handle on the wider picture.
It's a case of onward and upward, per ardua ad astra, brick the camel and set out to cross the desert regardless.
For those not familiar with the process of bricking the camel, I should explain. You take two large bricks, one in each hand, and when the camel is drinking in his supply of water, you apply the bricks to his testicles in one sharp clap. The resultant intake of breath, and consequently of water, ensures the camel is adequately provisioned for the long journey ahead.
Honohan's presentation can be found here (4MB pdf) and links to the other presentations and papers here.
