Budget deficits to put '39 and '40 in the shade.

Just read an article stating that Ireland has the highest home owner ratio of any country in history at 82%. The Irish Finance Minister is reported in the press as saying 'we're bust'. See my comments about the Euro earlier this week. The budget deficit projection for the UK and Ireland in 2009 is 11% before counting in banking sector liabilities. In 2010 and 2011 national deficits are likely to be greater as a % of GDP than they were in 1939 and 1940.