There is a tendency to draw major conclusions from limited evidence. We do not need reminding that investment is often little more than star-gazing. We on the rim of the circle know little of what's going on or talked about in the bars and cafes of the City It many not be insider trading, but who doubts that the grapevine.is selective?
What we ordinary mortals see can be astonishingly misleading. Take these figures which perhaps induced banks and individuals to put their money into Ireland. They are from three different tables of national GDP per head at Purchasing Power Parity for 2009 in international $
IMF
Ireland 9th 38,685
UK 19th 34,388
World Bank
Ireland 6th 41,278
UK 14th 36,496
CIA
Ireland 10th 42,200
UK 24th 35,200
In each list Ireland is listed above the UK. Did that persuade investors that Ireland was a safer bet than the UK?
Or did the City grapevine tell a different story?
Ireland is now considered to be on the verge of national bankruptcy.