We are good losers. It is part of our genetic psyche. We never expect to win, so we celebrate the loss and babble on about how well we played even though we lost. It comes from the mentality of a nation used to being victims and from a basic ignorance in our leadership of what it takes to win.

A real example of this is being played out at present as we prepare to lose for the third time in our somewhat spectacular credit bubble.

Our first loss came from property collapse, the second came from the decision to guarantee the private debts of the banks and pay the bondholders in full, the third very significant loss comes as our politicians and NAMA prepare to sell the now written down assets to foreign vulture funds, setting them up to rob the economy one final time as they withdraw whatever growth in value is created over the next 4 to 5 years, extract it from Ireland and repatriate it back to the Wall Street investors in the USA..

Yes, without doubt – we are real losers.