CHILDREN'S HOUR

Number one son called today.

"Your wrong, you know."

"About what?" (Number one son lives within the Belt Way and goes by the alias 'He Who Knows All' like everybody else down there).

"Your advice. The Irish aint going to take it. The tax rates are a red line."

"You always forget what I tried to teach you. Words have meaning. My advice is neither right nor wrong. It is just advice. What you mean to say is the Irish are going to reject it. Correct?"

"Yep. Told you they would." (Madding kid).

"Well, as much as I hate to admit it, you may be right. (Little brat often is). But as the Yogi man said, 'It aint over 'til it's over.'"

"What happens when I'm proven right?" (He never gives up).

"Now THAT is the $64,000 question. I'll tell you I'm more than a bit worried about this thing. The more you look at it the more you realize how irrational it has become. The other thing I quite can't figure out is how relaxed everyone on this side of the Pond is about these goings on. It's as though everyone believes that there isn't a question that an agreement will be reached. Unfortunately, the deposit loss from the Irish banks has increased. Remember, banks never fail from a lack of capital but from a lack of liquidity. That loss scares me the most."

"Will the ECB be there?"

"I'm beginning to wonder."

"Whew, you are serious!"

"I am indeed. This could become a very critical point in history. I keep remembering what you said about Kissinger's view."

"You mean, "Ve don't want Europe to do very well, but ve don't vant them to fail either?""

"Good impersonation. Yep, that's the quote. I think we have to know what the end-game is going to be by the end of the weekend otherwise it might be a foregone conclusion." Funny, I never have doubted my assessments before but this time I don't know...I just don't know. It's surreal. 5 million people and the fate of the EU hanging in the balance. The only solution I can think of is the Irish one."

"What's that Pops?"

"It's six pm. I going to have a drink."

"Pops. I always said I got my brains from you." (Maybe he is as bright as he thinks!)