PROPHETIC: Our 2014 story on Prof. Kelly’s warning
You can see the terrifying detail of how and when this will happen by listening to
the Professor’s UCD lecture, which you can find » here on YouTube.
The good news is that Professor Kelly also tells us how to stop this catastrophe.
by Paul Kelly
His solution has been tried in the US, and has worked. He would triage the thousands
of SMEs that currently have large property loans. The viable ones would be given
a five-year “reprieve” during which repayments would be cut or paused.
Most, he said, would emerge unscathed, and the cost to the taxpayers would be minimal.
Unfortunately, he warns, politicians barely recognize the existence of small and
medium size enterpises, let alone bother about their problems: “They [SMEs] don’t
hold press conferences, they don’t give out free drink to journalists, they don’t
make political contributions.” But, as the Professor warned the Irish public:
“Most of you work there!”
In his prophetic 2014 lecture, Prof. Kelly warned that the crisis would hit when the
ECB’s Mario Draghi began to do a “stress test” on Irish banks. Draghi would demand
a cleanup of loan books, with borrowers forced into bankruptcy. But ECB enforcers may
have to wait in line:
While some are busy counting votes and doing Dáil deals, vulture funds like Goldman
Sachs, Cerberus and CarVal will be smashing in SME doors by the thousand, collecting
IOUs bought for a pittance from government-owned AIB and BoI .
Last week we contacted the larger parties and asked them to make SME survival, and
vulture-fund protection, an election issue. True to Professor Kelly’s prophesy, we
Only AAA/PBPA took us seriously. Bríd Smith pledged to act. And thanks also, Aengus
Ó Snodaigh (SF), for your support.
So now only the “New Left” have even a prayer of solving a crisis that Fine Gael,
Labour and Fianna Fáil are too dim or distant to recognise, much less tackle. That’s
why we need Bríd Smith in the Dáil. Let’s hope we elect fifty more like her.
That way, we’ll have someone on our side of the door, saving our jobs, when the goon
squads come calling.
THE PROFESSOR who predicted the housing bubble of 2008 has predicted an Irish small
business crash — and it’s already started to happen.
This site repeated his warning nearly two years ago. Just before the local elections
of May 2014, we said, “VOTE, and make your job the number one election issue.”
We explained that UCD’s Professor Morgan Kelly spotted something that economists,
politicians and journalists had ignored: Ireland’s greatest jobs providers — small
and medium sized businesses (SMEs) — were up to their necks in debt. His message:
“If they crash, thousands of jobs will go.”
that it would be enjoyed by Dublin’s future generations
A MULTI-MILLION sacrifice by the Jesuit order has ensured that the National Gallery
of Ireland’s (NGI) current show, Beyond Caravaggio, is to be the greatest of its
In the early 1990s, Jesuit superior Fr Noel Barber SJ learned from the NGI’s
Sergio Benedetti that a dirt-blackened painting in the priests’ dining hall in Leeson
Street might well be that of the great Roman baroque master. It turned out to be
just that: the “lost” Taking of Christ, the disappearance of which had vexed scholars
And while the unveiling attracted wide attention, no one in public life has
paid much heed to the huge sacrifice the Jesuit order made when they decided not
Noel Barber SJ, who insisted that they must never dispose of the masterpiece, has
always underplayed this extraordinary gift. Instead he has acknowledged the generosity
of Dr Marie Lea-Wilson, who donated the painting to the order in the 1930s.
The exhibition Beyond Caravaggio has been further enriched by generous loans from
the National Gallery of Scotland and the National Gallery, London. It will run until
Sunday, May 14. We urge readers to book now at the Gallery bookshop or via nationalgallery.ie.
To mark this world-class show, NGI is mounting an unprecedented series of lectures,
workshops, movies, and discussions. These go “beyond Caravaggio”: for example his
shockingly “punk” work — far more naturalistic and violent than anything Rome had
seen before — inspired a fanatical group of young painters, i Caravaggisti.
These included the groundbreaking woman painter Artemisia Gentileschi, who created
the iconic Judith Slaying Holofernes. Works by her father, Orazio Gentileschi, are
included in the exhibition. Beyond Caravaggio also features seldom-loaned Caravaggio
masterpieces such as The Supper at Emmaus.
Meanwhile, here are just a few of the related events happening in the National Gallery
of Ireland during the next few weeks. Make sure you pick out one of the Sunday-at-3
lectures: fascinating and free — and no booking required. Don’t miss out!
FREE SUNDAY-AT-3 TALKS:
Sundays, starting February 26, 3:00pm:free, no booking needed: • February 26: Insights
into Caravaggio’s World from the Mahon Archive. By Leah Benson. Note: First of a series
of free lectures held on consecutive Sundays. Highlights include: • March 5: Orazio
and Artemisia Gentileschi, Father and Daughter by Dr Bláithín Hurley, UCC. Learn
how Artemisia (who painted the shocking Judith Slaying Holofernes) became the first
woman painter to achieve fame and wide esteem. She remains a feminist icon. • March
12: Caravaggio: An Artist’s Perspective by Gearóid Hayes. • April 2: Caravaggio and
his Brushes — with the Law by Dr Audrey Nicholls, Art Historian. • April 23: Caravaggio’s
Taking of Christ: The Murder Behind the Discovery by Noel Barber. As noted above,
without Fr Noel Barber, Ireland would never have seen The Taking of Christ. (The
Barber lecture concludes the Sundays-at-3 series on Caravaggio.)
Friday February 24, 1:15pm: free with Beyond Caravaggio exhibition ticket (€5–15): Caravaggio’s
Boy Bitten by a Lizard. Talk by Jessica Fahy.
Friday February 24, 3:00pm: €5, limited numbers, book in the Gallery shop or online.
Candlelit Tales: Dramatic Faces. Children’s Workshop (5–10 years) with Fala Buggy.
Sunday February 26, 12:30pm: free, no booking: Caravaggio’s The Taking of Christ.
Sundays, starting February 26, 2:30–4:30pm: €8, limited numbers, book now: February
26: Setting the Scene. Children’s Workshop (8+ years) with Edel Campbell.
Note: Ms Campbell will be holding a series of workshops at 2:30pm on the following
Sundays: February 26, March 12, March 26, April 9, April 23 and May 7. Numbers are
severely limited and booking is essential.
Thursdays, March 2 and March 9, 6:30pm: €10, book now in the Gallery shop or website:
nationalgallery.ie • March 2: The Rome Caravaggisti. Lecture by Dr Helen Langdon. •
March 9: Subversion, Audacity and Invention: Caravaggio with a French Twist. Lecture
by Dr Annick Lemoine, University of Rennes.
Friday March 3, 1:15pm: free with Beyond Caravaggio exhibition ticket (€5–15): Artemisia
Gentileschi’s Susanna and the Elders. Talk by Katy Milligan.
Thursday March 9, 6:30pm: €10, book now in the Gallery shop or website: Subversion,
Audacity and Invention: Caravaggio with a French Twist. Lecture by Dr Annick Lemoine,
University of Rennes.
Saturdays, March 11 and April 8, 2:00–5:00pm: €8, limited numbers, book now in the
Gallery shop or website: nationalgallery.ie • March 11: Exposure: Dramatic Lighting
for Photography. Workshop for young people (16+) by Aisling Dunne and Lisa Griffin. •
April 8: Dra.Ma.Tic: Character Creation and Illustration. Workshop for young people
(16+) by Aoife Dooley. Aoife created the legendary Dublin Hun character “Your One
Nikita” and wrote the best-seller How to be Massive.
• For more lectures and other events, see nationalgallery.ie • Note that the Sunday-at-3
lectures are free and do not require booking. Bookings, where necessary, can be made
in the NGI shop (just off Merrion Square) or via their website