I listened to David McWilliams at the Irish Skeptics last night. He ego-tripped for around an hour on the interesting people he met and corrected and the funny incidents and how right he was and how unpopular he now is for what he said about Miriam O'Callaghan. He spent around 5 minutes of the total time making the following two points. 1) There are three stages in the "system's" reaction to visionaries like himself: Ridiculing of the idea Aggressive attacks on the idea Adopting it as conventional thinking 2) No other country in the same mess we are in has got out of it, except by devaluing their currency. We have to devalue our currency. Devaluing the currency forces a reduction in salaries on all of us and devalues our expectations. The alternative is social chaos as the government tries to slowly "grind" a 20% pay cut on us all. Unfortunately, that was as far as he went. Listening to him, it was quite clear that we must devalue our currency. The people who run the country and their economic advisors have no idea what they are doing. Argentina refused to devalue, and then after 4 years, they devalued and started booming again. No other economist in Ireland worth their salt, disagrees with him. Or maybe, all the other economists know this. I spoke from the floor along the following lines: His argument seemed coherent to me, but I am not an economist I would like to hear the other side of the argument. I would like to hear the point of view of Alan Ahern and Patrick Honohan. I asked if he respected them and he said that they did. His response was that his record shows that he has been right all along, so by implication, he is correct now as well. Another questioner said that devluation was a good idea, but it would never be agreed as none of the three big parties supported it. Mc Williams correctly countered that none of the big parties supported free trade until Ken Whitaker proposed it. And eventually they agreed. Another questioner asked what the downsides were. Mc Williams replied that there would be some pain, but not nearly as much pain as we will experience doing it the slow way.