It’s the zeitgeist, dear reader, and a wonderful way for governments who got us into this mess to deflect attention from their less than stellar performances as stewards of the economy.

Although it’s difficult to believe, the Irish economy soared even higher than the U.S. economy during the boom years… and has fallen even further. (It even managed a higher debt-to-GDP than the U.S.) Now, just like poor old Icarus, it’s paying the price for its lofty heights.

“The contraction of the Irish economy is the worst anywhere since the Great Depression. Well, not anywhere, anywhere among the industrial countries since the Great Depression. You have to allow for countries like Zimbabwe,” said Alan Barrett of the think tank the Economic and Social Research Institute recently

The contraction in Irish GDP will be a – 9.2% this year. And the county is looking at a total contraction in GDP of – 14% over 2008 to 2010. Nowhere else in the developed world is expected to see such dramatic shrinkage of output over the same period.

The contraction in Britain this year is set to be – 3.7%… in Germany – 5.3%… France – 3.3%… in the euro zone – 4.1 %… in Japan – 6.6%… in the U.S. – 4%… and in Ireland 9.2%… Quite an achievement, don’t you think.

Once the land of entrepreneurial spirit and “Celtic Tiger” dynamism, Ireland, too, has succumbed to the anti-wealth zeitgeist. And the buffoonery back home isn’t only the domain of politicians. Media commentators have gotten in on the game.

Here’s a good example from one the nation’s most popular commentators, Vincent Brown, writing in the conservative national daily The Irish Times (emphasis added).

Not many of the ultra rich will experience unemployment and it is evident the Government is shaping up to cut social welfare payments in the December budget. No one mentioned the Sunday Times rich list and how the top names on that list have been faring. Not too well, indeed, but not too badly either. Poor Seán Quinn lost €1 billion, now down to just €2.55 billion. Denis O’Brien is down around €240 million to just €1.9 billion. Dermot Desmond lost a mere €12 million, however, down to €1.56 billion. I did an analysis of the 50 top names on this list – people who live in the Republic, plus the notorious tax exiles. I reckon that the combined wealth of this 50 is €19 billion, an average of €382 million each.

Suppose we put a wealth tax of, say, 10 per cent on this 50: it would give us almost €2 billion. These guys and gals having to pay out on average €38 million out of their average of €382 million is not asking a lot, is it? There would be a little difficulty in trying to corral these wild geese and, no doubt, a few more of the earls would depart or pretend to. But we could probably nail most of them and most of another 150 or so of the rich boys and maybe get around €3 billion a year from them. After all, they got it from us (it is not possible for anybody to make wealth outside society; it is social co-operation that generates all wealth, and society, therefore, has an entitlement to determine how the proceeds of that social co-operation should be divided).

See what I mean, dear reader? You can run, but you can’t hide.