I no longer understand what ‘Ireland’ means

The defining commentary of this on-going financial crisis, for me, came from Gerald Hill of the Midlands, in a letter to the Times in March 2009. ‘Sir,’ he wrote, ‘I can now understand the term “quantitative easing” but realise I no longer understand the meaning of the word “money”.’

I’m with Gerald. Take the IMF and EU bailout to Ireland, intended to calm market fears over that country’s debt crisis. I understand ‘IMF’ and I understand ‘EU’. I understand ‘bailout’ and I understand what a ‘debt crisis’ is, and why this particular one has happened. I also, pretty much, understand ‘the markets’, even if I do struggle to grasp why we’re all happy to use this vague, distancing term, and don’t replace it with ‘this particular named list of bankers who are making a killing out of ruining the world’. But what I no longer understand, in any sort of meaningful sense, is ‘Ireland’.