Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

In an article dated 11 February 2001, Mr. McWilliams summarised how cheap credit flowing into a country can destroy it with illusions of wealth. He colourfully referred to the Spanish conquest of Latin America and the ransom which the Incas paid for their unfortunate emperor. In one week, he wrote, "the Spaniards plundered more gold [from there] than the entire continent of Europe produced in a year". He continued, "A monumental mass of gold and silver crossed the Atlantic between 1540 and 1580 - Gold robbed from Latin America paid for everything". He concluded:

There was hardly any lasting positive effect on the Spanish economy. How did Spain manage to waste one of the biggest financial windfalls in human history? And are there any lessons for modern Europe and Ireland in the history of the Spanish gold rush?

In Ireland, were there any equivalents of the indigenous peoples of Latin America who were robbed? If so, who were they? Were there individuals or institutions that were the equivalent of the Conquistadors? Were there individuals or institutions that were the equivalent of the Spanish aristocracy who Mr. McWilliams said in his article benefited hugely? How did Ireland manage to waste the biggest windfall in the history of the State?