Mr. Harry Browne:

I can only speculate that offensive referred in a sense to the extent to which Professor Kelly’s critique was a critique of everyone who had failed to see what he could plainly see. Essentially, the article was politely saying how foolish everyone had been in not recognising the existence of this bubble. In a sense, it was a critique of a large swathe of professional and academic economics in Ireland and, of course, of the media for its insistence on not recognising what The Economisthad recognised many years earlier and what David McWilliams was writing.