The government is actively trying to figure out ways not to blow up the economy with all the extra cash we have. This is an unusual position to be in, but not unique. In their excellent new book Europe and the transformation of the Irish economy, John FitzGerald and Patrick Honohan remind us that Ireland ran budget surpluses in six of the seven years from 2001 to 2007 and had to dream up measures like the SSIA scheme and others to dampen down demand. As we now know, the governments of the time largely failed in this endeavour and succeeded…

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