The crisis as seen from London

Slí Eile: Ken Livingstone has an interesting blog (thanks to Alan Mathews for alerting to this recently in irisheconomy). Following a lengthy, thoughtful, facts-based and insightful article, Michael Burke (Ireland: The Nature of the Crisis) writes:
An alternative is readily apparent, which could restore rapidly economic activity. But to do so would require taking control of the main levers of the economy. Only the state can do that. At a minimum, the nationalisation of the leading elements of the banking, property and construction sectors, as well as a repudiation of some or all of their accumulated debts, can lay the basis for an economic recovery in Ireland.
I tend to agree. Fiscal stimulus, corporate governance change and tax reform are all necessary. But, we need something much more radical, joined-up and internationally associated to work. In the future I fear that we will regret not being bold enough to name it.