The Paul makes a fairly common observation about Ireland's superficial similarity to Nevada, but doesn't mention a key difference: in Nevada, despite their comparable property bubble, foreclosure rates are at all time highs.
In Ireland, thanks to our policy of maximum forbearance, foreclosure rates are much lower. Sadly, this is not a good thing. The problem hasn't gone away, or been solved in any way, we've just ignored it.
http://krugman.blogs.nytimes.com/2010/12/29/ireland-nevada/