We have to devalue, says David McWilliams

[Magror14]

Leaving the Euro is necessary immediately. The reason is that ye don't have the balls to stomach what is coming if ye stay in.

By necessity wages will decline to a point where competition with Eastern Europe is the name of the game. At least 4 Euros an hour. As there are minimum wage laws that means that nothing can be competitive. All this talk of bank failures just shows the IQ of the posters. Do they not know that one and all are flat busted. The debts owed remain the same but the income stream to service them will be a fraction of what is necessary. This McWilliams knows this and is ahead of the game and will look like a genius soon.

It is all over.

Devaluation is of course the dishonest way but it is usually the method chosen. The honest method of paying your debts would ensure hard graft for 50 years and politicians having a backbone.

Those who say that you can not issue your own currency must not realise that it happens all the time

Am I missing something here, Youngdan? Our debt is in Euro. If we leave our debt increases, no?

[Breadan O'Connor]

Leaving the Euro is necessary immediately. The reason is that ye don't have the balls to stomach what is coming if ye stay in.
It is all over.

Devaluation is of course the dishonest way but it is usually the method chosen. The honest method of paying your debts would ensure hard graft for 50 years and politicians having a backbone.

Those who say that you can not issue your own currency must not realise that it happens all the time

Even 12 months of a strong Euro will destroy huge numbers of Irish jobs.

A devaluation is the easiest way out.

Bur I doubt our leaders have the courage to face down Europe.

They'd rather let ordinary Irish folks suffer

[goosebump]

Your post is an example of what is now known as "The McWilliams Effect".
People in pubs talking sh1te about economics, but using all the latest buzz words and citing Lord David's latest but largely mis-understood output.

Reps for that, Mollox.

We also have 'McWilliams Law', which states that the more often you appear on TV and Radio,the more likely is that your views will be taken as writ, regardless of your logic, motive or knowledge of a given set of circumstances.

Only McWilliams would suggest that we leave the Euro when our Government Bonds are barely worth the paper they are written on.

[goosebump]

A devaluation is the easiest way out.

So obtaining agreement from the 15 Eurozone members, most of whom have higher GDP/ratios than us, to devalue the euro, so that we can pay increments to some of the highest paid civil servants in Europe, is going to be easy?

Have you eaten a brick of hash, or something?

[Digout]

this is easy, the gov order 20% off everything in Ireland, lets go for it!!!!!!

20% off wages, 20% off retail, 20% off VAT, name and shame those who dont do as told but the fact that we have lots of FF gombeen greed here, the market will mean that money will move and thats what building an economy is all about....

Zanu-FF dont have the balls to do this tho

[goosebump]

Telling our creditors we are paying them in punts not euro's might annoy them considerably i admit. But ultimately there is nothing they can do about it.

Apart from never lending to us again.

Maybe we could pay them back in fish, or Guinness T-Shirts?

Idiot.

[Magror14]

this is easy, the gov order 20% off everything in Ireland, lets go for it!!!!!!

20% off wages, 20% off retail, 20% off VAT, name and shame those who dont do as told but the fact that we have lots of FF gombeen greed here, the market will mean that money will move and thats what building an economy is all about....

Zanu-FF dont have the balls to do this tho

Zanu-FF! Just love that expression. Along with Quanglo Irish Bank!

The Euro Zone wont devalue at our behest. We might have to leave the Euro though. That would be a major bummer.

[Colonel Kurtz]

this is easy, the gov order 20% off everything in Ireland, lets go for it!!!!!!

20% off wages, 20% off retail, 20% off VAT, name and shame those who dont do as told but the fact that we have lots of FF gombeen greed here, the market will mean that money will move and thats what building an economy is all about....

Zanu-FF dont have the balls to do this tho

How the hell is this easy? I am happy to accept 20% of my wages to help the economy but I somehow doubt I will see a 20% reduction in prices in the shops or my household bills.

It would be clever if we could do this, but I think it will be forced upon us. We will lose jobs left right and centre and then we will be willing to work for less just to have a job. Deflation will take care of the bills. It will take time but we will get there. We need to learn the hard way. This way the lesson will not need to be repeated.

[goosebump]

Zanu-FF! Just love that expression. Along with Quanglo Irish Bank!

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[Magror14]

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Ouch! Someone is a member of said party or works for said bank.