David McWilliams: Ditch the Euro

[marmurr1916]

I asked for some and some is more than one. OK its late, just one substantial one. A biggie?

You've already given it yourself: Tesco Ireland, an EU-owned multi-national.

[Twin Towers]

You've already given it yourself: Tesco Ireland, an EU-owned multi-national.

Thought you'd weasel out with Tesco who incidentally employ 250,000 in Britain if this dodgy looking link is to be believed
WikiAnswers - How many employees do tesco uk got

[bluefish]

Prof. David McWilliams writes an excellent piece arguing for the relaunch of the punt. He amkes a number of superb points.
1- The "need" to stay in the euro is similar other failed totem poles like "property only goes up", "soft-landing" and "banks well capitalised".
2- We cannot deflate our way out of this mess.
3- Anyone who questions a totem pole is first ridiculed and then viciously attacked before it accepted they were right all along.
4- It would require brave decisions like reneging on the state gaurentee of interbank lending and big investors would get an almighty kick in the cojones.
5- There would be a rapid devaluation of the new punt but that would immediatly make us competitive again.
6- We could use quantitative easing to lift the liquidity trap. Inflation would have to be carefully managed.
7- Many countries have used devaluations successfully before.
8- Even Iceland has now restabilised.
9- The banks would fold, but why not let them and gaurentee personal deposits up to a certain level and start new banks.
10- The price of land would collapse but it would find its level again before too long.
11- Unemployment would fall dramatically as it did in scandanavia and asia.
12- Ther would be a flight of capital but it would return once the economy settled.
13- Middle aged savers would be hit very hard but young people with debts would win bigtime.
14- Before the 1993 devaluation there was all sorts of threats of economic disaster which never materialised.
15- On our current trajectory we are facing slow strangulation.

Well he is a professor of economics so knows what he is talking about. Point 15 is the most telling. By staying in the euro we have a large degree of certainty and stability but that just means a slower death. Its time for some radical solutions.

Ditching the euro could boost our failing economy - Analysis, Opinion - Independent.ie

As usual David speaks sense.

So no chance of it happening.

Lets just wait for the IMF.

[ibis]

French companies...

Welcome to the website of the Ireland France Chamber of Commerce (IFCC). IFCC is Ireland's third largest International Chamber of Commerce, with over 150 members based in Ireland, and over 120 members through our Sister Chamber, CCIFRL, in France. IFCC represents a network of up to 35,000 employees in Ireland and over 2.5 million employees worldwide.

[nuj]

Who's weaselling?

[feargach]

Since you don't mind increasing our national debt and certainly leading to default, which is what devaluing our currency would mean,

Default on private sector debt would be an absolute certainty. But default on state debts would not likely happen.

Our state debts are rather small, all things considered. There are many ways we could contrive to pay them.

So, our state would keep an A rating, even though its citizens would be unable to raise credit for themselves as individuals. Anyone who bought their gaff in the last 15 years would be a defaulter. All of us, give or take.

[goosebump]

Having 'successfully' (ie after 13 failed attempts) predicted the demise of our property bubble, McWilliams is now making a career out talking out of his ars3.

God forbid that we'd make a few things that people in other countries would like to buy, or increase our productivity a smidgeon.

No, lets do it the McWilliams way, ie

Dream up something 'painless' and outlandish that the Sundays will splash all over the front page, give it a lash and hope for the best!

[marmurr1916]

Thought you'd weasel out with Tesco who incidentally employ 250,000 in Britain if this dodgy looking link is to be believed
WikiAnswers - How many employees do tesco uk got

You did ask for the names of European companies with large numbers employed in Ireland: "How many European companies have substantial operations or are substantial employers in Ireland?"

Anyway, the 235 German firms employing 15,000 people aren't exactly unimportant.

Most of them might not be household names. So what?

[ibis]

You did ask for the names of European companies with large numbers employed in Ireland: "How many European companies have substantial operations or are substantial employers in Ireland?"

Anyway, the 235 German firms employing 15,000 people aren't exactly unimportant.

Most of them might not be household names. So what?

The Twin Towers you see are goalposts, and they are moving...

[Seos]

I asked for some and some is more than one. OK its late, just one substantial one. A biggie?

Over what amount of employees is "a biggie"?