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About LinkBacksWell to stay on the topic I agree with McWilliams that having our own currency would help and for the very reasons he outlines.Originally Posted by dmc444
Well to stay on the topic I agree with McWilliams that having our own currency would help and for the very reasons he outlines.
It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.-Camille Paglia
Do you personnally have a net savings or a net debt?
I ask because you propose to confiscate people's savings for the short term benefit of debtors.
Right ok but we would probably have to link that currency to sterling, otherwise it would be worthless.
So your just trading EU power for the UK.
'A defeatist attitude now would surely lead to defeat, it primarly a question of whether we have confidence in ourselves and the dilligence and determination of our people,We can't opt out of the future.' Sean Lemass (1965)
Why does everyone hang on the words of Dave McWilliams? He thinks that stuff up in the toilet. Don't give it a second thought. He certainly doesn't.
He conviently avoids mentioning Iceland is still technically in default refusing to pay its debts.
He also avoids mentioning they will probably run out of cash to pay their bills at the end of the summer.
He also avoids going into the harsh currency rationing that Iceland must use to control the flow of cash out of the country.
Iceland is not the model for recovery I would choose.
The problem with socialism is that eventually you run out of other people's money.
McWilliams points stand. If he is right and it is not possible to pull ourselves out of the mire via deflation then radical alternatives are going to have to be considered otherwise we face a slower less painful death but death none the less! Given the ECB is unlikely to take such radical steps then everything has to be on the table. Relaunching the punt carries major risks but so does staying where we are. Mcwilliams is right that the euro is a totem pole (see seabhcans posts in particular).
I can't and won't speak for Oppenheimer, but I'm advocating not ditching the Euro.
That's not the only problem. As well as national debt, most of our personal debt is denominated in Euro as well. The banks borrowed Euros in order to lend that out for mortgages, etc - so when you pay your mortgage you're helping the bank to service its own Euro-denominated debt. So what then? Suppose the new IR£ loses 50% of its value immediately (a conservative estimate), then the banks' Euro debts instantly double. So they can either double the amount its charging mortgage holders, resulting in widespread default, a massive liquidity problem for the banks, a resulting run on the banks, and the €450bn bank guarantee being triggered. Or alternatively the banks can default on their international debts, which closes off their access to capital markets, again causes a run on deposits, and again triggers the €450bn guarantee.
Either way, you bankrupt the State. I'm astonished that McWilliams is suggesting this - it might play well with the Decklanders who read his books, but anyone who even walked past the first day's class of Economics 101 knows he's talking through his h*le.
"Elite - a small superior group; esp one that has a power out of proportion to its size." (Oxford English Dictionary)
The majority cannot therefore be the elite.
FutureTaoiseach, for the love of sweet divine Jesus, you CANNOT have differing interest rates within one currency. If you do, then you no longer have one currency - simple as. Now, do I have to explain why that is yet again?
"Elite - a small superior group; esp one that has a power out of proportion to its size." (Oxford English Dictionary)
The majority cannot therefore be the elite.
Sinn Féin did actually warn about the dangers of the Euro. Too bad everyone else is in the slow learner lane and has learnt 10 year too late!
RIRA not in my name-Traitors to Ireland MMcGuinness; People are entitled to cultural & social equality MLMcDonald; We have a length to go understanding unionism GAdams
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