Abandon Ship, She's going down

[Craig McInerney]

The writing is truly on the wall for Ireland, and expect the E.U's Big Brother Budget review process to be the first push of the economic domino's. It will inevitable be taken on the premise of “what is good for European economic harmony? “ and the needs of a domestic national economy will inevitably be marginalised.

The complex between indebted member states wanting what’s best for them tempered by stable member states refusal to be weighed down by these reckless states may be the impetuous for a radical overhaul of the composition of the Euro zone. The creation of a fractured E.U is a distinct possibility with the relative solvent in one corner and fiscally defunct in the other. The Budget review process may be the catalyst to accelerate this dynamic and invariably bring about the beginning of the end of the European Dream.

Except Ireland to rank as a European nightmare.

Craigmcinerney's Blog

[Oreo Livermore]

That Norton must have been a gobshythe. Of course the banks were not going to lend him money for a scheme that could not pay a penny maybe ever. The casino paying 20% is where I would put my money

What party did he belong to and did he ever have a real job in his life, like that parasite Eamon Gilmore

[Supermanpolitician]

Abandon Ship?

Well at least you didn't panick youngdan...oh hang on wait a second here...you did.

Another hysterical thread, which cheapens real debate our our financial crisis.

[Oreo Livermore]

I'm no economist but what would we use as money between leaving the euro and establishing a new currency? and can we just leave the euro? and don't we owe in euros?

No problem and it was explained before.

I suggested setting up a currency board months ago and it would be done by now.


You will notice that all those who assured us that leaving the euro was impossible and everything was fine have gone to ground. They never had a clue.


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[Oreo Livermore]

Abandon Ship?

Well at least you didn't panick youngdan...oh hang on wait a second here...you did.

Another hysterical thread, which cheapens real debate our our financial crisis.

And look at all the money I have made since

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[MPB]

No problem and it was explained before.

I suggested setting up a currency board months ago and it would be done by now.


You will notice that all those who assured us that leaving the euro was impossible and everything was fine have gone to ground. They never had a clue.


_____________________________________
my sig Recent Discussions - Real Irish Politics Forums

What are we going to call this new currency?

The Punt seems so old, I think we should name it after the biggest hero of the Celtic Tiger.

We should name it after Bertie and just replace the P with a C.

[Kensington]

Oreo Livermore,

Of course and you would not expect a private bank to go for something with such a poor return. Private banks will always go for mortgages, but, as we saw, we can't built a sustainable economy on an inflating housing bubble.

Commercial banks will do what to can to maximise profit and good on them, but small businesses, farmers etc. need investment too. Some may fail and the return on the loan may be crap, but, as an economy, we need that investment. A state bank is the answer. Its aim would not be big profits, but a healthy economy.

Copying the bank of North Dakota may be the answer, or looking at the Minnesota Transport Act.

Under the MTA, the state-chartered banks would create a pass-through account titled an Asset Monetization Account (AMA), monetizing the bid value of projects. This would be done in the same way banks that monetize collateral, except that the deposit would go on the bank's books as an asset rather than a liability, turning the bid value of the project into "money" without debt. This money would be debited electronically out of the AMA and credited to the State's Transportation Account (STA), from which it would then be debited out and credited in to the contractor's bank account in a state bank, according to the terms of the contract. The contractor would spend this money to complete the project. The money would flow into Minnesota's economy, where it would provide for better, safer, more durable roads and bridges. It would be used to purchase goods and services, benefiting business. It would go to pay taxes, helping the State balance its budget. And it would flow back into the state-chartered banks as interest on outstanding loans, reducing the number of loan defaults and improving the profits of the state-chartered banks. In this way, says Dale, the MTA would benefit every segment of society.

Web of Debt - Another Way Around The Credit Crisis: Minnesota Bill Would Authorize State Banks To "Monetize" Productivity

[I'mVeryGladYouAskedMeThat]

at least the people doing the deal once again shone considering the hand they have to play.

We're flat broke. If we didn't have the Euro, we'd have Argentinian interest rates. 5.9 per cent is an outstanding result in the circumstances.

[Kensington]

I do think Oreo is right. A state bank would be a great short-term measure. It would allow us to act almost immediately in investing in small businesses and energy infrastructure. We already own a bank anyway!

However, in the long-run, we need real reform. If there is a crack in the wall, you can't just paint it over. leaving the Euro and instituting reform along the lines of the American Monetary and Financial Security Act or the Bank of England Act is the only real permanent solution.

How It Works | The Bank of England Act 2010

[truthflyer]

Abandon Ship?

Well at least you didn't panick youngdan...oh hang on wait a second here...you did.

Another hysterical thread, which cheapens real debate our our financial crisis.

Open your eyes and just look around you, the Euro has no future and things are not so rosey for Ireland just now