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Thread: Is the Euro a bad thing?

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    Politics.ie Member richie268's Avatar
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    Default Is the Euro a bad thing?

    A recent poll by the German Marshall Fund found that 55pc of EU citizens now think the euro is a "bad thing"
    Ireland faces double dip, mulls restructuring of junior bank debt - Telegraph

    Maybe we need to be the first to jump ship and call a bank holiday.

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    Jump ship because of a poll?

    Sheer folly
    I am Kilrain of the 20th Maine and I damn all gentlemen
    Whose only worth is their father's name and the sweat of a workin' man

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    Politics.ie Member richie268's Avatar
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    I hope the following gives a little more perspective,

    Jeremy Cook, chief economist at currency dealer World First, said: "When I saw the figure I honestly thought it was a misprint; it's just horrible. Trading today had kicked off with rumours of Anglo Irish Bank defaulting on debt and has led to the Irish CDS (credit default swap) - insurance against the Irish government defaulting - move to a record 5%. To put that in context, the market believes that Ireland is twice as likely to default on its debt as Vietnam.

    Free Internet Press :: Ireland's Economy Faces Double-Dip Recession :: Uncensored News For Real People

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    Politics.ie Member FutureTaoiseach's Avatar
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    The single interest-rate is a catastrophe for this country. We are now back to the size of the economy in 2002, according to the CSO - and it is continuing to contract. The housing-crash was largely the result of pro-cyclical monetary policy from the ECB, imposing on Ireland Franco-German interest rates despite us being at a different stage of the economic cycle. But from the perspective of the elites, the euro has been a success because they see it in terms of a stage in the Federalisation of Europe, of which a single monetary-policy is an integral part.

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    Politics.ie Member richie268's Avatar
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    Ok
    We are borrowing money at 6.7% and eventually everybody will know that this can not be sustained even with many hard budgets. as we enter the double dip "even though we never got out of it" people are beginning to realize that as long as we are good European loving citizens that poverty is inevitable .
    I say we should get out and facilitate the citizens of the EU (55% of them ) that have no faith in their wallet.

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    Politics.ie Member FutureTaoiseach's Avatar
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    Quote Originally Posted by richie268 View Post
    Ok
    We are borrowing money at 6.7% and eventually everybody will know that this can not be sustained even with many hard budgets. as we enter the double dip "even though we never got out of it" people are beginning to realize that as long as we are good European loving citizens that poverty is inevitable .
    I say we should get out and facilitate the citizens of the EU (55% of them ) that have no faith in their wallet.
    Yes but the Vichy mentality in EU capitals will ensure the show is kept on the road.

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    Politics.ie Member richie268's Avatar
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    Quote Originally Posted by FutureTaoiseach View Post
    Yes but the Vichy mentality in EU capitals will ensure the show is kept on the road.
    Yes for as long a possible and in the mean time Irish People Suffer,
    but it will come to an abrupt end. basically the euro has failed because of the human element confidence and the people of Europe are not confident about the Euro thus helping the price of gold skyrocket.
    The first country in Europe to come clean on their banks and dump the euro will be the first country to really prosper.

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    Politics.ie Member TradCat's Avatar
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    Guardian cartoon this morning.


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    Quote Originally Posted by richie268 View Post
    Ok
    We are borrowing money at 6.7% and eventually everybody will know that this can not be sustained even with many hard budgets. as we enter the double dip "even though we never got out of it" people are beginning to realize that as long as we are good European loving citizens that poverty is inevitable .
    Our problem is that we are overborrowing, not the currency we're borrowing in.

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    Quote Originally Posted by richie268 View Post
    Yes for as long a possible and in the mean time Irish People Suffer,
    but it will come to an abrupt end. basically the euro has failed because of the human element confidence and the people of Europe are not confident about the Euro thus helping the price of gold skyrocket.
    The first country in Europe to come clean on their banks and dump the euro will be the first country to really prosper.
    To a large extent the Euro is actually politically neutral - in the sense that politicians can't interfere with it. That seriously pisses off a lot of politicians because they can't do stuff like devalue to cover up their own policy failings.

    The Euro is barely 10 years old, so in a historic context I suppose you could say it is hard to prove it has been a success. But if it comes through the current crisis (regardless of whether the likes of Greece stays on board), it will have earned a huge amount of confidence. The success of a currency is not down to whether people like it or not, it is down to the success of the economy underlying it. The Germans learned to love the DM because it became a symbol of their economic stability. Likewise, if the Euro comes through relatively unscathed (whatever about the irresponsible economies in the Eurozone - like Ireland), people will come to rely on it, if not love it.

    Incidentally, the first country to dump the Euro will be the first country to admit their economy has fundamentally failed, and that they can't hack it internationally. Now if a successful economy wants to leave the Euro, that's another story entirely...

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