Hugo Dixon looks at the recent promissory note deal for Ireland and raises a number of fundamental questions. The deal is almost like a partial write off and there is no need for for further belt tightening when it comes to the toxic Anglo Irish Bank debt.
Monetary financing is looked at as a problem but it may really be the solution to all our debt problems as proclaimed by Adair Turner the chairman of the UK’s Financial Services Authority. So why not print money like the Irish Central bank did with Anglo Irish Bank all the time? If the German Bundesbank is daft enough to pay down its debt they don't have to join the money printing party Is the Bundesbank really mad?