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Ireland needs a Currency Board


Oreo Livermore

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Feb 22, 2010
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754
There is no shortage of people crying about the economic problems nowadays but there are few willing or able to offer any solutions.

As I have said all along, to some ridicule let me add by some nasty party hacks here who will remain nameless, that the euro is toast.

Ye can take that to the bank, the euro is finished.

When a currency is in decline the normal trajectory is for it to lose value. The rate at which it loses value increases exponentialy. On a graph it is described as going parabolic. This phase because of mathematics has a very short timespan and it is all over. This market action can be seen in even stocks and commodities.

However the euro is not like other currencies. It does not, as of yet have a tax base on which to feed and to give it credibility. For this reason it may not even have a parabolic stage. It may just go POOF overnight.

Then we would have a real mad max situation in Ireland (and elsewhere)

Who knows how many would die.

The government needs to prepare for this.

They need to set up a currency board. This entails taking a billion euro, lets say, and holding it in a vault. They need to print 1 billion punts in it's place. Each punt would be equal to the euro which it replaced on a one for one basis.

The 2 notes would circulate and the people would get used to giving the punt value and would trust it.

Secretly the government would print a greater quantity of punts and hold them securely.

When the euro POOFs these could be rushed to the banks within hours.

The finance minister could order prices to be fixed at the punt rate of the day before.

After the immediate crisis has passed then the punt can be released to find it's own price range.

The government would decide this final price as they would be the sole decider on the supply of the punt.


It is only a matter of time before the currency crisis hits.

If Ireland had an opposition party it would have some hope but as everyone agrees, Enda is as useless as tits on a turtle
 

TommyO'Brien

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Jan 14, 2009
Messages
12,222
How's President Ron Paul, who as you predicted easily won the Republican nomination and the presidency, keeping these days?

Oh wait . . .

 

martino

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Feb 22, 2009
Messages
1,382
That's not Ron Paul Tommy, that's Barack Obama, the man who fluffed is inauguration speech so much they made him do it again;the man whose legitimacy for the Presidency has never really been ascertained by close scrutiny of his birth certificate.

Ron Paul is a different kettle of fish altogether.

Here's a picture of him if you want to compare and contrast:
politicolnews.com/.../10/ron_paul_photo_4.jpg
 
Joined
Aug 6, 2007
Messages
22,911
That's not Ron Paul Tommy, that's Barack Obama, the man who fluffed is inauguration speech so much they made him do it again;the man whose legitimacy for the Presidency has never really been ascertained by close scrutiny of his birth certificate.

Ron Paul is a different kettle of fish altogether.

Here's a picture of him if you want to compare and contrast:
politicolnews.com/.../10/ron_paul_photo_4.jpg
You don't irony do you ?
 

Oreo Livermore

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Joined
Feb 22, 2010
Messages
754
Tommy.

Are you in love with me our something?.

I promised Dave to respect his site. So please, I know you view me as an alpha male but stop stalking and following me round like a pussycat.

I already have a rabbit and don't need any more affection.

You have a partner and you should work on that relationship and stop trolling.

When marriage is legal you can invite me to the wedding
 

Slippers 2

Member
Joined
Nov 12, 2009
Messages
22
The government.....would be the sole decider on the supply of the punt.
Not unless they passed a law that said banks had to have a punt in the vault (or in their account at the central bank) for every punt that account holders were told they had in the bank.

Without this the total of bank accounts can grow (or shrink) without the government issuing (or destroying) any more money. That's the situation we have now.
 
Last edited:

Oreo Livermore

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Joined
Feb 22, 2010
Messages
754
Not unless they passed a law that said banks had to have a punt in the vault (or in their account at the central bank) for every punt that account holders were told they had in the bank.

Without this total of bank accounts can grow without the government issuing any more money. That's the situation we have noe.

Yes, when the dust settles make banks 100% reserve and close up and jail the fools that lost about 100 billion euro and growing each day. Instead of having honest working people pay off the losses
 

Oreo Livermore

Well-known member
Joined
Feb 22, 2010
Messages
754
There is no shortage of people crying about the economic problems nowadays but there are few willing or able to offer any solutions.

As I have said all along, to some ridicule let me add by some nasty party hacks here who will remain nameless, that the euro is toast.

Ye can take that to the bank, the euro is finished.

Enda is as useless as tits on a turtle

Needless to say, I am proven right again.

It is now too late to have the euro in the currency board. It now at the very least would need to be a basket of dollar, yen and precious metals.

A lot of deaths will result from what is ahead because Ireland has a treasonous leadership.


______________________________________
my sig Recent Discussions - Real Irish Politics Forums
 

CanRonPaulSavetheUS

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May 1, 2011
Messages
4,316
Now that even the party hacks, who shall remain as nameless as they are clueless, have to admit that the possibility of the euro going kaput is very real, it is time to bump this thread.

We have seen that the then opposition have proven to be another crowd of sellouts, just as predicted.

By now punts on par and tied to the euro could be circulating in the society but needless to say nothing has been or will be done.

There will be some craic when this baby blows
 

hmmm

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Oct 4, 2006
Messages
2,834
When a currency is in decline the normal trajectory is for it to lose value. The rate at which it loses value increases exponentialy. On a graph it is described as going parabolic. This phase because of mathematics has a very short timespan and it is all over.
What complete gibberish.
 

CanRonPaulSavetheUS

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If you don't know anything about a subject, why do you feel the need to open your gob
 

CanRonPaulSavetheUS

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May 1, 2011
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Ye can take that to the bank, the euro is finished.

, Enda is as useless as tits on a turtle
Far be it from me to say I was right.

If Ireland had introduced a currency board there would now be punts and euro circulating of equal value.

Then, should the euro suddenly fold, the transition could be made with as little disruption as possible.

But as I SAID, eNDA AND fg are as useless as tits on a turtle
 

ivnryn

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Joined
May 20, 2007
Messages
1,304
I would trust Euros way more than Punts.

The only thing that would change that is some kind of constitutional amendment preventing them from turning on the printing presses, and even then I would still be very concerned.

The amendment would have to promise

a) That the state will always give 1 Euro for 1 Punt (but not necessarily the reverse)
b) That the state will not allow Punt based inflation to exceed a certain percent (say 5%)
c) A fully independent central bank to guarantee the inflation target of 5%.

Even then, I would be pretty iffy about it.

Assuming that they aren't broken (a BIG assumption) Rule a) guarantees that the Punt will be at least as valuable as the Euro and rule b) means that if the Euro collapses, then the Punt will hold its value. In theory, if you trust the state enough, the Punt should be at least slightly more valuable than the Euro, since it protects against the risk of the ECB turning on the printing presses. The problem is that the risk of the Irish state going crazy would be higher.

Note: rule a) requires that the state never issue a Punt unless they have a Euro to back it (this is incidentally what a currency board means).

Also, distributing Punts would violate the Lisbon (and probably previous) Treaties.

If the Euro collapses, then mortgages would be in a falling currency while deposits would be in a stable currency. This would cause all banks in the country to explode. Forced conversion to Punts would actually be opposed by mortgage holders.
 

tipp revolution

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Joined
Feb 16, 2011
Messages
2,603
Aib quick lodge machine at my local branch asks you to choose between ir£ and € before entering value of the lodgment.

I asked a staff member the other day about it. She said that someone had come and put in a new chip and since then it comes up like that. I think she should work for dof myself.

Hmmmm
 
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