Irish may default, drop the Euro

[Agorism]

Irish PM Dissolves Government; Spanish Banks Face Debt Challenge; Greece May "Shut-Down"; Meaning of "Guarantee"; Should Ireland Ditch the Euro?


http://globaleconomicanalysis.blogspot.com/2010/11/irish-pm-dissolves-government-spanish.html

[LudwigVonMisoSoup]

This would be major. I hope my Irish brothers and sisters have enough balls to do it. Fuck a bankster.

[Zippyjuan]

Not sure that Ireland can afford to drop from the Euro- that would cost money they don't seem to have (both to government and businesses) to change currencies. Businesses would have to buy/ reprogram equipment to a new currency. The government would have to physically produce and distribute it. Even if they did, it would take several years to change over and the current crisis may have passed by then.

[mconder]

How awesome would that be?

[eugenekop]

Why would that be awesome?

[Elwar]

Drop the Euro and move to a gold backed currency.

Then stand back and enjoy prosperity.

[puppetmaster]

Why would that be awesome?


why wouldn't it be would be a better question

[eugenekop]

And if they use their own currency instead, without backing it up in gold? Would that be better than using the Euro?

[cswake]

Yes, they would regain sovereignty, since their Central Bank would (arguably) respond to the wishes of the Irish rather the entire European continent.

[Zippyjuan]

Drop the Euro and move to a gold backed currency.

Then stand back and enjoy prosperity.
Officially reported gold reserves lists Ireland as having six tonnes- compared to the United States having 8,133 tonnes. Not nearly enough to try to back a currency with. http://en.wikipedia.org/wiki/Gold_reserve

[puppetmaster]

Officially reported gold reserves lists Ireland as having six tonnes- compared to the United States having 8,133 tonnes. Not nearly enough to try to back a currency with. http://en.wikipedia.org/wiki/Gold_reserve

that is not the only commodity available, there are many ways to back a currency