McWilliams: Uncertainty is spreading like a virus

David McWilliams sees Ireland’s downward spiral continuing.

And the million dollar question, where do we get the money? He fails to address this.

I offer to sell my Lisbon vote to the ECB for 10k.

Easy. We create our own currency and print arbitrary amounts of it.

I tried that once, got 5 years for my troubles 8)

We can call the trillion note - “The McWilliam”…

Anyway, these men hanging around young children on Killiney Hill, a solitary economist looks on…

Someone should alert the Gardai…

That’s why you should wait till you have a ministerial portfolio before enacting such schemes.

Hey I have criminal tendencies, I admint it, but I draw the line at that 8)

Let me start the deflationary spiral. I’ll sell my vote for €8k.

What I’d like to know is does McW realise that inflation can only be achieved within an entire currency area - i.e. this becomes a EU wide policy or else we leave the Euro and set up on our own.

Or is he seriously suggesting that the most overpriced economy in the EU should price itself even higher?

Sorry but deflation is akin to economic treason and in these post-credit crunch times we’ll have to shoot you for it. Up your bid to €12 “or else”. Don’t you know there’s folks with big debts who need to make them look not so big?

He knows there is no money, is the message not “we’re fucked”?

Don’t worry, the two Brians are in charge of the collective bargaining on youse behalves loike…

He has floated the “leave the Euro” idea hence my comments above. He thinks we should leave and then devalue the new one in order to inflate away our debt (that our debt is denominated in Euro appears to be lost on him).

Apparently. Sure if we can only get everyone onto 150k a year then the debt problem goes away :slight_smile:

This analogy and its kin (football match) bug me as they have it back to front.

The natural state for a concert goer is standing up with or without bird on shoulders. The siting down was an aberration likewise us being richest country on earth.

The Midnight gigs were all seated, it was usually 1/2 way through the performance before people started getting rowdy standing and dancing in the aisles. Bouncers were run ragged getting people to move back in to their seats, and the strange bird on your shoulders usualy did either spill her drink or puke on you.

Ah the good old days 8)

How about we run with the idea for a while:

here’s the outline - we set up the “New punt” and devalue it like crazy. Like the Italians used to do before the Euro.

First thing we can say for sure: tourism will boom again. Millions of UK people will flock here as it’ll be cheaper than a domestic holiday for them.

The MNC’s still in Ireland will, perhaps, hire more people and expand their operations, as the unit cost of labour drops like a stone.

There will be hundreds of thousands of potential bankruptcies as virtually the entire mortgage-holding populace will be unable to pay their euro-denominated monthly payments.

This will, of course, be an interesting situation.

How will the creditors wish to manage such an outcome?

Evicting 500,000 people is scarcely an option. Presuming they did: how would they dispose of the empty houses?

If they foreign creditors chose to leave the empty houses standing idle, the Irish state could slap a very painful tax on absentee landlords.

The Irish state could, in short, force the creditors to sell the houses to the state for a pittance. And then Ireland’s homelessness problem would cease. Everybody who wanted a house could have one, and it would cost buttons. And we’d be EU members, with an extremely low labour cost base, English-speaking and well-educated.

I see some upside to McW’s suggestion.

And how will the State manage to pay its euro-denominated debt? Default?

Bananas.

Nationalise Ffyfesff? Would suit FF - FyffesFirst as they’d become known.