The Frontline - Ireland Hasn't Had Control of its Currency for Years!

Pixel8

Was anybody watching The Frontline on RTÉ last monday Sept. 27th? On it, Conor Lenihan said to Dave McWilliams that Ireland hasn't been in control of its currency for years, even since before we joined the Euro and that we are in a straight jacket when it comes to currency decisions?!?! I couldn't believe nobody questioned him about that, i mean, this basically shows that what The Secret Of Oz is going on about must also apply to Ireland and not just America in that we don't print our own money and our government has no control over the quantity of money in the money supply...! (im aware we print 20's and 50 notes in this country, thats NOT what im talking about when i say our government does not print our money and apparently we didn't even control our own punts!)

You would think we had control of the punt when that was around, but not according to Conor Lenihan! Madness...

If we did print our own money, then why would be selling bonds on international markets and borrowing currency at huge interest from foreign interests? Why would we have a National Debt if we printed our own money? Im sure every citizen thinks or used to think that their country prints their own money but this does not seem to be the case at all.

Who was controlling the Irish money supply back when we still used punts, anyone? Thats what i wanna know...

https://www.youtube.com/watch?v=79q3V-dSac0

meglome

I for one will be thanking the Euro (can you thank a currency??) as it's the reason we're are not already bankrupt. If we still had the punt it would have taken a nosedive on the currency markets and we'd be fukked.

We have shown we shouldn't be in charge of a fruit and veg shop never mind a country.

What's the conspiracy btw? And if you have an economics question why nor ask it over in the Irish economy forum etc?

The Recliner

I don't think there is a conspiracy here

Before the euro when we still had the Punt we were part of EMU Economic Monetary Union and had to obey certain fiscal rules to be allowed to join the Euro

Before that we effectively pegged our currency to Sterling

So he is correct in saying that we haven't had control of our currency for years, in this case though it doesn't mean that there is some secret cabal controlling it

The reasons why the monetary system works the way it does though and who controls that might be a whole seperate thread though

Drag00n79

I think he was referring to the fact that we only had 20 yrs of true punt independence '79 - '99, as we were pegged to sterling before and switched to euro after.

Jeboa Safari

Pixel8 wrote: »

Was anybody watching The Frontline on RTÉ last monday Sept. 27th? On it, Conor Lenihan said to Dave McWilliams that Ireland hasn't been in control of its currency for years, even since before we joined the Euro and that we are in a straight jacket when it comes to currency decisions?!?! I couldn't believe nobody questioned him about that, i mean, this basically shows that what The Secret Of Oz is going on about must also apply to Ireland and not just America in that we don't print our own money and our government has no control over the quantity of money in the money supply...! (im aware we print 20's and 50 notes in this country, thats NOT what im talking about when i say our government does not print our money and apparently we didn't even control our own punts!)

You would think we had control of the punt when that was around, but not according to Conor Lenihan! Madness...

If we did print our own money, then why would be selling bonds on international markets and borrowing currency at huge interest from foreign interests? Why would we have a National Debt if we printed our own money? Im sure every citizen thinks or used to think that their country prints their own money but this does not seem to be the case at all.

Who was controlling the Irish money supply back when we still used punts, anyone? Thats what i wanna know...

We did 'control' our own money, and the government or central bank pegged it to sterling, or kept it within the monetary limits set for joining the single currency. They could have just printed a load of money if they wanted, but that would have devalued the punt and lead to inflation, could end up with a situation like Zimbabwe where the currency is effectively useless.

Pixel8

I don't think any of you understand what im trying to get at. You'll need to watch the documentary The Secret Of Oz to fully understand...

namloc1980

Pixel8 wrote: »

I don't think any of you understand what im trying to get at. You'll need to watch the documentary The Secret Of Oz to fully understand...

What are you trying to get at?

TalkieWalkie

He said.. "You'll need to watch the documentary The Secret Of Oz to fully understand".

Aka.. he aint explainin

namloc1980

TalkieWalkie wrote: »

He said.. "You'll need to watch the documentary The Secret Of Oz to fully understand".

Aka.. he aint explainin

Ah cool...he aint discussin

uprising2

Forget economics for a minute, back to basics again, somebody mentioned a shop earlier, we'll use a shop as example.
Imagine owning/having a shop and having no control over it, it's prices, its rent, its suppliers, nothing!, does this not seem strange, but its the system we live in and mainly just accept, it's corrupt to the core, but just accepted by the general population.

Regime change is needed.;)

namloc1980

uprising2 wrote: »

Forget economics for a minute, back to basics again, somebody mentioned a shop earlier, we'll use a shop as example.
Imagine owning/having a shop and having no control over it, it's prices, its rent, its suppliers, nothing!, does this not seem strange, but its the system we live in and mainly just accept, it's corrupt to the core, but just accepted by the general population.

Regime change is needed.;)

The reality is that a shop owner has very little, if any, control over these things. It is the market that will determine the prices, the rent, the suppliers etc. The owner has very little control over these things.