Is it time to leave the euro?

ceekay74

http://www.davidmcwilliams.ie/2011/05/05/eu-now-being-threatened-by-its-own-central-bank

Should Ireland act in its own self intrest and leave the euro?

meditraitor

I dont think its possible to leave the EURO.

of the top of my head the obvious reasons would be

The economy would sink completely with the markets loosing any ounce of faith they had in us,

Our export led economy would be wiped out, major players/employers would leave us like rats leaving a sinking ship.

ceekay74

So doomsday then?

meditraitor

ceekay74 wrote: »

So doomsday then?

Possibly, although I wouldnt be stocking up on food to soon, no hope of Ireland leaving the EURO

RichardAnd

McWilliams isn't one to take too seriously.

irishh_bob

RichardAnd wrote: »

McWilliams isn't one to take too seriously.

despite the fact that he has gotten everything right so far

meditraitor

irishh_bob wrote: »

despite the fact that he has gotten everything right so far

Did he not have an influence on the bank guarantee?

mcwilliams wrote:

I argued because the Irish banks’ funding had become so unstable, if we didn’t guarantee the funding as well as the deposits, the banks would come crashing down and you would have had to come up the money immediately for people’s deposits. The whole point of the guarantee is that you want to avoid paying out right away…. I told [the minister] I thought we were in the vortex or at least might end up there. He simply had to guarantee everything for a limited period to make sure that an illiquid dilemma didn’t lead to an insolvency catastrophe

^^^

a5y

Yes we should leave the Euro. Staying with any currency we can't devalue is madness.

No other economy has ever recovered using the approach Ireland is using.
Its a freakish experiment with no historical evidence it could succeed.

a5y

meditraitor wrote: »

Did he not have an influence on the bank guarantee?



^^^

Posting that without mentioning what McWilliams wanted was only partially implemented is misleading. By the same logic everyone involved should be getting named (they all fit the same criteria. How many of them now have high ranked jobs elsewhere? If finding out who is to blame shouldn't there be an investigation for criminal neglegence?), but since people have latched onto the idea that he's a celebrity economist (ugh) his name is the one that comes up alone.

meditraitor

a5y wrote: »

Posting that without mentioning what McWilliams wanted was only partially implemented is misleading. By the same logic everyone involved should be getting named (they all fit the same criteria. How many of them now have high ranked jobs elsewhere? If finding out who is to blame shouldn't there be an investigation for criminal neglegence?), but since people have latched onto the idea that he's a celebrity economist (ugh) his name is the one that comes up alone.

I just quoted McWilliams own words, are you saying what I posted is incorrect or are you making excuses for him?

ei.sdraob

The way things are going here and in other euro states due to ECB/EU inaction, there might not be a euro left.

iMax

I think it's more likely that Germany & France will leave the Euro long before any other countries get to decide about it.

a5y

meditraitor wrote: »

I just quoted McWilliams own words, are you saying what I posted is incorrect or are you making excuses for him?

Oh, I'm meant to pick between those 2 choices eh?

Gee, ok. Well since you quoted him accurate I guess I'm flat out making excuses for him.

That's totally what I'm doing. Its not that you're selectively quoting one part of his involvement in a long complex process. Nor leaving out important relevant facts concerning the involvement of others. Nope, no sir. Because I wouldn't dare suggest that the buck stop with the Minister for Finance who has final say. That would be crazy.

I'll even pinky-swear if you want me to! You've won this argument.

Ignore little ol' excuse making me.

View

ceekay74 wrote: »

http://www.davidmcwilliams.ie/2011/05/05/eu-now-being-threatened-by-its-own-central-bank

Should Ireland act in its own self intrest and leave the euro?

Legally, the only current methods to do so are:
a) withdraw from the EU, or,
b) persuade the other member states to re-write the current EU Treaties (and then get the resulting Treaty, which implements those re-writes, passed the various parliaments and possible referenda).

Neither options seems particularly credible.

RichardAnd

irishh_bob wrote: »

despite the fact that he has gotten everything right so far

If you think that telling an angry population what they want to hear along with stating the obvious AFTER it might be useful is right then yes, he has gotten it all right.

irishh_bob

meditraitor wrote: »

Did he not have an influence on the bank guarantee?



^^^

mc williams was in favour of covering deposits

irishh_bob

RichardAnd wrote: »

If you think that telling an angry population what they want to hear along with stating the obvious AFTER it might be useful is right then yes, he has gotten it all right.

he was predicting a property bust as far back as 2005 , hardly what everyone wanted to hear

he has consistently pointed out that saving the bondholers would do nothing to convince the money markets , whether this prediction played well with the popolous is irellevant , the markets havent - dont buy the irish ( ECB - EU ) plan for ireland , thats why we are at junk bond status despite all the bailouts