The Case For The Irish Dollar

Techsurge

With recent events over the past few weeks, its pretty obvious by now that the Euro is heading for a showdown and it could happen very quickly.Past meetings in Brussels were trying to figure out a plan for recovery through the issue of E-bonds, however Germany is against this move.Will Germany finally give up & Will The Euro collapse.

If the Euro collapses then Ireland will have to revert back to the Punt. However since our economy is linked to America & we're supposed to be closer to Boston than Berlin, then wouldn't it make better sense to create a new currency and call it the "Irish Dollar". The currency would initially take a hit but so would the Punt if we reverted back to it.

Several countries around the world already use the dollar including Australia,Canada,Hong Kong,New Zealand,Singapore & Taiwan.

The word "Dollar" is very powerful and the word "Irish" is well known around the world so by combining the two & with a lot of hard work we could have a really strong well known currency in the future.

Angryvermin

The US Dollar's future isn't really looking all that much brighter than the euro's IMO... its not going to snuff out mind, but it certainly wont have the same clout that it used to.

I think that if the euro goes south, there will be a rather quick shuffle for the minnows (including us) to peg their new currency to one of the big ones, which include the dollar (as mentioned), the yuan (unlikely but arguably not a bad idea for the future), the deutchmark (or whatever it would be called) or the English pound.

Otherwise the bond markets will obliterate our fledgling little currency before it ever got off the ground given the current state of the books.
Personally I think that the latter makes the most sense for us given our massive reliance on them for trade, we export more to the US, but the UK are still our biggest overall trading partner (excluding europe as an entity).

There have been whispers in the shadows over the past few years about forming a common currency between UK, Canada, Australia and NZ (and possibly other commonwealth countries), which hasn't realy been mentioned out loud as it would be seen as blantantly too anti-european. I think secretly a lot of the British population would like this idea, and while a lot of Irish may not, it could be our best option.

But if the euro does go caput, it'll be grim times ahead... hope you all have those gold bars tucked away under your matresses' :rolleyes:

click_here!!!

Techsurge wrote: »

With recent events over the past few weeks, its pretty obvious by now that the Euro is heading for a showdown and it could happen very quickly.Past meetings in Brussels were trying to figure out a plan for recovery through the issue of E-bonds, however Germany is against this move.Will Germany finally give up & Will The Euro collapse.

If the Euro collapses then Ireland will have to revert back to the Punt. However since our economy is linked to America & we're supposed to be closer to Boston than Berlin, then wouldn't it make better sense to create a new currency and call it the "Irish Dollar". The currency would initially take a hit but so would the Punt if we reverted back to it.

Several countries around the world already use the dollar including Australia,Canada,Hong Kong,New Zealand,Singapore & Taiwan.

The word "Dollar" is very powerful and the word "Irish" is well known around the world so by combining the two & with a lot of hard work we could have a really strong well known currency in the future.

These countries all use different currencies, each called 'dollar's. They aren't all one currency. For example, there's the Australian Dollar, Canadian Dollar, etc.

andrew

We've been pegged to the pound for most of our history. If we were to go back to a peg, the pound would make the most sense. As has been mentioned in another thread here, for any kind of currency union or peg to work, there has to be an economic symmetry which doesn't exist between Ireland and America, so the dollar wouldn't make much sense.

up for anything

Angryvermin wrote: »

But if the euro does go caput, it'll be grim times ahead... hope you all have those gold bars tucked away under your matresses' :rolleyes:

I know the shit will hit the fan if the euro fails but I only know that in a general doom and gloom way.

What effects will it actually have on our every day lives?

FISMA

Techsurge wrote: »

If the Euro collapses then Ireland will have to revert back to the Punt. However since our economy is linked to America & we're supposed to be closer to Boston than Berlin, then wouldn't it make better sense to create a new currency and call it the "Irish Dollar". The currency would initially take a hit but so would the Punt if we reverted back to it.

Isn't the Irish economy closer to Birmingham than Boston, so to speak?

I would imagine there would be more cover under Sterling than the Dollar.

dissed doc

Great plan. Leave a strong currency for one that has lost 25% of it's value over the last 3 years (£) or 50% of it's value over the last few years as well.

This is the type of thinking that leads to Tippex being used to delete some text on a screen.

andrew

dissed doc wrote: »

Great plan. Leave a strong currency for one that has lost 25% of it's value over the last 3 years (£) or 50% of it's value over the last few years as well.

This is the type of thinking that leads to Tippex being used to delete some text on a screen.

cut it with the sarcasm/snarkyness/rudeness.

DrPhilG

up for anything wrote: »

I know the shit will hit the fan if the euro fails but I only know that in a general doom and gloom way.

What effects will it actually have on our every day lives?

+1

I work in the north but live in the south and I also have a few quid in the bank.

What exactly happens if the currency flops? Does €10k in the bank not just convert to the equivalent in whatever currency we are left with?

Sorry if it's a stupid question.

IpreDictDeatH

+1

Anybody?

andrew

IpreDictDeatH wrote: »

+1

Anybody?

Here's a report by UBS which explains what leaving the Euro would involve. This thread is leaning toward more Irish economy territory, and there's lots of discussion about this over there, so I think I'll lock this thread.