what happens if the euro goes under

cena

What happens to the euro zone is cancelled. What well happen too does that have 1000s in there bank account. Well they loose all there money like how much well it devaule

Saila

https://www.youtube.com/watch?v=m_mDTLphIVY

Agricola

I danno, buf I reckin we is all fooked if da euro is valued at less monnie that the other thing

cena

Agricola wrote: »

I danno, buf I reckin we is all fooked if da euro is valued at less monnie that the other thing

What other thing

chin_grin

cena wrote: »

What other thing

I think it accidentally itself.

Big Pussy Bonpensiero

Write them a letter OP.

Bloody Nipples

THFC wrote: »

Write them a letter OP.

A strongly-worded letter!

4leto

It would be bad it would be very very bad.

It depends how suddenly it happens or how much it gets devalued, but if it collapsed

You will be going to Templebar with chickens to barter for a pint.

cena

cena wrote: »

What happens to the euro zone is cancelled. What well happen too does that have 1000s in there bank account. Well they loose all there money like how much well it devaule

They wont lose it but it would be devalued for sure.

talla10

Just bring back the punt.

And also 10p bags, Stinger bars and the forgotten macaroon bars.

In the 80's i could always get a week out of 2 punt. God bless that old sweetshop....................

Sorry what was the question?

Snakeblood

cena wrote: »

What happens to the euro zone is cancelled. What well happen too does that have 1000s in there bank account. Well they loose all there money like how much well it devaule

Well, I"m going to bang a wolf if it happens. No reason.

Snakeblood

talla10 wrote: »

Just bring back the punt.

And also 10p bags, Stinger bars and the forgotten macaroon bars.

In the 80's i could always get a week out of 2 punt. God bless that old sweetshop....................

Sorry what was the question?

I think it was something about jumpers for goalposts.

Fallschirmjager

what will happen is roughly as follows:

we will get a new currency (say puntnua)
this will probably be whats called a fiat currency, aka just paper (what we have today)
the value of the currency is depending on the belief of its value and the belief we can pay (something we dont have which is why the IMF is in town)
punt nua will say its 1:1 value with say the euro or sterling or the dollar
if i remember right, the government will rush to pay off as many debts with punt nua as possible.
the first day our currency will easily loose anywhere from 30 to 70% of value, in other words it will find its real value
the devalued currency will allow us to pay off debts because we can just print it. sounds good but isnt, because no one will loan you anything until the currency stabilises.
the cost of exports get incredibly cheap
the cost of imports gets incredibly expensive, think 10,20 punts for a coffee
companies based in ireland will leave, due to an unstable economy and we will not have free access to EU markets.

then it gets bad....

the fact that most of our debt is external, will mean the government will have to cut public services and i aint talking a pussy billion here or there, i am talking 10 billion here, 10 billion there.
we will have, because the governemnt are dense, a huge tax increase as well
this will drive anyone who can earn a living abroad. we will have hundreds of thousands seeking work abroad per annum. expect things like rubber, oil, gas to sky rocket
if it keeps going and they cant stabilise the currency, look at zimbabwe, thats a possible outcome.
because we dont really have any internal companies for food, clothing, shoes, books etc...everything will get incredibly expensive. so you will be wearing leather patches on your elbows again.
importing energy from england by the interconnector or gas will be dependant on if you can pay. if the currency hits worthless value or instability, they will want to be paid in real things, cows, wheat, anything of real intrinsic value
you will have power cuts, you will have a huge jump in crime

now to your savings

the goverment will peg punt nua to the euro

so say you have 1000 euro savings. on day one the bank will be ordered by the central bank to convert it to 1000 punt nua. if it drops 50% on the international markets, you will still have 1000 puntnua, but its value is actually 500. the printing of money is a scam to take your savings. this is why so much money has been moved abroad in the last 2 years. there is no trust.

expect the government to demand gold (as the US did under FDR). expect them to take gold and silver. they may do this to prop up a currency with real value.

we only have 9 tonnes of gold. not enough to base a currency on something real and valuable. despite what people think, gold is not going up in value, its currencies falling versus something with real value. gold is gold, its primarly about preserving wealth. dont get me wrong you have speculators but most of that price is people betting on currencies failing, so they want to keep their wealth. they are betting if it goes down and 10 years from now a country reforms, gold will still be worth what it is and they can convert, or if it goes all mad max, they can buy food with it. gold has remained incredibly static in real value throughout history. the example normally given is at the time of Christ an ounce of gold would have gotten you a really excellent toga (or whatever the hell they wore), shoes, belt etc. today an ounce of gold will get you a really great suit, tie, shoes, belt etc (i aint talking dunnes finest here). also another example is a roman centurion was paid about an ounce of gold per month. today some one in the US military get around 1700-1800 dollars per month. today gold was around 1900 per oz. so it is incredibly stable.


so in a word, do you trust the irish govt to manage something like this well?, no i dont either

This is a question that interests me too. I imagine there's been plenty of speculation about it already, and on different scales (from, say, some kind of restructuring of the euro to its total collapse). From our Irish point of view, I think that the following opinion is worth reading:

Although [former Labour Europe Minister Denis MacShane] conceded that Greece should "probably not" have joined the euro in the first place, he said the consequences of it leaving now would be severe.

I imagine that that statement could be roughly transfered to Ireland. For the full article, see here.

Dangerous Man

This?

https://www.youtube.com/watch?v=vVof0qj7SOw

Deleted User

Deleted User wrote: »

This is a question that interests me too. I imagine there's been plenty of speculation about it already, and on different scales (from, say, some kind of restructuring of the euro to its total collapse). From our Irish point of view, I think that the following opinion is worth reading:



I imagine that that statement could be roughly transfered to Ireland. For the full article, see here.

Not all all. Greece and Ireland are chalk and cheese in every aspect regarding our economies.

Yawns

talla10 wrote: »

the forgotten macaroon bars.

They still have macaroon bars think they are like 25cent these days tho

Salvatore Crooked Flowerbed

Salvatore Crooked Flowerbed wrote: »

Not all all. Greece and Ireland are chalk and cheese in every aspect regarding our economies.

(meekly) Sorry. Lesson learned: don't make broad assumptions based on two bankrupt countries having dropped out of Business Studies in the third year...of secondary school! :rolleyes:

Fallschirmjager, thanks for an informative reply in layman's terms. I find it amazing how gold has remained constant in value... I understand that many folks in India are buying gold or shares in gold rather than putting it in the banks because they see gold as a stabler bet. Maybe we should start doing the same.

Celly Smunt

sterling all the way boyos

4leto

Thanks Fallschirmjager for that excellent and very informative and readable post.

It would be worse You don't only have an Irish collapse but a Euro wide collapse so it would be a bigger depression then 1929 there would be soup kitchens in whats now first world economies.

Snakeblood

Snakeblood wrote: »

Well, I"m going to bang a wolf if it happens. No reason.

:eek:

4leto

4leto wrote: »

Thanks Fallschirmjager for that excellent and very informative and readable post.

I thought I'd somehow made a double post when I scanned that.

cosanostra

4leto wrote: »

It would be bad it would be very very bad.

It depends how suddenly it happens or how much it gets devalued, but if it collapsed

You will be going to Templebar with chickens to barter for a pint.

You mean knickers for liquor in trampco's

oppenheimer1

What happens if the euro goes under?

The Sun will still rise, the tides will still come in and go out. People shouldn't worry about what they can't control.

Fallschirmjager

if it does happen and i hope to the baby jesus and the donkey it doesnt...

take a look tomorrow if you are in a shop what comes from outside ireland, you wont have them unless you have the money to pay

so things like oranges, bananas, ....really ordinary stuff you take for granted will disappear unless you have the money. honestly the best people to ask are the older generation who lived through the emergency (aka the war) in ireland.

things that are built like laptops or pc's for example, with a board from S korea, and a chip from the US and the shell from China will go ballistic in costs. in fact companies like that will be in real trouble as supply lines stop because of an issue with one country.

you are living in a time where the world could turn from western dominance to something or someone else. now keep in mind the last time this happened, UK dominance to US dominance was the most peaceful transfer of power the world has ever known. there is no guarantee it will be the same this time...

Crazy Horse 6

Will be a good thing imo. We need to be taken down a peg or two.

Birroc

I think what Fallschirmjager is getting at is that we will have to blow up Croagh Patrick and pan every ounce of gold out of it. Then we will have to do a hostile takeover of the Shell platform off Mayo and invade Rockall.

Problem solved.

tayto lover

Fallschirmjager wrote: »

if it does happen and i hope to the baby jesus and the donkey it doesnt...

take a look tomorrow if you are in a shop what comes from outside ireland, you wont have them unless you have the money to pay

so things like oranges, bananas, ....really ordinary stuff you take for granted will disappear unless you have the money. honestly the best people to ask are the older generation who lived through the emergency (aka the war) in ireland.

things that are built like laptops or pc's for example, with a board from S korea, and a chip from the US and the shell from China will go ballistic in costs. in fact companies like that will be in real trouble as supply lines stop because of an issue with one country.

you are living in a time where the world could turn from western dominance to something or someone else. now keep in mind the last time this happened, UK dominance to US dominance was the most peaceful transfer of power the world has ever known. there is no guarantee it will be the same this time...

Should i take my few hundrd euro out of the Credit Union and put it into the bank in Enniskillen ?

tayto lover

Crazy Horse 6 wrote: »

Will be a good thing imo. We need to be taken down a peg or two.

Why ? My pegs are very few and above my head already.
Speak for yourself.

bnt

Crazy Horse 6 wrote: »

Will be a good thing imo. We need to be taken down a peg or two.

Who's "we"? This isn't going to be about a peg or two, this will be having the rug pulled out from under us to expose a very deep hole. :cool:

geetar

the worst thing of all is that if we bring back the punt, penny sweets, i can gauruntee will cost 2p... :pac:

YBTurbo

talla10 wrote: »

Just bring back the punt.

And also 10p bags, Stinger bars and the forgotten macaroon bars.

In the 80's i could always get a week out of 2 punt. God bless that old sweetshop....................

Sorry what was the question?

Dude Macaroom bars are in Dunnes and so are Mint Crisp ones, I orgasmed when I seen them