Is the mint producing the Punt again

Hootanany

I read a tweet from David McWilliams about Greece going bankrupt and that we are printing the Punt again,Is this true.
Sorry if this has been discussed before.

Delancey

Been rumours for over a year that Germany is printing the Deutchmark , first time I've heard a rumour about the ' mighty ' Punt though.

Hootanany

https://www.facebook.com/davidmcw


Sorry I thought the quote it was from him.

meditraitor

Looks like Greeks are bankrupt again, Stark leaving the ECB ahead of the event. Am interviewing Alastair Darling tomorrow, might ask him does UK treasury have a plan somewhere to support a new punt in event of Euro breakup?

nothing of the sort on that page, and to answer your question

No

Hootanany

meditraitor wrote: »

nothing of the sort on that page, and to answer your question

No

So no one in the know then.

meditraitor

Hootanany wrote: »

So no one in the know then.

we are not printing the punt again, its one thing for a couple of politicians to lie or deceive the common folk but no way on earth could they hide a printing operation for new punts.......

Hootanany

meditraitor wrote: »

we are not printing the punt again, its one thing for a couple of politicians to lie or deceive the common folk but no way on earth could they hide a printing operation for new punts.......

And how would you know.

Gumbo

Delancey wrote: »

Been rumours for over a year that Germany is printing the Deutchmark , first time I've heard a rumour about the ' mighty ' Punt though.

Hootanany wrote: »

So no one in the know then.

meditraitor wrote: »

we are not printing the punt again, its one thing for a couple of politicians to lie or deceive the common folk but no way on earth could they hide a printing operation for new punts.......

Ive been told by an An Post Auditor that one of his co-workers wife had over time for 2 months solid printing Irish Punts.

Cant show a source or link, or proove it, dont know whether its true or not?

Hootanany

kceire wrote: »

Ive been told by an An Post Auditor that one of his co-workers wife had over time for 2 months solid printing Irish Punts.

Cant show a source or link, or proove it, dont know whether its true or not?

What should we do.

johnnyskeleton

kceire wrote: »

Ive been told by an An Post Auditor that one of his co-workers wife had over time for 2 months solid printing Irish Punts.

Cant show a source or link, or proove it, dont know whether its true or not?

Definately not true.

It's quite obvious really, the post office have nothing to do with the mint, which is the only body with the legal and physical ability to print currency.

Perhaps if this thread is just going to be wild unsubstantiated rumours about printing of the punt, it should be moved to the Conspiracy Theories forum?

A much more plausible explanation is that public sector employees get a kick out of spreading these rumours, or slightly more tinfoil hat, they are being asked to do so by the government to increase our bargaining position vis a vis the EU/IMF.

ArmaniJeanss

You seem to only want 'Yes they are' answers OP.

Gumbo

johnnyskeleton wrote: »

Definately not true.

It's quite obvious really, the post office have nothing to do with the mint, which is the only body with the legal and physical ability to print currency.

Who said anything about Post Office being connected to the mint

johnnyskeleton wrote: »

A much more plausible explanation is that public sector employees get a kick out of spreading these rumours, or slightly more tinfoil hat, they are being asked to do so by the government to increase our bargaining position vis a vis the EU/IMF.

now youve really gone insane

irishh_bob

been hearing this rumour for a while , its quite predictable really , reminds me of the simpsons episode

purple , monkey dishwasher

murphaph

If and I said if the Irish government had a secret plan to print Punts in the anticipation of a withdrawal from the Euro, I imagine they would have them printed outside Ireland on contract.

Personally I don't believe this for a second.

MacGyver

afaik we dont even mint our own euro coins, they have to be done outside the country, theres a thread around here somewhere that mentions it. So i would doubt we are printing them here even if they were being printed

cavedave

Declan Ganley has suggested printing up punts so they are there when needed (and to force the EU's hand).

But I believe such an action would be damn near impossible for many of the reasons expressed in this thread already. But what might be possible at least physically if not politically is to change the currency in electronic form and make all government payments to local people in the same electronic form. They might have to give out something like ATM cards to all government workers and social welfare recipients that dont have a bank account but that should be a really small number. Not that Ireland is anything near the most likely country to need to try something like this. Social welfare payments have worked as cash in areas of our economy for some time. This could be expanded upon without having to print out punts.

Purely electronic money might get round the scrip problem described here
Getting out of the euro?

It is hard to see how practically someone could leave the euro. But the intrade bets are saying someone might

Any country currently using the Euro to announce their intention to drop it midnight ET 31 Dec 2011

20.5%


Any country currently using the Euro to announce their intention to drop it midnight ET 31 Dec 2012

38.0%


Any country currently using the Euro to announce their intention to drop it midnight ET 31 Dec 2013

60.0%


Any country currently using the Euro to announce their intention to drop it midnight ET 31 Dec 2014

74.9%

I thought we didn't even print our own notes when we had the punt - I thought they were printed by de la rue in the UK.

I really doubt this is being done - by the mint or an post.

books4sale

OP is starting rumors and BS, seen it all before.

....... always the same crusaders.

Don't believe the propaganga.

This thread will disappear like the others then we'll get another wave a 2-3 weeks later.

Like a bunch of smurfs...busy ...busy!

touts

The time the Shinners robbed the Northern Bank the UK government were able to recall an entire currency and indroduce a replacement in a matter of a few weeks.

Also factor in the fact that many transactions happen electronically with Credit/Debit Cards. Those transactions could be set up to move from Euro to Punts in a matter of days (might not be perfect with the € symbol popping up on some systems for months but the government could still force it through).

Allow for the fact that if the design work was done on the new notes/coins and the plates etc were ready to go they could start producing coins and notes in volume in the time it took to convert and set up the mint equipment. Sourcing watermarked paper etc could be a problem but certainly would be something that could be sourced overseas in secrecy.

SO I don't believe the original story here. IF the Euro collapses and the Punt has to be reintroduced it would be possible to be up and running with a new currency much faster than people think. It may not be perfect and there may be a few weeks of panic buying before the event and chaos afterwards but within a few weeks things would settle down. Sensible people will be keeping a little extra food stables and critical medication in their houses to last 3-4 weeks in a pinch and beyond that you will be surprised how quickly life will adapt to the new post-euro reality.

Hootanany

books4sale wrote: »

OP is starting rumors and BS, seen it all before.

....... always the same crusaders.

Don't believe the propaganga.

This thread will disappear like the others then we'll get another wave a 2-3 weeks later.

Like a bunch of smurfs...busy ...busy!

I am not starting rumors I only asked a question.

Crazy Horse 6

Would anyone be surprised.

johnnyskeleton

kceire wrote: »

johnnyskeleton wrote: »

Definately not true.

It's quite obvious really, the post office have nothing to do with the mint, which is the only body with the legal and physical ability to print currency.

Who said anything about Post Office being connected to the mint

johnnyskeleton wrote: »

A much more plausible explanation is that public sector employees get a kick out of spreading these rumours, or slightly more tinfoil hat, they are being asked to do so by the government to increase our bargaining position vis a vis the EU/IMF.

now youve really gone insane

Sorry, I misread your post. However, the wife of an an post worker is in no better position than anyone else to have the inside story. You haven't told us anything about where she works or anything of te sort.

It is far more likely that the ps workers are getting a kick out of sowing some doubt

wiseguy

After the guarantee would anyone put it past our government do pull a stunt like this? Especially if there is external pressure on them in the shape of a boot up the rear.

seamus

kceire wrote: »

Ive been told by an An Post Auditor that one of his co-workers wife had over time for 2 months solid printing Irish Punts.

Cant show a source or link, or proove it, dont know whether its true or not?

An acquaintance of yours claims that a co-worker's wife has been doing this? Very, very large pinch of salt.

What typically happens is that someone hears a rumour that they desperately want to be true, so they insert a tenuous link to themselves to make it sound slightly credible. I'd imagine this an post guy heard a rumour from his co-worker about the printing of the punt, but realising that it would sound like nothing when he said it to other people, he decided to embellish a little and say that it's the co-worker's wife who is involved.

To him, it's not that big a deal because he believes it to be true, so what harm in a little white lie?

There is no way in hell they could pull off a conspiracy to print the Irish punt again. The amount of money that the tabloids would pay a whistleblower would have people queuing up to prove that it's true.

OS119

seamus wrote: »

...There is no way in hell they could pull off a conspiracy to print the Irish punt again. The amount of money that the tabloids would pay a whistleblower would have people queuing up to prove that it's true.

while i agree with the technicality of what you're saying - that if the Irish Mint was printing Irish Punts as a 'Plan B' it would undoubtedly get out, and not just to some bloke down the pub - i would find it astonishing if, in some dark place within the MoF there isn't a folder marked 'Plan B'.

the Irish Mint isn't the only place in the world that can produce bank notes, and you wouldn't actually need to completely replace the paper currency overnight. lots of countries have changed currency, or utterly revalued it - it can be done, and done on an 'overnight' basis.

it would be untidy, there'd be lots of wailing and gnashing of teeth, there'd be panic buying, but things would settle down reasonably quickly.

jimmycrackcorm

I'm going to start printing punts on my colour laser printer seeing as it will have the same value as any punts the mint might be doing.

At least it will make me feel rich with a stuffed wallet.

have2flushtwice

A few weeks ago, (within two month time frame) Shane Ross stated on his back page slot in the sunday indo, that there were rumours curculating deep in the dept of finance that the punt was being printed.

(I have no date, link, or copy of the paper, but it was in the timeframe noted above)

touts

have2flushtwice wrote: »

A few weeks ago, (within two month time frame) Shane Ross stated on his back page slot in the sunday indo, that there were rumours curculating deep in the dept of finance that the punt was being printed.

(I have no date, link, or copy of the paper, but it was in the timeframe noted above)

Well the department of finance is so jam packed with economic experts any rumour circulating in that building must be true. "Mick in photocopying says Anglo shares are a sure fire investment" "Paddy in stores says houses in Monaghan are great value" "Brian on the top floor says the fundamentals of the economy are sound" What's his face in the basement says he thinks they they are printing the punt again"

murphaph

OS119 wrote: »

i would find it astonishing if, in some dark place within the MoF there isn't a folder marked 'Plan B'.

I wouldn't. I think you are giving the DoF far more credit than they deserve.

touts

murphaph wrote: »

I wouldn't. I think you are giving the DoF far more credit than they deserve.

Plan A: Ask the Germans if they can fix it for us.

Plan B: Phone Liz in Buckingham Palace and ask if she will take us back.

Plan C: Implement the Monroe Doctrine and become the 51st state

Plan Nuclear option - Hire some economists and fix it ourselves.

seamus

have2flushtwice wrote: »

A few weeks ago, (within two month time frame) Shane Ross stated on his back page slot in the sunday indo, that there were rumours curculating deep in the dept of finance that the punt was being printed.

Not quite, but close.

Even as the IMF was giving us a clean bill of health, dark rumours were circulating in financial circles that the Central Bank was secretly printing its own Irish pound notes.

http://www.independent.ie/opinion/columnists/shane-ross/shane-ross-false-confidence-will-be-fatal-2823645.html
I wouldn't read too much into it.

iPlop

I know somebody that works in the currency centre in sandyford and I can tell you that they're NOT printing punts, they mint euro coins and small denomination notes, the big notes are imported.

Unless the person I know is in on a big conspiracy, I doubt it though, he's no good with secrets.

have2flushtwice

seamus wrote: »

Not quite, but close.
http://www.independent.ie/opinion/columnists/shane-ross/shane-ross-false-confidence-will-be-fatal-2823645.html
I wouldn't read too much into it.

thank you for the source.


Shane always has the same flow in his column, a joke or saying to start with, review of last week, his different opinion on whats going to happen in the next seven days, then the joke is slipped in at the end again. hard to know id he is trying to seed ideas for the dail for the forthcoming week!
off topic.

Gumbo

johnnyskeleton wrote: »

You haven't told us anything about where she works or anything of te sort.

you must of mis-read it again, or gone blind
i said in my original post that she works in the Mint.

seamus wrote: »

An acquaintance of yours claims that a co-worker's wife has been doing this? Very, very large pinch of salt.

What typically happens is that someone hears a rumour that they desperately want to be true, so they insert a tenuous link to themselves to make it sound slightly credible. I'd imagine this an post guy heard a rumour from his co-worker about the printing of the punt, but realising that it would sound like nothing when he said it to other people, he decided to embellish a little and say that it's the co-worker's wife who is involved.

To him, it's not that big a deal because he believes it to be true, so what harm in a little white lie?

There is no way in hell they could pull off a conspiracy to print the Irish punt again. The amount of money that the tabloids would pay a whistleblower would have people queuing up to prove that it's true.

thats some mad assumptions......
Its nothing to me as it makes no difference, i would not be educated enough on financial matters to understand what this would even mean.

i simply posting that i heard this rumour too.

Scofflaw

Contains absolutely no facts - not even the original claim that the claim was by McWilliams. Not even worth moving to the CT forum.

moderately,
Scofflaw