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irish central bank reprinting punt notes in case of euro collapse

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    #32
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    jargon buster wrote: »
    Why print punts , why not use shirt buttons or shells off the beach?

    An ingenious sidestep. By the way, some cultures do use such mediums of exchange.


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    #33
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    Some cultures do use alternatives as a medium of exchange however they may have issus trading with other countries, do you envisage Ireland being its own little entity?

    Without the currency being backed by other countries belief in its value then that exactly what they will end up as.

    In fact I have printed off some of my own currency, do you want some in exchange for your house, I will give you a good deal.


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    #34
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    jargon buster wrote: »
    Some cultures do use alternatives as a medium of exchange however they may have issus trading with other countries, do you envisage Ireland being its own little entity?

    Without the currency being backed by other countries belief in its value then that exactly what they will end up as.

    In fact I have printed off some of my own currency, do you want some in exchange for your house, I will give you a good deal.

    Having fun with that strawman?

    You still haven't addressed a single question I put to you. I wouldn't dare assume that you don't have a clue about economics, so I presume you are cooking up something good.

    Any time now.


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    #35
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    Why do you assume a floating punt?
    Because Ireland currently has one in the Euro, so the assumtion is a replacement would do the same.
    Care to enlighten me as to the alternative?
    How is the value of a floating currency calculated, in your world?
    Supply and demand.


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    #36
    riposte
    Registered Users Posts: 17 ✭riposte


    I don't know whether they are printing punts or not ........ but the euro is doomed. The Irish Government has made every other Conceivable mistake so ........ not having a plan B would be par for the course.


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    #37
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    jargon buster wrote: »
    Why do you assume a floating punt?
    Because Ireland currently has one in the Euro, so the assumtion is a replacement would do the same.
    Care to enlighten me as to the alternative?
    How is the value of a floating currency calculated, in your world?
    Supply and demand.

    1) A fixed exchange rate mechanism, like the punt was for the vast majority of its existence. Christ, even a lazy Google would have told you that. Oh, and let's not forget that the Irish Pound is still pegged to the Euro, where €1 = £0.787564.

    2) Hell of an answer. It's as if I asked you to describe how a satelitte enters the atmosphere and crashes to Earth, and you respond with 'gravity'.

    Look, I don't need you to explain it to me, because I know that you don't know, and because I spend 1/6 of my life so far learning why currencies change, and now it is pretty much what I do as a job now. I just wanted everyone else here to see that you were talking drivel, and I have acheived that.

    Thanks.


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    #38
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    If you just wanted to measure dicks then you should have just said so.
    Supply and demand is how all currencies work isnt it?
    If people lose faith in a currency then how much is it worth?
    My point remains, it matters not if you wish to use punts or Euros, if the markets/people accept it as value then you are OK if not then you are screwed.

    As long as you got your little ego boost then thats fine.
    I would need an ego boost if I spent a 6th of my life wasting time number crunching. ;)


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    #39
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    so guys will we have Irish Punts in our wallets in the forseeable future?

    Definitely.


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    #40
    fontanalis
    Closed Accounts Posts: 3,619 ✭✭✭fontanalis


    Duke Leonal Felmet wrote: »
    A mate of mine told me that the central bank are not printing Irish Punt notes and coins.

    I reckon there is something to this.

    Are you Ali G, and is your mate called Dave?


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    #41
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    DLF wrote with regards the punt being in wallets in the foreseeable future
    Definitely.

    To coin a phrase:
    Any evidence, other than hearsay?


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    #42
    rmacm
    Closed Accounts Posts: 2,039 ✭✭✭rmacm


    jargon buster wrote: »
    To coin a phrase:
    Any evidence, other than hearsay?

    There isn't because people who throw around these rumours either believe almost everything they read or hear on conspiracy theory websites without any thought or they have a vested interest in seeing the Euro collapse.


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    #43
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    jargon buster wrote: »
    DLF wrote with regards the punt being in wallets in the foreseeable future
    Definitely.

    To coin a phrase:
    Any evidence, other than hearsay?

    Can you not tell I'm taking the mick? You seem to take everything really literal. Worryingly so.


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    #44
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    fontanalis wrote: »
    Duke Leonal Felmet wrote: »
    A mate of mine told me that the central bank are not printing Irish Punt notes and coins.

    I reckon there is something to this.

    Are you Ali G, and is your mate called Dave?

    No. No, I am not.


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    #45
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    Can you not tell I'm taking the mick? You seem to take everything really literal. Worryingly so.

    Well seeing as you have added nothing to this thread in the way of anything constructive apart from trying to pretend you knew something about economics I would consider your presence here nothing more than trolling.

    great to see you being honest about it though :rolleyes:


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    #46
    Duke Leonal Felmet
    Closed Accounts Posts: 1,520 ✭✭✭Duke Leonal Felmet


    jargon buster wrote: »
    Can you not tell I'm taking the mick? You seem to take everything really literal. Worryingly so.

    Well seeing as you have added nothing to this thread in the way of anything constructive apart from trying to pretend you knew something about economics I would consider your presence here nothing more than trolling.

    great to see you being honest about it though :rolleyes:

    No back-seat modding, my boy.

    Like I said, I already demonsrated your complete lack of knowledge in something that you feebly attempted to have some authority in. I'm content with that.

    If anyone is ready to produce some evidence other than opinion or hearsay on this printing of punts story, I'd say we can safely consider it to be horse****. My work here is done. Toodle-oo!

    :-)


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    #47
    jargon buster
    Registered Users Posts: 267 ✭✭jargon buster


    Like I said, I already demonsrated your complete lack of knowledge in something that you feebly attempted to have some authority in. I'm content with that.

    ..by doing a google search?
    Trying to prove someone has a lack of knowledge in something is not exactly proving you are well versed in the subject matter is it?
    You have as yet provided nothing at all constructive to this thread apart from trying to pick holes in other people.
    You still havent disproved my "supply and demand" comment although you po pooed it.

    I sense you are simply a "google search" expert although if you produced something worthwhile to discuss you could prove me wrong.


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    #48
    OwlsZat
    Registered Users Posts: 1,510 ✭✭✭OwlsZat


    I also heard that notes were indeed being printed.

    However this decision to comission the required presses to be made would have been a big money decision. I really doubt we could spare the wonga with the IMF practically running the show.


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    #49
    meditraitor
    Closed Accounts Posts: 5,207 ✭✭✭meditraitor


    A very reliable friend of mine says we are going to join the UK, a printing press in Norn Irn is working on pounds with Martin McGuinesses head on one side and the queen on the other.


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    #50
    OwlsZat
    Registered Users Posts: 1,510 ✭✭✭OwlsZat


    Than god your friend is reliable, I would have been sceptical otherwise!


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    #51
    kerry365
    Registered Users Posts: 10 ✭kerry365


    We want to be careful here. Up to now we have always been in the dark so nothing new about these 'punts' and who can blame us for speculating. What may happen is that Europe devalue the Irish Euro - call it the new worthless Euro (or the Punt) and just come along and say (for example to make calculation easy) your Irish Euro is now worth half its value and you have to live with it. .. the other 50% will go towards our huge debt we owe Europe. Same treatment for Greece....Like something you could only dream up.....


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    #52
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    kerry365 wrote: »
    . .. the other 50% will go towards our huge debt we owe Europe. Same treatment for Greece....Like something you could only dream up.....
    What other 50%? I don't see how it will make it easier to pay our debts if our currency is worth half what it was - our debts will effectively be doubled.


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    #53
    Di0genes
    Banned (with Prison Access) Posts: 2,005 ✭✭✭Di0genes


    kerry365 wrote: »
    We want to be careful here. Up to now we have always been in the dark so nothing new about these 'punts' and who can blame us for speculating. What may happen is that Europe devalue the Irish Euro - call it the new worthless Euro (or the Punt) and just come along and say (for example to make calculation easy) your Irish Euro is now worth half its value and you have to live with it. .. the other 50% will go towards our huge debt we owe Europe. Same treatment for Greece....Like something you could only dream up.....

    Particularly if you have only a modicum of economic knowledge. The government could well say the currency has X value, however what matters is what the currency is linked to, and what people will pay for the currency.


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    #54
    liptonvillag
    Registered Users Posts: 81 ✭✭liptonvillag


    meglome wrote: »
    My take on it...

    People with an agenda are pushing the idea internationally, that the Euro is on the way out.
    There would need to be quite a number of people in on it and we're not known for keeping secrets - but there's not one smidgen of evidence.
    Even if the Euro was fukked there would be no need to print new currency in advance. (And we're far from the collapse of the Euro)

    We're far from the collaspse of the Euro ? Are you following events at all ? There's an old saying that goes like this " money talks and bull**** walks " . What I mean exactly by that is simple. Money is doing the walking and the talking. Siemens withdrew 6 billion from a French bank, societe generale a few weeks ago. The Swiss Franc was devalued by 15% for the simple reason that massive amounts of foreign money was buying up their currency and the franc was getting over valued hence their export market was been hit badly. Money has been flowing into the swiss france for the last 18 months. The Norwegian Krone was devalued for similar reasons. Deposits are leaving Spanish, Italian, French, Portugesse, greek and Irish banks. Hedge funds, coporations and financial houses have been buying into gold for the last 3 years. Yesterday is Ireland there was a gathering of Coporate (CEO's) of all the major foreign companies in Ireland to discuss the financial crisis and contingency plans for a euro collapse. It's happening as we speak. I have no doubth that options for an orderly breakup of the euro is been discussed at the highest levels of the EU. We will be the last to know and all depsosits will be locked into respective countries before you know what happened. What do you think is happening exactly ? does it not strike you as been a caseof the rats fleeing a sinking ship ? If it's not collapsing then it's getting pretty damn near don't you think ?


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    #55
    chooochooo
    Registered Users Posts: 63 ✭✭chooochooo


    liptonvillag wrote: »
    We're far from the collaspse of the Euro ? Are you following events at all ? There's an old saying that goes like this " money talks and bull**** walks " . What I mean exactly by that is simple. Money is doing the walking and the talking. Siemens withdrew 6 billion from a French bank, societe generale a few weeks ago. The Swiss Franc was devalued by 15% for the simple reason that massive amounts of foreign money was buying up their currency and the franc was getting over valued hence their export market was been hit badly. Money has been flowing into the swiss france for the last 18 months. The Norwegian Krone was devalued for similar reasons. Deposits are leaving Spanish, Italian, French, Portugesse, greek and Irish banks. Hedge funds, coporations and financial houses have been buying into gold for the last 3 years. Yesterday is Ireland there was a gathering of Coporate (CEO's) of all the major foreign companies in Ireland to discuss the financial crisis and contingency plans for a euro collapse. It's happening as we speak. I have no doubth that options for an orderly breakup of the euro is been discussed at the highest levels of the EU. We will be the last to know and all depsosits will be locked into respective countries before you know what happened. What do you think is happening exactly ? does it not strike you as been a caseof the rats fleeing a sinking ship ? If it's not collapsing then it's getting pretty damn near don't you think ?
    There's more chance of Elvis Presley crashing a UFO into the Loch Ness Monster than there is of the Euro collapsing


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    #56
    Brown Bomber
    Site Banned Posts: 8,331 ✭✭✭Brown Bomber


    chooochooo wrote: »
    There's more chance of Elvis Presley crashing a UFO into the Loch Ness Monster than there is of the Euro collapsing

    elvis-presleys-ufo-crashes-into-nessie.jpg




    Apparently it's close to 50/50 by 2012

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



    44.0%
    CHANCE

    Last prediction was: $4.40 / share
    Today's Change: sell-arrow.png-$0.04 (-0.9%)


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    #57
    Jeboa Safari
    Closed Accounts Posts: 1,202 ✭✭✭Jeboa Safari


    Details of the new Irish currency have been leaked
    http://www.independent.ie/national-news/new-irish-currency-2952523.html


    punt1_990283t.jpg
    punt20_990286t.jpg
    punt100_990288t.jpg

    Seriously though, Sarkozy and Merkel are doing their best to make the crisis as drawn-out and convoluted as possible, although I think the euro will survive, they're risking the entire eurozone.


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    #58
    PureClaas
    Closed Accounts Posts: 149 ✭✭PureClaas


    I myself cant see the powers that be let the Euro go and dont believe it will go but the on the other hand it is on a very finely balanced scale at the moment ever closer to the tipping point.

    Also, i cannot verify this cause my Uncle does talk crap but he wreckons a friend of his actually seen the new punts with his own two eyes. True or not i cant say but people cant denie that it is all extremly possible.

    Personally i think the single currency is more bad than good. Fair enough its seriously handy for trading but we managed just great before but in hard times like we have now we dont have the power to devalue our currency. Sure look at them so called great people in Europe. From day one they have tried to take away our last and final bargaining chip which is our Corporate tax rate. This is there end goal for Ireland.

    Sarkozy was only at it again this week if im not mistaken


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    #59
    PureClaas
    Closed Accounts Posts: 149 ✭✭PureClaas


    Hey Jeb,

    I have to laugh at them faces on the notes. Especially Bouchers pmlol


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    #60
    bosco79
    Closed Accounts Posts: 1 ✭bosco79


    And the rumours continue - guy in Defence Forces told me that their current job is to guard the billions of punts that are currently being printed. At least they've found a use for them other than putting out the sandbags. My questions is, what will we do when it floods?


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    #61
    CiaranMT
    Registered Users Posts: 4,092 ✭✭✭CiaranMT


    bosco79 wrote: »
    And the rumours continue - guy in Defence Forces told me that their current job is to guard the billions of punts that are currently being printed. At least they've found a use for them other than putting out the sandbags. My questions is, what will we do when it floods?

    Duuuuh.

    Take the billions of punts.


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