Why is everyone saying they are printing new punts??

youtube!

It was on 98FM there earlier that woman presenter said she had heard from lots of different people and one that actually works in the Mint that they are working night and day to print new Irish notes because they have been ordered to do so by the government.

IS IT TRUE?

WHY ARE WE NOT BEING TOLD BY OUR LEADERS IF THIS IS THE CASE??

WHAT HAPPENS TO OUR EUROS IF NEW MONEY IS IMMINENT???

I hope its all a lot of rubbish but I just want to know if anyone has better info on all this,its a bit scary TBH!:eek:

hmmm

It's rubbish.

youtube!

I really hope you are correct, but the way she was goin on about it tonight and i quote,

"it looks like the euro is going to collapse very soon,and if it does collapse it will more than likely be in a couple of days" she repeated this several times and then alluded to the "punt printing",

edit, her name is joan lea.

mikom

youtube! wrote: »

edit, her name is joan lea.

Loved her in Streetfighter 2.

Slydice

youtube! wrote: »

IS IT TRUE?

Hard to tell but very unlikely I'd say. Cos we're in the EU, it'd be damned hard for a secret like that to be kept.

youtube! wrote: »

WHY ARE WE NOT BEING TOLD BY OUR LEADERS IF THIS IS THE CASE??

Well, they need your money to stay in the country. It'd be pretty stupid of them to tell us if they were gonna do something like that. If it happened, they'd probably include some way of controlling the movement of money into and out of the country.

youtube! wrote: »

WHAT HAPPENS TO OUR EUROS IF NEW MONEY IS IMMINENT???

Mcwilliams had a pretty related blog post recently on that: http://www.davidmcwilliams.ie/2011/11/30/small-savers-will-pay-price-if-euro-goes-into-meltdown
Might be informative for ya.

From what I gather, the scenario that usually happens is that all peoples money in their bank accounts in the country change to the new currency of that country, so euros would become punts. Then the punts would probably devalue.

Fancy things from outside the country and trips abroad would become more expensive.

We'd probably default on bondholders and foreign debt by devaluing the new currency so we'd get bitched at by the foreigners (mainly europeans).

Life would go on much as it ever did. The quality of life would probably change for the population but we wouldn't have a famine or anything drastic like that. Children would be born, old people would die, people would grow up, fall in/out/over in love etc.

Biggest hit would probably be pride. That feeling in your throat when you really didn't want to lose something cos.... well just cos... you know... cos you had it. We might lose the idea (for a small time) that we're very rich because we own houses but maybe it'd be compensated for in other ways.

Either way, I just hope we don't punish ourselves in the process of trying to keep/regain our pride.

hmmm

youtube! wrote: »

I really hope you are correct, but the way she was goin on about it tonight and i quote,

"it looks like the euro is going to collapse very soon,and if it does collapse it will more than likely be in a couple of days" she repeated this several times and then alluded to the "punt printing",

Well my goodness, if that noted economic commentator Joan Lea is saying this, we're all doomed.

I don't mean to sound condescending, but wouldn't you be sleep easier if you didn't take economic advice from radio presenters? The world's most educated central bankers with PHDs & Nobels in Economics are trying to figure out this problem, I don't think Joan Lea and Joe Duffy are exactly at the cutting edge of global finance.

patwicklow

Well the sooner the better it goes, always was mickey mouse money were every thing trebled when it first came in, good riddance to it i say gold is the way to go.

Plazaman

Despite what the papers say, everything rests with the Germans who according to most economists will, albeit at the last moment, strike a deal. The Euro breaking will be too costly and not just to Europeans.

Strangely enough every Country has a supply of their old currency and do a print run each year just in case it all goes tits up. In the worst case scenario, no use having the Euro become worthless on a Thursday and the Irish Mint say, hold on, it'll take 3 weeks to supply money to the Country. Rumour has it, the design is the same as the old punt. Damn.

PseudoFamous

Plazaman wrote: »

Rumour has it, the design is the same as the old punt. Damn.

Well, there would have been uproar if they were spending money on redesigning a defunct currency.

Cavehill Red

Plazaman wrote: »

Strangely enough every Country has a supply of their old currency and do a print run each year just in case it all goes tits up. In the worst case scenario, no use having the Euro become worthless on a Thursday and the Irish Mint say, hold on, it'll take 3 weeks to supply money to the Country. Rumour has it, the design is the same as the old punt. Damn.

Is there any evidence at all for this that you can provide beyond anecdote?

Captain Chaos

Plazaman wrote: »

Strangely enough every Country has a supply of their old currency and do a print run each year just in case it all goes tits up. In the worst case scenario, no use having the Euro become worthless on a Thursday and the Irish Mint say, hold on, it'll take 3 weeks to supply money to the Country. Rumour has it, the design is the same as the old punt. Damn.

This is Ireland, when are we ever prepared for anything ever? We can't even organize even the simplest of things. Electronic voting machines, intergrated ticketing for Dublin etc.

We probably need to hold a meeting about a new currency, a meeting about that meeting. A review of those meetings, a Dail debate about it. Then maybe start printing.

uncle_sam_ie

hmmm wrote: »

The world's most educated central bankers with PHDs & Nobels in Economics are trying to figure out this problem,

Great, the same mob that got us into this mess will save us.

patwicklow

http://www.goldbank.ie/ ITS STILL RISING

amacachi

Plazaman wrote: »

Despite what the papers say, everything rests with the Germans who according to most economists will, albeit at the last moment, strike a deal. The Euro breaking will be too costly and not just to Europeans.

Strangely enough every Country has a supply of their old currency and do a print run each year just in case it all goes tits up. In the worst case scenario, no use having the Euro become worthless on a Thursday and the Irish Mint say, hold on, it'll take 3 weeks to supply money to the Country. Rumour has it, the design is the same as the old punt. Damn.

The whole thing has just been a ridiculous charade by everyone. The Germans stand to lose more from a break-up of the Euro than by propping it up whether they care to admit it or not. The outcome was decided and known years ago but not shared with everyone. It's just down to execution now.

Plazaman

Cavehill Red wrote: »

Is there any evidence at all for this that you can provide beyond anecdote?

Not one bit unfortunately but the fact the Government denies it makes me suspicious. (>>> Conspiracy Theories Thread). Still it would make sense though, to resupply a country with a new/old currency would take time.

Having said from listening to economists in the last week or so, the priority seem to be to ensure the Euro does not go under.

meglome

patwicklow wrote: »

Well the sooner the better it goes, always was mickey mouse money were every thing trebled when it first came in, good riddance to it i say gold is the way to go.

Firstly things didn't treble when it came in. When they did go up it was caused by our own greed and that our government and their business friends were happy so see it happen. So going from that previous experience it would appear that businesses will use the devaluation of a new Irish currency to put up prices and we'll get screwed again. Won't that be great.

meglome

Plazaman wrote: »

Not one bit unfortunately but the fact the Government denies it makes me suspicious. (>>> Conspiracy Theories Thread). Still it would make sense though, to resupply a country with a new/old currency would take time.

Having said from listening to economists in the last week or so, the priority seem to be to ensure the Euro does not go under.

It wouldn't make sense at all. Confidence on the markets is at a low and any sign that other currencies were being printed would cause a major **** storm. Could even finally cause the Euro to collapse. And one thing is for sure it is not in the interest of anyone in the EU for the Euro to go.

al28283

Plazaman wrote: »

the fact the Government denies it makes me suspicious.

That's some sound reasoning you have there

Solair

The central bank will just employ a load of "interns" and provide them with markers to cross off Euro and write Punt on existing notes, thus creating employment AND saving money.

Keep an eye out for any vast orders of Tipp-ex!

zenno

Captain Chaos wrote: »

We can't even organize even the simplest of things. Electronic voting machines, intergrated ticketing for Dublin etc.

electronic voting machines could not go ahead as they could easily be hacked, even a kid could hack into them.

Dannyboy83

Where, oh where do people get these notions?

The Irish government printing punts in advance of a potential collapse would mean the Irish government are semi-competent and semi-prepared.:pac:
That would be a contingency plan. That should be enough to confirm to you that it's farcical to think they're printing punts.

I remember trying to explain to a non-native about the reality of the Irish state sector.
She couldn't understand the fact that, for the 2nd year in a row, we didn't have enough salt for the roads at Xmas and the country had come to a standstill and people were (again) breaking their necks on footpaths and risking their lives to get home for Xmas.
To us, this was fairly typical.
We not only tolerated incompetence, we fully expected incompetence.
"If the Irish state saw a man drowning, they'd throw him both ends of a rope"

She simply couldn't compute that we would have this problem 2 years in a row.

ardmacha

She couldn't understand the fact that, for the 2nd year in a row, we didn't have enough salt for the roads at Xmas and the country had come to a standstill and people were (again) breaking their necks on footpaths and risking their lives to get home for Xmas.

I don't suppose the fact that November and December temperatures were below any known record had anything to do with it? There are many far far bigger planning failures than ordering your salt to accommodate weather patterns over the last 50 years.

jackiebaron

youtube! wrote: »

It was on 98FM there earlier that woman presenter said she had heard from lots of different people and one that actually works in the Mint that they are working night and day to print new Irish notes because they have been ordered to do so by the government.

IS IT TRUE?

WHY ARE WE NOT BEING TOLD BY OUR LEADERS IF THIS IS THE CASE??

WHAT HAPPENS TO OUR EUROS IF NEW MONEY IS IMMINENT???

I hope its all a lot of rubbish but I just want to know if anyone has better info on all this,its a bit scary TBH!:eek:

What happened to your goddamned punts when the Euro was imminent ??

jackiebaron

Captain Chaos wrote: »

This is Ireland, when are we ever prepared for anything ever? We can't even organize even the simplest of things. Electronic voting machines, intergrated ticketing for Dublin etc.

We probably need to hold a meeting about a new currency, a meeting about that meeting. A review of those meetings, a Dail debate about it. Then maybe start printing.

Oh bejaysus and begorrah, sure isn't no wun-thur da country's fecked? Sure we caaaan't even salt da roads when a few flakes o' shnow fall.

Sure we can't do anything at all! Naaatin'

:rolleyes:

http://www.boards.ie/vbulletin/showthread.php?t=2056405183