Before it’s news: “…only things that will save us – sheer bloodymindedness, new currency” – SIndo

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From the Irish Sunday Independent / Aengus FanningWe need leaders who will ignore the eurobabble and just say no:

I don’t believe that, even at that disastrous hour, as we perpetrated the biggest blunder in our economic history, we were doing anything other than the bidding of the Frankfurt-Brussels axis.

… because we are tied to the dogma of the euro, we have no way of regaining lost competitiveness except through a brutal deflation of our domestic economy.

Property has been allowed to collapse, jobs to be lost, businesses to be closed and consumer confidence to be demolished in pursuit of this Holy Grail of competitiveness…

What we need now is unapologetic heresy, the licence to print money, a bit of inflation, a bit of depreciation, and a little bit of room for manoeuvre to enable our exports to continue to grow, but without the terrible price of crucifying the domestic economy.

Instead, we are trussed up in a Teutonic straitjacket on the altar of monetarist dogma, and if you challenge this, the experts will tell you peremptorily that you know nothing.

Well, there’s a lot more wisdom in knowledge of people than all the economic dogma in the world…

Common sense tells us that the 17-nation eurozone cannot hold indefinitely. It is only a matter of time before there is a second-tier currency, let’s call it the ‘punto’, for Ireland, Greece, Portugal, Spain, Italy and a few others. Let us not delude ourselves — it would suit us fine.

It is my understanding that on the catastrophic night of the bank guarantee, most of the Cabinet were informed of the fait accompli by telephone at around 1am that morning.

One minister asked why was there such a rush — particularly as there was a Cabinet meting scheduled for later that same morning. He was told that it had to be done before the markets opened. Whose tune were they dancing to?

… Already, there are signs that our new leaders are being overwhelmed by the daunting mountain of debt and the intimidating arrogance of the Frankfurt-Brussels technocracy. One longs for a leader with the independence of thought and the sheer bloody-mindedness of a Donogh O’Malley.

When faced with a phalanx of technocrats, O’Malley would say: “I don’t understand this, and I don’t bloody well want to, but I know what I want done. Let’s do it.”

In my (no doubt ignorant) opinion, we should be threatening to kick the table over and leave the eurozone while remaining in the EU, joining Britain in an Atlantic alliance that will still have the clout to maintain access to the single market.

There’s no hope of that happening — we’re too inherently Anglophobic for that. It is 38 years since I listened to government officials in Brussels telling me that our future lay with the deutschmark, and that our curse was the link with sterling.

It is surely strange that, after all these years, the perfidious Brits are still our biggest trading partners.

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This entry was posted in Accountability, Bankers' Bailout, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Geopolitics, History, Housing Bubble, Ideology, Independence/Nationalism, ireland, Solutions and tagged , , . Bookmark the permalink.

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