WILLS COMMENTS :
What Ireland needs for the health of the free market economy and the de-rigging of it and the freeing up of wealth generation and democratic allocation of resources and prosperity is the following plan of action :
By Anon ~
The Euro is a bankers currency. We need a people’s currency, issued by the government with a transparent, restricted, total amount. Since all the existing currency ATMs are set to work only with euros, we need an interim solution. The only possibilities are the dollar and sterling where alternative ATM mechanisms already exist.
Could we use sterling paper currency as interim notes (overprinted with a harp and pattern perforated), until we can establish an exchange rate and print our own New Punts?
Then turn all the nationalized banks into savings banks as in North Dakota and old Sweden, and outlaw the practice of gearing reserves.
More comments on this below :
By Anon I ~
We would need a floating exchange rate and retain the practice of gearing reserves, if this is what you mean, for the banks at 8%.
But this reserve nb should be in gold and/or silver and managed by the NTMA. Strict protocols for the bank would need to be driven by the NTMA or similar organisation to outlaw dodgy practices and reckless risk. Derivatives, CDO’s and paper money transactions would need to be curtailed if not outlawed.
AIB, Anglo, INBS senior debt would need to be burned as part of the resetting of our bankrupt economy as we face default.
Currency switch debate should include a debt free President Lincoln style ‘Greenback’ interim solution per OZ link above, to free from the fiat money or gold backed/or deregulated paper, that is the private bank money supply choking our economy at the moment.
The practice of gearing reserves is really of benefit to private banking, rather than the consumer, its created all sort of hazard, inflation, deflation and speculative risk, product of private bank cancer.
Returning to a private bank system based on a floating currency pegged by gold would be an improvement on Trick’s throttling of our economy.
But a savings bank system, greenback based, backed by government in favour of citizen’s and controlling the money supply, is an ideal, and more just system, that could wrestle power away from the Rotchchild boa constrictors/bondholders.
“You shall not crucify mankind up on a cross of gold” William Jennings Bryan
Democratic National Convention, July 9, 1896
Is this achievable for a small island such as Ireland?
Now one can ask why is what works for the benefit of everyone not in place and one could do worse than read this:
‘To trace these “higher policies” one has to penetrate the financial control of multinational corporations, because those who control the flow of finance ultimately control the day-to-day policies.
Carroll Quigley has shown that the apex of this international financial control system before World War II was the Bank for International Settlements, with representatives from the international banking firms of Europe and the United States, in an arrangement that continued throughout World War II.’
But yet the econ system in place goes on and it does this to the average worker ;
‘The citizens, the ‘ordinary’ person who has to perform extraordinary acts of financial balance, have nowhere to hide, they take the hit at source, without a say, their families suffer, their children have less, education is curtailed, the blind live on less, the carers search for more ways of making their few euro go further, the pensioner looks on wondering what kind of Republic is left, the youth flee, the rest struggle while the rich get bonuses and all the advantages that come from having money, status, connections, the right (wrong from a societal point of view) schools go on producing the reckless elite with their sense of entitlement like the choir boys from the Lord of the Flies, their fruits, a wasteland of financial and economic destruction from which they do not suffer, others do, for they have destoryed a land which struggled for centuries to be born, a land which caught a ninety year breath of freedom only to see it snatched away, its hands once again clapped in irons by foreigners and sentenced to penal servitude, a debt slave in the market place, examined by bondholders and money men while the political elite are paid off, put out to pasture but still refuse to go quietly with their talk of tough deicisons, pain…….but pain for whom? The man with the 200k in the pocket or the man and woman out of pocket by 200, 300, 400 per month.’