May 18, 2012

Irish Referendum Preview

Posted in Punk Economics · 15 comments ·

Punk Economics is a new way looking at the economy based on the central idea that what is important is not complicated and what is complicated is never important.

Lesson 4: Irish Referendum Preview. Hope you like it. — David

  1. robbied63


    Brilliant, but does that mean you’re advocating a “NO” vote or a conditional “Yes” Vote on the 31st?

    What possibly happens to our childrens allowance rates (that educate our kids) and our Social Welfare payments that currently barely keep us going? Will they be pared back more if we vote YES or NO ?

    • Jimmy R

      If we were to vote no, and tell Germany that we’re not accepting this austerity (at least in it’s current form) it would be financially beneficial for us and for Germany, for Germany to put it’s hand in its pocket and give us a dig out. The Germans can’t afford to let us sink. If we do, and the euro breaks up, the germans end up with a currency with a value based solely on the strength of the german economy. As a result, it would severely affect their exports, balance of trade, unemployment levels, government debt etc.

      Germany benefits most from the status quo, we need to find out what it’s worth to them.

    • I would like someone to answer that question too.

  2. Excellent production as usual.

    Say No and keep them guessing.

  3. Puschkin the Black and White Cat

    Yes , I agree Genius !!
    The SEF have canvasses for NO for a week now, we believe.
    1. This treaty is not a normal EU treaty and has no direct connection with the EU. The Fiscal Compact is primarily concerned with Franco-German banking issues.
    2. The International Labour Organisation (ILO) has said fiscal austerity will place more people on the dole. Ultimately this will lead to more tax and less money in your pocket.
    3. Permanent austerity means more hardship for you. The people responsible for and profiting from this mess will escape justice.
    4. The Maastricht Treaty criteria already contain the fiscal imperatives (60% debt to GDP ratio and max 3% deficit), so there is no reason for this treaty.
    5. Ireland has already lost a lot of its sovereignty. Be the generation that has the courage to say No. For the sake of you children vote No.
    6. The IMF has confirmed they will lend to us at a much reduced interest rate irrespective of treaty ratification. In any event if Germany/Europe don’t lend to us how can their Banks/Bond Holders get their money back?
    Please Vote No

    • Puschkin the Black and White Cat

      Please Comment, we have canvassed the town of Skerries for 1 week now, we have just 2 teams of two people. We are NOT funded. We have NO contact with any political party. We need help. Please help us. We are local people from Skerries and we need support. We see how this will go (into the future) so help us, if you are from Skerries and you want to help contact us and make a difference.

      • The six points you listed would look persuasive printed under a good slogan. Just the facts … providing they are facts of course

        People have no appetite for reading long documents. A flier with a slogan and the six points printed and posted on the streets. A good logo and eye catching colours. 1930s political pamphlets from Eastern Europe had great designs and the power to penetrate even the thickest of skulls

        Convince a printer to vote no then ask them to sponsor you by printing hundreds of leaflets and putting them up all over Skerries. Keep a blog with a view of creating further campaigns in the future so that you don’t become dated after May 31. Keep it local and get as much support around Skerries as possible. Create a Facebook page and get networking locally

        Your blog could have regular articles and polls to measure your efforts and you could use YouTube videos with your own text to educate people about Irish and European affairs. If you hold meetings you could video them and post these too

        All the best with it and keep us updated. Then again you do don’t have a blog. Or do you?

  4. Bigman1

    Hello David. Why don’t you go on Vincent Brown or the Frontline and air your views on whats going on to the general public. Not enough people will get to hear your arguments through social media.TV is still king.

  5. [...] David McWilliams » Punk Economics — Lesson 4 [...]

  6. Very entertaining and factual take on things as usual. I still don’t think we can solve anything until we have a better understanding of banking though.

    I hope everyone’s aware that cash forms only 3% of the European money supply and that banks create the 97% through loans? This is why every euro has it’s corresponding debt and for me it’s obviously the root cause of the debt crisis.

    Every Euro carries a debt. At the moment Germany has a lot of euros but, relatively, not much debt.

    If Germany paid more Euros to the periphery then Germany would have less Euros and a relatively higher debt itself. And still, every Euro would have its corresponding debt and the Eurozone debt crisis is not resolved.

    There are many disadvantages to allowing banks to create the national money supply, not least that they can only create every Euro with a matching debt.

    One solution to the crisis would be to allow Central Banks to create digital Euros for their Governments as well as cash.

    If we were fully against the idea of private companies creating the national money supply we could further control banks such that they could only lend existing money which was invested with them.

  7. [...] See Punk Economics 4 on You Tube for an alternative view of the fiscal treaty. tweetmeme_url = ''; Categories: Articles | Sunday Business Post Next Article: Fiscal treaty is Kamikaze economics for most of EU Upload a Gravatar to include a profile picture with your comment. Add your comment below. Click here to cancel reply. You must log in to post a comment. April 3, 2012 Re Eircom Examinership this week, thoughts from 2000 on similarity between Railway Mania and Eircom May 28, 2012 The Game is Only Beginning May 18, 2012 Punk Economics – Lesson 4 February 10, 2012 Audio: The Champagne is Flowing Again January 4, 2012 David McWilliams Interview with Alistair Darling Speaking News Interviews Podcasts Publications – The Pope's Children – The Generation Game – Follow the Money – Addicted to Money Articles – Banks – Celtic Tiger – Debt – Euro – International Economy – Ireland – Irish Economy – Irish Independent – Markets – People – Politics – Property – Sunday Business Post Home About Contact Register Subscribe Log In Edit your Profile Manage Subscriptions @BirdCourter thanksFollow David on Twitter © David McWilliams 2011 Web Design by Susan Gallagher Design [...]

  8. I like it!


    Your mileage may differ, in my opinion, and I am sure you read it already, China etc., I am emphasizing since two months that the biggest Lie presented now, which was started by Draghi, is the Growth lie.

    So where is growth coming from? Punk Economics part 5?

    There is not growth like in the 30s where the Industry was booming, and chances are there will be none in this small time available, this is the biggest differentiator to the 30s of all.


  9. Dorothy Jones

    I like Punk Economics…it’s brilliant!

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