George W Bush economic adviser Dr Pippa Malmgren, speaking in Dublin yesterday, said Ireland faces 20 years of “no growth,” because of the European Central Bank She was speaking at a Davy Stockbroker conference in Dublin, saying Ireland should leave the euro and devalue the punt. Of course Irish politicians on the Euro gravy train will disagree.
She said Ireland could deal with its debts, without inflating them away: “But you have to accept 20 years of no growth. That’s the only other option. It’s what European policymakers expect Ireland to do. The question is, do the Irish people have the tolerance to take that much pain?”
She said, “Germany doesn’t want inflation. Everybody else needs it, that’s the heart of the problem,” warning inflation cannot be controlled once it spirals. She said thar Cyrpus, will exit the euro zone: “If a country can leave and devalue, it raises the question for Ireland - what is the cost of staying in?”
Iceland's economy which had very similar problems with Ireland is doing very well with. Inflation at 3%, unemployment 5%, and a balanced government budget. Their currency is stable and the ireconomy grew 1.6% last year. Their government dealt very firmly with foreign creditors and did not bail out its banks. Icelandic creditors and their welfare system have been protected. Hwoever their government was voted out.
Their voters voted for the same centre-right parties responsible for the pre-crisis boom. These parties, heavily subsidized by the international bankers, who were told to go to hell with their debt, voted as a result of mainstream corporate media disinformation, for the parties who wanted to pay the foreign debtors.Nevertheless the parties of the current government programme:
Implements pro-growth policies.
Firmly oppose EU membership.
Take a firm line against foreign creditors.
With the betrayal of the Irish people of no property, once again by Labour ministers and Union Leadership on the Euro career, gravy train, we can expect the re-election of a Fianna Fail Sinn Fein American form of 'Republicanism' or tea Party if the banks have their usual way. "Give me control of a nation's money and I care not who makes it's laws" Mayer Amschel Bauer Rothschild