Ireland printing its own Euros...!!!!

[DMac]

How did I miss this one???

The Greeks are going to go ape shit over this, IMO. Germans should be furious!

No bond issuance, no asset to back up the printing, just a fresh 51 billion Euro the Central Bank of Ireland decided to print up for its own bailout package.


Central Bank steps up its cash support to Irish banks financed by institution printing own money (http://www.independent.ie/business/irish/central-bank-steps-up-its-cash-support-to-irish-banks-financed-by-institution-printing-own-money-2497212.html)

ECB Allows Ireland To Counterfeit 51 Billion Euros (http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1)

End of Euro? ... Ireland Prints Own Notes (http://www.thedailybell.com/1690/End-of-Euro-Ireland-Prints-Own-Notes.html)

Fianna Fáiled: Ireland Prints 25% of its GDP in German Euro’s (http://jackhbarnes.com/2011/01/17/fianna-failed-ireland-prints-25-of-its-gdp-in-german-euros/)

snip

The Irish Central Bank has crossed the Rubicon in European Union currency terms. They have printed up about 25% of their GDP in electronic credits, and stuffed those credits into their banks. These deposits, if you will, do not have new debt issued behind them.

This is a form of hyperinflation if you will, at least in context that a Central Bank, with no actual printing press, or a functioning bond market, has now electronically printed up new currency units for their banks without issuing debt behind these actions.

Holy smokes! :o

[Ares]

LMAO HA HA HA HA That is awesome.

Way to go Ireland. LMAO

This is hilarious if it wasn't so damn serious.

[Spectrism]

I didn't read it that they were printing Euros. It says they are printing their own currency. Sounds about right to me. If they have to default on Euros, then they might as well have their own system upon leaving the Euro club.

[Silver Shield]

If it is true...

HOOOO FUCKING RAYYY!!!

Debt free fiat currency is kryptonite to the debt based money system.

Ireland should print enough to pay the debts off which will of course eliminate the debt money in the country.

They also should print just enough to facilitate the economy with their goods and services.

http://21stcenturycicero.wordpress.com/fraud/how-benjamin-franklin-made-new-england-prosperous/

[DMac]

I didn't read it that they were printing Euros. It says they are printing their own currency. Sounds about right to me. If they have to default on Euros, then they might as well have their own system upon leaving the Euro club.


From this link:

ECB Allows Ireland To Counterfeit 51 Billion Euros (http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1)

The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money.

They printed Euros.

[sirgonzo420]

I didn't read it that they were printing Euros. It says they are printing their own currency. Sounds about right to me. If they have to default on Euros, then they might as well have their own system upon leaving the Euro club.


From this link:

ECB Allows Ireland To Counterfeit 51 Billion Euros (http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1)

The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money.

They printed Euros.



I think they are digital credits denominated in euros, but yeah.

[Spectrism]

They can't print Euros. That would be an act of war. They can pay off Euro debt with their own monopoly money which "legally" allows them to nullify their debt. Many ways this can go.

[vacuum]

They can't print Euros. That would be an act of war. They can pay off Euro debt with their own monopoly money which "legally" allows them to nullify their debt. Many ways this can go.

Normally it would be an act of war, but I guess in this case if its a case between (quietly?) printing euros to prop up their system, or just abandoning the euro all together or defaulting (like Greenland?) then this is considered more acceptable.

edit: another thing to look at: who is getting the money Ireland, or multinational banks? If it was Ireland it would be an act of war, but I don't think the EU's banks mind getting free EU money.

[DMac]

They can't print Euros. That would be an act of war. They can pay off Euro debt with their own monopoly money which "legally" allows them to nullify their debt. Many ways this can go.


The ECB gave them the OK as apparently Ireland notified them of their intention prior to the act.

ECB wasn't overly concerned due to the 'small amount' 'printed'.

[DMac]

Found the Zerohedge report:

Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB (http://www.zerohedge.com/article/accelerating-deposit-flight-ireland-forces-irish-central-bank-print-money)

[RJB]

A fiat currency war... :o

I've never taken the time to think of what would happen if the different European countries raced to print their own Euros. Even if allowed, The other countries will want the same power or they may revolt if denied. Who wins, who loses? Does it crash the system, or have the banksters figured out a way to make another killing with this scheme?

I thought people were crazy when they said the Euro would crash before the dollar, but if the only competition between the Euro country/states is a race to print more money than the other........ :o

I'm always reluctant to call SHTF, but if this turns out not to be an isolated event but becomes a war... This could be the trigger.

[madfranks]

Makes me wonder what would happen if the Federal Reserve allowed California to start printing it's own Federal Reserve Notes to handle it's budget problems. The rest of the states would be pissed!

[Ash_Williams]

Electronic banking is based on the idea of nobody breaking the rules. Dollars just get moved around, or borrowed, not created. Should be interesting to see if anyone else decides to break the rules.

[mick silver]

i need to fire up my printer and payoff my land an home ...

[PatColo]

WHY IS IRELAND ONLY PRINTING ITS OWN MONEY NOW TO GIVE TO THE BANKS? (http://birdflu666.wordpress.com/2011/01/18/why-is-ireland-only-printing-its-own-money-now-to-give-to-the-banks/)
January 18, 2011

Michael Sheldrake who writes a column on economics, mainly on China’s, falsely says that the money the Irish central bank is currently printing out of thin air to support its bank sector is counterfeit money becaue it is not backed by government bonds or a loan.

http://www.businessinsider.com/ecb-allows-ireland-to-counterfeit-51-billion-euros-2011-1

He is absolutely wrong. It is not counterfeit money. It is money being printed the way Thomas Jefferson envisaged it being printed ie without creating debt or borrowing from the Federal Reserve paying interest. It is money acting as a medium of exchange for economic transations as it was originally intended to do before bankers hijacked the money creation process to turn printing money by governments into a loan from a private bank requiring interest payments. Read the rest of this entry »
(http://birdflu666.wordpress.com/2011/01/18/why-is-ireland-only-printing-its-own-money-now-to-give-to-the-banks/)

[Ash_Williams]

The interest-free money idea only works when the country is productive and not already in debt and running a deficit. Otherwise it's just massively inflationary.

[Antonio]

way to go!
PS.Irish ladies are gorgeous!

[Twisted Titan]

WHY IS IRELAND ONLY PRINTING ITS OWN MONEY NOW TO GIVE TO THE BANKS?


There it is......

[Neuro]

A fiat currency war... :o

I've never taken the time to think of what would happen if the different European countries raced to print their own Euros. Even if allowed, The other countries will want the same power or they may revolt if denied. Who wins, who loses? Does it crash the system, or have the banksters figured out a way to make another killing with this scheme?

I thought people were crazy when they said the Euro would crash before the dollar, but if the only competition between the Euro country/states is a race to print more money than the other........ :o

I'm always reluctant to call SHTF, but if this turns out not to be an isolated event but becomes a war... This could be the trigger.
A couple of more countries doing this and I can see Germany leaving the Euro which would equal a very rapid collapse of the euro... The Euro's value is to 90% (or so) dependent on the perceived stability of Germany. Take Germany out and confidence in Euro would drop like a DU shell...

[Apparition]

And should hyperinflation hit Ireland the people will either begin rioting or emigrating like never before.

[Horn]

How did I miss this one???

Billboard didn't...

http://gold-silver.us/forum/general-discussion/central-bank-of-ireland-is-financing-51bn-by-printing-its-own-money/msg169500/#msg169500

Whatabout Iceland?

[PatColo]

And should hyperinflation hit Ireland the people will either begin rioting or emigrating like never before.


Ireland's young flee abroad as economic meltdown looms (http://gold-silver.us/forum/general-discussion/ireland-goes-bust-irish-bank-run/msg139927/#msg139927)

Many young people are seeking to emigrate rather than face a life of hardship as the republic lurches towards financial collapse

[Spectrism]

And should hyperinflation hit Ireland the people will either begin rioting or emigrating like never before.


Ireland's young flee abroad as economic meltdown looms (http://gold-silver.us/forum/general-discussion/ireland-goes-bust-irish-bank-run/msg139927/#msg139927)

Many young people are seeking to emigrate rather than face a life of hardship as the republic lurches towards financial collapse


Educated, English-speaking, valuable trade skill..... nope, we don't want them here. We want Mexicans and Puerto Ricans and Central Americans who 'no habla'. Maybe we can get lucky and even get a ME terrorist.


It seems like only a short time ago that Ireland was booming as the best place for skilled workers and pharma companies were setting up shop there. What happened? Did gov't decide to start taxing the life out of them?

[Silver Rocket Bitches!]

This takes more balls than Caesar crossing the Rubicon!

[Horn]

Educated, English-speaking, valuable trade skill..... nope, we don't want them here. We want Mexicans and Puerto Ricans and Central Americans who 'no habla'. Maybe we can get lucky and even get a ME terrorist.

Down here in Costa all they want is English speaking call center workers.

Well that & something for nothing...

[PatColo]

We want Mexicans and Puerto Ricans and Central Americans who 'no habla'. Maybe we can get lucky and even get a ME terrorist.



A ME terrorist would be so exciting! Maybe we could get a scary Israeli one like Adam Gadahn!

http://www.youtube.com/watch?v=GsUtvOW6SR0

Nah, we've already got ADL, JDL, SPLC, AIPAC networks deeply entrenched, Gadahn would just be adding to the dog pile.

Oh, right, Ireland, euros- discuss. ;D

[Spectrism]

Don't even ask for more Jew terrorists. There are so many wearing black robes, in political office or "practicing" law already who are destroying the country with its own pieces.