What is the main problem causing the Austerity and Financial woes of the Irish.  

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What is the main problem causing the Austerity and Financial woes of the Irish.  

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What is the main problem causing the Austerity and Financial woes of the Irish.
a. Its money and its creation.
So what is money ?
a. Money is debt borrowed into existence in a usury system where it can never be repaid, nothing more, (FACT the euro’s we spend daily are not even money they are only described as legal tender).
So how does one take control of the money for the country ?
a. Exit the EU, take control of our money supply rather than leaving it to the ECB and a central bank ( owned and operated by the Crown) to look after. Create our own Central bank, (Bank of éire) and create our own money system, after all money is nothing more than a tool for barter, the new currency could be called the Sovereign. Private banking would have to be nationalised, or only be a small portion of the market, a public banking system should be created.
Is there a solution ?
a. The solution is a Sovereign money system
In a Sovereign money system, the power to create money would be removed from the banking sector and transferred to a public body, such as a newly created Bank of éire.
This bank would be solely responsible for creating new money, which would then be transferred to the government, who  use it for public spending, tax cuts, or direct transfers to people. Current account customers would hold the electronic money issued by the Bank of éire, rather than holding the liabilities of the private banks.
Public & private banks would still have the important function of matching savers with borrowers, and would act as intermediaries. The difference being that these banks could only lend out money that a saver made available through an investment account.
Such changes would allow the Bank of éire to make sure that money creation would correspond to growth in a real economy. Creation of money wouldn’t depend on the willingness of the private banking sector to lend. If inflation rose above targeted levels, then the Bank of éire would slow the rate of money creation. Conversely, if deflation occurs, then the Bank of éire could increase money creation. The newly created money would be transferred to the government to spend directly into the veins of the real economy. The Bank of éire could influence the wider economy much more effectively and directly than under the current broken system.
Instead of having money created through the process of lending, Sovereign money would be created free of debt. When new money is created, the Irish Treasury could issue a certain amount of ‘perpetual zero-coupon bonds’. These would be interest free and would never need to be repaid. The Bank of éire would then purchase these bonds by crediting the Treasury account with new Sovereigns.
So that the Bank of éire’s balance sheet would balance out, the newly created money would appear as a liability of the Bank of éire and an asset of the Irish treasury. The bonds would be an asset to the Bank of éire and a liability of the Irish treasury.
Giving the Bank of éire a monopoly on issuing all new currency would mean that new money could be created even while businesses and households are paying down their existing loans. No one would have to take on more debt for there to be an increase in spending in the economy. The supplementary spending by the Irish government would counter any reduction in spending caused by the private sector trying to pay down its debts. It would permit debt reduction without increasing risks of a future crisis.
Allowing the Bank of éire to have a monopoly on all new money creation, would mean that all the profits from creating electronic money and bank notes would go to the Irish government. With 95-97% of current money created by private banks, transferring this prerogative to the Bank of éire would increase public revenues massively, allowing for more public spending or the repayment of public debt.
A separation of investment accounts and current accounts would mean that the payments system would not be jeopardized if a bank fails. Instead of having current accounts with money that is composed of uncertain promises to pay issued by private banks, such accounts would hold risk-free and debt-free money issued by the state. If the customer’s public bank were to fail, the money in the current account would still be safe and the customer could still access it and spend it. Customers that made their money available for lending in an investment account, would need to wait while the bank was liquidated in order to get their investment back. Payments could only be made via a current account and not an investment account. Accordingly, it would not be necessary to bail out an irresponsible bank in order to protect the payment system.
Ultimately, éire could have a much brighter future ahead, with money creation under democratic control. The Bank of éire would have more direct and better means of influencing the economy when necessary, not to mention a sounder and less complex banking system.

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