We all know the state of the nation here. We're borrowing a fortune to pay for current spending and we've heaped the banking debt onto the people - a double whammy. Perhaps ditching the Euro and going to Punt Nua (PN) should be discussed.
Would it not make sense to:
- Introduce Punt-Nua (PN) over-night on a one-to-one basis and convert all bank balances in the state.
- Immediately print 64bn in additional PNs the next day and pay the bond-holders this money. This will immediately wipe 64bn off our national balance sheet whilst at the same time devaluing our currency which will help exports & tourism.
Printing PN will lead to devaluation anyway so why not make this happen from the off by printing this additional 64bn and using it to pay off the banking debt?
Those working/retired in/from the public sector and those on social welfare will still be paid the same in PN but this will be less of a cost to the government as the currency has devalued.
Those with savings ("the rich" as they are known to some) will lose out, but at least this will keep the socialists happy.
We leave the euro, but we are still in the Europen Union - ie we still have free trade, just like the Danes.
Am I missing something obvious?
Firefly
Would it not make sense to:
- Introduce Punt-Nua (PN) over-night on a one-to-one basis and convert all bank balances in the state.
- Immediately print 64bn in additional PNs the next day and pay the bond-holders this money. This will immediately wipe 64bn off our national balance sheet whilst at the same time devaluing our currency which will help exports & tourism.
Printing PN will lead to devaluation anyway so why not make this happen from the off by printing this additional 64bn and using it to pay off the banking debt?
Those working/retired in/from the public sector and those on social welfare will still be paid the same in PN but this will be less of a cost to the government as the currency has devalued.
Those with savings ("the rich" as they are known to some) will lose out, but at least this will keep the socialists happy.
We leave the euro, but we are still in the Europen Union - ie we still have free trade, just like the Danes.
Am I missing something obvious?
Firefly