Comment of the day…

We’re running in a few new commenting tools on Slugger, which we hope will help raise standards on the blog. But I also want (from time to time) mark out good content from the comments zone. So the reader’s comment of the day (so far) is from Laughing (Tory) Unionist on Mr Reckless’s Red C poll:

I still regret ’79 (when the sterling link was broken, by the South, in favour of the ERM), but having made that mistake then, Dublin’s going to have to live with the consequences now. And while they’re not going to be pleasant, let’s junk this absurd talk of running to mother: the Republic’s quite grown-up enough to realise that she has to sort her problems out herself.

Please feel free to petition me with your favourite contributions (editor@sluggerotoole.com)!

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  • Mother’s too busy spanking ROI’s brother who still lives at home. Then again, she’s still sending money to the one who supposedly flew from the nest.

  • Mack

    It would be much better for Ireland to find a solution inside the Euro, given that Ireland has a balance of trade surplus, it’s likely we’re one of the few PIIGS who can actually live with a German currency union – deliquent bank debts not withstanding.

    Moving to Sterling wouldn’t help with the problem of the excessive debts of our deliquent banks. If we’re going to have our own currency, better that it’s pegged to a trade weighted basket of currencies, than to Sterling.

  • Mack

    Incidentally here is one such solution proposed by Jean-Claude Juncker and Guillo Tremonti – borrow as a group with Eurozone e-bonds

    http://www.ft.com/cms/s/0/540d41c2-009f-11e0-aa29-00144feab49a.html#axzz17HuOf7IA

  • anon

    Why is a peg to one currency any better than a peg to another? There are some circumstances where a peg is favourable, irc, but in genera.l you want to float to get a policy that suits your economy? Rather than Germany’s. Or the Uk’s.

  • joeCanuck

    Simple. If you don’t have your currence pegged to a real thing or to a currency that people have confidence in, then all you have in your pocket or purse are bits of paper which could become worthless in a flash.

  • anon

    Joe,

    A peg doesn’t actually elimate that. The USSR rouble was nominally a pound. On the black maket it was worth much less.

    Money is always a confidence trick; consider what happens to it when the zombie apocalypse starts..

  • A.N.Other

    It would have to be sterling, like the old days, because that is more important for most of its trade. otherwise, you have all that crazy stuff where the punt falls 20% v £ and suddenly everybody from the north shops in dundalk and vice versa.