Yesterday's exit of the troika simply indicates a transfer of Ireland's allegiance back to the international bond markets, not a restoration of sovereignty. The Irish economy’s profound vulnerability could be addressed via a commons-based financial system and energy independence.
In summary, this plan may end up being the only way out of a vessel heading for the rocks. We must keep it in mind given that our European leaders’ bloodymindedness has put, and keeps, a whole Continent on the rock-bound path. But it is not time yet to adopt it. For it will come at an incredible human cost; a cost that can still be averted (assuming that I am right in saying that the point of no return has not been reached – yet). We still have a chance to storm the bridge and change course. Failing that, a plan like that by Mosler and Pilkington may be the equivalent of our lifeboats. We should, however, always keep in mind that our lifeboats will be launched in icy seas and, while stranded on them, many will perish.
By invitation of Smart taxes Marshall Auerback is coming to Dublin to speak at a public event on Friday the 23rd of September in Buswells Hotel. Be sure to put the date in your diary and watch this site for more info. He says " Rather than attempting to stave off a double-dip recession by easing fiscal and monetary policy, the European Central Bank (ECB) has gone careening off in the opposite direction." [...]
We imagine Ireland is in crisis, yet crisis is relative. Most people in the world would envy our material austerity and be thankful for our endlessly 'collapsing' health service. But with our expectations thwarted and in the anxiety of uncertainty, we are focussed inward. Yet we remain as deluded as ever.