"Properly understood, money acts simply as a ‘claim’ on the output of the energy economy and driving up the aggregate of monetary claims only increases the scope for their elimination in a process of value destruction," warns Tim Clarke. He goes on to argue that Ireland is in a particularly vulnerable financial position, which is likely to lead to severe problems in the near future.
In this paper Deirdre de Búrca, who has been advocating a Green New Deal since 2009, discusses the politics and substance of such a Deal before tackling some of the monetary and financial issues relating to its implementation.
It may well be necessary to make some very quick decisions about debt forgiveness in Ireland (and several other EU countries) in the aftermath of a no-deal Brexit. Brian Davey's 2015 article from Credo provides concrete suggestions for achieving widespread debt forgiveness without crashing the economy, and is more relevant than ever now.
We urge the Irish government to recognise the existential aspect of environmental risk, as well as the complex challenges posed by the global financial system's high dependency on oil. Ireland is particularly vulnerable to financial collapse and its community banking sector needs to be strengthened and taxation reforms carried out in order to help mitigate this.
"Modern historians have for the most part removed the ancient Near East from the mainstream of history. Modern economic systems have sanctified the payment of debt, but this is not some natural or God-given rule, rather a situation designed by financial elites," writes Anne Ryan.
Feasta Currency Group members believe that community (or public) banking could form a central component of a healthy future Irish economy. There is an urgent need to expand this sector in Ireland in order to help protect the Irish economy from debt-related financial risk, stimulate community development and help bring about the transition to a growth-neutral financial sector.