The Phaserl


Monetary Quackery in Ireland

from Antonius Aquinas:

If Ireland is ever going to leave PIIGS status (the acronym for Europe’s most indebted and financially challenged economies – Portugal, Italy, Ireland, Greece, Spain), it must stop listening to, and then criminally prosecute the monetary authorities which have brought the country to financial ruin. It can start this most necessary process with the nation’s central bank governor, Patrick Honohan. Not only must Professor Honohan be hauled away, preferably in chains, but the sinister institution in which he heads, Ireland’s central bank, Banc Ceannais na hÉireann, must be eradicated.

In comments before the Irish finance committee (Oireachtas) on the European Central Bank’s (ECB) latest round of “bond buying” (in actuality, the monetization of debt), Honohan praised the ECB’s action saying “it has been an unmitigated plus for the Irish economy.”* He added that the ECB’s money printing extravaganza had a “broad distributive impact” throughout the economy. In his most accurate statement (unbeknownst to Honohan) the ECB’s money printing would be of great benefit to Irish public finances.

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3 comments to Monetary Quackery in Ireland

  • Eric

    What’s up with these gravity defyer shoes? They got wings on them or what? Sounds kinda nifty.

  • Nick Davout

    Any article titled “Monetary Quackery” from central bank watchdog Antonius – you just know there has to be some good (albeit depressing) stuff to follow.

    Do the Irish really think going the way of Japan (and put the ole U.S. in that bucket too) is going to meet with success – i.e., economic growth and prosperity? What ever happened the old fashioned ideas of “capital savings and investment, technological innovation and hard work/entrepreneurship?

    I would love to see Antonius comment on how economics is taught at the college level – the root of these goofball ideas.

  • Chris McCandless

    I really feel for the people of Ireland. Having to pay higher prices and it not go to fighting climate change has to be disheartening. I do think all countries have to invest in infrastructure and good green jobs that will allow people to save more. Maybe St. Patrick Honohan should change his name to Patrick Shenanigan’s. Great Article! Hope I have a good internet connection and still be able to follow Antonius when I go to my Banff trip!

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