Economic crisis adds up to a zero sum game

THE zero on my keyboard is more exhausted than a spin-doctor.

The census of 2006 counted nearly 1,500,000 households in Ireland. A recent CSO report said almost half of them would have to borrow to pay an unexpected bill for €1,000 during 2009.

If the other 750,000 households withdrew an average of €1,000 from their bank accounts and bought prize bonds instead, those withdrawals would total €750,000,000.

Many people’s pebbles would make a mighty mountain. Many gentle snowflakes would make a raging blizzard in this winter of our economic discontent.

That would be economic patriotism, because the money would then be in the national exchequer. If everybody withdrew their €1,000 on the same day, it would shock the banking system and their bondholder buddies.

That would teach them not to mess with our nation’s wealth. The government, EU/ECB and IMF would then realise they cannot treat the Irish people like cattle. The tactic would be within the law. People could do it quite easily. It would be a powerfully peaceful protest. It would be far more effective than marches, industrial action, civil disobedience or violence.

It would also help to minimise the number of zeroes that I type. As Ireland’s debt increases astronomically, the value of the euro in our pocket becomes infinitesimal.

Michael Mernagh



Co Cork

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Wednesday, December 2, 2020

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