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3 November 2011 Issue 30 - Volume 12
Abrodella
Concrete
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A
ccording to a reliable source, the Irish government has been secretly printing a new currency for the past four months, to be prepared should the eurozone collapse. Apparently the Irish mint have fired up the printing presses again and started preparing for the roll out of the Punt, or some equivalent, across Ireland. This insider, who makes regular deliveries to the mint, has told us that they are stacking the Punt in a warehouse in the Sandyford Industrial Estate and they have been working flat out over the last few weeks in preparation. Such has been the ferocity of the speculation that new notes have been printed, a parliamentary question was tabled by Fianna Fail TD Sean Fleming only four weeks ago, when he asked Finance Minister Michael Noonan when was the last time Irish punts were printed. Since the rumour first began during the summer, the Department of Finance and the Central Bank both issued strong denials to the media that any fresh national currency was being readied in case of a break-up of the eurozone. Mr Fleming asked Mr Noonan “when the Irish Central Bank last printed Irish punts currency; and if he will make a statement on the matter”. In response, Mr Noonan said: “Irish pound bank notes were last produced in 2001. Euro notes and coins came into circulation on January 1, 2002. Irish
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pound bank notes ceased to be legal tender on 9th February, 2002.” Being very cynical, I have to wonder if there is a difference between an Irish “POUND” and an Irish “PUNT.” Is Noonan engaging in semantics? So, the government have denied it! . . that's fine so. But didn't the last bunch also deny the IMF were coming to town?
My guess is that all eurozone countries are doing this. It's logical, it's prudent. Who would want to be caught with their trousers down should things go very wrong quickly. It's possible the newly printed currencies will never be used (bar Greece most likely) but better safe than sorry. It makes perfect sense to be printing new currencies. Of course, the economic implications
of such an event is an entirely different matter. Some suggest interest rates would shoot up and we have no idea what the relative value of our money would be. Might we see Daniel O Connell replaced with Mary McAleese or maybe WB Yeats will replace James Joyce and maybe there might be room on a new IR£50 for the world’s biggest rock band, U2.
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