Posted by WARREN MOSLER on November 29th, 2010
The UK conquest of Ireland began in 1169.
It’s time to finish the job.
All they have to do is offer the following:
Ireland converts all its public debt to sterling.
The UK Treasury takes over the responsibility for all of Ireland’s existing public debt.
(Ireland gets a clean start with no Irish govt. debt and not interest payments)
Ireland taxes and spends in sterling only and has a balanced budget requirement.
Ireland can borrow only for capital expenditures.
The UK Treasury guarantees all existing insured euro bank deposits in Irish banks.
Only sterling deposits are insured for new deposits.
Ireland runs a mirror tax code to the UK and keeps all of its tax revenues.
The UK agrees to fund Ireland’s with a pro rata/per capita share of any UK deficit spending.
St. Patrick’s Day is declared a UK national holiday and everyone over 21 gets a beer voucher.