Ireland has been misgoverned for decades by a political system which concentrates all executive and legislative power in a cabinet composed of politicians who are at best ineffective and compromised due to the demands of their political parties and at worst motivated by personal ambition and greed.
Our people have been forced to leave Ireland before, due to political mismanagement in the fifties and in the seventies. The crisis our country faces today is unprecedented. Because of a complete lack of governance since we joined the euro, both by our own authorities and by the ECB, we have become the most indebted nation per capita in the world. Our total Sovereign and private debt amounts to 600 €billion compared to 500 €billion in Greece, which has twice our population and 60% greater economic output. Our economy measured in terms of GNP, which is the only relevant measure of output for a transfer pricing base such as Ireland, generates output of 129 €billion per year and this has been in decline for 5 years, dropping by an inflation adjusted 24% from its pre crisis levels.
We have suffered the greatest drop in economic output ever endured by a first world country since the great depression and no country in the world has ever accumulated the amount of debt per capita now prevalent in Ireland. The politicians and civil servants who did not see the obvious problems coming are incapable of formulating a solution.
The only way we can avoid 20 years of stagnation is through debt restructuring and growth. Enda Kenny has said that we must pay back every penny and the EU troika solution is austerity budgets combined with paying back the debts of the banks to EU investors. Although the crisis we find ourselves in is largely of our own making the euro experiment of introducing a new currency without adequate controls over credit expansion and government spending caused the property boom in Ireland.
As a nation we must now take matters into our own hands. The only way we can grow our economy and honorably restructure our debts is by joining the other 9 EU countries outside of the euro, through leaving the Euro, re-denominating all sovereign and bank liabilities in punt at the 2001 entry rate, and taking the benefits of a devaluation of at least 50% before linking the punt to either the Euro or Sterling. In one stroke we would inject growth into the economy, cut our liabilities by half and lift our people out from under the scourge of negative equity.
If you want to secure your future in an economically healthy Ireland within the EU, you should vote no and thereby force our Government to leave the Euro.