Ireland could introduce a Private Sector Currency

There has to be a realisation here that we are not the type of race that gets up in arms and ousts the Government and we are not going to change that any time soon. NAMA legislation has been passed, the EU will most likely find good reason to agree to the terms this week and indeed the transfer of loans will commence.

So the insiders will stiff the outsiders…. Shift happens. I am not in any way condoning the mess that was made, but the fact is that the mess is made and it needs to be fixed.

Now what are the ideas to go about doing this? Well the Greek 10% off everything is a big idea. It is not far off the old Dunnes Stores concept of “pile ’em high and sell ’em cheap”. We are all getting used to the campaign to reduce our carbon footprint. Everyone has to do a little more to use a little less of fossil fuel.

A private sector currency can not only reduce the cost of Irish goods and service by 10% but can encourage consumers to spend more on Irish goods and services, reward tourists for coming to Ireland in the form of vouchers and possibly start to reduce unemployment.

At least “your country, your call” is a campaign to stop whinging and get on with doing a little to the power of ‘one’ as opposed to complaining into your pint of beer on friday about how tough it is and how much less you are worth this year compared to last.

Are you prepared to take on an intern, inconvenient or not, for free to teach them the ropes when they leave college?

What about a campaign of “Green Shield Stamps” where you charge the full rate, but take 10% in vouchers to be redeemed from another contractor or shop, restaurant who is also in the scheme? It won’t get you a cheaper 56 inch LCD TV, but it will support a student who is able to work in a restaurant because you are using your voucher as a discount and perhaps spending a little more than nothing which would have happened if you avoided the restaurant in the first place.

According to the CSO figures published yesterday there were 6.9million visitors who spent (Failte Ireland) on average €600 euro in Ireland last year. What if every visitor were given €10 euro worth of vouchers to spend on goods and services made and provided in Ireland while they were here? They already pay €10 in taxes to land here and if we are to be seen to make a contribution, why punish them for visiting? Let’s make them welcome with the private sectors contribution. This takes it away from the RyanAir complaints department and spreads it around the country.

It is likely that every visitor with their average of €600 will continue to spend that €600 but we are helping the tourist industry as this system can easily spread to the Irish population itself. This is a private sector currency and does not undermine the Euro at all. It is likely that it would encourage more spending on Irish goods and services.


2 comments so far

  1. joe on

    re your country your call,
    yes nice idea,
    but they don’t allow you to keep your idea or to develop it yourself see terms and conditions…
    completely opposite to what they say upfront

  2. gjbrandon on


    I guess it is more important that we are seen to be doing something rather than nothing. I am a little cynical that there are so many idea campaigns to get things started. The Taskforce being under discussion since last June with 25 top civil servants and private sector experts is another good idea that took interested private sector and individual ideas and are close to formulating recommendations to be presented to An Taioseach and may end up like the McCarthy Report and the Commission on Taxation… On the shelf gathering dust.

    I also do not like the concept of offering one good idea and €500k or is it €250k to get 500,000 people back to work. Not going to do anything except raise the profile of a couple of sponsors and peter away to nothing.

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