Is Moving Your €€ out of Ireland unpatriotic??

[Igcuimhne81]

My grandfather fought in the war of independance and in the civil war.
He put his life at risk for this country, sacrificed his legal career and had to go "on the run" lived in the mountains being fed by locals.

What would he think if I move the bulk of my savings abroad.
Would I be spitting on his grave?

Should we stand and fight this economic battle or run for the hills?

To put this into perspective, your grandfather fought in the Irish Civil War. Depending which side he fought on, he would have been perceived as unpatriotic by the other side.

So in a nutshell, look after yourself and your family first and foremost. If you come out of this on the greener side maybe you can lend a hand to those more unfortunate. That would be patriotic.

 

[UFC]

I couldn't care less that I am Irish. I was just born here. It could just as easily have been Algeria.

I am not "proud" to be Irish because that obviously makes no sense.

And I'm not going to keep my money in Irish banks out of "patriotism" because frankly I'm not a moron.

 

[farmerette]

I couldn't care less that I am Irish. I was just born here. It could just as easily have been Algeria.

I am not "proud" to be Irish because that obviously makes no sense.

And I'm not going to keep my money in Irish banks out of "patriotism" because frankly I'm not a moron.

if everyone thought the same , the country would collapse , that would effect even those who managed to get thier money out of the state

 

[Troy McClure]

if everyone thought the same , the country would collapse , that would effect even those who managed to get thier money out of the state

Such is market sentiment. Why should the moral emphasis be put on depositers trying to protect themselves. Greed from bankers protected by an incompetent regulator and government ministers is the reason the country will collapse.
No one in their right will lend to Irish banks, so as a conequence depositers are removing their deposits. The big institutional investors have bolted so the paltry savings of Irish individuals will make little difference to their balance sheets. These are zombie banks now with no chance of recovering. Some are even still in denial and resist reforms let alone overhaul.
Your deluding yourself to think anything else. Your deluding yourself to not think of your own self interest when clearly no one else is.
A banker full of G+T's on a Friday night would come up with something like this though..

 

[tiger]

if everyone thought the same , the country would collapse , that would effect even those who managed to get thier money out of the state

Unfortunately I think everyone does think the same, and has taken their money out of the country. The banks have effectively collapsed, the ECB is keeping them on lifesupport.

 

[thewatcher]

Personally, I totally disagreed with cowen and lenihan policy's since day 1, they have made a bad situation a disaster, some would say to protect a small elite. until they are gone and people are brought to justice for this disaster , not a penny of my savings will be used to prop up this shambles of a regime, I would consider that the patriotic decision rather than propping up Anglo for 3% interest or whatever their paying.

 

[shnaek]

Why should the moral emphasis be put on depositers trying to protect themselves. Greed from bankers protected by an incompetent regulator and government ministers is the reason the country will collapse.

Well said. And the bankers, government and regulator are sailing off into the sun with bags full of our cash. If there is any better argument for small government and low taxes, I haven't heard it.
But we aren't the only country where deposits are fleeing. Seems to be a huge flow of money into switzerland at the moment.

 

[valery]

Well said. And the bankers, government and regulator are sailing off into the sun with bags full of our cash.

Get a grip. Not too many of the 40,000 or so ordinary employees of the banks are joining this ship of fools.

If our indigenous banks fail, what foreign commercial banks will enter the Irish market. The deposit holders currently moving their money into foreign investment banks are very short sighted. Who will they or their family apply to for mortgages, working capital etc.

 

[Firefly]

The deposit holders currently moving their money into foreign investment banks are very short sighted.

I agree and think they are right. I expect things to level off in the coming few years and there will be a mass return of deposits back into the country then.

 

[shnaek]

Get a grip.

A bit of an overreaction, don't you think? There is no point in bringing pedantics into an online discussion, otherwise we end up needing to qualify everything we say. But if there's need for clarification of my point - there are far greater traitors in this country than depositors who fear for their savings. Moving money out of the country can be regarded as unpatriotic, but it is far from the front of the que of unpatriotic behaviour.

 

[thewatcher]

I would consider propping up a defunct regime equally unpatriotic , ff would have continued borrowing money off the ECB as long as they could even in to 2012 if they could have got away with it, all they could say was our European friends are fully behind us. It could be argued that people pulling deposits out of the country and forcing the ECB to act, leading the greens to wobble and pull down the govt was far more patriotic than propping up the current administration. We can now see all the rats jumping ship , now they know the game is up, a bunch of traitors this country has never seen IMHO.

 

[Tintagel]

if everyone thought the same , the country would collapse , that would effect even those who managed to get thier money out of the state

Do you honestly think that anyone gives a toss about you? Maybe some family and friends but nobody else. Look at what the VHI have done yesterday. Mary Harney in hiding. This government and it's cronies are laughing at you. They will sail off in to the sunset with their big pensions.

A U.K. government minister gets jail for fiddling his expenses. What happens to the scumbags wearing suits in this country? Nothing.

 

[Guest105]

Mary Harney in hiding. This government and it's cronies are laughing at you.

I suppose the next thing we will hear is that she is also tendering her resignation and good riddance to her if she does.

 

[UFC]

if everyone thought the same , the country would collapse , that would effect even those who managed to get thier money out of the state

The probem isn't people withdrawing their money. The problem is fractional reserve banking; the banks don't actually have the money owed to the depositors.

Everyone is entitled to do whatever they want with their money. Keeping it in virtually insolvent banks in a fairly corrupt country makes no sense.

 

[Grizzly]

I suppose the next thing we will hear is that she is also tendering her resignation and good riddance to her if she does.

She was supposed to be the great white hope when she became minister of health. She took the salary, the expenses, the perks. We now have more people queing for trolleys than ever before. I just want to see her gone.
Just like the bankers. They took the big salaries, the expenses, the perks and beat the little guys with bigger targets, month after month. Belittled you when you didn't perform. They strutted the corridors with an air of superiority. As my mother would have said "they smelled themselves". You couldn't find these guys on a Friday sfternoon because they were all off in L'Ecrivain or Guilbauds or Dobbins or similar.
Why should anyone support an incompetant company such as the VHI or any of the Irish banks?

 

[thewatcher]

She was supposed to be the great white hope when she became minister of health. She took the salary, the expenses, the perks. We now have more people queing for trolleys than ever before. I just want to see her gone.
Just like the bankers. They took the big salaries, the expenses, the perks and beat the little guys with bigger targets, month after month. Belittled you when you didn't perform. They strutted the corridors with an air of superiority. As my mother would have said "they smelled themselves". You couldn't find these guys on a Friday sfternoon because they were all off in L'Ecrivain or Guilbauds or Dobbins or similar.
Why should anyone support an incompetant company such as the VHI or any of the Irish banks?

Indeed, let them all go to hell, we won't get a decent country out of this mess with all the insiders and old guard still in place, it's carryon regardless for this crowd, next should be the entire senior civil service, the politicans know the game is up time for the rest of them.

 

[BOXtheFOX]

There are still lots of nice, decent, honest, reliable people out there. The problem is that we have all been battered and continue to be battered from all sides by uncaring, greedy, thoughtless and selfish people.
I intend to reflect back in the same manner as I am being treated from now on. This might be the selfish person who blocks the footpath with his car to the VHI lazy incompetants who couldn't be bothered to query a hospital bill on my behalf. Let's isolate these people and businesses and have nothing to do with them. My local Credit Union who decided to pay me nil interest this year has been the first in 2011 to fall by the wayside. Next is the NIB where the staff can't be bothered to make eye contact with me when I have a query or call to their branch.

 

[Troy McClure]

[/QUOTE]Get a grip. Not too many of the 40,000 or so ordinary employees of the banks are joining this ship of fools.

If our indigenous banks fail, what foreign commercial banks will enter the Irish market. The deposit holders currently moving their money into foreign investment banks are very short sighted. Who will they or their family apply to for mortgages, working capital etc.[/QUOTE]

A naive if somewhat emotional reaction I think. The thing is foreign banks entering market is essential for this to move on. EBS will shortly be in foreign ownership. If the banks get radical restructuring and AIB probably merge with BOI, with more respectable balance sheets, it wont be long before a few foreign predators start circling. Santander were already looking at BOI. When competent owners take over then the deposits will return as the country recovers with it. The fact that the boards of the current banks and the gov dont fill depositers with confidence to get from A to B with this is not depositors fault.
Our indigenous banks have failed they are bankrupt and in case you didn't notice they have brought down the country. They are not lending anything of note because they are broke and no one wants to know them so they cant borrow. These depositors are not short sighted they are the smart proactive ones. The 40,000 employers will be nearly halved upon the insistance of the IMF restructuring. I know a couple of them who have moved their own savings... enough said

 

[BOXtheFOX]

Some of us were fooled by the EBS and their MUTUAL status banner that they produced for years to keep everyone quiet. No one got to hear the real inside story unless you worked there. Long before the Tiger this crowd were on a first name basis with the staff in Dobbins. Yes...and they all got out just before the ship went down except for a portion of 40,000 decent ordinary staff that were left holding the can.

 

[Chris]

... not a penny of my savings will be used to prop up this shambles of a regime, I would consider that the patriotic decision rather than propping up Anglo for 3% interest or whatever their paying.

I would consider propping up a defunct regime equally unpatriotic , ff would have continued borrowing money off the ECB as long as they could even in to 2012 if they could have got away with it, all they could say was our European friends are fully behind us. It could be argued that people pulling deposits out of the country and forcing the ECB to act, leading the greens to wobble and pull down the govt was far more patriotic than propping up the current administration. We can now see all the rats jumping ship , now they know the game is up, a bunch of traitors this country has never seen IMHO.

I fully agree with these posts. The most patriotic thing people can do is to vote with their feet and finally put banks out of their miserable state.

Get a grip. Not too many of the 40,000 or so ordinary employees of the banks are joining this ship of fools.

If our indigenous banks fail, what foreign commercial banks will enter the Irish market. The deposit holders currently moving their money into foreign investment banks are very short sighted. Who will they or their family apply to for mortgages, working capital etc.

And how are people going to help their families and friends if the banks fail anyway, and theiy cannot access their money?

The probem isn't people withdrawing their money. The problem is fractional reserve banking; the banks don't actually have the money owed to the depositors.

Everyone is entitled to do whatever they want with their money. Keeping it in virtually insolvent banks in a fairly corrupt country makes no sense.

Absolutely 100% on the mark. It is crises like this that shows how feeble and fraudulent the fractional reserve system is. Banks are in a permanent state of insolvency, but protected by governments and their central banks. The risk of this is buttered over and completely ignored in the good times, but it is a huge risk nevertheless.