by Gabriel Donohoe
A leaked memo between the Taoiseach’s Office and the Irish Central Bank reveals that plans are well advanced for Ireland to leave the European Monetary Union and join the new monolithic international banking system set up by the BRICS countries, Brazil, Russia, India, China, and South Africa.
The news is setting off alarm bells within the IMF and their controllers in Wall Street. Cyprus is said to be monitoring the situation with keen interest behind the scenes. Such a move could possibly prove a fatal blow to the IMF/World Bank as other countries like Greece, Portugal, Spain, and Italy would surely follow Ireland’s lead.
The BRICS’s new development bank is aimed at breaking the monopoly held by the banking elite in Wall Street and the City of London.
At a recent BRICS meeting in Durban, South Africa, the South African Finance Minister, Pravin Gordhan, hinted that a major announcement regarding associate membership of the BRICS Bank would be made on Easter Monday.
Mr. Gordhan said the group had finalised plans for the launch of a World Bank-analogue development agency that would offer serious rivalry to the WB/IMF institutions set up at Bretton Woods at the end of World War II.
Mr. Gordhan would not be drawn on any queries as to who the “associate” member or members might be but, in response to an Irish journalist who asked if Ireland had applied for associate membership, merely smiled and sipped on his glass of Ballygowan water.
It is intended that the new bank will provide a collective foreign exchange reserve and a fund for financing developmental projects in order to address the needs of emerging and poor economies.
China is one of the powerhouses behind the funding of the new Bank and has contributed the equivalent of tens of billions of dollars.
Some reports emerging from a senior member of the Irish Central Bank (ICB) suggest that the Governor of the ICB, Patrick Honohan, has ordered the printing of a Punt Nua, which will be pegged to the Chinese yuan.
A senior government trade delegation is making plans to visit China this week. Second and third level schools and universities are instructed to place Mandarin on their curricula with a view to making the Chinese dialect the second most spoken language in Ireland after English, and ahead of Irish.
Perhaps now is a good time to brush up on your Chinese.
The Chinese for “Thank you” is “Huan ying!”
And don’t forget, “Cesuo zai nali?”