How costless was the 1970 Irish bank strike? Post author By Kevin O’Rourke Post date January 21, 2016 Here. Categories In Banking Crisis, Economic history 5 Comments on How costless was the 1970 Irish bank strike? ← IMF Post-Program Monitoring Report on Ireland notes the unusual risk profile of the Irish banking sector → Upsetting the applecart 5 replies on “How costless was the 1970 Irish bank strike?” It is clear that the cost to the State and to the economy of bank ‘closure’ in 1970, was relatively modest by comparison to the cost of keeping the banks ‘open’ in 2008! The article does not explore the reasons why banks have control of the transaction payment systems, and this control is virtually 100% complete following SEPA implementation; a control that enables the shutdown of the entire banking payments system, including payrolls, withing hours for any bank in the EZ, or any country in the EZ. Whose finger controls that particular button is unclear, but as people who were expecting to be paid on May 1st 2014 (an EU holiday) discovered, the finger that controls the bank payments button is not attached to an Irish elbow. Good question? Greek comparison not really a runner …. Christy Moore – ‘don’t forget your shovel if you want to go to work’! It’s a pity there were no bank strikes in 2005 I have the warmest memories of our bank strikes. The 1966 strike enabled me to get married–without the little bit of extra overdraft that I allowed myself, there could only have been a cheap ring and no honeymoon in Paris and Portugal–so 100% positive economic effects …..And in 1970, my brother, who worked for The Economist in London, advised a colleague who was researching the story to contact me. He entertained my wife and myself to lunch in Jammet’s, the legendary Dublin restaurant while we regaled him with our anecdotes. The best truffles and foie gras of my life, I recall…and Lord Gnome paid. These were the days. Interesting history — one factor that helped was that beyond the PAYE sector, there was massive tax evasion and likely lots of money stashed in mattresses! Comments are closed.