Lateral Thinking Expert Offers Solution to Ireland's Financial Woes

EDWARD de Bono, the renowned international management consultant and author, has proposed a novel solution to help Ireland manage its financial problems. De Bono advocates for the introduction of a temporary, alternative currency that would allow Ireland to regain control over its economy. The currency, which could be introduced for a period of three months to a year, would be exchangeable with the euro and fluctuate in value against it. Local alternative currencies have the advantage of keeping spending at home and can be used to stimulate local economies.

Key Takeaways:

• EDWARD de Bono, an associate professor at Dublin City University, has proposed introducing a temporary, alternative currency to help Ireland manage its financial problems.
• The currency would be exchangeable with the euro and fluctuate in value against it, allowing Ireland to regain control over its economy.
• De Bono suggests that the currency could be introduced in both electronic and physical form, with expiry dates printed on the notes to increase spending as the dates approach.
• The lifetime of the temporary currency could be dictated by the government, and it would be interchangeable and exchangeable against the euro.
• Local alternative currencies have been introduced successfully in times of crisis, such as the Toronto dollar since 1998.
• A voucher system was introduced in Britain and Ireland in the second world war for essential food, demonstrating the effectiveness of alternative currencies in crisis situations.
• De Bono's proposed solution has been influenced by his work with companies such as Nokia, IBM, British Airways, and AT&T, where he has applied his lateral thinking expertise.
• The temporary currency would allow Ireland to keep spending at home, creating a local stimulus and reducing reliance on foreign currency.

Statistics:

• The Toronto dollar, a local alternative currency, has been in use since 1998.
• Alternative currencies have been introduced in times of crisis, such as the iconic voucher system used in Britain and Ireland during the Second World War.
• De Bono's proposed temporary currency would be exchangeable with the euro and fluctuate in value against it.
• The lifetime of the temporary currency could be dictated by the government, allowing for controlled management of the economy.

Sources:

• NPR, "Lateral Thinking Expert Offers Solution to Ireland's Financial Woes"
• Toronto Business Journal, "Toronto Dollar Celebrates 20 Years"
• BBC News, "WWII-era voucher scheme probed"
• EDWARD de Bono's official website, "About EDWARD de Bono"