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Two golden facts

Madam -- I could be mistaken but it is my understanding that there is not one member of the Dail or the Senate who is formally educated in the discipline of economics. Interesting if true.

As a retired secondary school teacher who taught 18-year-olds economics (obviously due to this limited background I am in no way "an authority" on the subject), please permit me to put forward some "economic facts" -- and there are not many of them in the subject.

When politicians talk about "free healthcare for all" and "free education" etc, the first "economic fact" comes into play: there is no such thing as a free lunch. Somebody has paid for "the lunch". An absolute -- true yesterday, today and tomorrow.

Secondly, the law of supply and demand is a second absolute -- well, almost!

No matter how we vote in the upcoming referendum, this State is going to continue to be in economic chaos until such time as world leaders convene a world conference to discuss the need to return to the gold standard, and do so. Certainty, stability and investor confidence may be restored to the marketplace temporarily with our present fiat money, but if we seek long-term solutions to our economic woes we must begin the debate on returning to the gold standard.

Meanwhile, I am going to vote 'Yes' in the upcoming election because it will delay the worldwide depression which is inevitable if we continue on our present use of fiat money and, as the United States and Great Britain are doing, just "printing new money" at will.

Vincent J Lavery,

Dalkey, Co Dublin

Sunday Independent