Tuesday, February 01, 2011
The tin-hat crowd is aflutter...
...the IMF brazenly states its goal. A world currency is something that never should happen. The power to issue a currency requires power over fiscal policy as well to achieve any sustainable coherence. Europe is slowly learning this painful lesson.
It reminds me of a joke:
"Q: What is a communist?
A: Someone who reads Lenin and Marx
Q: What is an anti-communist?
A: Someone who understands Lenin and Marx"
In other words, even assuming a world currency was technically possible, why would we want one?