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?

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