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But it is important to understand that this is a policy choice, not a question of being in a currency union. A national economy managed under Austrian "sound money" principles will also be operating on a wannabe gold standard.

There is a conceptual difference between saying "the € project is a bad idea because a common currency forces us to run Austrian economic policy" and saying "the € project is dominated by Austrians, Austrians turn everything they touch to shit, therefore the € project is shit." Because getting rid of the € without getting rid of the Austrians won't get you better economic policy - it'll just turn your economy to shit courtesy of an IMF structural adjustment programme rather than an ECB intervention. And getting rid of the Austrians without getting rid of the € will solve the problem.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Dec 23rd, 2010 at 03:20:29 AM EST
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