Thursday, July 8, 2010

Competitive Currencies Instead of the Euro Monopoly."

Richard Ebeling emails:
I have a new piece up on the Northwood University blog site, "In Defense of Capitalism & Human Progress," on "Competitive Currencies Instead of the Euro Monopoly."

I discuss the recent report by the Dutch financial company, ING, on the dangers of a collapse of the Euro. But I suggest that the Euro had been a mistake from the beginning that has been driven more by political goals than economic necessity.

Instead, drawing upon F. A. Hayek's case for "Choice in Currency," I propose that the current fiscal and monetary crisis in Europe should be viewed as an opportunity to reverse course -- to do away with the Euro, and return to national currencies in a setting in which the citizens of all the European countries would have the freedom to choose and use which ever currency in which they have the most confidence.
The post is here.

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