Money and the State
As a buyer or seller the state has to conform to the conditions of the market.
As a buyer or seller the state has to conform to the conditions of the market.
To hear some commentators talk, one would think that America's trade-deficit woes would be miraculously erased with a swift devaluation.
Any attempt at restoring monetary freedom must be part of a comprehensive plan to roll back government.
A policy of currency devaluation can only make things much worse.
It is not just rockets and bombs that are fired; war is raged on the economic front, with currency manipulation as the primary weapon.
Scottish banks were not free (they too pyramided on the Bank of England) and, not surprisingly, they worked no better than the English banks.
Events have concretely demonstrated that the risk expectations on Greek debt should be reset higher.