by Gary North
You read that right. Right.
I think like an economist. The economist always thinks in terms of alternatives. The economist’s mindset was expressed clearly by the late comedian, Henny Youngman. “How’s your wife?” “Compared to what?”
One of the most common complaints against the eurozone is this one: “The eurozone is a central currency, but decentralized national fiscal policies.” I have never seen one of the critics who invoke this argument propose the abolition of the euro and the European Central Bank. This argument is always offered to defend the idea of fiscal union. In other words, there is no push to decentralize the currencies of the eurozone. There is a strong, but so far ineffective, push to unify the fiscal policies of the eurozone.
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