Save The Euro: Bring Back the Franc (A Modest Proposal)

The problem with Europe is that everyone there has one and a half monetary systems. You can have one, two, or fifty, but you can’t go halfway.

Every country has the “one” monetary system that constitutes explicit use of the Euro and implicit use of Germany and France as collateral. But each country also has about half of another monetary system: the implicit one they develop when investors analyze their debts with a Euro dissolution in mind. It doesn’t have to be this way, and it doesn’t have to end with a split: why not create a system where the Euro works by the Euro’s rules, and everyone brings back their home currencies to finance their financial misdeads? Read the rest of this entry »

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