The Eurozone crisis demonstrates the abject failure that is centralized hard money policy. When you have a a run on cash like this, you must be able to increase the money supply to get things moving again. The Euro is effectively designed so that can't be done due to political paralysis, and as a result the're about to experience a 19th century style bank panic. At this point it seems inevitable that most if not all of the PIIGS will leave the Euro, and that Europe will end up in recession.
Which once again demonstrates the comparative wisdom of US monetary policy.
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