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  • Why Won't the U.K. Join the Euro? [View article]
    There are studies on the duration of monetary, unions, authorities and other such agreements. Historically, conditions have not allowed them to exist permanently.

    And as to backing of "currency," what "backs" the Euro? Bonds (sovereign debt) of member nations, right? Thus resources are dependent on factors outside the issuer's influence, let alone control. But, most "money" is not "currency," it is credit, and Britain's retention of control over its own internal credit has a better track record than that of the ECB with its members.

    Buiter is undeniably one of the best minds on this topic, but his views seem narrow historically.

    Should the U S join? By treaty, of course!!
    Jun 02 14:14 pm |Rating: 0 0
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