The world needs a gold-backed Deutsche mark
Mises Institute/Patrick Barron/2-12-2021
“The simple answer is for Germany to leave the eurozone and reinstate the Deutsche mark. Doing so would be a benign act of rational self-interest by a sovereign nation. Most probably many current eurozone countries would leave, too. Without Germany to fund the budget deficits of the mostly southern members of the eurozone, the European Central Bank would shift its mechanism of plunder—the TARGET2 system—to the few remaining semi-responsible but much smaller nations. To avoid this fate, these more responsible nations would either adopt the DM themselves or reinstate their former local currencies and link them to the DM.”
USAGOLD note: Stranger things have happened ……the history of Europe is one of unforeseen circumstances, misinterpreted intentions, and political and economic surprises. When you read through Barron’s argument you get a sense of its logic.
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