A Golden Deutsche Mark Can Save the World
by Patrick Barron and Godfrey Bloom, Mises:
Prologue:
The euro debt crisis in Europe has presented Germany with a unique opportunity to lead the world away from monetary destruction and its consequences of economic chaos, social unrest, and unfathomable human suffering. The cause of the euro debt crisis is the misconstruction of the euro that allows all members of the European Monetary Union (EMU), currently seventeen sovereign nations, to print euros and force them upon all other members. Dr. Philipp Bagus of King Juan Carlos University in Madrid has diagnosed this situation as a tragedy of the commons in his aptly named book The Tragedy of the Euro. Germany is on the verge of seeing its capital base plundered from the inevitable dynamics of this tragedy of the commons. It should leave the EMU, reinstate the Deutsche Mark (DM), and anchor it to gold.
The Structure of the European Monetary Union
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