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His proposal for "global greenbacks", an alternative reserve currency issued not by one country, but by international fiat, is inspired by Keynes's intriguing idea of an international clearing union. But if Keynes couldn't usher the idea into reality, Mr Stiglitz certainly can't.

Hmmm, one would have to know about the behind-the-scenes dealings leading to Bretton Woods to make sense of that line.

Those whom the Gods wish to destroy They first make mad. — Euripides

by Migeru (migeru at eurotrib dot com) on Sat Sep 16th, 2006 at 11:37:29 AM EST
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That little section bothered me in another way. Sure, some great historical figure (in this case Keynes) failed to get a reform implemented. Does that mean it is invalid to ever try again? Does that mean that any "labour reform" that Thatcher tried to push through and failed can be discarded for all eternity?
by Metatone (metatone [a|t] gmail (dot) com) on Sat Sep 16th, 2006 at 12:07:15 PM EST
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