I don't read virtue assumptions in his arguments. Just optimal currency areas.
Is there a difference? Wind power
It's not optimal as in being the best you can be, but being best suited as an area. If it had anything to do with virtue, you'd have to conclude that Zimbabwe is more virtuous than the Eurozone, and in fact probably more virtuous than the US. Because it quite clearly is well suited as an area of its own. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
BruceMcF:
Also note that the [Weimar] Republic ...) ... was not "the [Weimar] Republic" of Faith-Based Monetary Theory either. The hyperinflation of the [Weimar] Republic followed, as Keynes in part predicted in "The Economic Consequences of the Peace", from the collapse of the economies in Germany's former major export trade zone, combined with an increased structural dependency on imports with the French occupation of the Rhineland industries. Combine that balance of payments position with a demand that the [Weimar] Republic hand over regular reparations payment, and it is quite like a badly governed African nation that has to pay the debts to the World Bank and other transnational corporations incurred with no expectation by the lending agencies that the result of the projects funded would be sufficient foreign exchange earnings to pay off the loans.
... was not "the [Weimar] Republic" of Faith-Based Monetary Theory either.
The hyperinflation of the [Weimar] Republic followed, as Keynes in part predicted in "The Economic Consequences of the Peace", from the collapse of the economies in Germany's former major export trade zone, combined with an increased structural dependency on imports with the French occupation of the Rhineland industries.
Combine that balance of payments position with a demand that the [Weimar] Republic hand over regular reparations payment, and it is quite like a badly governed African nation that has to pay the debts to the World Bank and other transnational corporations incurred with no expectation by the lending agencies that the result of the projects funded would be sufficient foreign exchange earnings to pay off the loans.
