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Apparently Economics 101 never happened?

What applies to the finances in your house, village, and city does not apply to a nation, because the nation prints its own currency. It is a completely different situation, as is explained in tedious detail to thousands of college freshmen every year.

by asdf on Tue Feb 14th, 2012 at 05:52:59 PM EST
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The solution to that problem is to for states to legislate their own money-printing privilege out of existence. Eurozone member states don't print their own currency, problem solved. We need new Economics 101 textbooks.

In fact, not even the Eurozone as a whole prints its own currency, because each Euro in existence is the result of the ECB president shitting a gold ingot. The Euro gold hoard is kept in Frankfurt by the Nibelungen.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Tue Feb 14th, 2012 at 06:00:37 PM EST
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