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A couple of rounds of competitive devaluation would provide such short-term relief.

But would we get that?

Historical experience points to "yes."

Absent shared physical coin and note, it is basically impossible for the states under deflationary pressure to deflate sufficiently to avoid depreciation.

"Political will" does not really matter when it is the will to accomplish mathematical impossibilities.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu May 29th, 2014 at 05:06:22 AM EST
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