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user-inactivated · 3421 days ago · link · · parent · post: Tsipras folds, Greek state assets go into privatization fund
You can be entrenched in in financial logic (which I don't think it is an insult to be logical) and still agree that making a monetary union without making a political one is a dangerous game. This is a post in which we were discussing that same idea the other day. However, fixed currencies don't work. They cause deflation when supply of one product constricts supply of money. If you were to work to offset that change and re-value money in new terms of gold, then you're not really bound to a standard anyway and you're working as a central bank. It was abandoned a long time ago because it doesn't work. Any standard (not just gold) should work the same way.