This graphic shows best why the eurozone will fail. With the introduction of the euro, economically weaker states have lost the opportunity to devalue their currency and participate in international trade. While Germany has been able to build a neo-mercantilist model, the south of the Eurozone has been locked in an economic trade prison.
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0 sats \ 1 reply \ @anon 26 Nov 2023
You mean, they've been forced to deal with the consequences of sound money, rather than being able to just devalue their currencies at will?
You're making an argument against Bitcoin!
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0 sats \ 0 replies \ @GhostofTruth OP 26 Nov 2023
No, I don't. These economies with lower productivity can't be forced under the umbrella of the same fiat currency regime because their markets would be continually manipulated by subsidies and yield rate suppresion and can't adjust. So there won't be any growth in capital accumulation and a switch to more consumtive activities. Look at the growth of EU Fonds to execute this policy approach. They are net importer in the internal commerce.
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