Here it is. Excerpt:
Germany’s problem, in part, is that it went into the euro at the
wrong exchange rate that overvalued the deutsche mark. So you have a
situation in the eurozone where Ireland has inflation and rapid
expansion while Germany and France have stalled and had the
difficulties of adjusting.
The euro is going to be a
big source of problems, not a source of help. The euro has no
precedent. To the best of my knowledge, there has never been a monetary
union, putting out a fiat currency, composed of independent states.
Thanks to www.2blowhards.com for the pointer.
Addendum: Here is an interview with Gary Becker, who talks about Friedman, John Nash, Dostoyevsky, and Brokeback Mountain. Thanks to Freakonomics blog for the pointer.