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It's funny that anyone is still linking to/talking about Rajan.

Tyler is like my buddy Bubba. He don't cull much.

So you did read the comments on your last dogmatism post...

The German economists should encourage the Greed, er, Greek gov't (they're all Greedy) to print bonds, Greek bearer bonds, which the gov't will accept as tax payments.
And thus allow a second, devaluation-able bond money, which they can print -- and give to those who've been promised Greek gov't cash.
Allowing other currencies would be fine, too, but actually multiple currencies is very costly in the friction of everyday transactions.

Some German party will begin to call for a return to the DM, and become popular.

4 dinosaurs before extinction.

"But he finds it undemocratic that citizens are simply being forced to be part of a community in which one country is required to bail out another."

Isn't the cost of NATO greater than the Euro? How much is it costing Germany to bailout the US in Afghanistan? What of the bailout of the US relative to other foreign policy matters like Iran, Iraq, ...?

Free trade with Iraq and Iran and other nations, the US has forced Germany to restrict, has cost Germany far more than the bailout of Greece. And the bailout of the US has led to the moral hazard of Germany having to bailout out the US for more and more reckless action that followed earlier folly.

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