Totem or medium of exchange? JEM writes:
It is one thing to believe that the euro will 'break' and so we are better out of it. It is another to hope it will break, even when we are out of it anyway.
I confess I have always found much of the argument against the euro faintly puerile anyway.
The euro may have been assembled in a flawed way--I agree--but that is not to say that the idea of a common currency is of itself wrong in principle.
After all, if it's better for each country in Europe to have its own currency, how much better it would be if each county in the United Kingdom had its own currency too... or each town... or each street... or each house... After all, why should the Central Bank of 25 Typical Street hand over control of the 25 Typical Street Groat to the Central Bank of Typical Street and their Typical Street Groat?
Absurd? Yes. Of course. That's my point.
After all, what is money? A national totem? No, it's just a medium of exchange: a tool. There is nothing especially patriotic about pounds, and it is a delusion to suppose that we, here, determine its worth; that is actually determined exactly and precisely by what foreigners (Johnny Foreigners, mark you!) will pay for it. Full stop.
And I hope Milton Friedman lives on for many years.
posted by Natalie at 3:49 PM
