1. It is doubtful that anyone has really profited from the brave new world of "printing paper" other than the people who "manage" the printing. That is a considerable number of people, especially if you count everyone whose work is not tested by actual demand. (Of course the civil servants are smarter and deserve better pay; they know how to avoid any questions about the market for what they do.)

2. Value is another Benthamite corruption; for those who want to find justice in discussions about money and credit, it is a very useful notion. It allows "policy" to become the question and avoids the petty information of what people are actually paying for stuff and services and promises. The awful thing about prices is that they seem to have no memory or conscience.

3. I don't fault the Greeks, Portuguese and Spanish for cheating any more than I fault people here in the United States for having taken out liar loans. The rule is always caveat emptor. If the Germans are now unhappy with what they bought with their currency union, that is something for them to discuss with their therapists at the IMF.

4. The idea that the Germans are worried in their bones about hyperinflation is a wonderful fiction. They, like the Chinese, are worried about export surpluses. As long as they are collecting more money from foreigners than they are sending them, all is good. The currency union with modern central bank attached was, they presumed, going to allow Germany to have a permanent surplus without the risks of having the national Treasury have significant debt held by foreigners.


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