Professor Jesus Huerta De Soto sent me a hard copy of his new film called “In Defense of the Euro (An Austrian Perspective)”, you can watch it here.
For those truly interested in the Gold Standard as a potential solution to our monetary crises , whilst the Euro is a very weak imitation of it, it does force governments in the Euro area , in the absence of any ability to mint up money out of nowhere , to confront their profligate over expenditure and move towards being honest with their citizens over it. Whilst we who sit in nations who can mint up new money from nowhere , primarily the UK, USA, Japan, we can seemingly avoid the pain of confronting our profligacy – we wither on the vine instead of take the pain and grow and prosper again. For sure, the Euro zone area will be on a stronger footing , with government living within their means , much quicker than in the nations where monetary nationalism rules the day. For all those who trash the Euro and Euro style solutions , one should listen to what the Professor has to say, reflect on this contrary view and challenge your current views, you may find that surprisingly the much lamented Euro may show us part of the way to governments living within their means and one step nearer to honest money.