I missed this when it was first posted in NEF. It proposes what Feasta has always held; that a single currency however efficient for market is not optimal when other considerations such as systemic risk is taken into account. It is nice to see that we are not alone and that these ideas are finally getting into the mainstream.
by Patrick Noble. I hope to show that the bad news presented by our inevitable austerity is only bad for what can be happily lost. Laws of physics, which are about to disappoint European and American desires may simultaneously liberate us onto a lost Common. All that is best in life is encompassed by common humanity and is in no way reduced by a mere oil-deprivation.
This is a long post in New Economic Perspectives setting out patiently and exhaustively why minting trillion dollar coins is not inflationary in itself [...]