Interesting head-to-head, reprising John Maynard Keynes and Fredrick Hayek, between James Galbraith and Peter Schiff on CNBC –
Galbraith and Schiff seem to regard the straight-jack of the Euro as equivalent to the old gold standard, typically Galbraith views this as something akin to Keynes’ barbourous relic. Greece’s inability to print money is a problem, while Schiff sees this as essentially a good thing that forces countries and citizens to live within their means. What’s most interesting however, is that we don’t really hear neo-Keynesians on this side of the Atlantic echoing Galbraith’s view. Do countries that wish to run large government deficits need to maintain control of their own currency?