Galbraith and Schiff go head to head

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?

Milton Friedman explains how the Gold Standard contributed to the spread of the Great Depression

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