If they do this, there is little difference between the Euro and gold money, assuming gold could only be mined by the European Union Central Bank.
I've always thought that I missed something important, because no one utters such a thought, but a recent Wall Street Journal editorial emboldened my views on the EU.
We wish the Germans well in driving a hard bargain in return for writing a big check, but there is a better way. That would be to return to the Euro as it was originally conceived: Countries share a currency but are responsible for their own fiscal policies, including the consequences of default.
—The Wall Street Journal. December 10-11, 2011. A14.
What's that? Oh, yes: the sweet sound of self-confirmation.