Re: political post: the USA is *not* number one!

On Wed, 19 Oct 2005 00:05:25 +0100, Pooh Bear
<rabbitsfriendsandrelations@xxxxxxxxxxx> wrote:

>
>
>John Larkin wrote:
>
>> On 18 Oct 2005 15:23:12 -0700, bill.sloman@xxxxxxxx wrote:
>>
>> >
>> >Europe could be doing better economically - unfortunately, the major
>> >countries introduced the euro recently, and took a vow to hold their
>> >budget deficits to 2% or less, which was most non-Kenysian of them, but
>> >bankers don't like Keynes.
>>
>> The problem with having multiple countries share a common currency is
>> that each has a local incentive to print lots of it, hence the
>> restriction.
>
>Actually they can't do that.

Isn't that exactly what I said? "hence the restriction", or something
like that, as I recall.

>
>Issued capital is controlled by the Central Bank. In fact it's probably the
>tightest monetary system ever put into practice !

Don't France and Germany want to (and in fact do?) violate the limits
on government spending?

John


.

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