Re: first day of the euro

From: Mike Lorrey (
Date: Thu Jan 03 2002 - 14:33:59 MST

Lee Daniel Crocker wrote:
> > Twelve currencies (for 12 countries for total ~305 million people)
> > disappeared today.
> >
> > Welcome to Day One of the Euro.
> >
> > Amara
> I find it hard to see Extropian value in this. The idea of twelve
> sovereign nations, each with the power to make fiscal policy that
> devalues each other's currency, seems like it will inevitably lead
> to war. If they had agreed on a /hard/ currency, or a shared
> foreign currency, that would make more sense. I realize that the
> treaties go into excritiating detail about what each member state can
> and cannot do with respect to the Euro, but do we really expect all of
> them to be scrupulous about those terms when some crisis occurs, and
> the realize that they can help out their citizens at the expense of
> the other nations?

I think that the one lesson learned by the central banks of the West in
the last generation is that the stability of everybody's money who plays
fair is best for everybody who plays fair. Those who play games at
others' expense generally get a karma of coin coming back to them,
them in the rear in spades. It is a real life demonstration of the
prisoner's dillemma played by individuals who exercise rational self

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