... If a country is unable or unwilling to impose monetary and fiscal restrictions on itself, then a flexible rate makes the necessary reduction in real income only as painful as it has to be--not more painful because of sticky prices and wages during a deflationary period.
I understood this principle in school, but I never thought I would see it demonstrated on the TV as riots in the street. Dropping out of the Euro-zone would be a drastic solution to the Greek tragedy, but it would be a clean solution.
Aquí su columna.