Eurozone governments must give up more power to avoid another crisis, say IMF economists
The IMF--whose mandate for existence ceased when the US went off the gold standard in 1971...yet, like Dracula, it still walks the earth, sucking the lifeblood of more victimes--has recommended that the EU become one, big socialist union in order to fight the scourge of deflation. God forbid that deficit countries "suffer" deflation, whereby their costs of production fall and the nation becomes more competitive. Fighting deflation has become one of the world's greatest fallacies. Deflation is GOOD. Lower prices are GOOD. This is how an individual and an entire nation recovers. In his seminal book America's Great Depression Murray N. Rothbard explained how Presidents Hoover and FDR insisted on propping up prices during the Great Depression, which only prolonged the misery. Jorg Guido Hulsmann explains the economic theory involved in this short book Deflation and Liberty.