Another brief post; if only as a relief from all the long, very serious and complicated ones being read on the web at present.
The answer to the current Euro crisis is quite simple. It is to reinstate the Maria Theresa Thaler (see Wikipedia) as the basic currency of
Europe, benchmarking a variety of
other currencies against it.
Furthermore, fiat currency issue (paper money) should be one hundred per cent backed by reserves of the MTT and credit creation by banks and others limited to four times only of their holdings of the hard currency MTT reserve.
How could this policy be put across to the general public? It could be called “Back To Basics”.
There would need to be an appropriate regulatory regime in place in each country with an adequate criminal law to guard against counterfeiting, fraud and financial malpractice.
If we were to use the experiences of the past in these matters it might be difficult to know where to transport convicts to but I am sure somewhere could be found.
It might seem to be an outlandish suggestion but it could be better than the alternatives we face.