March 31, 2007
Euroization vs. dollarization

Counterfeiters in Russia now reportedly prefer to forge the euro over the dollar. This may be a leading indicator that the Fed will be losing international market share to the European Central Bank.

Posted by Lawrence H. White at 05:33 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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