Final Word from Tuesday, May 15, 2012
Can a single Nobel laureate start a run on the euro? Not unless
the conditions are ripe for one anyway. And it just so happens
that Paul Krugman has been preaching big-borrowing policies
that create the ideal conditions. So even if you aren't a Krugman
fan, you should pay attention when he talks about the exit of
Greece from the euro, huge withdrawals from Spanish and Italian
banks, currency controls, and the possible end of the euro within
a matter of months. This is a frightening-enough scenario if you
are a eurozone citizen, because currency controls could mean
that you lose access to your bank accounts, but it should be
doubly scary for non-eurozone citizens who hold the common
currency. Who is to say they would enjoy even the meager rights
to access their money that eurozone citizens might have? Should
they convert instead to crowns? We have the questions, but the
answers are up to you.[Czech Republic Prize Economics Spain Italy monetary]
Glossary of difficult words
ripe for - at the appropriate time or in the appropriate condition for;
currency controls - limits on the access and use of money;
meager - lacking in quantity or quality; limited.