cbirch2
Active Member
- Jul 9, 2011
- 1,394
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Currency can be pegged or it can float, but either way I won't pay more than one Euro for Greek good, hence exports stay identical. No free liberal lunch.
Devaluing the currency allows one euro to buy more greek labor than previously. How dont you get that? Greek labor becomes cheaper. One euro buys more greek labor.
Arent conservatives always yelling about china devaluing its currency and making its labor more competitive? From what i can tell, your position is that this isnt even possible.
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