The Euro Is Good For Europe. But

The Great Virtue Of Free Enterprise Is That It Forces Existing Businesses To Meet The Test Of The Market Continuously, To Produce Products That Meet Consumer Demands At Lowest Cost, Or Else Be Driven From The Market. It Is A Profit-and-loss System. Naturally, Existing Businesses Generally Prefer To Keep Out Competitors In Other Ways. That Is Why The Business Community, Despite Its Rhetoric, Has So Often Been A Major Enemy Of Truly Free Enterprise.

When You Start Paying People To Be Poor, You Wind Up With An Awful Lot Of Poor People.

You Cannot Be Sure That You Are Right Unless You Understand The Arguments Against Your Views Better Than Your Opponents Do.

The Lesson For Asia Is; If You Have A Central Bank, Have A Floating Exchange Rate; If You Want To Have A Fixed Exchange Rate, Abolish Your Central Bank And Adopt A Currency Board Instead. Either Extreme; A Fixed Exchange Rate Through A Currency Board, But No Central Bank, Or A Central Bank Plus Truly Floating Exchange Rates; Either Of Those Is A Tenable Arrangement. But A Pegged Exchange Rate With A Central Bank Is A Recipe For Trouble.

But On The Other Hand, If You Come Under Circumstances Where Each Person Is Entitled To A Pro-rata Share Of The Pot, To Take An Extreme Example, Or Even To A Low Level Of The Pie, Than The Effect Of That Situation Is That Free Immigration, Would Mean A Reduction Of Everybody To The Same, Uniform Level. Of Course, I'm Exaggerating, It Wouldn't Go Quite That Far, But It Would Go In That Direction. And It Is That Perception, That Leads People To Adopt What At First Seems Like Inconsistent Values.