That’s what some man named Bernhard Felderer, an economist at the Institute for Advanced Studies in Vienna, was quoted as saying in the New York Times. He was asked about a proposal from a new anti-Euro candidate in Austria who had some electoral success recently.
The proposal was for each country to have their own Euro, but that seems to be the same thing as returning to the Austrian Schilling and just calling it the Austrian Euro. It would be different from the Italian Euro, the Irish Euro, etc. But this quote is really over the top. The Euro only dates back to 1999. So this Felderer character, the only economist the Times bothered to quote in this article, thinks returning to a system used in 1998 is “completely crazy?” Really? Was Europe such a horrible place in 1998? Is it working so much better now? Are the Austrians and Germans better off because the southern governments have racked up huge debts and stuck them with the bills?
I have a better proposal. Just let people use whatever they want as money. I believe this would eventually lead to the demise of the Euro, the Dollar, the Pound, and all phony paper money in the long run, but it would lead to a more prosperous society. I wonder what Mr. Felderer’s reaction to that proposal would be?