Crank Economics, Part 375

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.


Greece problems would be a lot less severe if it still had its own currency. The exchange rate of the drachma would adjust, exports would get cheaper and imports dearer, and Greece’s economy would stumble around a bit but then recover. Unfortunately, Greece is part of the eurozone, so they don’t have this option. They don’t control their own currency.

Now, if you were, say, a miscellaneous blogger who didn’t know much of anything about how this stuff works, you might have an idea: why doesn’t Greece leave the eurozone? Readopt the drachma, let it float, and watch as all their problems neatly sort themselves out. Then, later, when their economy has recovered, they can adopt the euro again. Problem solved.

If you wrote a post suggesting this, it would take about five minutes to get a dozen comments explaining why it’s impossible. But hey — you’re just a hypothetical blogger. Nobody expects you to know anything about this stuff. Live and learn.

But why does Martin Feldstein, one of the world’s preeminent economists, seem to think this would be a good idea? And why does the Financial Times give him space to suggest it? Paul Krugman is — uncharacteristically — too polite to actually ask this, but he’s pretty obviously shaking his head over it as well. What’s the deal, FT?

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate