seigniorage

[Brad De Long]

>
>I completely agree with this. I think that both Japan and Euroland should at
>the very least try to cut off further credit to the Great Debtor. Growth
>strategies based on sending crap to the US in return for yet more IOUs are
>fundamentally wrongheaded. The ECB should have pursued a strong Euro policy
>from the start, with the explicit goal of turning the US balance of trade
>positive (get some of our money back!), replacing at least partly the dollar
>with the Euro as reserve currency and dampening European capital 
>flight towards
>the Greenspan Bubble.

Thus boosting European unemployment to 15%...

Brad DeLong