Ireland's exchange rate brace
In order to survive, we are borrowing someone else's currency, yet conditions in Ireland have no bearing on that currency, writes David McWilliams.
Britain is among those few countries in the world that issues its own currency, determines its own interest rates and has no problem in getting foreigners to buy its debts - debts that it determines how and when to pay and at what value. This ability to borrow from foreigners in your own currency and pay them back at a value of your own choosing is an amazing economic and financial advantage.
There are a...
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