A sound currency is a necessary, but not sufficient, condition for the establishment of a stable government and the promotion of economic prosperity. This theme has been sounded over and over again by virtually all great economists in positions of influence. To take but one example, consider...

The shock imposed on Argentina by Mexico's financial crisis had four distinct phases (Banco Central, Republic of Argentina, 1995). The first phase lasted from 20 December 1994 through February 1995. External drains form the currency board-like system occurred, with the central bank's liquid...