this post was submitted on 12 Mar 2025
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Inflation can be controlled. Public spending creates money and taxation destroys it, ensuring the total supply of money doesn't outstrip demand and cause inflaton. Without that sovereignty they can't create or destroy money, they are subject to the whims of the currency bloc.
It's just another tool in the toolbox. Giving it up is foolish.
While that's certainly true, we also had businesses speculate against the Swedish currency in the early 1990s, driving up interest rates to over 500% for a few days in order to stop the outflow of capital.
So there are arguments for adopting the Euro too. But like I said, I'm not informed enough to say which is better. It's a very complex issue.
How is that an argument for adopting the Euro? They stopped the outflow of capital in a couple days, and it's been 30 years. Seems like it worked.
They could do it because we were a small currency, and it it didn't quite work, at least not the way it worked before. The currency is now "floating" against other currencies which it wasn't back then, and we had a recession at the time. I agree that Sweden would be giving up a few tools in the economic toolbox, but on the other hand it gains a few others. I can't say which ones are more valuable because I'm not an economist. I suspect you're not either.
We should be able to have public debate about public policy. My opinion obviously doesn't matter much, but the decision is ultimately in the hands of Sweden's people - not economists.
And the whims of large domestic and international private capital as the other source of money they can rely on in need.
Domestic capital can be controlled.
International capital is a problem, but financial imperialism isn't an argument for surrender. It only hightens the need for sovereignty!
How do you control it once it's gained power over the government and democracy? I understand how you can control it prior to that, but you're still giving it power that previously belonged to the workers, you're making it easier for it to entrench this power, and the right to be paid for it to top it off. I get you're making the point that it's the lesser problem than international capital, but it's still a problem that a people probably doesn't want to create for itself unless it really needs to. π
You avoid giving it even more power over the government by surrendering currency sovereignty!