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Even Russia, although it has a nominally independent central bank and currency, in practice keeps the ruble in a close relationship with the dollar and euro.
FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer
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This does not include those countries which, like Russia, seemingly have a floating currency, but one which, in practice, the government tries to keep within a close band with major currencies.
FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer
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Oddly, however, Mr Mundell very strongly believes that Europe is, in practice if not in theory, an optimal currency area.
ECONOMIST: Man of the hour | The
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Rep. Paul is pressing the Free Competition in Currency Act, which would end legal tender and put Hayek's ideas into practice.
WSJ: Seth Lipsky: The Gold Standard Goes Mainstream
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As a product of Hayekian free choice in currency, market-based bitcoin is decentralized by nature and poses a false comparison to the century-old practice of central bank monetary manipulation.
FORBES: Bitcoin Obliterates 'The State Theory Of Money'