The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.

FORBES: The Federal Reserve's Flawed Approach To Monetary Policy

But that would be less of a setback for Germany than before, because in principle there should be less need for burden-sharing in a more viable monetary union.

ECONOMIST: Breaking up the euro area: The Merkel memorandum | The

Bonus: monetary reform is an uncontaminated issue where Democrats, whether Blue Dog or Progressive, can, without violating principle, participate as equals.

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