Since Greece does not control its currency (which is controlled by a country [Germany], which is interested in keeping it strong), is it fair to say that it is on a sort of Gold Standard?
If so, what do its current budget troubles say about the ability of a gold standard to push governments towards balanced budgets?
For extra credit: Is California on a Gold Standard?
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The defenders of gold standard probably will say that Greece and California have fractional reserve banking and, because that, these examples are not good.
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