It took years to recover. The problem is not simply that the U.S. monetary authorities make mistakes but that their conditions are so different. There s a much better case for Canada. As an economic matter, it makes sense. I m not sure it makes sense as a political matter.
Currency is a very important symbol of sovereignty.
And it seems to me a nation, if it s going to stay a nation, needs as many symbols of sovereignty as it can possibly have. A country like Argentina, trivial. Canada would be more serious. Now if you take my view of proper monetary policy, which is to get rid of the central bank and have a fixed rate of growth of high-powered money, then it doesn t matter how many countries you have attached to it. The same thing would happen to all of them.