13 Apr 2009

A Man a Plan No Bank Panama

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(For those perplexed by the title, I am alluding to the coolest palindrome ever.) I met this guy at my talk in Boston to Suffolk Law students. He told me that Panama had no central bank, and its macroeconomic performance has been just fine, thank you very much. In fact the Panamanian constitution says:

“There will be no forced fiat paper currency in the Republic. Thus, any individual can reject any note that he may deem untrustworthy.”

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