The Wolfson Prize in Economics is the second largest monetary award that an economist could win (after the Nobel). It has been going on for many years. This year, they asked respondents to write about how a country could exit the euro with the least disruption.
Both Antal Fekete and yours truly wrote and submitted entries. Not surprisingly, our entries focused on how to use gold to recapitalize the monetary system via gold bonds (surprisingly, the Professor cited my paper in his own!)
In contrast, this is an interview with the prize-winner, Roger Bootle. What is his approach? The government should have a super-secret meeting and inflict its decisions on the unsuspecting masses like blitzkrieg.
His “brilliant” plan involves bank closures, capital controls, and the old favorite of kleptocracies everywhere. People will have their euros seized and replaced with drachmas (or whatever soon-to-be-hyperinflated currency) at a 1:1 conversion rate. Bootle acknowledges that in the currency markets, the real conversion rate will be “perhaps” as high as 2:1 (not for long!), so he is openly advocating looting.
I guess this is why it is necessary to do this in secret?