AEIdeas

The public policy blog of the American Enterprise Institute

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Discussion: (1 comment)

  1. Deliberate currency devaluation is a fraudulent, and therefore criminal, act. It may not have criminal consequences (the government may be populated by criminals), but that is not to say it has no consequences at all. For example, how does one collect taxes when the government is run by liars and cheats? The prosecutor hauls the delinquent into court, and the first thing the prosecutor has to do, pursuant to Brady v. Maryland, is admit that he represents a fraud, that a fraud vouches for its witnesses solely to the extent a fraud can, and that as a matter of law, the proof therefore cannot be sustained beyond reasonable doubt. Such a case would not survive a motion for dismissal.

    The bottom line is that Cyprus dug a hole and now has to find an honest way out of the hole. Currency manipulation does not fill that bill.

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