The Greek solution and the ultimate end to the euro crisis is a currency devaluation, full stop. The problem is that there has been no consensus on how this could be accomplished without triggering even more contagion and economic chaos. But let me humbly offer my advice to the wise men of Europe. There is a way out: a dual currency for Greece and a temporary multiple exchange rate mechanism for the euro zone as a whole. It is cumbersome, but it would work. Hear me out. There are generally two reasons for adopting dual exchange rates. The most pressing is to create relief from a crisis in trade balances while ... (full story)