Thus the Scrooges of this world who refuse to change their money into anything else are gumming up the works: currency is called "currency" because it must flow.
The Westminster government says Scotland already has a working currency arrangement with the rest of the UK - and it's called the Union.
He added that the European Central Bank and the People's Bank of China, the country's central bank, would set up a working group to study currency and trade.
His experience there formed the basis of his first major work, Indian Currency and Finance (1913), a definitive examination of pre-World War I Indian finance and currency.
Mr Krugman's work on currency crises and international trade is widely admired by other economists.
His advisers included Stanley Fischer, now head of Israel's central bank, and Rudiger Dornbusch, a German economist known for his work on currency markets.
Soon, however, the Clinton Administration and the IMF, working closely together, declined to work for currency stability in Russia, Venezuela, Mexico, Brazil, South Africa or Southeast Asia.
There the new issuers will find lots of investors in search of fresh paper now that they can no longer put their capital to work exploiting currency movements and interest-rate spreads among European government bond markets.
He also worked for currency and judicial reform and Landesfrieden ("peace throughout the land") for all of Germany.
Each year, Mr. Dimmock, who works in currency trading for Merrill Lynch, comes to Crested Butte for multiweek getaways.
