Karl-Friedrich Israel is a Mises Institute Summer Fellow and a PhD candidate under Professor Guido Hülsmann. The focus of his research is to identify and confront the prevailing arguments for central banks.

Karl and Jeff discuss the current situation in Greece from his perspective as a German. Old hostilities between the north and south in Europe are being inflamed, which calls into question the entire purpose of the Eurozone.

Would Greece be better off simply leaving the Euro and resurrecting the drachma? Would the less profligate Eurozone nations cheer this? And has the ECB failed as miserably as the US Fed in creating price stability?