Steve Hanke

Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.

Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.

The question is not whether Tibet should be independent but the extent of the autonomy that it is allowed. Tibet has been firmly ensconced as part of the Chinese empire since the Qing dynasty's military intervention in Tibet in the early 18th century.