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 thrill of a photo-realist painter is if you get really close to the painting, it looks just like a photograph. Whereas in my case, if you get close to my paintings, they totally fall apart - so I'm about as far from a photo-realist as it gets.