Yglesias delusions

Can the Fed debase its currency, asks Yglesias

It sure can, but the Fed cannot debase Lockyer LaserBacks out here in California. California, because it imports oil, would be forced to adopt a stable currency, probably gold backed. Texas, a major oil exporter would follow suit. Most of the federal defense and welfare departments would collapse because long term planning in a hyperinflationary currency is impossible.

Yglesias forgets, we have had 10,000 years of experience in creating new currencies to replace old worn out currencies. In the USA alone, over our 250 year history we have dealt with this problem and adapted a few times by making new currency arrangements.