Why the Drachma Cannot Return (also, Death of the Welfare State)

Typically in economics it is said that "bad money drives out good," meaning that that a government issuing a money will slide toward fiat and/or inflationary currency methods.  However, in THIS ARTICLE, Brian Wesbury turns the conventional saying on its head.  Saying that "a weak currency cannot replace a strong one", Brian argues that Greece cannot go back to the Drachma.  In fact, he argues that no country in the Euro-zone could in fact leave the Euro except Germany.  Why?  Well because no country has the ability to institute a money of equal strength to the Euro except Germany.  Investors, businesses, speculators, even citizens themselves, will flee a weak money. 

The difference?  The typical saying is from the perspective of the issuing government and which money they will choose.  Wesbury's phrase is from the perspective of those who would actually USE the currency. 

I of course, love these concluding sentences:

As a result, Greek fiscal problems must be solved by a shift away from the welfare state. This is true for Italy, Spain, Portugal, and for every other nation in Europe which will eventually face the reality that the experiment with the welfare state has failed.
This is the real lesson of European budget problems. Government spending does not create wealth. It never has, it never will, and monetary shenanigans cannot change that fact. Free markets are the only way to create wealth.