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Politics : Foreign Affairs Discussion Group
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To: Elroy who wrote (197093)8/13/2006 8:29:17 PM
From: Bilow  Read Replies (1) of 281500
 
Hi Elroy; Re: "Most of the ME Gulf states that export oil have a fixed exchange rate with the US dollar, so the problem becomes inflation inside the country, not appreciation of the currency."

You can trade off inflation, deflation or whatever else you like by changing the number of units of currency in circulation, but whatever you do, you cannot avoid having exports of oil tend to cause imports of manufactured goods, and that makes local production of manufactured goods difficult. To put the problem into the vernacular, it's very hard to get very rich people to mow their own lawns.

-- Carl
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