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To: Tunica Albuginea who wrote (38225)10/29/1997 1:47:00 PM
From: mauser96   of 186894
 
OFF SUBJECT I agree that the primary function of a central bank is to provide stability of it's money , which means close to zero general inflation. Inflation tends to be an endemic disease of modern societies, kept under control only by strong treatment from the central bank. Politicians in the USA used to love inflation , that is until the average voter finally got wise to the game and booted J. Carter out of office. Too many people know the causes of inflation now, so it is less popular with our "leaders". Money is really an abstraction in a way... you are happy to get those little green pieces of paper only because others share your opinion. Their intrinsic value is next to nothing- they don't even make good toilet paper. The Fed uses a lot of tools with varing degrees of sucess, but strong countries don't have their currency fixed to anything. Pegging money doesn't work in the long run because it doesn't allow a safety valve if demand for the money changes. Hong Kong should take the right steps themselves and not depend on the USA, which is running it's policies for the good of the USA, not a tiny island. Pegging currency eventually leads to what happened in HK. Central bankers are not smarter than markets, and usually wind up being punished for their hubris. This is not to say anything bad about the HK government, which in most ways has done very well. They should float their currency and practice good monetary management at home.
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