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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: nihil who wrote (57801)	10/7/1999 9:56:00 PM
From: Dayuhan	Read Replies (1) \| Respond to of 108807

Impeccable logic. I pity the poor bastard who has to go out and tell the populace that the logical and necessary response to rising prices is a nice tax increase. I've seen this happen, and it's ugly. When Marcos fell, the IMF suddenly got serious about economic reform; the debt was out of control and the country had to submit to effective governance by the fund bureaucrats. Inflation was heavy, driven mostly by devaluation in an import-dependent economy. Everybody knew that the Fund's cure would be the classic method of "drying up liquidity". Everybody knew that whatever unfortunate was the first finance secretary of the new government was going to have to go before the people and announce that the first economic action of the new democratic government was going to be taking as much money as possible out of circulation. Everybody also knew that a credentialled candidate with the perception of honesty and no major association with the Marcos corruption had to be found fast; there was serious danger of a military coup d'etat and the confidence of foreign investors and the business community was critical. The pool of candidates was very small, and I don't think any of them wanted the job. The guy who took it is now dead. Classed as suicide; some have doubts. Strange story.