Before the Second Amendment IMF could

Tax slabs should keep pace with inflation, dependent allowances should be considered

Deficits do not rise much in the year that a currency crisis is triggered, but in the stabilization year

Targeting GDP with easy money dates back to Scottish Mercantilist John Law and fully flexible policy to James Steuart.

High direct tax rates, capital consumption taxes, are not a substitute for monetary stability

Countries where inflationists cannot engage in macro-economic policy with money printing have low debt

It is a shame that country with a 20-pct savings rate cannot maintain reserves and has to depreciate the currency

If parliament rubber stamps a 4-6-pct inflation target, a second default is more certain

The new central bank goal and objective are a personification of the impossible trinity of monetary policy objectives

Reserves can be collected by impoverishing the poor, or by taking in their savings