Asia Flirts With the Inflation Devil

Asia’s governments are forgetting some of the lessons so painfully learned during the Asian crisis and in the process they are losing an opportunity to show western nations, the United States in particular, the long-term merits of sound policies. Instead they are deluding themselves that handouts and cheap money will be more than very temporary cures for inflation and other ills, and ensuring they continue to accumulate mountains of increasingly dodgy foreign paper assets.

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