Money For Nothing
Countries with so-called managed floats, including Singapore, Malaysia, Indonesia, India and China, allow currency valuations to fluctuate somewhat but hold them in check through central-bank interventions. Those that keep their currencies far below market value—like China—invite high inflation; those that allow the most appreciation undermine export competitiveness even when the local economy has less-than-stellar growth prospects, as in Thailand. Everywhere, too much money is a problem that’s likely to get much worse now that U....