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Money Supplies of the World, Continued (5).

In Money Supply on May 6, 2011 by CQCA

A challenger appears! The Bahamian Dollar expanded less than the U.S. Dollar between 2005 and 2010. When I saw the results, I double checked the numbers from their website. The World Bank’s data was also used as a reference, and seemed to match up (as though those guys know anything).

Mongolia was the largest inflator in the group. A recent Wall Street Journal article reported on a central bank conference there.

    The International Monetary Fund mission chief in Mongolia, Steven Barnett, … said the flexibility of the currency system is acting like a shock absorber and is “working very, very well.”

    Mr. Barnett, however, reiterated the IMF estimate that inflation is heading toward 20% without more fiscal restraint.

So, to reiterate, Mongolia’s “flexible” currency is so great that no change in policy will cause an estimated inflation rate of 20%. The IMF called for both more “flexibility” and more “fiscal restraint” in the same speech. Idiots.

The fact that Mongolia would pursue such a policy is surprising, considering the President of Mongolia, T. Elbegdorj, is a fan of F. A. Hayek.

Sources: Most data came from a combination of World Bank and IMF data. Only the National Bank of Cambodia, the National Bank of Georgia, the Central Bank of Macedonia, the Central Bank of Armenia, the Bank of Papua New Guinea, the Central Bank of the Bahamas, the Central Bank of Nicaragua, Bank of Lao, and the Central Bank of Mongolia had data on their own currency.

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