It is understandable that a new central bank is eager to establish its anti-inflation credentials.
Nonetheless, Beijing is responding with tough anti-inflation rhetoric and normalization of credit and liquidity flows back to pre-stimulus levels.
And the openness, accountability and anti-inflation focus that targets can instil in emerging-economy governments are surely to be welcomed.
Among the disgruntled parties are 600, 000 workers, who claim that their unemployment-insurance funds were undervalued during the failed anti-inflation efforts of 1987-91.
So why is gold, a classic anti-inflation hedge, still doing so well?
ECONOMIST: A very unusual sign of confidence in economic policy
Last month the Supreme Court indicated that it might uphold workers' claims that their unemployment-insurance funds were undervalued during the failed anti-inflation plans of 1987-91.
ECONOMIST: Progress and pitfalls in Brazil��s public finances
His four-party coalition, ranging from conservatives to social democrats, was a creature of circumstances the success of Mr Cardoso's 1994 anti-inflation plan and was never likely to be permanent.
For that reason, many business people are not anti-inflation zealots.
Pay settlements of 3% -plus demanded by powerful German industrial trades unions, principally the engineering union IG Metall, are a huge new threat to stable prices in the principal anti-inflation European economy.
To the extent that it dampens the public's expectation of higher prices - itself an inflationary factor - and generates measures to alleviate shortages and bring costs down, a well-publicized anti-inflation drive can work.
"If you're so bent on an anti-inflation policy, then what you're willing to do is sacrifice economic growth and employment to prevent price increases, " says Douglas Bohi, an energy policy expert with CRA International in Washington.
And instead of anti-inflation, strong dollar monetary policies that make every American holding a dollar richer, Obama has led the cheerleading for continued weak dollar, zero interest rate, pro-inflation monetary policies that have made every American holding a dollar poorer.
FORBES: President Obama Offers A Repeat Of His Same Failed Policies
Ford also didn't flinch when the Federal Reserve's anti-inflation tightening plunged the U.S. into its worst economic downturn since the 1930s. (Sadly, the gains against inflation--the rate had fallen almost three-fourths by the time Ford left office--were lost, and then some, under President Jimmy Carter.) And, unlike the current White House occupant, President Ford readily used his veto pen on excessive spending bills and other legislation he thought harmful.
For followers of economics, the modern history of the baseball-card industry offers useful lessons about market responses to profit, anti-trust laws, business failure and inflation.
Asian indexes closed with losses after China released greater-than-expected inflation data, potentially signally further monetary tightening and anti-inflationary measures in the PRC.
Even more tellingly, most of the other achievements Mr Fox mentions, such as low inflation and unemployment, a stable economy and the Progresa anti-poverty programme, were legacies of the previous government.
Recession may have cut up to 1 billion reais from that figure, and inflation nibbled at its value, but increased government spending on anti-poverty schemes has more than compensated for that.
ECONOMIST: Defeats and victories in Brazil’s war on poverty | The
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