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Another way of putting it is that a flexible exchange rate makes sticky internal prices and wages flexible to the rest of the world.
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They answered to a Rail Regulator and his staff, who fixed internal contracts and prices, a Franchise Director and his staff who fixed fares and subsidies and a minister and his officials who tried to fix everything.
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Precise per-episode prices for internal sales are notoriously hard to pin down.
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"We consider this ruling to be a significant step in creating fair competition across the internal market, reducing artificially inflated prices which vary across member states, " said the firm's Martin Ochs.
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Industry insiders report that prudent institutions were running internal valuation models even when market prices were clearly observable: those that were not had to scramble to develop such models when markets seized up, causing delays in proper disclosure.
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But in order to function properly, to function at an acceptable level of dysfunction, command systems need to exert an extraordinary degree of control over economic life: they need to control foreign travel, they need to restrict residency patterns and limit internal migration, they need to fix prices, they need to arbitrarily set a foreign exchange rate, and they need to place extreme restrictions on foreign trade.
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The IMF-peddled solution to this is "internal devaluation" - wages fall, prices fall, asset prices fall.
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According to the Wall Street Journal story, the CFTC began internal talks on whether the twice-daily setting of prices in London could be manipulated.
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The lawsuit quotes from internal Anheuser communications suggesting that executives are upset that as Bud has been raising prices lately, Corona hasn't followed suit.
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