They argue that many poor countries wrongly base their development strategies on the principle of comparative advantage (which holds, for instance, that tropical islands should grow bananas and pretty countries promote tourism).

ECONOMIST: Fish out of water

It also puts at risk its reputation with the vast majority of all players and its customer base who would most likely view a slap on the vocal chords as tacit tolerance for an abhorrent principle.

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The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.

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