Only recently has that figure risen, thanks partly to law, but more to automation and electronics, which have devalued brawn in favour of brains, or at least agile fingers.

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But look at what happened to Argentina: it devalued and given the balance sheet effects of the depreciation on their US debts it was forced to pesify its dollar debts.

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It was a simple calculation, Pasuk told an audience at the World Bank meeting in Hong Kong: devalued baht would lose a lot of people a lot of money.

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" That fuzzy line between authenticity and the reproduction can rankle purists, who see in the democratization of taste a profusion of tasteful items "devalued, " as Paul Goldberger once wrote, in a piece about Friedman when he was at Pottery Barn, "by their very accessibility.

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The plight of an economy in its fourth year of recession, with unemployment at near 25%, a banking system in collapse and many people's savings both devalued and inaccessible, is bound to arouse sympathy.

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Our Treasury mandarins forget that the inflation we suffer at home will cost us more than whatever temporary advantage we gain on our trade accounts from a devalued dollar.

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