In the 1970s, for example, blunders in monetary policy led to horrendous inflation, which people took to be permanent.

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It is that wealth that has kept Venezuela's economy from collapsing -- despite epic mismanagement which has led to the region's highest inflation rate and a severe shortage of U.S. dollars.

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Dollarisation is indeed a viable policy option thanks to a conservative and successful monetary policy adopted over the past ten years which has led to economic stability, single-digit inflation and high levels of international reserves.

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Normally, massive Fed lending and asset purchases along with large budget deficits would be highly inflationary, but, so far, these actions have not led to excessive money creation, which is what causes inflation.

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Economists say subdued demand, which reflects the weak state of the economy, has led to the fall in the core inflation rate.

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