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What is the right exchange rate at one point is not necessarily the right exchange rate at another.
--
As he stated on Channel 4 News, 15th December 2008

 

Norman Lamont

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As a result of uncertainties caused by the French referendum, massive speculative flows have continued to disrupt the functioning of the exchange rate mechanism. As Chairman of Ecofin I have tonight called an urgent meeting of the EC's monetary committee to consider how stability might be restored to the markets over the next few days.
In the meantime the Government has decided that Britain's best interests would be best secured by suspending our membership of the ERM with immediate effect. As a result, the second of the two interest rate rises announced today will not take effect.

 

Norman Lamont

 

I've been pretty wary of street sweepers since, though it is true that since we left the European Exchange Rate Mechanism some sweepers are really quite dashing to glance at.

 

Tom Baker

 

"Other aspects of Taiwan's reforms are similar to structural adjustment programmes in Africa: in particular, the currency was devalued as part of an effort to shift from import substitution with overvalued exchange rates to import substitution with export promotion. However, the nominal exchange rate was tightly controlled by the Government, which kept it at realistic levels. Interest on savings and on loans were consistently positive in real terms, similar to structural adjustment recommendations that rates be set at positive real levels: these undoubtedly assisted the high savings rate and local resource mobilisation, while not subsidising capital and assisting industry to develop in a labour-intensive manner. Assisted by generous aid from the U.S., and driven by the fear of hyperinflation, the Government in Taiwan rejected deficit spending strategies and resolved to balance the budget through direct and indirect taxation, bringing about a surplus from 1964 onward."

 

Deborah Brautigam

 

I knew I'd never be more than a second-rate business man and a second-rate writer — so I decided to add the two things together and be a first rate advertising man.

 

Bruce Fairchild Barton

 

The exchange of one fear or pleasure or pain for another fear or pleasure or pain, which are measured like coins, the greater with the less, is not the exchange of virtue. O, my dear Simmias, is there not one true coin, for which all things ought to exchange?--and that is wisdom; and only in exchange for this, and in company with this, is anything truly bought or sold, whether courage or temperance or justice. ...in the true exchange, there is a purging away of all these things, and temperance, and justice, and courage, and wisdom herself are a purgation of them.

 

Socrates