I will pick a topic in which I knew even I don't win the debate the issue will be so dominating sooner or later I get what I want because this issue will be the giant Rat-man on everyone's back.
Of course frontrunning it by 3 days makes a bit less of a coward, as I can astutely point out. This article comes out of Bloomberg this morning, and of course Bloomberg is not endorsing its view either. Just printing it out upfront for the benefit of everyone interested in William Pesek's view, who's afraid of RETALIATION and chose to speak in "tongues". Yeah, that be the one.
Excerpts/commentaries and full article: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aeoO9ZctI.Tk
Commentary by William Pesek
May 21 (Bloomberg) -- Few central bankers would envy Lee Seong Tae's dilemma in Seoul. (or anywhere else for that matter wink wink)
Vice Finance Minister Choi Joong Kyung has been making the argument that inflation gains are mainly due to rising oil and grain prices and that the central bank should be supporting an economy that has ``entered a downturn.'' ( Heard that from local "guy", too - until the CORE # showed up HIGHER than HEADLINE and cricket sounds )
They are run by unelected economists who sometimes get interest-rate policies right and sometimes get them wrong. It's an imperfect arrangement, and central banks should be held accountable early and often. (Check)
Yet in their desire to keep monetary-policy makers honest, politicians risk interfering with the vital role they can play. (But politicians ARE elected :)
Policy makers have worked hard to control inflation and calm Korea's business cycles. They should resist the temptation to boost growth with easier credit. All that would do at a time of surging global prices is inflate domestic asset values, further fueling inflation. (Comment? )
If the economy truly needs more liquidity, the central bank can always act. Giving in to politicians looking for an easy way out would be a step backward for an economy that should be looking forward. (The liquidity tools are already here. Now can we "look forward"?)
The right enemy
5 years ago