Jesus, Delfos, are u mad? Bacha e Belluzo, creme de la creme? What about X and Antoninho??
Delfos, what do you mean by "artificially hiding" the inflation rate under fixed exchange rate regimes? Did you read Kydland and Prescott? Barro and Gordon? etc, etc? Fixed exchange rates in countries with poor economic institutions is about solving the time inconsistency problem, Delfos. Tying hands in order to reign in the monetary beast. Let me make this clear: it shouldnt be a long-term solution because of its side effects, but virtually all countries defeating very high inflation have had to undergo a period of fixed exchange rates to prevent inflation-addicted governments from printing money. You helped creating the inflation drama in Brazil in the 1980s, remember? And since you pick incessantly on FHC, I will monitor your texts with scrutiny. They have been poorly written pieces, Delfos, let me tell you that.