Meltzer magic

Allan Meltzer and the dear old Bretton Woods twins haven't always been on the best of terms. As he told Central Banking journal barely a year and a half a go: the world bank's inefficiencies were a "scandal"; in many of its activities it "contributes little"; the IMF threw money at Argentina and the much-hyped SDRM (hey - remember that?) was "one of those ideas that will never happen". Meltzer certainly doesn't shy away from targets. Governments, central banks, academics - they have all been

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