All of us love to spend. But before we can do that, we have to have earned or saved some money.
Only sovereigns dont have to: they can print money, or borrow; in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature.
Many rulers have succumbed to the temptation, with dire resultsinflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. After centuries of ruinous experiences, some governments learnt, others havent, to control themselves, create self-governing Central banks and let them manage money and regulate banks.
|Publisher.:||HARPER COLLINS INDIA|
|Sub Category:||Business & Management|