|Central banks level|
The purpose of this lecture is to help central
bankers, world finance ministers, industrialists,
policymakers and related stakeholders, including the
general public, learn the skills that are required as
part of their duties and responsibilities or learn
more about issues affecting them related to inflation
and inflation management.
Once I begin a presentation, statement or even start a conversation, I usually assert, if you have any questions or don't understand, please let me know.
There are regional and structural variations in English.
Understanding the English language is important.
I reiterate, if you have any questions or don't understand, please let me know.
There are millions of questions in our question bank which have already been answered. For some dealing with certain scenarios we ask, do you have a better answer? Does anyone have a better answer?
The answer should reflect quality, consistency, benefits, harms, and cost. If you have or anyone else has a better answer, please do communicate it to us.
In the case where there is a question which has no instant answer available, or where the answer is controversial, I will explain that I don't have an instant answer for the question or that the answer to the question is controversial. I will note it and I assure you I will get the best answer I can. Is that clear?
Coming back to inflation.
How do you define inflation?
What is it?
What causes it?
How does the Central Bank control the amount of money in the economy?
How does the Central Bank influence the federal funds rate?
Ideally, what should be the goal of the Central Bank's monetary policy?
What influence do foreign oil producers have on inflation?
Does the exchange rate of the monetary unit in foreign money markets affect the inflation rate?
How can we measure inflation?
What exactly is the CPI?
How do I use the CPI?
Do all world foreign ministers and finance ministers and Central Bank governors agree to the definitions and the answers to these questions?
Do they have better answers?
Does anyone else have a better answer?
This lecture will be incomplete unless all world foreign ministers, finance ministers and Central Bank governors answer these questions.
We will pick up the issues in India, Pakistan, Kashmir, the US, the UK, Saudi Arabia, Iraq, and Brazil with their foreign ministers, finance ministers and Central Bank governors and then replicate the process to the rest of the world.
Foreign ministers, finance ministers, and Central Bank governors, answer and respond to these questions with gross differences in definitions, influences, knowledge levels, and skills.
Who is been harmed by this? Who is suffering?
Foreign ministers and finance ministers, ambassadors, Central Bank governors? No.
They and those who placed them in their positions are drawing fat salaries and are the least bothered about the well being of the people. People are and have been deeply affected by this mismanagement, lack of knowledge and skills.
The world is interdependent. What should be done to train, retrain, orient, re-orient, and educate foreign ministers, ambassadors, finance ministers, and Central Bank governors in this context?
What should be the role of the United Nations in these dynamics?
What should be the role of OPEC?
What should be the role of the Organization of Islamic conferance?
What should be the role of the Commonwealth of Nations?
Do you have an answer?
Does anyone else have an answer better than the answers I already have, we have?