"I have watched how steadily the general feeling, as shown at elections, has been rising against Slavery. What a proud thing for England if she is the first European nation which utterly abolishes it! I was told before leaving England that after living in slave countries all my opinions would be altered; the only alteration I am aware of is forming a much higher estimate of the negro character."

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The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.

— Milton Friedman