"Nothing, of course, will ever take the place of the good old fashion of 'liking' a work of art or not liking it; the more improved criticism will not abolish that primitive, that ultimate, test."

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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