Instead of economic growth being dependent on money growth as the paper money advocates claim, great economic harm comes from central banks creating new money out of thin air.
If money growth's primacy in driving inflation is a long-run phenomenon, what are the things that matter over the course of the typical business cycle, say five to seven years?
The key problem with losing credibility on inflation is not the inflation itself -- the inflation comes from the broad money growth, not the expectations.
Academic studies reinforced the view that inflationary money growth was beneficial and optimal, and importantly, they did not anticipate a financial meltdown.
International remittances are of the greatest importance for the economy since internal remittances have no effect on the money growth within the country.