CHINA: Rice & Salt, Not History

It is related in Chinese folklore that a young peasant girl was asked to carry some wind wrapped in paper and some fire, also wrapped in paper. Her answer was to carry a fan and a lantern.

With the same earthy wisdom the tenth plenary session of the Kuomintang's Central Executive Committee last week attacked China's seemingly impossible problem of inflation and price control. After dozens of schemes were suggested the delegates settled on one: henceforth the general price of all commodities will be in a fixed ratio to the price of salt and rice.

This was a homespun device. It...

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