.............In modern economics, central bankers are alchemists, converting paper into precious metals or money. Remember the mantra signed by the Reserve Bank of India Governor on our currency notes: “I promise to pay the bearer the sum of rupees…”? At one point, this literally meant the promise to convert currency notes into silver rupees. Today, if you go to the Reserve Bank to demand such a conversion, you would be thrown out. To be sure, alchemy is not quite dead, if one goes by the popularity of bitcoins..........
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