Because King has ignored his mandate and allowed inflation to soar above target.

Allowing higher inflation through low interest rates can only hold down unemployment in the short term, he said.

Even under the current system, states have allowed inflation to erode the value of cash welfare benefits by more than 40 percent since 1972.

Or it can be done by allowing inflation to eat up the value of existing rubles.

This allowed inflation to rise by only 2.8% between 1941 and 1945, after rising by 17.8% in the previous two years.

No wonder states have passively allowed inflation to eat into the value of their welfare benefits.

The domestic authorities can simply allow internal inflation to push down the rate of exchange.

In the 1970s and 1980s we allowed runaway inflation.

We have allowed inflation to rip, something that devalues our currency.

Continuing to allow inflation to silently steal older people's assets is not a recipe for economic recovery.