Bertrand Wong Research Professor, Eurotech, Singapore Branch   Blk. 437, Ave. 10, Ang Mo Kio, #11-1365 Singapore, Singapore 560437 Singapore   bwong8@singnet.com.sg             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General E0 : Macroeconomics and Monetary Economics: General