Final Word from Thursday, May 28, 2015

Miloš Zeman bears a grudge against certain bankers at the CNB and doesn't miss an opportunity to disparage them for real or imaginary sins. He took the unusual step today of printing an article in Právo in which he blamed the CNB for a 46% inflationary decline in the value of the crown since 1999, compared to only a 39% drop in the euro's value for the period. Ah, yes, what was that famous line from Zeman's beloved Churchill about believing only the statistics he doctors himself? How did Zeman falsify this statistic to make the CNB look bad? He spoke of an absolute decline in the crown's value instead of a relative one against other currencies. In that same year 1999, Zeman stated as prime minister that the equilibrium level for the crown was Kč 19.50 to the DM, or Kč 38.14 to the euro, with a maximum deviation of five hellers. The crown is trading today at Kč 27.40/euro, for an appreciation - not depreciation - of 39% since 1999. This is how much those nasty CNB bankers have earned Czechs in relative terms by not listening to Zeman's advice about the euro. [Czech Republic National Bank central Winston]

Glossary of difficult words

to doctor - to change the content or appearance of something in order to deceive; to falsify;

to bear a grudge - to have a persistent feeling of ill will or resentment resulting from past insult or injury;

to disparage - to belittle or criticize;

deviation - the amount by which a single measure differs from a fixed value, such as the mean;

nasty - behaving in an unpleasant or spiteful way.

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