But flexibility is not a synonym for pure floating.

It looks like a hair dryer from Mars.

But it was soon in tatters, and the world moved to generalized floating.

Industrial designer Brooks Stevens developed the first electric dryer with a glass window in the 1940s.

It generates all of the buoyancy, all of the payload for the craft, and the batteries are down here hanging underneath, exactly like a balloon.

Thus, the exchange rate regime in Latin America today is one of actively managed floating.

One morning, when I was feeding my pigs, I noticed a particularly tasty looking sun dried tomato loaf that used to crop up from time to time.

The nuclear waste typically goes into a dry cask storage out back of the parking lot at the reactor site because most places don't have underground storage yet.

China may resume a managed float of its exchange rate, particularly if the uncertainty of the overall post crisis economic situation diminishes.

The most common spray dryers are called single effect as there is only one drying air on the top of the drying chamber (see n 4 on the scheme).

Indeed, a third lesson is that neither hard pegs nor unfettered floating facilitate the preservation of a competitive real exchange rate, which is crucial to promoting and sustaining economic development.

In November 2008, a non peer reviewed study was presented to the European Tissue Symposium by the University of Westminster, London, comparing the bacteria levels present after the use of paper towels, warm air hand dryers, and modern jet air hand dryers.

Only fire breathing free market advocates, seemingly oblivious to the fact that China s shaky financial system cannot survive liberalization overnight, are calling for an extreme version of floating.

But the weight give to the exchange rate is higher today in the US China dispute, because, whereas Japan had a managed float exchange rate regime in the 1980 s and 1990 s, the Chinese exercise much tighter control over the renminbi.

There is little doubt that substantial foreign reserves, together with the flexibility to float and intervene, have mitigated the impact of the recent crisis on Latin America, and contributed to its emergence as one of the best performing regions in an era of deep uncertainty elsewhere.

Neither scenario is very likely. Only fire breathing free market advocates, seemingly oblivious to the fact that China s shaky financial system cannot survive liberalization overnight, are calling for an extreme version of floating.

But what most characterizes Latin America s experience is that, despite publicly preaching the virtues of a floating rate, the authorities actively intervene in currency markets, this time in different and creative ways. Thus, the exchange rate regime in Latin America today is one of actively managed floating.