As a second line of defence it can be pointed out that world trade is developing at a furious pace despite flexible exchange rates between the major international currencies. That may be due to the fact that incorrectly valuated exchange rates tend to correct themselves in the medium term.
Policy inaction was not an option and social mobility has been dramatically curtailed as a result. In Aotearoa, New Zealand, we have now been living in this constrained world for a year.