And they would be richer for it, even though they would at some point had to raise rates and made themselves unpopular. It is better to have unpopular central bankers from time to time than hyperinflation and expanding poverty. The second leg of the policy tripod is a floating, market-determined exchange rate. Again, this sends everyone the right signals.
If the currency is depreciating, it tells importers to cut back, and it tells exporters to raise production. By contrast, a fixed exchange rate helps everyone hide from economic realities too long – leading an economy to rely too much on imports, and to borrow too much in foreign currency.