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Currency Demonetisation and Future course of Indian Economy

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Prem Kumar
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Prem Kumar » 13 Sep 2017 00:09

Like MMS, Raghuram Rajan is likely a Manchurian Candidate. His loyalties lie with his Green Card. He displays the same petulance as the Lutyens elite when they're told to vacate their ill-gotten bungalows

M_Joshi
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Re: Currency Demonetisation and Future course of Indian Economy

Postby M_Joshi » 13 Sep 2017 22:49

^^ Maybe that's why he still hasn't given up his Indian passport. To be able to be in Indian Govt one fine day.

Austin
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Austin » 13 Sep 2017 23:16

Ex RBI Governor Raghuram Rajan Exposes Demonetization


vimal
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Re: Currency Demonetisation and Future course of Indian Economy

Postby vimal » 14 Sep 2017 00:36

The names on the comment section will tell you who supports this green card holding joker.

arshyam
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Re: Currency Demonetisation and Future course of Indian Economy

Postby arshyam » 14 Sep 2017 07:22

As an ex-central bank governor, he should know better when to speak and when not to. Mumbai was curiously quiet during the UPA days, but became sort of hyperactive during NDA. And now this publicity tour for discussing monetary policy almost right after he left Mumbai leaves a poor taste. By contrast, Mr. Patel has been discreet and not talking about non-monetary stuff in some lecture tour, etc. I suppose the Amerikka halo provides the chutzpah in Rajan's approach - people will generally give him a free pass on talking out of turn, and crash on a home grown guy like a ton of bricks.

Rajan should have waited another year or two before commenting about these things - whatever monetary policy decisions he had taken would have more or less run its course and any comments at that time would not have caused much harm. This however, is not done.

Katare
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Katare » 14 Sep 2017 08:15

That is very good speech. He seems very appreciative of both UPA and NDA govt for giving him freedom to act.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 14 Sep 2017 08:23

I wonder what Rajan is being paid for these speeches? If I were GoI, I would cancel his passport and let him become a US citizen. Then ban him from ever getting an Indian visa.

Manish_Sharma
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Manish_Sharma » 14 Sep 2017 08:28

Prem Kumar wrote:Like MMS, Raghuram Rajan is likely a Manchurian Candidate. His loyalties lie with his Green Card. He displays the same petulance as the Lutyens elite when they're told to vacate their ill-gotten bungalows


Apologies the video is in Hindi, but it exposes MMS that a French newspaper Le Monde had printed during Chandrashekhar's PMship that "no matter who forms the next govt, Manmohan Singh will be the next finance minister :



Raghuram also IMF guy, and you can see how rNDTV CNBC all go orgasmic at his every utterance.

His dream is like MMS first RBI governor > Finance Minister > PM

Full backing of Ford foundation - CIA - NATO - ej- vatican.

arshyam
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Re: Currency Demonetisation and Future course of Indian Economy

Postby arshyam » 14 Sep 2017 08:34

Mort Walker wrote:I wonder what Rajan is being paid for these speeches? If I were GoI, I would cancel his passport and let him become a US citizen. Then ban him from ever getting an Indian visa.

That seems a bit drastic. Why do say so?

Mort Walker
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 14 Sep 2017 08:41

^^^His statements border treason. Better yet, cancel his passport and report it to the Trump administration and ask ICE to deport him to India. Then arrest him for sedition. Seize all of his assets and his family's too. Let him rot in jail. This fellow is far more dangerous to the union than that blowhard Arundhuti Roy. If you give RR a break then all sorts of assholes will create unnecessary trouble.

bhavani
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Re: Currency Demonetisation and Future course of Indian Economy

Postby bhavani » 15 Sep 2017 00:56

Ignoring jackasses like RR is the better option i think, There are a lot of these folks in US andc canada. Just look at the petetion signed by these so called intellectuals before 2014 Elections

Gus
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Gus » 15 Sep 2017 01:04

let him be folks...man's gotta make a living. if not him, it'll be some other more insufferable dude like amrtya sen boring us with their doom n gloom.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 15 Sep 2017 01:14

Ignoring RR is all fine, but getting him may be easier to set an example of. It would put other ARoy type assholes on notices.

vijayk
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Re: Currency Demonetisation and Future course of Indian Economy

Postby vijayk » 15 Sep 2017 02:43

RR was made Vice Chairman of BIS which international banking alliance that controls world economy as soon as he was made RBI Gov. BIS is controlled by 30 banks worldwide

http://www.thehindu.com/business/bis-el ... 65631.ece#!

KrishnaK
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Re: Currency Demonetisation and Future course of Indian Economy

Postby KrishnaK » 15 Sep 2017 04:32

Mort Walker wrote:^^^His statements border treason. Better yet, cancel his passport and report it to the Trump administration and ask ICE to deport him to India. Then arrest him for sedition. Seize all of his assets and his family's too. Let him rot in jail. This fellow is far more dangerous to the union than that blowhard Arundhuti Roy. If you give RR a break then all sorts of assholes will create unnecessary trouble.
The GoI can't cancel passports at will, let alone seize property. I'm sure Raghuram Rajan's relieved that there are those on this forum who'd rather let him be.

yensoy
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Re: Currency Demonetisation and Future course of Indian Economy

Postby yensoy » 15 Sep 2017 05:35

Mort Walker wrote:^^^His statements border treason. Better yet, cancel his passport and report it to the Trump administration and ask ICE to deport him to India. Then arrest him for sedition. Seize all of his assets and his family's too. Let him rot in jail. This fellow is far more dangerous to the union than that blowhard Arundhuti Roy. If you give RR a break then all sorts of assholes will create unnecessary trouble.


When did we become Pakistan?

All this stuff about people being in the IMF's pocket is hogwash. IMF has a set of rules, and they have the money. If you want to play a different model, please raise your own money and monetary system which can be used to fund your imports and pay for your exports. If that is Bitcoin, and you have all the computers to mine money, so be it. Talking about fiscal prudence, transparency and good governance (incidentally a lot of things like environmental and human audit of projects was included, over the years, due to the efforts of India based activists) is a good thing. A tough banker is actually your friend - the pawn broker down the road who encourages you to borrow and spend is not. And then we need our own oversight to ensure that every dollar borrowed is used to the last drop.

Whenever we have the need and an opportunity presents itself, we diversify our source of funds. FDI are hot money which can reverse at the slightest challenge. We have ADB, AIIB and NDB - the latter 2 being in Chinese hands. Japan is funding the bullet train project (their interest being in making their technology sticky, and in long-term wealth preservation) to a large sum of money. Companies have also borrowed heavily from abroad when the numbers are advantageous to them - for instance Indigo and even Air India has leased several aircraft from Chinese controlled consortiums.

So we have a pretty diverse basket of borrowers and yes we play one off against the other. The Central Bank (RBI) has the duty of preserving sanctity of the rupee (while balancing growth and inflation), and they have largely delivered regardless of pressures. Today the problem is not RBI, it's that private industry is unwilling to borrow and invest.

Mort Walker
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 15 Sep 2017 11:34

^^^It has nothing to do with RR being a good banker. No one is doubting that, but openly getting into politics, and that too on foreign soil, is a big no-no. It borders treason for a former government official. It's one thing to say things in private or quoted in an interview, it is entirely different giving speeches on it outside India. As an example, there are a lot of former US Gov. people who don't like Trump's policies, but they don't get into partisan politics on foreign soil.

The only saving grace here is that RR stupidity is recorded for posterity on YouTube and becomes a disqualification for any future govt. office in India. However Con-gress party may still invite him.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 15 Sep 2017 11:41

KrishnaK wrote:
Mort Walker wrote:^^^His statements border treason. Better yet, cancel his passport and report it to the Trump administration and ask ICE to deport him to India. Then arrest him for sedition. Seize all of his assets and his family's too. Let him rot in jail. This fellow is far more dangerous to the union than that blowhard Arundhuti Roy. If you give RR a break then all sorts of assholes will create unnecessary trouble.
The GoI can't cancel passports at will, let alone seize property. I'm sure Raghuram Rajan's relieved that there are those on this forum who'd rather let him be.


Sure the GoI can. The passport number can be made invalid. Any visas given on it by default become invalid. I would go a step further and cancel RR's wife and childrens' passports too, although my guess is that his children were born in the US as RR's wife is a professor at Univ. of Chicago too.

yensoy
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Re: Currency Demonetisation and Future course of Indian Economy

Postby yensoy » 15 Sep 2017 12:13

RR is definitely being partisan while abroad, but it's better to let him have his day in the sun than persecute him. This is not the first person nor will it be the last to wash dirty laundry in public, and that's how it works for us. As an economist and person with political views, the only durable counter to him will be if the economy succeeds in turning the corner, adding jobs and bringing about social stability.

In other words, he is an academic with strong and politically backed views. Prove him wrong.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Aditya_V » 15 Sep 2017 12:16

Its worthless, as time passes there is no option but to let economy pick up and make him useless. Media is the oxygen which these people survive on. Once you take that away they become an Aam Aadmi.

KrishnaK
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Re: Currency Demonetisation and Future course of Indian Economy

Postby KrishnaK » 16 Sep 2017 00:28

Mort Walker wrote:
KrishnaK wrote: The GoI can't cancel passports at will, let alone seize property. I'm sure Raghuram Rajan's relieved that there are those on this forum who'd rather let him be.


Sure the GoI can. The passport number can be made invalid. Any visas given on it by default become invalid. I would go a step further and cancel RR's wife and childrens' passports too, although my guess is that his children were born in the US as RR's wife is a professor at Univ. of Chicago too.


….Now, it has been held by this Court in Satwant Singh’s case (supra) that ‘personal liberty’ within the meaning of Article 21 includes within its ambit the right to go abroad and consequently no person can be deprived of this right except according to procedure prescribed by law. Prior to the enactment of the Passports Act, 1967, there was no law regulating the right of a person to go abroad and that was the reason why the order of the Passport Officer refusing to issue passport to the petitioner in Satwant Singh’s case (supra) was struck down as invalid. It will be seen at once from the language of Article 21 that the protection it secures is a limited one. It safeguards the right to go abroad against executive interference which is not supported by law; and law here means ‘enacted law’ or ‘State law’ (Vide A.K. Gopalan’s case). Thus, no person can be deprived of his right to go abroad unless there is a law made by the State prescribing the procedure for so depriving him and the deprivation is effected strictly in accordance with such procedure…..


from Supreme Court of India - Suresh Nanda vs C.B.I on 24 January, 2008

The GoI is subject to the laws of the land.

KrishnaK
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Re: Currency Demonetisation and Future course of Indian Economy

Postby KrishnaK » 16 Sep 2017 00:30

Mort Walker wrote: It borders treason for a former government official. It's one thing to say things in private or quoted in an interview, it is entirely different giving speeches on it outside India. As an example, there are a lot of former US Gov. people who don't like Trump's policies, but they don't get into partisan politics on foreign soil.
All your personal opinion and pretty arbitrary at that. There's no law against it.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 16 Sep 2017 02:41

Treason and sedition are not arbitrary and is the law of the land. It's just a matter of which laws the GoI wishes to enforce.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Mort Walker » 16 Sep 2017 02:43

Aditya_V wrote:Its worthless, as time passes there is no option but to let economy pick up and make him useless. Media is the oxygen which these people survive on. Once you take that away they become an Aam Aadmi.


+1. There are other fish to fry.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Katare » 16 Sep 2017 03:21

In my opinion if RR had not quit from RBI, Indian economy and Modi govt would have been much better off today. People of his caliber, skills and experience are so rarer to find that you can count them on your fingers. Panagariya is also leaving for similar reasons that is tenure and cushy life of a hifi massa professor. Anyhow no one's irreplaceable and late in his tenure, his celebrity status had made him more of a liability than an asset. RBI governor's job in most part is to give speeches and mold market orientation by communicating policy directions but until Rajan DDM had not paid much attention to boring RBI Govorner's events. Rajan should have blocked off the poisonous media once things started to get out of hand ( like Gen VK Singh did). The New governor has drawn an iron curton around him to preserve space to function.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Vidur » 16 Sep 2017 15:09

There are two issues here.

1. The RBI governor's independence on monetary policy which helps to balance the two sometimes conflicting goals - price stability and growth. I agree with RR that price stabilty is more important in India. Our problems are supply side not lack of demand. So growth with come by reforming factor markets, building infrastructure, better tax administration and better governance - ie supply side. Lower interest rates are not the solution. There is a common mistake in many economies of asking monetary policy to do the work of fiscal policy. Thats wrong. And to the extent RR stood up to that it was good. There is always a healthy tension between the finance ministry and RBI. Its good. He was also right in calling for reform of bank balancesheets and crony capitalism which has riddled PSU banks with unperforming corporate loans. There has been HUGE corruption over the last 10-15 years at PSUs with full orders from the govt. JP, Mallaya etc are just two manifestations of that.

2. But his comments on non RBI and monetary policy issues like tolerance etc were wrong. Central Bank governors are expected to be 100% politcially neutral. Infact a good governor anyhwere in the world is a quiet one, from a media perspective even a lack lustre one. This is where he did a lot of damage.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby putnanja » 16 Sep 2017 21:32

RR is a media-whore and he loves being in the limelight. Unfortunate truth. And no one doubts his intelligence. He also figured out that now is the right time to peddle his book too, when there is debate going on about demonitization. Plus ideologyically he wasn't comfortable with the BJP. So hitting two birds with one stone, peddle his book & also attack the government using the halo the Indian media had built for him. He knows the effect of timing.


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