A must-read excerpt from former RBI governor and former Rajya Sabha member Bimal Jalan's India: Priorities For The Future.
Central banks should be free to decide on monetary and credit policy.
In the words of Nobel laureate Paul Krugman, in a recent article, "The US is paralysed in the face of mass unemployment and out-of-control health-care costs. Don't blame Obama. There's only so much one man can do, even if he sits in the White House. Blame our political culture instead, a culture that rewards hypocrisy and irresponsibility rather than serious efforts to solve America's problems."
If we are panicky, if we seem to be panicky, and if we seem not to be able to tackle the problem, then you would lose.
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