Going Bust For Growth – Dr Raghuram Rajan
July 18, 2015 Leave a comment
Here is the full text of the speech made by Dr Raghuram Rajan. As usual his speech has caused a flutter and consternation in some quarters. Assurances have been extended to people to calm them and reassure them that Acche Din will happen and not be a pipe dream. Believe whatever you choose to, but do read the speech below to get an idea of the world economy ,the problems in other countries and the constraints politicians round the world face. Then decide what you need to protect yourself from the shit floating round and then get ahead.
There are few areas of robust growth around the world, with the IMF repeatedly reducing its growth forecasts in recent quarters. This period of slow growth is particularly dangerous because both industrial countries and emerging markets need high growth to quell rising domestic political tensions. Policies that attempt to divert growth from others rather than create new growth are more likely under these circumstances. Even as we create conditions for sustainable growth, we need new rules of the game, enforced impartially by multilateral organizations, to ensure countries adhere to international responsibilities. Read more of this post
Swaminathan S A Aiyar is always well worth listening to,This piece by him is superlative and well worth reading,Do pass it around.There are too many people pretending that everything is fine or will be so in the near future.Unless we accept that there is a problem and a serious one,we are unlikely to go looking for solutions.
Recessions mean that Ferraris stay in showrooms and designer dresses on shop racks, but lipstick bucks the trend: in hard times, women buy more of it, as it is an affordable indulgence. That, at least, is the idea behind the “lipstick index”, a term coined by Leonard Lauder, the chairman of Estée Lauder, a cosmetics firm, in the 2001 recession. Believers in the theory trace the phenomenon back to the Depression, when cosmetic sales increased by 25%, despite the convulsing economy. But reliable historical sales figures are hard to find.
40 villages of Betul district in Madhya Pradesh are celebrating Diwali with ,great gusto,two-and-half months early.Apparently there are rumors floating around that the deity of Salkanpur appeared before cattle grazers and warned them that if anyone fails to celebrate Diwali during the rains, the family will lose its eldest son and/or face calamity.
