Home > Uncategorized > Percy Mistry Suggests That We Dive Headlong Into The Cess Pool

Percy Mistry Suggests That We Dive Headlong Into The Cess Pool


The global financial crisis burst on the scene in August 2007. Things have unravelled dramatically since. The last 13 months have seen $600 billion of net worth written down by financial firms. Bear Stearns has been absorbed by JP Morgan. Northern Rock has been nationalised, following a stunning display of effete ineptitude by the UK authorities. Bank consolidations have occurred in a number of countries. Financial authorities everywhere have been anxious to avoid bankruptcies.(via Percy S Mistry: Illusions, delusions and self-righteous indignation).

Headlong Into The Cesspool

Just 7 months ago, the same writer, Percy Mistry was suggestiong, that India dive headlong into the cess pool of this Anglo Saxon casino – which is called the world financial system.

But, overall, 1997-2007 was a lost decade for Indian finance. And the Asian crisis was the excuse. There is now a real risk that the sub-prime and Northern Rock crises of 2007 will provide the next excuse for blocking further reforms.

There is a torrent of comment about this crisis showing: (a) how dysfunctional the supposedly sophisticated Anglo-Saxon financial system is; (b) how confused the UK is about its reformed regulatory regime; (c) how global financial markets have failed dramatically; and (d) how the public purse is being raided to prop up “bonus-eating” financial pirates who have bankrupted others by inventing complex instruments, ostensibly intended to allocate risk more efficiently, but ending up with no one understanding what the risk is or who bears it…

… As a result of this home-grown, jerry-built regime, aren’t we fortunate that financial markets have not been permitted to fail in India…?

What Is Your Issue?

Is your objection, Mr.Mistry, to the fact that we have been slow in building this system? Or is that it is jerry-built – and not imported in CBU-SKD condition?

My feeling Mr.Mistry is that your main objection is that it is home-grown – and not imported. The ‘imported’ system is also what this writer (Mr.Mistry, I mean) is an expert in! Conflict of interest – or just simple lobbying for some multinational firms!

And to imagine, that Percy Mistry was given the job of drawing a blue print to make Mumbai into a international financial centre.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping – and unprepared. But, not 2ndlook – who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

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