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Global economy’s dialogue of the deaf- Opinion-The Economic Times


First, the frequency of meetings should be increased, especially in times of crisis, and the level of a few of these meetings enhanced. So, for example, two meetings a year at the head-of-government level and quarterly meetings at the finance-minister level would provide ample time for dialogue…

Second, the IMF’s permanent Executive Board should be abolished. Important decisions should be vetted by the IMFC and others delegated to IMF management …

Third, the obvious secretariat is the IMF. Unfortunately, the Fund is not regarded as being impartial, especially by countries that have been seared by its past conditionality. (via Global economy’s dialogue of the deaf- Opinion-The Economic Times).

The Raghuram Rajan Report was another tinkering list

On 5th November 2008, Raghuram Raman was appointed as by the GOI as advisor to the Indian PM – to advise the Indian PM about the forth coming G-20 meetings. As ex-IMF man, if he is the ‘expert’ that he is touted as, by this time Raghuram Rajan should know that the IMF and World Bank are international only in name. They are Western Clubs – meant for the benefit of the West.

Trying to clean these Augean sales is a waste. India should engage with the BRICS countries – and focus on creating another institution without the West to start with.

At it again …

In a media outing, (extracted above), Raghuram Rajan suggests that the Developing World (and India) continue to beat our collective heads at Western altars. Why would the West dilute or allow the Rest to take advantage of structures that the West has created for its own benefit?

Just why?

My feeling …

The BRIC leaders know well enough that the West will not let go of the IMF and the UN. The charade of UN /IMF /World Bank Reform is possibly required – and they are going through it. As for Rahuram Rajan, I dont know if Raghuram Rajan is going for a verbal charade – and at the last minute, spring the BRIC currency. What RRR is suggesting is not going to happen – is clear.

What worries me …

Or does he still believe that his ex-employers can be cured – and endured!

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