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Posts Tagged ‘Raghuram Rajan’

G8 is dead, long live G14 – Europe – World – NEWS – The Times of India

July 12, 2009 1 comment

The intimation of G8’s impending demise came from the host of the summit, Italian President Silvio Berlusconi. “We saw that G8 is no longer a suitable format to show a global economic way of doing. Instead, a consolidated G14 representing 80% of the world economy could help create a real dialogue. We want to see if the G14 is the best solution for debates which will bring to us unique results.”

Berlusconi was merely echoing the creeping realisation among the G8 countries that the steady decline of the developed nations, coupled with the rapid rise of developing countries like India and China, had rendered the rich club irrelevant. (via G8 is dead, long live G14 – Europe – World – NEWS – The Times of India).

Western Clubs

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.

Sinking .. or saving ...

Sinking .. or saving ...

All G20 members were ‘invited’ to join another Western Club – the FSF. The Financial Stability Forum, another club, with the same G7 members. Just why does India join these rubber stamp bodies – and lend sanctity to the exploitative agenda of the sponsors. Does the world need another body, with the same Central Bank members, addressing the same monetary issues problems, with the same agenda?

G7 and OECD countries have created a club for themselves, by giving each other unlimited line of credit – while the developing world gets credit based on fast-depreciating dollar/euro foreign exchange reserves. Maybe this needs an inversion. The OECD and G7 should be asked to pay their purchases. In a new global reserve currency. And the BRICS need to start working on that.

Many of the regulatory bodies are actually a US-Euro Clubs – to fool the world, with token actions and steps to demonstrate inclusion and fairness of the developing world.

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.

Could you be loved ...?

Could you be loved ...?

Between ASEAN and IBSA, India needs to take Third World groupings from talk-fests to action-teams. Western clubs like UN, IMF, World Bank, G-7, P-5, etc are all heavily weighted against ‘outsiders’ like developing nations.

Join the gang

Thanks for the offer, but no thanks. And I will tell you why!

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.

Safe, Steady and Sure

We can keep banging our head against these Western altars, for another 60 years. It won’t work. We need to move – not necessarily fast, but surely and steadily. The Developing World (and India) can continue to knock at the doors of these Western clubs – and yet why would the West dilute their power and influence? And allow the Rest to take advantage of structures that the West has created for its own benefit?

Just why?

What is on the table

Bankrupt welfare state

Bankrupt welfare state

2 out of the G-7 countries are bankrupt – US and Britain. Their industrial base was supported by raw materials and captive markets – acquired by genocide, and the loot of centuries.

France, Germany Canada and Australia (not in G7) and Italy are tethering on the brink – under the weight of their social security system, and most of their business in the public sector. A geriatric Japan is dependent almost entirely on these declining seven. Japan’s investment in India and China has been negligible.

What Do We Bring To The Table

India, China and South Africa on the other hand, bring growing economies, young populations, lower welfare state burdens, expanding industrial base – and above all, a record of non-aggressive history.

These dubious clubs depend on victims to approve and finance their own slaughter – and these memberships don’t appeal to India.

G7, you are welcome to join us at our terms. We dont want to be a part of your ‘blood soaked history.’

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

June 24, 2009 1 comment

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!

An ex-IMF expert on reforming global economic and financial governance – livemint.com

November 14, 2008 2 comments

Reforming global economic and financial governance – Views – livemint.com

The obvious secretariat is IMF. Unfortunately, IMF suffers the burden of history, and its objectives and governance are still not sufficiently transparent so as to make it widely trusted by emerging markets. Important reforms are needed at IMF, including: 1) Broadening its mandate beyond exchange rate surveillance, which tends to put only emerging markets under scrutiny. 2) Making the Fund self-financing so that it does not have to keep going back to key shareholders (which effectively gives them a veto over IMF activities). 3) Eliminating any country’s official veto power over major decisions. 4) Making the choice of management transparent and nationality-neutral, and 5) Allowing IMF’s agenda to be set by the more representative G-20+.

The Raghuram Rajan Report was another tinkering list

On 5th November, Raghuram Rajan 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 an ex-IMF man, he is considered to an expert in IMF and other multilateral institutions.

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. There is no other angle to it. Trying to clean these Augean sales is a waste. India should engage with the BRICS countries – and go ahead. India should focus on creating another institution without the West to start with.

At it again …

In his latest 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?

The Tri Polar Reserve Currency Option

For how long can we continue with our (blind) trust of the West? The Third World, Mr.Rajan needs to take charge of their own destiny, their future – and their money and finances.

Are you upto the job?

Will an Ex-IMF economist advise Indian PM bravely -The Times of India

November 5, 2008 1 comment

Ex-chief economist of IMF to advise PM-India Business-Business-The Times of India

During his time in IMF, Rajan tried to get that fusty organization to get used to the idea of a rising China and a rising India. In recent weeks, when the global clamour rose for IMF to take a more proactive stance on the crisis, the organisation, Rajan has argued, fell short of the task.

In an interview recently, he said, “What I think we’re missing in these moments is a strong, international, independent voice which stands for the world economy and fights for the world economy. It is a loss that the Fund is not performing this role.”His biggest grouse against the Fund is something most people have known for long. In the same interview, Rajan criticized the Fund for its “double standards” in its treatment of rich and poor countries. He pointed to a 2007 IMF statement in which it advised India against banning short sales of stocks – but when the Wall Street crash broke, the US did exactly that with no complaint from IMF.

The Raghuram Rajan Report was another tinkering list

By this time Raghuram Rajan should know that the IMF and World Bank are international only in name. The are Westen Clubs – meant for the benefit of the West. There is no other angle to it. Trying to clean these Augean sales is a waste.

India should engage with the BRICS countries – and go ahead. India should focus on creating another institution without the West to start with.

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