Saturday, June 9, 2012

Getting back to slowage economy

From The Economist: "Graft, confusion and red tape have infuriated domestic businesses and harmed investment. A high-handed view of foreign investors has made a big current-account deficit harder to finance, and the rupee has plunged."

"Not sensitive to atmosphere, the future George V told Gopal Krishna Gokhale in November, 1905, that he had “never seen a happier people”. Clearly, the lustily cheering mobs misled him. Indians are like that, witness the immensely rich chairman of a multinational corporation ingratiatingly following a senior British diplomat all round the room during a recent reception in Calcutta." More here

After all Taylor rule makes sense.

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