Wednesday, March 29, 2006

larry summers on the cost of excess foreign exchange reserves

mar 29th

fresh from being in effect fired at harvard (the stanford of the east coast), here's larry summers talking about why too much by way of foreign reserves are not good.

in effect, india and others are giving unacknowledged 'aid' to americans. so spend the excess reserves on research! put in place a crash program on energy, earmarked for oil substitutes and solar energy!

http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/69527.pdf

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