also look at a prophetic ft column quoting nouriel roubini (i think he's a lebanese immigrant to the US). pretty good in the details of the scenario he outlined. maybe i should go back to reading roubini's blog regularly, esp as somone said it's become free again.
http://images.google.co.in/imgres?imgurl=http://media.ft.com/cms/dea0ae3e-df12-11dc-91d4-0000779fd2ac.gif&imgrefurl=http://blogs.ft.com/wolfforum/2008/02/americas-economy-risks-mother-of-all-meltdowns/&h=244&w=425&sz=13&hl=ml&start=13&sig2=xzJx4p0IzKccRz5wMW5eiw&um=1&usg=__LS95Ld6UY_qeM6Bx5SPkn0s_nbI=&tbnid=u6rpwiU4g571zM:&tbnh=72&tbnw=126&ei=xAvuSM2hB4qM6gPp4PG4Bg&prev=/images%3Fq%3Dmeltdown%2Bfinancial%2Bus%26um%3D1%26hl%3Dml%26client%3Dfirefox-a%26rls%3Dorg.mozilla:en-US:official%26sa%3DG
From: Girish
| These limeys find that India's banking system is currently in better shape than theirs but yet cannot resist preaching. India cannot afford to delay bank reforms By James Lamont Wednesday Oct 8 2008 13:40 The first signs that India was victim to the global credit crunch came not in the teeming financial centre of Mumbai but in the cities of Karnataka and Andhra Pradesh. Depositors queued up at branches and ATMs of ICICI Bank (NYSE:IBN) , the country's second largest bank, and simply withdrew their cash. It was the beginning of an old-fashioned bank run. Rescuing ICICI fell to D. Subbarao, the new governor of the Reserve Bank of India. The RBI issued a short statement saying depositors' money was safe and offering liquidity support if necessary. The private sector bank's management was more voluble. It indignantly complained the bank was prey to "baseless and malicious" rumours, exploiting an earlier admission of exposure to $81m (£46m, €59m) in Lehman Brothers' senior debt, and stock market manipulation. |
2 comments:
India taught the Scots how to bank, and had the best developed international commercial transaction systems >1000 years ago. As Nani Palkhiwala put it, only an Indian businessman can buy from a Jew and sell to a Scot and still make a profit! Get lost you limeys! You are not in our league!
Look at the present.Just a couple of instances:-
One matrubutham of UCO bank got arrested in the eighties.
PNB or whatever glibly wrote off huge amounts of money that it gave to a muslim minister in civil aviation.
Mitrokhin archives have a telling phrase:
" The entire country was for sale ".
India is unfazed when our own FARMERS commit mass suicides.
It relentlessly gives & gives to 'istans around---afghan , puki , palestine , beggardeshis, cuba (recall a shipload of free medicines, food etc etc were sent to Cuba because jyotibosus & nawabpataudis decreed so in the guise of *secular magnanimity*)
At least in European countries or America some amount of probity & accountability are expected.Some Grand Jury indictment would take place.
In Godforsaken holier than thou india , the crooks & thugs become rulers , policymakers , ministers , opinionmakers even judges!!!!
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