By Shanmuganathan Nagasundaram
From FirstPost.com
I wonder if the works of Adam Smith, Henry Hazlitt and Frederic Bastiat should be required reading for would-be and current central bankers – whether in India or elsewhere in the world. Else, they would not be making a mockery of the vary basics of economics in their pronouncements.
Consider the latest “game-changer” proposal by Reserve Bank Deputy Governor Subir Gokarn – for the “dematerialisation of gold”. Firstly, I think what Gokarn is recommending may actually be illegal or unethical – but let’s leave that aside for a bit. I think it’s one of the most banal ideas that could have been floated to deal with the problem of high gold imports.
Read more:
http://www.firstpost.com/printpage.php?idno=537057&sr_no=0
