Fiction liberates and Reality educates, and if we don't learn we don't evolve.. Innovation and adaptation and most importantly acceptance are the key to chest of Doom, in which we find ourselves locked. Jobs being slashed right , left and center uncertainty and hope lingering heavily in the Air, what should we do....Or What can we do...Are we responsible for Sins of few aspirational (for lack of a sophisticated word)Investment bankers...We ask ourselves why should we suffer?
But if we check the History one fact is accentuated... the entire community pays for actions of one Aspirational (Greedy/Maniac)Leader. We can cite millions of examples from Jangeis Khan to Adolf Hitler, to Osama- Bin laden and few bankers.I believe herd mentality to earn profits of few basis points and follow the leader spelt the dooms day.
Yes you may argue i don follow the herd.. i am different..I think differently.. But there lies the catch we as a human race are excellent thinkers and less of doers.. as it takes courage to swim against the tide.
But History has been testimonial to the fact that great leaders and Change agents who have the tenacity to seize the moment emerge as strong leaders.
And in the Indian context i appreciate the proactive measures taken by Dr Subarao to tackle the situation,some thing that was never done and was never thought of, reminded me of situation when Manmohan Singh was the Finance Minister, and when he took decision to pledge Gold Reserves and Open the Economy. True these decisions are not taken by a single man, but men having vision can influence Bold decisions. Yes Call Money Rates were as high as 20%.. but taking action in all three fronts was a bold and appreciated move. Hard decisions seldom don't come with a pinch of a salt...
But these decision are key ingredients to as i said seizing the moment.
If India is able to weather his storm ( and this Sub-prime Crisis is one Perfect Storm seen once in Century)it is poised for emerging as a strong leader.
2 comments:
You know you certainly are right my dear friend ..... it actually takes one person to just take the initiative and others follow, without caring about the result, not because they dont know...but because of being undecided and certainly HOPEFULL.
The move by the Governor was pretty much required. Drastic times require drastic measures and it has been proved by RBI that it is upto the task.
However, i think more direct intervention is warranted on the part of RBI, to restore confidence and to ensure that the banks achieve the objective with which the rate cut has been made.
As regards suffering goes, i think it has been proved that we are not isolated (obviously!) . But i think its analogous to a bad cold and not more. It has been proved by various examples that India still is going strong...the consumer expenditure growth is still intact (compared to the same falling in US) which is a major indicator of the well being of the economy.
All in All....I also, like the others, am being HOPEFULL, but on more solid grounds. :-P
Thanku its appreciated..
I belive the ECB norm should be further relaxed, which will also help Corporates thirsty for credit get some, and may also help our FX kitty to swell a wee-bit which has shrunk dude to heavy redemptions seen by FII's
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