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Re: Reputation as a major check on malpractices



On Wed, 3 Jun 1998, Kush Khatri wrote:

> Thanks Sanjeev for your answers.  I wish I was in Hawaii!   

Hey! We can make a thousand Hawaii's in India! How about that!

Well, on the other point of yours, which was a strong attack on Alan
Greenspan. Actually you had a point there which you did not articulate
properly and hence lost that great opportunity to beat me in debate (!).

Your point was about institutions. Well, the Fed is a great institution,
and is becoming even better each year with the tremendous amount of
professional research going into this sector of monetary economics. Thekey point you want to add (and I speak on your behalf now), is the
following para in the Manifesto:

Independence of the Central Bank:

The Reserve Bank of India should be made completely independent of control
by the executive. The bank should be completely free to research and
implement the best possible monetary policy for India based on the current
situation. The only focus of the Bank should be one: to keep inflation in
complete check. That is because inflation is the surest way to hurt the
lowest earning members of a society. Other economic goals, such as
employment and growth, should be purely under the jurisdiction of the
executive. 

How about that? Do you see my point about crystallizing your thought? It
is crucial that we do that, else, even when we see eye to eye, it might
appear to each other that we are in complete opposition!

Please also do not forget to take up the responsibility of creating a 1000
Hawaiis in India... [I remember your distaste for Tourism, but that can be
a great forex earner plus a great way to attract foreign investment ...]

Thanks,

Sanjeev