Will an Ex-IMF economist advise Indian PM bravely -The Times of India

Ex-chief economist of IMF to advise PM-India Business-Business-The Times of India

During his time in IMF, Rajan tried to get that fusty organization to get used to the idea of a rising China and a rising India. In recent weeks, when the global clamour rose for IMF to take a more proactive stance on the crisis, the organisation, Rajan has argued, fell short of the task.

In an interview recently, he said, "What I think we're missing in these moments is a strong, international, independent voice which stands for the world economy and fights for the world economy. It is a loss that the Fund is not performing this role."His biggest grouse against the Fund is something most people have known for long. In the same interview, Rajan criticized the Fund for its "double standards" in its treatment of rich and poor countries. He pointed to a 2007 IMF statement in which it advised India against banning short sales of stocks - but when the Wall Street crash broke, the US did exactly that with no complaint from IMF.

The Raghuram Rajan Report was another tinkering list

By this time Raghuram Rajan should know that the IMF and World Bank are international only in name. The are Westen Clubs - meant for the benefit of the West. There is no other angle to it. Trying to clean these Augean sales is a waste.

India should engage with the BRICS countries - and go ahead. India should focus on creating another institution without the West to start with.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.