Re:India’s banking system is flirting with a Lehman moment
by throwawawy42348 on Saturday November 10, 2018 @07:59AM
(#18421147)
Indeed, I suspect demonetization was in part a scheme to replenish the reserves of the state banks.
Re:India’s banking system is flirting with a Lehman moment
by vijaybritto on Saturday November 10, 2018 @08:29AM
(#18421246)
I think it was bring back cash and also to win Uttar Pradesh state elections. A 100+ plus people died because of that and not many people cared. Sigh
Re:India’s banking system is flirting with a Lehman moment
by kamaal on Saturday November 10, 2018 @09:49AM
(#18421492)
>>not many people cared
No person in India cares much anybody or anything else. Unless they are directly affected by it.
People optimize so much personal good, that bad things happening to others are actually celebrated.
Re:India’s banking system is flirting with a Lehman moment
by beerlord on Saturday November 10, 2018 @08:19PM
(#18424491)
The Indian population is growing by 1,920 people per hour- so they would have been quickly replaced.
Re:India’s banking system is flirting with a Lehman moment
by throwawawy42348 on Saturday November 10, 2018 @08:01AM
(#18421150)
... of course low credit rate means money has a tendency to go into unproductive sectors (ala Japan's Bubble heydays).
(I'm glad to see Economist reflect my understanding.)
The MSME sector, which is touted to employ 92% of India's labour has widely been reported as having taken a very bad hit after the double attack of GST and demonetization. RBI on the other hand is said to favor vulture funds (resembling IMF's 'solution' during the Asian crisis).
Then again, the Indian state has let high profile defaulter escape with impunity in the past few years. There are indications that this was done consciously, through PMO/CBI intervention.
All in all, I have very little trust in any institution of the Indian state.