It’s not that we necessarily need a foreigner, but just that nationality should not be a criterion for choosing Subbarao’s successor
............. After all, in all these years where the RBI has been continually debasing the rupee, they have expressed their support for a easy money policy either explicitly or through their silence. What we really need at the RBI is far-reaching reforms that in effect end the monopoly of the RBI in the issuance of money. We need alternate and private monies to circulate and let the RBI compete against the barbaric relics with its PhD economists and let the markets decide the winners. Let us provide a choice to consumers about the currencies they want to save in – this would force the hand of the RBI to behave more responsibly in the future and not just bow down to the wishes of their political masters.................
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