Asia’s real problem is boosterism, not Fed policy

........Take India, which has been acting as though its rise to superpower status was inevitable, no matter what the government did (or, more important, didn’t do). Reforms have stalled, while unaffordable government handouts have proliferated. And with an election due in nine months, no one expects that the hard decisions needed to get the economy back on track will be taken. There’s great excitement that respected economist Raghuram Rajan will soon helm the Reserve Bank of India. But the nation’s problems—which include a government as bereft of ideas is it is flush with corruption and inefficiency—are largely beyond his control...............

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