...........Almost more to the point, the euphoria around Rajan is evidence of the Great Man fallacy of central banking, an always foolish belief that complex events can be bent to the will of one magical civil servant. Indian markets were jubilant, and media portrayed him as James Bond, after Rajan unveiled a host of measures designed to support the rupee. Bank shares soared by 9 percent, the main Bombay Stock Exchange Sensex rose 2.2 percent and, best of all, the rupee rose by as much as 2.3 percent. Rajan's raft of measures were both clever and far-sighted............
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