.............Just a few days into the new tenure one gets a sense of two mindsets at work; in New Delhi, impatience with regulation, a hurry to get to that halcyon phase of high growth, even if sounds like the route Iceland and Ireland took, oh! so long ago. Rajan’s has the weight of a tradition of caution and a memory of a warning delivered at Jackson Hole; and dismissed by the likes of Summers and Greenspan, not to mention the Fed and Washington. The world is still paying the price.
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