The financial tsunami of 2008 - A.Seshan

...........That the humongous creation of money wasn't justified was evident from banks' excess investment in government securities, some of the facilities being either not availed of or utilised only to a limited extent and the round-tripping of money released by RBI through the reverse repo operations for quite some time. The persistence of inflation in recent years is the spill-over from the monetary excesses of 2008-09. The chickens have come home to roost............

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