ET will probably announce a three-day mourning period. WARNING: Don’t try to manually count the instances of his name on their frontpage.
Today, MoneyControl.com (CNBC India) reported that SBI chief Arundhati Bhattacharya is a top contender for outgoing RBI governor Raghuram Rajan. When he was appointed as governor, Rajan was suspected of being an IMF mole – he did plant several Wall Street moles in various positions in the RBI – it is not known if they will also leave with him. Rajan left without securing the usual second term, as Modi seemed to have given Subramanian Swamy the go-ahead to launch proxy attacks on Rajan. As I have already foretold, Ms. Bhattacharya was handpicked to destroy SBI. Her efforts to give massive loans to drowning-in-debt groups such as Adani (https://moralvolcano.wordpress.com/2014/11/18/whi-will-give-2-billion-for-a-400km-posco-rail-line-adanigroup-who-will-give-adani-1-billion-sbi/) and telecom operators such as the extremely leveraged Reliance Jio (https://moralvolcano.wordpress.com/2016/05/11/indian-banks-face-tens-of-thousands-of-crores-of-losses-whether-the-1-5-lakh-crore-reliance-jio-succeeds-or-not/) and the scam-tainted Aircel-Maxis (https://moralvolcano.wordpress.com/2014/04/05/sbi-will-never-collect-its-maxis-telecom-loan-having-a-female-chairman-no-insurance-against-corruption-nothing-learned-from-kingfisher-npas/) were probably thwarted by unexpected news coverage. Modi apparently is in a hurry to arrange cheaper loans to “stressed” corporates with a more-pliant RBI governor. Apparently, even a Wall Street favorite cannot scale central bank munificence to the insatiable greed of Modi’s cronies. S Gurumurthy and Swamy are good candidates for the post but it will be SBI wrecker who will take the helm at RBI.To be fair, Rajan did try to get PSU banks to clean up their balance sheets. These banks regularly hid or wrote off bad loans to corporate cronies of politicians and the Finance ministry recapitalized their balance sheet every year without question. Of course, the end game (decided abroad) was to force PSU bank consolidation and leave the field clear for new private/foreign banks. He also did not buckle under enormous pressure to drastically reduce interest rates, although he had to enough to destroy investment schemes favoured by small/middle-income and rural savers, such as postal savings and PPF – to drive retail customers to stockmarket-linked swindles such as ULIPs and NPS and to make traditional investments schemes favored by Indians (fixed deposits and recurring deposits) non-viable.
The most treasonous aspect of his tenure was the fact that he tried to or did send gold held by temples and ordinary people to the UK to shore up the fast-depleting or already depleted “gold reserves” of the Bank of England – his excuse was to improve their “asset quality”. The excuse is unbelievable because India is one of the biggest holders of forex reserves. It does not need to shore up the quality of its gold reserves to make a difference. (http://economictimes.indiatimes.com/news/economy/policy/reserve-bank-of-india-seeks-quotes-to-swap-gold-to-improve-reserves-quality/articleshow/37650780.cms) After the expose of the LIBOR fixing and Deutsche Bank’s confessions in fixing gold and silver prices (http://www.bloomberg.com/news/articles/2016-04-13/deutsche-bank-settles-silver-price-fixing-claims-lawyers-say) and its promise to squeal on its partners in crime (Bank of Nova Scotia-ScotiaMocatta, Barclays Bank Plc, HSBC Bank USA, NA and Société Générale) and probably others like Goldman Sachs, JP Morgan & Bank of America, the London Gold Fix had to avert the prying gaze of attention it has attracted in London (http://www.foxbusiness.com/features/2014/01/17/deutsche-bank-to-withdraw-from-gold-fix-amid-probe.html). Hence, a new gold fix is in the making in Shanghai in the Communist paradise of China and it reportedly will deal ONLY IN PHYSICAL (Oh, yeah! We believe ya!).
I wondered what Economic Times had to say on Rajan, given how it went into a deliriously wild frenzy talking him up when he was appointed as RBI governor. News of his quiting was yesterday’s news. For Economic Times, though, it is like the world has come to a stop. Its front page on the web is all about Rajan. Using Linux BASH, I counted 93 instances of his name on its front page. On websites of other financial papers, it is not so high – most instances were repeat occurrences of the same article under different headings.
Which is why previous governors preferred to keep their trap shut.
This guy thinks that since he is from the US and most of the press have been prodded to praise him, he really must be good. It has gone to his head.
Markets should be left to their own devices. That is how you let it correct itself. People who made bad bets should take a hit.
Back January, Moral Volcano predicted:
They don’t think about their own people. Then, why would they think about EMs?
Is this the economic hitman I was extremely worried about? I guess the Chicago group wanted a dummy that can just answer the phone and take orders. This guy is an textbook economist without an iota of knowledge or experience of how the world economy operates.
The bottomline remains the same. The Rothschilds are in control and sock puppets like these come and go. I got all worked up over nothing. If they had put a chicken in his place, then it would have been more dangerous. I blame newspapers and the rent-a-quote crowd that praised him to high heavens.
BTW, Shobha De will rue the day when she claimed this fool is going to make the markets sizzle. It is going to be flushed down the toilet. HSBC, Goldman Sachs and others have been talking up the market when there is no reason for any upside. With free money (“Quantitative Easing”) ending, FIIs need to wind up their positions in emerging markets. It will be a bloodbath.
RBI governor Raghuram Rajan is slowly slipping in more details about his father. In most published accounts, Raghuram Rajan’s father is identified without his name Govindarajan and only as a senior government official. At an address given at his old school, Rajan claims that his father was too poor to give him a sweater! Sneakily, he also slipped in that his father worked closely with R&AW founder Kao. R&AW was earlier not even admitted as a government organization and was headed by a Joint Secretary in the foreign ministry. Interestingly, it is the R&AW, which conducts “negotiations” with top Indian terrorists organizations.
Even though Caravan magazine had published that Rajan’s father Govindarajan was an Intelligence Burea official and later deputy chief of R&AW, almost all other Indian publications self-censor themselves and mention in passing that his father was a senior bureaucrat.
Caravan magazine was in the news recently after Washington Post was caught plagiarizing content from the magazine. Washington Post created a big fuss last year after writing a critical article on America’s loyal stooge Manmole Singh. Earlier to that, Washington Post was leading a campaign against CNN host Fareed Zakaria, accusing him of plagiarism just because he failed to mention the original authors of a quotation that had over time become popular in general discourse.
NOTE: I was lead to this piece of info while reading a blog post by Seema Sapra (http://seemasapra.blogspot.in/2013/11/why-raghuram-rajan-should-not-have-been.html). Ms. Sapra was a highly paid lawyer before she filed a whistleblower case against General Electric company of the US. She says that GE got her fired and has been harrassing her. GE operatives allegedly have been threatening and now she has been forced to live outside the homes of senior police official in her car (http://www.deccanherald.com/content/342618/homeless-woman-advocate-gives-sleepless.html). I thought Economic Times was bad but I realize Business Standard is a hundred times worse. http://seemasapra.blogspot.in/2014/01/complaint-against-justice-p-k-bhasin.html
He needs to call those Photoshop-fail artists who created Obama’s birth certificate.
You can’t be an Indian citizen if you are still a citizen of a foreign country. One of the reasons Sonia Gandhi was persuaded to give up on the PM post was that she continued to be an Italian citizen as per Italian law.
This IMF mole submitted his Indian passport as evidence of his Indian citizenship but that does not mean he is not an American citizen.
UPDATE (26-January-2014): Rajan has said that he obtained a green card (establishing permanent residentship but not citizenship) in the US. Even then, he cannot be nominated to an India government post.
The man with a permanent smirk a la George Bush has not held a real job before. He moved from an academic position at a Chicago business school to a research position at IMF. That’s it. And, yet articles about him talk about him excelling IN ALL THE JOBS HE HAD HELD BEFORE. In the ET, there was excessive artificial praise from captains of industry to people in academia praising his accomplishments and qualification for appointment as RBI governor.
What are his accomplishments? Nothing. On what basis is he being praised? Nothing. Why?
People like him are not necessarily economic hitmen. Economic hitmen need to have brains and are self-driven. This guy looks like nothing more than a talking head/sock puppet.
The artificial euphoria expressed after news of his appointment reminds me of the time when Vivek Kundra was appointed Barack Ubama as the Chief Information Officer of the United States. The reaction to his appointment were on similar lines.
Longtime PC Magazine columnist went out on a limb to unmask Kundra, who it turned out, has no past history. The only company whose IT infrastructure Kundra had managed to run was his own one-man operation. Somehow, SOME PEOPLE pulled him up and appointed him to high political positions. Dvorak writes:
I first suspected something was fishy about this fellow by listening to him on CSPAN where he simply did not sound like someone who studied computers or technology. His common referrals to Twitter and Google Docs as some sort of high-tech breakthroughs and a way to save money and empower the public stemmed from pure cornball pop culture and the blogosphere, not from computer science or Information technology.
During one of his testimonies before a Congressional committee he even talked about the future being something like the Star Trek holodeck. His clichés and commentary was that of a 18 year-old blogger who just got their first Macintosh.
And his sketchy background was disconcerting. It included a 1997 bust for stealing shirts from JC Penny’s and the later bust of his former staff by the FBI at the DC office during a bribery investigation.
But, to be honest about it, and despite the possible fraudulent bios and non-existent degrees, the kicker for me was that even if he was squeaky clean he has no business being the USA CIO controlling billions and billions of dollars in government contracts.
He hasn’t done anything to warrant this appointment. There are no great policy papers. There are no books. There is no invention. There is nothing but vague tech positions in city and state governments. How does this make him a “techno-whiz” as he was portrayed by the New York Times? It took him six years to get a simple undergrad degree in psychology! Was it just because he uses Facebook and likes Twitter?
So what have we got so far from this person? Well, for starters we are looking at the Recovery.gov website that will cost the taxpayers around $18 million. This news was released recently. What websites costs $18 million? And that’s with no warrantee.
Where was the mainstream media? Where was the right wing media? Is anyone doing due diligence on these important appointees holding the purse-strings to billions? Apparently not.
Look at this excerpt from the USA Today announcement for Aneesh Chopra:
“The response to Chopra is resoundingly positive. Craig Newmark (of Craig’s List) says Chopra is ‘really good for the country.’ Eric Schmidt said in a statement (via WSJ ), ‘Aneesh built one of the best technology platforms in government in the state of Virginia.’ John Doerr of Kleiner Perkins said (also via WSJ ), ‘Aneesh is an inspired appointment. His smarts and experience in technology, health care and investing will serve us well.’ Tim O’Reilly is ga-ga over the choice calling Chopra ‘a rock star’ and says, ‘We couldn’t do better.’”
Americans didn’t do any better. After his big revelation, Dvorak left his contact details on the blog post for speaking engagements. None came.
The script is the same with this Raghuram guy. After his studies, the wonder kid went to a Chicago business school and then moved to IMF. That’s it. The oft-quoted accomplishment is that he went short on the US markets when Alan Greenspan suggested the opposite direction. So what? Even I went short – see Lose The Dollar – I (2004) and Lose The Dollar – II (2005). So did Jim Rogers and Marc Faber. So did Max Keiser and plenty of others. Yet, they are saying HE HAD EXCELLED IN ALL THE JOBS HE HAD HELD SO FAR!
To understand how inept and inexperience he is, just look at the fact that he thought a press conference would be enough to save the rupee when it began its precipitous fall.
Exhibit 1: George Jahn’s AP exclusive on Iran’s nuclear program
Exhibit 2: Decomposed body of MI6 spy is found in a padlocked bag and the police conclude that he must of locked himself in
The most important paragraph in the BBC report: “None of his DNA was found on the lock attached to the bag and his palm prints were not found on the rim of the bath.”
Exhibit 3: Bogus Surveys and Opinion Polls: News organizations will parrot anything they are told
Pakistan suffers from almost weekly mosque shootings and bazaar bombings, in addition to illegal US drone strikes. Yet, they are considered the happiest.
Exhibit 4: Polio Surveillance Report shows thousands of paralysis cases but all of them are classified as non-vaccine related
News reports reguarlly question the sanity of those who are opposed to vaccines. Have they ever looked at the raw data? Thousands of paralysis attacks. Unlike the Injectable Polio Vaccine (IPV), the Oral Polio Vaccine (OPV) promoted by Bill Gates Foundation contains live but “attenuated” viruses. The body structure viruses are so basic that you can barely tell if it is alive!
The World Health Organization (WHO) lies about how the polio vaccine works.
Kids who become paralytic after getting a polio vaccine are supposed to have acquired NON-POLIO ACUTE FLACCID PARALYSIS (NVD AFP). These cases are discarded wholesale as they are deemed not to be VACCINE-DERIVED POLIOVIRUS (NVDPV).
When infants die from vaccines, it is called SUDDEN INFANT DEATH SYNDROME. These deaths are either ignored or worse, their parents are accused of violently shaking the children and killing them.
Doctors and researchers will come to any conclusion in the name of SCIENCE!
Exhibit 5: Top economists think that money printing to prop up stock and debt markets is good
Exhibit 6: Silence can be bought
Exhibit 7: Even in the face of contrarian evidence, they will repeat the lies
Exhibit 8: Mandela – from terrorist to liberty icon
News and PR organisations work hand-in-hand. They can make night as day and vice versa. Mandela was for long a Communist terrorist.