I listened to his full speech. He is just like Modi, talking about the ironies – taking from here and there, but not talking what his independent mind says to save this country’s economy. He very well understands that US, China and Japan built roads and airports unnecessarily to save their economies (but failed obviously). So he should have asked this government why it is building roads and airstrips – to save itself for the day and destroy the future. Similarly, its a no-brainer that Trump is selling the american oil reserves to save itself. That’s why dollar isn’t depreciating (I suppose India too is going to import oil from US). About Japan’s economic policies, if really his observations are true, than what is he going to do to save the Indian Janta from being robbed by banks? Is it by allowing our government to chhapofy more notes? At one time he says demonetization saved the economy, and then goes ahead to say it destroyed jobs and msme sector! And he is asking RBI to lend to these sector now (Is it because now they will donate to BJP and help it win the elections?)!! Similarly he says that the higher denomination notes destroyed the economy. Then why did they come out with 2000 notes? To destroy even more? In fact he should (and this government should) understand that a chartered accountant is not an economist. So he should do what he knows best – calculate the taxes, rather than advising the economists. And he started with saying that India should be more confident. His confidence it seems comes from his foolishness (like many in this Government). That is why every institution in India is getting destroyed today…
I am surprised to see how “The Print” gave space for a column by this Paranoid pseudo economist… Who understands nothing about economics but as a great economist under the banner of RSS backed Vivekananda Fundation
This is what happens when illiterates get a job. US dollar is a global tender. It can [rint money. Indian RUpee is not fully convertible and is not an international currency. Pick any CLass 10 NCERT book and it will tell you
“In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies, etc”. Wikipedia
I picked up this definition of “subprime lending” from Google. Obviously, the key word is, LENDING — someone giving money to someone, (in high or small denomination notes).
Mr Gurumurthy says the following:
“That is what funded this gold and real estate prices. And if it had gone the same way, what had happened in America in 2008 because of subprime lending would have taken place in India because of high denomination currency. If anybody wants to have a debate with me, I will be able to prove that but for demonstration (sic), the Indian economy would have collapsed.”
From the above definition, demonetization by causing unemployment and other financial setbacks was the CAUSE of creating a subprime-lending kind of situation, whereas the author is saying that demonetization PREVENTED the occurrence of subprime-lending kind of situation! I absolutely don’t understand how!
Buying and selling of gold and real estate was easier with high denomination notes, true, but how …”the Indian economy would have collapsed.”?? Those transactions in BLACK were anyway outside the purview of “Indian economy”. And anyway, both of these, gold and real estate are NON PRODUCTIVE ASSETS.
Demonetization killed the PRODUCTIVE ASSETS of our economy — MSME contributed 40% of our GDP and they ALL predominantly worked on cash. They all got shut down. Plus, the unemployment and other financial stress “killed” the workers who were connected with these enterprises. Had they taken loans for a two Wheeler, or a house, or any other personal loan, say, for a refrigerator, or a daughter’s education or wedding? What happened to those “subprime” loans, as a result of demonetization?
I wish Mr Gurumurthy had elaborated further. My reading is that demonetization DESTROYED Indian economy, and not “saved” it as the author claims.
Now Mr Gurumurthy, a man with such skewed understanding of reality, is DIRECTING the affairs of RBI!
for those who cant understand what Gurumurthy says , pl. go back to school/college and start to learn again so that your brain cells are active again. he cant explain it in a much simpler way. a
Fail to understand how he is regarded as an economist. His si called expertise is no different than that of the most ignorant about economics. Sorry. All respect is lost and the views expressed are toeing a fixed line irrespective of the state n future is economy .
I listened to his full speech. He is just like Modi, talking about the ironies – taking from here and there, but not talking what his independent mind says to save this country’s economy. He very well understands that US, China and Japan built roads and airports unnecessarily to save their economies (but failed obviously). So he should have asked this government why it is building roads and airstrips – to save itself for the day and destroy the future. Similarly, its a no-brainer that Trump is selling the american oil reserves to save itself. That’s why dollar isn’t depreciating (I suppose India too is going to import oil from US). About Japan’s economic policies, if really his observations are true, than what is he going to do to save the Indian Janta from being robbed by banks? Is it by allowing our government to chhapofy more notes? At one time he says demonetization saved the economy, and then goes ahead to say it destroyed jobs and msme sector! And he is asking RBI to lend to these sector now (Is it because now they will donate to BJP and help it win the elections?)!! Similarly he says that the higher denomination notes destroyed the economy. Then why did they come out with 2000 notes? To destroy even more? In fact he should (and this government should) understand that a chartered accountant is not an economist. So he should do what he knows best – calculate the taxes, rather than advising the economists. And he started with saying that India should be more confident. His confidence it seems comes from his foolishness (like many in this Government). That is why every institution in India is getting destroyed today…
I am surprised to see how “The Print” gave space for a column by this Paranoid pseudo economist… Who understands nothing about economics but as a great economist under the banner of RSS backed Vivekananda Fundation
This is what happens when illiterates get a job. US dollar is a global tender. It can [rint money. Indian RUpee is not fully convertible and is not an international currency. Pick any CLass 10 NCERT book and it will tell you
“In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies, etc”. Wikipedia
I picked up this definition of “subprime lending” from Google. Obviously, the key word is, LENDING — someone giving money to someone, (in high or small denomination notes).
Mr Gurumurthy says the following:
“That is what funded this gold and real estate prices. And if it had gone the same way, what had happened in America in 2008 because of subprime lending would have taken place in India because of high denomination currency. If anybody wants to have a debate with me, I will be able to prove that but for demonstration (sic), the Indian economy would have collapsed.”
From the above definition, demonetization by causing unemployment and other financial setbacks was the CAUSE of creating a subprime-lending kind of situation, whereas the author is saying that demonetization PREVENTED the occurrence of subprime-lending kind of situation! I absolutely don’t understand how!
Buying and selling of gold and real estate was easier with high denomination notes, true, but how …”the Indian economy would have collapsed.”?? Those transactions in BLACK were anyway outside the purview of “Indian economy”. And anyway, both of these, gold and real estate are NON PRODUCTIVE ASSETS.
Demonetization killed the PRODUCTIVE ASSETS of our economy — MSME contributed 40% of our GDP and they ALL predominantly worked on cash. They all got shut down. Plus, the unemployment and other financial stress “killed” the workers who were connected with these enterprises. Had they taken loans for a two Wheeler, or a house, or any other personal loan, say, for a refrigerator, or a daughter’s education or wedding? What happened to those “subprime” loans, as a result of demonetization?
I wish Mr Gurumurthy had elaborated further. My reading is that demonetization DESTROYED Indian economy, and not “saved” it as the author claims.
Now Mr Gurumurthy, a man with such skewed understanding of reality, is DIRECTING the affairs of RBI!
for those who cant understand what Gurumurthy says , pl. go back to school/college and start to learn again so that your brain cells are active again. he cant explain it in a much simpler way. a
The truth is often harsh. If we were not brainwashed all this time ,we would take the time and effort to understand what he is saying.
Oh goddess Lakshmi, please save the rupee if this blabber is going to guide RBI on Nov 19…
Fail to understand how he is regarded as an economist. His si called expertise is no different than that of the most ignorant about economics. Sorry. All respect is lost and the views expressed are toeing a fixed line irrespective of the state n future is economy .
Two places should be off limits for quacks : an Operation Theatre and the senior economic team for the country.