Once again, we have noise coming from Indian central bank. It is like saying please sir no more. please spare us. We have other things to do than just follow the controversies at India’s Mint’s Street.
India has seen unprecedented attention to this position since 2013. After the sheer drama in last few days (or months or years?), we thought things will settle down. But they cannot as the central bank ensures attention and noise is always there.
Now we are told that 3 years tenure is too short. Really? Why take it then? It is not as if these things were not known in advance. The tenure was hardly a suspense and fell from nowhere.
Moreover, length of tenures have hardly mattered in the past. If the government wanted to extend the tenure it just got extended. Plain and simple. The institution just kept moving along with minimal fuss and noise.
As Anil Kumble said so well recently, it is not about me or any other coach. It is about the Indian cricket team. Similarly, it is about Indian economy. No one is bigger than the system and if he/she is, we know the outcomes.
It is perhaps for the first time when there has been a serious threat to the institution itself. It was made to look as if the entire thing will just collapse due to one position. The critics and finocracy surely made their case for a steep fall but nothing of this sort happened. It was all such a farce really where the supposed benefactors of Indian economy wanted it to be doomed.
The next set of individuals have a really tough task at hand. How to restore things to normalcy at Indian central bank. And remember this men of money quote from John K Galbraith all the time (perhaps get it inscribed at the reception so that all incoming can read and remember):
“Men possessed of money, like men earlier favored by noble birth and great title, have infallibly imagined that the awe and admiration that money inspires were really owing to their own wisdom or personality. The contrast between their view of themselves, as so enhanced, and the frequently ridiculous or depraved reality has ever been a source of wonder and rich amusement. Similarly there has always been pleasure of a low sort in the speed with which the awe and admiration evaporate when something happens to the individual’s money.
Money bemuses in another way. Recurrently over the centuries menhave supposed that they have mastered the secret of its infinite amplification. And as reliably as they have persuaded themselves of this, they have also persuaded others. Invariably it involves the rediscovery, perhaps in slightly novel form, of some infinitely ancient fraud.
The span of time between the transcendental heights of the financial genius and the nadir of the ensuing collapse — from being John Law the savior of the French Regency to being John Law the penitent in Venice, from being Nicholas Biddle the first master of American finance and a fearsome figure to Presidents to being Nicholas Biddle the most distinguished of Philadelphia bankrupts, from being Bernard Corn-feld of the jet planes and sad-eyed concubines to being Bernard Cornfeld of the prison of St. Antoine — is often only a few months, at most only a few years. There is wonder and a certain wicked pleasure in these giddy ascents and terrible falls, especially as they happen to other people.
Here, no doubt, it is the story and not the meaning that is important.”
Golden words which are spectacularly true across the time and countries..