Wednesday, March 03, 2010

Quote of the day

Martin Wolf in the FT:
India’s nominal GDP grew at an average rate of 14 per cent between 2004-05 and 2009-10. That makes deficits of 10 per cent of GDP quite sustainable.
Precisely the point I have been trying to make over the years. How come India's policy-makers and analysts don't get it and go on and on about fiscal consolidation?

Wolf, incidentally, goes on to suggest that the UK vacate its permanent membership at the UN in favour of India:
Exhausted by the burden of its pretensions, the UK should soon offer its seat on the security council of the United Nations to its former colony. Its condition would be that France does the same in favour of the European Union. Whether or not such enlightened statesmanship is forthcoming (presumably not), we are moving into the age of continental superpowers. Asia will be home to not one, but two, of them.


Matt Jones said...

Mr Wolf rarely becomes so impractical

Anonymous said...

hello!,I love your writing so much! share we be in contact extra approximately your
post on AOL? I need an expert in this area to resolve my problem.

May be that is you! Taking a look ahead to peer you.
Visit my blog GFI Norte