It is constantly the task of practical wisdom not to say
“This is good, and I will have it,”
but to say
“This is the less of two unavoidable evils, and I will bear it.”
——— “Address to Working-Men by Felix Holt”,
George Eliot, Blackwood’s Magazine 1868
British PM Gordon Brown welcomed our PM into his official home at 10 Downing Street — but did he know there would be something like a dozen Indian bureaucrats following Dr Singh in? What did all these people talk about in such a short time? Or did they just sit around creating a receptive audience for the two PMs’ discussion? Perhaps they were planning a cricket match between the Prime Minister’s Offices of the United Kingdom and the Republic of India, and so the teams were getting introduced to one another.
“Summits” of global political leaders require competent “sherpas” to do the preparations. From what I gather about the London “G-20 summit” this has not happened adequately enough, so I expect only a lot of waffle to emerge. (If they suddenly start talking about Global Warming or AIDS in Africa or whatever, we will know the actual talks have failed badly.)
Reforming the IMF? Hmmm, let’s see, what happened to all that talk four years ago about reforming the Big Daddy of them all, the UN? Oh yes, I forget, India is now a permanent veto-wielding Security Council Member, NOT!
It has been said that academic syllabus reform at a university is like ‘”moving a graveyard”. Reforming the world monetary system and its major institutions would be like moving thousands of graveyards. And there is no one with the brains of a White or a Keynes to help things along. But we should not be surprised if there were pronouncements of this or that high-powered commission of pompous worthies who will make recommendations for reform some time in the future. In general, little more than waffle will emerge now — I cannot even see the UK Government following informal British advice to stand down from its founding role at the IMF.
There is no clear path to solving the great (alleged) economic and financial crisis because no one wants to admit its roots were the overvaluation (over decades) of American real-estate, and hence American assets in general.
India’s PM shall be seen at least up and about after several months out of action, indeed he will be up and about for the first time in months doing what he (like India’s nomenclatura in general) likes doing best, which is to travel outside India.
Subroto Roy, Kolkata