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By Tyler Durden

In many ways, Reserve Bank is India’s version of Paul Volcker.

When the former IMF chief economist took over the reins of the Reserve Bank of India in September 2013, the rupee was plummeting and inflation was at double-digit levels. Since then he has waged a determined battle against India’s spiralling prices, persuading New Delhi to adopt a formal inflation-targeting framework for its once ad hoc monetary policy. Inflation, nearly 11% in 2013, tumbled to 5.8% last year (helped by plunging oil prices), succeeding in not only stabilizing the rupee and the local stock market, but making India the world’s fastest growing major economy, overtaking China.

Furthermore, Rajan has been a central banker cut from a different cloth than most of his peers: unlike Yellen, Draghi, Kuroda et al, Rajan’s frequent warnings about the state of the global economy, about asset bubbles and the shortcoming of unconventional monetary policy, have served as a welcome indicator that at least some of the world’s most powerful economists are not utterly clueless (a topic discussed by Citigroup just yesterday).

However, Rajan’s determined fight with inflation courtesy of high rates also set the seeds for his own destruction.

As the FT wrote in May, “to many international investors, the Reserve Bank of India governor Raghuram Rajan is a near-hero — the articulate, market-savvy central banker who tamed India’s inflation, restored its macroeconomic stability and is driving a banking system clean-up. But admiration is not universal. Many Indian businessmen are frustrated that interest rates have not fallen faster. Some tycoons are unhappy with growing pressure to repay their overleveraged companies’ debts to ailing state banks, despite tough economic times.”

Ironically, political sentiment against Rajan – the man who saved India’s economy in 2013 – was rising to the point where many suspected he may simply leave when his term expired in September.

Now, with Mr Rajan’s first term ending in September, an influential politician from prime minister Narendra Modi’s Bharatiya Janata party has launched a scathing attack, accusing the RBI governor of a “wilful and apparently deliberate attempt . . . to wreck the Indian economy”.

In his letter last week to Mr Modi, Subramanian Swamy, a 77-year-old Harvard-educated economist, complains about high interest rates and claims that Mr Rajan is “mentally not fully Indian” because he has a green card permitting him to live and work in the US.

The criticism, by a prominent lawmaker to whom the BJP gave a parliamentary seat only last month, has worried investors, who were already anxious that Mr Rajan might be replaced by someone more pliant — and less voluble.

And, as Rajeev Malik, senior economist at CLSA, said one month ago, the fate of Rajan “does give palpitations to investors. Raghu stands out as the single most potent policymaker, who has enthused foreign investors in terms of macro-stability and encouraged their confidence in Indian policymaking.” He added that “Raghu would leave very big shoes to fill”.

None other than Jeffrey Gundlach, during his latest call with DoubleLine investors, said that India …read more

Source: Head Of India Central Bank Unexpectedly Announces Intention To Leave

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By Tyler Durden

It's no secret that the Chinese government has no problem making people disappear that are causing a problem for the communist regime – we have written about the topic many times (here, here, and here).

However, the latest case of a disappearance (that we're aware of) is most interesting. Beginning late last year, five booksellers from the shop Causeway Bay Books (which among other things sells books containing political gossip) in Hong Kong went missing, and all of them later surfaced in China in police custody for illegally trading banned books in mainland China. All have returned to Hong Kong except one, and the most recent to be returned home is Lam Wing-kee, who was reportedly back in Hong Kong earlier this week. At the time, Lam didn't have anything to say about what happened, “he refused to disclose other details regarding his absence” the police said.

It appears that now, Lam has a lot to say about what happened. In a televised news conference, Lam said he was detained by Chinese authorities while visiting the mainland city of Shenzhen, across the border from Hong Kong, and his travel documents were confiscated. Lam was then blindfolded, handcuffed, and taken by train to the eastern city of Ningbo about 13 hours away where he would spend the next five months in a 200 to 300 square foot cell before being moved to an apartment. Lam would be watched 24 hours a day by Chinese guards, and even something as simple as brushing his teeth would be monitored. A string was even tied to the toothbrush for fear Lam may want to harm himself. Lam said the he was detained by a little known “Central Examination Group” of the Chinese Communist Party, a special task force that reports to senior Beijing leaders.

“I couldn't call my family. I could only look up to the sky, all alone.”, “they wanted to lock you up until you go mad” Lam said.

Lam said he had to sign away his right to a lawyer and right to contact his family, and was subsequently questioned 20 to 30 times about his role in Hong Kong's publishing industry. At one point, Lam said that he was forced to sign a confession that books were unlawfully sold in order to harm the Chinese society. The confession also was also written to incriminate his colleague (who also has been disappeared, and has yet to return).

“It was a show, and I accept it. I had to follow the script. If I did not follow it strictly, they would ask for a retake” Lam said regarding the confession.

Chinese authorities thought that Lam would continue to cooperate, so Lam was apparently allowed to travel back to Hong Kong after promising to return to the mainland with a hard drive full of information on customers. Instead, Lam held a press conference, and said “I dare not go back. I don't plan on setting foot in mainland China ever again.”

The details provided …read more

Source: Hong Kong Bookseller Who Was ‘Disappeared’ By Chinese Authorities Tells Of What Happened

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By Tyler Durden

Submitted by Justin Raimondo via Anti-War.com,

I used to wonder why in the heck right-wing commentators on Fox News kept repeating the same mantra over and over again: sitting through the Republican debates, my eyes glazed over when I heard each and every candidate denounce the Obama administration for refusing to say the Sacred Words: “radical Islamic terrorism.” What are these people talking about, I thought to myself: they’re obsessed!

In short, I wrote it off as Fox News boilerplate, until the other day when, in the wake of the Orlando massacre, Donald Trump said the following on Fox: “Something is going on. He doesn’t get it, or he gets it better than anybody understands. It’s one or the other.” Reiterating this trope later on in the same show, he averred that the President “is not tough, not smart – or he’s got something else in mind.”

The Beltway crowd went ballistic. Lindsey Graham had a hissy fit, and other Republican lawmakers started edging away from the presumptive GOP nominee. The Washington Post ran a story with the headline: “Donald Trump Suggests President Obama Was Involved With Orlando Shooting.” Realizing that this level of bias was a bit too brazen, the editors changed it an hour or so later to: “Donald Trump Seems to Connect President Obama to Orlando Shooting.” Not much better, but then again we’re talking about a newspaper that has a team of thirty or so reporters bent on digging up dirt on Trump.

In any case, Trump responded as he usually does: by doubling down. And he did it, as he usually does, on Twitter, tweeting the following:

“Media fell all over themselves criticizing what Donald Trump ‘may have insinuated about @POTUS.’ But he’s right:”

The tweet included a link to this story that appeared on Breitbart: an account of a 2012 intelligence report from the Defense Intelligence Agency predicting the rise of the Islamic State in Syria – and showing how US policy deliberately ignored and even succored it. Secured by Judicial Watch thanks to the Freedom of Information Act, the document says it’s very likely we’ll see the creation of “an Islamic State through its union with other terrorist organizations in Iraq and Syria.” And this won’t just be a grassroots effort, but the result of a centrally coordinated plan: it will happen because “Western countries, the Gulf states and Turkey are supporting these efforts” by Syrian “opposition forces” then engaged in a campaign to “control the eastern areas (Hasaka and Der Zor) adjacent to Western Iraqi provinces (Mosul and Anbar).”

This is precisely what happened, and, as we see, the Iraqi Army is now in the field – with US support – trying to retake Mosul and Anbar, with limited success. Yet it’s not like we didn’t know this was coming – and didn’t have a hand in creating the problem we are now spending billions of dollars and even some American lives trying to “solve.” Things …read more

Source: "Something is Going On" – And It’s Worse Than You Thought

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By Tyler Durden

Submitted by Patrick Trombly via The Mises Institute,

There is no American politician more closely associated with “progressive” economic causes than Massachusetts Senator Elizabeth Warren. The senator is widely regarded by the political Left as an expert on financial issues, is a self-professed champion of the “working poor,” and is a proud, finger-wagging chastiser of the 1 percent and Wall Street. Her cause is to lift up the least powerful and protect them from the most powerful. She appears to genuinely believe in this cause, and has made several policy proposals that she believes will serve it. Because of her position and the public’s association of the senator with this cause, it is assumed that the policies she proposes will in fact serve it, and that anyone who supports the same causes should get on board and support her proposed policies.

Senator Warren’s stated objective of helping the least powerful is laudable. The problem is that, though well-intentioned, many of Senator Warren’s proposed policies would actually harm the very people whom she intends to help, while her other proposals represent distractions from the real threats to the least powerful, and thus have the effect of allowing these threats to continue. By occupying the seat of defender of the least powerful while advocating policies that would harm the least powerful, the senator has become a danger to her own cause. Below are three examples.

Minimum Wage / “Fight for $15”

Senator Warren has long advocated an increase in the minimum wage, to $15/hour, on the premise that raising the minimum wage will lift the wages of the working poor — people presently earning, say, $9 per hour. The problem is that that is not how minimum wage, or any other price floor, works. The minimum wage is a price floor. A price floor does not magically lift prices, but merely establishes a legal minimum price below which exchanges are not allowed to take place, rendering exchanges that would have taken place at lower prices illegal.

Much in the way that a $15 minimum price for a hamburger would not raise the price that people pay for a McDonald’s hamburger from about $2 to $15. A $15/hour minimum wage would not raise the price that McDonald’s franchises will pay for unskilled labor. Instead, it would force McDonald’s franchises and other employers of low-skilled individuals to replace staffs of several low-skilled employees with staffs comprising fewer, skilled employees, and/or to automate. In either case, some low-skilled workers presently earning $9/hour to $11/hour would lose their jobs, or have their hours cut significantly back, to make room for the fewer, higher-skilled laborers and/or robots. While Senator Warren may not intend for this result to occur, it is what would occur if her policy recommendation is adopted. Her proposed policy would transform millions of working poor people into unemployed poor people.

Payday Lenders

Similarly, Senator Warren has recently proposed restrictions limiting the ability of lenders, known as “payday lenders,” to make short-term, fast-approval, …read more

Source: Elizabeth Warren’s War On The Poor

    

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