Money on the markets
A maturing market amid the mayhem
from India Insight:
Can central bankers play god to the markets? India's central bank chief Duvvuri Subbarao does not believe so. In doing so, the Reserve Bank of India governor, a physics student, has taken refuge in quantum mechanics.
Einstein famously said - "God does not play dice". Less known perhaps is the retort of his friend and mentor Niels Bohr who said - "Albert, stop telling God what he can or cannot do".
Subbarao draws this parallel in arguing that a central bank cannot tell markets what to do. "We have to take market signals as given," Subbarao said in New York at a recent IMF meeting.