India central bank Governor Raghuram Rajan talks about interest rates, fund outflows, the rupee and global monetary policy coordination and the damage QE-driven speculative money flows have had both flooding into emerging markets and as they now rush out. Here is a direct video link.
I can’t help but recall some comments made by a certain aged mut-fund patriarch I was on a panel with last fall here, challenging my comments on the risks of hot money flows in global markets. He insisted that there was no such thing and embarrassingly read a McKinsey report as the authority (hired research) asserting emerging market growth would continue to drive rabid demand for commodities. HHMMMMM….
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