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Pastimes : Ask Mohan about the Market

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To: Cynic 2005 who wrote (17828)	9/17/1999 7:19:00 PM
From: Rational	Read Replies (2) of 18056

The real equilibrium is one in which all "hard" currencies (yen, dollar, and euro) lose values against the developing countries' currencies. This readjustment will solve the international debt-overhang and the current imbalance. For example, why should the real purchasing power of INR be Rs 5 per US$ (by WB estimates which are believable based on my experience), while the "stupid market" rate be Rs 43.5 per US$? It is the market stupid, that must correct itself. The solution will be more due to socio-political adjustment than the economic forces hereafter.

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