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Moneycontrol Pro Weekender | Casino Capitalism The GameStop saga has cast spotlight on the casino economy, long propped up by governments and central banks Representative image Dear Reader, John Maynard Keynes warned us as far back as 1936 that “When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done”. Eighty-five years later and thirty-five years after Susan Strange wrote her seminal work ‘Casino Capitalism’, few people are bothered about the real economy. Instead, the way to improve the real economy, so goes the received wisdom, is through the financial one. What is good for the casino is good for the economy. At least, that is what the high priests of finance tell us. ....
Moneycontrol Pro Weekender | Is RBI too pessimistic about banks? A more productive approach would be to factor in the RBI’s concerns and take steps to strengthen the balance sheet of banks RBI | Representative Image. Dear Reader, Who is right, the Reserve Bank of India or banking analysts? The prospects for the country’s economic growth may well depend on the answer to that question. Earlier this week, the central bank unveiled its latest Financial Stability Report, which makes for sombre reading. It essentially says recent improvements in bank balance sheets are on account of asset classification standstills and regulatory relief and things could go pear-shaped once these emergency measures are removed. ....