An open letter to Mr Ben Bernanke, chairman, US Federal Reserve:
Decades back, one of your predecessors splendidly captured the post-gold standard and the consequent free float of the US dollar scenario rather succinctly when he termed the US dollar as 'our currency, others' responsibility.'
It is this responsibility cast on outsiders like me that compels me to write this open letter to you.
Newsreports a few weeks back suggested that the GDP of India had crossed the trillion-dollar mark. The recent appreciation of the Rupee since January 2007 by approximately 10% helped reach the milestone far earlier than it would have been otherwise possible.
In short, at Rs 45 to a US dollar it would still be roughly $900 billion. At Rs 40 to a US dollar, the GDP of India now stands at $1 trillion.
The recent events in the financial markets across the globe have left most people completely flummoxed. What makes the developments in the United States financial markets over the past fortnight extremely painful is the fact that it has comprehensively exploded our collective belief in the ability of the US to regulate its gargantuan financial markets by itself.
At this point in time experts have come to a view that this is by far the worst financial crisis to have visited the US since the Great Depression of the 1930s.