Nassimm Nicolas taleb described the current global crisis worst then the 1930 recession. This is because of the financial system and economies are co related.
But India is in better state considering the world economy.Thanks to the vision of former RBI governor Y.V. Reddy conservative policies. He never allowed the Indian banks to write any securitization and turning them to toxic derivatives, that’s why of the whole trillion dollar exotic products India’s exposure is only 50 crores. Mr Reddy predicted the real estate bubble in India and tightened the policy rates on continues basis.
Although he created a lot of critics for him self because of his conservative policy but if he didn’t acted on time the situation could have been worse.
After completing his tenure at RBI he has never seen in the media nor at his home town because he has been delivering lectures how to come out of this crisis at World bank, Banking Institutes and to many global financial systems.
In one of the interview prof Joshep Stiglz said that the only way US could have been saved from the subprime crisis if YV Reddy was handling US Fed reserve ins ted of Alan’s Greenspan.
Thanks to the vision of YV Reddy man who saved Indian financial system from entring in to the global fiasco.
