"Sanctions are Economic Weapons of Mass Destruction, We Must Carefully Consider their Consequences"
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- เผยแพร่เมื่อ 4 ก.ค. 2024
- In a 35-minute interview to Karan Thapar for The Wire, Mr. Raghuram Rajan spoke both about the impact of the sanctions on the Russian economy but, perhaps more importantly, on the global economy, the global financial system and the unintended consequences that overuse of sanctions can lead to. For instance, they can perhaps fuel fascism. He also believes sanctions could shrink Russia’s economy by 10%.
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Exceptionally thoughtful and brilliant analysis by Mr Raghuram Rajan about the consequences of such sanctions.
*Prof./Dr. Rajan
Is this guy unironically pretending to be Norwegian or something? Lmao
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
That is what I call an Interview..Just out of words.....Wowww !!! Thank you both 🙏
Mr. Raghuram Rajan has drawn the attention of the world towards the consequences of using sanctions as weapon. Very few have thought about this aspect.
Uh that is precisely why they are used
So glad he is speaking out but I'm not sure if enough people will pay attention. When the US sanctioned Iraq, estimate of 500,000 babies and children died of starvation. When madeleine albright then US secretary of state was asked if it was worth it to sanction iraq, she said yes it was worth it.
It's because people like you hibernate and deliberately close your eyes until a Leftist or any member of the Tukde Tukde gang comes around.
Well, Putin did say in one of his statements few days ago, that Sanctions by West are an 'Act of War' against Russia.
Both Russia and China were warned of the consequences. Yet, they continued their course of aggression. At this point it’s brought on by themselves. India also has no room to talk or act as though they have the moral high ground when they chose profits over principles.
There's no victor or vanquished in a war ! It's the Humanity alone, which gets bruised and brutalized ! And, it's always the vulnerable section of the society, who has to bear the brunt !
"Only the dead have seen the end of war !" ..
- Plato.
There are victors and losers in normal wars. There won't be any victors in a third world war.
he is now prof. in chicago no doubt who will he favor
Let it be very loud and clear that everyone is entitled to one's own individual opinion ! Perception varies from person to person ! Propriety demands that one should not think one's perception as everyone's perception ! That's it !
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
It’s extremelyyyy rare to see a Karan smiling in grudging admiration of a genius. Such humility and grace while discussing global economic sanctions, Dr Raman! I stand in awe!
Oh.. my.. 😱 What a chweet moment 😊!!!!
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
This interview refresh my soul..🍶🍶🏋🏃🏆
Brilliant interview. So much valuable information. Thanks wire for this interview 👌
What an articulate genius, yet so humane and sees political decisions objectively as a collective species.
👍
LOL! Don't expose your own ignorance
Objectively, my foot 🦶
Unpadh Jat aa gayi :P
@@raw-bot9251 Thanks for exposing my ignorance. I'm glad to be seen as an ignorant in the eyes of a fool!
I wish Shri Raghuram Rajan's talent should be utilised by India to improve the economic situation of downtrodden people.
Thanks for taking me up with a decent enough joke. 😂
Isn’t it this named Raghuram talent was trying to destroy the small scale industries, he was working for USA interest and will keep working for them only, why judge him only on base of interview, look at the measures he was trying to impose on India to slowly wipe out small scale industries.Look out how he is saying that USA will have adverse effect.
@@bbl2555 RSS BJP AGENT TALKING ??
@@bbl2555 where do you get such info bro ?
@@ageless1003 Are you serious than otherwise live in dreamland, look at the Dilip Singh( Biden economic advisor) behaviour in regards to Russia, than on the same time he is talking of humanitarian crisis too, Raghuram is still better than Dilip Singh, this people left India and work for their respective countries of Nationality, seeing them as Indian is gross mistake, they are not even sometime professional, they much more like Indian sepoy who worked for British, this ones are working for interest of USA, in his whole conversation he was worried about the how USA will loos economic might to dictate, if it is use as weapon, he has not talk about what USA has helped In economic system to Upllift world, he cannot because USA and its western ally syphones all natural resources form weak counties or by bullying them, Rmember the dream of USA to make Russia a agrarian society, so this western society keep feeding their society, and they want world to produce goods for them, China produce mass goods by paying high pollution price, Bangladesh makes cloths and Indian produce Cotten for them, their is lot more to say I will leave at above points.
Always a pleasure listening to him speak.
Thank you "the Wire" for sharing these talks
👍
Please listen to this antique pieces in night. You may have wet dreams as well.
@@sudheerk67 haan bhai tu jake vivek agnihotri ki movie dekh (full of half truth and lies). Tereko wet dreams pakka ayega :)
@@ageless1003 hahah.. I know you are getting nightmares just for a movie. 😂
@@sudheerk67 parzania dekhi hai. In the name of ram dekhi hai. Nightmares hum bhi la sakte hain...😂 Chaddi mein aag hum bhi laga sakte hain 😆...but hum mauka de rahe hain sudhar jao. 1925 se jo tamasha chal raha hai sab dekh rahe hain.
The caution Dr. Rajan sounded on FDIs and reserves is well -founded, atleast with regards to India. We cannot blindly rely on climbing reserves that may not be of any use to a Govt and country of 140 billion people. We need to start a serious economic discussion on this matter at the earliest. This talk was more detailed and delved into aspects that seemed straightforward at first. His contrarian view lends to more to the probing and prodding and shredding of these very serious issues for hidden pitfalls. It was a pleasure and good job, The Wire 👏👏👏
I think india should develop infrastructure and buy foreign assets with the reserve so that the currency is not on run
have you read what he wrote last month? he said india should stop focus on manufacturing and concentrate on IT sector so by his logic ur trade is with west so how are we suppose to delink ourselfes of dollar? logic and continuity is something that we shouldnt expect from ndians
*1.4 billion
@@vmadhu1456 I agree with him. Indian IT is currently one of the best in world and we are nowhere in manufacturing. It's good to double down on what you are good at.
Eg - Taiwan has one company TSMC that is best in world and that's giving them vast geopolitical advantage.
@@dreadfulbodyguard7288 tsmc is a founder thats funded and consumed by america most part of it, and taiwan and india population is not comparable by any standards,
next point IT industry employs hardly 10-15% workforce in india, without world standard yet manufacturing provided for remaining 25% of workforce in india, so we need more maufacturing jobs so that more people move from agriculture to manufacturing and soon , if not we will remain third world country forever
Beautiful and intellectual conversation. Thanks for this interview
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
We want the section of Karan Thapar's interviewing experience of Raghuram Rajan..in his next book...Please do it!! I found him in awe of what RR says..! he gets so happy when RR validated his conclusions. These interview between them is always so knowledgeable as KT asks so good questions...
Apart from creating a reciprocal economic hostage situation (the Chinese way), one option would be to make domestic economy self-sufficient to withstand such sanctions
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
Good to see Dr Rajan after a long time.
He is an intelligent Economist. Thanks for interview! What he said was very true and eye opening facts .. it’s not just war at the border , it’s also loss of people , business, economy, broken relations between countries and demoralisation of people of the country.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
Sane voices and sensible talks. Thanks for this.
India lost a gem the moment they let go Raghuram Rajan as RBI governor.
I agree brother!
Thank god sir raghuram rajan can sleep peacefully every night, off course he is not working under political idiots.
@Sooran Sad but true!
Blame Modi
Always a great to listen interview taken by Karan Thapar Sir !! Also Raghuram Rajan Sir explains in a great way !!
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
A lecture on " Country Reserve made easy". Explained in a simple way. Great 👍☀️
"Introduce a little anarchy, upset the established order, everything becomes chaos."
___ JOKER
Brilliant. I need to watch this movie.
And that disturbs the status quo and harms those at the top.
@@dineshpratapupadhyay6583 Depends upon how you see it. It works in both ways; Act and/or counteract. Established order is their's and new order isn't ours either.
Wow what an interview ... lovely to listen two best minds of the world.
Good To See You Sir Raghuram Rajan Ji.Namaste.
How Are You And Your Family ?
God Bless You And Your Family.
God Bless Chicago University Where You Are.
Take Care.
Family Maje me bhaijan.
Wonderful analysis by sir Raghuram rajan 💯
Karan Thapar's interviews are akin to listening Mozart 🎶
Never thought of the human cost of economic sanctions this way before. Ultimately, it is the rich that benefit and survive.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
As usual very insightful... Thank you Karan... Thank you prof Raghu...
Smart chap. Pity he ouldn't come back for a long term to be the Reserve Bank governor. He would have modernised India's financial system, dealt with the debt laden banks, dismantled bureaucratic rules hindering economic progress. Eventually some aspects of the model can be copied by South Asian countries and the test of Asia where applicable.
Modi not being a finance professional or economist was smart and humble enough to get this guy as a financial adviser. This is the hallmark of a good leader to surround himself with people smarter and with more professional expertise than himself.
Thank You Karan Sir.
One can argue that this is the first time ever anywhere that economic sanctions have been elevated to the level of inflicting “shock and awe” on elites. And it has taken consensus building across the US, EU, Japan, Canada, ANZ, etc. to get to this level.
What worries me more is what if it does not work?
Well, if the sanctions don't work then presumably the dogs of war shall be unleashed. But what if does work? Will economic sanctions become the preferred WMD of the western alliance to bring countries to heel? And what happens if we get you-know-who taking umbrage at the colour of your tie and then unleashes unilaterally a sanction regime?
@@Asterix0110 Theres always a curiosity wrt who is worse you-know-who vs our-56-inch vs the-kjb-spy vs the chairman. It's a real tragedy of current times
@@nicksonpinto2074 Well, they are from the same my-way-or-the-highway club, aren't they?
Abramovich, the Oligarch is playing a big role in the talks between Ukraine and Russia.
@@sukhbirnaidu4360 And apparently getting poisoned in the bargain.
Perhaps some don't want peace.
In any warfare, an unscathed absolute victory is a near impossibility. Nobody escapes the ravages it exacts. Now that economic and cyberwar are added to the arsenal of modern-day weaponry the chances have progressively grown slimmer. As you take a closer audit of the cost of a win, it looks not that much different from a defeat.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
The Bada Rajan of economics. He makes his subject so, so accessible. Thank you, Professor!
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
It is always absolutely insightful hearing Raghuram Rajan. His ability to flag risk is just amazing.
Neo-colonialism has a full armoury of economic and financial weapons to coerce and chasten, any country that dares to offer resistance to the unmitigated pillage of it’s resources . The compulsion of carrying out international trade in dollars puts poor countries at a disadvantage ,to begin with , leading to a skewed economic balance of payment account in favour of the industrialised north . If a continuous balance of payment deficit results in economic woes , the IMF (which bears comparison with the proverbial death-dealing apothecary who had hundreds of lanterns dangling outside his clinic for every death he had brought about) ,is ever present with prescriptions to make matters worse and exacerbate the debt burden further .
Then there are the ubiquitous sanctions imposed by the US Treasury which ,albeit , an internal US institution ,exercises transnational jurisdiction ,owing to the centrality of US dollar in the world . These sanctions have proven to be more deadly and more destructive than military aggression , as they indiscriminately target men women and children (ordinary citizens) ,and cause a higher magnitude of death and collateral damage than the most lethal ordinance . But than ‘shock and awe’ is a necessary tactic to bring home to us the ordinary mortals who their real suzerain ,having powers of life and death is . Madeline Albright’s most telling quote says it all . When informed about the death of hundreds of thousands of Iraqi children because of sanctions , she replied , “that goes to prove that it was worth it “, Thunder and awe indeed !
Good points
Brilliant intellectuals like Mr. Raghuram Rajan, need to be the key decision makers of our country's economy... Unfortunately current government has no intention what so ever to improve economy.
because bjp likes being poor? what a stupid argument
We as a nation have done it in past and we did it again when we let a brilliant mind go away..Thanks to the Government.It is not always that a man of his stature and more importantly his merit head RBI.
We are doomed if we want yes men or women only.
Articulate yes, But the RBI has remained moribund all along!
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
Such quality content after a long time...
Raghuram Rajan is one of the brilliant minds that i have personally seen. I really admire his predictive quality
Such a different point of view. Brilliant interview
Rajan is an honest actor. Earlier I used to put him in same bracket as other neolib financial parasites, but his critique and prediction of financial crisis and this take has changed my mind.
No equal for Sir Raguram rajan Knowledge wealth❤❤❤❤
One of the very few brilliant interviews in Indian media in recent times. I wish we had more such intellectual exchanges rather than the hullabaloo that is a trademark of many leading media houses nowadays. It's unfortunate to note the degradation of quality and intellectual capacity in modern day journalists which is quite evident from (I'm not taking names) the shallow arguments they have with these eminent minds. Partly to blame is the perverse incentives offered by the media companies and the common public whose taste for the populist shallow content drives even the best of minds to decay their professional capacities in pursuit of momentary glories.
Raghuram Rajan is a delight to hear.
I subscribed to wire just for these type of interviews.
A really good conversation, I think especially the sanctions of the central bank has been a unprecedented escalation and where only possible with the Europeans and Japanese and British on board.
In Europe there were discussions about I think almost every single point mentioned in the talk, from the need to discuss on how to use this powerful sanctions, and what regulations have to be put in place in the future, to what sanctions will affect what parts of the economy, but although what will be the effects for the Russian society, the world at large, excluding foods and medicine products, and oil and natural gas.
And this restrictions of the sanctions where not only to protect against damaging their own economy and society, but what effect will they have on the global economy and society.
The advanced economies are of course way less vulnerable to the economic outfalls, from food shortages to rising prices of commodities and so forth.
If the markets tightened significantly up, the richer economies will have the financial resources to sustain it way better than everyone else, and that has been taken into account.
What is not discussed so far is the consequences of the sanction on the health of the country. For example the pharmaceutical companies have withdraw from Russia.
In Iran hundreds of babies have died due to hospital not having enough medicines and working equipment. Iran was not allowed to use its own money to buy medicine and vaccines for its covid struck population.
in your Iran case, it is 2 different econmic sanctions together, and so on... piling on they are the mass weapons of destruction
And, later they'll come and provide so called humanitarian aid.
@@dreadfulbodyguard7288 *claim to provide, but never delivers.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
@@samyvik2888 So kosher is economic sanctions on non Jewish product. And banning beef is economic sanctions on non Hindus? By thecwsy we Hindus have no problems using leather shoes, wallet, belts, bag etc. And using musical instruments such as Tabla made if leather. Height if Hypocrisy
Wonderful interview.. Thoroughly enjoyed it.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
Raghuraman IS THE FIRST PERSON
WHO DID GOOD FOR RBI AT THAT POINT OF TIME ❤️🙏
after he left our reserves doubled, RBI is more transparent, logical and been consistent with their policy towards inflation and rupee valuation, so please stop glorifying failures
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
@@samyvik2888 Yes 👍
That makes so much sense, thanks Karan
There was a reason for proposal to maximize use of SDR (bucket of dominant currencies to reduce exchange volatility) as reserve currency by IMF chief Strauss Kahn a decade back. We all know his fate thereafter ..
Gaddafi was ousted and killed because of advocating for an alternative to USD amongst the Arab speaking countries
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
Hamare Loktantrik Desh Bharat mein Mahangai aur Berojgaree Badhtee Jaa Rahee hai Jo Aam Janta ke liye Kashtdayak Hai.---- Aam Jan Adhikar Manch, Buxar, Bihar.
this is a wonderful interview both by the interviewee and the interviewer
The problem with economic sanctions on Dictatorship is unfortunately people will suffer though they haven’t elected their leader and no way to fight and change the leadership…. Common people are suffering in Russia and North Korea though they have nothing to do with electing their leader and the decisions their leaders are making….
This precisely what a 'good' dictator or autocrat would do. He will turn the ire of his public towards an external force, and consolidate his position by fueling 'nationalistic' fervour. This what Hitler did - captured the discontent of the Germans after the humiliation meted to them after the WWI, and came to power, which eventually proved disastrous for Germany. We have heard the bogey of 'foreign hand' often - used to deflect our own incompetence and shortcomings.
So informative this is divine moment
thanks Karan for an educative and informative interview.
Woah. Amazing interview.
"It is not disproportionate..." he says ..that just means he either ignores recent and less recent history of unilateral sanctions because these are the harshest and the most severe sanctions ever inflicted on a nation and on a people . But also the fact these are unilateral sanctions imposed by one country ( plus its obedient colonies..because that's what they are de facto ..with military bases of a foreign country on their soil) .
Plus ..did he ever speak about imposing "non disproportionate" sanctions on the US after the destruction of Irak? The destruction of Libya ? The actual military colonization of a third of Syria ? No !
That means he is going with the NATO herd ..whilst giving the impression he is analyzing neutrally.
He is neutral. Reality is there is no point in talking about sanctioning NATO because whoever sanctions NATO will be sanctioning itself.
What a great interview 😍😍
I'm sorry, Raghu. Do you not see that the hegemonic US admin is seen as authoritarian in the extreme on the global stage?
Putin is a menace ,Ukraine desperate to cut its umbilical chord. So you expect because of your condemnation of US for once it resist excercising its power for a just cause ? Why do you think Russian people themselves are devided about Putin's personal adventure?
Surely not as much as Putin who already killed thousands and displaced millions for no reason. Do you not see it??
@@HeartistMurali Nope. What I see is US actions in Iraq, Afghanistan, Yemen..Vietnam where it unleashed Agent Orange. And let's not forget its support of the military regime in Pakistan, and threats to India, during the genocide in Bangladesh (then East Pakistan). This is not to condone the Russian invasion of Ukraine..however I do believe that the US insistence on pushing NATO ever closer to Russia's borders, despite the latter's repeated requests against such moves, coupled with the US walking away from the INF (Intermediate Range Nuclear Forces) agreement it had signed with Russia, the war waged by the Ukraine govt since 2014 against its own, Russian speaking citizens in the Donbas- region spearheaded by its ultra nationalis Special Forcest (labelled Neo Nazis as late as 2018 by the BBC and Wahington Post among others) left Russia with few other options to ensure its own security. Do recall that the US has this Monroe Doctrine - any other major power that dates to set up a military base in its neighbourhood, even if the host country wants it, faces a very real nuclear threat. Remember the Cuban missile crisis. The saddest part is how Big tech, and the mainstream media in the US, or west in general, are blocking channels, news, videos that report views that challenge the mainstream reportage there. Just a week or so ago TH-cam even blocked WION merely because it aired an excerpt of an explosive speech delivered by Putin. This is what I see..and it's disturbing...and scary too.
@@vmdoon First of all America got nothing to do with this war...this is a war happening between Ukraine and Russia, initiated not even by Russia proper but a criminal dictator called Putin...it's out and out and out a trouble created by one man...it's not a bilateral issue...it's one man's prejudice and his desire to restore what he thinks a past 'russian glory'...and that's huge rubbish and criminal..... secondly, all the neighbouring states of Russia wants to join NATO on their own just because they are so fearful of Putin and he had proved it time and again....be it Georgia or Chenenya or Syria and also through his suppression of media and democracy in Russia.....nobody coerced anybody into joining NATO and the Ukraine desperately wanted protection of NATO after Crimea annexation and it is in fact been denied of its request because NATO doesn't want to upset Russia and militarily Ukraine is not yet qualified..... moreover, Putin himself doesn't talk about NATO any more because he knew that argument doesn't hold any water...despite Ukraine's assurances during the war that it won't join NATO, the criminal Putin continues to kill people.... what about Afghanistan?? Americans went there to kill terrorists, they poured trillions into that country, they supported the local government and it didn't workout...it was not at all an invasion.... they stayed there for twenty years and in fact the local people took the american support for granted. Who did the locals try to flee last year when Americans have withdrawn?? the Talibans..... the moment the americans have withdrawn, the locals felt threatened so much so that they risked even boarding plane about to take off.... and you are labelling it as an invasion....what rubbish.... America might have had foreign policy blunders, it might have taken wrong sides, but it never invaded a country with the intention of annexing it...if that is the case they could have had Iraq, they could have had Afghanistan etc.., but in the instant case, America is not even in the picture...it's between Russia and Ukraine and Putin's unforgivable excuse of NATO's expansion to reduce Ukraine to a puppet state like he did with Belarus,,, talking of media suppression, Putin and China are the big daddies of media suppression.... Nobody in Russia can watch any other channel except Russian state media...they don't even know what's happening in Ukraine and Ukrainians whose kith and kin who live in Russia vouches for that fact.... what a shame.... WION is a pro-BJP media constantly pushing pro-Putin narratives through its channel on the TH-cam...in my opinion, it should be banned forever..... Putin talks about denazification, while he himself is the perfect embodiment of a Nazi.... millions are fleeing Ukraine, thousands are getting killed, their infrastructure is being razed to the ground for no reason, and horrible people like you are still trying to find reasons to defend Putin..... Hopeless country India is...I wish America extends the economic sanctions to India as well to straighten people like you...but the sad fact is Americans may not be fully aware of hypocritical nature of indians and their government yet, to do the same......
I think he does see it. That's why he is talking about possible misuse by another administration or for another reason against another country.
Brilliant, it's about time there is a more urgent thought ghven to an alternate to western dominance on financial systems
The Important non-economics and hugely significant question is .. what if you dont allow Russia be in the world and with its largest nuclear arsenale and as putin says what other option it is left with. Remember its not Iraq, libya, Syria, Iran and Korea but its as good a death weaponry as anyone else in security council. Economics is a backburner when it comes to world security of life and climate.
Unlikely Russia will be cornered that mach that they'll use nuclear weapons.
Initially it'll be shock, later they'll adapt. Getting high tech instruments from US, EU will be difficult initially but later on most stuff can be sourced from black markets.
Brilliant Interview 👌👌
That was very good conversation
Thanks!
Nice listening to a excellent conversation.
Great Mr Raghuram Rajan,
Perfact term brought out today. You peeped out the window of economical sanctions from an other way. It most be discussed worldwide.
Big fan of Mr.Raghu Sir
God bless 🙏
Interesting conversation 👍
A fountainhead of knowledge, Dr Rajan's suggestions, knowledge and ideas must be heard by GOI for leapfrogging our economy to USD 5tr and beyond.
yeah, he said we should stop focus on manufacturing and concentrate on it sector so that only elite can be employed and improve their lifestyle but deprive poor of basic need, he is truly visionary.
@@vmadhu1456 why poor can't learn IT?
@@dreadfulbodyguard7288 its not about learning, iT industry is not mass employment generators, we need manufacturing jobs for teir2, teir3 education so that people with less educated could income would increase.
@@vmadhu1456 Why can't IT be used for mass employment? Do you think if everybody becomes a good software engineer demand for software engineers will reduce? No, size of pie will increase. More innovations will happen and demand will grow.
Thinking poor people can only go to manufacturing is a way to keep them poor. I belong a poor background - my dad was milkman. Now, doing pretty good as software engineer.
@@dreadfulbodyguard7288 we would want ever one to become an IT engineer but reality is different and my assessment is based on reality and objectivity, a lot of scholl dropouts with low level of educated people need jobs now, they have already passed out of school so we needed jobs yesterday, every year around 10 lakhs students pass out in Karnataka only 43% get jobs in their field so we need manufacturing jobs which would create a lot more jobs, thats the reason china was able to grow and lift millions of people out of poverty, right now we have demographic advantage of young people in the next 25-30 years we ill lose that so we need rapid manufacturing in india.
This was brilliant. Please do more like these.
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
I feel reasonably less qualified to comment, not knowing the financial jargon.
However, both took reasonable care to make the debate "palatable " and widely understandable.
it was interesting and conveying.
The comments section seems reflective of this.
Very insightful 👍🏽
The interviewer is outstanding as well.
If you think about it, Mr Rajan simply applied common sense, which is so so uncommon. That's what makes him a great thinker.
Brilliant discussion, thanks for enlightenment
Guess what, a bunch of Indians think Vladimir Putin is an authoritarian while on the other side of the planet, a bunch of Russian intellectuals are discussing about Modhi being an authoritarian in dealing with Kashmir. I guess it's all relative, right ?
If more than 70% of their people supported them, you can call them what you like, their people can easily judge what you are.
Best alternative to gold or dollar is Bitcoin. It cannot be frozen by any government like dollar. Also it is highly liquid and can be transferred online very easily unlike gold.
Great work keep going
Thanks
Such a pleasure to listen to.
Joe Biden:- "sanctions don't deter wars " 😂
Alas ! We have lost this Kohinoor.We the people of India miss you Mr. Raghuram Rajan
For the first time you guys are not talking something about hating India. Keep it up!
This was very very insightful
A very nice futuristic conversation
A good program once again, Mr. Thapar. Dr. Rajan explained "Weaponization of economic sanctions" very well. I think there will be a remedy very soon; the USA can't use financial leverage to coerce and destroy economies and people's lives forever. The alternate system of global transactions is already there; the Saudis, Russians and Chinese and Iranians, alongside North Korea's willingness to use an alternate currency exchange system, will render US power compromised. The US hegemonic and highhandedness to deal with imaginary and real adversaries have its limitation. Very soon, there will be an alternate system, like Union will be in place, it will hit the US leverage and the US dollar directly. The implications, what if the US dollar loses its 30% value in the next few months? The Chines FCR and the Indian FCR will be hit accordingly from US$ 3.1trillion to US $2.3 Trillion, and India losing about US$ 200 billion. The hell will break loose on these countries; they have to adjust and find an alternate soon enough by diversifying their currency reserves and not supporting FWMD, Financial Weapons of Mass Destructions. It is prudent to avoid the collapse of interconnected economies and societies and face the challenges against disease, environment, and safe trade corridors. Negotiations, peaceful resolutions of long-standing issues/disputes and equality among unequal are a few things that may bring globalization and prosperity all around. Suppose the current approach by the US and its allies is not changed, the repercussions will be devastating; now, the people in Ukraine are suffering because of the destruction, the people in Russia are suffering because of the Financial Weapons of Mass Destruction. It's not very far from now when the impact of the devastating Russian economy and consequently higher energy and commodity prices in the rest of the world will pave the way for even higher inflation rates in the US and the developed world. Using FWMD would impact the streets of Washington DC and capitals around the globe. In short 30% reduction in the US dollar's value seems very real; it was an unimaginable scenario a year earlier. The things in Washington DC can be very treacherous; any shakeup, Mrs. Harris in the Whitehouse, that is very likely, will be difficult for the US government to maintain peace on its streets. High inflation, political instability/volatility, and the Ukraine-Russia war's impact after using the FWMD too frequently and at too many places globally have dangerous implications. Mr. Biden and the American leadership did not think it through; the war in Russia's backyard was avoidable. The hawks at Capital Hill and Pentagon engineered it and exposed their vulnerabilities and the global economic stability. Dr. Rajan explained the economic factors very well; I hope the decision-makers in the US pay attention to it.
You suggest that the US $ will plunge 30% is far-fetched. Especially US economy is the strongest economy at this stage, You seems to be one of the Indians who hate the US, and in your explanation, you pour out your hate against the US dollar mitigates your arguments
@@TheStegospel American lawmakers are incredibly smart at favoring their odds against other countries. Dr Rajan categorically places the American dollar as defacto currency for trade for the foreseen future even if it's valuation falls. I presume only by the 2040`s will the tides have changed depending upon who moves out first from this current fiscal situation.
@STEVEN HATIA Not at all; Americans are very generous, open and decent people. However, American foreign policy is questionable if you are an outsider. Ukraine could have been averted; selfish people got the US government to adopt an approach bound to fail. 8% plus inflation, price of commodities, and increased energy and oil prices will impact the global economy, and the USA is not immune to such changes. Ukrainians are dying left, right and centre, sanctions on Putin's Russia would give Chineses, Russians, Iranians, North Koreans, African and Middle Eastern countries to think about alternate currency systems and international payment regimes. That means a direct impact on US influence on the global market and the ability to pose sanctions on adversaries. The US dollar is not immune to global chaos or engineered chaos, and its impact on all these factors may cause the US dollar to lose its value by 30%.
@Daniel Raju You are right about the American Lawmakers' smartness. Yet, the think tanks and the lobbyists on Kay Street and Pennsylvania Ave. in Washington DC developed the US economic, military, and foreign policy. These lobbyists work for the paying parties, industry groups, and military-industrial complex; that's the problem with the US lawmakers and their ability to make policies in the best interest of their people. The outcome of these policies, the Iraq debacle, the Afghan nightmare recently, and the Ukraine disaster are just happening right now.
@@zaffazad4040 Sure. That has nothing to do with the American Dollar being devalued by 30%. If the American dollar devalues by 30%, the world production devalues by the same margin. Simple as that. There is no alternative form, that's exactly what Dr Rajan is contending with.
There must be a new powerful currency with new collation, it shuts all, equations are changing so as part of human evolution there must be a new move to break the monopoly.
Sometimes Sanctions Motivates too...for better efforts...
कभी-कभी किल्लत होती है तभी चीजों की अहमियत पता चलती है।।।
👍Sanjay👍
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
@Raghuram Rajan never thinks twice in saying the true problrm with the world today, the global governence is broken because of the oligarchs getting a free pass with their questionable assets in popular cities in the advanced countries. Thanks sir for your work.
Nice analysis of issues of international importance.
Countries should refrain from keeping it reserves in America.Countries give America the power by trading inUS currency.Overtime USweaponizes the dollar..move away from that currency.
How timely - I was thinking about what is/are the difference/s between an invasion and sanctions?
Thank you Sir, for raising such a crucial issue. Economic WMD, the common man must understand how this will effect each & everyone of us!
Halal is economic sanctions by muslims on non-muslim products (not just meat). Its meant to economically cripple non-muslims when muslims ruled. they further crippled with Jaziya tax on non-muslims alone. Please understand Islam's devious intent and boycott and discourage Halal products! In this day and age, we must not allow Halal products.
Else, how would the world be if Christians, Jews, Hindus, Buddists etc could also stick to products only made by their own religion's followers.
He's a gem of a person
Excellent quite knowledgeable
Fantastic Analysis
Such a treat
On topics where Karan is not that sound, he talk less and listens more.... Even asking a counter is without confidence ........but anyway , for me he is always Mr journalist...
Rajan has cautioned about the consequences of almost unilateral sanctions on Russia by Biden very well. Thank you.
The sanction was not unilateral, it was agreed by the rest of west and even Asian countries. The present sanctions against Russia is justified.
He warns about setting a limit to prevent It's use for silly reasons
Mr Rajan is shy and wants to appear to side the west n usa m, as is the moderator!
It doesn’t work.
It’s wonderful that mr Rajan has given a very appropriate characterisation to the insane way the west has been misusing the very illegitimate practice of sanction on countries that it perceives to be it’s enemies irrespective of the rights and wrongs of the case. Vietnam, North Korea, Iraq, syria, Afganistan, Venezuela, Iran, now Russia have all been cases of abominable unilateral sanctions. As of now it is only the United Nations security council that can impose sanctions. Despite all its drawbacks this did work in some cases. Till an alternative system is in place, we must respect this system.
Till today Russia and China have always obeyed this system and they are unlikely not to do so in future and fallow the same when some consensual reform takes place. It has been the rogue usa and United Kingdom that have been spearheading these unilateral sanctions and some western nations and others who are too weak to resist have been abiding by them.
The world can not accept these unilateral sanctions. If only india and China come together and work along with other African and Asian and South American countries that have been the primary victims of these rogue sanctions by usa and the west, the world will be a better and more peaceful and more prosperous place.
West is the primary culprit for Ukraine war, having turned a once prosperous Ukraine into their illegitimate anti Russian base by hook and crook and billions of dollars of regime change investments and bribery.
So are the rogue wars by usa against Korea, Vietnam, Afganistan, Yemen, Iraq, Syria, Libya, Yugoslavia, Czechoslovakia and so on. So far Russia and China have exercised extreme restraint and never invaded another country like usa and the west. They are likely to keep to that in future. Ukraine is a different matter. Usa and west have drugged the Ukraine, made a coup against a democratically elected government in 2014 and installed a client Regime and turned Ukraine into a neo fascist military base against Russia, and Russia took steps to stymie that mischief. In a few months, a new world order will emerge, Ukraine will most probably become a properly disciplined miscreant and things should be fine. But unless usa and west stop their mischief similar situation may be lrecioated by rogue elements in usa and Taiwan and Uk , and we may have a repeat show of some kind.
Unless the war mongers in usa and m/or the west press the nuclear button, Taiwan story is likely to end as even a worse Ukraine story.
China has made it clear, the day the rogue elements in Taiwan declare independence in breach of Taiwan constitution, it will do everything necessary to reign in the bad Oy Taiwan.
Usa will be simply helpless. Except nuclear button, usa can not do anything. But with Russia and China guarding the back of each other, usa is simply impotent except for the nuclear button. But using nuclear button will result in great damage to the whole world apart from the attacker and the attacker.
It will be very long time for the world to recover from such a disaster.
So all we can do is to wait for sanity to work in usa to keep it away from using a nuclear button.