Imf Governor Quotes

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All this is merely internal Labour Party politics of course. And Labour Party politics in opposition at that. The real power of the state, as opposed to the skirmishing line of the establishment which is the Labour right, will be deployed later. We have not yet even seen the forces that were deployed to stop Scotland voting Yes in the referendum. There has been no public statement by the banks and the bosses of the supermarkets, no speech by the Governor of the Bank of England, no moment when the politically neutral Queen ‘lets her views be known’~all of which happened during the referendum campaign. Nor, since a Corbyn led Labour Party is still a long way from government, has there been the kind of moment where the governor of the Bank of England tells a Labour prime minister to dump his economic policy, as Lord Cromer instructed Harold Wilson in the 1960s, or where the IMF imposes austerity, as it did on an all too willing Denis Healy in the late 1976s. Anyone who wants an analysis of how this will all work can still do no better than read two books by Ralph Miliband, Parliamentary Socialism and The State in Capitalist Society. Or to read how the left wing rapture for former Nye Bevan supporter Harold Wilson turned to despair there is no better account than the one written by Paul Foot. For a contemporary example of the same disastrous process we need look no further than the defenestration of Tsipris’ Syriza in Greece. These are endgames, not the immediate prospect of the coming months. But they should warn us that we need to prepare alternatives now and not allow the excitement of current advance to blind us to the real dangers ahead. They should also serve to warn us that if we are to avoid these dangers it will be mass movements and political organisations outside the Labour Party which will play a decisive role.
John Rees
P. C. Bhattacharya was the first non-ICS man to be appointed to the job and he had a soft ride. But in what would cause a major uproar today in Parliament and in the media, when the rupee was devalued by a huge 36 per cent in 1966, he was merely informed. The decision had been taken by Indira Gandhi in March that year when she visited the United States and met the representatives of the World Bank and IMF. But she kept it to herself till June. Even the finance minister didn’t know, let alone the poor RBI governor.
T.C.A. Srinivasa Raghavan (A Crown of Thorns: The Governors of the RBI)