Raghuram Rajan

By Catherine Contiguglia
♦ The public mood in Egypt is hardening against Islamists since President Mohamed Morsi was deposed – a result of fatigue with the turmoil caused by Brotherhood marches, and hostile local media that refrain from covering the bloody crackdown on Islamist protest camps.
♦ On the flip side, the crackdown on Islamist camps caused the most violent wave of Islamist violence against Christians in modern history, with attacks on 30 churches and at least four Christian deaths.
♦ In the hours before Egyptian security forces launched a crackdown on camps of pro-Morsi supporters, American diplomats were pushing for agreements between the two groups to avoid violence – all of which failed, as generals in Cairo ignored Americans “in a cold-eyed calculation that they would not pay a significant cost.”
♦ An event that brought together India’s prime minister with past, present and future bosses of the central bank yielded some insight into what the future might hold for the volatile economy, including bringing incoming RBI governor Raghuram Rajan on earlier, not adding new capital controls, and narrowing the trade deficit.
♦ Being an American among Brits sometimes “feels like being a guest who shows up at a memorial service wearing a Hawaiian shirt and traumatizes the mourners with intrusive personal questions,” writes Sarah Lyall of her 18 years as the New York Times’ UK correspondent.
♦ The partner of Glenn Greenwald, the Guardian journalist who revealed surveillance programs by the NSA using documents passed to him by whistleblower Edward Snowden, was detained for almost nine hours by UK authorities in Heathrow airport to be questioned under the Terrorism Act 2000.
♦ After almost 60 years, the US intelligence community has openly acknowledged that it was behind the controversial overthrow of Iran’s former prime minister Mohammed Mossadegh in 1953.
♦ Turkey’s greatest writer Orhan Pamuk converses with Simon Schama about recent developments in his country, including the “wonderful” uprising in Taksim square and the twilight of prime minister Tayyip Erdogan, and allows him to step into his home that has been transformed into a “Museum of Innocence.” Read more

♦ Eike Batista built an empire and became Brazil’s richest man with the OGX oil company. It now stands on the verge of bankruptcy, however, after it turned out the oil fields meant to produce more than half of Brazil’s current national production were duds.
♦ Raghuram Rajan has his work cut out for him as the new head of the Reserve Bank of India, with the rupee at fresh lows and the slowdown of quantitative easing on the horizon. Rajan, who warned about the crisis , is expected to take a tough stance on moral hazard.
♦ In an analysis of how Egypt’s rocky present could forecast Turkey’s future if the AKP does not distance itself from Erdogan’s brutal crackdown and drive for Islamisation, Timur Kuran argues that political Islam must gain power legitimately through the creation of democratic systems.
♦ “Once you spend more than $100m on a movie, you have to save the world,” Hollywood blockbuster writer Damon Lindelof tells New York Magazine in this profile the of the U.S. film industry.
♦ A pension crisis is drawing nearer in Chicago, as the retired teachers’ pension fund stands at risk of collapse and in 2015 state law will require it to pay $1bn more a year into city pension funds to make up for years of underpayments. Read more

The new governor of India’s central bank has built a reputation as a world-class economist during a quarter century of teaching and writing – helped along by one explosive speech in 2005. Here is a potted biography in six short chapters.

1. He was the party pooper at Alan Greenspan’s farewell bash at Jackson Hole in 2005, raising warnings about the dangers that led to the financial crisis of 2008-09. In response, Lawrence Summers called him a “luddite”.

2. At the time, Rajan was serving as the youngest ever chief economist at the IMF. He was also the first non-westerner in the job, which he held from October 2003 to December 2006.

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