{"id":17,"date":"2004-04-26T13:18:36","date_gmt":"2004-04-26T18:18:36","guid":{"rendered":"http:\/\/server97.snhdns.com\/~ravik\/wp\/?p=17"},"modified":"2004-04-26T13:18:36","modified_gmt":"2004-04-26T18:18:36","slug":"more-on-forex-reserves","status":"publish","type":"post","link":"https:\/\/www.ravikiran.com\/blog\/classic\/200404\/more-on-forex-reserves\/","title":{"rendered":"More on Forex reserves"},"content":{"rendered":"<p>About my post on how our forex reserves are <a href=\"http:\/\/ravikiran.com\/archives\/000019.htm\">hurting us<\/a>, <a href=\"http:\/\/opinion.paifamily.com\">Nitin<\/a> sends me a <a href=\"http:\/\/www.rediff.com\/money\/2004\/apr\/20forex.htm\">Rediff link<\/a>  which says that it is also helping the US, because every dollar we keep in the reserve is a loan to the US (in the same sense that keeping a rupee in the bank is a loan to the bank).<\/p>\n<p>Quite right. I got into a long argument the last time I made such an statement,  It is a long story and deserves to go down as one of <i>The Examined Life<\/i> classics.  I was fisking a truly awful piece by S Gurumurthy which essentially claimed that a) The US is surviving on the savings of other countries like India and Japan, b) That is a horrible thing to do and hence c) We should save [and because he pointed out that saving by India is equivalent to investing in an undeserving country like the US, we should continue to do the same stupid thing even more]<\/p>\n<p>That was when I started realising that most people&#8217;s knowledge of Economics rested on a very shaky foundation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>About my post on how our forex reserves are hurting us, Nitin sends me a Rediff link which says that it is also helping the US, because every dollar we keep in the reserve is a loan to the US (in the same sense that keeping a rupee in the bank is a loan to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/17"}],"collection":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/comments?post=17"}],"version-history":[{"count":0,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/posts\/17\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/media?parent=17"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/categories?post=17"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ravikiran.com\/blog\/wp-json\/wp\/v2\/tags?post=17"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}