“‘True, it (another financial sector crisis) may not happen if we can find a way to unwind everything steadily,’ Rajan, who is famed for predicting the 2008 markets crash years in advance, said in the interview posted late Wednesday on the journal’s website. ‘But it is a big hope and prayer,’ said the Reserve Bank of India (RBI) governor, adding there is a risk of sudden price reversals and sharp spikes in financial volatility. ‘We are back to the 1930s, in a world of ‘competitive easing’,’, Rajan said, referring to ultra-low interest rate policies pursued by the US Federal Reserve, the Bank of Japan and the Bank of England in a bid to stimulate their economies and spur growth.”
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