November 2004 -

Need for an open Government!

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Heard of open economy, but what about open Government, how transparent do you think your Government is? You might be living in the United States or any where else, do you prefer a transparent Government which gives out details to the public on every project it undertakes? If so how many of us would be able to welcome it? Do you think it is justifiable on account of the security of the Country? Well these are some of the question and much more would crop up when we think about Government opening its many functions to the public completely!

Well looks like we are not alone in this, there are many who feel that Government should open up its inner functions to the public. There are sites like the Google’s Government specific search engines. Which could help one to trace many of Governments inner news like the Government Attorney General John Ashcroft’s phone number to certain files of the FBI. There are also blogs dedicated to provide published and unpublished reports of the Government. There is Aftergood’s Secrecy news site, which he maintains as part of his work as the director of Federation of American Scientists’ Project on Government Secrecy. Aftergood works for congress . All these writers and more feel that hiding information, for the sake of terrorist would only lead to much information kept away from the public view and hence many project would not even achieve the purpose for which they were formed.

Many like me are of the view that many projects that the Government undertakes is for the public and for their goodwill, hence most of the project which is not classified as secret or ‘only for the security officials’ could be made public such that many could take advantage of the same.

Source: www. date: 29 Nov 2004

Watch out for those increase in Foreign exchange reserves!

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Mr. Rodrigo de Ranto, Managing Director of IMF has stated that increasing the foreign exchange reserve by the developing countries may not be a very good thing. As contrary to belief, though increasing the foreign exchange reserves might bring about increase in independence and to a certain extent reduce inflation, increasing the reserves beyond a certain point may have its own limitation. Mr. Ranto throwing caution to these emerging economies has asked them to have their reserves in check. Though he had not mentioned the countries, it is of common belief that the major contributor to United States has been Brazil, China Mexico, Thailand and turkey. The advice to these developing economies is that they must adopt a more flexible type of exchange rate mechanism, which in one way can absorb all the external financial shocks. Thus not all the theoretical mechanism in the monetary policy might work, economies need to adopt a more flexible mechanism to suit their economy.

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