Raghuram Rajan’s move to clean up bank balance sheets has made banks bleed with record losses, which is being seen as a crisis.
In a speech in July last, Raghuram Rajan, 53, had said: “The kind of economics we need is based on rigorous fundamentals — blood, sweat, tears, and toil.”
One doesn’t know about the blood and tears bit, but 32 months into his term, Reserve Bank of India Governor Raghuram Rajan has surely walked the talk on the sweat and toil part. For further reading, visit “The Hindu”.
Today’s Words:
- Status quo (noun) – the present situation. The existing state of affairs.
- Rigorous (adjective) – demanding, severe, extreme, strict, harsh.
- Blood, toil, tears and sweat (phrase) – The phrase blood, toil, tears and sweat became famous in a speech given by Winston Churchill to the House of Commons of the Parliament of the United Kingdom on 13 May 1940.
- Toil (verb) – work hard, work day and night, labour, struggle.
- Walk the talk (phrase) – a person doing his actions in line with what he says. (not giving false promises).
- Turmoil (noun) – trouble, turbulence, disorder.
- Steer (verb) – guide, direct, navigate.
- Sweeping (adjective) – extensive, broad, wide, vast.
- Foster (verb) – encourage, promote, help, aid, nurture, stimulate.
- Articulate (adjective) – effective, expressive, illuminating, intelligible.
- Greed and fear – this refer to two intrinsic emotional states relating to the topic of unpredictability of stock market.
- Tenure (noun) – incumbency, term of office, term, period of/in office, time.
- Inflation (noun) – Increase of price level of goods & services & vice versa decrease of currency value.
- Discretionery (adjective) – optional, elective, non-compulsory/mandatory, up to the individual.
- Predecessor (noun) – forerunner, precursor, antecedent.
- Feasible (adjective) – practical, useful, suitable, sensible, achievable.
Note:
- Click each one of the words above for their definition, more synonyms, pronunciation, example sentences, phrases, derivatives, origin and etc from http://www.oxforddictionaries.com/ .
- Synonyms provided for the words above are my personal work and not that of Oxford University Press.