Dr.Krishna Srinivasan of IMF delivered a comprehensive lecture (I wonder why it was called a seminar) at IMFR on 27th May. He subtly put across the view that the US is not the sole offender since greed is manifesting globally. Asset bubbles occurred in various countries though the epicentre was in the US.
He was emphatic that inflation risk is not imminent now (one may rightfully differ). He criticised dilution of accounting standards as a step in the wrong direction.