Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]



        trigger_error($message, E_USER_DEPRECATED);

    }

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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]

Code Context



        trigger_error($message, E_USER_DEPRECATED);

    }

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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]

Code Context

            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {

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	'body' => '<!DOCTYPE html>
<!--[if lt IE 7 ]>
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        LATEST NEWS UPDATES | Vicious cycle -Prabhat Patnaik    </title>
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A system without any steering control

An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things..."/>
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     <meta property="og:description" content="-The Telegraph

A system without any steering control

An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things..." />
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                            <p style="text-align:justify">-The Telegraph</p><p style="text-align:justify"><em>A system without any steering control</em></p><p style="text-align:justify">An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things to the market&rsquo; really entails. Consider what is happening in India today. There is a massive outflow of finance from the country because of which the rupee is depreciating &nbsp;vis-&agrave;-vis the dollar. It has already fallen by more than 10% since February even though the Reserve Bank of India has spent over $100 billion, almost a sixth of the country&rsquo;s foreign exchange reserves, to prevent such a fall, and even though it has been raising the interest rate almost in tandem with the rise in the United States of America to discourage such an outflow.</p><p style="text-align:justify">The depreciation of the rupee is exacerbating the inflationary process by raising the cost of imported goods, including essential goods like oil; inflation, in turn, is creating expectations of a further depreciation of the exchange rate &nbsp;that become self-fulfilling: they encourage a further outflow of finance and cause &nbsp;a further depreciation of the rupee. So the spiral of depreciation-inflation-depreciation goes on, fed by the rush of speculators away from the rupee.</p><p style="text-align:justify">Please <a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" title="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" class="re" target="_blank">The Telegraph, 9 November, 2022, https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051</a><div class="clear"></div>
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A system without any steering control

An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things..."/>
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A system without any steering control

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    <h1 class="cat-box-title">Vicious cycle -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-The Telegraph</p><p style="text-align:justify"><em>A system without any steering control</em></p><p style="text-align:justify">An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things to the market&rsquo; really entails. Consider what is happening in India today. There is a massive outflow of finance from the country because of which the rupee is depreciating &nbsp;vis-&agrave;-vis the dollar. It has already fallen by more than 10% since February even though the Reserve Bank of India has spent over $100 billion, almost a sixth of the country&rsquo;s foreign exchange reserves, to prevent such a fall, and even though it has been raising the interest rate almost in tandem with the rise in the United States of America to discourage such an outflow.</p><p style="text-align:justify">The depreciation of the rupee is exacerbating the inflationary process by raising the cost of imported goods, including essential goods like oil; inflation, in turn, is creating expectations of a further depreciation of the exchange rate &nbsp;that become self-fulfilling: they encourage a further outflow of finance and cause &nbsp;a further depreciation of the rupee. So the spiral of depreciation-inflation-depreciation goes on, fed by the rush of speculators away from the rupee.</p><p style="text-align:justify">Please <a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" title="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" class="re" target="_blank">The Telegraph, 9 November, 2022, https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051</a><div class="clear"></div>
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A system without any steering control

An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things..."/>
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    <h1 class="cat-box-title">Vicious cycle -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-The Telegraph</p><p style="text-align:justify"><em>A system without any steering control</em></p><p style="text-align:justify">An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what &lsquo;leaving things to the market&rsquo; really entails. Consider what is happening in India today. There is a massive outflow of finance from the country because of which the rupee is depreciating &nbsp;vis-&agrave;-vis the dollar. It has already fallen by more than 10% since February even though the Reserve Bank of India has spent over $100 billion, almost a sixth of the country&rsquo;s foreign exchange reserves, to prevent such a fall, and even though it has been raising the interest rate almost in tandem with the rise in the United States of America to discourage such an outflow.</p><p style="text-align:justify">The depreciation of the rupee is exacerbating the inflationary process by raising the cost of imported goods, including essential goods like oil; inflation, in turn, is creating expectations of a further depreciation of the exchange rate &nbsp;that become self-fulfilling: they encourage a further outflow of finance and cause &nbsp;a further depreciation of the rupee. So the spiral of depreciation-inflation-depreciation goes on, fed by the rush of speculators away from the rupee.</p><p style="text-align:justify">Please <a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" title="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051" class="re" target="_blank">The Telegraph, 9 November, 2022, https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051</a><div class="clear"></div>
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Vicious cycle -Prabhat Patnaik

Published on Nov 9, 2022

Modified on Nov 9, 2022

-The Telegraph

A system without any steering control

An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what ‘leaving things to the market’ really entails. Consider what is happening in India today. There is a massive outflow of finance from the country because of which the rupee is depreciating vis-à-vis the dollar. It has already fallen by more than 10% since February even though the Reserve Bank of India has spent over $100 billion, almost a sixth of the country’s foreign exchange reserves, to prevent such a fall, and even though it has been raising the interest rate almost in tandem with the rise in the United States of America to discourage such an outflow.

The depreciation of the rupee is exacerbating the inflationary process by raising the cost of imported goods, including essential goods like oil; inflation, in turn, is creating expectations of a further depreciation of the exchange rate that become self-fulfilling: they encourage a further outflow of finance and cause a further depreciation of the rupee. So the spiral of depreciation-inflation-depreciation goes on, fed by the rush of speculators away from the rupee.

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The Telegraph, 9 November, 2022, https://www.telegraphindia.com/opinion/vicious-cycle-a-system-without-any-steering-control/cid/1897051

Tagged with: Capital flight rate of interest Interest Rate Differential Depreciation Bretton Woods Agreement Bretton Woods System

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