Volatility's fear

Back in the 1970's, a novel called Fear of Flying written by Erica Jong exploded onto the cultural landscape (in the western world). While I never read it (except for the prurient parts), I understand it was about a woman who had a pathologic fear of flying, which she was able to overcome by engaging in virtually anonymous sex in airplane toilets. While the treatment was quite arcane, getting over her fear of flying was …

…more frightened of openness than it should be. Given that we are (as always) poised for the great leap forward and, from a structural standpoint, that the titans of our financial sector -- read, public sector banks -- are now, after three years of fat treasury profits, reasonably healthy, it is time for the RBI to come completely out of the closet and permit volatility -- reality, really -- a freer hand. Business Standard paper