The Hindu Business Line : He floors audience with his wry wit

Singapore, Oct. 11 There was one thing with which, other than his positive assessment of Asia’s ability to withstand the global financial crisis, the former RBI Governor, Dr Y.V. Reddy, enthralled his audience at the Pravasi Bharatiya Divas in Singapore — his whip-crack wit.

The Managing Director of Monetary Authority of Singapore, Mr Heng Swee Keat, introduced Dr Reddy as “a man who needed no introduction” and one who had the rare combination of both “substance and humour”.

Picking up the mike, Dr Reddy said that the introduction reminded him of another occasion when someone remarked that Dr Reddy “needed no introduction, but only a conclusion”. “Apparently, the impression was that I do not commit myself to anything,” he said and the audience roared with laughter at the self-deprecating humour.

Later, Dr Reddy employed his wit to come to the rescue of his friend, Mr Keat, when a questioner flummoxed Mr Keat asking what steps the Monetary Authority of Singapore intended to take to tackle the global financial crisis.

As Mr Keat paused in embarrassment — he could neither disclose MAS’ intentions nor say it intended to do nothing — Dr Reddy jumped in saying that he once saw a wall poster showing a fish caught on a hook and a little caption that read: “Even a fish would stay out of trouble if it kept its mouth shut”.

Dr Reddy’s speech was of profound economics — financial markets, role of central banks and all that — but every now and then his wry, tongue-in-cheek humour would come to the fore.

There was a question about whether nationalisation of banks in India turned out to be a blessing. The former Governor said often the objectives of public sector banks were aligned to broader public policy, which was “sometimes laudable, sometimes not, depending upon the government in power.”

Silent exchange

He told a questioner who wanted to know which way the currencies would move, that if he (Dr Reddy) knew the answer he would be a currency trader. The questioner assumed that there was a more serious answer to follow and kept looking at Dr Reddy, who merely stared back at him with a smile. Again, the audience was in splits over this silent exchange.

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