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Shah Rukh Khan's Red Chillies Responds to Sameer Wankhede, Says Satire and Fiction Can Co-exist_我的网站

A |     Stockholm, Oct 10 (UNI) The Royal Swedish Academy of Sciences announced Monday that three US-based economists won the 2022 Nobel Memorial Prize in Economic Sciences “for research on banks and financial crises”.

The winners are Ben Bernanke, former head of the US Federal Reserve and currently with the Brookings Institution in Washington DC, Douglas Diamond of the University of Chicago and Philip Dybvig of Washington University in St. Louis, Missouri. The winners share a prize of about $900,000.

The nobelprize.org put out a release saying:

"Their discoveries improved how society deals with financial crises

"This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.

"Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.

"For the economy to function, savings must be channelled to investments. However, there is a conflict here: savers want instant access to their money in case of unexpected outlays, while businesses and homeowners need to know they will not be forced to repay their loans prematurely. In their theory, Diamond and Dybvig show how banks offer an optimal solution to this problem. By acting as intermediaries that accept deposits from many savers, banks can allow depositors to access their money when they wish, while also offering long-term loans to borrowers.

"However, their analysis also showed how the combination of these two activities makes banks vulnerable to rumours about their imminent collapse. If a large number of savers simultaneously run to the bank to withdraw their money, the rumour may become a self-fulfilling prophecy – a bank run occurs and the bank collapses. These dangerous dynamics can be prevented through the government providing deposit insurance and acting as a lender of last resort to banks.

"Diamond demonstrated how banks perform another societally important function. As intermediaries between many savers and borrowers, banks are better suited to assessing borrowers’ creditworthiness and ensuring that loans are used for good investments.

"Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. When the banks collapsed, valuable information about borrowers was lost and could not be recreated quickly. Society’s ability to channel savings to productive investments was thus severely diminished.

"The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” says Tore Ellingsen, Chair of the Committee for the Prize in Economic Sciences.

The Nobel Memorial Prize in Economic Sciences was not included in Alfred Nobel's will, voanews.com reported.

It was established by the Swedish central bank in 1968 — and is officially the "Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel" to mark the bank’s 300th anniversary. It was first awarded in 1969 and has been funded by the bank since then.

UNI ING。    Shah Rukh Khan's Red Chillies Entertainment has responded to Sameer Wankhede's defamation suit over a scene in Aryan Khan's show The Ba***ds of Bollywood. They claimed that while the show depicts an overzealous officer, it does not reference the Cordelia cruise case. IRS officer Sameer Wankhede pleaded in the Delhi High Court seeking an interim injunction on Aryan Khan's series. Responding to Wankhede's claims, senior advocate Neeraj Kishan Kaul, appearing for Red Chillies said that satire and fiction can co-exist.     "Can satire and fiction co-exist? There is no law that it cannot co-exist. I may be partly inspired by real persons and stories, yet there can be disclaimers, no problem with two existing together. Where is the ill-will or malice? This is about a success story in a Bollywood party. We are not looking at people who are sensitive; hurt is not ground for malice. Can you pick a stray instance, a passage here or there? The series is about 20 different issues. We do not show a documentary on the Cordelia cruise incident. I am inspired by overzealous officers. That is far from saying that this is the Cordelia cruise story."          For the uninitiated, in 2021, Wankhede who was with the Narcotics Control Bureau, arrested Aryan Khan from the Cordellia cruise over a drugs case. However, Khan's name was cleared later, and he was released from jail. In his show, there is a scene where an inspector from a fictional anti-narcotics agency arrests an actor over a false drug case. Wankhede argued that the officer shown in the show resembles him and urged that the scene should be removed from the show.     Taking a dig at Wankhede, advocate Kaul also argued that Wankhede loves giving interviews to the media and spoke about the issues after the show released.          He continued, "You cannot say that the person depicting ills in Bollywood cannot show overzealous officers. I cannot be responsible for what other people say… I am fully entitled to depict issues ailing Bollywood. Even if I am to project someone, a public official cannot be that thin-skinned. Even if I portray you unjustly it is still not a case. Every scene in this show is exaggerated. I am not ridiculing him or the emblem. I am talking about officials who have lofty idea."     Wankhede sued Red Chillies, Netflix and Aryan Khan for defamation.     The next hearing on this case is on Thursday.     Also Read: ’Not Without Bias’- Delhi High Court Pulls Up Red Chillies Over Sameer Wankhede’s Defamation Case。

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