The most important indicator of whether India will crash is the sweat on Raghuram Rajan's brow.
The new Reserve Bank of India governor arrived in Mumbai this week with a bang, announcing a slew of reforms to free up and expand the banking sector and to draw more Indians into the formal financial system. The news impressed traders, who staged much-needed rallies in both stocks and the rupee on Thursday.
India's economic crisis, however, is still simmering, and Rajan still resembles the proverbial frog in the pot: He may not realize he's cooked until it's too late.
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