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Global Economic Theories: A Ploy To Loot India — A Talk By Arvind Kumar

Arvind Kumar describes the history of various economic systems and explains how every system has been dependent on India for its survival. A surprising element of the history of British control of the Indian economy is that it was intended to further Christianity.

A new global economic system has now been proposed in the West and is quietly being implemented in a gradual manner using what the speaker terms “coolie economists” or Indian economists who serve the interests of the West. The proposed system will make India absorb the pain of Europe and America while providing them bailouts on an ongoing basis. India can become strong only by implementing the decentralized Swadeshi model.


Arvind Kumar is a writer whose articles on #economics have appeared in Sunday Guardian, Daily News and Analysis, and the American Thinker. He holds a degree in Financial Mathematics from the University of Chicago, View More.


Transcript

India was the test bed because in the King Genera that’s what they did. They always attempted to raise interest rates and the reason they do this is when the foreign companies come in, they don’t want competition from Indian companies. So they invest here and with higher interest rates. It’s the small businesses actually find it tough to get some loans, to get loans at a competitive rate and this is how they destroyed Latin America as well. They want a consumption based economy, but then if you have if you see negative interest rates, you are not going to put your money in the bank, you’re going to withdraw your money and keep it at home. But to prevent that they’ve come up with the idea of cashless currency. So this is an extremely dangerous idea and they are targeting India for this and the way they’re doing it is through USAID. The USAID is involved in a lot of advisory project, advisory roles and also in implementing some projects. They were involved in Aadhar card and we have to be extremely careful of anything that comes from them. Their goal is eventual control over Indian citizens. Then another idea is thats part of the new system is Universal Basic Income. They probably, they would want 50%, around 50% of the population to be on welfare all the time and this is going to destroy India because once you have Universal basic income, it’s like a reservation scheme. You can never roll it back. There are going to be riots demanding we want to be included in the scheme, and eventually everyone is going to be dependent on the system and no longer self-sufficient.

As you can see the title says Global economic theories a ploy to loot India and a little is about my background, that i wanted financial industry and on the foreign exchange side as well as the energy markets and the options and high frequency trading. I have a background in financial mathematics from the University of Chicago and I’ve seen some of the professor’s there who indulge in rigging the market, in rigging economic system as well. So this is based on a lot of experience and as the title says the actual idea behind this is that, every economic theory is a theory of looting India and I’ll explain why that is the case.

So we should go back to the time of Adam Smith. Adam Smith did not oppose colonialism in his book. You have an entire chapter on colonialism. He does make observations which can be interpreted as opposing colonialism and not treating Indians as equals. But that’s because he has been his argument is more based on the utilitarian perspective of what is good for the rulers themselves, but then he talks of why it is good to grant monopolies to East India Company and companies like this and one of the points he makes is that, without the monopolies, smaller nations, like Sweden would not send out their ship and apparently it encouraged adventurism.

This was his argument and the East India Company of course gave rise to mercantilism. Mercantilism was when they took all the raw materials and the human resources from India and treated India as a market and you see that this policy continues even today. There were navigation loss where the ships that had to be used for trade had to be ships manufactured in the United Kingdom. So the Indian shipping industry was destroyed. There were many other monopolies there were many kinds of taxes and then there was the history that’s the history of manipulation of money as well.

They, the British kept moving from gold to Silver as and when it suited them for example and 1849 during the Gold Rush. What happened is the value of gold started coming down. So, in 1852 Dallas says, he change the law where they would no longer accept gold as part of the tax payments into the treasury and once and until that continued until 1868 and then when silver prices started falling in the early 90s early 1890s. Once again, they were decided to demonetized silver because they didn’t want the money that’s given to them to have a lower value and then there was of course the Reserve Bank of India. Also, the proposal came in 1897 at the during the currency committee. The other things they did in the straight theory, the so-called Trade Theory with Jagdish Bhagwati is a proponent of It originated mercantilism because it’s an O’Brien Errol if the exports of East India Company exceed imports, you’re selling more than what you buy and that is your theory and you find all sorts of ways to manipulate to keep that going.

So what is good for a corporation is not necessarily good for the economy, but then you have the trade theorists asking you to devalue the currency and they claim, that is what is good for the country. The other thing of course, there was slavery due to East India Company. Then the other theory of the 19th century is communism and we see that Karl Marx in his New York Daily Tribune article. He actually called Indian Villages semi-barbarian, semi civilized communities and he justified British colonialism in India. According to him the British colonialism was civilizing India. It was a civilizing force and even use abusive language calling the worship of Nature and the adoration of Hanuman.., all that was supposed to be a barbarian things according to Karl Marx, and I bring communism also as a theory of looting India. I’ll explain later in the stock, how India supported the Soviet communism and without India, they would not have survived.

But before that, we’ll look at the history of Christianity and how east India company was tied to Christianity. We never learn this because this is scrub from what’s being from our textbooks. What we hear is that it’s just capitalists who came to India out of their trade and they looted India. But in reality the first charter that was given to East India Company was by Queen Elizabeth in 1600. What it said is to do, to conduct trade in those areas of India, without disturbing the other areas, other Christian, other countries of Christendom. So, Portugal and Dutch would not be disturbed, that was the first Charter.

This charter lasted for 15 years and then King James, one after whom the King James Bible is named, hhe extended the charter, he was the first one to and then conversion continued under him. He was the person to name the first convert from India. He called him Peter, that happened in 1616. By 1661, you had chance to, he actually granted the power to wage war against the non-Christians.

So this was to East India Company so East India Company was a holy Christian Enterprise. And again, what happened in 1698 is William 3, he actually made it a condition for the charter, extended the East India company that each Factory must have chaplains and this chaplains must learn Indian languages within one year and start converting people, Hindus to Protestant religion. And in 1813, it was opened the missionaries, India was opened to missionaries officially and this was at the behest of Charles Grant who was a director of East India Company, 1835. You’re all familiar with the Macaulay education system, but that also attack Hinduism of Sanskrit and astronomy. They called it rubbish and they impose the New Testament on India.

There were other things that the East India Company did which were for the Christian world. For example, there was taxes, there were taxes for the pilgrims, pilgrims to Jagannath temple and other temples were taxed and even temples were tax just for existing. So Hinduism had to pay a penalty just for being Hindus. And the Dutch to they use military force to force people to buy what they call the manufacturers of Christendom. And this was in the South Indian Coast.

Now the Drain Theory we know that was first by the Dadabhai Naoroji where India was treated as a source of raw material and all the wealth was drained out of India. They would come back and sell the finished product. India also was a source of slaves and Elihu Yale, after whom Yale University is named, actually kidnapped slave. It was called slavery then later. They termed it indentured labor, but even then they kidnap people and took them. So India was also a source of slavery these policies continue to this day. The only differences we see that people voluntarily go and work for the West now, the conditions have been created where, we people think that they are doing something great by going to the west. But if you did not go to the West, they would kidnap you and take you there and force you to work and we know this from history.

The next theories, that’s actually a theory of looting India is the Keynesian theory. According to this theory there are economic cycles, there are ups and downs and during the down period the government would actually do tax and spend and make up for the economy and therefore everything would be fine and dandy and this is the theory.

This is of course not true. Usually what happens when they do as it becomes worse, but then the 1930s of United Kingdom, that is given as the example when this work very well. But the reality, that the Keynesian Economist never talked about, is that the British controlled not only they, British the United Kingdom, they also controlled India. So when they calculate the GDP, they don’t calculate a combined GDP for the entire system. They were just trying transferring wealth from India to UK and then they claim that it work and this work because they, Keynes work in the India office and he knew how to get the money out of India and he was a master fundraiser. That is how his career Advanced in 1910s and when Sterling was weak during the depression era following the crash of 1929. One of the things they did is, they dealing the Sterling from gold because when it was tied to Gold, it was rapidly depreciating. Instead they tied to the rupee.

So what this means is, what is happening today that, there is a demand for US dollars because that’s the global currency and even when they print money they don’t face that much inflation like we face because now there’s a global demand for the US dollar and this happened in 2008. Your intuition tells us that the US dollar should have gone down because the US economy was in shambles. But then it actually went up because during times of uncertainty every other country wanted to move to the US dollar that created a demand. So what is happening is that when we print money we face inflation when they print money we absorb it, we create the demand for them. So it’s socialized across the world. So that is what Keynesian model did.

They deal in Sterling from gold and linked it to the rupee. So the demand would be created in India. In 1931 and 32 they also shipped out a lot of gold out of India and then there used to be a condition that the Indian government would be given loans, run by the Indian government, run by the British. But then, there was a condition that was imposed that the rupee supply be contracted and the reason was to have lower prices and higher interest rates in India by contracting the rupee.

They also imposed another condition during the round table conferences that are Reserve Bank of India would be set up. The Indian nationalists actually oppose that in 1929. They defeated a bill to set up the Reserve Bank of India and the condition and the reason was that they did not trust it, that it would serve the British imperialist for decades to come and that is what has happened. But then what happened in 1930s is during the Round table conferences. It was made a condition that the Reserve Bank of India must be set up and they somehow got it set up.

Now this whole idea of tying the Sterling – rupee and also raising interest rates and devaluing the currency. So it as a template for the Bretton Woods regime. So the only thing what they did during the Bretton Woods regime is that for every loan that is given there’s always a condition. It’s called the structural adjustment program, any country that gets a loan must raise its interest rates. They must be value the currency. This is how India got a loan to before it floated the rupee before the float when it was a sixth regime. And again, this is not a fair system and Mahathir Mohamad actually called them out on The 1998. He asked, he said that, why they prescribe lower interest rates when the Western economies go down, but higher interest rates when the Malaysian economy was down and that’s a very good question.

So if you want to strengthen if you want to boost Investments and you want people to take loans and start businesses, you should be lowering the interest rates. So this for India was their test bed because in Keynesian era that’s what they did. They always attempted to raise interest rates and the reason they do this is when the foreign companies come in, they don’t want competition from Indian companies. So they invest here and with higher interest rates, it’s the small businesses actually find it tough to get some loans, to get loans at a competitive rate. And this is how they destroyed Latin America as well.

Now RBI also has been subject to conditions imposed by IMF and this is true that every time they give a loan, they require RBI to make some regulatory changes whether it is 1970s or 1990s, they keep doing that. The Bretton Woods System created the US dollar dominance that all trade would take place in US Dollar. So that is the other thing they did and as we can see the World Bank head can only be an American and IMF can only be headed by a European. That’s an unwritten rule, but that’s the case now.

Communism.., how it was supported by India. The Soviet Union had nothing actually. They have gas and crude oil, but then they depended on India for a lot of things like fruits and most of it was tea and tobacco, is what they imported. But then we had the Rupee – Ruble trade. But the Rupee- Ruble trade was tagged against India. For example, for one time when you could buy the exchange rate was wrecked like instead of getting 32 Rupees to the ruble, they would get 38. So there was a three-way play here, between US dollar Ruble and rupee and the mafias on both sides in India and in the Soviet Union. They actually played this game. never scams, where they would create these companies, fake companies on paper just to play with the currency. The other thing that India did was to give arbitrarily high prices for the defense equipment. So it’s a Cash for Clunkers scheme. It’s no wonder that it’s no surprise that the Soviet Union collapsed right after the Indian economic crisis.

Then once the Soviet Union collapsed, we had the WTO and the globalization regime. Now globalization is exactly the same as draining wealth and getting labor. So it continues the mercantilist policies of the 19th century. The only difference of course slavery is replaced by voluntary servitude. You provide the labor, you provide the raw material, but the ownership is of course by the Western corporations which make the profits and the IMF loan for India to require higher interest rates and devalued currency.

So when assume you devalue the currency because as soon as the foreign company comes in, their purchasing power in the near future is its increase, they get more resources for the money they invest. One of the things Manmohan Singh did as part of the globalization of 1990s was to give 16 percent guaranteed profit to power companies like Enron. It’s only the foreign companies, not Indian companies. The pattern regime was tailored to help the West keep control. If you look at the WTO agreement, you will see that subsidies are banned. But then the western companies continue to get subsidies because they have a loophole there. They have a loophole which says for research purpose you can give money, you can go grants, but that is nothing but an indirect subsidy, you give it the university and the corporation works with the university and they come out they develop a drug and then they even get there, they get a patent, even though it’s taxpayer-funded money. But if India subsidizes a pharmaceutical industry, it’s going to face WTO sanctions.

Now, one of the reasons that the Western economic models keep collapsing they are all Ponzi schemes. So what happens is, what the American System, it requires a future generation to bail out the current generation. It’s completely dead driven. For example, their social security requires an expanding population to fund the retired people. Otherwise, it’s going to fail the population. The Next Generation has to have a higher number of people than the previous generation. Now, this is why, there more immigration of Mexicans. Otherwise, the banks will collapse, social Security will collapse. This is not out of love for humanity that they encourage immigration now. It is purely to support the banks.

And since the 1970s, you will see that the US has been on life support every ten years or so, they had a bailout. They had an airline industry bailout in the 1970s and the 1980s there was what was called the Savings and Loan crisis where the small investment firms were going under, they had to be bailed out, and then in 1990s long-term Capital Management a hedge fund failed. It threatened to take down the entire banking system and so there was bail out then, and of course again in 2008-09, we saw the bailout with the mortgage crisis. Now that bailout scheme is what they have perfected. What they want to do is to create, to make India pay with the next bailout. And this is the other reason that every economic theory is a theory of looting India and the way they are doing it will come to that.

But before that look at how the they western systems are designed. They do not want people to be self-sufficient. They want people to be dependent on the system. So what it means is that the healthcare will be based on insurance. They drive up the costs, so you will have to be dependent on insurance for health care. They drive up the cost of the education system, so that you are dependent on the banks again and you have to take student loans and the way they did this is… until the 1980s, the education system was affordable. You could work your way through college. If you look at the literature back, then you will see that you could have work your way through college.

But then what happened is the government started underwriting the loans and they, and in tandem, the University decided no matter what level, they raise the tuition fees. The government is anyway going to underwrite the loans and they get paid for it. And so these, the students got caught in a debt trap. They’ve got talked into taking a loan saying that you need a college education to move forward in life. So they had no choice. They took a loan, the loan is actually underwritten by the government and so the universities raise the tuition. So, right now, that is another crisis in the United States.

Health care, of course, has compulsory insurance so that the insurance companies can make money. Now that’s a plan that they want a few people controlling everything. They see everything has to be manufactured by large factories. This is very similar to the Communist way of thinking that there will be large factories controlled by the government. The only thing here is that they will still have large factories controlled by a few people and most of the people they see in the very dehumanizing way, where you are just cogs in the wheel of a massive system and the bailout scheme that they have perfected and how they target India is through Basel III.

So Basel III, they call for the stress tests of banks. And the real reason is that they want Banks to be bailed out in future. They know, their system is going to collapse. This is how the system is built, every few years a collapse. But next bailout is going to come from the international world. The way it starts is, initially they say, you have to have a reserve to bail out your banks and it’s all, it’s not mandatory. It’s voluntary. The Next Step will be to sign a treaty and make it mandatory and then we have to contribute to an international system. So we need to guard against us and new global system that is being proposed. It’s going to have the IMF SDRs. That’s the special drawing rights as the new currency. In fact, the end of IMF, during a recent Singapore, during the conference in Singapore recently, a couple of months back, also proposed that and the once again reiterated that IMF SDR should be a Global Currency. They will create a banking transaction tax, so that it’s all automated and then we can it under their control.

There’s also the idea of cashless currency, but this one, this idea is actually something very dangerous because it’s based in the idea of having negative interest rates. Lawrence Summers who is an economist in the US, he’s now in Harvard University is work for the government as well. He actually proposed a system of negative interest rates. So what it means is you deposit some money in a bank after a while you see that your total value has come down and the reason for this is they don’t like savings. They want a consumption based economy. But then if you have, if you see negative interest rates, you are not going to put your money in the bank. You’re going to withdraw your money and keep it at home.

But to prevent that they’ve come up with the idea of cashless currency. This is an extremely dangerous idea and they are targeting India for this and the way they’re doing it is through US Aid. US Aid is involved in a lot of advisory project, advisory roles and also in implementing some projects. They were involved in Aadhar card and we have to be extremely careful of anything that comes from them. Their goal is eventual control over Indian citizens. And of course, Indian the food as well the food sources will be controlled through companies like Monsanto, which is of course, it’s bear. Monsanto is now Bayer because Monsanto had a bad name. I guess the brand, it’s better to use the brand name Bayer.

Now we need to know some of the changes; how they originated, you know, VAT and GST they originated in OECD reports. They use the term VAT and GST interchangeably and they want every country to move to a vat or GST based regime and their goal is, eventually there will be once again a treaty. So they can have a centralized tax system. It’s all Uniform around the world. One of the points that OECD acknowledged is that GST will hurt small businesses more than it hurts large businesses. A company like Amazon and Walmart will be able to absorb the costs of implementing. Like a company gets a small shop will now face an additional burden.

Aadhar is of course supported by US aid and Bill Gates Foundation and then another idea is, that spot of the new system is universal basic income. They probably they would want 50% around 50% of the population to be on welfare all the time. And this is going to destroy India because once you have Universal basic income, it’s like reservation scheme. You can never roll it back there are going to be riots, demanding we want to be included in the scheme, and eventually everyone is going to be dependent on the system and no longer self-sufficient. They’re also taking over the lending sector in India. The small lenders are being destroyed in villages and the village economics all requires the small lenders and the way it’s being done is that not the so-called nonprofit instead organizations like Basics, which is supported by Ford Foundation. They lend money and they don’t pay tax on their profits and the moneylender cannot compete with them.

There’s one more thing that’s climate change which is which has nothing to do with the environment. It has everything to do with a permit Raj. They have something called cap-and-trade where capping is the same as a permit, selling permits and the trade is that India has to buy this permits from the West. There are people like Al Gore who have already heard of these permits. They are just waiting for legislation to make this permit legitimate. So that is the scheme they have with the climate change.

Now some of the things we need to know is about the narratives of existing systems. We are presented two choices capitalism and socialism. But in reality, they are the two sides of the same coin if you carefully look at them, there is no difference between the two structurally they have the same structures. It’s just the people change, the ownership of who runs the system changes instead of the government running the system, the same people run the system. By sitting and Goldman Sachs or one of the other private entities, but it’s all one massive banking scheme, a massive government fifty percent of people on welfare, the government paying out 50% of people because that is their army in case there’s a revolution. This is how they want to protect themselves.

And socialism has never been aboard the poor. It’s about control we would not oppose if you are really limiting to 10% of the population who really need to be held and you gave them a helping hand. That’s probably a good thing. But it’s not about that than which is why you see it’s always Universal Health Care or Universal education. It’s never just for the poor. They never say it for the poor, it for its Universal. They want to control you and in their system businesses have zero risk because every time there’s a loss and they collapse that going to be a bank. There’s going to be a bailout the other reason why capitalism and socialism do not apply to us. Is it really a Catholic versus Protestant system and Karl Marx has written about it that the Catholics are about giving and Protestants are about taking and the Protestants used to talk about free market quite a bit as opposed to the church control and it’s just minor differences between the two in details.

And some of the economists who are pushing the agenda for a new economic system to replace the Bretton Woods system, whom i called a coolie economists, and one of them is Raghuram Rajan who has written in Project Syndicate that we need a new economic system that is actually an admission that the existing economic system is a failure and the existing economic system of IMF and World Bank, it has served their purpose, they are no longer able to use it to get money from India and therefore they need a new system because India’s last loan, most 1991. It no longer needs their loans but when they the European economy was in crisis, they wanted India to go 500 million dollars as a grant, not a loan when India got the money, it was supposed to be loan. But when Europe wanted the money it was supposed to be a grant. He gave three billion. Right. Sonia Gandhi and Manmohan Singh give three billion.

During the new Crisis, India promise that, I’m not sure that it was given three billion euros. India is always been a source of supporting the west and the project Syndicate. We need to be careful about it because people like Gordon Brown former prime minister, they are part of it. They are very much part of it, they know what they’re doing and Raghuram Rajan and his friends who have In attacking nerves for saying that RBI is not does not have freedom. What kind of freedom is he talking about? He wants freedom from the Indian government, but not from IMF, the same Raghuram Rajan or the other Urjit Patel whoever is in power. They are going to go to IMF and discuss with them and be accountable to the west and Implement their agenda. In fact, they should be forbidden from doing it. It’s our country after all it’s not their country.

So if you want to have selected interest rates here, It should be on our terms, not on their terms and the other economists like Jagdish Bhagwati. He was the loudest cheerleader for the WTO globalization regime. The trade Theory we’ve already seen has origins in the mercantilism of East India Company where you say the profit of East India Company exports is greater than Imports that the only thing they know, exports is greater than Imports. You have devalue your currency and that’s all they know to do. And Arvind Subramanian asked USA to file a complaint against India to WTO. There are two more Economist Amartya Sen and Kaushik Basu. The only thing they do is they push the Western agenda. Kaushik Basu does not talk anything about economics. He keeps attacking India and especially the Hindus. Now, there’s one Economist we have to be concerned about his past action. Who? That’s Rajeev Kumar who signed an MoU with US Aid to expand their activities in India.

This was right when Russia expelled 3,000 employees of US Aid and US Aid was asked to leave the new Russia because they were part of CIA and they were part of the CIA activities. Now there’s one problem India has which is to respect the west and that is very important we not do that because the Western economic and finance system fraud and rigging are rampant. The entire system is rigged and you can never win against them. If they lose they will bailout. And that is the reality is. They can never lose and when you lose they are going to preach free-market team and they’re going to say risk and whatever theory they have.

And the reason not be enamored by them is to understand that their wealth is only because of one reason they control the global currency. They can print the US dollar as much as they want give it to themselves for free. But the Chinese are an Indian or any other way person in any other country has to really work hard to get every single dollar, but they get it for free. The US dollar has actually depreciated more than 97% since 1900, probably it’s that’s 10 years back. It’s probably 98% now and the reason they don’t feel the pinch is that US dollar is the global currency. They printed they give money and the entire world works for them and since the goods and services, they give the paper in return and of course the inflation of US Dollar this prevented because of the demand from other countries.

Now there’s one more way that NGOs has heard the Indian economy. They indulged in the economic activities without paying tax and what happens when this, when NGOs do that with legitimate businesses, which are sent sustaining businesses based on their profits. They collapse because they cannot compete against the subsidized businesses, which don’t pay their tax. By definition we should make sure that charities have no strings attached, they can give money they cannot take back money. So, for this is for example, the microfinance industry microfinance NGOs. They can give money and they should forget about and then we have to look at their centralized versus decentralized systems. Everything in the west is centralized, everything from their God, the way they create their government and their economic system universities are actually monopolies.

Our system was the gurukul system which was distributed. So everything is a centralized system and that is the way to think of it. They came up with the Central Bank, the RBI, which is a centralized Institution. In reality, the interest rate should be set by the market at the local level depending on the local conditions. And the concentration of financial power as well as the corporate power. It is due to the existence of a central bank. If you look at the general accounting Office document from 1900, you will find something very interesting which is that whenever the interest rates are lowered, the community Bank in the small Banks collapse. In the past five years alone, in the United States, 1300 Community Banks have collapsed because interest rates have been kept artificially low and during times when they raise interest rates small businesses cannot compete against the large businesses because they are now paying higher interest rates for the loan.

So you should not have either a higher rate or a lower rate, which is artificial and they don’t hide it, they call it slowing down the economy when they raise interest rates. So when they slow down the economy, they don’t mean that they are collapsing Walmart or Intel or Microsoft. What they mean is the small businesses will shut down and hence the economy will slow down. Now if you look at the ancient Indian system it was not all centralized. The Varna system was actually a system of separation of powers. People who where in production that is manufacturing and agriculture, they where separate from the ruling class, which was also separate from the people who controlled knowledge. They were not supposed to abuse and get involved in this to the other activities and the financial power.

So these were the four different types of powers and there was a healthy separation of powers, the Jatis were economic guilt to prevent the oligopolies like especially by marriage you could end up with an oligopoly is of there were some rules around that as well. To see the exact opposite today what we see is American universities like Harvard and University of Chicago. They are part of the power structure. They write the rules, they write the laws. They get the money they get the grants for businesses. They get grand for research. They dropped the laws.

So it is the exact opposite of what we see here. What we saw in our ancient system. The tax system in India to was a healthy system. It was one sixth of the production in peacetime and a quarter during wartime, 25% during wartime. And we need this for the swadeshi mean and what is the swadeshi mean? This is not blind import substitution and that is a caricature that’s been going on. So Swadesi means it self-sufficient productive society and it’s not a consumerist society without producing anything, which is what they want, the West wants India to do so. They can put us on welfare and dependent on them.

Swadeshi also means decentralized and based in self-organization has opposed the centralized systems of the West. Swadeshi encourages savings rather than consumption. So what we need is that an economic policy. We should explore tax structure of the production level and the reason for this is that GST has originated with OECD. GST is not bad, it’s been called the fair tax, but the very fact that it originated with OECD and they have acknowledged that small businesses could be hurt means we should explore a way to shield ourselves from the detrimental effects of this and one group that actually advocated tax at production was at Jensen in 1971 and in the late 1960s. The Jensen actually was opposed to sales tax. They said it causes harassment and we need to have all taxes of the production level.

We should also remove the gold controls because the natural tendency of Hindus and Indians is to go for gold and that creates stability in the system. It will of course slow down the growth but then growth is another form of saying Bubble. So in the western system what they call growth is actually creating a bubble that actually collapses and we need to encourage saving, there are other things that the government could do like infrastructure projects and government contracts could be used to encourage a system where we have a large number of small businesses rather than small number of large business.

So I think I’ll end my talk here.

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