Profligate Indian State Gov. Bailouts like Western and Chinese Banks
Looking at the speculations for the next president of India, some of the allies of the Congress party are taking yo-yo positions.
How ever when Sonia Gandhi, even if the Congress is now much weakened, decides on someone, and perhaps she has on MH Ansari, the allies and supporters will fall in line.
Pranab can replace an ill MMSingh after the elections in July. He can come back to Rajya Sabha after 2014. He is invaluable as anything but an ally and will lose his power after Samson’s cut were shorn, if -- BJP‘s declining stature and Shushma Swaraj’s anti-Muslim and crude statement has made its allies uncomfortable and queasy. Alliance with JDU in Bihar is opportunistic and Sharad Yadav has shown his hand against BJP.
As for Mamta Banerjee, at present, she is more concerned with the financial crisis in West Bengal and is carefully watching the Centre’s response to her demand for a three-year moratorium on the interest payable by her state. She is staying in the capital till the NCTC meet on Saturday and a lot depends on how she reacts to the central aid offered for Bengal.
Mamta’s electoral strength and clout will depend on the central concessions she can extort. So Mamta is playing her own little game during her stay in the capital. Apart from meeting the Congress chief, she spent some time with Mulayam Singh Yadav. Just kite flying, veiled threats or consensus building. Would the heterogeneous party groups agree on Pranab if Congress is not willing?
Unlike Banerjee, Mulayam was almost on board. But when consensus on MH Ansari seemed possible, his bargaining strength declined .He told reporters on Thursday that the president should be a "political" person, which many have interpreted as his preference for Mukherjee. Can Mulayam survive in UP after saying no to MHAnsari, also from a UP politically powerful family. Ashraffs monopolize power on behalf of Muslims in all parties all over India .And Akhilesh , Mulayam’s son’s inherited Jagir UP is a also in deep financial trouble .Without centre’s financial support Akhilesh will have economic problems and disaffection of the electorate soon .
In any case CBI can be used to prod and align Mayawati, Mulayam .A much diminished Lalu has been singing Sonia’s praises since his fatal parting away from the Congress .From Antony in Chennai .Karunanidhi must have got a sympathetic hearing on how CBI treats his daughter Kanimojhi and his need for protection from Idli Amma Jaya .
I have written enough on bailout of Banksters and Financiers in USA and Europe, whose Keynesian policies have destroyed their economies.
Over decades I used to wonder how the West lived in luxury working 36 hour weeks with paid holidays and other perks .Mostly it is based on looted wealth from centuries of colonial exploitation by the power of the gun, which still so far rules the world as in Iraq, Afghanistan and Libya .US spends as much on ‘defending’ itself as the rest of the world put together and then add defense expenditures by NATO countries.
But as Hyman Minsky rightly predicted that the neoliberal Capitalist model, which speaks of a equilibrium is false as tipping over the edge is built into the model .Oligopolies in the West have transferred the wealth of Asia, Africa and Latin America and their own middle and poorer classes to their accounts .Western corporate interests have already eaten away the pension and social security funds contributed by the latter as a result of living beyond means on false economic models.
Unfortunately accumulation of debts has also become the policy of corrupt ruling classes in India too .The states have been impoverished and the political classes have transferred wealth to themselves and cronies in robber baron classes.
How long this economic charade around the Globe last! US corporate biased S& P downgraded India’s investment grading. But what about US and EU barring perhaps Germany. AAA, some joke it is.
But look at the economic situation in a very rich Indian state of Punjab, below.
All these NGOs and Elections Commission must demand when political parties promise freebees to explain to the electorates in their manifestoes how are they going to finance the freebees so the masses know what they are in for. The kleptocracy seems to have out waited and outwitted an aging Anna Hazare so far.
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|William T. Hathaway|