“The worst is indeed over for the economy,” he said. “The price rise has been due to the drought. Steps are being taken. I am confident the harvest will be normal.”
If you really want to know the horrific truth, which is that things are going to get much worse, then I suggest you carefully read the views of a wise fund manager published in Mint today. This good man begins by making it clear that inflation is caused by printing money in excess – not drought, as Chacha avers. He expects inflation to double the RBI target by March 2010. And there is worse. The mammoth government borrowing programme is going to screw up things a lot more. Interest rates will rise; private borrowers will face problems. The Market will do badly. This prescient fund manager says, of Chacha’s stewardship: “Over the last four years, we have not had fiscal prudence.” He laments the fact that our The Chacha State spends mostly on consumption, and not on capital; on salaries rather than roads.
Now, our Chacha is supposed to be an eminent economist. How come an ordinary fund manager talks more sense than him? I do believe that, if we scratch the surface, we are forced to conclude that Chacha is a liar too, adding to all his other accomplishments. In any decent society, lying on the part of the government elite is considered to be a grave offence, usually resulting in impeachment.
My question is this: If Chacha is bullshitting about The Economy, the most important aspect of life, then how can we believe what he says about Baloochistan, Afghanistan, Kashmir et. al.? We can’t. We mustn’t.
On the other hand, we all know that “you cannot fool all the people all the time.” In politics, as in business, veracity works. Chacha is playing a loser’s game – for himself, for his Congress party bosses, and for the nation.
Wake up!
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