Yet another corruption scandal has broken - and public sector bankers have been found to have lent vast sums of money to real estate companies by bending rules. But this is nothing new. Public sector banks have been looted by State personnel for decades - and, when the banks have gone belly-up, the same State has stepped in to pump in public money.
Further, with central banking, fiat paper money and fractional reserves, which results in "credit creation out of thin air," modern banking, irrespective of the nature of ownership, is steeped in fraud. The only solution is private money - and free banking under Law: that is, money and banking governed by Property and Contract. However, just for a laugh, you might enjoy reading what Kaushik Basu, chief economic advisor to the government of India, said when asked for his reactions to this banking scandal.
Yet, I can take all this corruption without getting too perturbed. After all, corruption exists because the system is designed wrong. Indeed, the system is designed for corruption. If we design things right - as with private money - corruption will cease.
What really gets my blood boiling is reports of tyranny by the personnel of this corrupt State. Here is a report of bulldozers backed by police and municipal functionaries "razing to the ground" some of Mumbai's "dance bars." This is the destruction of Property. This is the destruction of Liberty.
Once again, we must see that the only solution is the inviolability of Property. Only if this Principle is inserted into our Constitution can Liberty prevail - for all. My sympathies lie entirely with the dancing ladies. Today, as the report above says, the police insist that these dance bars are "illegal." Tomorrow, if Property is made inviolable, then such actions by the police will become "illegal" - and that is the direction in which we must proceed.
While this blog has been consistently championing Property and Liberty - and urban self-government - the mainstream media seems stuck in the status quo. In yesterday's post, I discussed an Indian Express editorial supporting Manmohan. Today, there is an editorial in the Times of India that talks about the BJP's victory in Bihar - and concludes, therefore, that this party can be an "acceptable and credible alternative to the Congress."
In reality, 58 out of the 91 BJP MLAs in the Bihar Assembly have serious criminal charges against them. In Karnataka, the BJP chief minister is mired in corruption. And in Gujarat, their poster boy, Narendra Modi, is not exactly "my cup of tea" - and that is putting it mildly. If the CONgress is bad; the BJP is worse - according to me, because they mix Hindoo chauvinism with their politics.
Thus, just as the editors of the Indian Express displayed a "false hope" in Manmohan Singh, the editors of the ToI have placed false hope in the BJP. In stark reality, there is now no political party capable of governing this vast nation. None of them have the right kind of personnel - and that is simply because none of them have the right kind of ideology.
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