Sunday, December 25, 2016



If you want to know who Steve Forbes is, here it comes. He is a business tycoon and a political loser. His business is journalism and we will do better not to comment on present day journalistic standards. And he is not the founder of the Forbes' Magazine, but a third generation executive. That speaks for itself just as Rahul speaks for himself.  If you want to know more about him, here is what Wiki says on his political monkey jumps. 

Time Magazine called his stumping a "comedy-club impression of what would happen if some mad scientist decided to construct a dork robot" (sic) 

Forbes awkward campaigning style was considered to be a major factor in his defeat. (Sic)

Now, that we know the man, we know what his ideas look like. Being a business tycoon he advocated a flat tax in US polls of 1996, thus inviting criticism that he was trying to dodge taxes. Then he said he would exempt himself from the flat tax regime. The very idea of exempting one individual from a national taxation policy shows his sense of economics. So, we can outright ignore him as a spoilt brat with neither knowledge nor wisdom. But, he exceeded his brief using unparliamentary language while describing India and Indians.  First of all, he, being a foreigner has no business to comment on a constitutionally valid decision taken by a Foreign Government, which, prima facie looks like a decision of having far reaching positive impact on how clean India runs its own economy. What is his  personal morality level? Here is what Wiki says.

"Forbes returned to heading the magazine and company. During the 1996 campaign, insiders at Fortune alleged that stories about Forbes' advertisers became favorably biased toward them." (sic)

Now, let us consider his Journalistic sense in headlining his column. When a columnist, that too "HE IS NONE OTHER THAN STEVE FORBES" (as per some DRY BRAINS), headlines his column on economy he should speak economic sense and not political nonsense. What did the headline read? 

'India Has Committed A Massive Theft Of People's Property'

A Kindergarten student of economics will laugh at the economic nonsense he wrote. He does not seem to know the Thesaurus meaning of "THEFT". Theft was what was committed during the second term of UPA Government under the nose of a perceived honest Prime Minister to the tune of lakhs of crores of money belonging to the tax payers. If this gentleman who changed his stance on flat tax in the US twice in four years, now talks of theft he should talk of "THEFT" of "unaccounted money", to be distributed among the poor in future infrastructure projects. If at all, theft was committed it was done from the thieves, the looters, the corrupt and the dishonest not from the poor, the honest, the incorruptible common man. He did not have the minimum knowledge of what happened in India. It was only an exchange of the "now" declared as not legal tender with new series of notes that are "legal" tender. No commission was collected on the exchange. It was not like a jeweler exchanging old jewels with new ones where a certain percentage is collected as "in exchange loss".

The author uses words that defy logic in his first sentence of the column, to please that section of "pseudo intellectuals with DRY BRAINS". These words include "perpetrated an unprecedented act that is not only damaging its economy and threatening destitution to countless millions of its already poor citizens but also breathtaking in its immorality." How did it damage the economy? Which Indian was driven to the edge of destitution/starvation, by this single act?  "Already poor citizens"? My dear Forbes! Indians may not be filthy rich like you guys whose moral fiber is too thin. They are rich enough to sustain themselves with hard work and toil. India was never dependent on hard working foreign labor whom countries like USA use and try to throw away at the drop of a pin. Was it not the plank on which your President Elect win the polls mainly? If you guys could do the same amount of work with same amount of wages with so many restrictions on their stay and visit by their relations, which a Mexican or an Indian does, where was the necessity to import millions of skilled labor from these countries? If at all there was any "theft" it was committed by the nation you owe allegiance to, theft of cheap, hard working labor. And this is not a one-day affair. It continued for decades and will continue for decades more. And please note India was, is and will never be paranoid about inviting people of various nationalities, cultures, religions and languages and it never talked of constructing "walls"  on borders. We are made of steel and of a different breed. If you want to preach anything preach your Party bosses, Mr.Forbes! 

And display of his great economic knowledge continues. "Without any warning India abruptly cancelled..." I feel Rahul has better knowledge than this guy, who is branded famous and who brands others "famous" by awarding points every year. He did not understand the basic purpose of demonetization. If he understood he would not have used the words, "without warning" and "abruptly". The very purpose of declaring the 86% of currency "not legal tender" was to surprise those who hoarded large chunks of black money and are circulating large chunks of unaccounted money without paying taxes. These are enemies of the nation. When one attacks an enemy sufficient warning is not given either to enable them to escape and strike back at their convenience or to counter attack with mighty force. The element of surprise made rats in the holes for cover that in the first few days thousands of rats ran out of their holes and tried to cover their black deeds by converting money to gold, depositing huge amounts in the accounts of the poor, depositing huge amounts in fake accounts and transferring  into accounts of shell companies, transporting these notes in trucks, helicopters and chartered planes to safe havens etc. If this guy, Steve Forbes, did as much as turned the other side of the page he would have learned who the "thieves" were. 

He says, "shocked citizens"!!! Shocked citizens react and revolt just as it was done in USA after recent polls. Here, everything was cool except in TV studios. No mass revolt was ever heard. Murmurs are commonplace whenever a change in life style takes place. The decision was received by Indians with as much composure as Indians do whenever a hope for good lights up in the horizon.

He goes on.

The economic turmoil has been compounded by the fact that the government didn't print a sufficient amount of the new bills, lest word leak out as to what was about to take place. The new bills are also a different size than the old ones, creating a huge problem with ATMs. 

This is tomfoolery.  The immediate object of demonetization was to uncover "unaccounted" money in the economy (it is called the parallel  economy) , the long-term and larger objective was to ensure that the type of "go easy" attitude does not perpetuate. So, if immediately the "illegal"  money was squeezed out of the economy less amount of legal money was pumped in so that the nation slowly adjusts to a "less cash"  economy by turning to  digital economy. Steps were initiated for this long back with issue of Aadhar Cards, opening of "Jan Dhan"  accounts, issue of Ru Pay cards, providing power to the remotest corners in the country, educating through various channels the need to turn digital, expanding the reach of internet etc.,  The new notes were different in sizes because there was counterfeit currency in the market and we wanted to make life difficult for terrorists/naxalites. We did not take peripheral steps like building walls but ensured the roots are removed forever. And naxalites started surrendering and a few terrorists tried to loot banks as a last resort. That shows the effect of demonetization on these ultras.  It needed guts and we had the guts.  He only showed his imbecility by calling Indians "POOR". The colonial blood is these guys never evaporates. Is there not poverty in the US? Are there no "homeless" in the US? What are all these "food coupons" for? How many times did US close the Federal Government throwing employees on to roads?  What is protection to a laid off immigrant employee there? How many ATMs are there in the US? How much cash and how many cards an American resident carry with him on a day-to-day basis? Why do these capitalists think that they are the only ones that descended from the Heavens and mock nations that are in the line of competition with them? And why our pseudo intellectuals with DRY BRAINS think these are valid arguments? 

Instead of saying many rural folk are leaving cities, businesses are closing, there is lot of dislocation the author would have better provided figures to substantiate his stupid claims. If any business was closed it might be because the guy was frustrated that he should pay taxes henceforth. No rural folk migrated back. If he is not getting wages in the city, how can he expect to get them in villages that are poorly banked thanks to the lop-sided policies of earlier governments. His column is based on hearsay, mostly from channels like NDTV and CNN/IBN. 

Finally he spoke a truth about the legacy of the past governments handed over to the present government. 

India's economy is based mostly on cash. Moreover, much of it operates informally because of excessive rules and taxes. The government bureaucracy is notorious for its red tape, lethargy and corruption, forcing people to get by on their wits.

This is exactly what the present government is trying to change. I think guys like Forbes are paranoid about India turning a new leaf and overtaking USA in the next decade. This is typical Capitalistic thinking. Live and let live is Indian policy and we will do it. 

News flash: Human nature hasn't changed since we began roaming this planet. People will always find ways to engage in wrongdoing. Terrorists aren't about to quit their evil acts because of a currency change. As for the digitization of money, it will happen in its own good time if free markets are permitted. And the best cure for tax evasion is a flat tax or, at the least, a simple, low-rate tax system that renders tax evasion hardly worth the effort. Make it easy to do business legally and most people will do just that.

Hypocrisy in its best form. If human nature remains what it it is why did his party elect a President who wanted a wall across borders to prevent illegal immigration? Do they not find other ways to sneak in? If flat tax is a solution why did this gentleman go back in the year 2000,on his "flat tax" proposal of 1996? And why, after a lapse of two  decades his nation was silent on it? His nation is not ready but ours is. We are moving to single rate of tax in all states through GST. Our IT is uniform across India. Is it so in the USA?  

On free trade, the less said the better. What is the opinion of the President Elect on Free Trade?  Why does he want to scrap so many trade deals. Why does he think the world is out to exploit US?  Leave us to our wisdom. Use your wisdom in your nation. What better advice can we give to a guy who wanted to lead his nation not once but twice in the past?

Mr. Forbes! Privacy of no individual, except the corrupt, is exposed. Don't you want the corrupt to be exposed? That shows your mindset.  If other nations are following the example of India, it goes to our credit. Thank you for the compliment.

And you contradict yourself. Here you say Governments do not create money but people do and India is trying to control people's lives. In USA you say the reverse. You say government has a right to control, even legal immigrants. Hypocrisy? If India is getting Billions of Dollars as windfall, no one need worry. It goes into big projects and infra. And now for ever Rs.100 spent by Government Rs. 95/- is reaching people. Leads to less tax regime and more employment. It will compete with USA very soon.

And finally, you are nobody to advise what India need to do. You can advise your President Elect what US should do. And if past experience is any indicator, no one hears you there. And no one cares you here except a few "pseudo intellectual DRY BRAINS". Continue with your publication! Merry Christmas! May Jesus grant you a little more wisdom and take away a little bad temper.