Praxeology: My Reflexions on India

Indian central bank RBI ( Reserve Bank of India ) and the Indian Central Government is cheating upon its citizens by breaking their promises. What promises the RBI and Indian government have made to their citizens which they are breaking? To get the answer of this question we need to analyze the currency note printed by RBI and guaranteed by the Central government. Below is a scanned picture of 100 rupee note. The orange circle contains the text of the promise made by the RBI governor to the bearer of that note. The text reads: I promise to pay the bearer the sum of one hundred rupees . Below the text there is a signature of RBI governor D. Subbarao. 100 Rupee note printed by RBI and backed by Indian Central Government The yellow circle contains the text of the government backing of this note. It reads: Guaranteed by the Central Government . As is evident in the RBI currency note, RBI and the government have made a promise to pay the said sum (in this case 100 rupees) to the b...

Since last time when I wrote my blog on India's political corruption, there has begun a huge new anti-corruption movement under the leadership of Gandhian Socialist Anna Hazare . Since many of my students asked me about my opinion on this issue, here I am presenting my thoughts on this whole Anna Hazare movement and its Jan Lokpal Bill. As I said in my blog on how to kill corruption , without removing the system of State with its politicians/bureaucRats it is impossible to remove the corruption from this or any other country. If people think that by introducing the Lokpal bill they are going to see the back of corruption monster then they all are day dreaming. Such naive thinking is a result of years of pro-State brainwashing in State controlled schools.  I also wonder how many people have actually read the Jan Lokpal Bill before joining Anna Hazare and his movement. If they have not then I strongly advise them to do that first. The bill is suppose to give immense powers to the...

Joseph Stiglitz , the 2001 Economics Nobel laureate professor from Columbia university recently addressed the students of University of Michigan at the 2011 Critical Issue Forum. The excerpts of his speech are available here . During the Q&A session with the students and other luncheon participants Stiglitz addressed the critical issues which USA and world is facing today. During his address Stiglitz dished out as many as possible economic absurdities. Regardless of his economic accolades of world's renowned economist, a Nobel prize winner, former world bank chief economist, chief of Clinton's economic advisory team, he demonstrated the shallow depth of his economic knowledge. Below I expose his absurd economics, which is hallmark of most of the mainstream economics, especially the Keynesian brand. Absurdity no 1 : It is well known fact that the US economy is right now bankrupt and is facing a huge budget deficit of US$ 14.2 trillion . When asked by audience about how t...