Praxeology: My Reflexions on India

As I have said time and again, you trust the banks if you want to commit a financial suicide. This is what the lesson everyone has to learn from the recent events, which are still unfolding, in the tiny island of Cyprus (read more about it here ). The Cyprus government, in cahoots with and by the orders of the European Union and IMF officials, stole bank depositors' money to rescue the bankrupt banking sector of its economy. This heist of depositors' money began with an announcement of confiscation of 6.7% of deposit money of those with total deposits less than €100,000 and 9.9% from those depositors with deposits more than €100,000. This deal did not go through the Crpriot parliament, but they have now agreed on closing down two major banks - which means depositors in these banks loose all their money - and stealing deposit money of those depositors with more than €100,000 deposits. Cyprus government has also closed all banks since last one week and still ther...

Today I attended the 23rd  I P. Desai Memorial lecture in Center for Social Studies , which is an ICSSR sponsored research institute based in Surat. They invited Padma Bhusan Prof. V S. Vyas (more about him here ) to deliver the lecture this time, and I decided to attend this event because Prof. Vyas is a member of prime minister Manmohan Singh's team of economic advisers. Because he is a well known economist of old generation, and especially a high ranking official in the present government, he was obviously on my list of people with whom I want to logically discuss Indian government's policies. As a tax payer of this country and an economist myself, it is my right and duty to confront these high ranking government economists and officials. Prof. Vyas was delivering a talk on ' Reaching The Unreached -To Make Poverty Eradication Programs More Effective '. His main thesis was, that so far all government poverty removal programs have failed, so how to make them more eff...

Last week finance minister P. Chidambaram presented his government's annual budget and economic survey in parliament (full text of both is available here ). As I explained in my previous post, the government has now embarked itself on a big looting spree of the tax payers. The idea of a balanced budget is an anathema for all governments, and the Indian government is no exception. P. Chidambaram made it crystal clear, that he is going to raise revenue via higher taxation. Cutting government expenses is totally out of question. Immediately the stock market tanked by 290 points, and people felt disappointed. In my below video I analyze the major issues related with this budget and economic survey. All in all, we all - i.e., the tax payers - should get ready to get robbed heavily by the government.