India has not necessarily experienced a resurgence of business and market creativity. It is simply going through the same cycle of monetary stimulation that the European PIGS and America went through recently.
Such monetary stimulation inevitably leaves behind ruined and fractured societies. In the case of India, the anti-corruption movement will likely make things worse, as it is in no way an expression of ancient Indian culture, which was decentralized and extraordinarily tolerant.
The India of today, based on reports having to do with the anti-corruption movement, would seem to be inheriting the worst parts of Western socioeconomic systems. India's decentralized principalities have been merged into one bureaucratic morass.
Money printing, in fact, is fooling the Indians into believing their economy is far stronger than it is – and also increasing the corruption of the bureaucracy. The anti-corruption movement is providing the Indian middle class with a simplistic approach to dealing with such problems.
The real issue of the way the West has organized Indian society from the top down, starting with central banking stimulation, are not being addressed. The solution is seen as one of authoritarianism rather than a reconfiguration of India's basic institutions.
The waves of authoritarianism sweeping through the world today are the direct result of the failed economic systems that the great banking families of the West have worked assiduously to put into place. India is not immune to such "austerity" and to a kind of neo-fascism that is taking place as leaders attempt to offer solutions that have little to do with the actual problems caused by monetary inflation, taxation and over-regulation. India suffers from all these problems today.
Daily Bell, Staff Report
To a good degree, unfortunately, there is no Indian "economic miracle," only a false euphoria based on monetary stimulation. Within this context the Indian anti-corruption movement can be seen as further degradation of a powerful and ancient culture that once featured tolerance and forbearance rather than the bureaucratic prophylactics favored by the current crop of authoritarian "reformers."
ReplyDeleteWestern economic analysts are unable to recognize the #teaparty as the US version of authoritarian "reform."