2ndlook

Morarji Desai On Mount Rushmore

Posted in Uncategorized by Anuraag Sanghi on October 10, 2008

Breaking News

St.PT Barnum, our resident Propaganda Slayer has succeeded in a top secret project. He, and George Bush have put up Moraji Desai, our own aapro Morarjibhai, on Mount Rushmore. Read the Whole Story.

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9 Responses

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  1. Galeo Rhinus said, on October 13, 2008 at 5:12 am

    It is naive to blame strategic fiscal and monetary policy decisions on the finance minister alone.

    Clearly – these were massively important decisions that anyone with even a common sense would understand had put India as economically subservient to the west.

    C’mon – don’t be naive and try to exonerate the Congress party leadership and machinery by blaming a single individual for this policy. You are trying to deflect and protect. I still don’t understand why.

  2. Anuraag Sanghi said, on October 13, 2008 at 7:58 am

    1. By this time, you know my position. Indian political parties are, IMO, not so relevant. As you have also seen, I have reasonable regard for Indian politicians, who have done a good job. So, my taking potshots at Morarji is an exception – with sound reasons.

    2. Morarji was finally in three different parties – at least.

    3. Individuals make choices, have perceptions and responsibilities. Morarji failed on all three – bad choices, wrong perceptions and evasion of responsibilities.

    4. Morarji is such a deliciously low hanging target, that I am always tempted to take a swipe at him. Most of India has forgotten him – which is not right. We need to remember him for what he has done. He is about ‘the epitome’ of Indian political low life. His role in bringing down the 1977 Janata government is my view is underestimated – and unpardonable.

  3. Dsylexic said, on October 13, 2008 at 8:30 am

    As your own post says https://2ndlook.wordpress.com/2007/12/02/gold-policy-in-modern-india/ gold imports into India were prohibited long before Morarji and before 1947 even. The Indian govt just continued the policy of their Raj predecessors -like many other misguided policies. The entire economic establishment of the world at that point totally reviled gold and considered it anachronistic. With such consensus in the mainstream, it wasnt difficult for Morarjee to get the 1963 gold control act passed. He didnt need any personal conviction -it was just the mainstream paternalistic govts of the world that had decided that gold needed to be removed from the monetary loop so that unlimited deficit financing could continue unfettered.In India the economic elites considered the Indian obsession with gold to be detrimental to the development of a capital (read dollar) starved nation so there was unanimity amongst the elites -ofcourse the people of the nation didnt give a damn -so they smuggled and the gold blackmarket flourished.

  4. Anuraag Sanghi said, on October 13, 2008 at 1:14 pm

    entire economic establishment of the world at that point totally reviled gold and considered it anachronistic – Which was actually propaganda.

    it wasnt difficult for Morarjee to get the 1963 gold control act passed You should click on the links in theat post before you say this.

    But by God … guys I am wondering … is my attempt at satire so poor …

  5. Galeo Rhinus said, on October 13, 2008 at 4:22 pm

    Economic establishment reviled gold… Dsylexic… propaganda… Anuraag

    This makes me wonder… what what the gold specific policy that the Soviet use? Propaganda won’t be an answer if the soviets also restricted gold…

    …so it was either conviction or conspiracy… either of the two are hard to fathom…

    your attempt at Satire? nope – it was an attempted hanging of small fry…

    …in today’s context – it would be like blaming the home minister for creating a soft state – when the entire congress machinery and the leadership is to blame…

  6. Dsylexic said, on October 14, 2008 at 12:01 pm

    From :http://files.osa.ceu.hu/holdings/300/8/3/text/122-3-5.shtml

    Academician K.
    Ostrovityanov, writing in the latest issue of Problems of Economics,[2]
    reminds his readers that Lenin linked the abolition of gold as
    a currency with “the victory of socialism on the world scale.”.

    Clearly, the socialists revile gold. The end of stable money is the success of statist policies. Ronald reagan et al ,eat your heart out.Lenin won!

  7. Galeo Rhinus said, on October 14, 2008 at 3:11 pm

    Interesting!

    So between 1945-1971 the “west” implicitly bans gold by creating the “gold standard” and implicitly restricts the use of Gold. The Commies abolish gold.

    Both – in a way – are identical policies for supposedly diametrically opposing philosophies.

    What can explain this? Surely “western propaganda” did not “lure” the Soviets from putting a restriction on gold – did it?

    So back to conviction or conspiracy.

    Conviction? Iit is plausible that the Commies truly believed Lenin’s BS (isn’t all Commie rhetoric not unlike western rhetoric BS?)

    Conspiracy? Hmmm…. wow – could it be that the right wing nuts in the US had it right all along? That those who conspired to give Russia nuclear technology were also playing both sides? Could it be *that* simple?

  8. Anuraag Sanghi said, on October 14, 2008 at 3:43 pm

    The way it looks to me is that the US needed to ban gold purchases by its own citizens – because, US citizens were ‘benefitted’ by a convertible gold currency. The Bretton Woods agreement was heavily loaded in American favour. So why spoil the party. So, that made sense.

    Un related, Russia was a big oil and gold producer – which helped them to sustain their empire for 70 years. The 1990’s collapse followed a collapse in oil prices – which was driven by American agenda, in connivance with Saudi authorities, who increased oil production. Plus, due to lower oil production (aging oil fields) and lack of fresh exploration, Soviet oil revenues, crashed.

    At the same time, gold was freely traded, owned, in Europe. So, there was neither a conspiracy or conviction. It was a mechanism to drag out the Bretton Woods, which was an excellent siphon operation from the poor to the West.

  9. Galeo Rhinus said, on October 15, 2008 at 3:41 am

    Perhaps…

    …but if you are a gold producer why abolish its use? Why not leverage that to weaken your “enemy?” Unless the enemy was not a real enemy?


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