Unless the RBI makes clear the real intention behind its move on dated currency, the scheme will only serve as a concealed amnesty for the declaration of unaccounted income and wealth by black money holders.
In the run-up to the 2014 elections, the Congress-led UPA is facing the twin troubles of stagnant growth and hyperinflation. Since the neoliberal logic allows it little room for fiscal policy manoeuvre, it has opted for expenditure cuts and is left with only monetary options, which will alienate either the poor or big business.
In the forex market, which is dominated by four banks, the “fixing” of exchange rate benchmarks exposes a systemic fraud that delivers bonuses to the financial services industry at the expense of investors in assets whose returns are linked to these benchmarks.
Growth strategies of developing countries that give a greater role to domestic demand when pursued by all can spur more South-South trade, which in turn can stimulate more export growth.
If American power is measured in terms of the strength of American firms and American capital, hegemony is still with the U.S. The strident cries on the looming threat from China seem to be just propaganda to pre-empt any challenge to existing imperial power.
Production of shale gas and oil has risen significantly in the U.S., but betting on it to deliver the long-awaited recovery would mean ignoring the environmental damage and the cost-benefit mismatch.
Only the Open Access Movement can address the adverse impact of Western domination of the world of knowlege.
Liberalisation was supposed to reduce financial fraud, but the reality today is that the number of cases and the sums involved have risen to such an extent that fraud is considered systemic.
An RBI survey suggests that foreign firms that entered India in the era of liberalisation with the promise to produce for the world market are now targeting the domestic market and are reluctant to partner with Indian firms. The country’s balance of payments difficulties can be traced partly to this.