Why is Inflation and/or Wold finance meltdown?

Posted: November 20, 2011 in Children and Child Rights, Education, Geopolitics, Politics, Uncategorized, Youths and Nation

World Financial Melt Down-Global Plunder in Liberalized world
A case Study of India Where future heading ?
Shri Kidambi
Hyderabad based Research Associate, GPSSI (Geopolitical Strategic Studies Institute)
Dr. M.R. Geetha Bala,
           M.A(Economics)., M.Ed., M. Phil (Education) PhD (Economics).
Associate Professor. Sri Sathya Sai University, Anantapur Campus, AP India
 Krishna Vayuvegula    
 MBA (Finance and Accounting) Executive  Management   (International Finance) Wharton College USA
Hyderabad based Research Associate, GPSSI (Geopolitical Strategic Studies Institute, 
Ex Consultant, Fannie Mae, Bank Of America, MBNA Bank, Delta Airlines

 Introduction

Since the beginning of liberalization during 1998 all sound economic fiscal and monetary fundamentals over which our financial system stood for past 50 years were slowly eroded with novel concepts including the replacing the ways how inflation indices are calculated. It became a norm rather than exception for the financial markets in India to periodically melt down for past 7 years and so much so the assurances from various FMs (Finance Ministers) about the soundness of Indian Economic and Banking Fundamentals. Except in the last two times PM cautioned against the impending gamble like casino style Indian economy none ever including academicians have ever expressed that some thing is structurally wrong. Keeping this as basis the following article examines the origin of the present crisis in West, with special reference to USA to show how the sound principles of economics which are the basis of capitalism were over jealously discarded by successive US administrations with short term solutions as demanded by US business interests. The business interests which started as free market competitors evolved into huge industrial complexes beyond any government’s political control. How that embroiled the world especially India in a spiral of swindle each outgrowing another. It also explains when the horror of economic destruction is becoming clear and down turn spilling is imminent, yet how the myth of development and mirage like concepts like super power status ‘vision’ of successive Indian administrations blinded every one in India. How this unsound vision for past decade is driving over all direction from non-aligned movement to an integral part of not only of the US security architecture but also part of economic architecture. The resulting ruin that is bound to affect every walk of economic life in US resulting from these unsustainable economic practices is spilling over in to India taking us along with towards total oblivion. Though it is foregone conclusion that Indian resources will be sucked in to bail out US troubles, how quick the exasperated US economic Multi National Corporate Giants (MNC) will use newly developing India to prolong their survival is a question to be addressed by one and all under the economic ideologies like Liberalization and Privatization which are very similar to what their predecessors did 200 years ago. East India Companies (EIC) of various shades, nationalities destroyed and sucked every available economic resource out of Africa, India and China for survival and revival of their industrial economies in pursuant of objectives like Global Trade and Free Trade.
The danger of such excessive power in few hands was realized by former learned US supreme court judge 100 years back when he broke down the monopoly of US industrial houses like Bell Labs, Standard Oil (esso) and others in a land mark judgment which paved the way for vibrant competitive free market economy in US. That caution was left to winds and with vengeance his judgment was unturned when in less than 100 years the same industrial houses emerged victorious reappearing almost with same names eliminating competition and in the process taking down the very foundations of US economy.  
There are three yard sticks to test the power status of nation whether regional or super power.
2.      Food Self Sufficiency
3.      Defense self sufficiency
The second one was the basis of the vision of our father of nation. Mohandas Karam Chand Gandhi (Mahatma) the gram swarajya or self-sufficiency at unit level. Finally we try to arrive at some direction towards solutions which though many not be adaptable. At least if they reorient the direction of the academia then the light can be seen at the end some day before it is too late.

The Beginning

There’s been a growing consensus that the financial quagmire the U.S. is currently facing is wholly the result of the sub-prime / credit default swap [derivatives] issues plaguing financial institutions. This is the over simplification of the problem which rooted in consciously burying sound economic principles of governance for narrow political economic short term ends to satisfy industrial houses whose main objective is not economic welfare of either masses nor of the economy in which they operate.
The above first stated view, although widely held, is only partially correct and constitutes a very narrow doctored line; more akin to a discussion of cleaning a train wreck and how it should be cleaned rather than focusing why the train left the tracks.  There are much deeper systemic issues that stripped what we refer to as Free Market Capitalism successfully from its sound economic principles.
The derailment process began with blatant and egregious economic revisionism at the behest of the Federal Reserve Board beginning eighties with Reaganomics, Leveraged Buyouts (LBO), Debt Financing. Along with in the real world, officialdom purposely dancing to the tunes of government and corporate interests lying about real inflation through falsified CPI (Consumer Price Index), PPI (Purchasing Power Index) Inflation Reporting. Falsified inflation reports have served as the backdrop against which the gold price was capped and J.P. Morgan’s interest rate derivatives book, and based on false inflation reporting interest rates are artificially kept low.
This is when the system of usury became fallacious.  Everything from asset bubbles to assorted price management schemes, it hinges from this.  Always interest rates are supposed to be the ultimate arbiter of where and how capital gets efficiently allocated. When that is manipulated to cap inflation then the real troubles are only postponed but inevitable. In US as presidents and political parties look for two four year terms in office the impetus for short term economic soundness become policy, pushed by still short vision ‘quarterly profit oriented’ corporate executives. By the time results of economic shortsightedness tickle in it will be at least 10-15 years and then it is norm for the ‘corporate executives” to cry with governments to bail them out that too for the short term profitability of their bottom lines than anything to do with the revival of destroyed economic basis of economies.
 
Debt Financing or Leveraged Buyouts (LBO).
 
During eighties the LBO concept picked and fuelled the mergers and acquisitions by US corporations both internally and externally creating huge conglomerates of Multinational Corporations (MNC). The concept is simple; borrow money from banks or financiers, or hedge funds to acquire other companies in both horizontal and vertical integration. Hundreds of vibrant competitors merged in to few conglomerates defeating the very principles of free market capitalism where the competition, demand and supply control the price and interest rates. Caring only for the non accounting assets of the target companies this spree of borrowing from banks to buy stock of other companies (competitors or subsidiaries) often at huge inflated rates no doubt fuelled the stock prices of companies and commissions of brokers resulting in a speculation that the growth of stock markets is eternal. Slowly but steadily the minimum capital requirement for financial institutions is reduced to that of pencil eraser hole size which led all of the Wall Street firms to borrow more than their capital. The fundamental Basel Norm that prescribed 9 percent capital asset ratio is blatantly violated and Lehman Brothers and such institutions borrowed more than 30 times of their capital from banks.
 
Private Equity Funds
 
Private equity firms are those funded by wealthy investors who want to remain anonymous for acquiring good working companies of a particular line and then sell them for huge profits once the stock value of these acquired companies hit the roof. The temporary promoters who float these private companies on behalf of their anonymous owners will register companies for maximum of three years and have freedom to pick the stock at its lowest. Private equity firms embarked on one of the biggest spending sprees in corporate history for nearly past five years, using borrowed money to gobble up huge swaths of industries in USA and around the globe. Some of the biggest names in the process of acquisition are — Neiman Marcus, Metro-Goldwyn-Mayer and Toys “R” US. The new owners then saddled the companies with the billions of dollars of debt used to buy them. In the economic down turn the debt service becomes tough making these companies going belly up.
 
Inflation and Interest Rate Manipulation
 
To encourage LBO the conglomerates pushed for low interest rates and this resulted in ‘keeping’ inflation rates low. This necessity of ‘keeping interest rates low’ resulted in gradual doing away of the most fundamental principle of calculating inflation in economics “Fischer Economic Separation” which tracks the relation between inflation rates, exchange rates. Simply stated it says, “The Inflation Differential Between Two Countries (base and target countries) must be equal to the exchange rate differential.” Slowly but steadily the basket that used to calculate inflation is stripped off with most volatile commodities like energy, food and the base of inflation for comparison is pushed to month to month increase than comparing with a standard yearly base. This kept inflation at only 3% so interest rates at 4% for the past 20 years in US.
It is really irony that the current US treasury Secretary who is pleading for a $ 700 billion bail out of all the distressed financial institutions, was the CEO of Goldman Sachs in 2000 who fervently pleaded with Security Exchange Commission in 2000 to minimize and to do away with all rules of minimum requirements of financial institutions so that they can borrow more to invest in stock markets to buy more firms. .
Sub Prime Mortgage and Credit Crisis
With the money going like flood into LBOs to increase more and more liquidity in to the market the banks-which also now only less than 10 giants in number after acquisitions and mergers, owned by same conglomerates-resorted to two parallel things. Increase credit supply to consumers to push consumption. First is in the direction of consumption economics second is in the direction of Mortgage Economics -dream of purchasing a dream place to live in – Home. When all of these consumer firms or the real estate companies were merged in to few conglomerates then the money is paid in to these conglomerate expansion dreams.
Here came the short sightedness of the corporate executives and the Wall Street Analysts who revised the period of reporting from annual to quarterly. With the pressure to perform more every day new methods of how to show increase in business became a norm. This gave birth to new products in the mortgage markets like mortgages more than the face value or lending for borrowers below interbank lending rate or lending to consumers who are definitely going to default. Though there are Credit Rating Agencies to report on debt honoring behavior of individuals the standards were slowly water down and the standard norm of ability to borrow depended only on the regular monthly payment of interest on the debt while personal debt principal piled up in to trillions of dollars. 
 
Securitization of Debt. 
 
Wall street which is more ‘creatively productive’ than regular mortgage brokers went step further. It bundled all the sub standard mortgages as ratable securities and traded them on Wall Street as most valuable AAA rated securities. With US government mortgage reinsurers like Fannie Mae, Freddie Mac backing most of these securities an aura of safety was created around these worth less pieces of paper. With the consolidation of all security trading firms on wall street in to few huge brokerage firms such as JP Morgan Chase, Lehman Brothers, Goldman Sachs, Citi Group, American Express, GE Capital, etc it became easy to increase the value of these substandard stock in to AAA stock by a process called kiting and with the absolute grip over the security rating firms. This debt was sold around the world and many governments were forced to hold these securitized debts as valuable investments.
 
Credit Rating Agencies and Debt Ratings
 
It is a great irony and blunder in regulatory oversight that in a highly litigant North American society a financial service evolved over past three decades, which is not at all accountable to any one for its misdeeds. This service is Credit Rating Agencies (CRA). It became a rule than exception that for all serious omissions and deliberate acts of commissions that affected millions of people these CRA though found guilty cannot be held accountable. Forget the regulators even the victims cannot hold these CRAs answerable leave alone accountable. The central role of these CRA in the current melt down of USA and Western countries is just now emerging.
CRAs apprize financial health especially the debt honoring capabilities of private corporations or governments. People who invest in debt instruments like bonds, commercial paper, debentures, rely on CRA reports for their decisions. CRA in principle should do exhaustive study of issuing companies or governments and depending on the assessment of the CRA accord ratings ranging from AAA + which is best to Default or D. Three US based entities lead the roost through out the world, they are Standard and Poor incorporated in 1860, Moody’s formed in 1909 and Fitch commenced its operations in 1913. Until 1971 CRA did collected fees from investors to provide reports. With the advent of photocopiers and with many investors using photocopy machines to copy corporate debt reports the CRA companies changed the fee collection practice and started collecting fees from issuer of the debt. This raised a conflict of interest similar to that of audit profession. If CRA does a mistake (deliberate of accidental) the investor has no recourse, he cannot hold CRA responsible for the loss. As auditors are paid by the management of the companies but reports on the health of companies to the share holders, so too CRA are paid by issuers of debt and they report to investors. There are many complaints that CRA reports are biased and there is no professional oversight. But they are guarded by the huge conglomerates from any over sight as with the help of CRA rating these corporations could raise huge debt from financial markets making investors believe the ratings are true. If in auditing firms some one commits blunder they are held financially responsible by share holders and even the huge firms like Anderson were forced to cough up to pay losses. So since past two decades the corporations are pushing CRA ‘daily reports’ as authentic rather than annual audit reports as the former could not brought under regulation or over sight.
 Since 1975 CRA in USA committed many blunders and only few of the major ones when surfaced the cry for regulation is raised but with no avail as huge MNC corporations stalled them.  One of the richest municipalities in California, US went bankrupt in 1994 because of speculation in derivatives, all the while the CRA are giving good rating for the county till the last minute.  Enron was accorded investment grade till 4 days before it went belly up. All the sub standard mortgage stock and their subsequent securitized instruments issued by US banks or investment houses or brokerage firms, which are floating around the world, were given extremely high rating till these banks went belly up. During other scandals the incompetency of the CRAs came under scanner but with the mortgage and securitization crisis CRA integrity is under question. It is suspected now that CRA is a hand in glove with these big conglomerates in perpetuating the scam world wide luring unsuspecting countries to invest in the junk securities with out the fear of consequences.    
 
Private Equity, Kiting, Prowling Globalization And Liberalization
 
Kiting is the process in which a group of investment houses (or select brokers) will target the stock of particular company or line of business and inter trade within that stock for 6 to 12 months sending the stock prices through the roof and then off load the entire thing on foreign institutional investors or nationals or consumers at very high price through the mechanism of FDI (Foreign Direct Investment).
In order to achieve that the other country economies must open their banking, insurance and stock markets so that such off loading can take place. When once the market settles to the realistic value then the holders of the stock will be sitting on pieces of papers, which are more valuable than the intrinsic stock value that is marked on them. When markets crash to the intrinsic value adjustments of these sub standard company stock they take along with them the good stocks too to lowest levels allowing these investment companies to prowl and corner the good stocks. The cash for such operations is again raised through debt or from the huge cash reserves accumulated by offloading worthless stock at high prices.   
The second instance of opening the institutional investing in the countries for foreign investment. Domestic mutual fund companies, which are not under the same scanner as that of banking institutions will enter into multifarious agreements with foreign institutional investors and invest in many of those mutual fund portfolios or bundled securities. This when market crashes will lead to liquidity problems which is now the countries like India or China are facing. Again for this purpose in the countries that opened for liberalization the interest rates are decreased, inflation rates artificially kept at low and were given a false impression that only in stock markets the wealth can be made thus diverting huge investment oriented savings in to speculation.
We can demonstrably show that interest rates no longer perform this function of capital optimization, and indeed have categorically not been performing this function for at least the past 15 years.
From the early 1990’s onward, running concurrently with the economic revisionism and the rise of derivatives expansion, with a complicit and harmonizing Wall Street and Treasury executed the familiar “strong dollar policy” skit – even in the face of worsening and unprecedented fiscal and trade imbalances – this ‘theater’ as many economists believe provided masterful cover for the high ‘economic crimes’ committed on American people first, then next on the liberalized world in the name of dubious supply demand economic realities, by unscrupulous industrial houses. Many in USA believe that the real enemy of the American people and State is unquestionably Central Banking.
Unlike in other socialist countries, the Federal Reserve, is the private bank that was chartered in 1913 which many then and now believe under the most dubious and connived circumstances – with a stated aim to protect the integrity of the U.S. Dollar and U.S. financial system.  Many believe that the true but never publicly declared goal of “total dominance of few industrial houses and the complete economic surrender of the nation” was achieved by a series of means. Many analysts believe that American leadership has been co-opted, manipulated or bribed and bought to the point where a sitting American President, at the peak of economic crisis went on national television to request the American public into accepting the passage of economic revival bill which many believe what amounts to a economic blank check to unscrupulous corporate houses and quote the Section 8 of the bill which states,
“Decisions by the Secretary [currently Paulson] pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”         
American public raised hue and cry in quickly dismissing this as “surrender of economic sovereignty” which became one of the main causes of down fall of current administration. By September 2008 Japan, China and other holders of U.S. government debt decided quickly to reach an agreement to prevent panic sales leading to a global financial collapse.  An agreement is needed so that no nation rushes to sell, “causing a collapse,” Japan is the biggest owner of U.S. Treasury bills, holding $593 billion, and China is second with $519 billion. Asian countries together hold half of the $2.67 trillion total held by foreign nations.

Indian Scenario

All the above-mentioned criteria are present in the case of Indian scenario irrespective of who administratively ruled India since 1998. First we opened up our core sectors for MNCs. Slowly over a period of time we increased the stock holding by FDIs. Relaxed CRR (Cash Reserve Ratio) rules gradually to let domestic and MNCs borrow and invest in unproductive sectors. In the name of exports we encouraged soft ware exports. Employment generation in IT sector is highlighted while the gradually eroding employment in textile and other sectors were down played. Agriculture land gradually diverted towards industrial use under SEZ with gradual employment declining in core agriculture sector. Introduction of GMOs (Genetically Modified Organisms) started to take toll on the cotton production with the suicidal deaths started occurring in that sector. Net land under agriculture started declining along with productivity due to heavy use of chemicals and fertilizers plunging India in to a net food importing country. International debt skyrocketed along with the plummeting inflation and interest rate figures, which fuelled further borrowing. Administrations urged people to divert non performing assets from the banks due to interest rate decline to invest in stock market casino promising quick returns as if investment in stock market will increase the physical productivity of India. With the entry of CRA s equity funds private hedge funds the stocks of Indian industries skyrocketed allowing these industries heavily borrow from banks and public to expand IT information base. Coupled with the need of mergers LBO in India gradually all Monopoly and Trade Restrictive Practices acts regulations were watered down leading to the formation of few massive industrial conglomerates, which collectively became India Inc. Another effort is made in making PSU (Public Sector Undertaking) selling for investment again at throwaway prices to same conglomerates or their investment companies. Pressure gradually mounted on political administrations to avoid with any and every regulation as if the deregulation alone will make India an economic superpower. Most of the MNC’s, which entered India have tied up with one or more of these industrial houses to avoid administrative and political hassle. The stage is slowly set to repeat and recreate what has been tested in USA and other western nations. Speculative Economic Gambling on Indian peoples wealth.

Hedge Funds Blank Check – India

A new group of investors is on the prowl in India’s red-hot M&A (Mutual Fund & Asset) market. Blank cheque firms, also called Special Purpose Acquisition Companies (SPACs), which raise funds through public offerings for acquiring small and mid-sized companies in a particular sector or geography, are getting active in India.Close to 10 such India-focused blank cheque firms, which have raised anywhere between $350-500 million over the past one-and-a-half years, are waiting in the wings to buy into Indian companies. Typically, these firms are mandated by their investors to acquire companies within two years of launching IPOs, otherwise they are dissolved. This means over the next few months, we are likely to see more such SPAC-led M&A deals in India.
Blank cheque firms, which operated in the US in the 1980s, have started reviving over the past three years. These firms basically raise funds and put them in an escrow account till they find a target company. Their management, in effect, gets a blank cheque from shareholders to invest, hence the name. When they zero in on a potential acquisition, they ask their shareholders for approval and go ahead with the deal. They may invest in one or in multiple companies.
 
Blank cheque firms will be the latest segment of investors to get active in the Indian financial market. The Bull Run in the stock market resulted in a huge flow of funds from foreign institutional investors followed by the entry of marquee global strategic investors. Then came the big-bang entry of private equity funds, which have already become a force to reckon with, driving valuation of company’s sky high. The stock markets moved from 12000 to 21000 points in a span of one year making millionaires in to billionaires and billionaires in to trillionaires. Based on the stock market valuation of wealth these people borrowed heavily from banks eroding their liquidity when markets crashed. Based on these figures and the myth of invincibility Indian companies planned for borrowings, expansion plans, marketing schemes and even hiring quotas.
 
CRA’s Debt Ratings and Casino Stock Market
It is unfortunate that there are no Indian origins CRA. What ever exists are the Indian version of US CRAs. SEBI has recognized Crisil, ICRA, CARE and Fitch. There are two more CRA, which are not recognized by SEBI, ONICRA and SMERA-joint venture of SIDBI and banks).  All issues of Commercial Paper (CP) are mandatorily rated by one of these CRA. It is impossible to state in how many instances investors relied on the ratings over last 5 years and lost their shirt. It is equally impossible to state in how many instances these CRAs played havoc in stock markets, as there is no regulatory insight.

Melt Down of Wealth and Deposits

During sixties seventies for successive Indian administrations it became a survival necessity to nationalize unscrupulous industrial houses. Oil companies which refused to supply necessary oil at discount for Indian Armed forces when we were waging war, or insurance companies that took millions of customers money and went belly up defrauding and causing unforeseen agony to Indian pubic were nationalized. Huge PSU set up was created to stimulate industrial growth keeping agriculture self-sufficiency as backdrop. The private industry was nascent and needed protection to become competitive, which is a fundamental requirement of free market economy. PSU’s were as the bedrock over which such development was visualized. The PSU’s grow more than thousand times in their assets or profits and became a target of many MNCs whose main objective is monopoly control. Rather than strengthening the problem facing PSU’s a course was set under liberalization to gobble them up for their hidden asset worth billions and making them defunct. The irony was all those private conglomerates that were shunned during sixties or seventies came back, like in US, to buy back the nationalized companies, which are now worth hundreds of times than at the time of nationalization. It is a royal transfer of wealth protected and saved by various governments belonging to people of India to private conglomerates. It is very saddened to note that nowhere in any segment including in academia no discussion is launched over the course the economy is taking for past decade. Every one is under obsessive-compulsive delusion that we are becoming a super power when the basic fundamentals of very nation economic and food self-sufficiency are watered down.
In the past 5 years there are regular periodic meltdowns in stock market to the tune off at least Rs. 100 000 crores at each instance.  With Rs. 6, 30, 000 crores or $ 120 billion dollars of MF (Mutual Funds) investments at stake with no hope of knowing where this is invested whether they can come back or what is the extant of the losses in this sector we can face, it is only a speculation that melt down which started since 5 years back is managed in phases than finding solutions.
RBI recent Repo rate cutting by 50 basis points and CRR cutting by 100 basis points to 7.5 and 5.5 respectively along with easing liquidity pressures on banks and non banking finance corporations allow more liquidity in to the market, a situation similar to USA in 2000 when industrial giants cried for no regulatory control over liquidity and the ability to borrow more at practically insignificant interest rates.
The recent compliant that with the reduced market demand the Indian corporations will default on the repayments especially dollar repayments and thus the over all credit rating of the country is affected is also base less. They are forcing the government to take care of the dollar debts taken by Indian private banks and corporations. Similar default crisis arose in 1991 not because of GOI fault but a threatened default by SBI, which has borrowed from Bankers Acceptance Market (BAM) in USA. It was agreed then that RBI would not do similar action to pop up any private bank. But what is appearing now is bailing out of entire India Inc, MF (Mutual Fund) companies private banks it self from their speculative deals or mutual fund holdings or from the securitized debt. It is prudent in this regard to remember the SBI chief who stated that by the time the current crisis ends the NPA (Non Performing Assets) with the government banks will sky rocket. Which means that banks will let the liquidity goes in to market but with no hopes of getting any thing back. The extant of this evaporation of public money lent is at the best speculative guess.
The tickle down effect of market melting that started in USA started appearing in India with lay offs production revisions, threat of corporate defaults, rise of NPAs but as usual we are still exhibiting the same ostrich mentality that we wither this storm down with same repetitive assurances from FM that our fundamentals are strong. Only exception that is sounding most audible alarm bells are coming from our great economist turned prime minister that we are gambling with economy, suggesting that every thing is wrong systemically and caution is needed at every step.

Conclusion

It is prudent to remember the wisdom of our prime minister who is a professional economist and whose advise never was heeded by either his either party men or colleagues quoted before world leaders on October 24 in Beijing, “It is unwise to base a country’s economic development on the working of a Casino.” Eminent economist Maynard Keynes also stated that the economic position is serious when an enterprise becomes a bubble in a whirlpool of speculation and not the reverse. When the capital development of a country becomes a by-product of the activities of a casino then the job of running economy is ill done. When the industrial houses boost their wealth based on stock market speculation and cry for help when the speculative wealth vanishes with the bubble then economy became a den of casinos in which the people of that country poor and middle class will suffer. Stock trading is one aspect of the economy. It should not dictate the soundness and fundamental basis of over all economy. The quicker we get out of this with a permanent solution the better for the soundness of the economy. It is not the comprehensiveness of the legislation that is needed but the implementation of existing rules to curb the speculation. A competent manufacturing based industrial policy with agricultural self sufficiency orientation that can take us out of this speculative economy to solid self sufficient economy is urgently needed. Most of middle and small sector  industrial base is close to extinction because of cheap dumping from other Asian trade partners. It is also time for RBI and SEBI to regulate over all gambling like activities in stock markets, unprudent practices of FII or FDI or CRAs whether their counter parts in West of USA do any thing about them or not. A good regulatory Audit body on the lines of CAG is need to be incorporated so that there is a parallel evaluating of the corporate soundness along with privately owned CRA. Though such idea is never liked by the industrial houses who does not want any regulation or over sight at all it is needed for the sake of investors who are pouring their life savings in to markets. Last but not the least the academia has to regain its role of assessing economic soundness of current principles or practices keeping unique needs of India. Leaving them to the corporate houses or powerless regulators will only pave the way for another round of economic suffering, deprivation
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Comments
  1. vimax says:

    Another copy and paste blog post? Yours,

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