thank you, chidambaram: UPA leaves India in a fiscal bind comparable to 1991

mar 9th, 2009

chidambaram's specialty: taking a healthy economy and converting it to the nehruvian rate of growth. he's an economic assassin, capable of killing any economy. we should hire him out to other countries (sort of like jeffrey sachs is hired out by americans when they want to destroy somebody's economy).

knowledgeable people have told me that the deficit is going to be about 12% this year. what fun for future generations to pay it off!

instead of pledging gold like in 1991, i suggest this time we just pledge the $1.4 trillion sitting in the numbered swiss accounts of kkkangress bigwigs, after prying open swiss secrecy. there is the precedent of UBS caving into american demands.

---------- Forwarded message ----------
From: Girish

http://www.thehindubusinessline.com/2009/03/10/stories/2009031050550800.htm The path to hell, said St Francis de Sales, is paved with good intentions. When the UPA came to power four years ago, the then Finance Minister, Mr P. Chidamabaram, had made achieving the FRBM target of a fiscal deficit of 3 per cent, a non-negotiable target. Today, no one believes that it will be less than 9 per cent. Five years from now, when the record of this government is judged, it is only this that will remain. The excuses will hold no water. So what happened to the UPA Government's resolve, when it assumed office in June 2004, to stick to the fiscal rules under the FRBM Act 2003? In fact, it was at the initiative of Mr P. Chidambaram that the notification of the FRBM rules was expedited as soon as he assumed office at North Block in June 2004. The intent was to send a clear signal to the international community about the fiscal prudence and reform intentions of the UPA coalition government.