From: Arvind
Historically, international economic institutions have worked against India while helping the cause of Europe and America
The government's economists must not make the country subservient to any international system, but must facilitate the Indian ethos of saving money and working in a decentralized manner. Historically, international economic institutions have worked to the detriment of India while benefiting Europe and America. Now that the economies of USA and European countries are in a shambles, they want a new system so that Indian resources can be used to bail out their economies. The advocates of such a new system have articulated their objectives which will be destructive for India. According to their proposals, a new regulatory authority controlled by Americans and Europeans will control all banks in the world. Going by the name of Basel III, their measures will purportedly save banks from failure by applying economic theories taught at American universities.
Another plan is to impose negative interest rates, which is another way of saying that they will periodically deduct money from the savings accounts of depositors. It will not be possible to escape this system by withdrawing money from the bank because this system will be accompanied by what they call cashless currency, forcing everyone to use banks for all transactions.
The Western system is based on consumption and centralisation of financial power in the government and a few corporations resulting in one economic crisis after another. The seeming prosperity in the West is actually an illusion.
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