The joint front dharna was a grand
success. After all the other unions namely AIIEA,CLASS I FEDERATION leaders spoke. On behalf of IWO SZO[BMS] Balayogi spoke. As all the others spoke about
various aspects of wage revision and the dubious parameters that LIC management
follows to dodge a meaningful negotiation Balayogi spoke about he root cause as
to why the government is least interested in settling a meaningful wage revision
for banks and lic. Transcription of Balayogi’s speech on 6th March 2010.
“I spoke finally and I wanted to get
into the root cause of why the government is least interested in
settling a meaningful wage revision for banks and LIC? It is because we are
Indians and we work for Indian corporation. The MPs ruling the nation are a
bunch of looter who are focused only on looting and putting all the burden on
the common man and the working class. I am not saying this out of any animosity
towards any MP nor am I scripting any dialogue for a Vijayakanth movie. This is
a statement of fact and through 10
points I shall lead you to understand the veracity of this statement.
1] This budgnet is pegged at a whopping
$239 billion. The FM finishes presenting te budget by 1.30 and by 3.pm there is
euphoria in Bombay Stock Exchange. stock markets rally round.Sensex had a record surge of more than 300 points –how is it
possible for sensex to make a knee jerk reaction and surge 300 points within an
hour? and why? it is because of the biggest frauds unknown in financial history
of the world introduced by PC [ the Pinnacle of Corruption] the mother of
all frauds greater than Harshad Methas, Bofors or Thelgi or even Spectrum. what
it is ? I will come to that later on.
2] The FM pledges to cut fiscal deficit
of 5.5 %, without corresponding cut in the profits of capitalists luxuries, without
taking any step to stop the steep inflation, without curtailing government
borrowings, without doing anything about curtailing the ever expanding net of
indirect taxes, and simultaneously hiking fuel prices and so on and so forth.
It is a pledge to put all burden on the back of the working
people, there was jubilation in business world. This made the big business especially cheerful in
advance, anticipating a budget without any hassles from allies or ineffective
opposition.Attitude of the business world, to the Union budget, is best
expressed in the words of H.M. Nerukar, MD, Tata Steel, who lauded it saying
that, “It has surprised mostly on the positive side. It is a good budget which
lays out the target and road map of the Government to maintain growth momentum,
while ensuring greater fiscal prudence in the near term”.Why the govt is so
unconcerned about workers and common man because is there is no elections in
the near future except for one state
assembly of Bihar.
3] This budget has raised the state
borrowings to unprecedented height, with an abrupt 1.3% hike. With this
estimate government borrowings would
touch Rs.15,000 crore per week.Why this huge borrowing? is it to increase
the salaries of public sector employees or to increase the salaries of workers
in unorganised sectors or to fund social sector lik health and
education or is it for infrastructure or is it for any other welfare measure ?
In fact for education the FM mentioned allocation on primary education raised
from rs.26,800 crore to rs.31,300 crore. How cleverly they use logical
fallacies even when reading out figures
while mentioning government borrowings he says only 1.3 % whereas on education he
mentions exact rupees because if he mentions the percentage, then the blatant
fact would be out. Allocation for social
sector both health and education together has been increased from .036% to.037%
i.e an increase of just .01% whereas
before the election when Rahul was roaming the streets of Indian from Kashmir
to Kanyakumari to woo the youth they
promised 3% increase in allocation for education alone? So the government borrowings are for none
of these. It is to compensate for the measures taken by the government to
set-off the losses of big business during the recent financial crisis. the
direct aid, concessions and subsidies given to the business enterprise,
resulted in huge fiscal deficit of $75.8 billion, part of which government
plans to make up through state borrowings.Repayments for these borrowings would
give further push to future budget deficits and resultant inflation..
4] This high level of state borrowings and fiscal deficit as admitted by the finance ministry at 5.5% are
the two greatest dangers which can plunge the economy into greater difficulty
causing greater inflation. why and how? I am not making any expert prediction
or floating my opinion. This has been said by
world bank president Robert Zoellick “ we're definitely not out of the woods by any means,…. the pace of
recovery is going to be quite uncertain,……. as economies recover there were
also hidden dangers and re-pricing of sovereign credit risk would be a
challenge in 2010”.
5] Since the
govt has to borrow as per this budget
where from they can borrow internally, definitely not from the big business
houses which they have bailed out it would be like asking a person who has just
survived from coma to donate blood, they cannot borrow from the TATAS, BIRLAS
AND AMBANIS. They can borrow only from
the government owned financial institutions so
in banking sector the government has proposed a capital
infusion of Rs.165 billion as against the infusion of Rs.19 billion in 2009-10.
6] They
will infuse Rs.165 billion and take out Rs.200 billion and let the nationalized
banks bleed to death. That is their hidden agenda but to just divert the
public attention they have come out with announcements like there would be
nationalized bank for every area with a population of 2000 plus and to promote
savings they are going to implement calculation of interest on a daily basis on
all savings account from 10th to 30th of every month. Besides diverting the
attention there is a loot here known as 4M technique which is beyond the
purview of this meeting, so let me not get into it.
7] Other area where they can take money out freely
is the other profitable public sector units, so FM has declared in the budget
that his government would raise Rs.25000 Cr through
disinvestment
8] Having done all these, the budget also
announced two big jokes
A]
Government to set up apex level financial stability
and development council. Where is the finance to stabilize and develop?
B]
RBI to release additional licenses to PVT sector banks and non-banking
financial institutions
Why
they are big jokes? Because one in this
budget.
9] Government intends to make FDI policy user-
friendly by compiling all guidelines into one document, user friendly means to
exempt it from most of the statutory regulations.
10] Coming to the first point there are 3 types of crisis. Crisis that happens beyond our control, number
two the crisis that is created by someone else and we are required to face and
rectify the situation and third the
crisis that we create. In recent financial history of India in 1991
there was a crisis which was inherited when Manmohan Singh was FM and he was
forced to pledge gold with international groups to avoid becoming a defaulter.
At that time he was financial wizard but now he has become a spineless lizard
crawling before Sonia. There is another crisis that we create to confuse and
divert the attention of all the others and so that we can joyfully loot. For
example here hundreds of ladies are sitting if I let loose some 10 snakes you
all would run leaving your purses then I can loot them. This as been done by P.Chidambaram
through the most perfidious financial derivative called participatory notes [PNs] something
unheard of and unprecedented in world
financial history. What is this PN? It is a piece of paper issued by designated
financial institutions abroad such as Fidelity Investments and Morgan Stanley,
which paper does not carry any detail except the money worth, and can be
purchased by anyone with cash even without disclosing to any regulatory
authority his or her name and the source of the funds! that piece of paper was
acceptable for transactions in the indian stock market for buying and selling
shares as also short selling.by a special order, the finance ministry under
chidambaram exempted the PNs from the purview of SEBI, RBI, Enforcement Directorate
and CBI ! the SEBI headed then by Damodaran protested and repeatedly wrote to
the ministry. The RBI Governor Reddy kept warning of dangers from PNs. All were
ignored. Damodaran and Reddy were denied usual extensions of
tenure.
Thus, billions of
dollars of hot money entered into the Mumbai stock exchange, that was
used for buying and selling shares with pns almost like cash, in fact better
because cash transactions of over rs.10,000 have to be reported with details to
the income tax department. Moreover if it came via Mauritius ,
it did not have to pay capital gains tax,because govt of india facilitated this through a special Mauritius Tax Treaty
. So, by september 2008 PNs accounted for 60 percent of the FII funds in the
stock market.
This is nothing but
Indian government sponsored,sanctioned and sanctified Hawalla. Why the US which is so
very worried about money laundering which may get into the hands of terrorists and
has been scrupulously following all movements of money across the globe has not
bothered to question this? Why the world bank has not questioned this? Why the
ineffective opposition has not questioned this? Why the allies have not questioned this? Why the big business
houses which both benefited as well as suffered due to this did not question
this?
US has not questioned this because when the financial
crisis was officially acknowledged in the US following the collapse of Fannie Mae
and Freddie Mac, two government owned loan providers, followed by Lehman Brothers
in september 2008, a liquidity crunch developed in US and later in Europe. Interest
rates rose, liquidity froze and funds were in demand. The PNs, which were
hot money or portfolio funds, just
shipped out of India without any hindrance to the tune $60 billion in october
2008-january 2009 causing a stock market crash symbolized by the steep fall in
the sensex index and it is this that caused the financial crisis in
India and not the US sub-prime loan as it was projected . We must all know that
first the sensex did not shoot up because of US sub prime loans.
Why the ineffective
opposition has not questioned this? Why the allies have not questioned this? Why the big business
houses which both benefited as well as suffered due to this did not question
this?
Because PNs were
basically emanated from the loot parked in Swiss Banks by corrupt politicians
and business persons. Till PNs came into existence this loot was just stashed
away in secret accounts and they were paying service charges to the banks for
keeping it secretly ! now these bandits and pirates could earn easily on their
ill-gotten money by playing anonymously on the stock market, and through
consequent capital gains without having to pay taxes that honest citizens have
to, thanks to the dubious Mauritius
Tac Treaty. In fact so large PNs have become in value, that the movement of the
stock market, bulls and bears, can be manipulated by the free entry and exit of
this derivative. today thus, our stock market has become rigged. it can be made
to rise and fall at will of PN holders
cartel of corrupt politicians and business persons. The
sufferers are middle class who hang on to shares to improve on the yield of
their pensions and provident funds but then who cares for them in India ? Even the
media has been muffled or compromised to remain silent on PNs by this cartel.The
national security adviser M.K. Narayanan aired his observation that terrorists too could be or were earning
on the Indian Stock Market [obviously via the anonymous PNs] to finance killing
of indians, but he was silenced. Now he is away as governor of west bengal.
So even if a bank
employees go on one month strike PC can get the necessary funds for the
ccountry to operate after all he has helped US to bail out of a major crisis
thatswhy US has awarded him as the best Finance Minister.
In fact I recently
read a joke . After the budget Sonia
called Manmohan, Pranab and PC. She asked them to get into the next room there
were three men a PSYCHLOGIST, a
PSYCHATRIST and a NEURO SURGEON. They had a small spoon, coffee cup and a
bucket respectively. There was huge black bath tub full of water and the room
opened into the beautiful garden
of Sonia ’s house. They
were asked to empty the tub without spilling water in the room. The person who
performs best will be let out and he other two must occupy two VIP beds in a
mental hospital.
Immediately pranab
became jubilant and said ‘ I know if I take the spoon you will put me in bed.
So I will take the coffee cup and take water and fill the bucket then water the
garden.’
Then MANMOHAN Singh
said ‘ Forget about all my heart problem for Soniaji I can lift the bucket
itself carefully and carry it and water
the garden.
Then our Tamilian
PC turned around laughed at both of them, and requested the psychologist to give
beds near the window to both of them, then,
put his hand in the tub pulled the plug the whole water in the tub emptied
without a drop of spill. He is a master in emptying and his attention is
focused in emptying whereas, the other two were distracted by the garden and
misplaced loyalty to the owner of the
garden.
Arise , awake and
stop not till you nail this crime on the nation and its citizens.”
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