India was the test bed because in the King
Genera that's what they did.
They always attempted to raise interest rates
and the reason they do this is when the foreign
companies come in, they don't want competition
from Indian companies.
So they invest here and with higher interest
rates.
It's the small businesses actually find it
tough to get some loans, to get loans at a
competitive rate and this is how they destroyed
Latin America as well.
They want a consumption based economy, but
then if you have if you see negative interest
rates, you are not going to put your money
in the bank, you're going to withdraw your
money and keep it at home.
But to prevent that they've come up with the
idea of cashless currency.
So this is an extremely dangerous idea and
they are targeting India for this and the
way they're doing it is through USAID.
The USAID is involved in a lot of advisory project, advisory roles and also in implementing some projects.
They were involved in Aadhar card and we have to be extremely careful of anything that comes from them.
Their goal is eventual control over Indian
citizens.
Then another idea is thats part of the new
system is Universal Basic Income.
They probably, they would want 50%, around
50% of the population to be on welfare all
the time and this is going to destroy India
because once you have Universal basic income,
it's like a reservation scheme. You can never roll it back.
There are going to be riots demanding we want
to be included in the scheme, and eventually
everyone is going to be dependent on the system
and no longer self-sufficient.
As you can see the title says Global economic
theories a ploy to loot India and a little
is about my background, that i wanted financial
industry and on the foreign exchange side
as well as the energy markets and the options
and high frequency trading.
I have a background in financial mathematics
from the University of Chicago and I've seen
some of the professor's there who indulge in rigging the market, in rigging economic system as well.
So this is based on a lot of experience and
as the title says the actual idea behind this
is that, every economic theory is a theory
of looting India and I'll explain why that is the case.
So we should go back to the time of Adam Smith.
Adam Smith did not oppose colonialism in his
book.
You have an entire chapter on colonialism.
He does make observations which can be interpreted as opposing colonialism and not treating Indians as equals.
But that's because he has been his argument
is more based on the utilitarian perspective
of what is good for the rulers themselves,
but then he talks of why it is good to grant
monopolies to East India Company and companies
like this and one of the points he makes is
that, without the monopolies, smaller nations,
like Sweden would not send out their ship
and apparently it encouraged adventurism.
This was his argument and the East India Company
of course gave rise to mercantilism.
Mercantilism was when they took all the raw
materials and the human resources from India
and treated India as a market and you see
that this policy continues even today.
There were navigation loss where the ships
that had to be used for trade had to be ships
manufactured in the United Kingdom.
So the Indian shipping industry was destroyed.
There were many other monopolies there were
many kinds of taxes and then there was the
history that's the history of manipulation
of money as well.
They, the British kept moving from gold to
Silver as and when it suited them for example
and 1849 during the Gold Rush.
What happened is the value of gold started
coming down.
So, in 1852 Dallas says, he change the law
where they would no longer accept gold as
part of the tax payments into the treasury
and once and until that continued until 1868
and then when silver prices started falling
in the early 90s early 1890s.
Once again, they were decided to demonetized
silver because they didn't want the money
that's given to them to have a lower value
and then there was of course the Reserve Bank of India.
Also, the proposal came in 1897 at the during
the currency committee.
The other things they did in the straight
theory, the so-called Trade Theory with Jagdish
Bhagwati is a proponent of It originated mercantilism
because it's an O'Brien Errol if the exports
of East India Company exceed imports, you're
selling more than what you buy and that is
your theory and you find all sorts of ways
to manipulate to keep that going.
So what is good for a corporation is not necessarily
good for the economy, but then you have the
trade theorists asking you to devalue the
currency and they claim, that is what is good
for the country.
The other thing of course, there was slavery
due to East India Company.
Then the other theory of the 19th century
is communism and we see that Karl Marx in
his New York Daily Tribune article.
He actually called Indian Villages semi-barbarian,
semi civilized communities and he justified
British colonialism in India.
According to him the British colonialism was
civilizing India.
It was a civilizing force and even use abusive
language calling the worship of Nature and
the adoration of Hanuman.., all that was supposed
to be a barbarian things according to Karl
Marx, and I bring communism also as a theory
of looting India.
I'll explain later in the stock, how India
supported the Soviet communism and without
India, they would not have survived.
But before that, we'll look at the history
of Christianity and how east India company
was tied to Christianity.
We never learn this because this is scrub
from what's being from our textbooks.
What we hear is that it's just capitalists who came to India out of their trade and they looted India.
But in reality the first charter that was given to East India Company was by Queen Elizabeth in 1600.
What it said is to do, to conduct trade in
those areas of India, without disturbing the
other areas, other Christian, other countries
of Christendom.
So, Portugal and Dutch would not be disturbed,
that was the first Charter.
This charter lasted for 15 years and then
King James, one after whom the King James
Bible is named, hhe extended the charter,
he was the first one to and then conversion
continued under him.
He was the person to name the first convert
from India.
He called him Peter, that happened in 1616.
By 1661, you had chance to, he actually granted
the power to wage war against the non-Christians.
So this was to East India Company so East
India Company was a holy Christian Enterprise.
And again, what happened in 1698 is William
3, he actually made it a condition for the
charter, extended the East India company that
each Factory must have chaplains and this
chaplains must learn Indian languages within
one year and start converting people, Hindus
to Protestant religion.
And in 1813, it was opened the missionaries,
India was opened to missionaries officially
and this was at the behest of Charles Grant
who was a director of East India Company, 1835.
You're all familiar with the Macaulay education
system, but that also attack Hinduism of Sanskrit and astronomy.
They called it rubbish and they impose the
New Testament on India.
There were other things that the East India
Company did which were for the Christian world.
For example, there was taxes, there were taxes
for the pilgrims, pilgrims to Jagannath temple
and other temples were taxed and even temples
were tax just for existing.
So Hinduism had to pay a penalty just for
being Hindus.
And the Dutch to they use military force to
force people to buy what they call the manufacturers
of Christendom. And this was in the South Indian Coast.
Now the Drain Theory we know that was first
by the Dadabhai Naoroji where India was treated
as a source of raw material and all the wealth
was drained out of India.
They would come back and sell the finished
product.
India also was a source of slaves and Elihu
Yale, after whom Yale University is named,
actually kidnapped slave. It was called slavery then later.
They termed it indentured labor, but even
then they kidnap people and took them.
So India was also a source of slavery these
policies continue to this day.
The only differences we see that people voluntarily
go and work for the West now, the conditions
have been created where, we people think that
they are doing something great by going to the west.
But if you did not go to the West, they would
kidnap you and take you there and force you
to work and we know this from history.
The next theories, that's actually a theory
of looting India is the Keynesian theory.
According to this theory there are economic
cycles, there are ups and downs and during
the down period the government would actually
do tax and spend and make up for the economy
and therefore everything would be fine and
dandy and this is the theory.
This is of course not true.
Usually what happens when they do as it becomes
worse, but then the 1930s of United Kingdom,
that is given as the example when this work
very well.
But the reality, that the Keynesian Economist
never talked about, is that the British controlled
not only they, British the United Kingdom,
they also controlled India.
So when they calculate the GDP, they don't
calculate a combined GDP for the entire system.
They were just trying transferring wealth
from India to UK and then they claim that
it work and this work because they, Keynes
work in the India office and he knew how to
get the money out of India and he was a master
fundraiser.
That is how his career Advanced in 1910s and
when Sterling was weak during the depression
era following the crash of 1929.
One of the things they did is, they dealing
the Sterling from gold because when it was
tied to Gold, it was rapidly depreciating.
Instead they tied to the rupee.
So what this means is, what is happening today
that, there is a demand for US dollars because
that's the global currency and even when they
print money they don't face that much inflation
like we face because now there's a global
demand for the US dollar and this happened in 2008.
Your intuition tells us that the US dollar should have gone down because the US economy was in shambles.
But then it actually went up because during
times of uncertainty every other country wanted
to move to the US dollar that created a demand.
So what is happening is that when we print
money we face inflation when they print money
we absorb it, we create the demand for them.
So it's socialized across the world.
So that is what Keynesian model did.
They deal in Sterling from gold and linked
it to the rupee.
So the demand would be created in India.
In 1931 and 32 they also shipped out a lot
of gold out of India and then there used to
be a condition that the Indian government would be given loans, run by the Indian government, run by the British.
But then, there was a condition that was imposed
that the rupee supply be contracted and the
reason was to have lower prices and higher
interest rates in India by contracting the rupee.
They also imposed another condition during
the round table conferences that are Reserve
Bank of India would be set up.
The Indian nationalists actually oppose that
in 1929.
They defeated a bill to set up the Reserve
Bank of India and the condition and the reason
was that they did not trust it, that it would
serve the British imperialist for decades
to come and that is what has happened.
But then what happened in 1930s is during
the Round table conferences.
It was made a condition that the Reserve Bank
of India must be set up and they somehow got it set up.
Now this whole idea of tying the Sterling
- rupee and also raising interest rates and
devaluing the currency.
So it as a template for the Bretton Woods
regime.
So the only thing what they did during the
Bretton Woods regime is that for every loan
that is given there's always a condition.
It's called the structural adjustment program,
any country that gets a loan must raise its
interest rates. They must be value the currency.
This is how India got a loan to before it floated the rupee before the float when it was a sixth regime.
And again, this is not a fair system and Mahathir
Mohamad actually called them out on The 1998.
He asked, he said that, why they prescribe
lower interest rates when the Western economies
go down, but higher interest rates when the Malaysian economy was down and that's a very good question.
So if you want to strengthen if you want to
boost Investments and you want people to take
loans and start businesses, you should be
lowering the interest rates.
So this for India was their test bed because
in Keynesian era that's what they did.
They always attempted to raise interest rates
and the reason they do this is when the foreign
companies come in, they don't want competition
from Indian companies.
So they invest here and with higher interest
rates, it's the small businesses actually
find it tough to get some loans, to get loans
at a competitive rate.
And this is how they destroyed Latin America
as well.
Now RBI also has been subject to conditions
imposed by IMF and this is true that every
time they give a loan, they require RBI to
make some regulatory changes whether it is
1970s or 1990s, they keep doing that.
The Bretton Woods System created the US dollar
dominance that all trade would take place in US Dollar.
So that is the other thing they did and as
we can see the World Bank head can only be
an American and IMF can only be headed by a European. That's an unwritten rule, but that's the case
now.
Communism.., how it was supported by India.
The Soviet Union had nothing actually.
They have gas and crude oil, but then they
depended on India for a lot of things like
fruits and most of it was tea and tobacco,
is what they imported.
But then we had the Rupee - Ruble trade.
But the Rupee- Ruble trade was tagged against
India.
For example, for one time when you could buy
the exchange rate was wrecked like instead
of getting 32 Rupees to the ruble, they would
get 38.
So there was a three-way play here, between
US dollar Ruble and rupee and the mafias on
both sides in India and in the Soviet Union.
They actually played this game.
never scams, where they would create these
companies, fake companies on paper just to
play with the currency.
The other thing that India did was to give
arbitrarily high prices for the defense equipment.
So it's a Cash for Clunkers scheme.
It's no wonder that it's no surprise that
the Soviet Union collapsed right after the
Indian economic crisis.
Then once the Soviet Union collapsed, we had
the WTO and the globalization regime.
Now globalization is exactly the same as draining
wealth and getting labor.
So it continues the mercantilist policies
of the 19th century.
The only difference of course slavery is replaced
by voluntary servitude.
You provide the labor, you provide the raw
material, but the ownership is of course by
the Western corporations which make the profits
and the IMF loan for India to require higher
interest rates and devalued currency.
So when assume you devalue the currency because
as soon as the foreign company comes in, their
purchasing power in the near future is its
increase, they get more resources for the
money they invest.
One of the things Manmohan Singh did as part
of the globalization of 1990s was to give
16 percent guaranteed profit to power companies
like Enron.
It's only the foreign companies, not Indian
companies.
The pattern regime was tailored to help the
West keep control.
If you look at the WTO agreement, you will
see that subsidies are banned.
But then the western companies continue to
get subsidies because they have a loophole there.
They have a loophole which says for research
purpose you can give money, you can go grants,
but that is nothing but an indirect subsidy,
you give it the university and the corporation
works with the university and they come out
they develop a drug and then they even get
there, they get a patent, even though it's
taxpayer-funded money.
But if India subsidizes a pharmaceutical industry,
it's going to face WTO sanctions.
Now, one of the reasons that the Western economic
models keep collapsing they are all Ponzi schemes.
So what happens is, what the American System,
it requires a future generation to bail out
the current generation. It's completely dead driven.
For example, their social security requires
an expanding population to fund the retired people.
Otherwise, it's going to fail the population.
The Next Generation has to have a higher number
of people than the previous generation.
Now, this is why, there more immigration of
Mexicans.
Otherwise, the banks will collapse, social
Security will collapse.
This is not out of love for humanity that
they encourage immigration now.
It is purely to support the banks.
And since the 1970s, you will see that the
US has been on life support every ten years
or so, they had a bailout.
They had an airline industry bailout in the
1970s and the 1980s there was what was called
the Savings and Loan crisis where the small
investment firms were going under, they had
to be bailed out, and then in 1990s long-term
Capital Management a hedge fund failed.
It threatened to take down the entire banking
system and so there was bail out then, and
of course again in 2008-09, we saw the bailout
with the mortgage crisis.
Now that bailout scheme is what they have
perfected.
What they want to do is to create, to make
India pay with the next bailout.
And this is the other reason that every economic
theory is a theory of looting India and the
way they are doing it will come to that.
But before that look at how the they western
systems are designed.
They do not want people to be self-sufficient.
They want people to be dependent on the system.
So what it means is that the healthcare will
be based on insurance.
They drive up the costs, so you will have
to be dependent on insurance for health care.
They drive up the cost of the education system,
so that you are dependent on the banks again
and you have to take student loans and the
way they did this is… until the 1980s, the
education system was affordable.
You could work your way through college.
If you look at the literature back, then you will see that you could have work your way through college.
But then what happened is the government started
underwriting the loans and they, and in tandem,
the University decided no matter what level,
they raise the tuition fees.
The government is anyway going to underwrite
the loans and they get paid for it.
And so these, the students got caught in a
debt trap.
They've got talked into taking a loan saying
that you need a college education to move
forward in life. So they had no choice.
They took a loan, the loan is actually underwritten
by the government and so the universities
raise the tuition. So, right now, that is another crisis in the United States.
Health care, of course, has compulsory insurance
so that the insurance companies can make money.
Now that's a plan that they want a few people
controlling everything.
They see everything has to be manufactured
by large factories.
This is very similar to the Communist way
of thinking that there will be large factories
controlled by the government.
The only thing here is that they will still
have large factories controlled by a few people
and most of the people they see in the very
dehumanizing way, where you are just cogs
in the wheel of a massive system and the bailout
scheme that they have perfected and how they
target India is through Basel III.
So Basel III, they call for the stress tests
of banks.
And the real reason is that they want Banks
to be bailed out in future.
They know, their system is going to collapse.
This is how the system is built, every few
years a collapse.
But next bailout is going to come from the
international world.
The way it starts is, initially they say,
you have to have a reserve to bail out your
banks and it's all, it's not mandatory. It's voluntary.
The Next Step will be to sign a treaty and
make it mandatory and then we have to contribute
to an international system.
So we need to guard against us and new global
system that is being proposed.
It's going to have the IMF SDRs.
That's the special drawing rights as the new
currency.
In fact, the end of IMF, during a recent Singapore,
during the conference in Singapore recently,
a couple of months back, also proposed that
and the once again reiterated that IMF SDR
should be a Global Currency.
They will create a banking transaction tax,
so that it's all automated and then we can
it under their control.
There's also the idea of cashless currency,
but this one, this idea is actually something
very dangerous because it's based in the idea
of having negative interest rates.
Lawrence Summers who is an economist in the
US, he's now in Harvard University is work
for the government as well.
He actually proposed a system of negative
interest rates.
So what it means is you deposit some money
in a bank after a while you see that your
total value has come down and the reason for
this is they don't like savings.
They want a consumption based economy.
But then if you have, if you see negative
interest rates, you are not going to put your
money in the bank.
You're going to withdraw your money and keep
it at home.
But to prevent that they've come up with the
idea of cashless currency.
This is an extremely dangerous idea and they
are targeting India for this and the way they're
doing it is through US Aid.
US Aid is involved in a lot of advisory project,
advisory roles and also in implementing some projects.
They were involved in Aadhar card and we have to be extremely careful of anything that comes from them.
Their goal is eventual control over Indian
citizens.
And of course, Indian the food as well the
food sources will be controlled through companies
like Monsanto, which is of course, it's bear.
Monsanto is now Bayer because Monsanto had
a bad name.
I guess the brand, it's better to use the
brand name Bayer.
Now we need to know some of the changes; how
they originated, you know, VAT and GST they
originated in OECD reports.
They use the term VAT and GST interchangeably
and they want every country to move to a vat
or GST based regime and their goal is, eventually
there will be once again a treaty.
So they can have a centralized tax system.
It's all Uniform around the world.
One of the points that OECD acknowledged is
that GST will hurt small businesses more than
it hurts large businesses.
A company like Amazon and Walmart will be
able to absorb the costs of implementing.
Like a company gets a small shop will now
face an additional burden.
Aadhar is of course supported by US aid and
Bill Gates Foundation and then another idea
is, that spot of the new system is universal
basic income.
They probably they would want 50% around 50%
of the population to be on welfare all the time.
And this is going to destroy India because
once you have Universal basic income, it's
like reservation scheme.
You can never roll it back there are going
to be riots, demanding we want to be included
in the scheme, and eventually everyone is
going to be dependent on the system and no
longer self-sufficient.
They're also taking over the lending sector
in India.
The small lenders are being destroyed in villages
and the village economics all requires the
small lenders and the way it's being done
is that not the so-called nonprofit instead
organizations like Basics, which is supported
by Ford Foundation.
They lend money and they don't pay tax on their profits and the moneylender cannot compete with them.
There's one more thing that's climate change
which is which has nothing to do with the
environment. It has everything to do with a permit Raj.
They have something called cap-and-trade where
capping is the same as a permit, selling permits
and the trade is that India has to buy this
permits from the West.
There are people like Al Gore who have already
heard of these permits.
They are just waiting for legislation to make
this permit legitimate.
So that is the scheme they have with the climate
change.
Now some of the things we need to know is
about the narratives of existing systems.
We are presented two choices capitalism and
socialism.
But in reality, they are the two sides of
the same coin if you carefully look at them,
there is no difference between the two structurally
they have the same structures.
It's just the people change, the ownership
of who runs the system changes instead of
the government running the system, the same
people run the system.
By sitting and Goldman Sachs or one of the
other private entities, but it's all one massive
banking scheme, a massive government fifty
percent of people on welfare, the government
paying out 50% of people because that is their
army in case there's a revolution.
This is how they want to protect themselves.
And socialism has never been aboard the poor.
It's about control we would not oppose if
you are really limiting to 10% of the population
who really need to be held and you gave them
a helping hand.
That's probably a good thing.
But it's not about that than which is why
you see it's always Universal Health Care
or Universal education. It's never just for the poor.
They never say it for the poor, it for its
Universal.
They want to control you and in their system
businesses have zero risk because every time
there's a loss and they collapse that going
to be a bank.
There's going to be a bailout the other reason
why capitalism and socialism do not apply to us.
Is it really a Catholic versus Protestant
system and Karl Marx has written about it
that the Catholics are about giving and Protestants
are about taking and the Protestants used
to talk about free market quite a bit as opposed
to the church control and it's just minor
differences between the two in details.
And some of the economists who are pushing
the agenda for a new economic system to replace
the Bretton Woods system, whom i called a
coolie economists, and one of them is Raghuram
Rajan who has written in Project Syndicate
that we need a new economic system that is
actually an admission that the existing economic
system is a failure and the existing economic
system of IMF and World Bank, it has served
their purpose, they are no longer able to
use it to get money from India and therefore
they need a new system because India's last
loan, most 1991.
It no longer needs their loans but when they
the European economy was in crisis, they wanted
India to go 500 million dollars as a grant,
not a loan when India got the money, it was
supposed to be loan. But when Europe wanted the money it was supposed to be a grant.
He gave three billion. Right.
Sonia Gandhi and Manmohan Singh give three
billion.
During the new Crisis, India promise that,
I'm not sure that it was given three billion euros.
India is always been a source of supporting
the west and the project Syndicate.
We need to be careful about it because people like Gordon Brown former prime minister, they are part of it.
They are very much part of it, they know what
they're doing and Raghuram Rajan and his friends
who have In attacking nerves for saying that
RBI is not does not have freedom.
What kind of freedom is he talking about?
He wants freedom from the Indian government,
but not from IMF, the same Raghuram Rajan
or the other Urjit Patel whoever is in power.
They are going to go to IMF and discuss with
them and be accountable to the west and Implement
their agenda. In fact, they should be forbidden from doing it.
It's our country after all it's not their
country.
So if you want to have selected interest rates
here, It should be on our terms, not on their
terms and the other economists like Jagdish
Bhagwati.
He was the loudest cheerleader for the WTO
globalization regime.
The trade Theory we've already seen has origins
in the mercantilism of East India Company
where you say the profit of East India Company
exports is greater than Imports that the only
thing they know, exports is greater than Imports.
You have devalue your currency and that's
all they know to do.
And Arvind Subramanian asked USA to file a
complaint against India to WTO.
There are two more Economist Amartya Sen and
Kaushik Basu.
The only thing they do is they push the Western
agenda.
Kaushik Basu does not talk anything about
economics.
He keeps attacking India and especially the
Hindus.
Now, there's one Economist we have to be concerned
about his past action.
Who? That's Rajeev Kumar who signed an MoU with
US Aid to expand their activities in India.
This was right when Russia expelled 3,000
employees of US Aid and US Aid was asked to
leave the new Russia because they were part
of CIA and they were part of the CIA activities.
Now there's one problem India has which is
to respect the west and that is very important
we not do that because the Western economic
and finance system fraud and rigging are rampant.
The entire system is rigged and you can never
win against them.
If they lose they will bailout. And that is the reality is.
They can never lose and when you lose they
are going to preach free-market team and they're
going to say risk and whatever theory they
have.
And the reason not be enamored by them is
to understand that their wealth is only because
of one reason they control the global currency.
They can print the US dollar as much as they
want give it to themselves for free.
But the Chinese are an Indian or any other
way person in any other country has to really
work hard to get every single dollar, but
they get it for free.
The US dollar has actually depreciated more
than 97% since 1900, probably it's that's
10 years back.
It's probably 98% now and the reason they
don't feel the pinch is that US dollar is  the global currency.
They printed they give money and the entire
world works for them and since the goods and
services, they give the paper in return and
of course the inflation of US Dollar this
prevented because of the demand from other
countries.
Now there's one more way that NGOs has heard
the Indian economy.
They indulged in the economic activities without
paying tax and what happens when this, when
NGOs do that with legitimate businesses, which
are sent sustaining businesses based on their profits.
They collapse because they cannot compete against the subsidized businesses, which don't pay their tax.
By definition we should make sure that charities
have no strings attached, they can give money
they cannot take back money.
So, for this is for example, the microfinance
industry microfinance NGOs.
They can give money and they should forget
about and then we have to look at their centralized
versus decentralized systems.
Everything in the west is centralized, everything
from their God, the way they create their
government and their economic system universities
are actually monopolies.
Our system was the gurukul system which was
distributed.
So everything is a centralized system and
that is the way to think of it.
They came up with the Central Bank, the RBI,
which is a centralized Institution.
In reality, the interest rate should be set
by the market at the local level depending
on the local conditions.
And the concentration of financial power as
well as the corporate power.
It is due to the existence of a central bank.
If you look at the general accounting Office
document from 1900, you will find something
very interesting which is that whenever the
interest rates are lowered, the community
Bank in the small Banks collapse.
In the past five years alone, in the United
States, 1300 Community Banks have collapsed
because interest rates have been kept artificially
low and during times when they raise interest
rates small businesses cannot compete against
the large businesses because they are now
paying higher interest rates for the loan.
So you should not have either a higher rate
or a lower rate, which is artificial and they
don't hide it, they call it slowing down the
economy when they raise interest rates.
So when they slow down the economy, they don't mean that they are collapsing Walmart or Intel or Microsoft.
What they mean is the small businesses will
shut down and hence the economy will slow down.
Now if you look at the ancient Indian system
it was not all centralized.
The Varna system was actually a system of
separation of powers.
People who where in production that is manufacturing
and agriculture, they where separate from
the ruling class, which was also separate
from the people who controlled knowledge.
They were not supposed to abuse and get involved
in this to the other activities and the financial power.
So these were the four different types of
powers and there was a healthy separation
of powers, the Jatis were economic guilt to
prevent the oligopolies like especially by
marriage you could end up with an oligopoly
is of there were some rules around that as well.
To see the exact opposite today what we see
is American universities like Harvard and
University of Chicago. They are part of the power structure.
They write the rules, they write the laws.
They get the money they get the grants for
businesses.
They get grand for research. They dropped the laws.
So it is the exact opposite of what we see
here.
What we saw in our ancient system.
The tax system in India to was a healthy system.
It was one sixth of the production in peacetime
and a quarter during wartime, 25% during wartime.
And we need this for the swadeshi mean and
what is the swadeshi mean?
This is not blind import substitution and
that is a caricature that's been going on.
So Swadesi means it self-sufficient productive
society and it's not a consumerist society
without producing anything, which is what
they want, the West wants India to do so.
They can put us on welfare and dependent on
them.
Swadeshi also means decentralized and based
in self-organization has opposed the centralized
systems of the West.
Swadeshi encourages savings rather than consumption.
So what we need is that an economic policy.
We should explore tax structure of the production
level and the reason for this is that GST
has originated with OECD.
GST is not bad, it's been called the fair
tax, but the very fact that it originated
with OECD and they have acknowledged that
small businesses could be hurt means we should
explore a way to shield ourselves from the
detrimental effects of this and one group
that actually advocated tax at production
was at Jensen in 1971 and in the late 1960s.
The Jensen actually was opposed to sales tax.
They said it causes harassment and we need
to have all taxes of the production level.
We should also remove the gold controls because
the natural tendency of Hindus and Indians
is to go for gold and that creates stability
in the system.
It will of course slow down the growth but
then growth is another form of saying Bubble.
So in the western system what they call growth
is actually creating a bubble that actually
collapses and we need to encourage saving,
there are other things that the government
could do like infrastructure projects and
government contracts could be used to encourage
a system where we have a large number of small
businesses rather than small number of large business.
So I think I'll end my talk here.
