The word "reform" has been in circulation (thanks to Dr. Manmohan and his likes) in the third world for quite some time. And our (outgoing?) PM has always drawn inspiration from the lofty example set by his masters in the US in liberating the economy and subsequently the country from "outdated socialist, state controlled distribution of wealth".
Right from the days of being Finance Minister , Dr.Singh has been a champion of liberating state owned industries (even if it is profit making ! ) as part of his REFORM campaign.
But the word reform is taking a diametrically opposite meaning in the capitalistic camp headquarters.
This morning the (third) world woke up to the news that Henry Paulson , US Treasury Secretary (Finance Minister) initiated a process to take over the loss making banking giants Fannie Mae and Freddie Mac in order to save the US economy from the abyss the subprime crisis is leading to.
Now that the US has decided to use tax payer's money to own loss making companies, would the raajavine swantham bhagthan Dr.Singh abandon his plans to privatize profit making Govt owned companies in India , just before he gets out of office?--------
Another milestone step in America's path of its own Perestroika. Leader of the free economy uses tax payer's money to buy the collapsed ( largest) insurance provider,AIG. And his master's voice (our own PM) is on a mad spree of distributing profit making insurance companies in India to private (desi and foreign) companies as if its his (party's) bab ka property. The moment he eased the lefties out of the power corridors of New Delhi he even handed over the hard earned (does he know what it means?) pension money of government employees to private players to well, "play" with.
Why is Bush and Manmohan going in opposite directions? Is it because of some unknown intricacies of "dialectical materialism of capitalism"?
When lenin's statue was removed from the streets of Moscow, it was hailed as failure of communism. today when one after the other ,statues (lehman brothers,AIG Insurance,Merril Lynch,freddie mac, fannie mae,...list continues... ) collapse on the Wall Street and the mighty United States of America starts to use terms like "controlled state intervention" , "federal government support to private institutions" ... is it a (even if slow) march towards the "failed " statue of lenin?
our own PM , I hope would pick a few points from his master when he meets him on Sep 25th in his alma mater.------------------------
an interesting but poetic twist to the story. latest news indicate that premier US investment bank Morgan Stanley is about to be taken over by CITIC. and what the heck is this CITIC? China International Trust and Investment Company, is a state-owned investment company of the People's Republic of China. (citic already has a 9.9% stake in morgan stanley!) may be i have to rephrase my previous comment. United Socialist America is marching not towards the statue of lenin, but towards Tiananmain Square.
ahoy self proclaimed capitalists! (sanu excused, hez on emergency vacation) , any comments?