Thoughts on economics and liberty

Sorry, S. Gurumurthy, you are totally wrong on almost everything

Someone shared this video of Gurumurthy’s talk on demonetisation in September 2017 in Chennai and asked for my views:

First of all, the talk is too long and rambling, so I looked to the internet for summaries. This written article provides good context about this man and his speech. Thereafter, I scrolled the above youtube audio to get a sense of what he is saying.

The problem with Gurumurthy is the same as the problem with Arthakranti people: they don’t know the real causes of black money and economic development but try to use financial tools to deal with fundamental incentive issues.

Gurumurthy also talks about the need for an Indian economics. That is a load of rubbish.

It is very unfortunate that people like him are influential enough in India to be given a platform to speak + also well connected to key decision makers.

We have good economists like Deepak Lal and Nirvikar Singh but they all fled India. No one wants to listen to genuine economist in India. [Of course those who follow my blog know that some time ago I discounted Deepak Lal after he bent over backwards to praise Modi! What idiocy – that showed he doesn’t understand the basics of liberty or good governance. ]

Let me add what I’ve been saying for 20 years: we need fundamental reforms of both the governance and policy systems in India. We need to get the incentives right – these are all very badly skewed and will invariably lead to bad outcomes.

Gurumurthy might benefit (although I suspect he is not the kind of man who will seek a new education at his age) from reading BFN.

Sanjeev Sabhlok

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6 thoughts on “Sorry, S. Gurumurthy, you are totally wrong on almost everything
  1. Raj

    Read an article of one Mohandas Pai, where he said we should be like China. Have “level playing fields” through FDI restrictions.. and more.

    These white-skinned upper caste irritants (being kind with words here) have a clear distinction of demolishing everything around them to please their Egos, and of course the lower brown-skinned apes aren’t worthy of consideration anyways.

    The list and pattern stretch throughout the nation — Pai (Karnataka), Subramanian Swamy (TN), Shahshi Tharoor (Kerala, inferiority-complex ridden silly ape too, wanted British repatriations in 2016!!!), LK Advani (Sindh), Anupam Kher (JK, I have no words for this being!) and the millions of beauties flooding the Northern Ganges plains until Haryana.

    I’ve noticed this savage trend among the savage martial race irritants like Jats and Rajputs too.

    Not to generalise, but a clear trend. Such protectionism and such people are pure cancer to prosperity. Apes themselves, want to subjugate those around too! Despise!

  2. Sanjeev Sabhlok

    Yes, India is flooded with nut cases. That’s why it has become a nutty country where everything irrational flourishes, and the rational have to flee.

  3. Dr. Pawan Kumar Aryan

    Do you see some foreign hand, say USA, to promote ongoing irrationality and tighten its hold on the present Govt to create hype?

    I firmly believe that USA is experimenting with India to flare up BJP-RSS ideologue, as it did with Afghanistan and Middle East with Muslim fundamentalist.

    But, I also assert, that there is no excuse to put blame on others, in nutshell we are failing our people. Gurumurthy, Madhurao are the sundry beneficiary of the ROT.

    I have a few queries, only you are can address:
    What demonetisation is, factually, and what are reasons that it was declared all of a sudden?

    Who benefited from it?

    Is there any economic angle that BJP-RSS is advocating it aggressively, however, on the ground, it has ruined the Indian economy; say farming sector, manufacturing sector- only LOOT sector is flourishing?

  4. Sanjeev Sabhlok

    Pawan, I don’t see any foreign hand in India. India has been ruined from within by two separate forces – a) the socialists who have been extremely strong since the times of Nehru, Lohia and Subhash Bose; and b) religious fascists – mainly RSS and Hindu Mahasabha – and their thousands of offshoots.

    Both these have a long history in India – and nowhere does one see any “foreign hand” in these two forces. Our stupid leaders adopted these ideas and they are the ones solely responsible.

    Re: demonetisation – it CAN be used as part of a suite of tools to deal with black money. That is why SBP supported it in principle. However, with Modi there was no suite of tools. There was no governance reform, for instance. And he rolled out demonetisation so badly that it backfired on the entire country. He also demonetised excessively – over 80 per cent of the currency. That was a ridiculous idea.

    Pawan, I won’t harp on this but you know there is NO CHOICE but for people like you to join SBP and to fight elections against these socialist and fascist goondas.

  5. Dr. Pawan Kumar Aryan

    I agree with your resolve. Our children and future need vision. Fool, fraudster, criminal and false (so-called) leaders need be exposed HEAD-ON.

    While strengthening, motivating and nurturing our tribe.

  6. A V Raju

    Yes it is true Sanjeev ji .
    These are the people who lay upon themselves the burden and bother of creating a hype and decibel loaded speeches without bearing out the real intent of their demeanour in the open. They join hands , by reasons of commonality of religious beliefs, ease of pillage and lack of accountability thereof , for exhibiting such a disposition.
    I have heard this person , question as to how an economy which was the highest GDP for over a thousand year plummet to one of the lowest GDP of the world , if not for the plunder of the British ? or even the Moghuls? While the plunder of the British is indeed a reality , the policies of the subsequent Governments have a bigger responsibility for the state of affairs at present . This is precisely what SBP has been saying and rightly so. The problem is not that they do not understand the truth of the matter but it is sadly the weight of their ulterior motive, which requires diverting the attention to non-issues . The ulterior motives , though not expressed , has its roots in commonality of purpose , and beliefs ( the very basis of which may be totally erroneous ) , and is too dear to be disregarded. Having once grounded and come together on the shared beliefs these people adopt specious ways to retro-fit logic to advance arguments that seem to highlight whatever their achievements (small ) be.
    I have read a lot of another such individual Mr Arun Shourie , ex-union minister , and an economist , who used his position with the print media to further such logic. He went on to advance what the value system of any Nationalist Indian system should be and on such basis what the citizenry should choose to cherish or abandon. He went on to preach that at times reprisals on the basis of differing religious values are not only tenable but may be even required. He went on to bring the influence of his acquired power of pen not only to political aggrandizement through highlighting the misadventure of the previous governments but re-affirm the logic of his newly found values to be supreme and beyond question. However the same values seem to have failed at the present point in time, once political languishment , has descended as a reality.
    So logics are all galore in the world of Psuedo- secularists, pseudo-economists etc. I mean Retro-fit logics. There is a lot of incentive to have the gullible stay so , under the steady supply of retro-fit logic , manufactured solely for such , so that the real design and the increasing multi-failures are not called into question. The purpose is to keep the diverted far from the real issues of unemployment, sagging purchase power, failing Industry and crumbling economy. They may not question the sanctity of demonetisation, of demonic GST, of rise of intolerance, of lack of security to common man, of slaying of right thinking intelligentsia, of failing external relations, of activities of misinformation presented for sole purpose of hype with no general good to the common man , – the farmer , the student, the citizenry in general – only with the sole objective of staying in power. The logic is this : if the opportunity given earlier to one bunch of people who had promised to deliver, has failed , it, must be thrown open to others who want to deliver. Its for the common citizenry to evaluate and to this act is precisely to what confusion is intended to be added as an inseparable clutter . There lies the intent of all the talk, the misinformation and the like .
    In the general office setting we observe that , we all work for a common goal. We discuss with all to arrive at ideas, to brain storm and in that if we have two people speaking the same language , it may be allowed , to engender good feeling and comfort. In our political landscape , which is where such approaches are to be debated and code of conduct is to be determined, we start by first appealing to these very minute differences to forge our strength , the commonality of Nation comes in as a distant last. This is eating into the fabric of our unity. So as long as economic potential is realised most by one group of people belonging to those in power or to the Minister in power, all norms are thrown to winds with little regard to the law, constitution , or ethics. I am sure SBP has the mettle the logic and the experience to set this right .