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Financial failure in US and Europe opens the door for India and other fast developing countries to have a fair say in IMF and other world bodies
The world economic bodies are controlled by the US and Europe. World Bank is under US control. International Monetary Fund (IMF) is under the control of the Europeans. US and Europe manifested worst prudence in financial and fiscal management throwing the world into depression, and putting their own citizens into financial doldrums. US and Europe are trying to get out of their “financial greed and failure” through printing money. They can do so because the international good will built in the last three hundred years still allows that. But sooner or later the rubber will hit the ground, cats will be out of the bag, and the lack of prudence and discipline exposed.
India on Saturday made a strong case for restructuring of the International Monetary Fund (IMF), saying it is not capable enough to deal with the problems of the world following the global financial meltdown.
"Institutions (like IMF) that we have are not capable to deal with the problem... Let us restructure these institutions. We have got a huge crisis, and the way institutions function needs to be rethought," Deputy Chairman of Planning Commission Montek Singh Ahluwalia, an Indian Sikh and a right hand of Indian Sikh Prime Minister Manmohan Singh, said while speaking at a session at the World Economic Forum in Davos.
To be fair, we must point out that Indian Ministry of Finance, led by Mr. Chidambaram (till a few months back when he was rescued with a portfolio of Home Ministry) and India’s first Sikh PM Manmohan Singh, educated in top Economics and Finance Universities of the West, followed the American and European models and have put India into deep trouble financially. Indian stock market has lost 60% of its value in less than one year, unemployment and underemployment is unchecked, and the budget deficit as well as trade deficit has exploded. Montek Singh Ahluwalia , and his close Sikh buddy PM Manmohan Singh must bear responsibilities for India’s deep financial troubles. India is printing money for the three decades to avoid the exposure of the financial truth.
The failure of the European Central Bank (ECB) and US Federal Reserve has opened the door for India, China, Brazil and other BRICS countries to take lead role in the management of world finance.
BIZ/FINANCE ARTICLES
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