New Indian Depositor Bill: Grandma Takes The Punch For Globalists

The New Financial Resolution and Deposit Insurance Bill of 2016  outs itself  with its use of the phrase “creative destructionto endorse the need for a quick resolution of bank and firm failure.

“Creative Destruction” in this usage is a  Marxist term, popularized by the economist Schumpeter and subsequently appropriated by neo-liberal economists, as well as  perpetual-war- theorists of the new world order, that describes the need for “capitalism” to “ceaselessly devalue existing wealth (whether through war, dereliction, or regular and periodic economic crises) in order to clear the ground for the creation of new wealth.”

That’s wikipedia.

“Isms,” however, do nothing. So I would replace the word “capitalism” there with “capitalists.”

And, being of a skeptical turn of mind, would replace even “capitalist” with “globalist cabal manipulating capital.”

As I blogged before, the reassuring sound of “deposit insurance” should not blind us to the fact that the bill actually demotes protection of depositors – the original mandate of the RBI act of 194 – to second place. The RBI’s new mandate is the ubiquitous one of “financial stability.”

On behalf of financial stability – which, in effect, means some institutions are “too big to fail, too big to jail,”  the new bill and the proposed new bankruptcy procedures – get around the standard Indian legal procedure and have complete authority to resolve any issue of bad debt, by winding up the firm/bank and/or restructuring the debt. In essence, that means, a small, overarching and centralized outfit can decide whom to bail out, whom not to, and who gets to foot the bill.

Bank depositors over 1 lakh (Rs 100000 or about $1800-2000) are unsecured creditors of the bank who will be stiffed in the face of senior debt holders.

In short, grandma takes the punch for the globalists.

8 thoughts on “New Indian Depositor Bill: Grandma Takes The Punch For Globalists

  1. Hi Lila, I have been following up on all the many disclosures being made on this matter. Greatgame India has more material, thanks for the links. Now you added the punch line: “Grandma Takes The Punch For Globalists”

    Let me ask you: what are Indians doing to protect their grandmas — except study what the history’s actors have done:

    “We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality — judiciously, as you will — we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors . . . and you, all of you, will be left to just study what we do.”

    Below is the full passage from the NYT of OCT. 17, 2004 from which that quote is extracted. I am sure you have seen it before many times.

    Begin Quote

    In the summer of 2002, after I had written an article in Esquire that the White House didn’t like about Bush’s former communications director, Karen Hughes, I had a meeting with a senior adviser to Bush. He expressed the White House’s displeasure, and then he told me something that at the time I didn’t fully comprehend — but which I now believe gets to the very heart of the Bush presidency.

    The aide said that guys like me were “in what we call the reality-based community,” which he defined as people who “believe that solutions emerge from your judicious study of discernible reality.” I nodded and murmured something about enlightenment principles and empiricism. He cut me off. “That’s not the way the world really works anymore,” he continued. “We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality — judiciously, as you will — we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors . . . and you, all of you, will be left to just study what we do.”

    End Quote

    You, Lila, and all the others on the tens of links I have followed up from your website (recursively) all part of that “reality-based community,” where “all of you, [are] left to just study what [they] do.”

    There really ought to be some reaction among the Indian public other than their intellectuals merely following the script laid out for them by the “history’s actors”.

    I am just saying…..

    Indian public just seem to be taking it like “karma”.

    And what can they do?

    I think the intellectuals of India really must transition from the safety of words on dried parchments to activism to builing movements…. just as the people of the subcontinent had once mobilized against colonial rule.

    The fact that, as Greatgame India website repeatedly points out and has been doing so for a while, liberalization via globalization / privatization is merely another colonial rule with the same cartel at the top of the pyramid ruling by local proxies just as they did through EIC (East India Company), and Shelly and others at GGI are quite correct on that count, and there is virtually no recognition of that across the length and breadth of the Indian intellectual / political landscape except in few alternative websites here and there — all written in comforts of home btw — where are national mobilizers as they once existed in the sub continent? Pakistan is in the same boat and so is Bangladesh.

    No mainstream intellectual resistance, no mainstream political resistance …. and the real problem to address is how to bring that about.

    Again, just saying…

    And all of us alternatespacer internet armchair “freedom fighters”, if someone were to call us that they could be exaggerating, are in the same boat…

    Lila, most of us live rather comfortable lives ourselves, whether we live in the West or the East, and we easily find the time to research and write our guts out, and of course that also does not fail to take its toll on many of us, but like the script laid out by history’s actors says, we tend to live in “what we call the reality-based community [who] believe that solutions emerge from your judicious study of discernible reality.”

    Perhaps the focus really ought to transition from playing their script which appears necessary (to learn the truth) to giving history’s actors some really cause for concern. Now they are just laughing their way to the bank…

    Once again, I think we need to revisit our history of resistance against colonial rule, learn from the pit-falls that we faced such as their divide and rule policy which pitted Hindus against Muslims while the white man watched in amusement, over come our asininity,…. all easier said than done…

    Regards
    Zahir

    • Hi Zahir,

      What you say is true to an extent. But the point is, it is also superficial.

      In the first place, the colonial resistance movements did not go anywhere. They helped a bit. But ultimately, it was the British and Birla who directed quite a bit of the way in which the resistance played out.

      Regarding comfort, I think writing this kind of thing is already quite a bit of a sacrifice. It is certainly a sacrifice of time, of career, of reputation, of jobs, and quite a bit of security.

      Being stalked, hacked, or condemned to obscurity is not comfortable by any means. Yes, I can afford to eat, but I do do things to earn my living.

      Would I be able to do even the little I do, if I had to starve? So it is unreasonable to ask me to starve or throw bombs, no?

      Throwing bombs won’t help, in any case.

      Besides, you want to change political reality but I don’t, not in the same way.

      We have the world we have because of factors far too great to reverse by any so-called resistance of the kind of you posit.

      What happened to the Tea Party? It became the Soros-funded Occupy, with exactly the opposite goals to the original one.

      And that’s in the US.

      Outside the communist organizations and unions, in India, exactly who would “revolt”? And what would unions and communists do in power that would be any better and may indeed be worse?

      There is a substantial group of people who accept all the goals of the NWO and think it “worth it.”

      Besides which, you are quite wrong about Indians being passive.

      Indians riot and agitate at the drop of a hat…being demagogued by far too many agitators and opportunists.
      Not a day goes by without news of a bandh somewhere.

      I have too much sense to advocate burning down public transport and attacking private property of innocent people.

      As for guilty people, remember the security at the 2012 Olympics? What message was that supposed to convey, you think?

      But here’s what I did in the real world.

      I informed the grandmothers whom I, personally, am responsible for. I gave them a good run-down about what was in store and helped them look at their options. They are prepared.

      That’s 2 granmas less as victims.
      Tomorrow, several more grandmas will be informed.
      Totally, I plan to save about 15 grandmas and grandpas.
      It will take maybe 10 hours of my time.
      In addition to hours spend blogging.
      Then I will spend the rest of the time attending to family needs. Helping said grandma fix her house, look after a family member.

      Now, how would bombs help that, tell me?
      Besides, if I were to join any resistance, common sense should tell you I wouldn’t announce it on a blog, no?

  2. Dear Lila, building political movements, which is what I believe necessary, is not terrorism.

    What you are equating it to:

    “how would bombs help that, tell me”

    is gross misperception on your part.

    Political movements are built on polity. They are not built on terrorism.

    Terror is a tool of empire — and you should know better than to mispercieve the topic I bring up.

    I think you are doing a great job in individual capacity. And I am sure you have suffered for it.

    Nevertheless, the order of the day is to create political sophistication among the public and among the well-intentioned leadership, not just in our neck of the woods in the subcontinent, but also in our adopted homes in the West and elsewhere. This is for all of us who want to see a change at macro social level. Some don’t. Perhaps you are in that space where you think global and act local and local for you are the reachable grandmothers close to you — I don’t know.

    I am speaking at a different level — and perhaps you can’t relate to it, but because I started that topic, I would like to conclude it by clarifying the thought-space.

    There is an interesting translation of an analysis of political backwardness, intellectual backwardness, feeble-mindedness, and myopic self-interest, and that is what I am speaking to, for the reality du jour isn’t any different than it was when Syed Jamal-ul-Din Afghani penned his analysis of current affairs and the then history of colonization in 1883.

    Here is the link to that and the lede passages are reproduced below as they speak to the understanding of our national inanity I wanted to communicate to you on your blog:

    The Orient and the Orientals
    By: Syed Jamal-ul-Din Afghan
    9 February 1883
    web.archive.org/web/20160209025409/http://greatgameindia.com/the-orient-and-the-orientals/

    Begin quote

    The Orient has fallen down in a pit of misery and wretchedness from her high position of magnificence. Poverty and hunger are prevailing over her inhabitants. Disgrace and indignity is in command over them. Being under the attack of the Foreigners, it has deprived them from the shine of wisdom, inspiration, and reasoning. They have forsaken to take advantage from their intellect and have ruined their morality. That is why they have chosen brutal and/or sheepish way of life. They pay no attention or think about any talk or issue. They do not refrain from wickedness and corruption. They have not learnt to try hard in order to earn a better livelihood and to save themselves from danger and loss.

    Their mind is overpowered by sleepiness. Their thoughts and ideas are too weak to improve themselves. Their eyes are excused to see and identify those miseries and wretchedness’s that have covered their atmosphere and have narrowed the space on them. Their steps take them to the fall in the pits of destruction, corruption, annihilation, and perishing. For the dark desires of their self-interests, they have found their paths in the deviations of fear. They are following these same fears and suspicions; and parallel to it, they are leading the way for corruption, mischief, perverting, and deviation in nature.

    Until the time that their bodies are not struck by calamities, they would not feel the pain. And when the pains relieve them, they will quickly forget it like a beast. They do not sense the dilapidation and shabbiness of their intellect. Their eyes are covered with the film of ignorance. Because of abundance in neglect and carelessness, they give the living a meaning only for this life. Like the beast, the eating, the drinking, and the mere surviving has become the imagination and notion for life. Fame, commemorations, recollections, and the tastes of pride and honour that are chosen for the enjoyment of Human Beings have no relation with them.

    They are not able to anticipate or evaluate the outcome of their actions. They do not want to try finding what they have lost. Whatever obstacles and problems exist in front of them, they do not try to remove or solve them. Whatever problems, hardships, and difficulties that are brought about by the environment, they do not want to understand them or diagnose them. That is why they are facing misery, misfortunes, infamy, and public disgrace and do not feel or attach them to themselves, and is so unconcerned about all these serious issues.

    He is happy with this slavery and has forgotten his previous grandeur and magnificence. When someone falls down from such a high level of intellectual and advancement position, he loses the dignity and his rank also. Cruelty and tyranny become dominant on their hearts. Fault, selfishness, and disgrace have taken a firm grip on them. While having a miserable and degrading state, he still makes proud and majestic statements. He wants Division and Enmity to be prevalent among the General Public. Betrayal and Treachery are laws for him. Spite and tell tales are his Slogans. Greediness and covetousness are garments for him. He considers impudence, malice, and villainy to be his dignity.

    They are famous for timidity and fearfulness than all the rest. They satisfy their inferior level desires quickly. They have grown up in the enjoyment of their physical desires. They rely much on feebleness and disorder. They have adapted for themselves the attributes of the beasts. They force the strong to become weak. They scheme to defame the honourable persons and force them to their slavery. They are traitors to their own Countries and are tyrants to their neighbours. They plunder the possessions of the weak persons. They do not abstain from breach of promise, perjury, and violation of treaty. They cooperate with the Enemies in the destruction of their Motherland. Honour and Manliness have no meaning to them at all. In their opinion, a wise person is unwise; a Ruler is one who is Tyrant. And in Justice, the Judge is a Traitor who betrays. He has no Advisor or a Guide to show him the right path. There is no one who would teach, and there is no one who would awake them from the deep sleep of mental and moral lapse. To summarize, after having become accustomed not conforming to accepted morality, and their intellectual faculty has deteriorated and has become inferior, they have become victims of misery and destruction.

    The events that have happened to the Orientals are explained above. After giving enough consideration, we can say that they are facing permanent misery and destruction because of their deviation from the path of their intellect. They are themselves the cause for the destruction of their Countries by their improper management that lacks prudence, anticipation, and exact evaluation. Because of their improper policies, and not anticipating the means and remedies of counteracting or removing anything undesirable, they have become weak. Because of their lack of knowledge and their wickedness, and also because of their joint conspiracies, they have facilitated the circumstances for the rule of Foreigners in their Countries.

    End quote

    There is more… these quoted passages is just the characterization of body-politic and their leadership — and you tell me Lila, is it any different today?

    Thanks
    Zahir

    • Hi Zahir,

      My reply inbetween:

      Dear Lila, building political movements, which is what I believe necessary, is not terrorism.

      LILA: You think politics is the solution to politics. I do not. Politics is the problem. Politics is about the mass and force. Any force opposed by an equal force leads to an impasse.

      Zahir:

      What you are equating it to:

      “how would bombs help that, tell me”

      is gross misperception on your part.

      Political movements are built on polity. They are not built on terrorism.

      LILA: You are taking a point out of context. I also mentioned strikes, bandhs, education. Throwing bombs at selected targets is not terrorism. It is assassination and political justice. It is the logical end of a political solution. That is not terrorism. Your equation of just assassination with terrorism is incorrect.

      Zahir:

      Terror is a tool of empire — and you should know better than to mispercieve the topic I bring up.

      I think you are doing a great job in individual capacity. And I am sure you have suffered for it.

      Nevertheless, the order of the day is to create political sophistication among the public and among the well-intentioned leadership, not just in our neck of the woods in the subcontinent, but also in our adopted homes in the West and elsewhere. This is for all of us who want to see a change at macro social level. Some don’t. Perhaps you are in that space where you think global and act local and local for you are the reachable
      grandmothers close to you — I don’t know.

      LILA:

      That is where you and I differ. I don’t believe that the local stays local. It becomes global. My ten grandmas when multiplies by the readers of this blog become 5000-20000. Multiply further as each educates his family and friends…and multiply my blog with a hundred like it and we are talking of tens of thousands, maybe hundreds of thousands, of minds changing over time. Among those minds will be people who are in a position to do something – like resign from a committee, block a law, assassinate a criminal in office, stall for time, bring peace to a negotiation. One of those influential people might be a member of the cabal. If even one member of the cabal reacts, then the tiny butterflies fluttering in the blogosphere have done something better than political movement, which amounts to “bowel movement” as far as intellect and moral depth go. Sorry, honest opinion.

      Zahir:
      I am speaking at a different level — and perhaps you can’t relate to it, but because I started that topic, I would like to conclude it by clarifying the thought-space.

      There is an interesting translation of an analysis of political backwardness, intellectual backwardness, feeble-mindedness, and myopic self-interest, and that is what I am speaking to, for the reality du jour isn’t any different than it was when Syed Jamal-ul-Din Afghani penned his analysis of current affairs and the then history of colonization in 1883.

      Here is the link to that and the lede passages are reproduced below as they speak to the understanding of our national inanity I wanted to communicate to you on your blog:

      Lila: Zahir, why would you quote this unmitigated balderdash?

      What good has Afghanistan’s constant fighting done it except create a wilderness there? What good has their military culture done?

      Zahir:
      Orient and the Orientals

      LILA: Orientalist discourse in the mouth of orientals doesn’t become better.

      Zahir:
      By: Syed Jamal-ul-Din Afghan
      9 February 1883
      web.archive.org/web/20160209025409/http://greatgameindia.com/the-orient-and-the-orientals/

      Begin quote

      The Orient has fallen down in a pit of misery and wretchedness from her high position of magnificence. Poverty and hunger are prevailing over her inhabitants. Disgrace and indignity is in command over them. Being under the attack of the Foreigners, it has deprived them from the shine of wisdom, inspiration, and reasoning. They have forsaken to take advantage from their intellect and have ruined their morality. That is why they have chosen brutal and/or sheepish way of life.

      Lila:

      What is Brutish about life in India that is not caused by politics? Are our bus drivers who can hand out tickers to a hundred people and get the change right and change a tire brutish or are the fat drivers in the West who can barely read the ticket machine?

      Zahir:
      They pay no attention or think about any talk or issue. They do not refrain from wickedness and corruption. They have not learnt to try hard in order to earn a better livelihood and to save themselves from danger and loss.

      Their mind is overpowered by sleepiness. Their thoughts and ideas are too weak to improve themselves. Their eyes are excused to see and identify those miseries and wretchedness’s that have covered their atmosphere and have narrowed the space on them. Their steps take them to the fall in the pits of destruction, corruption, annihilation, and perishing. For the dark desires of their self-interests, they have found their paths in the deviations of fear. They are following these same fears and suspicions; and parallel to it, they are leading the way for corruption, mischief, perverting, and deviation in nature.

      LILA:

      So much nonsense. India is a teeming, hard-working, thriving economy of people, which is why the maggots of the western cabal are over here.

      Zahir:
      Until the time that their bodies are not struck by calamities, they would not feel the pain. And when the pains relieve them, they will quickly forget it like a beast. They do not sense the dilapidation and shabbiness of their intellect. Their eyes are covered with the film of ignorance. Because of abundance in neglect and carelessness, they give the living a meaning only for this life. Like the beast, the eating, the drinking, and the mere surviving has become the imagination and notion for life. Fame, commemorations, recollections, and the tastes of pride and honour that are chosen for the enjoyment of Human Beings have no relation with them.

      LILA: I find an intellectual like you quoting this patronizing, implausible stuff quite embarrassing. You do realize that when Charlie Hebdo attacked Islam in similar terms, you were on this blog berating me for even reproducing his critique, even though I was denouncing it, while you are endorsing this criticism. Quite a reversal.

      Zahir:
      They are not able to anticipate or evaluate the outcome of their actions. They do not want to try finding what they have lost. Whatever obstacles and problems exist in front of them, they do not try to remove or solve them. Whatever problems, hardships, and difficulties that are brought about by the environment, they do not want to understand them or diagnose them. That is why they are facing misery, misfortunes, infamy, and public disgrace and do not feel or attach them to themselves, and is so unconcerned about all these serious issues.

      LILA: Does this guy have a clue about how much political discourse there is in India, how many political parties, movements on the street, violent clashes with authority. Right now in Bengal, the Trinamool Congress is in open insurrection against the BJP.

      The problem in India is an excess of politics, not a lack of it.

      Zahir:
      He is happy with this slavery and has forgotten his previous grandeur and magnificence.

      LILA: Indians never cease to talk about their past glories. Or their need to assert themselves more on the world stage. They purchase weaponry consonant with that objective and have sent flights to Mars, something neither Afghanistan or Palestine or other countries in that region have done because they have been utterly consumed by politics. I say that they need to eschew politics, except for educating themselves about the source of their miseries.

      Zahir:
      When someone falls down from such a high level of intellectual and advancement position, he loses the dignity and his rank also. Cruelty and tyranny become dominant on their hearts. Fault, selfishness, and disgrace have taken a firm grip on them. While having a miserable and degrading state, he still makes proud and majestic statements. He wants Division and Enmity to be prevalent among the General Public. Betrayal and Treachery are laws for him. Spite and tell tales are his Slogans. Greediness and covetousness are garments for him. He considers impudence, malice, and villainy to be his dignity.

      LILA: I am truly saddened by this quote from you, Zahir. Who on earth considers impudence and malice their dignity…except the cabalists? It is difficult enough to survive here. Now people have to get hold of the time and money needed to caterwaul loud enough to impress Mr. Ebrahim in the Anglosphere… otherwise, like the tree falling silently in the forest, they do not exist.

      Do you, for instance, read about of the 26 languages or hundreds of dialects of India. If not, how do you know who is resisting and who isn’t?

      Zahir:
      They are famous for timidity and fearfulness than all the rest. They satisfy their inferior level desires quickly. They have grown up in the enjoyment of their physical desires. They rely much on feebleness and disorder. They have adapted for themselves the attributes of the beasts. They force the strong to become weak. They scheme to defame the honourable persons and force them to their slavery. They are traitors to their own Countries and are tyrants to their neighbours. They plunder the possessions of the weak persons. They do not abstain from breach of promise, perjury, and violation of treaty. They cooperate with the Enemies in the destruction of their Motherland. Honour and Manliness have no meaning to them at all. In their opinion, a wise person is unwise; a Ruler is one who is Tyrant. And in Justice, the Judge is a Traitor who betrays. He has no Advisor or a Guide to show him the right path. There is no one who would teach, and there is no one who would awake them from the deep sleep of mental and moral lapse. To summarize, after having become accustomed not conforming to accepted morality, and their intellectual faculty has deteriorated and has become inferior, they have become victims of misery and destruction.

      LILA: Yes, and where is the Islamic world today with its incessant recourse to the political? Such recourse is more truly brutish, because the pecking order is what pack animals fight over.

      The Islamic world is under the thumb of the West…and India too..because they have succumbed to the temptation of the political.

      Zahir:
      The events that have happened to the Orientals are explained above. After giving enough consideration, we can say that they are facing permanent misery and destruction because of their deviation from the path of their intellect. They are themselves the cause for the destruction of their Countries by their improper management that lacks prudence, anticipation, and exact evaluation. Because of their improper policies, and not anticipating the means and remedies of counteracting or removing anything undesirable, they have become weak. Because of their lack of knowledge and their wickedness, and also because of their joint conspiracies, they have facilitated the circumstances for the rule of Foreigners in their Countries.

      End quote

      There is more… these quoted passages is just the characterization of body-politic and their leadership — and you tell me Lila, is it any different today?

      Thanks
      Zahir

      LILA: You and I are very different.
      You succumb to despair because you see only outward surfaces.
      You see short term.
      You conversion was by the sword. We are a culture that has never forced conversion.
      India has been around continuously for 5000 years through Islamic, Hindu and Western empires.
      Our sovereignty has been compromised today..today is not forever.
      Your ego is wounded by the inferior position of the east in the world pecking order. Mine is not.
      Wounded vanity is a poor reason to advocate pointless
      political movements that only add a new layer of bureaucratic slime to what exists.
      Education, little by little, subterranean butterfly action, this is the way to go.
      Vanity must take a back-seat to reality, my friend.

      Posturing does not make for good policies.

      • ALSO:

        Jamal ud Din Al Afghani, and Muhammad Abduh are documented to be freemasons in the service of British Government, through their membership in the Oxford freemasons movement established for the purpose of creating Salafi movement in outside Britain under the freemason control which was established by Benjamin Disraeli, the Prime Minister of Great Britain.”

        Will post this as well.

        • I didn’t know that.

          You are right that there are many ways of looking at the problem.

          I just don’t see any national level use of our intellect by the collective people and leadership of the subcontinent (and the countries we got split into). Hindus, Muslims, Christians…. and the proof of the pudding is the actual fact of long running colonization by invader or another, and now neo-colonization; and I am only suggesting that this needs to change. How? Education of course… but that education is on tiny websites today and not in the education system in our countries that produce “likkha-parrha jahils” with diplomas to being economic widgets.

          About Aghani, I don’t really know much about him or his background, and I found this translation on Great Game India and thought it pertinent in its dissection of our psyche. I could be wrong.

          But Afghani bears a closer look. I found translations of his books last night on archive.org and will be reading his works when I get some time.

          Your block letters shouting at me is amusing…. it did not even occur to me all the points you raised in your riposte, some of them valid.

          Peacefully,
          and thanks,
          Zahir

          • Sorry for block letters…don’t mean to be seen as shouting…will retype…
            just wanted to clarify point by point and differentiate from yours and didn’t know how to as there is no color button in the reply section. Will redo.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.