It’s Ludicrous

The financial giants like Lehman Brothers and Merrill Lynch of the U.S., which survived even the great recession of the 1930s,

Written by

Published on

June 23, 2022

The financial giants like Lehman Brothers and Merrill Lynch of the U.S., which survived even the great recession of the 1930s, had to close shop after policies of neo-liberalism have backfired. When the castles of capitalism in the U.S. are crumbling one-by-one, it is ludicrous that the Finance Minister Chidambaram still recites the reforms mantra. The UPA government has decided to place employees’ Provident fund of about Rs.3,00,000 crores in the hands of private players like HSBC AMC, ICICI AMC and Reliance AMC.  The Pension Fund Regulatory and Development Authority (PFRDA) Bill is being tried for clearance jeopardising the meagre resources of retired employees.  What happens to these funds invested in speculative market is anyone’s guess.  The increase of FDI cap in insurance and banking sectors would have the influx of capital from ogres like AIG whose hands are muddied in the sub-prime crisis. Those who fail to learn lessons from history are doomed to repeat it.

Syed Sultan Mohiddin

Kadapa, A.P.