Indian Banks = A fake movie and a fake hit
Financial crisis in 2008 shook influential trees all around the world and as the saying goes "Ponzi came in full circle". A hippie over-bloated euphoria of power, politics and hypocrisy that revoked money and power from competent people and landed with bunch of incompetent people. A summary by Michael Kreiger:
From Michael Krieger of KAM LP
As long as the systems of control, crafted carefully over centuries by the entrenched elites, were able to sustain themselves within the illusions that they had embedded within the language, the mechanisms of control were possible. Stated another way for clarity; as long as the entrenched elite had control of the illusion, the illusion of control works for them. However, the opposite is also true, and this is where we find ourselves now; that is to say, at a point in time where the entrenched elite are using the control systems so badly that they are stepping outside of the inherent limitations imposed by the use of language as their primary control mechanism. Again, stated another way for clarity....when the prime proponents of democracy planet-wide vote to "legalize their war on their constituent populace" they are stepping outside of the inherent common consensus understanding of "Democracy" at such a level as to disrupt the illusion that allows them to control. Make any sense at all? The "herd" is smelling the "slaughter house", both metaphorically and actually. The stench of blood work travels on the air.
- Clif High (from ZeroHedge)
While efforts from RBI stretches great length in containing this bubble but on broad spectrum more credible actions are required. Marching hate machines into the sun, illicit practices unveiling J.P. Morgan, LIBOR, Deutche Bank, HSBC, RBS are epitomes of financial wars. As far as our (Indian) shadow banks are concerned they are no different than their universal counterparts. Exemplifying is not worth and downright unwise, but for the sake of this article experience's pursing three different public and private banks for a loan peaked at its worst. After notoriously trying to coerce, discourage and even intimidate any attempts to reveal their twisted business strategy the three ringed circus finally added more nightmares with involvement of RBI Ombudsman which did knocked some sense out of them but how much and for how long?
In a bold attempt to recover "Iceland" rightfully initiated imprisoning Banksters (they earned their title) and bailing out people followed by improved economy. Spin back and rewind to our financial system these much needed bold steps are eons away until the greatest economy experiments in modern era bails-out itself. Rising up to the occasion and in a concrete hysterical move to kick-start dampened Keynesian nightmare Corporates(NBFC) finally get their at-ta-boy banking license with arcane pretexts like - enhance active growth, meet the needs of modern economy and public welfare while weeding out past transgressions on a back-burner and whacking one more deform and here's the kicker irony - these public and private entities are handsomely gifted licenses to operate and we (populace) are collateral legalizing their sovereignty.
Most people prefer to believe their leaders are just and fair even in the face of evidence to the contrary, because most people do not want to admit they do not have the courage to do anything about it. Most propaganda is not designed to fool the critical thinker, but only to give moral cowards an excuse not to think at all.
- Michael Rivero
Every man gotta right to decide his own destiny,
And in this judgment there is no partiality.
So arm in arms, with arms, we'll fight this little struggle,
Cause that's the only way we can overcome our little trouble.
- Bob Marley, Zimbabwe
Excerpts from The Last Dance