Ignorance produces disastrous ideas. If you are yet to be convinced, go through Mr Anil Bokil who is believed to be the brain behind demonetization. Mr Bokil who hasn’t have any formal education in Economics, has successfully burned the currency countersigned by esteemed persons like Raghuram Rajan in a flash. His dooms day like rhetoric is now replaced established monetary economics principles in India.
Such people often comes to occupy history like meteors. Their role is not to construct but to destruct as construction takes years whereas destruction takes just hours. Russia’s Rasputin influenced the corridor of power and brought disaster to the country.
Mr Bokil’s teachings are meritoriously ridiculous like that of a mad man. He argues to demolish all currencies beyond Rs 50 note. Repealing most of the existing taxes is another recommendation. With one raid Mr Bokil was able to ambush the credible economic structure that our institutions and experts have developed over several decades. At the same time, precedence like the present demonetisation will erode confidence of the knowledgeable persons who take pain to build our economy.
The economy that got the tag of the fastest growing one is suddenly going to be a learning lesson for failure in monetary economics. The $2.1 trillion economy that holds nearly one sixth of the population is bleeding to cut few nails of black money. Experts predict that the loss of income from the entire exercise would be around 1-2 lakh crores whereas the black money trapped will be few thousand crore rupees. Government has not denied it or accepted it. But coming months will prove it.
In the 1980s, god man Chandraswami controlled some governance decisions but not as severe as this one. We know that there is dearth for these types of persons in our country. But this time, we are more vulnerable and our future is insecure if such people continues to rampage and minuscule the powers of established institutions like the RBI.
An insecurity is developing about the manner in which sophisticated decision making goes to mad idea makers. They ideologically attack and influence the seats of powers like Mohammed of Ghori done to the Somanath temple centuries ago.
The note ban is going to be a historical decision taking in the lessons of Indian history. Frankly, may not be for good reasons. Ultimately real and technical knowledge about monetary policy will survive defeating the faulty sermons of flight by night influencers like Mr Anil Bokil. The administration is ready to court such cult leaders makes us in despair and it is a warning to the future of our country.