It is a generally accepted fact that initiation of violence is an immoral act. However, people often fail to realize what violence is and hence, they knowingly or unknowingly continue to support the initiation of violence. In order to avoid violence, the very first necessity is to understand the meaning and nature of violence. In his book Man, Economy, and State, Murray N. Rothbard offered the appropriate logical definition and interpretation of violence. Here, I am summarizing the nature of violence as mentioned by Murray N. Rothbard. Violence A person may deny resorting to violence against another person because he may realize the importance of non-aggression principle and believe that initiation of violence is immoral. However, morality cannot be the only reason behind the general acceptance of non-aggression principle. One may realize that his initiation of violence may lead the other person to retaliate and if he will attack the other person, that person may use arms against him and instead of being the aggressor; he may end up being the victim. Even if this person is strong enough to defeat the other, he may realize that in order to defeat and victimize the other person, he will have to spend much …Read the Rest
Tag: P. Chidambaram
Mounting Fiscal Deficit Cliff of India
The biggest advantage of Indian government is that the Indian economy is still going through the process of disinvestment which means that the Indian government has a lot of assets in business and service sectors that can be disinvested to attain valuable monetary cash to do away with the yearly governmental expenditures and the national debt. The actual motive of economic reforms should be the process of limiting the government. The lesser the governmental control over economy will be, the better will be the situations for development, progress and prosperity of Indian individuals. However, there hardly are any hopes for reducing the interference of our government in our daily lives, nor are there any signs of any reduction of governmental interventions in the Indian economic sector. Rather, the Indian government that was wholly socialistic before 1991 is now gradually turning into a serpent of mixed economy that is holding a strong grip over all sectors of productions and service provisions through its fangs of corporatism. At one hand, they are disinvesting major production and service sectors in parts, allowing infusion of foreign currency in Indian markets, on the other hand, with king size government share in all these sectors and …Read the Rest
The Fraudulent Mix of Government, Corporate and State Bank of India
While the Indian economy is still suffering from the high inflation rate (of around 9.6% in October 2012), Indian State Bank is also going through the issues of liquidation crisis to solve which, the government recently announced a bailout package of Rs 4,000 crore to help the bank in maintaining its capital adequacy levels. It should be noted that currently, SBI is required keeping 6 per cent of their deposits in cash with the Reserve Bank of India as CRR (Cash Reserve Ratio). In addition, the State Bank is also required to keep 24% of its total deposits as SLR on which, the government pays the interest as this SLR (Statuary Liquidity Reserves which are used to provide debt funds to the government). The remaining 70% can be used by the banks to offer it to the borrowers who desire money for their personal usage and business investments. What does it means? The State Bank of India owns nothing, it is a service provider to which we deposit our money for safekeeping and protection and in return, we get a right to use our deposits at any time. That is, we give our money for the bank not to use …Read the Rest
Explaining Indian Economic Crisis
In September 2008, the collapse of Lehman Brother helped trigger an economic and financial crisis that swept across the globe. Since then, the whole global economy is suffering a continuous economic meltdown. On the other hand, the Fabian socialist democratic governments1 around the world are trying to delay the collapse and obviously, they are failing. Wrong Steps of Indian Government Exacerbated Economy of India In 2008, Indian government boasted about its strictly regulated banking system and claimed that Indian economy is strong enough to resist any economic meltdown. However, the UPA government and the Reserve Bank of India knew more than what Indian ignorant citizens believed. Reserve Bank knew that India is much more in danger than any developed country and to counter the effects of global recession, Indian UPA government and Reserve Bank of India blindly followed Keynesian idea and the same path of economic stimulus and bailouts2 as was followed by the US government. Huge economic stimulus for the failing economic sectors of Indian market was offered. This was done in a hope that by increasing supply, they will somehow increase the demand. Same was done in the United States, in United Kingdom and other Eurozone countries and …Read the Rest
