Stocks
Bad medicine: Loose monetary policies are flooding markets with easy money, and fuelling a speculative orgy

Governments across the world have initiated actions that have allowed markets to ignore many of their basic problems. More money is not the answer—it is making underlying problems worse 

The market volatility of the past week is hardly surprising. The only thing that is surprising is what took it so long. The flood of free money over the past year has allowed markets to wallow in profits from all sorts of 'risk on' bets. Everything from obscure commodities to emerging market bonds benefitted from this speculative orgy. These distortions caused by government action allowed the markets to ignore many of the most basic problems. The list is certainly long.
 
Last week it was the US government's irresponsible handling of its debt negotiations. This week it is the seemingly interminable debt issues in Europe. Then there is the very real problem of weak growth or perhaps outright recession. Still the market cheered when the Federal Reserve promised to keep interest rates low for another two years. They should have panicked and sent the market down another 10%. More money is certainly not the solution. Instead it may be making the problem worse, much worse.
 
Over the past 25 years, central banks' prime directive has been to avoid recession at all costs. As soon as the equity markets take a slight dip, the central bankers are there to flood the markets with money. Interest rates plummet and everyone jumps back in. The recession may be avoided, but the collateral damage has been bubbles, which exacerbate the next downturn.  
 
But you cannot just blame it on the developed countries' central banks. After the crash in 2008, China went on a massive stimulus binge of its own. Starting in 2009 its state-owned banks lent out a total of 21.3 trillion yuan. In 2008, the total lending was only 583 billion yuan. So just the bank-lending alone has been over 14 times the normal amount. Worse, the bank lending does not include loans from non-banks and the shadow banking system, which could almost double the numbers. The combination of cheap money from developed countries together with over-stimulus from China has created a host of unintended consequences.
 
One of the main consequences has been inflation. The Chinese just reported another month of rising inflation, which analysts brushed, off citing pork prices. Nothing could be more absurd. The Chinese are trying to control it through regulations with things like price controls which never work. For a variety of reasons hiking interest rates are ineffective. As Nobel Laureate Milton Friedman pointed out, "Inflation is always and everywhere a monetary phenomenon".

Despite a year and a half of tightening the amount of loans in China is still on track to be about the same as last year. The result is intransigent inflation and a real-estate bubble.
 
China is hardly alone in dealing with inflation. Almost all the emerging markets are being suffocated with cheap money and overheated economies. To deal with it, central banks around the world-with the exception of the United States-are raising interest rates. But these rate rises could cause severe issues for the real problem underlying slow economic growth: debt.   
 
Economic downturns are the plumbing of capitalism. When money is allocated inefficiently, during a recession, uncompetitive firms and sectors fail. In most instances both investors and creditors of the failed firms pay a price. They lose money. Eventually the market reaches equilibrium and growth can begin again. But thanks to misguided attempts to prevent recessions, this has not occurred. The US is still mired in a housing crisis. Europe is saddled with over-leveraged countries. Japan is still stuck after 20 years.
 
Free money has now spread debt bubbles around the world. New consumers in emerging markets have borrowed more than they can pay back. The result is a rising mountain of new debt. In Poland, over the past 6 years, the amount of mortgage debt grew by 728%. In Brazil, despite some of the world's highest interest rates, consumer debt has increased 100% since 2007.
 
Of course, credit bubbles spawn bad debts. Consumer defaults in Brazil are expected to increase by a third this year. In March the State Bank of India reported that its net profit for the quarter was nearly wiped out by provisions for bad loans. Meanwhile the bad loans to local governments in China could equal 8% of GDP (gross domestic product).
 
But that is not the bad news.
 
The bad news is that the legal mechanisms for clearing the debt like bankruptcy and foreclosure simply don't exist in emerging markets. These economies do not even have information reporting mechanisms like credit reporting agencies. So the markets do not really have any idea how large the problem is.
 
So instead of solving the problem, cheap money has and will make it worse especially in emerging markets, the recent source of global economic growth. As interest rates rise, the true damage will become clear. The overdose of cheap money medicine will kill rather than cure.

(The writer is president of Emerging Market Strategies and can be contacted at [email protected]  or [email protected].)

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Anna Hazare detained ahead of hunger protest for strong Lokpal; Gandhian calls on people to join “second freedom struggle”

Team Anna says it will approach Supreme Court against detention. Bharatiya Janata Party to raise issue first thing in parliament today

New Delhi: Anna Hazare and some of his close associates were detained by police this morning, after the Gandhian leader vowed to go ahead with his hunger protest for a strong Lokpal, ignoring prohibitory orders at the venue of the protest.

Police detained 73-year-old Mr Hazare at an apartment in the Mayur Vihar area of east Delhi at about 7.30am. A large number of supporters immediately gathered there and shouted slogans in support of Mr Hazare, who was supposed to launch the fast at about 10am.

Mr Hazare's detention set off sporadic protests in Pune and the Bharatiya Janata Party gave notice for suspension of Question Hour in the Rajya Sabha to discuss the issue.

Home secretary RK Singh said Mr Hazare was detained because he had said that he intended to defy prohibitory orders and sit on fast at JP Park, in central Delhi. Delhi Police has not granted permission for the protest saying the protestors would be allowed to undertake the agitation only if they abide by a list of 22 conditions.

Describing his detention by police as the beginning of the "second freedom struggle", Mr Hazare called on people to participate in a "jail bharo" agitation. "My dear countrymen, a second freedom struggle has begun and now I have also been arrested. But will this movement be stopped by my arrest. No, not at all. Don't let it happen," Mr Hazare said in a pre-recorded message.

Mr Hazare's aides Kiran Bedi and Arvind Kejriwal were detained outside Rajghat. Lawyer Shanti Bhushan was also picked up. "We will move the Supreme Court," Prashant Bhushan, lawyer and close associate of Mr Hazare, told the Press Trust of India.

Describing the police action as "totally undemocratic", the lawyer said the action showed that the government has no regard for fundamental rights of the citizens. "The time has come to rise up against this government. We appeal to people to protest against the government peacefully," Mr Bhushan said.

Police has made arrangements and has stationed several buses and trucks in Mayur Vihar, Rajghat and other places to transport Mr Hazare's supporters.
Senior Bharatiya Janata Party leader LK Advani said he was not surprised at the detention of Mr Hazare and he charged the government with looking for scapegoats by stopping peaceful protests instead of fighting corruption.

In Pune, supporters of Anna Hazare gathered at Balgandharva Square to condemn the police action. Carrying placards, scores of people raised slogans, supporting the anti-corruption campaign that has been led by Mr Hazare, and they condemned the government for its "anti-democratic" measures.

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COMMENTS

Sachin Purohit

6 years ago

Yet another black feather on the ugly cap this government is wearing..Anna Hazare and his supporters have been arrested. In the past there have been political goons burning buses, stopping trains and vandalizing on the day they declare as Bharat Bandh to protest some petty things like banning some movie or a book that hurt their sentiments. Here's an andolan led by no political party or interest. The only thing they are asking for a genuine legislation against corruption. No threat of vandalism, no violence and yet their freedom of expression has been curbed. The millions who are supporting this movement are not bought and brought in loads of trucks from poor villages. These are people from all walks of life, having chosen to agitate by their free will.

Let us all resolve to stand with this peoples' movement and do whatever we can to keep it alive till the government bows. If it does not then lets resolve to ask one single question to all the candidates who come at our door-steps on the forthcoming municipal, state or national elections - what is your stand on the issues raised by the IAC movement and what is your stand on the unconstitutional arrest of its leaders. If the candidate does not give a straight answer, s/he does not deserve your vote - no matter what party s/he represents.

REPLY

Prakash

In Reply to Sachin Purohit 6 years ago

Very true. The govt dare not touch the leader whose party talks vandalism, threatens common man to join their bandhs and only raises their voice where they see their interest and political mileage. Whereas here is a man who has taken up the issue which, if implemented, can benefit every citizen. And yet he is arrested without giving valid reasons and unjustifiably. Against this unconstitutional arrest and move, the people have to do something NOW and not wait till the election time. Else the 'fire' will die just in the case of 26/11 when people came out in large number at Gateway of India in protest, but nothing has happened till date, because that euphoria has died out. Everyone is once again busy in Mumbai in their daily routine.

The big lies in Delhi over the anti-corruption crusade: Switch off your TV and listen to the man on the street

The powers-that-be are just mouthing tokenisms—or plain untruths. The common man is fed up with corruption, and the truth will soon be out

Unless you live on another planet where there is no access to the media, you are certainly aware that we live in turbulent and tumultuous times in India now, and every hour has the possibility of launching a new twist in what is rapidly becoming a sequence of events more complex than in any soap or political drama. And if you are, like many others from the English-speaking class of people who think they make the perceptions in India, basing your opinions largely dependent on what you see on television then you are not to be blamed if you give it the same importance as a low-grade opera.
 
In this context, there is a lovely line from Amitav Ghosh's latest book "River of Smoke", which pretty much sums things up: "Bahram smiled to himsef as he listened: the arguments were marvellously simple yet irrefutable. Really, there was no language like English for turning lies into legalisms". (page 349, Indian edition).
 
If one were to go solely by the English media in India, then it would appear as though the debate is of larger value than the problem itself, if ever there was a problem to start with. Barring the judiciary, which in any case does not join the debate except very rarely, everybody else is there to (a) get a point of view across and (b) fervently hope that the real issue is side-tracked as soon as possible.
 
However, if one were to choose to dig into the regional language media, or better still, go walk-about, or as in this case, head out by bus and metro/local trains, and mix with the people who really count for things when the elections swing by again, then it is visible outright that there is an elephant in the room which they are not ignoring anymore—and that this elephant is also called "the big lie" or "the big lies", since there are more than a few lies being conveniently pushed into the background by the people we like to think of as "the opinion makers" in India.
 
First Big Lie: The arguments for and against the fast and protest by Anna Hazare are taking on a bigger role than the main problem of corruption itself. This may appear to be the case if we keep seeing television, but in reality, on the ground, the common man appears to have little time for this angle. She is very clear—corruption at all levels, especially the so-called "clean and high" levels, is the major issue. And she has had enough.
 
Second Big Lie: The present government is trying its best, and trots out facts like people currently in jail. Again, the common man is not taken in by this, because she knows that these people are in jail despite the government trying their best to keep them out and free on the roads. Especially Kanimozhi, who people are convinced is an example of another reality on the ground in India—send the dispensable female relative to jail when it becomes apparent that somebody from the family has to be sacrificed.
 
Third Big Lie: The common man does not have the intelligence to understand the finer points of the Lokpal Bill, or any other anti-corruption legislation or steps sought to be introduced. Serious debate on the subject, therefore, needs to be between people who are supposedly of a higher order. In actual fact, down and dirty on the road, the 'smallest' of people who appear to be raring to go once Lokpal becomes law, know more about the intricacies of the Lokpal Bill than do most of the people debating the issue on television.
 
Fourth and most important Big Lie: This movement will blow way like tumbleweed in the wind. Nothing could be further from the truth-and one big reason is that the sheer number of people from the "nothing more to lose" category is frightening. Whether they are retired people with pensions secured or middle class affluent who have something saved up, this is an agitation coming up from the angry but reasonably full bellies of the middle class, who have the lasting power and the determination.
 
In Delhi, at least, as I write this late at night on the 15th, magistrates are being requisitioned to handle large numbers of people who plan to court arrest, and certain sports stadia with facilities for sanitation as well as providing basic facilities are being readied. In the rest of the country it is likely to be the same, hopefully. The middle class, if it does not get this, will certainly raise yet another huge din—and that the government hardly wishes to play with.
 
But one thing is true, for sure, in this collection of big lies—the truth will come more from non-traditional media like the Internet and word of mouth. And for that, some of us hope to carry our portable devices with us as we head to court arrest. And the truth is—it does appear as though this protest is now a movement.

User

COMMENTS

INDRA KATYAL

5 years ago

A book titled "INFILTRATION, REQUIREMENT AND IMMUNE & CORRUPTIVE INDIAN BUREAUCRACY" has been written by me and duly published by I-Proclaim.com Publishers and could be procured through www,i-proclaimbookstore.com, containing the bare facts regarding deep rooted corruption in Tendering, in view of which Indian Army, Para Military Forces and Police are ill equipped to check the infiltration and our Indian Politicians as well as bureaucrats are not even acknowledging the Facts, what to talk of any action. Please do read the published book and try to find out ways to stop the deep rooted corruption in Tendering.

indra katyal

5 years ago

“ANNA’S BIGULE AGAINST CORRUPTION”

“Bigule” Sounded by Anna,
Also initiated by many more as Lone Fighters,
Duly Supported by Them All.
Hauled By Sea of People,
All Around the World,
With Screaming Voice To Curb Corruption,
Having Deep Rooted in Indian Politicians,
In connivance with Bureaucrats.

Call is to Bring Jan Lok Pal Bill,
Strong Enough – Having Sharp Biting Teeth
To Bite the Bureaucrats/ Politicians,
Drowned in Deep Corrupted Deeds.

Even Not to Spare Private Entrepreneurs,
Luring Babus to the Shores,
Offering them High Money Packages,
In Forms of Gifts and Hosts,
To achieve their unscrupulous Goals.
May Those be Highest Burden To Exchequer,
As Well As To the Citizens,
Who Cares for That Any More.

Though RTI Gave Right To Information,
Empowered Citizens To Be Informed,
Having Lot Of Hesitation From Departments,
Through Which The Information Being Sought.
But, While Digging Out Wrong, Where To Go?
As RTI not Having Teeth,
How many Cases One Could File in Courts?
For Making Matters To Sort.

In Case, One Goes to CVC,
Which Empowered To Only Investigate,
Being The Purview of CVOs,
Whether Respond To CVC Or Not.
Even Finding Fishy Proceedings Therein,
CVC Can Not Punish Culprit At Its Own,
Having No Teeth Or Power Itself,
Just Leave The Whistle Blower At Its Own.

CBI Goes The Way As The Government Say,
Having Not Its Independent Role,
Investigate Only To Find Out Faults In Cases,
And File The Matters In Court;
Where No Honest Citizen Would Like To Go,
Being Overburdened And Having Slowest Pace,
Only God May Know,
When The Award Of Orders May Flow.

Let Us Fight And Win For A Strong Jan Lok Pal Bill,
Which Must Have Sharp Biting Teeth,
But have To Be Very Careful Afterwards,
Its Reins May Not Go Discreet,
As Corruption Has Spread In Our Bloods,
Through Ever growing Cancerous Roots,
Will Have To Find Out Lot Of Vivekanandas,
Who Had Shown Us The Path Of Fight For Truth,
Stating -
ARISE, AWAKE AND STOP NOT TILL
THE GOAL IS REACHED.

Dated : 24th August, 2011
Written By

INDRA KATYAL
M.Sc.; MIE; Chart. Eng.; PGDPM
D-1/ 65, Janakpuri
New Delhi - 110058
Tel. (011) 28523026; Fax (011) 28524105
(M) 9899605564
e-mail : [email protected]

Dr Rajeev Kumar

6 years ago

"Thats a great piece that you wrote and so timely.One must learn to read between the lines/visuals/images from you.Our country needs media training and by that I mean not appearing before the media but more of seeing through the agenda setting function of the media,analyzing the dominant discourses, understanding the motivations of the media owners and the processes of manufacturing reality.."

REPLY

Malq

In Reply to Dr Rajeev Kumar 6 years ago

Thank you for writing in, doctor kumar. Increasingly, after a stage, the media begins to get delusions of grandeur and startsvthinking that they are bigger than the events. That is why it is important to step out and write what you see rather than write what you think you want to see. I try to do that. For example, none of the media report on how difficult it is now to court arrest, since it makes better copy or visuals to show the opposite.

Regards . . . VM

Java

6 years ago

The Biggest Lie of all is that Corruption is inevitable and endemic in India and nothing can be done about it. As a corollary, most politicians had come to believe that corruption is a non-issue in Indian politics. In fact, Rahul Gandhi, and emboldened by him, Manmohan Singh, have gone on record saying that acceptance of corruption is necessary because of coalition politics. This implies that in their eyes, India is unimportant, the poor people of India are insignificant and the whole purpose of democracy in India is to keep the UPA in power. Well, the people of India are about to prove both these assumptions wrong, much sooner than the doomsayers expect.

REPLY

Malq

In Reply to Java 6 years ago

Thank you for writing in java.

One point - the beneficiaries from corruption are a huge force, strength and numbers, too. But there is evidence to suggest that those fighting it are getting stronger and larger in numbers, too.

Expect much more churn, for more time.

Java

In Reply to Malq 6 years ago

I have to differ from you on this. The beneficiaries of corruption are few, in fact, minuscule, while the sufferers are countless . But these illegitimate beneficiaries have a vested interest in promoting the myth of corrupt India and how, why nothing can be done about it. These people are asking for a kick that will knock the wind out of them for generations and restore to India and its people a law abiding, rights driven and efficient government.

Citizenindia

6 years ago

This hazare syndrome is what can lead to destruction. Some unkown faces suddenly call themselves the crusaders and demand the moon from a loosely held coalition which has its own internal strife as they try n survive while put some seriously powerful people in jail forcefully till laws in india get amended through parliamentary consensus. On some pretext or another, the parliament shouldn be allowed to function. Rti is one of the reasons why you have so many figures. Who gave u that? Parliament sould be allowed to bring in governance reforms by amending elctoral norms, revamping land and mining laws, curtailing disctionary powers of the state. Instead a media and sms campaign to spread misinformation is what i see. Those who havent lived in 1947 wouldn ever realise how far india has come. The fight is now between haves and have nots. Earlier it was have nots and havenots! If parliament passes key bills, india can very fast consolidate its position in global stage. Infiltration is at its lowest, e governance is fast removing daily corruption, we have had 3g after 2g. Media and industrialists along with powerful politicians who are in the dock want to create instability at any cost . Just imagine, if mulayam, pawar, karuna,reddys , jagan, left , all are in trouble together, we could be on the vrge of striking at majority of the corrupt! Thsoe whov made serious money in this coalition era along with 9% gdp. China would be hoping india situation spins out of control. They must be all over the cyber space. Their fronts, the left is in a do or die.

REPLY

Sachin Purohit

In Reply to Citizenindia 6 years ago

Don't hide behind the weaknesses of a loosely held coalition. The government's job is to enact. If it is not able to do that then all they can do is bring the right Jan Lokpal Bill in the parliament and allow it to be defeated and then go back to the people exposing the people who defeated the bill. This is not asking for the moon. And even if it is, the government needs to show its attempt at bringing the moon to the people! The people have simply lost their patience. They can't wait till a not so loosely held coalition comes to power. As for RTI, don't tell us that this government gave us RTI out of nowhere. It came to us because the same Anna Hazare, Arvind Kejriwal, Aruna Roy fought a long-drawn struggle like the current one, to make it a reality. Do some research to get some facts. Yes, the parliament is important element in the functioning of democracy. But its members need to be kept on their toes by creating right amount of pressure otherwise they will not do what we people want.

Keep dreaming..Mulayam, Pawar, Karuna, Reddies, Jagan will never go if the people do not raise their voices. Sure they will be in jails for a short while, but they will be back and continue to win elections and be part of coalitions. That's what happened in 1990's when a lot of politicians went to jail for one scam or another. The same guys continue to prosper today. So buddy, shun them all. Anna is the way to go.

Mukul Jain

6 years ago

Anna Hazare has been most unreasonable with the Government. The Government gave him & his team so much respect and honour in the sense that there were a series of meetings with him on the proposed 'Lokpal Bill', in the past couple of months, which was unprecedented in the history of modern India. Yet he and his team mates were continuously appearing on the news channels then and were severely criticizing the Government. Now they are taking not only the Government but the whole country to ransom. I think that their demand that only their version be submitted in the Parliament is highly unreasonable, unethical, undemocratic and autocratic. It is like insulting the people of this country. Is the man called Anna Hazare having all the collective wisdom of 125 crore people of this country? Is He the Supreme Authority on this earth? Are there no educated people or intelligentsia in this country who can be consulted on the proposed bill other than Anna Hazare & his teammates? I am sure there are lakhs of people more educated, more ethical and more intelligent than Anna Hazare. He is making wrong calls to the innocent and gullible people of this country and spreading misinformation and trying to draw mileage because of non-serious media and huge population of this country. In India, because of this mammoth population and irresponsible & low IQ media personnel, it is very easy to collect crowds and mislead the people. Let it be food for thought that if people like 'Anna Hazare' were to be given power they will create dictatorial conditions and tyranny in our country. Right now, these people are hell bent on creating law & order problem for the citizens of this country. 'Corruption' is not only defined in terms of taking bribes but the acts of Anna & Co. are also another form of 'corruption' via blackmailing the authorities and playing with the sentiments of the innocent people.

REPLY

Malq

In Reply to Mukul Jain 6 years ago

Mukul ji, thank you for your views, and thank you for writing in.

Your points make for good thought generation. Shall try to address them, later, at length.

For now, why don't you join the war against corruption, and do your best?

Regards/VM

Roopsingh

In Reply to Mukul Jain 6 years ago

It looks from words of Mukul jain that another kapil sibbal is advocating for acts of this undemocartic govt.it looks like all wisdom is held by only govt and its advocates.you mean to say that all of people gathered to support Anna Hazare are fools and have no brains and are just brain washed by Anna hazare.
Do u mean to say that all people gathered are "PAID" to protest against govt?
Have all protests held around the world in recent times(arab countries,eurpe every where) were PAID agitations?
I think its gross foolishness to protect acts of this govt which has reminded people of General Dayar of Jaliyawala bag massacre.the only difference is that now we are fighting to our DESI BRITISHERS,
i am sure if MR Mukul jain was during british rule,he would have favoured acts of britsih govt and criticised Mahatma gandhi for making agitation.
MERA BHARAT MAHAN

Sachin Purohit

In Reply to Mukul Jain 6 years ago

The government could have as well not given any respect and honour to the Civil Society representatives and yet have engaged them in a meaningful dialogue and all would have been well. If the government had nothing to hide regarding what was discussed, they could have agreed to having a video recording of the discussions as demanded by the Civil Society. But the government did not agree to it. If it was the Civil Society that was responsible for the talks to have broken down, the government could have released such a video transcripts to expose Anna Hazare & team. While talking about the civil society guys appearing continuously on news channels criticizing the government, you are conveniently forgetting and hoping that the people also have forgotten the way Kapil Sibal, Digvijay Singh and Manish Tewari kept on their tirade against the civil society right from the day 1 of those meetings. Even before the talks started, Kapil Sibal went on record saying that Lokpal was a useless legislation. If that was the case, why was Sibal in the panel at all? He should have resigned from discussing a bill that he believes is useless. As for wisdom, I think it is common sense that does not require an Albert Einstein that all the people of this nation including the bureaucrats, the MPs, the ministers as well as the Prime Minister should be equal before law. No one can enjoy immunity from investigations. Does it worry you that Chief Justices of the Supreme Court have been found to be corrupt? He happens to be the guy who would be making the final judgement for or against a plea made to the courts by any citizen. But I do agree with you that there are lakhs of people in the country more intelligent than Anna Hazare. Only thing is that those lakhs are standing shoulder-to-shoulder with Anna. Easy to collect crowds? When was the last time, such a crowd gathered voluntarily without any monetary allurements? This is not truck-loads of poor people bought for Rs100 per head (the way a Congress icon from Maharashtra had accidentally confessed!) or its equivalent amount of desi daaru. These are people from all walks of life who have gathered to demand a clean legislation and nothing short of it!

Mukul Jain

In Reply to Sachin Purohit 6 years ago

I see such crowds everywhere--in each state & each town of this nation--be it farmers agitation, gujjar agitation, students agitation, political parties dharnas & so on. The list goes on & on. Crowds are easily collected everywhere in our country--be it at a local tantrik, a sadhu, fakir, a local neta. Everybody can mobilize crowds. The only qualification you need is create mass hysteria by striking at the right chord of the common man. One needs to know how to play to a gallery--Rest assured, everybody including the media play to your tunes.

This is exactly what Anna & team are doing. They are probably creating a base to create a political space for themselves.

They cannot help the common man of this country. Anna & his team had been even appearing on various song & Dance T.V. channels to promote their agenda. It is only their personal agenda and common man will keep on suffering.

mahesh

In Reply to Mukul Jain 6 years ago

I guess you are a troll, nothing else can justify your unreasonable sentence " It is only their personal agenda and common man will keep on suffering." ... man and his sufferings cannot be ended... but nor should it be increased in the name of helping him. The government is dishonest. Facts day in day out are pointing it. 2G scam, minister says 0 Rs lost. CWG scam , main accused shares same jail as Anna, Bofors under carpet, Jeep scandal forgotten. Keep trolling Mukul.

Sachin Purohit

6 years ago

Yet another black feather of the ugly cap this government is wearing..Anna Hazare and his supporters have been arrested. In the past there have been political goons burning buses, stopping trains and vandalizing on the day they declare as Bharat Bandh to protest some petty things like banning some movie or a book that hurt their sentiments. Here's an andolan led by no political party or interest. The only thing they are asking for a genuine legislation against corruption. No threat of vandalism, no violence and yet their freedom of expression has been curbed. The millions who are supporting this movement are not bought and brought in loads of trucks from poor villages. These are people from all walks of life, having chosen to agitate by their free will.

Let us all resolve to stand with this peoples' movement and do whatever we can to keep it alive till the government bows. If it does not then lets resolve to ask one single question to all the candidates who come at our door-steps on the forthcoming municipal, state or national elections - what is your stand on the issues raised by the IAC movement and what is your stand on the unconstitutional arrest of its leaders. If the candidate does not give a straight answer, s/he does not deserve your vote - no matter what party s/he represents.

REPLY

MalQ

In Reply to Sachin Purohit 6 years ago

Thank you for writing in, sachin.

Update: the number of people who have gathered outside temporary jail chatrasal stadium in model town Delhi demanding that they be given the option of courting arrest is in thousands now. This is despite a huge traffic jam on the way to model town. Another march is planned to JP PARK at four pm.

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