Friday, January 11, 2013

Back to the days of brain dead Gold control?

If you are a self employed person, no bank will give you any loan without a collateral. They will force the self employed to seek loans where one has to pledge a physical collateral rather than a future earning (something that any bank will do for a person who is "employed" i.e. by way of a personal loan).

No bank is of use for self employed people who actually run this country, create opportunities of employment, create real wealth etc.

To add insult to injury, the most malicious finance minister in Indian history, Mr. Chidambaram wants to take away one of the most used forms of collateral, gold. This will create unnecessary hiccups in the economy and lead to its further downfall. Let us not forget that one of the first steps of economic reforms initiated in 1991 was to free gold from government control. Gold has to be treated as a store of value, a savings investment of people, especially women, rather than a consumable as the government wants us to believe.

No comments: