Protecting the interests of Goenkars
By Mr. Plastino D'Costa When Bear Stearns, the fifth largest US investment bank was being run on by its creditors resulting in bringing the 85 year old company on its knees, the duo comprising of Chairman of the US Federal Reserve Mr. Ben Bernanke, along with the US Treasury Secretary, Mr. Mark Paulson came out with a package to bail out the bank, what is now famously known as the Paulson Plan. Overnight they trashed out a plan, by which the Federal Reserve would lend US tax payer money to Bear Stearns competitor, JP Morgan Chase and allow it to buy Bear Stearns, for a fraction of the value. Last checked the same duo was busy convincing US lawmakers to pour some more US taxpayer money to bail out Fannie May and Freddie Mac the beleaguered U.S. mortgage-finance companies. With so much financial socialism being done by the US this time, one may argue that the American style capitalism has got it confused this time. However, the trend is clear, the US Government is setting a precedent that it will bail out every institution affected in the US sub prime crisis in order to protect the economy of their country. Closer home, late last year our own duo of Indian Finance Minster along with the RBI Governor, in order to tame inflation, has been regularly intervening in the rupee exchange rate by artificially encouraging a stronger rupee by selling US dollars, so as to discourage exports in order to tame inflation. However, in the recent bout of inflation the same duo having realized that tweaking the rupee every time and ignoring fiscal deficit might not be the correct way to tame inflation, so the focus this time has been aggressively raising interest rates, increasing CRR so that they suck out money from the economy in the hope that they will subdue demand. Every Government wants to work for the people of the land, even if it means changing the rules and taking on the forces of Globalization, free markets etc. However, when it comes to protecting Goans, the government of Goa is always found wanting to make a strong case. If at all they decide something in the interests of the people, it is only a result of a reactive compromise solution only after the people have revolted. Even while making the case, Goan leaders usually get cornered by the Central leaders, then everybody starts referring to the rule book that says that Goa is a free place and nobody can be stopped from settling here. Yes it is true! Technically we cannot stop legitimate people from settling in Goa. Then how cum the US or for that matter our own Central Government, go about their regulations, if it is in the interest of their own people. The rule book says US Government is a capitalist country and is not supposed to spend tax payer money in saving private investment banks like Bear Stearns. The rule book also says subsidies should be phased out fast and market forces should decide prices and yet in order to be competitive the US is yet to eliminate farm and energy subsidies. Back home, the Indian rupee is partially convertible, that probably explains the RBI intervention, but the Indian Government is not supposed to interfere in free trade by banning exports of food commodities to other countries in the name of food security. However, in the broader interests of the people the government does just that, even if it means taking on the forces of powerful countries crying foul. If the Government of USA or our own Central Government takes action in the broader interests of its economy and its citizens, this action should itself tell something to the Government of Goa. The idea of protecting the local population in this era of globalization might sound an obsolete idea and yet most governments do just that. One classic example of Government which chose to ignore the local population is Bombay, and today we can all see why the locals of Bombay have not progressed among other communities in Bombay. Agreed some communities lived in Bombay even before Mahrashtra was merged with Bombay, but can anyone explain why the locals of Bombay inspite of living in the City That Never Sleeps are always caught napping and letting opportunities pass them by. Why do the locals of Bombay always have to fight for their place in the sun? Why do they hardly exist as members of the Bombay Stock Exchange, or for that matter the more popular Bollywood. Over time their leaders have failed them. Instead of preparing them to meet competition from other communities head on, most of their leaders protected them with short term measures by reservations of jobs. Instead of focusing on good education, which by the way was available in plenty in Bombay, they were misled that job opportunity is their right and they shall have it without education, even if it meant burdening the company that hires them. Do we see something common between the locals of Mahrastra and the locals of Goa? Our problems are far worse actually, we have a population who never demands gainful employment from the society or the government, which makes it difficult for Generation Next to believe in the Goa story. We are programmed to go abroad, so there is no pressure by Government on corporate community to create meaningful jobs. There is a total mismatch between salaries in Goa, and there is a total disconnect between education and employment. Those who chose to stay in Goa are misguided by leaders to fight their own personal battles through them, and have lost the capacity to make their own decisions thereby depending on their leaders to make all the calls. We have leaders giving speeches and playing to the galleries without any definitive plan that will actually protect the interests of the Goans. If the locals have to literally fight for their survival in their own land, it means somewhere we have a massive structural failure which needs challenging the status quo. In modern day no Government would like to be in a position where it has to resort to protection of their local population, but that's the price the government has to pay for keeping most of its population illiterate and incapable of sustaining themselves in their own land. So long as Goans don't get an education, don't arrest and reverse "good brain drain", don't learn to vote free of cost, the Government has no choice but to protect its local population. How to protect can always be learnt from the government of USA or our own Indian Government. Above Article appeared today 5th August 2008 on Herald Goa.
