Kerala under debt trap

via HK Correspondent published on January 4, 2007

The Kerala economy as we know will soon collapse under the Marxist mismanagement. This has happened under previous Marxist administration, twice, and history is about to repeat itself again.


 


The coming collapse will have far reaching consequences. It will be worse. The Kerala government ran a record high budget deficit last year. To finance the current account deficits, the Marxist government is on a borrowing spree from the World Bank, Asian Development Bank, Reserve bank and other Commercial Banks. The public revenue is wasted on extravagant expenses for ministers, legislators, bureaucrats, wasteful politically created Corporations and Marxist oriented social organizations. The danger every citizen of Kerala is facing is real, and the tax and spend economic policy is creating a vicious cycle which will cause incalculable disastrous consequences for the state. Unnecessary lavish expenses for the ministers, legislators, government corporations, bureaucrats and party controlled social organizations are putting immense pressure on individuals and families. High costs for energy, transportation, education, fertilizer, and health care have been driving prices at a higher rate.


 


While consumer prices, expenses for agriculture and inflation are gaining momentum, recent economic reports show that Kerala economy is rapidly losing steam. Agricultural production has plunged and debt trapped farmers are forced to commit suicide.  Salary for the ineffective bureaucrats, travel expenses, phone charges, living allowances for ministers, legislators, department heads, politically appointed corporation chairpersons are at all time high. 


 


The Marxist government spend too much money for programs and projects to promote the party and to appoint party members to higher posts. If the Marxist government does not take drastic action immediately to reduce budget deficits and increase investment in productive economy, there will be total social calamity and financial panic.


 


The Marxist government’s poor economic policy, budget deficit, uncontrolled spending for non productive political programs is sowing the seeds of much greater ill for the future. The distorted, lopsided economic policy will sooner or later create  more extreme unemployment, family breakdown and social disintegration.


 


An increasing number of families experience poverty and debt. The increasing globalization, consumerism, and cultural breakdown is promoting a “greedy” life style. This in turn is creating a spiraling debt and high poverty level. The Christian Money Mafia, and greedy private money lenders charge high level of interest without any government control. The political parties, bureaucrats and commercial banks collude with the blade companies. Innocent people are under debt trap. Christian Money lenders use debt as a social control mechanism. Greedy Christian Money Lenders see debt trap as a good thing to promote their vested interests. They oppress, manipulate the debt ridden masses and push them in the hands of missionary groups for conversion. 

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