Economic Malaise Continues to Deepen
A few months after I had shifted back to Delhi
in end 2007, having stayed abroad from 1989 and since 1996 after retiring
from Ankara, as an accredited journalist, with last 10 years in Bucharest, I
sent to my civil service batch mates and others my article on onrushing
crisis in world economy, which is literally being dragged towards a
catastrophe by Wall Street something akin to the American film “Runaway
Train”, with US economy leading like the rogue locomotive.
Some of my 1961 year civil services batch
mates and others specially in India, who had held almost all the top
positions in India’s federal economic ministries and departments dealing with
economic matters and revenue found fault with my analysis that the manifest
American economic hegemony could ever be challenged. Some of them took
particular objection to my comment that “have always considered an economist
as someone who could not become a scientist and tries to shape economics,
with its many variables and unpredictables based on fickle human nature,
greed and other factors, to conform to the rigors of exact sciences with its
equations and graphs. Like an Alchemist's it is hit or miss and when
garnished with self-serving propaganda, it is a dangerous cocktail”.
They were still skeptical when I sent around
my article in end March 2008 predicting a traumatic economic fall by
September, 2008 which was hosted by dozens of websites and blogs and much
appreciated.
The Decline and Coming Fall of US Hegemony, March 30, 2008