April 7, 2008


Since last 50 years, Europe and USA are exploiting unimaginably almost all the poor countries of the world by forcibly devaluating their currencies. They are used to make conspiracy in every country under the excuse of development by providing them complete package of economic model in which all the countries are forced to accept big amount of high interest loans connected with conditions of slavery such as devaluation of currency, opening of their market for multinational companies, easy terms to take away profits earned by them, and many such facilities to MNCs which ultimately results in the ruin of the country and mass scale unemployment. This complete package comes under the name of development. But in fact, it results into heavy price rise in the country, heavy unemployment in the country, scattering of economy of the country, more and more devaluation of the currency of the country and thereby heavy spurt in the foreign debt, more and more imports of foreign goods in the country and thereby, heavy foreign exchange drain from the country, heavy interest payment liabilities arise and ultimately country is trapped into foreign debt which can never be paid and consequently that country becomes slave of World Bank, IMF and WTO. European countries and USA heavily take advantage of this situation. Once their currency become valueless, gang of European countries and USA take away in the name of export, the best quality food, agricultural produce, minerals and special varieties of that country at throw away price. On the other hand, they sell their equipments, machinery, computers etc. at very heavy price in such poor countries. So they exploit heavily both the ways. The devaluation of the currency of any particular country is the biggest and strongest tool to implement this conspiracy package. To implement and accomplish this conspiracy, this gang of European countries and USA have evolved various types of hypocritical economic theories which are explained to the so called economists and selfish and foolish politicians of that country. The so called economists and politicians impressed by the western influence can not see the reality before their own eyes and they accept this conspiracy package of devaluation by which entire real wealth is drained into European countries and their own countrymen are completely ruined. Consequently mass scale unemployment is spread throughout the country and 90% people are thrown away on the streets and they become the victims of starvation. All this activity goes on in the name of development. In spite of such ruin and economic disaster of the country, many foolish economists and selfish politicians go on making the fool to the people of the country that whatever path they are going is the path of development. In fact it is a path of ruin.
Many African countries had their currency far bigger than US dollar. They all have become the victims of this conspiracy of devaluation and now the situation is that all these African countries are virtually finished. Let us take some concrete examples. Sudan's currency is Sudanese Pound which was three times stronger than US dollar i.e. 3 US dollar was equivalent to one Sudanese Pound. Now one American dollar is equal to 3000 Sudanese Pound. Sudan's economy is totally finished and it has become the slave of Trinity of World Bank, IMF and WTO. Zambia has currency named Kwacha which was stronger than US dollar. At present one US dollar is more than 2500 Kwacha. Uganda's currency is Shiling which was higher than our Rupee. At present US dollar is more than 1000 Uganda Shiling. Similar is the case with Tanzania. Ghana's currency is called Ceddy which was far bigger than US dollar. At present one US dollar is more than 2000 Ceddy. Indonesian Rupaiya was similar to Indian Rupee. At present one US dollar is more than 10000 Rupaiya. Similar situation has happened in Mexico, Brazil and in many other countries. These are a few examples. But throughout the world, the Trinity of World Bank, IMF and WTO is conducting this activity of devaluation conspiracy in full swing and country after country are ruined. It is most deplorable that throughout the world either rulers are selfish so that they sell out their country for their personal gain or they are foolish and credulous not to understand this package of conspiracy in the real naked terms. Most unfortunately, our beloved country India is being driven forcibly in the same direction of disaster by our foolish and selfish politicians and foolish economists. The situation is such a grave that any elite citizen of India can not tolerate it for any longer.
So it is extremely essential to revaluate the exchange rate of Rupee with dollar on justifiable basis which should be between Rs. 1 to 7 for one US dollar. Exchange rate mechanism devised by IMF, World Bank etc specially for developing countries is completely different from the exchange rate mechanism applicable to European countries. The exchange rate mechanism for developing countries has been so much cunningly devised that every developing country has to go on devaluating their currency day by day and often and often; while exchange rate mechanism applicable to European countries has specific provision that in any circumstances their currency can not devaluate more than 2.5%. So there are two separate standards which make total injustice to developing countries.
But every sovereign country is free to decide their exchange rate with any other country. It is simply under the pressure of trinity of World Bank, IMF & WTO that exchange rate mechanism heavily detrimental to the developing countries is forced upon them. In fact, any Sovereign country is free to deny to accept fraudulent exchange rate mechanism devised by IMF. So India is in fact free to fix any arbitrary exchange rate with any country. So we have every right to decide exchange rate of Rupee with Dollar as One Rupee = One Dollar. Nobody can legally stop to decide this rate. Whether to make International Trade with us at our own exchange rate is to be decided by the opposite country. If USA does not accept our exchange rate of US Dollar One = Rupee One, they can stop dealing with us. But they can not force to impose their exchange rate on us. If we are firm in our decision, they have to accept our exchange rate arbitrarily decided. This is The Real Swaraj for us.
It is very very interesting to know what will happen actually in India if we decide arbitrary exchange rate of One US Dollar = One Rupee. As soon as we decide it, our foreign debt will be reduced drastically from every 46 Rupees to One Rupee. So we have to pay One Rupee in place of 46 Rupees. Similarly interest payment on foreign debts will be reduce 1/46 times. Just understand the significance of this. At present, 43% of the total tax revenue of Government of India is spent for paying interest on foreign debts. So instead of 115000 crores of interest payment, new figure will be only 3000 crores of Rupees i.e. if we make our Rupee equivalent to Dollar, interest payment will become only 1% of our total tax revenue. So Government will save huge amount of money being drained to foreign countries.
But the biggest benefit will be to 90% of the people of India because paradise of cheapness will be created throughout the country in every economic sphere due to this action. Then petrol will be available at 70 Paise per litre. Import bill of the petroleum products will be reduced to 1/46 times. Iron & Steel cost 20 Rupees per kg at present. But after new exchange rate, it will cost only 50 paise per kg. So all the industrial products, machinery and equipments will become 40 times cheaper. Refrigerator will cost Rs. 500/- to 800/-. Motor car will cost Rs. 10000/- to Rs. 20000/-. Every item of import will be extremely cheap. The best computer will be available at Rs. 300/- only. So there are numerous benefits to 90% people of India.
Then why Government is not doing this ? The plain reply is that the economy of the Government and economy of the rich people will be paralised. The Government is working for the vested interest of rich people. The Government itself is the vested interest. It always acts against the common masses and in favour of small minority of rich people. At present the most valuable wealth is being drained to foreign countries in the name of export. If we fix arbitrary rates of One Rupee = One Dollar, entire export community will be ruined and they will lose their money. But nothing will happen to the country because 90% of the people will be greatly benefited. Once prices are reduced Government's income will be reduced. Total budget of the Government will become smaller. So they will have to cut their salaries. They have to reduce their staff.
Thus, entire disadvantages will be to the vested interest class and entire benefits will be to the common masses of India. But unfortunately administration of the country is running to suck the blood of common masses and to nourish the handful of vested interest class of rich people and bureaucracy. So present Government can not be expected to take such a bold step to revolutionize the economy in favour of common masses. But Aazadi Bachao Andolan is committed to cause to make this revolutionary change at the earliest possible on war basis.

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