Do you know who this guy is?
That’s Raghuram Rajan.
I know what you are thinking. Chaiwallah, you must have gone mad. How can this be Raghuram Rajan? Who is this fat and ugly loser? Where is the sexy rockstar we all remember?
To that I say: you must look through the eyes of India’s disappointed liberals. This is exactly what Raghuram Rajan looks to them today. The sexiness that made the liberals weak in their knees has all disappeared.
You know things are going badly for the left when NDTV decides to blame BOTH BJP and Congress.
The real headline is this:
Aaarghh…. 2006-2008! How are the liberal propagandists ever going to blame Modi for this? Worse, this was the period Sonia Gandhi’s rule was propped up by the Communist Party.
All those astronomical loans given to big business houses, with little or no chance of recovery, were given under Congress rule with the Communists supporting them. Oh Lord Jesus, have mercy on the souls of an entire legion of Indian “journalists” who have been desperately trying to blame the bank NPA crisis on Narendra Modi.
Of course, this is exactly what Narendra Modi has been saying about “phone banking” for a while now. The UPA government gave out massive loans to its friends which have now blown up and come due. The magnitude of the Congress made disaster was so great that if the numbers had been disclosed right after Modi assumed power, the resulting flight of capital from India would have left our economy nowhere.
And so it is, that after four full years, the government has decided to make this a talking point … now that the worst of the wildfires have been put out.
Not for the hyenas and the jackals in the liberal media. Always there for the taking and never for the making, they have been trying to pounce on Modi for the bad loans doled out by the Congress and CPIM. Their eagerness is understandable. With the Indian economy duly replenished by five years of BJP rule, 2019 is the right time to get Congress back into power, so that the gravy train for them can start rolling again. It’s time to get back to the working the phones, for celebrity journalists to lobby with big corporations to get the right ministers in the right places in return for hefty commissions.
And along comes Raghuram Rajan and chokes their narrative. Having built up Raghuram Rajan into some sort of great hero, the liberals have been left squirming … unable to swallow what has happened… and unable to spit it out. One particularly excitable journalist who lost her primetime slot after Modi brought the class of “bhaisahebs and behenjis” to power in 2014, let her wishful thinking drive her so crazy that she suggested Rajan for PM. What now?
What is happening is that elites are learning a tough lesson about the loyalty of academic liberals. People say that leaders like Paswan are the best “mausam vaigyaniks” in the world, but they are not. No class is as craven and compromised as academic liberals. And some are beginning to perceive that Rahul will never match up to Modi. Even if Congress somehow manages to get Modi out in 2019, they realize that Congress with just a shade above 100 seats (at most) supporting some third front government cannot last. The long term interests are served elsewhere.
You could say that Rajan was just giving facts. But, Rajan is an economist. He knows of a thousand different ways to lie with facts. It is sort of his job to know that. Yet he picked a way to respond that would cause maximum political damage to his former patrons and current devotees.
In 2016, when it became public that Rajan was going away, Chidambaram said with much contempt that “Modi govt does not deserve Rajan.” I’ll do better than that. I’ll say that nobody deserves mausam vaigyaniks like Raghuram Rajan.
Having built up Rajan to the point that they even belittled the nation before him, they can’t back out now. The RW has a job on its hands: rub their noses in it.
In some ways, this is the logical conclusion to the pompously named “Rexit.” Perhaps somebody planned to go out in a blaze of glory … along with a kick in the balls for the government. How big a kick? Someone predicted that it would be a $100 billion kick in the balls.
That kick in the balls for the government never arrived. Instead India successfully implemented a whole new tax system next year and raised itself to the list of world’s five largest economies. And the secular ecosystem that made Rajan a hero failed miserably to do the same with Rahul. Now the ecosystem needs Rajan more than Rajan needs them. Unfortunately, that is not how “intellectuals” operate. And so he has turned around and sucker punched them.