The article 'On the Note Ban: Real Aims and False Claims', in the Jan. 1-15, 2017 issue of MEL was excellent. I am very happy to note that the same has been brought out as a separate publication.
Starting with the ground reality that what prevails in the country is the dictatorship of the bourgeoisie, and that the Indian state is the state of the big bourgeoisie, the industrialist class and its fountainhead, namely the big business houses, and that all the organs of the state are those of the big bourgeoisie, what this article presents is the analysis of what is probably one of the most cataclysmical events in the recent history of India, which is that of the `note ban' or `demonetization' of 500 and 1000 rupee notes, by the BJP led Government in early November 2016.
The articles begins by noting that the events have led to devastating economic impact, with the laying off of thousands and lakhs of workers, devastation of the peasantry who were unable to buy seeds for the rabi sowing season, and the shrinkage of wholesale as well as retail trade, and the collapse of several sectors of the service industry. On the other hand, it has spelt a huge opportunity for the big bourgeoisie, which suddenly finds itself in the position to obtain cheap credit as the banks are flush with funds, as evidenced by the praise that has been heaped on the Government for its decision.
The article organizes itself scientifically into three parts, which are the spelling out of the Real Aims, the False Claims and finally the part entitled Towards the Real Solution.
The Real Aim, irrespective of the cost to the common man, which is pain and suffering, is to transform the Indian Economy into a cashless one, so that so-called `eco-systems' that flourished on cash into which the big bourgeoisie could not penetrate, could be destroyed. Now all sectors of the economy would have to face full exposure to the savage and rapacious hunger of the big bourgeoisie, as well as its international partners, evidenced by the enthusiasm of the Anglo-American imperialists as well as their NGO penumbra all of who are great enthusiasts for a digital economy. The big bourgeoisie would now be able to target markets as it would know exactly what are the tastes of the population at large, and become privy to every transaction and then leverage and springboard all the knowledge to its own advantage. The availability now of large amounts of cash would render the banks to overcome their own crises, and also allow a great deal of banking sector reform which has been on the agenda of the bourgeoisie now for a long time, and which has faced a lot of resistance from brave bank workers unions and others. This is yet another way of shifting the back breaking burden of bad loans and non-performing assets to the people, by shrinking the rates of interest on savings, and carry out a wholesale robbery of the people.
The False Claims of the government in general are so laughable, except that it is not all that funny. The claims of reducing inequality of wealth through this kind of a stroke of a pen is impossible, and when it is the very class that creates inequalities and benefits and widens the gap, there is so little credibility to the claim that it is almost not worth rebutting. The absurd humbug that it is corruption that prevents the trickle down, and something that the BJP has been using against Congress, also is not worth responding to, since everyone knows that BJP and Congress are essentially one and the same, and represent two different faces of the parties and policies of the big bourgeoisie. That the availability of cashless economy will lead to cutting down of corruption is equally laughable since corruption has nothing to do with hoarding large amount of cash. It has to do with the abuse of power and privilege for personal gain, and the use of public office to meet these ends. How a cashless sector will lead to the elimination of corruption is so lacking in substance that it also merits no response. The final claim that banning notes will combat terrorism is also laughable since it is now universally accepted that terrorism is something sponsored by imperialism and the reactionary bourgeoisie to divert attention from their own crises and also to create conditions of breaking out of an impasse that arises from time to time. Thus, it is not as if those that state these are not aware that these are False Claims. It is just that speaking the falsehood is part and parcel of the modus operandi of the bourgeoisie in order to carry out their reactionary rule.
The Real Solution then arises in the crucible of the contradictions between the bourgeoisie and the working class. It must be realized that all the activities of the State and the financial institutions including the RBI are all in service of the bourgeoisie. By studying how this works, in the contradictions the new solution would have to take birth. In a modern society, as the yearning for socialism and the just demand for the socialist distribution of the fruits of labour and of the genius of mankind grows and as the CGPI participates in the just struggles of the working class and gives theoretical insights and leadership, the solutions will emerge. A failure to work towards these goals will continue to lead to disasters for the working class and the broad masses.
It is important that at this stage the preparation for revolution should continue and prevent the recurrence of such tragedies. In carrying out the class struggle and in sharpening theoretical tools and in waiting for the right moment to strike, we find ourselves on the right side of history. I would like to join the call `Let us wage the struggle with the perspective of the revolution which will sweep away all forms of exploitation, oppression, corruption, discrimination and violation of human dignity and rights!.