Saturday, March 17, 2012

Ponzi Budget

“The word Ponzi comes from Charles Ponzi, an American-Italian, whoin the year 1919, promised to double investors money in 45 days. What heessentially did was to create an illusion of a successful business by using themoney brought in by new investors to pay off the old investors. Essentially,the capital of the scheme was used to pay interest as well as repay the moneyinvested. This is what is happening with most governments the world over now,including the Government of India.” 

Liberal economist Dr Ashok V. Desai says: "The finance minister has chosen to tax gold. This in my view is stupid; gold is so easy to smuggle that taxing it will collect no revenue and revive gold smuggling"

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