Laying bare the facts on Black Money


It is with great interest that I read the article entitled `The debate on “Black Money” and its recovery” in the November 15-30, 2014 issue of MEL, and it is my view that this article should be compulsory reading for all those in the revolutionary camp, as well for all those who are interested in knowing what are the nuts and bolts of the economy.

The article is a fine example of sound analysis and exposure of the laws that govern the capitalist economy as it exists in the country. It also brings into focus the various forces that exist in the country and the forces of imperialist encirclement.

The article starts out by pointing out that the Prime Minister has stated that he would bring back all `black money’ stashed in `Swiss banks’s back home.  This, of course, suggests that the Indian state has been knowing all along where this money is, and indeed if it is illegal to hoard black money, why does it not bring the culprits to book?  This would then suggest that the state has no real intention in doing so, and by therefore by its act of derogation of its duty, it no longer has the right to rule.  Thus the people of India are then justified in asking what is this black money, and why is the Indian state doing nothing about it, and more importantly the Indian people can stake a claim to it, as it is theirs and it was forcibly taken away and can put into motion a process by which it can actualize this claim.

The article begins by recounting what is the definition of black money, and points out that is arises because of the capitalist system and through the system of loot and plunder of the fruits of the toil of the people of India.  While `white’ and `black’ parts of the surplus extracted from the working people co-exist, the black part arises from issues of book keeping leveraged to give more and more power to the capitalist class.

This is essential for the existing system that requires such monies to carry on its activities and to enhance its stranglehold on the country. These are also generated through the system of patronage and through the penetration of foreign capital into the country, and through the activities of big business, both domestic and overseas. 

The generation and growth of black money and its influence have also created terrible conditions of life for the majority and there is vast anger over this among the masses.  The activities of the ruling circles in India and the Prime Minister and directed at containing this anger and to divert the issue from the problems of capitalism to just one of its symptoms.  Furthermore, there is also the issue of the competition between Indian and overseas bourgeoisie, and imperialist encirclement by the US, which has been using black money and Swiss banks as a stick to beat its competitors with, and to bring them into line. 

Nevertheless, the article clearly points out that the issue of black money lying overseas is something of an oversell, since there is enough evidence to suggest that the flight of this money is such that it comes back around and stays in circulation within the country. This then raises the possibility that this can easily be recovered, and the article provides concrete steps towards this such as cancelling existing large denomination notes.

Stated differently, it is important for the working class and the revolutionary camp to understand the nuts and bolts of the various aspects of the capitalist Indian economy and to engage with it and to eventually come to master it.  Sincerely,

S. Nair



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encirclemen    revolutionary    Swiss banks’s    black money    Dec 16-31 2014    Letters to Editor    Privatisation    Economy    

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