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Under Trump, a presidency declines, step by remorseless step

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Donald Trump

As the US constitution was being drafted in utmost secrecy in 1787, an anxious citizen asked Benjamin Franklin, one of the founding fathers, “Well, doctor, what have we got — a republic or a monarchy?” Without the slightest hesitation, Franklin responded, “A republic, if you can keep it.”

Franklin’s words seem eerily prescient, if one considers that the Latin words from which the word “republic” is derived — res publica — means a form of government where the country is considered a public matter, not the private concern or property of the rulers.

More than two centuries after Franklin’s warning, Americans, blinded by hyper-nationalism, fear, suspicion and xenophobia, handed over the reins of government to an elected despot. The transformation of the nation’s highest public office into a personal fiefdom was not long in coming.

Since assuming the presidency, Donald Trump has relentlessly expanded his business interests and promoted his family and friends, without even the courtesy of a camouflage.

Even as he was tightening immigration laws including the H1 work visa, the controversial visa EB-5, was being offered to wealthy Chinese families who invested $500,000 in a business owned by Trump’s son-in-law, Jared Kushner.

Jared, 36, who is married to President Trump’s daughter Ivanka, has no prior government experience, but has already accumulated a dizzying range of portfolios under his father-in-law. The satirical magazine, The Onion, recently ran the headline, “Jared Kushner Quietly Transfers ‘Solve Middle East Crisis’ To Next Week’s To-Do List.”
In an interview in February, President Trump called China the “grand champion” of currency manipulation. After a meeting with Chinese Prime Minister Xi Jinping at his resort in Palm Beach, Florida, Trump appears to have a more benign view of the Chinese. Even if the volte- face was abrupt, it was entirely expected.

In a meeting marked more by bonhomie than wariness between two long-time rivals, Trump affirmed the “one China” policy recognising Beijing as the only official government of China, with the assurance that the US will not establish formal relations with Taiwan. China promptly awarded Trump a trademark with the added assurance that several pending trademark applications would be favourably considered.

The Trump administration’s links with Russia has led to another scandal. Media reports assert that, according to sacked FBI Director James Comey’s private notes, Trump had pressured him to drop the investigation into then National Security Advisor Michael Flynn’s links with Russia. The issue is likely to snowball with legal scholars echoing the belief that this may constitute obstruction of justice by the President, an impeachable offense. Obstruction of justice was one of the charges in President Bill Clinton’s 1998 impeachment.

Challenges to Trump’s travel ban on visitors from predominantly Muslim countries are winding their way through American courts. In the Trump administration, the judiciary appears to be the only branch acting as a check on the executive and legislature — till now. The administration has made a mockery of trias politica, the constitutional separation of powers, ascribed to the French philosopher Baron de Montesquieu, and one of the core principles of the US Constitution.

In 2012, three years before Trump announced his candidacy for American President, retired US Supreme Court Justice David Souter was asked what he considered to be the greatest threat to the US. “I don’t worry about our losing republican government in the United States because I’m afraid of a foreign invasion,” he said, “What I worry about is when the problems get bad enough, as they might do, for example, with another serious terrorist attack, as they might do with another financial meltdown, some one person will come forward and say, ‘Give me total power and I will solve this problem.

“That is the way democracy dies. And if something is not done to improve the level of civic knowledge, that is what you should worry about at night.”

The middle class, ravaged by technology-induced changes to the job landscape, reposed blind trust in Trump, overlooking his dubious record as a businessman and expansive campaign promises bereft of policy details.

Now barely four months into the new presidency, Trump’s virtual reality seems to have collided with ground reality. Faced with the real possibility of losing their health coverage, town hall meetings of Congressmen in Trump strongholds have angry constituents shouting down their representatives. At one such meeting in Iowa, Republican Senator Rod Blum was hissed, booed and rebuked for lying and asked, “Why should we trust you?”

Trump’s campaign slogan of “Make America Great” may well come to be parodied as “Make America Mocked”. Late night talk shows have never had such unending fodder. The staff of The Onion complain that they are creatively bankrupt since Trump is such an effective caricature of himself.

The French newspaper Liberation had a photograph of a bewildered Trump next to the headline, “America needs a babysitter”. With almost hour-by-hour scandals, a frustrated White House staffer told The Daily Beast that he felt like running down the hallway with a fire extinguisher.

After Brexit, it is now Trexit. With a special counsel in place to investigate the Trump campaign’s links with Russia, gamblers on both sides of the Atlantic are placing wagers on the President’s exit. The political stock market Predict. It has seen a record volume of bets on whether Trump will be impeached.

Reacting to Comey’s firing and subsequent events, Indian American prosecutor Preet Bharara tweeted the dictionary meaning of “backfired”: An attempt to fix something in which the fixing actually makes the situation worse for you. Bharara, who was the US attorney for the southern district of New York, was fired by Trump, along with the Indian American Surgeon General of the US, Vivek Murthy.

With Trump’s many self-inflicted wounds, Republicans, impaired so far by cowardice and opportunism, may find their instinct for survival awakening. A few have publicly admitted to an attack of conscience.

Despite Trump’s propensity to shoot from the hip — at his own foot — he still has a significant number of supporters among Americans.

I cannot resist quoting a couplet which eloquently describes their deafening silence despite Trump’s brazen violations of political traditions, ethics and law.

Tum Apne Zulm Ki Intehan Kar Do,
Na Jaane Fir Koyi Hum Sa Bejubaan Mile Na Mile.

(You can test the limits of your tyranny. Who knows when you will find a voiceless group like us again.)

By : Ashok Easwaran,

(Ashok Easwaran, a Chicago-based senior journalist, has reported from North America for over two decades. Views expressed are personal. He can be contacted at [email protected])

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Analysis

Bank with Amit Shah as a director collected highest amount of banned notes among DCCBs: RTI reply

The Ahmedabad District Cooperative Bank (ADCB) secured deposits of Rs 745.59 crore of the spiked notes — in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016, — five days after demonetisation — on fears that black money would be laundered through this route.

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Amit Shah BJP

Mumbai, June 21 (IANS) A district cooperative bank, which has Bharatiya Janata Party (BJP) President Amit Shah as a director, netted the highest deposits among such banks of old Rs 500 and Rs 1,000 notes that were abruptly demonetised on November 8, 2016, according to RTI replies received by a Mumbai activist.

The Ahmedabad District Cooperative Bank (ADCB) secured deposits of Rs 745.59 crore of the spiked notes — in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016, — five days after demonetisation — on fears that black money would be laundered through this route.

According to the bank’s website, Shah continues to be a director with the bank and has been in that position for several years. He was also the bank’s chairman in 2000. ADCB’s total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore.

Right behind ADCB, is the Rajkot District Cooperative Bank, whose chairman Jayeshbhai Vitthalbhai Radadiya is a cabinet minister in Gujarat Chief Minister Vijay Rupani’s government. It got deposits of old currencies worth Rs 693.19 crore.

Interestingly, Rajkot is the hub of Gujarat BJP politics — Prime Minister Modi was first elected from there as a legislator in 2001.

Incidentally, the figures of Ahmedabad-Rajkot DCCBs are much higher than the apex Gujarat State Cooperative Bank Ltd, which got deposits of a mere Rs 1.11 crore.

“The amount of deposits made in the State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs) — revealed under RTI for first time since demonetisation — are astounding,” Manoranjan S. Roy, the RTI activist who made the effort to get the information, told IANS.

The RTI information was given by the Chief General Manager and Appellate Authority, S. Saravanavel, of the National Bank for Agriculture & Rural Development (NABARD).

It has also come to light, through the RTI queries, that only seven public sector banks (PSBs), 32 SCBs, 370 DCCBs, and a little over three-dozen post offices across India collected Rs 7.91 lakh crore — more than half (52 per cent) of the total amount of old currencies of Rs 15.28 lakh crore deposited with the RBI.

The break-up of Rs 7.91 lakh crore mentioned in the RTI replies shows that the value of spiked notes deposited with the RBI by the seven PSBs was Rs 7.57 lakh crore, the 32 SCBs gave in Rs 6,407 crore and the 370 DCCBs brought in Rs 22,271 crore. Old notes deposited by 39 post offices were worth Rs 4,408 crore.

Information from all the SCBs and DCCBs across India were received through the replies. The seven PSBs account for around 29,000 branches — out of the over 92,500 branches of the 21 PSBs in India — according to data published by the RBI. The 14 other PSBs declined to gave information on one ground or the other. There are around 155,000 post offices in the country.

Fifteen months after demonetisation, the government had announced that Rs 15.28 Lakh crore — or 99 per cent of the cancelled notes worth Rs 15.44 lakh crore — were returned to the RBI treasury.

Roy said it was a serious matter if only a few banks and their branches and a handful post offices, apart from SCBs and DCCBs, accounted for over half the old currency notes.

“At this rate, serious questions arise about the actual collection of spiked notes through the remaining 14 mega-PSBs, besides rural-urban banks, private banks (like ICICI, HDFC and others), local cooperatives, Jankalyan Banks and credit cooperatives and other entities with banking licenses, the figures of which are not made available under RTI,” he said.

The SCBs were allowed to exchange or take deposits of banned notes till December 30, 2016 — for a little over seven weeks, in contrast to district cooperative banks which were allowed only five days of transactions.

The prime minister during his demonetisation speech had said that Rs 500 and Rs 1,000 notes could be deposited in bank or post office accounts from November 10 till close of banking hours on December 30, 2016, without any limit. “Thus you will have 50 days to deposit your notes and there is no need for panic,” he had said.

After an uproar, mostly from BJP allies, the government also opened a small window in mid-2017, during the presidential elections, allowing the 32 SCBs and 370 DCCBs — largely owned, managed or controlled by politicians of various parties — to deposit their stocks of the spiked notes with the RBI. The move was strongly criticised by the Congress and other major Opposition parties.

Among the SCBs, the Maharashtra State Cooperative Bank topped the list of depositors with Rs 1,128 crore from 55 branches and the smallest share of Rs 5.94 crore came from just five branches of Jharkhand State Cooperative Bank, according to the replies.

Surprisingly, the Andaman & Nicobar State Cooperative Bank’s share (from 29 branches) was Rs 85.76 crore.

While Maharashtra has a population of 12 crore, Jharkhand’s population is 3.6 crore. Andaman & Nicobar Islands have less than four lakh residents.

The poorest of all the cooperative banks in the country is Banki Central Cooperative Bank Ltd in Odisha, which admitted to receiving zero deposits of the spiked currency.

Of the total 21 PSBs, State Bank of India, Bank of Baroda, Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank, Punjab & Sindh Bank, Vijaya Bank, Andhra Bank, Syndicate Bank, UCO Bank, United Bank of India, Oriental Bank of Commerce, and IDBI Bank (14 banks) — with over 63,500 branches amongst them — did not give any information on deposits.

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Analysis

Can yoga make the cut for Olympics?

It’s only natural that the voices for and against will get louder and more competitive. Being the unofficial benefactor of yoga, India is expected to take an unequivocal call.

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Yoga

On a day when yoga is having to jostle for mind space with a hugely popular sporting event like the FIFA World Cup, many fans of the ancient regimen are seriously dreaming up for a world cup of their own. Are they getting too carried away by the euphoria around of the 4th International Day of Yoga? Or is it a case of trusting yoga’s extreme versatility to adapt itself to the demands of the time?

Will there ever be a time when a Yoga World Cup driving up a mania like the FIFA World Cup does? As yoga gets mainstreamed big time in the last four years, a debate on whether it can become a competitive sport has actually begun. The jury is still out with both sides of the divide putting out equally tenable and credible arguments.

It’s only natural that the voices for and against will get louder and more competitive. Being the unofficial benefactor of yoga, India is expected to take an unequivocal call.

Unfortunately, we have seen quite a flip-flop on this. After deciding to treat yoga as a sport in 2015, the Ministry of Youth Affairs and Sports (MYAS) reversed the decision in the following year.

Giving in to the Puritans who frowned at any dilution of its spiritual core, it concluded yoga has quite a many subtle elements in which competitions are not possible. Many watchers see a not-so-yogic hand in this change of heart. Some of them ascribe to it a compromised arraignment to end a tug of war between MYAS and the Ministry of AYUSH over the control of yoga.

Surely, yoga isn’t just about asanas or body postures. According to the eight-limb (Ashtanga) paradigm of yoga, the other dimensions include such subtle things as adherence to social and personal ethics, control of breathing and senses and one-pointedness and meditation. It will be next to impossible to draw up a championship format for these realms of activities. Yet, sport-yoga is not a dead dream.

While it wouldn’t be possible to adapt the whole philosophy of yoga into competitive sports, we shouldn’t underestimate yoga’s flexibility to adapt itself. From being an ancient spiritual pursuit for those seeking enlightenment and becoming a hippies’ fad, yoga has shown remarkable flexibility to become the most-chanted lifestyle mantra of today.

The point is that some kind of competitive sports based on one or more limbs of yoga is a distinct possibility. Though it may not live up to the loftier promises, yoga-based games and sports will do no harm. Instead, they will do a lot of good to the cause of yoga promotion. Yoga as a sport will comfort quite a many who see a baggage of faith and welcome the greatest number of people.

Though some fear a dilution, not all yoga protagonists are against such an innovation. Big names have openly spoken about taking yoga to the Olympics. Going by the rising global craze for yoga, mats are going to roll sooner in the sporting arena. The real challenge will be in drawing up a competitive format that not only conforms to the definition of modern sports, but also doesn’t dilute the core. I don’t see any difficulties in making yoga “amusing”, “leisurely”, or “entertaining”. When martial arts and gymnastics can qualify and even make it to Olympics, asanas, the most primed candidate for being turned into competitive sports, can definitely make the cut!

Traditional yogis who swear by the spiritual and philosophical lineage of yoga need not worry. The tradition is on their side. The eight limbs of yoga are so interconnected that even if one does asanas, and that too as an exercise or a game, the practitioner is most likely to experience other dimensions like meditation, one-pointedness and bliss.

Even asanas, the most gross form of yoga, hold out endless promises. Maharishi’s Patanjali Yoga Sutra envisions asanas as a means of attaining what’s beyond the obvious. That means that adapting them into competitive sports isn’t likely to rob them of the power to unveil the Infinity.

Is it time then to tick a Perfect 10 on that gravity-defying Sirsasana?

(A former journalist, M. Rajaque Rahman is a full-time volunteer of the Art of Living. He can be reached at [email protected])

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Analysis

A view through an infrastructure investor’s prism

Active policies to address the three issues revolving around the value, scarcity and contract enforcement that investors utilise to determine both investments and the required rate of return can help make policies useful.

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investment returns

Perspectives on infrastructure assets vary widely: While investors focus on investment returns, policymakers analyse both financial and socio-economic benefits. It would be worthwhile for policymakers to view things through an investor’s investment prism because an understanding of the critical factors that shape investment decisions will help frame better policies to expedite Indian infrastructure creation.

The “raw value” of an infrastructure project is what a potential investor evaluates first. For example, in a renewable energy wind project, the wind potential of a site is what an investor evaluates. For a transportation project, the investor evaluates the potential passenger traffic. This so-called “raw value” is a huge determinant of the financial viability of a project.

Segregating infrastructure sectors and projects by such “raw value” can help government and industry alike to work towards directing infrastructure capital more optimally. Additionally, such analysis helps in framing policies for those sectors that deliver very substantial social and economic value but are not financially viable on their own.

A robust framework that helps determine “raw value” can aid all the stakeholders, especially the government, to work with investors and multilateral trade agencies to find financing solutions for such socially and economically relevant projects. Eventually, India needs to create an information repository of sorts that provides the global investor base information and access by asset type and investment potential.

Once the “raw value” of a project is determined, an investor tries to gauge what is called its “scarcity value”. Take, for instance, transportation projects. If the transportation potential of connecting City “A” with City “B” is attractive, then is building an airport to connect the two cities the most optimal infrastructure asset? That is, in spite of the traffic potential, is an airport a “scarce” enough asset to deliver attractive returns?

The investor will gauge whether the airport is likely to face competition from a competing train network or a highway. Being cognizant of the long-dated nature of infrastructure assets is important. Hence investors will have to gauge the “scarcity value” of the asset to determine the attractiveness of the asset over the long investment horizon and, therefore, eventually decide on their willingness to invest in the asset.

It is essential for the government to find a balance between allowing investors to make returns commensurate with the risk taken and allowing the public to have access to a well-priced and high-quality infrastructure asset. The twin objectives of consistency and transparency in policy are crucial in this regard.

The government’s ability to formulate and communicate the strategy effectively regarding not just sectors but individual assets is vital. To indeed expedite infrastructure creation, granular policy across industries will be needed, more so for much-needed greenfield infrastructure projects.

Apart from “raw value” and “scarcity value”, an investor considers a third factor: The quality of the underlying contracts signed for the asset. Investors look for high-quality counter-parties with whom to sign contracts. More importantly, the government’s ability to deliver a robust legal system for contract-enforcement, as also a more efficient system for conflict-resolution, will attract more significant investments.

Lowering the risk perception for Indian infrastructure assets is essential not merely to attract more investments but also to attract investments at lower financing costs. Reducing the cost of capital is going to be a significant driver of infrastructure projects through their improved financial viability.

Another area that merits attention is the possibility of the government working even more closely with Export Credit Agencies of various countries to offer foreign exchange hedges, while “importing infrastructure investments”. Solutions that not only reduce the legal risk in investments but also partially eliminate the foreign exchange risk can help boost investments significantly.

Active policies to address the three issues revolving around the value, scarcity and contract enforcement that investors utilise to determine both investments and the required rate of return can help make policies useful.

Policy frameworks can potentially be refined using these three key factors that shape investment decisions. Most importantly, one does not need to improve concurrently on all three fronts for all infrastructure sectors; incremental improvement on one element can provide a significant fillip to infrastructure investments.

(Taponeel Mukherjee heads Development Tracks, an infrastructure advisory firm. Views expressed are personal. He can contacted at [email protected] or @Taponeel on Twitter)

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