New Delhi, Oct 22 (UNI) Communism came to the rescue of capitalism today when CPI(M) leader Sitaram Yechury asked Finance Minister P Chidambaram to read Karl Marx's 'Das capital' to find ways to tide over the current global financial crisis.
Participating in the debate on the demands for Supplementary Grants in the Rajya Sabha, Mr Yechury expressed ''ironic satisfaction' over the global financial meltdown.
He pointed out that since the time the recession has hit the major countries of the world every one, including all capitalists, and even the Pope, is reading Das Capital. This resulted in laughter in the House with Deputy Chairperson P J Kurian commenting in a lighter vein that the Pope was presented Geeta by a Communist leader.
Quoting from the classic work of Carl Marx which is the source of inspiration of communists the world over, Mr Yechury said capital in small amount fuel growth but ultimately to survive it did not hesitate to kill even its owner.
He said that the capitalist economy was now trying to survive through government bailout of millions of dollars as was evident in many countries like the US, France and Britain. He said many of these countries have seen banks failing and government overtaking them. Though the bailout was being given in the name of the common people who had taken loan at sub-prime rate and was unable to repay it, the common man was already ruined and the bailout was basically for the people who made profit in their names.
Pointing out that the economic crash was due to the failure of regulatory mechanism, the CPI(M) leader said India should not remain complacent that the recession would not affect it. It must reduce price of petroleum products and issue price of food items to promote inclusive growth.
He suggested seven measures to the government to tide over the global financial crisis. These measures include stop relaxing measures for speculations in market, tighten capital market regulations, scrap new pension scheme, give bank credit to rural poor and farmers and stabilise the value of rupee in the international market, he said and added that giving attention to increasing production and productivity the country could avoid adverse impact of the global crisis.
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