In the final scenes of the Tamil film Anniyan, the hero reminds his audience in a stadium that the problem is not bad politicians, bad bureaucrats and bad leaders, but us. If the weakness of the rupee holds a mirror to inflation, if inflation holds a mirror to our governments’ budget deficits, if budget deficits hold a mirror to our politicians’ hunger for power, their behaviour holds a mirror to our ignorance, to our willingness to fall for gimmicks and free goods, and to the poor quality of our public discourse on these matters.
In the process, all of us are mortgaging the future of our children and grandchildren. That is, we are borrowing their future for our present. So, who is responsible for the Indian rupee’s collapse against other world currencies? Is it the US? I do not think so. It is “us”.
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