Rich like us

Or why a country’s treasury depends on the better-offs to meet its expenditure obligations

By Mohan Sule

How are you feeling?
Ummh…okay. Feeling a bit tired.

Why is it so?
Not getting enough sleep, I guess.

Since when?
Recently. I think I may be having a relapse.

Why do you say so?
Remember when I first told you about loss of sleep? In 2009? It’s the same sinking feeling: Nightmarish vision of being on a planet without air conditioner.

What were the reasons then?
There was bloodbath on the street. The asset bubble had burst. Big US banks were going bankrupt. The credit market had collapsed. My portfolio had halved.

What is it now?
Actually I think the nights are getting shorter. The market has bounced back. The recovery has been long and tiring but rewarding. On the way up I picked up many cheap but sound stocks. My portfolio is looking good again. May be I can make a tidy profit. Retire to the beach shack I keep on telling you about.

So you are happy?
I don’t know. Some solid stocks are coming with a hefty price tag. Tanking up my SUV costs more. And choosing smartphone and tablet upgrades is not as easy as comparing tech stocks. I think he does not like me.

Who is he?
I wish I could tell you. Even I am not sure. He is not always the same. He is a different person at different times.

Like?
He has a weakness for greenbacks. Kids’ gloves for foreigners and boxing gloves for Indians! GAAR!! He thinks he can be another Obama, all the talk about fiscal cliff. I think he is more like Robin Hood. Taking cash with one hand, transferring cash with the other. Good cop, bad cop!

Why do you think he does not like you?
It is not me he does not like. It is people like me he does not like. Don’t get me wrong. But is it my fault that I am who I am? How can harming me make others happy?

Has he hurt you?
Not so far but will soon, very soon. He is waiting for the right time to strike. The countdown has begun.

And when could that be?
I think before this year ends. I can make out. There are enough signs. He is preparing the groundwork. Letting others do the talking, creating the atmosphere so that his action becomes a necessity. He is drumming up alibis to back him.

Is this causing you anxiety?
You could say so. I mean there are ups and downs in the market. Things could go downhill tomorrow. The rupee is a cause of concern. Policy formulation and execution could suffer another attack of paralysis on eruption of yet another scandal. Will China hold up? Yet you have hope. Tomorrow will be better.

Now you don’t feel so?
How can it be? Can I pay you for just 60% of your time? Or may be 50%. How would that feel? Would you be sitting so smugly and provoking me instead of doing your job of calming my fears? May be you are also he! A conspiracy to rob what is mine! For what? To finance your welfare programs?

Isn’t your annual medical checkup due?
I know what it is going to say. BP, hypertension. Apart from saving some pennies in tax, how is it going to help?

You don’t feel the need?
Come to think of it, even small change counts in these inflationary times. You always come up with a solution though it costs a lot for your wise counsel.

I think our time is up. Same time next week?
Talking to you makes me feel better. I think I am more ready than before to face him. He may hate me but cannot do without me!