India has no dearth of sycophants or chamchas as they are known here. A wide range of people from business executives to bank managers to civil servants have come out of the wood work to blame the RBI for stalling economic growth by increasing interest rates. But what is the RBI to do when it has to contend with spiraling inflation, falling rupee and a government led by the World Famous Economist intent on driving the country to bankruptcy by insane spending? A tiny news item, TOI, Saturday December 3 says that the RBI is constantly monitoring liquidity in the financial system and is buying back government bonds to inject more money when needed. In the last week the RBI has bought back Rs 200 billion worth of government bonds. So on the one hand the RBI is selling government bonds to raise money from the market, which sucks out liquidity, and on the other the same RBI is buying back the same bonds to inject liquidity. What does this mean? Is it a fiendishly difficult financial ploy to stimulate the economy with zero inflationary stress or is this a sign of a criminal government led by the Congress using vast sums of public money to win elections by blatant bribery of sections of the electorate? The problem is that the RBI has chickened out of its duty of controlling inflation. It should raise rates further until property prices fall by 70%. This will suck black money out of the system, lower inflation and strengthen the rupee by drawing in deposits from abroad. The RBI should also have some currency control to limit arbitrage trading. Politicians are never going to learn from slaps and slippers. How to get rid of these slimy creatures?