Growth due to Rand.

In an article titled " Ayn Rand is the Marx of the right ", George Monbiot explores her influence on previous Federal Reserve Chairman, Alan Greenspan who many blame for the sub-prime crisis that almost brought the world to its knees. Rand was from an affluent family in Russia and emigrated to the US. We have all read her books, Fountainhead and the famous Atlas Shrugged which is fiction based on her belief that uncontrolled capitalism is the only moral system of government. She called it " Objectivism ". She saw the poor as " refuse " and " parasites " to be eliminated. Only the police, the courts and the army should be controlled by the government which otherwise should have no role in running the country. This should be left solely to rich businessmen. Reading Atlas Shrugged leaves you sick and groggy for a while as you try to get used to this psychopathic rubbish but she has many followers including Tea party members and Alan Greenspan. In an essay he wrote for a book, which he co-edited with Rand, he says that there is no need for regulation as " the 'greed' of the business man or, more appropriately, his profit seeking ... is the unexcelled protector of the consumer ". The need for the trust of their clients ensures the integrity and honor of bankers. Thus unregulated capitalism is a " superlatively moral system ". Greenspan was appointed Fed Chairman in August 1987 by Reagan and retired in January 2006. He dismantled banking regulation and maintained low interest rates which eventually led to the an enormous property price bubble, fueled by subprime loans, which fell apart in 2008. US interest rates in the month of January were 1.75% in 2002 ( this was probably in response to the collapse of the dotcom bubble which was formed unchecked ) , 1.25% in 2003, 1% in 2004, 2.25% in 2005, 4.25% in 2006, 5.25% in 2007, 4.25% in 2009 and then 0.25% till today. This loose monetary policy led to a massive increase in borrowing by individuals and businesses. US inflation was also low, mostly below 3%, during this period partly due to an influx of cheap Chinese goods which kept prices down. US funds had cheap money to invest and looked to emerging markets for greater returns. Examined together, it is obvious that GDP growth in India mirrored what was happening in the US. GDP grew by 4% between 2002-03 and then jumped to 8.1% in 2003-04, 7% in 2004-05, 9.5% in 2005-06, 9.6% in 2006-07, 9.3% in 2007-08, 8.7% in 2008-09, 8.4% in 2010-11, slumping to 6.5% in 2011-12. Thus our growth in GDP was due to money coming from the US and not to anything that the Congress or the World Famous Economist did. That should have been the time to cut expenditure, control inflation and balance the budget. Instead, they swanned around the world posing for photo ops, bragged about being in the BRICS and threw money into a raft of social schemes to win the elections in 2008. Now the economy is on the verge of collapse they have no ammunition or idea of what to do except talking rubbish in the press. Criminal idiots.