Alas! if wishes were horses……

Other day i was sitting with my classmate a senior executive at one of the leading bank,i noticed literally hundreds of cases of Auto loan defaults coming up while i was sitting with him,customers were arguing and squalling with junior customer relation officers.Many of them had their cars impounded by the bank for missing installment payments. Banks are leasing every thing like crazy but sooner or later reality will set in,and this cosmetic prosperity will start to crumble like it happened in Japan in early 90s when major banks collapsed and Japan experienced a financial crisis after the bursting of a bubble.

Leased cars,bikes and mobile phones are not really an indicator of economic prosperity.

Monopolies and cartels were nurtured and encouraged during dictators regime, be it Cement cartel,Auto cartel,Sugar Cartel,Dairy cartel etc. In a country which no stringent rules and regulation in place to safeguard it consumers obviously exploiters from around the world headed to Pakistan to make quick bucks..

The so called good economic policies had started to crumble while Mush was at the scene,Mega figure Fudging right before elections was done to benefit pro Mush parties like Q League and MQM which adversely affected the economy.When coalition government was formed after election in FEB the then finance minister was asked by the political leadership to make public the economic condition of the country as of that date that was inherited from the previous regime,Ishaq Dar along with Sherry Rehman disclosed the balance sheet in a press conference ,obviously it was not a rosy picture as Shaukat Aziz and Mush had been projecting but it was a bitter reality that had to accepted.

In all this mess West’s role isn’t that positive either,whenever there is a dictator in power they twist their rules and laws to accommodate the dictator and they keep the money supply smooth,while once the democratic forces come on the scene every harsh rule and law is religiously applied and they always tighten the rope around Pakistan’s neck.

As for the privatization during dictator’s regime is concerned,if we forget and forgive Mush for all the killings in Islamabad,Tribal Areas,Baluchistan,Missing persons and other financial blunders etc committed during his time and just honestly prosecute him for blunders and corruption during privatization of vital national assets then i can assure you that on those counts alone he and Shaukat Aziz could be hanged multiple times..

Bottom line is that even a layman like me can easily figure out that whatever the dictator has sown we will continue to reap in days and years to come,Just his removal from the scene won’t automatically solve all the mess created by him in almost a decade long rule.

@doctor: The real mush would pee in pants rather smiling. Dictators are always cowards.

Back to 1999 in a Hurry
Of the 192 members of the United Nations, Pakistan’s sovereign debt is now the riskiest. For the week ending Aug 29, Government of Pakistan bonds overtook Argentina’s to be the most unsafe for investment.

In London, where Credit Default Swaps (CDS) are traded, the price for insuring $10 million worth of Argentina’s debt stood at $788,000 while the price to insure the Government of Pakistan-guaranteed debt skyrocketed to $950,000 — something that has never happened before — Pakistan’s debt is now the priciest to insure (read: the London market is contemplating a default-like scenario).

Pakistan’s total foreign debt and liabilities have now crossed the $45 billion mark. ‘Pakistan: Could the Political Chaos Lead to Sovereign Default?’ a report by Citibank, asserts “if Pakistan opted to default, it would have to reschedule all of its debts, which amounts to $2.6 billion in self-issued bonds and $13.9 billion in bilateral debt”. The report expects the “Pakistani rupee’s fall to continue in light of government inaction and the break-up of the government coalition”.

Pakistan is teetering on the brink of default. The rupee has lost some 20 per cent of its value over the past quarter and the KSE-100 Index is down a whopping 45 per cent. Pakistan cannot do without the IMF, the Asian Development Bank (ADB), the Islamic Development Bank and another Saudi oil facility.

The nations is indebted to the untiring efforts of the mad lawyers, payrolled journalists, dumb civil society and of course, the honourable judges. Their untiring efforts have made all this possible in record time

Musharraf has been gone for quite some days now and I still see absolutely no will to help reduce cost of wheat, sugar, rice, oil and other important stuff that we consume daily. IMF and WORLDBANK are taking over our economy again and that means that with in a couple of years, we’ll have to file bankruptcy. Pakistan has started to take its last breaths. Now when people like Zardari and Nawaz are back, it’s going to die only faster.