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As I'd said a few days ago, we're looking at a real possibility of a "too-big-to-fail" bank going bust.
Today's #BankMerger by the Modi govt. proves that.
Public money is being used to fill the hole made by Anil Ambani, Nirav Modi & Mehun Choksi. (1/9)
Today's #BankMerger by the Modi govt. proves that.
Public money is being used to fill the hole made by Anil Ambani, Nirav Modi & Mehun Choksi. (1/9)
Merged banks include Syndicate Bank, PNB, Union Bank & Canara Bank.
Syndicate Bank is owed 1225 crores by Anil Ambani.
PNB has a hole of 11,200 crores due to the Nirav Modi fraud.
Union Bank & Canara Bank are part of a group that's owed 42,000 crores by Anil Ambani. (2/9)
Syndicate Bank is owed 1225 crores by Anil Ambani.
PNB has a hole of 11,200 crores due to the Nirav Modi fraud.
Union Bank & Canara Bank are part of a group that's owed 42,000 crores by Anil Ambani. (2/9)
By these #BankMergers, the Modi govt. is spreading out these toxic assets across the balance sheet of public banks.
India's 2nd largest public-sector bank created today is a carrier for some of the largest & most toxic NPAs on its balance sheet. (3/9)
India's 2nd largest public-sector bank created today is a carrier for some of the largest & most toxic NPAs on its balance sheet. (3/9)
Now to protect SBI, some of its bad assets will be sold to this new "2nd largest public sector" bank.
Basically, this new "merged bank" will be a dustbin for all toxic assets in the public banking system.
It carries all the bad loans from Modi govt's favorite frauds (4/9)
Basically, this new "merged bank" will be a dustbin for all toxic assets in the public banking system.
It carries all the bad loans from Modi govt's favorite frauds (4/9)
Modi govt. will now pump public money & RBI surplus into this new "merged bank".
They'll keep printing money & cutting interest rates to spur lending from this new bank.
In a terrible economic climate, people WILL take out cheap loans but have no means to pay them back (5/9)
They'll keep printing money & cutting interest rates to spur lending from this new bank.
In a terrible economic climate, people WILL take out cheap loans but have no means to pay them back (5/9)
We're looking at hyperinflation & even more NPAs over the next 6-8 months.
FM Sitharaman, today, has basically laid out the first steps for creating a huge liquidity bubble amidst a crumbling economy.
There's cash in the system with no goods/services backing it. (6/9)
FM Sitharaman, today, has basically laid out the first steps for creating a huge liquidity bubble amidst a crumbling economy.
There's cash in the system with no goods/services backing it. (6/9)
We safely managed to remain unaffected in the 2008 recession thanks to Dr. Manmohan Singh's sound policies.
But now, we're staring at our own Lehman Brothers-type situation just around the corner.
With a dead economy & too much cash in the system, the bubble is SCARY. (7/9)
But now, we're staring at our own Lehman Brothers-type situation just around the corner.
With a dead economy & too much cash in the system, the bubble is SCARY. (7/9)
Unless the govt. magically creates jobs in the next 8 weeks & fixes every ailing sector of the economy, we're staring at a HUGE recession by the end of the year.
And we're not even half as equipped as the US was in 2008 to deal with it. (8/9)
And we're not even half as equipped as the US was in 2008 to deal with it. (8/9)
To support its favorite failed corporates & protect those who committed bank frauds, the Modi govt. has made a mess that's beyond cleaning up.
Who is going to pay a back-breaking price for all this? Us Indian citizens.
Be very afraid, people. #BahiKhateMeinLocha
(9/9)
Who is going to pay a back-breaking price for all this? Us Indian citizens.
Be very afraid, people. #BahiKhateMeinLocha
(9/9)
