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Moody’s wordplay cannot soften harsh reality

 

A euphemism is a mild, indirect or vague word or expression substituted for one considered to be too hard, offensive or blunt, when referring to something unpleasant or embarrassing. If ever anything was, is and shall remain, all other things being equal, downright upsetting and humiliating, it is the state of our economy. Every Tom, Dick and Harry is aware of what ails our nation’s financial health, the debilitating diseases and antidotes needed but not provided, as well as the reckless habits that at any given time make us a meek prospective client of the International Monetary Fund and gleeful assorted international public and private lenders. The Bard’s advice ‘neither a borrower nor a lender be’ falls on deaf ears here. Seasoned wheeler-dealers, with their own (conflict of) interests to consider, are more inclined to act in opposition to the laws of economic reason when formulating fiscal policies. The country’s external debt will stand at $79 billion by June 2017, an increase of $14.6 billion since 2013!

 

In a report released Monday, Moody’s Investor Service, after parading and warning about the usual well known suspects behind the precarious condition of the economy and its prospects, if such they can be termed, lapsed into a somewhat bland euphemistic mode, with honeyed phrases such as ‘strong growth performance’, ‘fiscal deficit reduction’ and ‘improved inflation dynamics’, which led the renowned credit rating agency to accord a respectable B3 rating with a stable outlook to the country’s sliding economy. In reality, these optimistic phrases are absolutely meaningless for the common man, as the ground reality is quite different. Remember the controversy and fact-twisting regarding the awards of ‘Finance Minister of the year 2016, for South Asia’, and the’ Central Bank Governor of the Year 2016’ awarded to our stalwarts. All the sweet talk and fudged facts cannot hide the truth that our economy is like the man on the flying trapeze, without any safety net. All those who endorse it are stage magicians, giving us illusions that only have the appearance of truth.