<link rel="stylesheet" href="//fonts.googleapis.com/css?family=Open+Sans%3A400italic%2C700italic%2C400%2C700">Indonesia Archives « Aam JanataSkip to content

Challenging the Metanarrative Of Indian Independence Struggle.

A historian ought to be exact, sincere and impartial; free from passion, unbiased by interest, fear, resentment or affection; and faithful to the truth, which is the mother of history the preserver of great actions, the enemy of oblivion, the witness of the past, the director of the future, says Ambedkar.

The function of historian is neither to love the past, nor to condemn the past, nor to be free from the past, but to master the past in order to understand its bearing on the present. Therefore, let us re-look into the significance of 15th August 1947 for our country and its citizens. And also what we as Indians technically achieved on our most celebrated and glorified National holiday.

What India got on 15th August 1947?

  • What is a Dominion? Dominion means colonial self-Government.
  • Was the Total independence achieved from the British rule?

The late 19th century till the mid of twentieth century is very crucial in the evolution of Republic of India, as it stands today. This period marks the rise of political conscious and ambitious Indian nationalism. This is the period when the Indians started voicing out their political demands to the British Government. The politics of this time is described by the nationalist historiography as India’s Independence Struggle. This description is hitherto not challenged. Nationalists will not challenge this description is natural and can be easily understood. The Hindutva ideology also does not counter this description and in fact makes an attempt to locate itself within this framework in order to picture themselves and their leaders as ‘freedom fighters’ as it serves their task of Hindu Nationalism. The Ambedkarite Movement, the leftist Marxist movement, the Kanshiram pioneered Bahujan movement seems to disagree with this nationalist description though it cannot be in anyway regarded as countering the fundamental basis of the description and hence cannot be regarded as a challenge to the nationalist description. Their objection is mainly to the title of ‘Freedom Struggle’ and they want to merely describe it as ‘Transfer of Power from B2B i.e. From British to the power hungry Brahmins’. They do not question the fundamental assumptions of this description namely the ‘struggle of Indians against the tyrannical British rulers’, ‘the Congress Nationalism as the only nationalism’ etc. Their complain, being merely over the title and as it does not challenge the nationalist paradigm in any way, hence not fundamental and does not have any major bearing on the nationalist historiography. Thus their disagreement in fact is no disagreement.

Dr. Ambedkar described the Indian politics of his times as having two different aspects, namely –

  1. Foreign politics i.e. Quit India or the Transfer of Power Politics and
  2. Constitutional Politics i.e. the Communal Deadlock or the struggle between the Hindu Communal Majority against the Minorities.

Below is the sequence of events that took place around 15th August 1947, technically:

  1. What India got on 15th August 1947?
  2. On 15th August 1947 India got the Dominion status under the Indian Independence Act, 1947.
  3. Dominion is defined as a British colony with a responsible local self government. This means that India was a British colony even on 15th August 1947.
  4. The below excerpt from the Constituent Assembly debates would serve as the best evidence to understand the significance of 15th August 1947:

The confusion in the Constituent assembly:

Thursday, the 14th August 1947

(2) the Constituent Assembly of India has endorsed the recommendation that Lord Mountbatten be Governor-General of India from the 15th August 1947.

and that this message be conveyed forthwith to Lord Mountbatten by the President and Pandit Jawaharlal.Nehru. (Cheers.) I take it the House approves it.

The motion was adopted.

Friday, the 15th August 1947

The wishes from many countries started pouring in to India for achieving the Dominion status. None of them mentioned  “Republic of India” but just “Dominion of India” in their wishes.

Few messages could be read as below:

Message from Dr. Soedarsono on behalf of the Republic of Indonesia:

“On the eve of the establishment of the Dominion of India it is a great pleasure to the Republic of Indonesia to express her feelings of heartfelt joy, sympathy and friendship.”

Message from the President of the United States of America:

“On this memorable occasion I extend to you, to Prime Minister Jawaharlal Nehru and to the people of the Dominion of India the sincere best wishes of the Government and the people, of the United.States of America. I wish to avail myself of this opportunity of extending my personal congratulations to Your Excellency on your assumption of the post of Governor-General of the Dominion of India and at the same time to convey assurance of my highest consideration.”

H.E (His Excellency), the Governor-General: Mr. President and members of the Constituent Assembly:

“From today I am your constitutional Governor-General and I would ask you to regard me as one of yourselves. I am glad to announce that "my" Government (as I am now constitutionally entitled and most proud to call them) have decided to mark this historic occasion by a generous programme of amnesty.”



Mr. President: His Excellency will now give the signal for hoisting the Flag.

(The sound of a gun being fired was heard).

H.E. The Governor-General: That is the signal for hoisting the flag over this roof.

Mr. President: The House now stands adjourned till 10 of the Clock on the 20th.

Honourable Members: Mahatma Gandhi ki jai.

Mahatma Gandhi ki jai.

Pandit Jawaharlal Nehru ki jai.

Lord Mountbatten ki jai.

The Assembly then adjourned till 10 of the Clock on Wednesday, the 20th August 1947.


  1. On 15th August 1947 what was achieved was not Independence (Swatantrya) but Home Rule (Swarajya).
  2. The Constitutional head of India was the British Crown till 26th January 1950.
  3. On 26th January 1950 after all the provisions of the Constitution were made effective, India became a Sovereign Republic and Democratic country.
  4. From 15th August 1947 to 26th January 1950 India was governed according to the provisions of amended Government of India Act, 1935.
  5. Only on 26th January 1950 all the ties with the British Crown were broken and India was politically and constitutionally free country with all the privileges related to military and foreign relation powers.
  6. Therefore, India became free and got Total Independence (Swatantrya or Purna Swarajya) only on 26th January 1950, at least in technical sense.
  7. More so because even the date of 26th January was chosen for the implementation of Constitution because on this very day in 1930, the Congress passed the resolution of “Poorna Swaraj” in Lahore.
  8. Therefore, 15th August is therefore just a Dominion Day and not the Independence Day.
  9. The below illustration explains the political entitlements and progress India achieved:


India before the advent of British Raj

We must remember that what we now see as "India" was originally a collection of petty rajas, and kingdoms. It's the invaders who unified the subcontinent into a country called India. So let's be truthful about the facts and teach history as it happened and notoriously though thank those invaders for the present unity and diversity we enjoy. Myths also have played a major role in India attaining independence. The political movement of the Indian National Congress which started from the demand of ‘Home Rule’ i.e. ‘Dominion Status’ and matured into the demand of ‘Total Independence’ under the pressure of extremist movements outside and within the Congress is referred as the movement of Indian Independence is a point in case. The significance of 15th August 1947 must be seen in the light of these demands. Dissenting voices, if any, are raised only in the academic intellectual circles and are deliberately confined within the closed walls of universities, academic institutions and history congress.

The ‘Secularist’ and ‘Hindu-Nationalist’ Narratives concurrent apparently contradictory but part of the Same Grand Narrative, namely which camp is more patriotic.

 Civic Nationalism (New India) and Anti-colonial Nationalism (Quit India):

Nationalism is not an end but just a means for the individuals to reach the highest stage of Human development. An Individual is an end it itself. To create the social, political conditions in the world where each individual could spread the wingspan to its maximum potential. Nationalism which reformists like Phule and Ambedkar vouched for did not just object to the external domination but also the internal oppression, i.e. their brand of Patriotism deals with both the above progresses namely, Foreign politics as well as Constitutional politics which India as a country was heading towards. Unfortunately, the glorification of 15th August as Independence day which is confined to the mere idea of Foreign politics clearly subverts the latter progress, namely, the Constitutional politics which was also moving forward in parallel with the Foreign politics. Mere celebration of the freedom struggle movement against the British rule, invokes a limited sentiment of Anti-colonial Nationalism. The period of late 19th century till the mid of twentieth century has been also remarkable in resolving the age-old feuds among Indians. The people, now citizens, were nothing but warring camps. The Hindu-Muslim issue. The caste inequalities. The princely states vs their subjects, now citizens. The Zamindars vs the landless.

This period has been instrumental in finding a safe ground plan to address innumerable such issues among Indians for a safe and sustainable democracy after the British rule would end.

Social reform must precede Political reform. Alteast the political reformists must consider Social reform as an integral part of the political reform. But the subversion of Social conference of Ranade by Tilak is the best example of the undermining of Social reform in context of Indian independence struggle. Be it through right from Montagu–Chelmsford Reforms, to the working and contribution of Indian intelligentsia in the works of various commissions, the Round table conferences that followed likewise in the making of India. And then ultimately at the remarkable and exhaustive Constituent assembly debates.

Like Anti-colonial movement, the Constitutional politics involved even more herculean task of bringing all the warring groups on board. All of these efforts involved a series of conflicts and struggle among the Indians to achieve the position of dignity in free India. The biggest example of the conflict among Indians manifested into partition and blood bath that followed soon after 15th August 1947. The constitutional politics was addressing this very problem. It was indeed talking about New India and the new order.

The significance of this period is more relevant in today’s times of continued struggle among Indians. If it is true that Political democracy cannot sustain without Social democracy, then this period of Constitutional politics must be indeed celebrated as Freedom struggle movement. It was the century of the Making of Present India. The test of patriotism therefore does not lie in participation in the Anti-colonial movement. The contribution towards the Constitutional politics is more apt in today’s times of continued struggle.

The constitutional politics plays an instrumental role in defining the present form of India as a Nation-in-the making. Therefore, at least in technical sense, India became free and got Total Independence (Swatantrya or Purna Swarajya) only on 26th January 1950.

The results of glorification of 15th August as Independence day therefore subverts the much needed Constitutional morality which is already lacking among Indians.

Like they say in New Zealand, Happy Dominion day !



[1] Swatantrata din ki Paheli - A research paper by Sumedh Ukey

[2] Constituent assembly debate proceedings.

[3] http://www.international.gc.ca/department/history-histoire/dcer/details-en.asp?intRefid=10567

[4] http://www.nzhistory.net.nz/culture/dominion-status/symposium

[5] The Modern Law Review,Volume 12, Issue 3, Article first published online: 18 JAN
[6] Conditions precedent for the successful working of democracy, Dr. Ambedkar Writings and Speeches, Vol 17 , Part THREE, page 480

[7] parliamentofindia.nic.in/ls/debates/debates.htm

A lecture at University of Texas, Austin by P. Sainath, sponsored by the University of Texas School of Journalism, the South Asia Institute, AID-Austin and the Society of Professional Journalists UT.

Part 1 || Part 2 || Part 3 || Part 4 || Part 5

(includes some of the end of part 1 for continuity)

It never looked back. That was the breach point. The Composite Share Index of the Colombo Stock Exchange - the CSE - reached within 16 points of the highest - which was the year of its founding. Indonesia - the worst affected nation - quarter of a million people dead, the Stock Exchange is rocked by the earthquake and Tsunami but you know as the neo-liberal economists say: The building rocked, but the fundamentals were sound.

So the Stock exchange reached its great... every day it broke the earlier records for a week. Thailand and Malasia couldn't do that, because they had already reached their historic highs at that point, but they reached the highest within those five years when they had come to a top.

You know something guys, about unique buying opportunities, let me tell you, let me present to you a non-financial way of looking at this if you will. Here's something about unique buying opportunities: When there is incredible misery in the countryside, when hundreds and thousands of people go into bondage because of debt and many of them of course, take their lives in indebtedness, do you realize there is a unique buying opportunity for money lenders in the countryside to buy more young girls and cheaper for the flesh trade and trafficking that goes on in the world. It's a unique buying opportunity.

Try looking at it in terms of food in the same way. As the distress in the countryside has gone up, human trafficking has gone up all around the world. As the distress... I can see with my... you know...

In my own job, I'm a rural reporter. I spend between 270 and 300 days a year in India's villages. My home is in Mumbai, which is also home to one of the largest red light districts in the world. In the red light district called Kamatipura, you can see where the children have come from. The girls are really children. They are 12-13 years old. They have come because some granddad or father had gone into debt some years ago, and they are there.

The more the distress, the greater the drivers, pushing them from Kalahandi, from Telangana, from Rayalaseema, from Vidarbha... into the sex trade. Why don't you look at that as a unique buying opportunity? If you can look at the unique buying opportunity created by radioactive fallout in Fukushima as something nice, try... for me, morally, it's in the same club. It's not very different. Just look at the morality of this economics - that is the dominant economics of our time.

Back to the media.

You know the most expensive branch of the media... I've been a journalist for Last September I completed 30 years as a professional journalist. I've always noticed - in the last 15 years particularly, that the branch of the media - whether in television or in print, on which we spend the maximum money are the financial journalists.

My contemporary in Times of India, all he does is cover... you know there's a guy... in several papers ... He covers futures. That's all he does. Must be a wretched, miserable life, but he earns eight times of what I do, so I guess he's ok.

Now here is the most pampered, most highly paid branch of journalism. Did any of them give you an inkling of what was to happen in 2008. We have scrutinized the banks. We have scrutinized the insurance companies. We have scrutinized the government. We have scrutinized Congress. Have you scrutinized the financial media and how they helped you put your money down the tube. Telling you that things were never so good. Go back to 2008 before the meltdown. Three to four months before the meltdown, and read how well the world economy was doing.

No critical analysis. No introspection. After the meltdown, the same clowns are trotted out onto your television screens to tell you exactly what went wrong. After your money is down the tube. I think that programme has a nice name. Mad Money. It is completely insane. The star anchor of it and the conclusions. These were the guys telling you that the economy was doing better than it ever did!

Remember. Did the great world of financial journalism ever tell you that ENRON was as big a crock of shit as you could imagine in your worst nightmare? Did they? No, because Wall Street Journal and other columnists were writing speeches for Kinley at 25k a shot.


Financial journalists were writing speeches for ENRON executives. You can read the Columbia journalism review on that, on how many of these guys were making money writing for... there's too much cosiness between financial media and the corporate world.

Come to India for a moment. It is now perfectly normal in financial journalism that a guy who is an assistant editor in the Economic times, for instance, okay? He joins Burrows and Welcome as a Public Relations officer. A year later he comes back as the associate editor of the newspaper. Two years later he goes as senior PRO of Glaxosmithklyne. Then he is back as senior associate editor. Then he is chief PRO of Dabhol, which is ENRON and one day he is the resident editor of the newspaper.

This is seen as perfectly normal - the seamless transition between journalism and the corporate world, because journalism is ... because the media, not journalism, is... The media are not anymore pro-corporate or pro-business. The are corporations, they are big businesses. They are worth billions and billions of dollars and if you want, we can get into the numbers regarding India. What kind of investments the country has seen in the media in the last three to four years in a little while from now.

Now, if you look at the links between the media and giant corporations, the organic structural links. You know about twenty years ago, we used to talk about media monopolies. And there were monopolies in the media. That isn't the case anymore. There may be monopolies in the media, but they are small parts of much larger conglomerates. Much larger conglomerates, and they are perhaps the ideological arm.

It's one reason my dears, that NBC cannot play up the story that General Electric paid ZERO dollars in tax last year. How many of you knew that? Did you know it from NBC? NBC can't say it, because NBC ... Firstly, the original parent company of NBC is RCA - Radio Corporation of America. Seventh biggest contractor, super parent of that granddaddy of that is General Electric - one of the biggest military manufacturers on the planet... now NBC can't go around telling you "Hey, my parent company didn't pay any tax dollars last year!"

Zero tax dollars by one of the largest corporations in the world. Here's the point, guys. The point is: The media have a structural compulsion to lie on these critical issues. They are too heavily invested in the market to ever tell you the truth about it. I keep telling my whizkid friends in Mumbai, because many of my friends are also corporate... heavily into the corporate world. I said whatever you do, don't invest your life savings on the basis of what the bloody newspapers tell you. You'll be dead. Quite a few of them were, in 2008, but anyway...

They have been given a second life since then. Again with public money.

Now look at the media narrative of the large, large political process of your time. How did we begin this talk? We began this talk with me asking you if you were aware that Egypt was the largest wheat importer in the world, the food prices in Egypt had gone up way beyond the budget of ordinary people in a nation which has one of the highest expenditures of food per capita in terms of your monthly income. 40% in Egypt as against say 17% in Brazil.

But you told me that this was not reflected in your media. Let me tell you what was reflected in your media. Twitter made a revolution, right? And Facebook mopped it up. Right? Helped by a few brave bloggers. People make revolutions, not technologies.

When I hear this kind of nonsense ... you know? These are tools. They help you. Of course they help you. When I hear a piece telling me the Maldavian Twitter revolution and understand that Maldavia has something like 70 twitter accounts. You know? I don't know how many it has, but it has almost nothing.

When I hear that people are coming onto the streets of Tehran, because of messages on Twitter and Facebook, all of which are in English, and how many of those people in the streets of Tehran are English speakers or visit English websites? Talk sense. Just talk sense.

Uprisings and agitations and revolutions are made by people.

The second thing they didn't tell you was that Egypt for twelve days was in what was virtually a general strike. After thirty years of suppression, the trade unions were out on the street in very, very significant numbers. Workers were on those streets. Nor did they tell you that more than 30% of these countries of the unemployed ... more than 80% of the unemployed in Egypt were people below the age of 30.

Don't you think these were things that your media needed to tell you? Don't you think it would have given you something more of a perspective if you knew these facts? How come you don't know. It's a Twitter revolution.

It was vastly entertaining for me to read in the newspapers, all the big corporate media reproducing Hillary's call to Egypt to reform. Do you know why it was entertaining? Because 6 months ago, the United States had praised Egypt for being one of the most serious countries about reforms and economic reforms, and the World Bank in its report of 2010 - they bring out a report called "Doing Business 2008" "Doing business 2001" Its report, "Doing Business 2010" says Egypt and Columbia were among the best and topmost reformers in economies in four of the last seven years. And those were the four years that led to your collapse.

It says - I'm quoting: "Top global reformers in four of the past seven years."

The World Bank has a knack for these famous last words.

There's another from India which I like even more - on "Water Privatization". This report is published 2 years and it says water privatization can be a very popular thing. As Mr. Chandrababu naidu has shown, the report is published - eight months later he suffers the biggest electoral defeat in the history of Andhra Pradesh. And the next two editions of the report still contain that paragraph despite my having had fun at their expense on the Edit Page.

They still continued to repeat it. And the other person whose electoral popularity was boosted by.. Chandrababu Naidu was one, and the other was Digvijay Singh in Madhya Pradesh, after whom the Congress has never been able to come back in Madhya Pradesh. Nor has the TDP been able to come back in Andhra Pradesh and it's very likely, those of you who are Telugu.. that the TDP will be third in teh next Andhra election. Third. If they're lucky. They'll be competing with the Congress for third place.

Now let's shift. This whole business of valorizing, lionizing those who undertake pro-corporate reforms and destroy the lives of ordinary people, how have you been reading what have you been reading, for instance about the European Union and the collapse there. These idiots in Spain and Greece, right? Lazy guys. They have these four hour siestas, they don't work.

Have you noticed how silent the ideologues are on the collapse of Ireland? Ireland was the star pupil of the neoliberal economic philosophy. The star pupil. Today, Ireland is down the tube. Very sad. that's a country I absolutely loved and have connections with. In 2007, when I was there, I was really frightened by the great joy and zest with which the Irish were celebrating their boom.

Now having seen 16 years of that in India, and having a good sense of what was to follow, I did try in the different talks I had in the universities to pour some cold water on that. In fact, their newspapers had the headlines - coming to age of the Celtic tiger. So in fact my talk at the Galloway university had been titled Asian tiger, Celtic kitten and... it didn't go down well. I wonder why.

[contd in part 3]


P. Sainath on Mass Media v. Mass Reality: From Farm and Field to Wall Street Deals

A lecture at University of Texas, Austin by P. Sainath, sponsored by the University of Texas School of Journalism, the South Asia Institute, AID-Austin and the Society of Professional Journalists UT.

Part 1 || Part 2 || Part 3 || Part 4 || Part 5

Seeing so many students in the audience always provokes the teacher gene. So I'm going to begin with a question.

Who do you think is the world's biggest importer of wheat?

I'm not doing it as a test for you, it is a measure of your media. One of the most important processes is unfolding in Africa. How much of the discussion have you seen around the African uprisings that tells you that one of the big drivers of those uprisings is food prices.

The biggest importer of wheat in the world is Egypt. 20 million tons in the last twenty months 2 years. 20 million tons. So, when food prices soar, people pay an incredible price.

In Egypt, the average Egyptian citizen spends far more as a share of his or her income on food than people in comparable countries. For instance, in Brazil. If you were in Brazil, you would spend 17% of your income on an average - national average - on purchasing food. If you live in Egypt, you will spend much more than twice that. 40% of your income goes on food.

How important do you think has been the emphasis of the media on food prices as a major problem in these countries. Did you get that impression from your media? You can't. I don't blame you. But it is... don't you think it adds some perspective to what's going on? To know that that country is the biggest importer of wheat? That food prices have gone up 30.. 40.. 50% over a couple of years?

Also one of the last things Mubarak did in desperation, six weeks before he was ejected, was to reintroduce price controls, which he had removed under the orders of the structural adjustment programme put on him by the World Bank and the IMF with renewed vigor in 2004.

So there you are. Food prices were and are a major...

Have we forgotten already that in 2008... because I think the meltdown wiped out everybody's memories... 2008 was the year of food riots across the world. Remember? They were the highest.. First time you saw the Western middle classes worrying about the food prices in April to June 2008. Or have we forgotten that?

There were food riots in Kenya. There were food riots in Somalia. I think at least some of you might remember the food riots in Haiti.

2008 the food and agriculture organization of the United Nations tells us was the record highest price rise on the FAO food price index. But you know something? It got obliterated. In 2010, it was even higher. Midway through 2010, the food price index registered a 32% increase in a matter of months. And that was much higher.

2008 produced food riots. 2010 produced regime change.

It's not that these were the only factors. Not at all. There were many political factors, compelling internal factors, but they need a spark. They needed something.

Don't write off what food prices and the role of food is, and I'll explain why.


Incidentally another country... How many of you can name the African country that was completely self-sufficient in cereals in the 1970s and becomes one of the most major importers of food in the world?


1970s - completely self-sufficient in cereals. 2010 - one of the world's biggest importers of food.

I could name 20 countries like this and you'd see half of them in that situation you are seeing now in Africa. So it is not that... yes, democracy is very important, the politics of it is very important, but there was a major driver called hunger. Food prices.

If you look at the Arab streets, you will see people out on the streets who never ever stepped out in demonstrations and protests. Very conservative sections who never participated in protests and demos. They were there on the street. They still are on the street. Because the problem is not solved.

Ok, we'll come back to the food issue, because what's my.. this is titled as... Wages of inequality, food crisis, farm crisis and the media. We are already into two of those.

The media told you nothing about this... from what you are telling me. You did not glean from the media coverage that food prices were a major factor in what's going on.

You know, every year, the United Nations Development Programme ... and in fact, the UN has been doing this even before the UNDP became active... it's been for 30 years, the United Nations has been presenting us every year with a menu - a bill of fare. We don't see it as a consolidated menu, but we do see it in little bits and blobs.

Don't we... haven't you read somewhere, you vaguely remember... "The Secretary General of the United Nations said that if we spend 15 billion dollars a year additionally, additional expenditure on hunger, we could eliminate hunger. Have you read those sort of little items all over the newspapers? Ya... this you have.

Now what I do is, these different little items that appear, I add them up as a menu, and try figuring out what they come to.

  • Hunger - 15 billion dollars a year the Secretary General tells us will eliminate the extremes of hunger.
  • 10 billion dollars additional expenditure a year, and ever person on the planet has got sanitation.
  • 15 billion dollars a year and every child... additional expenditure. We're talking about additional expenditure, ok? 15 billion dollars additional expenditure a year, and every child on the planet will be in school.
  • 12 billion dollars additional expenditure a year, or something like that, and everyone's got access to basics like water.

You put these together and you get something like between 60 billion and 80 billion dollars. Right? So what is the UN telling you? It is telling you that 60 to 80 billion dollars additional expenditure you can solve the most pressing problems of the human race.

Its never happened in all those 30 years. Why?

What did the government say? No money. There's no money, we can't solve this problem. Where's the money? You put up the money. But we can't do it. You know? Let charitable foundations and the UN and philanthropic... let Gates and Buffett do it and all that stuff. But we can't do it, because we don't have any money.

So for 30 years, this amount of 60 to 80 billion dollars the governments could not find.

Then, 2008 September, Wall Street hits the fan. And the guys and the governments who couldn't find 60 to 80 billion dollars for 30 years find a trillion dollars inside of a week. Along with their friends in Europe, they find 3 trillion dollars in the next three or four months and God knows how much more since then, and what do they find it for? They find it to give it to the very guys who tanked the world economy.

Who wrote your bailout plan? Goldman Sachs.

You collect trillions of dollars, public dollars to give it to the very guys who tanked the world economy, and you have the money!

All these years you didn't have 60... you didn't have 8% of that money, to solve the basic problems of the human race, but you have twelve times that money to hand over to the banks and the trusts and the corporations that completely destroyed the global economy.

Incidentally, a little piece of statistical trivia, if you will: In 2008 - the year they blew the global economy, American CEOs took home 18 billion dollars in bonuses - for that fiscal. For the fiscal in which they blew the global economy.

Well, I suppose it was very modest, because the previous year, it was 34 billion, but they still took home 18 billion dollars in reward. And remember where those dollars came from. It came from a public dollar bailout. It came from public tax dollars which bailed them out.

Giant corporations, having brought the world economy to its knees, in a drama scripted for the last two or three decades by neo-liberal economists and corporations have benefited massively from the ruins and the wreckage. As I said, you destroy the world economy, you take home 18 billion dollars in bonuses. But remember this, in the world we live in, and the economics we follow, and the moral philosophy of that economics, every misery is an opportunity. I assert. Every misery is an opportunity.

Let me quote for you, the sage of Omaha - Warren Buffett. Whose reaction to the Tsunami and nuclear meltdown in Japan is that it provides a unique buying opportunity of Japanese stocks. This is Reuters quoting Warren Buffett. Here he is "Immediately after the nightmare... after Japan's tragedy, he said, if I owned Japanese stocks, I would certainly not be selling them. frequently something out of the blue like this an extraordinary event creates a buying opportunity." And he advised his friends to invest, because the Japanese companies are on their knees, the stock prices are down, this is the time to buy!

Actually, he's right. I don't know... I think six years ago, Bob, when I spoke here, soon after the Tsunami, I pointed out... I don't know if any of you were here. You look too young to have been around then... Ever since the Tsunami - struck me then, and ever since then, in every natural calamity, I - a non-financial journalist - follow the stock markets when something terrible happens, because they start doing very well after a week.

Buffett was right. One week after the Tsunami, as the damage was really unfolding. We knew for instance, that Indonesia had lost nearly a quarter of a million people... you know 11 countries were devastated by the tsunami - eleven. Out of those 11 countries, 5 have significant stock exchanges - India, Indonesia, Sri Lanka, Thailand and Malaysia.

Malaysia, Thailand, Sri Lanka, India and Indonesia.

Now what happens? One week, everything is devastated and at a standstill. Then these very stock exchanges register the highest gains of stock exchanges anywhere. Why?

The smell of reconstruction dollars. The smell of the money that comes out of the misery. When Warren Buffett says invest in Japanese stocks, he knows what he is talking about. He's talking about that pace of rapid reconstruction that's going to take place. Millions and billions of dollars in contracts.

So if you are smart, you're going to put money where the Japanese stocks are, because the reconstruction will be beginning and we all know that the Japanese are very good at it, they are very efficient people. When the reconstruction starts, it will be massive. So he says, buy those shares now.

In 2004 December 26th, the Tsunami hit those 11 countries. Those 5 countries were devastated. And you know what happened after the devastation? From the first week after the devastation, the sensex, which had never broken out of the 4 thousand bracket - the Sensitive Index of the Bombay Stock Exchange, which had never broken out of the four thousand bracket crossed six thousand and never looked back. Today scaling around twenty thousand.

It never looked back. That was the breach point. The Composite Share Index of the Colombo Stock Exchange - the CSE - reached within 16 points of the highest - which was the year of its founding. Indonesia - the worst affected nation - quarter of a million people dead, the Stock Exchange is rocked by the earthquake and Tsunami.... [contd in part 2]