Nuclear Bomb for Sale India going nuclear has atleast achieved one objective and that is to USSR`ise Pakistan. Perhaps economic difficulties in Pakistan will weaken Pakistan’s resolve to deal with India on parity, however the fact remains that a nuclear economically fragmented Pakistan is a dangerous proposition.

It is rather sad to see that a nation which was 97% behind nuclear explosion is now looking for escape goats to hold responsible for the economic debacle the country has to face.

Will this nation realize that it is correct that sanctions have no immediate affect, but announcement of sanctions brought to memories the harsh economic boycott of Iraq, although Pakistani sanctions are no where close to the kind of sanctions Iraq is subjected. But the word sanctions from G-8 have resulted in mass loss of confidence. The ‘hot money’ mass escape and exodus could not be handled with meager a billion $ in reserves. India could get away with its nuclear explosion as its dependency on foreign exchange reserves was not as serious as Pakistan.

Pakistani have really never realized until this harsh moment that how much dependent their extravagance is to the goodwill of others. Our budget contains a section called as external resources these are consortium and IMF monies we get every year. We collect 300 billion rupees of revenues but have expenditure equal to Rs.600 billion . No one ever cared to ask who is filling the huge gap, we thought that free lunches will continue but the party prematurely stopped as soon we defied the will of our ‘master’.

Anyone who cannot appreciate this should look at run on a bank, if lender of last resort refuses to bail the bank out even 20% demand of depositors can lead the banks to go under. Similarly we need to know that once sanctions were announced it was a clear vote of no confidence from G-8. Our lender of last resort has been IMF for decades, now with G-8 controlling 48% voting strength on the board of IMF it was well established fact that IMF refusal will lead to a major gap in Pakistan finances. The decision to freeze $’s was a right one otherwise what we are facing today we would have faced on 29th May morning.

The run on the rupee is an outcome of many factors, one is flight of indirect investments from Pakistan and second is the mass conversion of rupee into $. On both the counts it is our policy to challenge western countries pressures. Now that chips are down the daggers are out. The nation which was prepared to eat grass is shorting its own currency for benefit of few rupees. It is nothing else but clear manifestation of selling their countries short. It was George Sorros who sold Ringgit but sad to see that Pakistanis are callously shorting their own currency for few $’s. Instead of finding faults with the policy makers think rationally, have we not lived long enough on borrowed money? Are we not spending far in excess of our capacities on our security? People ask where are the depositors $’s gone? My answer is Agostas and mine sweepers need $’s to buy also we like IPP’s just one of them took its entire capital out in a single year. Keep condemning the present government for all these problems. But the fact is that reason of our problems stem from multifold crises. From exorbitant foreign investments of IPP’s to our aggressive posturing on nearly every front. By the way all this high return investments and strategic posturing come at a price, we are paying for our actions. Time to unite and instead of finding escape goats lets try to cut our consumption and try to live within our means.