Failing Fiat Recollection. How do you say "Beardsley Ruml" in Hindi?

Commentary by Roger Erickson

Empty promises darken outlook for India's fiscal deficit 

"The problem is failing tax revenue collections."

Yes, India's babus* said that with a straight face. Babu boom!

There are more than a few things obsolete around here, and in India too, and it all seems to be occurring by fiat. But by whose? Who ran off with all the fiat? Despite extensive cavity searches, the butler has been cleared. He's penniless. Logic and all evidence suggests the Central Planners done it ... but EVERYONE KNOWS that that's simply absurd. Right?

Failing fiat re-collection. Is that like the hot-potato game? Outlook is that  you should lookout.

Calling Inspector Lessclue: "Who mighta dunnit, sir. Surely it's a mystery? Why, if the public wants it's expressions of fiat back from individuals, then they must have concluded that citizens shouldn't have gotten access to their own fiat to start with. But surely that is circular logic, good sir. What do you think, Inspector?"

Inspector Lessclue: "Think? My good fellow! Who can afford to think anymore, since we recalled all the fiat? Hmmmm. Hmmm, indeed! Let me get back to you on that. Do you have my fee ready? I'm afraid the public has laid off ALL my staff. Can you loan me a pair of glasses?"

Babu1: "Did you notice that curious song he was humming?"

Babu2: "Yes. Curious piece. It's called 'There's a hole in CF Accounts, where all the fiat goes.' But what does that have to do with us?"

* "CTP." Alternative meaning is Central-to-a-"t"-Planners. :)

** CF