Debtor nations are somewhat like Draupadi

by B. R. GOWANI

“Draupadi on Dice” by Maqbool Fida Husain. SOURCE/Asian Arts via Columbia University

Draupadi

In the great South Asian epic, Mahabharata, during the ongoing hostilities and the power struggle between the royal cousins, Kauravas and Pandavas, Shakuni (uncle of Duryodhana, one of the Kauravas), challenged Yudhithira, one of the Pandavas, to a game of dice. The latter is there with his four brothers and their common wife, Draupadi, who is in the middle of her menstrual cycle.

The game began with Yudhisthira’s loss cycle. His opponent was not only a very good player but was ethically a bankrupt character. Yudhisthira knew this but the challenge was a matter of honor for him. He kept on wagering and lost his wealth and his kingdom. And as they say in South Asia — the loser doubles the stake, he wages his brothers. But the outcome was no different; the next person he wagered was himself. However, Lady Luck escaped him this time too, as well, and he staked the Lady Draupadi. They no more had a wife.

Vicious credit cycle

The people who are in the business of lending money do so with a sole hope: The debtor never returns the principle amount back. Only then can a lender make that principle amount a source of permanent income without much effort or work (or can try to earn as many installments of interests as possible).

Loaning and bondage of debtors in the case of failure to pay back is not a new thing. What though is a new phenomenon is turning this cruel practice into an art: Courtesy: The former Western colonialists and the present imperialists. They do it through institutions such as the World Bank and the International Monetary Fund (IMF) and for various motives. In addition, “The loans are conditional to economic structural adjustments which prioritise debt repayment, economic growth and open domestic markets to foreign investors and suppliers.”

That is, privatize as many things as you can and impose austerity measures — cut down as many public programs as you can. The outcome has been as was expected: Many countries are indebted heavily and are trying to make ends meet.

Draupadi’s question

When the attendant went to the ladies quarter to get Draupadi, she refused to give herself up. Unlike Sita of Ramayana, Mahabharata’s Draupadi is often aggressive and outspoken. Instead of going with the attendant as ordered, she asked,

“Whom did Yudhistira lose first, me or himself? Whose lord were you at the time you lost me?”

The reasoning behind her question is that how can someone who is not a free person himself can stake another person? Though he used to be my lord, the current reality is that he is someone’s slave right now. And the slave has no authority over anyone.

Peoples of indebted nations

Most leaders who borrow money for their countries are not any better than Yudhisthira. They are not only puppets of the lending countries and institutions, but are also extremely corrupt. Lenders are well aware of this fact. These corrupt puppets have staked their countries in the game of debt. And the debt keeps on jumping tremendously. The continent of Africa saw its 1970 debt of $5 billion going up to $8 billion in 1984. By 2000, the debt had risen to $350 billion. That is an increase of almost 44 fold! The debt servicing eats up more than 50% of Africa’s export earnings.

The total global debt in 2006 rose to $2,500 billion (or $2.5 trillion) from $54 billion in 1964. Rajesh Makwana of STWR (Share the World’s Resources) points out:

“The number of people who are consistently starving has more than doubled in the same period to 850 million.”

Peoples of many indebted countries are asking a similar question which was raised by Draupadi: The rulers who are taking out loans in our names are themselves not free creatures but are the puppets of the lenders, so how can we be held responsible for their follies.

Lord Krishna to the rescue

Carrying out Duryodhana’s order, his younger brother Dushasana forcefully dragged Draupadi out to where the men had assembled. Yudhisthira is quite, with his eyes fixed on floor. She insisted for the leaders in the assemebly to answer the question she had earlier addressed to Yudhisthira. She cries out: Is there no more morality? “Or else how can you be looking on this atrocity?”

Dushasana got hold of her sari and began to pull it off. Draupadi now left her fate to Krishna. She cried out: “O God Krishna!…” Krishna came to her rescue. “As one piece of garment was unwound and pulled off, another appeared in its place, and another, and another, endlessly.” Dushana was tired and gave up. Draupadi’s original sari was still on. Thus Draupadi was saved from the ultimate humiliation.

Any savior/s for the indebted peoples?

There are various progressive groups, NGOs (non-governmental organizations), and others who have been demanding writing off of debt. And there have been some success. Of the total $532 billion owed by the Heavily Indebted Poor Countries (HIPC), $33 billion was canceled under the HIPC initiative.

Venezuela’s President Hugo Chavez has done some good things on his own. His government helped Argentina from the IMF claws. He also canceled Haiti’s oil debt. Venezuela’s trade with Cuba is on a barter system. Venezuela provides oil and other goods whereas Cuba supplies doctors and nurses.

But there seems to be no miracle in sight which could save the rest of the indebted peoples from their daily humiliation due to the greed of the lenders.

B. R. Gowani can be reached at brgowani@hotmail.com