The ruling elite need a constant supply of clerks for offices and sepoys for the army. So the Englishman designed our education system and it still works perfectly for the UPA and the BJP. Most of us in the middle class cannot really break away from the school education and do something different, can we?
Let us see what the Financial service sector does to keep us ignorant, ill informed, ….etc.
1. Hiring top class communication experts to fool us: The communication and body language experts write copy, decide where to locate what news item in the press, on tv, etc. They brilliantly manipulate data.
2. Get the Regulators to speak in a caring tone, but deliver toxins. Look at the changes that ULIP has gone through in India! From being a very customer friendly product (2004 you could top up a ULIP up to 20% of the sum assured) NOW YOU CANNOT. All changes were supposed to ‘benefit’ the common man. Brilliant manipulative communication skills.
3. Freeing well paid ‘experts’ to come on TV to manipulate you. Why do professionals come on Television? who pays them? what language do they use? Have you ever wondered? Why does a person spend 5 hours a week on TV?
4. Scare mongering the common investor to REACT IMMEDIATELY in panic and do completely wrong things! Even doing a survey on a day when the market has dropped 4% is MANIPULATIVE.
5. Pay tons of money to manipulate the system and create vested interests! Have you wondered how profitable banks are just because a few million of us leave a few thousand rupees in our savings bank and current accounts? And those accounts which we ABANDON just because it has only Rs. 2000 as balance? or Rs.350 as balance? Suits the banks!
6. Fuel our anxiety – leading us to hyper trade? and despite losing money believe we are great traders!
7. Make millions of agents, and sell through every bank branch: Look hard and you will find a million victims in this country of a billion people! Most of the agents and Relationship Managers have NO clue that they are not the looters, but the agents of looters.
8. Keep defective product structures ON for so long that people believe that the product is good. Look at a Classic Endowment product, it is a structural defect! It is DESIGNED to give you a NEGATIVE REAL RETURN immaterial of how long you propose to hold or hold. And the Government says Viaticals is illegal. Brilliant manipulation.
9. Constantly sow doubts about long term uncertainty, create a highly volatile market, – thus getting people to think short term instead of long term.
10. Creating a compensation system which ENCOURAGES short termism! Imagine a 40% upfront commission for a product with a 30 year premium payment.
11. Making the Government a partner (or in case of LIC, the full owner), the regulator ENSURING that people do not understand the difference between GUARANTEED RETURNS and REAL RETURNS – 4 generations of investors have lived through this!
12. Self serving ‘Investor Education Programs’ – this calls for a book, not just a post!
13. Creating new products to beat the legislation. When Sebi said ‘no entry load’, India’s private sector banks created PMS schemes and got the HNI to part with tons of money.
14. The managers who handle your Provident fund, NPS, etc. – If you meet them YOU are likely to stop putting one more PAISA into those funds. Honestly, I have dealt with them, and have NEVER come out impressed.
15. Employ a hit and run truck driver to get rid of Subra. Not sure if I am significant enough for them to worry about me!! Just my ego!
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