The Most Powerful Body at this Epochal Moment

Professor Sankarshan Acharya
Pro-Prosperity.Com and Citizens for Development
August 28, 2012


Presented below is a letter addressed to the President of India based on the Kernel of modern Constitution [adopted in most countries around the world] which is based on the ancient Indian philosophy of Dharma scripted in Gita:

"Nobody including the government, the Parliament and the state Legislatures can pass a law or follow a policy or practice to let some people, e.g, government executives, legislators and their cronies usurp public or private wealth."

The letter presents an argument that at this epochal moment in the history of mankind, the Indian President is the most powerful body who can help fulfill the common longing of humanity as stated above.

It would be an error, however, to ascribe any politics to my research:

When research directly affects welfare of people, it may appear to be political. But the truths discovered in my research and I, as an individual guided by the truths, am provably apolitical. Take for instance the truth discovered in my paper, entitled, "No-Subsidy
Mantra of Governance Needed to Attain the Most Efficient Economy" [which is forthcoming in the Journal of Governance and Regulation] that subsidies are detrimental to economic efficiency and competitiveness. This truth is definitely antithetic to the very goal of every group and association including political parties organized to extract subsidies from the economy's exchequer. Thus someone professing elimination of all forms of subsidies cannot be political.

I look forward to having your comments.

With best regards,

Dr. Sankarshan Acharya
Citizens for Development &


To:       Honorable President of India

Cc:       Honorable Chief Supreme Court Justice of India
Cc:       Honorable Prime Minister of India
Honorable Chief Ministers of States

Sub: Who is truly Supreme, the President or the Parliament?

Date:   August 28, 2012

Dear Honorable President,

  • Who is Supreme?

Who is supreme, the Parliament (body of lawmakers) or the President who is the penultimate custodian of the Constitution (founding doctrine to frame laws)? 

Indian Parliamentarians have often stated that the Parliament is and ought to remain supreme.  Indeed, this profound statement is backed by various Acts of the Parliament: whether it is (i) for granting birthrights to certain groups for votes, or (ii) for distributing public wealth among crony capitalists for copious funding of reelections of the largesse-granting Parliamentarians or (iii) for printing fiat money for usurpation by the loyalists. 

Only one Act remains to be passed by the Parliament, consistent with all existing Acts: legal right of Parliamentarians and their cronies to usurp public and private properties and elimination of authority of courts to try cases of such legalized usurpation, so that, as happened in USA, there no major culprit could be prosecuted even after households lost $20 trillion and the economy entered another Great Depression.

We are certainly in a nouveau Jungle Raj which is unsustainable and unstable because it is inconsistent with the kernel of the Constitution which is consistent with the ancient Indian philosophy and conscience: 

Kernel of Constitution:  Nobody including the government, the Parliament and the state Legislatures can pass a law or follow a policy or practice to let some people, e.g, government executives, legislators and their cronies usurp public or private wealth. 

Wealth includes lives, physical assets like land and real estate and financial assets like investments in stocks, bonds and bank deposits.  Usurpation of someone’s life means either killing or outright slavery or underemployment.  Usurpation of physical assets is accomplished either through outright robbery or via decree to print and grab fiat money to ‘buy’ others’ assets.  Usurpation of financial assets is accomplished by various capital market shenanigans like short-selling of securities.[1]  

The irony underlying the pursuit for supremeness has made the Parliamentarians and their cronies run behind a mirage of catching up with the nouveau powerful class, being haplessly created by the very unconstitutional acts that have irreparably eroded the value of rupee (fiat money) by causing domestic inflation and international reluctance to hold rupee-assets.  

The only way the Parliament can become truly supreme, and I wish to see that day alive, is to repeal all the Acts which are inconsistent with the above Kernel of Constitution.  This means annulment of all laws which create subsidies for one group or the other including political parties.  A no-subsidy mantra of governance is necessary to attain the most efficiently competitive economy to strengthen national currency and competitiveness.[2]

  • Two Natural Divisions among Humans

There are two natural (‘god ordained’) divisions among humans across caste, religion, race, language, ethnicity and national boundaries.  One group devises all feasible sophisticated shenanigans to usurp others’ wealth which includes labor, life and physical and intellectual properties.  This group includes even the idling poor who rally for largesse from politicians with a lure of bribes for votes.  The other group perseveres to build own physical and mental faculties to accumulate wealth and to fight for elimination of all kinds of usurpation schemes. 

Acquisition and preservation of wealth is very necessary to enjoy liberty.  Every liberty-seeking human including the usurpers, therefore, acquires and preserves wealth and resents usurpation of own or common wealth.

It is irrefutably true that humans cannot coexist as a civil society if usurpation of private and common wealth is allowed even surreptitiously through sophisticated Acts of Parliament.[3]  This profound truth dawned on Krishna to propound Dharma (the kernel philosophy of Gita) to not usurp private and public wealth and to fight for elimination of recalcitrant usurpers. 

Dharma is necessary for viability of human society.  It is also essential to preserve plants, animals and other natural resources on earth.  For example, fiat money is propped by the productive labor (mental and physical) of a nation.  Printing money for distribution to the unproductive people is surreptitious usurpation of the producers.  Those who receive the printed money without obligation to repay through production and service and those who grant such largesse to rule are together usurping and subjugating the productive labor.  Such usurpation for subjugation is akin to the infamous Pashakhela of Mahabharat using which the Kauravas usurped all the wealth of the Pandavas to subjugate the latter to toil.  Usurpation not only transgresses Dharma.  Usurpation also causes destruction of limited natural resources and pollutes earth as the artificially propped-up nonproductive beings consume and excrete without producing or cleaning the environment.  The policy of inclusiveness should be to motivate everyone to produce, serve and clean the environment, not to grant largesse to the idlers by printing money on the back of productive labor.  Granting such largesse to remain in power is Adharma and unconstitutional.  It is unsustainable in the long run.   

It is a hapless irony that the same people who worship Krishna or express belief in Dharma and swear to uphold the constitution are blatantly and nonchalantly steeped in the Adharma or unconstitutional acts of usurpation.  It is also striking how the humanity has considered it necessary to proscribe all forms of usurpation of public and private wealth by adopting Dharma as the crux of the modern constitution for governance of nations.  Yet, the satraps ruling humanity are nauseatingly improvising and sophisticating surreptitious shenanigans to legalize usurpation of private and public wealth by transgressing the very constitution they have sworn in. 

After Bertrand Russell won Nobel Prize by arguing that science has triumphed over religion ("Religion and Science," Oxford University Press, 1961), common people looked forward to learning from the scientists who formed a fountain of truth – the academy.  Since every religion is based on god, Russell's argument implied that science had triumphed over both religion and god. But neither Russell nor anyone else has ever defined religion and god, rationally or scientifically. The assertion about triumph of science (which is founded on rationality) over concepts such as religion and god (which hitherto have not been defined rationally or scientifically in the extant literature) cannot be rational or scientific.[4] Yet, economists affiliated to the academy have rationalized numerous sophisticated shenanigans for usurpation of private and public wealth as science and rulers have adopted such unconstitutional and inefficient shenanigans as laws.

  • Indian President Can help Establish Constitutional Governance

The Indian president is uniquely positioned at this epochal moment in the history of humanity marked by profound global consciousness about first-best efficient governance consistent with the modern constitution and with the ancient Indian philosophy of Dharma: to not usurp for subjugation of others through moral hazard or blackmailing tactics.  An unprecedented intellectual environment has now emerged to induce even the ‘supreme’ Parliaments and Senates around the world to embrace a moral-hazard free, i.e., first-best efficient system of governance because selfless research has proved that the prevailing moral-hazard prone system is unstable and amenable to catastrophic failure as harbingered by the financial disaster of 2008, which is considered by the Federal Reserve as worse than the Great Depression.  India too would be seriously affected by the waves of depression, which can escalate the internecine.  But this can be preemptively averted by embracing a moral-hazard free (subsidy/quota-less) efficient and constitutional governance.

How is a titular head (the President) so uniquely positioned to cause monumental shift in the direction of governance at this epochal moment that the supreme Parliamentarians have failed to achieve? 

One can observe that the Parliament is very afraid of only the Supreme Court judgments.  It is not just because the SC can annul various unconstitutional acts of the Parliament.  It is also because at this moment only the SC is remaining as a credible body (notwithstanding complaints about corruption) to create consciousness about many deeply unconstitutional acts or policies like those which grant birthrights to some groups to effectively usurp the productive labor or to appropriate the public assets for pittance.  When the deprived groups agitate against such acts, another unconstitutional act follows:  print and distribute money to douche the fires.  This system of governance (driven by moral hazard) is unsustainable and unstable, but the Parliamentarians cannot talk about it even if they know the truth.  Only the SC can publicly and credibly decree that such acts are unconstitutional, unsustainable and inefficient.  But many powerful Parliamentarians who have deep vested interests in the current system will seek a Presidential referendum on such SC judgments.  It is completely within the purview of the President, however, to offer his learned judgment on the Cabinet referral of any SC judgment. 

The President of India has no power to even refuse to sign a newly passed act of the Parliament after it is sent to him more than a few times, under the constitution.  But he has absolute power to agree or disagree with SC judgments, once the Cabinet refers them for his reevaluation.  Neither the Parliament nor the elected government has any power to impose their will on the President about how the latter should opine on the Cabinet’s referral of SC judgments.  This is why the President of India is the most powerful executive in the democratic world at this epochal moment when the SC can constitutionally annul the unconstitutional acts/policies of the Parliament/Cabinet and when the President can render his penultimate concurrence with SC decrees.  Neither the Cabinet nor the Parliament can then do anything under the constitution (unless they promulgate extra-constitutional measures like emergency or marshal law) to reinstate the annulled unconstitutional acts. 

The SC can also review its own past judgments, e.g., on birthrights on the basis of new research on efficient constitutional governance to decree that granting of quotas/subsidies in any form is unconstitutional and unstable.  [Instability is proscribed by the Constitution, though economic inefficiency and non-competitiveness of are not.]  The President can forever seal the coffin of unconstitutional, unsustainable and inefficient quotas/subsidies created by the Parliament after the SC decrees them as unconstitutional and the President concurs with such decrees after Cabinet referral.  By doing so, the Indian President and Supreme Court can free (without needing a Lokpal Bill or new Parties) not only the 1.2 billion Indians but also initiate a movement to free the rest of the world from the sophisticated unconstitutional schemes of usurpation and subjugation (Adharma) due to the machination of a few, which even Gandhi and Lincoln could not achieve.

So, Pranab Da, will/can you step in if the SC decrees that the Parliamentary acts and government policies on granting of quotas and subsidies are unconstitutional?  You have the constitutional power that no one else in the democratic world has to simply not alter the SC decrees if they are referred to you for reevaluation by the Cabinet. 

Many have blamed you for not acting on the unconstitutional acts/policies when you were a member of the Parliament and Finance Minister.  But sometime after I dispatched my memos and papers on constitutional and efficient rules of governance to the PM (who generally sent them to relevant ministries), press reports indicated that you wanted to ensure constitutionality of every government policy and Parliamentary Act.  The press statements attributed to you tacitly acknowledge that many prominent members of the government (including the PM) have at least privately admitted that some Parliamentary Acts and government policies are unconstitutional, inefficient and unsustainable.  Then on CAG released reports of losses due to 2G Spectrum and Coal block allocations (as opposed to auctions).  Such auction-less allocations of public wealth to politically connected cronies have been made ever since independence of India and before.  How suddenly they became scams after about 2009?  The year 2009 was the first time when I was enlightened (by proving a theorem within a general equilibrium model) that first-best economic efficiency is one-to-one with the Kernel of Constitution which is the same as the crux of the ancient Indian philosophy of Dharma scripted in Gita.  The discovery of this economic wisdom permeated the global intelligentsia as the numerous downloads of my papers from indicate.  But you are the only leader who had the courage to at least tacitly acknowledge (based on my inference from your comments in the news reports) that Parliamentary acts and government policies have turned inefficient, unconstitutional and unsustainable.  I have been reading news reports then on that the PM himself and many of his Cabinet colleagues are struggling to eliminate all subsidies.  

That the SC too promptly responded to the new-found wisdom – one-to-one correspondence between economic efficiency and stability with the Kernel of Constitution and with the ancient Indian philosophy of Dharma scripted in Gita – is obvious from the prompt court decrees like return of farmland acquired for NOIDA expansion, voiding auction-less 2G spectrum allocations, and even proclamation of Gita as a philosophical document, not religious scripture.

We as a nation are thus moving in the right direction, contrary to the spread of agitations and violence.  Like every other nation, India too gave away public wealth to private individuals and printed money to have economic growth and prosperity, driven by the prevailing Western dogma/philosophy scripted by the gurus of the now-recognized-as-failed second-best system of money and finance taught in the finance and economics programs around the world.  That India has promptly distanced from such unconstitutional and unstable philosophy during my lifetime is a great achievement for the nation.   

It is true that you could not do much, as finance minister, to accomplish your desire to repeal the existing acts of Parliament or government policies when indeed demands abound to introduce even more quota/subsidy driven acts and policies.  That it is really impossible for a member of the government or Parliament to repeal any unconstitutional Parliamentary act or government policy should be obvious by now.  But, as President, you have immense power (that no one else has) to render your learned reevaluation of any SC decree on unconstitutionality of the acts of Parliament or government policies should the Cabinet make a referral of those decrees to you.  I believe in the core of my heart that the current PM will render his strategically tacit support for your concurrence with SC decrees. 

The money printing machine is like the phoenix Bhisma of Mahabharat.  It is under the control of every political party in power.   No ruling party (including any Anna Hazare party coming to power even with a landslide mandate) can ever survive without the money printing machine in the current climate in which the nonproductive people have been addicted to government largesse (which is possible to grant only by printing money) and the Parliamentarians are addicted to power and need the printed money to obtain votes which the unproductive lot are ready to cast to whosoever gives money.  Global consciousness among rulers about my research findings on the necessity of constitutional and efficient governance for competitiveness and survival of nations has, however, demoralized the money printing philosophers.  The new-found wisdom on efficiency and constitutionality has changed the environment at least the level of the rulers (government executives and Parliamentarians) around the world.  The modern Bhisma (money machine) is now in Sara Sajya, but not yet deceased.  It is waiting for its last breath and a decent funeral.  The SC and the President of India can certainly trigger this penultimate event by declaring that the money printing act is unconstitutional and by not reevaluating their judgment even after Cabinet referral.  This is needed by humanity so that the mighty modern Duryodhans will give way to a truly supreme Parliament sans the unconstitutional acts and policies.   

With profound regards,

Sankarshan Acharya


[1] See Acharya, S. (2012), “Economic Inefficiency and Unconstitutionality of Short-selling and Privileged Private Market Clearing,” forthcoming in the Journal of Investment Management and Financial Innovation and available at
[2] See Acharya, S. (2012), “No-Subsidy Mantra of Governance to attain the most efficiently Competitive Economy,” forthcoming in the Journal of Governance and Regulation and available at
[3] The meaning of what is true or false is elaborated in a paper entitled “A Unifying Philosophy of Governance,” forthcoming in the Journal of Governance and Religion and also available at
[4] See Acharya, S. (2012), “A Unifying Philosophy of Governance,” forthcoming in the Journal of Governance and Regulation, and also available at offers a novel rational philosophical foundation for the concepts of god, religion and science in which the claim that science triumphs over religion is redundant.