Reforms

Prime Minister Sheikh Hasina rewarded her loyalists and handed favours to certain members of her party.
Downgraded, not purged, were party men who had advocated party reforms and attempted to execute the well-liked minus-two formula of the caretaker administration.
However, the caretaker government suddenly retreated from its grand reform mode. Up came the AL with a landslide victory. The BNP lost badly believing, until the last day, that there would be no elections.
In victory, the AL should have declared itself a government of reforms, but far from it. To cut unbridled powers of the prime minister and the concentration of power in Dhaka should be a priority. Reforms within political organisations are critical for the country. Should Hasina be the prime minister, the leader of the House, and the party chief all at the same time? Should the party secretary general be a cabinet member too? Can the party members use the ballot box to choose committees, or must they become loyalists to survive in politics?
For general peace and stability, the police must have its operational independence to crack down on violence as it sees fitting. Constitutionally, the police, not the government, must guarantee our security no matter which party wins the national polls.
There is also the trial of war crimes that would be a failure as the mass trial of the corrupt recently was. Courts fail to dispense justice unless investigating institutions are not strong and skilful. In terms of resources and policies, the AL should spell out how to improve these, and how they would liberalise the economy, which alone can slash common corruption.
Hasina's administration has failed to see the cause of price hikes and market unpredictability both within and outside the country. Mainstream economists blame free market and the extravaganza of US derivatives, sub prime mortgaging, speculations, or excessive global demand but these are not correct explanations or the truth.
The recent abnormal price rise in our consumer markets or of oil is a reflection of too much money in circulation nationally and globally. The prime cause is Alan Greenspan's 20-year monetary policies that gave US citizens a false prosperity. Their cars, fridges, holidays, and homes were all on cheap bank credits, and they had no savings or earnings to pay for it. The loose money gave the stock market players a bonanza but ultimately the economic balloon has burst.
Decades back, the Austrian economists had indicated why socialism is impossible to work and how it would destroy freedom and civilisation if it must work. Yet again they have said it clearly, why a government monopoly on the issuance of money would bring total economic collapse by their excessive paper printing.
Instead of following IMF/Fed principles, if Bangladesh can adhere to the Austrian understanding of money, market prices would remain stable and predictable. The people would then enjoy and benefit from a 'multi currency competitive' regime allowing importers, exporters, consumers, savers, and investors to choose their currency. This is market freedom where competition checks the excessive printing and supply of any taka in the market. When money supply is tight, prices stay stable as taka retains its value. It only loses value when there is excess supply. Abnormal high prices of stocks or rice are a reflection of that money syndrome.
The government's challenge is reform in all spheres. Only less government and more freedom, but firm Rule of Law, can unleash ideas and enterprise to overcome our woes. Let us hope Hasina wins the test, and with it another term to fulfil her father's dream for a country that could be rich as gold.