The oil in the machine

When the Indian economy tanked in 1991, it did so because it ran out of foreign exchange. Today, it is tanking because it has run out of rupees even as the foreign exchange granary is overflowing

Everyone says the Indian economy is in crisis. Everyone is also agreed that bad policy, on the one hand (demonetisation), and bad practice, on the other (GST implementation), have caused it.
 
Now two very old BJP politicians, Subramanian Swamy (78) and Yashwant Sinha (approaching 80), have suddenly gone apeshit. They have prophesised doom.
 
Mr Swamy’s ire is understandable. He wanted to be finance minister but was not acceptable to the prime minister.
 
Mr Sinha’s anger is less understandable. He was finance minister from 1998 to 2002. His handling of the economy wasn’t quite masterclass.
 
Nevertheless, he