Socialising assets, privatising liabilities

What do you with a problem like Gyanendra?

This is an archived blog post from The Acorn.

From Nepal comes news of an royal billing dispute. After doing away with the monarchy and nationalising many of the royal assets—including the main royal palace—the government of the new republic wants King Gyanendra to cough up payment for the electricity the royal family used while he was still the monarch.

Oh, it is quite likely that Mr Gyanendra has a lot of private wealth arising from his numerous business ventures, but that’s not the point. Billing him for the electricity he used after stepping down is fine. The question is whether the financial liabilities he accumulated during the period he was the monarch can be turned into his personal liabilities now, when his royal assets have already been nationalised.

Lest you wonder—yes, the Maoists are in power. Going after the former monarch is the beginning of the slide down the slippery slope. Big landowners would be next. And rich businessmen might follow.

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