Dr Subramanian Swamy, President of Janata Party while speaking on the occasion of the second anniversary of Moneylife Foundation said, "Corruption is the reason behind inflation. Loss to the exchequer means loss for the people, and results into misplaced priorities". He said, "The 2G scam is probably the biggest we have seen, which the CAG estimates has led to a loss of Rs1.76 lakh crore. We would have a big part of our budget taken care of if we had that money." Dr Swamy also said how black money flows in and out of the Indian market unaccounted, and has huge implications. Dr Subramanian Swamy holds a PhD in Economics from Harvard University, USA. He is President of the Janata Party and was elected 5 times between 1974 and 1999. He has twice represented the city of Mumbai North East in 1977 and 1980, Uttar Pradesh and Tamil Nadu in Parliament. As a result of his crusade against injustice, he faced several defamation cases. He is known to argue these cases himself, without the agency of lawyers. In October 2004, he, along with other members of the erstwhile Janata Party, established the Rashtriya Swabhiman Manch to oppose the policies of the ruling UPA.