Our Man In Pakistan

Article view:

"In the last two decades Mahbub ul Haq has arguably had a greater impact than anyone else on the lives of the world’s poor ... it is the Pakistani economist who, by pioneering the human development revolution, has managed to change both thinking and practice."

In a famous speech he said,“In the next two decades, almost 90 per cent of the additional population will be born in the Third World....it is a matter of power because that is where the markets are going to be….The real problem has been that the world has moved very fast towards interdependence because of technological revolution, without discovering the institutions of interdependence. Three institutions — an international central bank, a system of international taxation…, and global management of scarce resources of the world (including oceanbeds) will simply have to emerge.” He had clearly anticipated four major challenges of our times — the importance of emerging markets, globalisation and its discontents, sustainable development and the current global economic turmoil in the absence of an effective international economic order ...

A landmark in his intellectual life was the “22 families” speech he gave in Karachi in 1968 which highlighted the power and wealth of a few families. It was a summery (sic) indictment of the government from within.

During this economic crisis

He died in 1998. And we are still to do something about the ideas this man left us with. And these observations are true for India as well. He was, our man - in Pakistan.

Same difference ... BJP supports bail out for India Inc

BJP supports bail out for India Inc

The opposition Bharatiya Janata Party (BJP) today called on the government to respond to the “present economic crisis” and take specific measures to bail out companies in civil aviation, real estate, automobile, textiles and gems and jewellery sectors and help them tide over the slower consumer demand and rising costs.

In a joint briefing today, BJP leaders and former finance ministers Jaswant Singh and Yashwant Sinha, accompanied by former Communications and Disinvestment Minister Arun Shourie, said unless the government took immediate “sector-specific steps”, and that too on a large scale, “companies would start shutting shop and lay off employees in large numbers”.

The largest employer in India is the SME sector

And the BJP does not talk about the SME at all. Just like the Congress is not bothered about them at all. Save the big industry. There is space for big industry and India needs big industry too.

The big moneybags call the shots

In both the Congress and the BJP. So, any belief that any one is any different is all wrong. They are more or less of the same agenda.

Shallow thinking

Both have the same limitation in the thinking - set by the external agenda and vocabulary. The difference is language. Congress swears by India (a Roman name of Bharat) and BJP swears by Hindustan and Hindutva (a Levantine name for Bharat). Both miss out on the Bharati nature of people.

No talk of Third currency

Neither (the Congress or the BJP) has the imagination or the strategic depth to think out of the Western box. They are all trying out the same tired Western cliches of IMF and World Bank reform - which is going nowhere. It is the IMF and World Bank which keep the Third World poor and backward.

Sad.

Ask Uncle Ben for dollars?

mint COLUMN MARK TO MARKET - ShouldweaskUncleBenfordollars?:

"U S Federal Reserve chairman Ben Bernanke’s helicopter has been sighted for the first time in emerging markets, raining dollars in South Korea, Mexico, Brazil and Singapore. The currency swap lines of $30 billion (Rs1.5 trillion) arranged by the Fed for each of these markets led to a drop in dollar borrowing costs in Asia on Thursday, strengthened Asian currencies (the Korean won was up 14% against the dollar) and, together with the cut in the fed funds rate, led to a polevault in stocks in the region.

The global dollar shortage has played havoc with emerging market currencies, which have been plummeting."

Don't Ask ... Demand

It is more like US responsibility ...

The US has been evading transparency by not revealing M3 figures (on dubious grounds), printing money 24x7x365 and creating toxic assets.

Now when the muck has hit the fan, they are acting coy.

China was right that the US is now looking after its own - and not bothered about the problems the US has created for other countries. Like this news article shows, India is unlikely to get seriously affected - which is possibly creating complacency in India about what needs to be done.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Why is BCCI getting tough with Lankan board?

BCCI gets tough with Lankan board - News - News - Cricket on Times of India:

"BCCI has reportedly decided to put on hold all future bilateral series with Sri Lanka because of 'hostile' statements made by Sri Lanka
Cricket chairman Arjuna Ranatunga. ( Watch )

BCCI officials refused to confirm the development while Sri Lankan sources said that talks between the boards had run into rough weather. The dispute had started over a proposed Test tour by Sri Lanka to England in April-May next year, when the IPL tournament takes place."

Sub-continental cricket success

The Indian cricketing establishment was lone succes in sub-continental relations. India, Pakistan and Sri Lanka jointly took on the might of UK, Australia to move cricket headquarters from UK to Asia.

From the 1987 World Cup to the 2007, Australian tour, the entire sub-continent approached issues in a concerted manner. This gave them significant leverage.

With a new ‘political’ dispensation at BCCI, are things changing? Is India trying to bully its friends and neighbours?

Possibly. ‘Jaggu Dada’s’ touch is required!

What do the Europeans want ... in the new global financial architecture

Bloomberg.com: Worldwide

Asian and European leaders called for an overhaul of World War II-era banking rules, lending support to French President Nicolas Sarkozy as he pushes the U.S. to embrace greater supervision of global financial markets.

The leaders ``pledged to undertake effective and comprehensive reform of the international monetary and financial systems,'' according to a statement in Beijing yesterday. Chinese Premier Wen Jiabao told reporters after the gathering of more than 40 heads of state and government that ``we need even more financial regulation to ensure financial safety.''

U.S. and European leaders have sparred over the causes of the credit crunch and how to cure it. Sarkozy has called for stricter government oversight of banks and hedge funds. President George W. Bush, who will host the Group of 20 industrialized and developing nations on Nov. 15, emphasized the role of free markets in a speech yesterday.

China cosies with Europe

China is making common cause with EU over the dollar crisis. While Chinese disappointment is understandable, their actions are beyond comprehension. Just why will Europeans be bothered about Chinese welfare? Just look at their history!!

For that matter why in the world would anyone be interested in Chinese welfare - except the Chinese, of course. The Chinese Government is looking at all options - except Chinese welfare, unfortunately.

And what do Europeans want - some seats at the global regulatory table, to force US moneybags to seek approvals, which will come at a cost ... or is that the approvals will come at a price ...

Which will solve no one's problems ... back to square one ...

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Asia eyes key stake in new global financial system- Global Markets-Markets-The Economic Times

Asia eyes key stake in new global financial system- Global Markets-Markets-The Economic Times:

"As Europe and the United States clash over their leadership role in framing a new international financial architecture at the November 15 meeting in Washington, Asians feel they have much of a stake in the stability of the global system as the industrialized countries, the experts said.

'The big question is how you can restructure the international economic regime in a way that makes countries such as India and China feel that they not only have a stake but also have real influence,' said Eswar Prasad, former head of the China division at the International Monetary Fund."

No clash … more like fighting over spoils …

In the last 10 years, the Euro has managed to make a niche for itself - and make space for itself. With the dollar under pressure, now the Euro wants to twist the knife into the dollar side. The Euro-zone knows that the G-5 (Russia, China, India, Brazil, South Africa) are not prepared with an alternate plan.

Without such ’special’ mechanisms, the Euro and dollar zones have to compete, without significant weight advantage on their side. The institutional mechanisms in the G-5 have large gaps - and the Euro Bloc knows that. Hence, the Euro Bloc is trying to gain advantage over the dollar - and they can succeed only if China and Russia ‘co-operate’ with the Euro zone.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Sharp Slowdown in Asia Nears - WSJ.com

Sharp Slowdown in Asia Nears - WSJ.com

... in the past 10 years, Asia has doubled down with its bet on exports as an economic engine -- at the expense of developing a domestic consumer market that many economists believe will ensure more sustainable growth.

Exports accounted for 47% of gross domestic product in Asia, excluding Japan, in 2007. That is a jump of 11 percentage points from the comparable figure in 1998, during the last economic crisis in the region, notes Stephen Roach, Morgan Stanley's Asia chairman. Asia "may not be levered in the strict sense of reliance on global credit," says Mr. Roach. "But it's certainly levered to the global economy."

The Indian difference

India is an exception in this regard - more due to the entrepreneurial drive of Indians rather than design. Government was pushing for FDI - whereas the Indian entrepreneurs were pushing the Government for opening of foreign investments in domestic equity, VC, debt, infrastructure, markets.

FDI investments in India were less than US$100 billion - and came with many tax concessions, licensing, royalties and most importantly, ceding large sectors of economy to MNCs.

But equity investments in Indian markets, fuelled an investment boom in India - which is supporting Indian enterprise.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

India must take inclusive growth more seriously - Economy and Politics - livemint.com

India must take inclusive growth more seriously - Economy and Politics - livemint.com

“In Africa, poverty is a tragedy; in India, it is a scandal.” And I understand what he means by that. In Africa, there are all sorts of conditions, the state, the society, lack of education and so on. In India, you have very competent and bright people, very strong institutions in education like IIMs (Indian Institutes of Management) and IITs (Indian Institutes of Technology) and yet 400 million or whatever number of people are under poverty. This is cataclysm. This is not only terrible so far as the poor people are concerned, this is also a terrible indictment of the Indian establishment... My concern is how seriously the Indian establishment is taking this issue of inclusive growth. I asked a government official, he could not answer me. I said when you wake up in the morning, do you have a plan how to ensure inclusive growth?

The Elite barricades itself, using colonial laws, language ...

English is the language of exclusion in India. India spends nearly US$6 billion on English education. In Purchase Power Parity exchange terms, it is possibly greater than US$100 billion towards education in English.

Korea, Japan, China, Russia, Germany, France, Spain - do not use English and are significant industrial or cultural powers. Most importantly, what happens when US declines as an economic force. The influence of English is largely today due to the dominance of Britain and USA (by turn) from 1850 to 2000. In the next 25-50 years, the importance of English and US will decrease. Where will Indian-English dominated education system be at that time?

Cold turkey for Pakistan ...

Fearing IMF riders, Pak seeks allies aid- Politics/Nation-News-The Economic Times

... the IMF has revealed that Islamabad has sounded out the ‘international lender of last resort’ for aid. Pakistan needs, according to one estimate, $4 bn to roll over loans and $10-15 bn to pay for imports.

Islamabad is still trying to get a loan from friendly powers such as the US, China and Saudi Arabia, to avert a loan from the IMF, ...

One condition (for the IMF loan) reportedly being sought and stiffly resisted is a 30% reduction in Pakistan’s defence budget over the next 10 years. Other reported conditionalities include sharp downsizing of the government, taxes on farm production and direct monitoring of taxation and the budget by the IMF.

What is intriguing is that Pakistan’s traditional allies, the US, Saudi Arabia and China, for whom the amounts needed by Pakistan are small change, are forcing Islamabad to go to the IMF.

But Pakistan is continuing its negotiations with the so-called Friends of Pakistan, to avoid IMF loans and conditionality.

Is this the start of a new war on terror ... a more intelligent war ... Pakistan is the largest breeding ground for terror - largely supported by the US (aid, arms, sponsorship) and to a much smaller extent by China.

The puzzle of inactive Britain - New Global Currency

Bloomberg.com: Europe:

"Oct. 27 (Bloomberg) -- German Chancellor Angela Merkel and U.K. Prime Minister Gordon Brown will discuss ways of shoring up the global economy when they meet in London this week, Brown's office said.

The meeting, scheduled for Oct. 30, will include discussions to prepare for talks on global banking regulation in Washington next month.

``The economy is likely to be by far the most significant issue they discuss,'' Brown's spokesman Michael Ellam told reporter in London today."

The whole world is in a flap

And not a word out of Britain. Nearly a decade ago, while Europe was moving towards the Euro currrency zone, Britain held out, protested too much - and finally decided against it.

Because they were getting the benefits of the Bretton Woods-Oil-dollar benefits. London re-invented itself as a financial centre as a result.

Now, again, Britain is in the background. It is not on the dollar side - or the Euro side. And Angela Merkel is trying to get Britain to jump ship.

Britain will wait. And finally join the winning side - if any.

That is the way I see it, for now at least.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

U.S. has plundered world wealth with dollar: China paper | U.S. | Reuters

U.S. has plundered world wealth with dollar: China paper | U.S. | Reuters

"The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University.

Shi, who has before been strident in his criticism of the U.S., said other countries had lost vast amounts of wealth because of the financial crisis, while Washington's sole concern had been protecting its own interests.

"The U.S. dollar is losing people's confidence. The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on U.S. global economic leadership and U.S. dollar dominance," he wrote.

Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.

Late In the day, Mr.Hu ... This is something that the world has been talking about for a long time. China has been a major supporter (and victim) of this scam - by allowing US companies unlimited access and support. Chinese citizens have been duped with low paying jobs at these enterprises.

Is China forgetting history ... Mr.Hu - Today it is the US - but yesterday, it was Europe, Mr.Hu. Europe was blockaded by the US for the last 100 years - and hence, European loot is possibly forgotten in China. European loot was accompanied by a lot of bloodshed and killing also, Mr.Hu.

Has the Leopard Changed its spots Possibly, you dont know, Mr.Hu, because China has very little wildlife left. Leopards dont change their spots. Europe behaves today, because it has no options.

The answers A new currency floated by the five major economies who are most affected today - China, Russia, India, Brazil, South Africa. Maybe Japan will also join in. But, the answer, Mr.Hu is with these 5 - and not Europe.

A blog reader pointed this report out ...

This report was pointed out by a Quicktake blog reader. Thanks dsylexic.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

On and After November 15th - What Will Hapen

Global financial crisis summit set for November 15- International Business-News-The Economic Times

WASHINGTON: President George W Bush will host a summit on November 15 in Washington, DC, area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced on Wednesday.

"This will be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges.

The so-called G-20 includes the Group of Seven advanced industrial countries and the European Union as well as China, Brazil, India, Russia, South Korea and other major economies.

At the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits.

Earlier Quicktakes Tripolar Currency System - Connecting the dots - Part II recorded what is the likely outcome - which has happened till now.

The New 5

The real action will be 5 countries - Russia and China on one hand - and India, South Africa and Brazil on the other.

The DragoBear Dance

Russia and China as significant military powers as well as a part of P5, will want their pound of flesh. They will, of course, be afraid of being left out! The US will not have them and the EU does not want them!

Three Horsemen Of Apocalyse

The G3 (i.e. India, South Africa and Brazil) have functioning democracies, decent regulatory systems (which can be ramped up), the technology platforms, the trading systems, a vibrant entrepreneurial class - all of which is powering their economies forward. What they don't have is P5 status - which is useful, though not essential.

This Washington meeting

During the con-fab, 'committees will be set up' which create mechanisms for this management.

The big issue for the developing world will be obtaining assurances against predatory raids by the dollar bloc and the Eurozone to dismantle any new system - like the alleged plot of 1997 Asian crisis.

The lesser issues will also be inter-bank settlements, anchoring currencies (the role of gold or bullion).

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Global Reserve Currency ... India Seems diectionless

India outlines steps to deal with global financial crisis-Intl Business-Business-The Times of India:

"India on Friday outlined the steps it wants taken to lift the global economy out of the current financial morass. ... PM Manmohan Singh said the first step would be to “de-clog” the global credit markets which had choked up as a result of the crisis.

Second, multilateral financial institutions (MFI) like World Bank and IMF should step in with larger resources to invest in large infrastructure projects in developing countries, which can act as a stabilizer in the global economy.

The primary need, Singh said, was coordinated action to restore confidence in the credit market.

It is now clear that India would certainly be present at the November 15 G-20 summit in Washington. ... US President George Bush has called up Singh to personally ask him to be present. In what was clearly a global reversal of roles, European countries repeatedly asked Asia to lead the way out of the crisis. N Ravi, secretary (east) in the MEA, told reporters that all"

Either … or …

India seems to completely lack direction on how to move independently in times like these. After, all why should India even look at IMF and World Bank - which are fig leaf organizations of the West, as transfer mechanisms of wealth from the Third World to the rich.

Or India is working on a different plan, of which we know nothing. After all, India does believe in moving steadily (even, if slowly).

Russia and China

US and EU have their own reserve currencies - leaving Russia and China out in the open. Russia and China (as full P5 powers) will want a ‘lion’s share’ of influence in any new architecture. Which any Third World grouping will not give.

Stalemate.

Japan + ASEAN

China-leaning Lee Kuan Yew with an Islamic Malaysia may not be very hot about ‘giving so much influence’ to a ‘new member’ like India for an ASEAN initiative.

Any action which hurts the US, their largest market and patron, will be something that will make Japan and ASEAN hesitate. The very economic model of ASEAN + Japan is undervalued currency + exports to the USA. Hence, they will be wary of any initiative that affects the USA - and the West.

Status quo …

Interestingly …

Manmohan Singh is the only educationally qualified leader in the leadership line up of major world economies.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Is the dollar crisis triggering a China crisis?

Hardliners in bid to oust China PM-China-World-The Times of India:

"China’s most popular politician Wen Jiabao, the prime minister, has become a target for Communist party hardliners and could be forced from
office, according to a magazine in Hong Kong.

Its report is a rare insight into the struggle over the future of China between political reformers and guardians of the police state. The PM’s popularity rose this year as he comforted the victims of the earthquake in Sichuan province, visited people caught up in disastrous snowstorms and defended China’s unyielding policy on Tibet."

Inner Party Democracy

Actually, if the Chinese were to open up the Communist Party also to a transparent democracy, it would be OK. Then such reports would have little meaning.As long as peaceful change in Governments and officials happen, a country /nation is ’stable’.

Democratic Monarchy

Lee Kuan Yew’s diatribe against ‘Western democracy’ fails on this point. What happens after the Lee family dilutes its holding in Singapore - due to family size and age. Singapore has become a ‘democratic’ monarchy’. Which would be fine - if it were to declare itself so, and define succession laws.

India, engage

It is this lack of political transparency, which stops many awaited changes from taking place. And that is one thing that differentiates India.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Kenya set to get truth commission

BBC NEWS | Africa | Kenya set to get truth commission:

"Kenya's parliament has approved a Truth, Justice and Reconciliation Commission (TJRC) to probe human rights abuses since independence in 1963."

The Break From Hammurabic Laws

In the last 500 years, Hammurabic legal systems (based on retribution) used by the ‘Desert Bloc’ (Judaic, Christian and Islamic societies) has gained precedence in the world - delivering an eye-for-an-eye justice. The result, the US with the world’s largest prison population.

The Lipit Ishtar-Hittite-Chanakya-Indic systems (LHCI) legal systems based on compensation and avoidance have lost following. Nelson Mandela’s Truth and Reconcilaition Commission (as opposed to Nuremberg trials) was a significant step in regaining lost ground by the LHCI legal system.

EU Restores Diplomatic Ties With Cuba

BBC NEWS | Americas | EU formally renews ties with Cuba:

"European Commissioner Louis Michel said the accord he signed with Cuban Foreign Minister Felipe Perez Roque was 'a turning point for EU-Cuban relations'.

Mr Perez Roque welcomed its respect for the island's political independence.

It will now receive 2m euros ($2.6m) of emergency hurricane recovery aid, with 30m euros ($38.9m) available next year.

An EU delegation will return to Cuba in November to determine the needs and priorities for the financing to be made available in 2009."

Another dot ...

Is this another step in the European offensive to take advantage of the currrent US financial crisis - to gain alliances or neutrality from anti-US countries. The crisis at home in Europe is bad enough - and they have time to give aid to Cuba.

Tell me another story

The Telegraph - Calcutta (Kolkata) | Nation | Pope bars bishop for adoption

The Telegraph - Calcutta (Kolkata) | Nation | Pope bars bishop for adoption:

"Pope Benedict XVI has suspended a Kerala bishop for adopting an unmarried woman in violation of canon law and ordered a three-member panel to probe all the charges against him.

The Kerala Catholic Bishops’ Council spokesperson, Fr Stephen Alathara, said Kochi bishop John Thattungal today received a papal decree asking him to hand over charge to his immediate senior, Archbishop Daniel Acharuparampil.

Bishop Thattungal, 58, had adopted Sonia, 26, as his spiritual daughter at the office of the sub-registrar in Mattancherry on September 15. The woman spent a few days at the guest house on the premises of Bishop’s House. A priest of the Orthodox Church who had adopted Sonia as a child was also with her at the guest house.

Archbishop Acharuparampil will hold charge of the Kochi diocese during the probe.

The Holy See action came on a report submitted by its representative in New Delhi, Archbishop Pedro Lopez Quintana."

The Vatican is a Nation

The Indian Government allows a foreign Government (Vatican is a country), to interfere in the religious matters of Indians? I thought the Indian Government is here to protect Indians. What gives the Holy See the right to impose their will on Indian Christians? Would the Indian Government accept if the Grand Mufti were to issue fatwas to Indian Muslims ...!Would the EU accept that ...

He who pays the piper calls the tune ...

Because foreign Christians fund the missionaries, they are calling the tune .... I thought there wre strict laws against this ...

Vatican suspends Indian bishop over "adoption" row - International Herald Tribune

Vatican suspends Indian bishop over "adoption" row - International Herald Tribune

The Vatican has suspended a bishop in the south Indian state of Kerala after a furore over his adoption of a young woman as his "spiritual daughter," the state's Catholic bishops' council said.

From 6000 miles away ...

Just why would an alien far off figure, who has not visited India even once decide on what Indians do! How welcome would fatwas from the holy mosques of Middle East be in Europe, Your Holiness?

It is this interference in religious practices of Indians that makes the missionaries suspect, in Indian eyes. What further aggravates the Indian is the apparent disinterest by the Indian Government in such meddling by foreign authorities in practice of religion by Indians!And then to listen to them teaching us about religious tolerance ...?

Manubhai ...

Why FDI is not such a hot thing ...!

Value of FIIs’ portfolio drops by $190 bn in ’08 - Home - livemint.com:

"net selling by FIIs amounted to just about $12 billion worth of Indian equities, or some 7% of their total holding, in the BSE-500 between January and September, the 57% drop in the BSE-500 index and more than 20% loss in the exchange value of the local currency saw their portfolio shrink by more than 75% on a mark-to-market basis.
FIIs had pumped about $67 billion net into Indian equities between 1993 and 2007."

How India's Foreign Reserves Are Different

Significant parts of India's foreign exchange reserves were built by investments made by foreign institutional investments - which for long, considered as 'unsafe' and 'hot' money. However, investors were so enamored with Indian entrepreneurs and the transparency in electronic trading that SEBI and RBI had to put brakes on inflows - so that Indian economy does not catch the Dutch disease. A major attraction were Indian electronic stock exchanges, which are cutting edge players in transaction processing.

The arrogance of FDI

FDI on the other hand pawns the economy in the hands of foreigners - and local citizens become poorly paid employees of foreign 'masters'. This also damps down the local industry. China has focused for long on FDI - and jobs for its rural poor. Most MNCs finally follow a scorched earth policy - and leave domestic competitors devastated.

In 1977, when Coke, IBM etc were asked to issue shares to Indian citizens, these MNCs arrogantly, chose to leave India instead. With FIIs such arrogance is absent.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Quick - Which is the world’s largest newspaper market

The world's 'last great newspaper market'- InfoChange India News & Features development news India.

Contemporary Press: Circulation and readership

The Indian print media currently include over 62,483 newspapers and periodicals, according to the latest figures available from the website of the Registrar of Newspapers for India, updated up to March 31, 2006 (RNI 2005-06). The total circulation of newspapers in 2005-06 was 18,07,38,611 copies.

Indian publications appear in as many as 101 languages and dialects. The largest numbers of newspapers were published in Hindi (4131), followed by English (864), Gujarati (775), Urdu (463) Bengali (445), and Marathi (328). In circulation, too, Hindi newspapers continued to lead with 7,66,98,490 copies, followed by English with 3,41,06,816 copies. While the Gujarati press with 98,44,710 copies came in third, the Urdu and Malayalam language press followed closely with 92,17,892 and 82,06,227 copies respectively.

Among daily newspapers, Hindi led with 942 dailies, followed by 201 in English. The languages with more than 100 daily newspapers were Urdu (191), Telugu (147) Marathi (130) and Gujarati (100). Circulation-wise, Hindi dailies maintained dominance with 3,76,42,520 copies. English dailies followed with a circulation of 1,29,14,581 copies.

The Quietest Change

While many things may be read into this, the real interesting thing, is that this is just the beginning. What I find the most interesting is that this is just the beginning. While media in the 'developed world' is under financial strain, Indian media has hit a rich vein.

India, softpower?

Obama's team

WSJ U.S. ELECTIONS 13 DAYS TO GO - Volcker makes a comeback as part of Obama brain trust:

"Relying on Mr. Volcker Sen. Obama’s team of economic advisers includes two former Treasury secretaries, Robert Rubin and Lawrence Summers, and in some decisions, Mr. Volcker doesn’t reign supreme. The candidate’s latest proposal, for example, a $60 billion stimulus package, was initially fought by the former Fed chief on the grounds that Americans were already overspending. Moreover, he is unlikely to take a long-term role in any Obama administration. ...

In early January 2008, when Sen. Clinton was pounding her rival over his lack of experience and stature, Sen. Obama phoned Mr. Volcker to ask for his endorsement. (At that time, billionaire investor Warren Buffett had refused to take sides between the Democratic contenders, saying he would support whoever got the nomination.) Mr. Volcker, a longtime Democrat who had mostly stayed out of partisan politics, agreed, and wrote out his statement in longhand."

Let us see .. what this means ...
Lawrence Summers (correctly) described the current global financial system as a "balance of financial terror". Lawrence Summers could not have been more clear than this. In a speech on March 23, 2004, at the Institute for International Economics, Lawrence Summers described the US strategy. Again on March 24, 2006, at the Reserve Bank of India lecture, he repeated his message.

Paul Volcker presided over the transition from Bretton Woods-I to Bretton Woods-II - where the anchor for the US dollar changed from gold to oil.

Warren Buffett has been long on silver and short on the dollar or the last 4-5 years at least.

Bernanke threatened the world with 'helicopter dropping of dollars.' He informed the whole world that the 'printing press technology' would be used for increasing dollar supply. Lastly, he was also very clear, that he is NOT going to share M3 money information - about how much money he was going to print.

You cant blame these guys. They were clear and upfront about the fraud they were perpetrating.

Kojak, Haircuts and Ben Bernanke

India - Poised for stagflation

InfoChange India News & Features development news

Why has the dollar been falling steadily? Quite simply, because US-based firms have less and less to sell to the world, though the world has a lot to sell to American consumers. America has lost competitiveness in recent decades, largely to China and East Asia. This growing imbalance in world trade (present for over two decades now) has meant a ballooning trade deficit (excess of imports over exports) for the US. It has paid for this by selling US Treasury Bonds (perhaps the most sovereign, reliable financial asset hitherto) to foreigners. Increasingly, however, the realisation has grown that the US is not in a position to redeem its $10 trillion external debt. This is almost tantamount to saying that in order to pay for goods produced by China the US has merely been printing the required quantity of dollars. Clearly, this is not a sustainable state of affairs.

The World Full Of Kojaks

The 10 trillion dollar external debt is most likely a conservative figure. It is possibly two-or three time that much. Internal debt is of course another matter. The cost of refloating the US financial system is another US$5 trillion.

So, what are we talking about US$50 trillion. Take that and try digesting that. The only way, this can happen if the world is asked to take a mssive haircut. In fact, we may have to become Kojak for the next 20-30 years.

Kill These Special Laws

InfoChange India News & Features development news India - Reclaiming the meaning of independence: The struggle against special laws

What are special laws?

Special laws create new offences like committing ‘organised crime’, committing a ‘terrorist act’ or being a member of an ‘unlawful organisation’. They also do away with the procedural safeguards which exist under ordinary criminal law as embodied in the Indian Penal Code, Code of Criminal Procedure and the Indian Evidence Act. Examples of special laws abound in post-colonial India -- MISA (Maintenance of Internal Security Act), AFSPA (Armed Forces Special Powers Act), MCOCA (Maharashtra Control of Organised Crime Act), KCOCA (Karnataka Control of Organised Crime Act), CSSA (Chhattisgarh Special Security Act). Since what is contemporary for us today is KCOCA, particularly after the chief minister’s statement on Independence Day, we will first look at some features of KCOCA and their implications for democratic practice.

We dont need these special laws

India has been successful in creating a largely stable and law abiding society - with the lowest prisoners-to-population ratio and the police-to-population ratio in the world. It is time that we resisted the temptation of using these 'special laws' which are a colonial 'heritage'.

These laws have been singularly ineffective and useless - but instead have 'corrupted' police approach and methodology. Apart from a few like KPS Gill who falsely (takes and is given) credit for controlling terrorism in Punjab. The conviction rate for those booked under these laws are under 5%.

We cannot divide our India but people are being divided today - Economy and Politics - livemint.com

We cannot divide our India but people are being divided today - Economy and Politics - livemint.com

We cannot divide our India, but the people are being divided today, their minds are being divided. And to a great extent, they are succeeding. (But) for Muslims, there is no better country than India, no country in which Muslims are doing as well as they are doing in India. Our complaints, our objections, our problems exist, and we will continue to fight our fight for justice, but in other countries the situation is much worse.

After 150 years, the dreams still lives - From 1857-2008

This is Mahmud Madani - head of Deoband Islamic seminary. Deoband seminary was set up after the 1857 War, as a religious institution to 'escape' British repression. A 75 years later, the Deoband school became famous during Independence due to its strong anti-Jinnah, anti-Partition stand. 60 years later, Mahmud Madani still talks about 'our' India.

His interview here lays out the land very clearly - without the pussyfooting around the issues. For all those in India, who are onto the Islamic demonization route, this should make them re-think.

Look at Israel

You only have to look at a failed state like Israel, to understand where 'false' persecutions can take you. Where would Israel be - without US ICU support. It has been on ICU support for the last 60 years.

Why is the US dragging its feet over currency reform?

Sarkozy says 'world must change' before crisis talks with Bush- International Business-News-The Economic Times

White House has preemptively warned that the talks will yield no new policy proposals, nor a date or location for a world leaders summit that the French leader hopes will generate sweeping reforms.

Sarkozy and Canadian Prime Minister Stephen Harper have called for an international summit by the end of 2008 to coordinate an urgent response to the worst financial crisis since the Great Depression.

"The world is confronted by the worst economic and financial crisis since the 1930s. We need to reflect on the stakes, how we arrived here, who is responsible, and what happened," Sarkozy told a summit of French-speaking nations in Canada late Friday.

Essentials are in place

The three elements - Warren Buffet, Paul Krugman, volatility of gold prices are already in place. The US election is a side show. The 'military industrial complex' will decide what the new President will do.

We forget history ...

A little over a year ago, BBC4 ran a program. Subject - A Plot To Depose FDR. You can listen to BBC 4 program. Click on the link or here (document_20070723.ram).

While the US is talking about studying Roosevelt's New Deal, they are forgetting The Plot To Overthrow FDR. See the History Channel Video.

[googlevideo=http://video.google.com/videoplay?docid=628728631767818729]

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

The State Of The Disarray

Nouriel Roubini: A Global Depression in sight?

A generalised run on the banking system has been a source of fear for the first time in seven decades, while the shadow banking system — broker-dealers, non-bank mortgage lenders, structured investment vehicles and conduits, hedge funds, money market funds, and private equity firms — are at risk of a run on their short-term liabilities.

On the real economic side, all the advanced economies — representing 55 per cent of global GDP — entered a recession even before the massive financial shocks that started in late summer. So we now have recession, a severe financial crisis, and a severe banking crisis in the advanced economies.

Chickens ...

Have come home to roost.

The non-G8 countries have the most to lose. We need a 3rd World Mr.Fixit. Where is he? We need to have a 3rd currency bloc and privatization of gold. Third world economies must move to secure long term prosperity for their citizens by privatizing gold.

Governments should stop crowding the gold markets and raise prices - or try nationalizing gold to depress prices.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Another Dynamite From Nobel - Buffet, Krugman, Obama and Gold

Importance of being Krugman

The prize committee cited Krugman’s work on trade theories and also mentioned his role as an opinion maker. For the world at large, however, it is the latter role that distinguishes him from most of his fellow laureates of late. (bold letters mine).

Many Think .. That There Are Many More Qualified ...

Paul Krugman has been (allegedly) anti-Obama - and advising Obama to pay heed to Roosevelt's policies. Now, we all know what Roosevelt's (most significant) economic policy was - nationalization of American gold stocks.

Was Krugman's Nobel Prize award to help him to increase his 'opinion making' powers? Was the Nobel prize fixed to meet American /Western short term requirements?

Was the Nobel prize given to the Paul Krugman to make his position strong - as a part of the Obama Dream Team - or as ballast against an 'adventurous' Obama who may not toe the line? Will Krugman join Warren Buffet in rescuing the Western economic system?

Will they nationalize gold again - and instead promote silver? Is a new version of the bi-metallic standard coming?

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

The Story Behind Buffett's Silver Purchases

THE MARKETS: COMMODITIES; Buffett's Purchases Push Silver Past $7 an Ounce - New York Times

Separately yesterday, Phibro, a commodities-trading firm, confirmed that it was the dealer for all the silver purchases by Berkshire. Phibro is a unit of the Travelers Group, in which Berkshire has a major stake. Last week, a Canadian investor filed suit in United States District in New York, contending that Phibro had moved silver from warehouses in the United States to hidden locations in an effort to mislead traders about supplies and push the price higher. A Phibro official denied all the charges yesterday.

How did Warren Buffet buy such a large amount of silver without disturbing the market?

The silver purchases by Berkshire Hathaway were made in London, a center of activity in the silver market. The purchases were done with over-the-counter contracts, in which Mr. Buffett bought silver for delivery at future dates. Since he began he has accepted delivery of 87.51 million ounces, which are apparently now sitting in the vaults of London bullion banks. The remaining 42.2 million ounces must be delivered between now and March 6.

60 days from now ... Will Warren Buffet Handle The US Treasury?

Sometime, back there was speculation that Warren Buffet could be a possible choice of US Treasury Chief. This news was sparsely reported - originating with AFP. Google Search showed this up only with a few Indian sites and journals.

What does this mean as possible policy outcome? Do a Quicktake - and then a 2ndlook.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Will Obama do a Roosevelt?

Victory Within Grasp, Obama Faces A New Choice

The opposite argument is that the political costs of voicing pessimism are prohibitive, that there is plenty of opportunity to prepare voters for drastic action after election day, and that a candidate risks worsening conditions by sounding strong warnings. The classic example to support this case is the 1932 Depression-era campaign of Franklin Delano Roosevelt, who said little or nothing while campaigning in 1932 to indicate the contours of his New Deal program.

What are they pull over our eyes...

This again very interesting. Roosevelt's economic plan was surprise. Obama (or McCain, doesnt matter who), will do something similar. Read this with the Warren Buffet silver play and his (possible) appointment as Treasury Chief, and the game becomes clear.

Nationalize gold again?

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Barack Obama’s chance of a lifetime? Loot The World Again ...

Barack Obama’s chance of a lifetime

If Barack Obama wins on 4 November, as looks likely, he’ll inherit an economic mess rivalled only by the one that faced Franklin Roosevelt in 1933.

Everyone is saying ...

There is rising chorus that the new President should do what Roosevelt did. What they are not saying, but meaning is, do what Roosevelt did. Krugman, this year's Nobel prize winners, also said in an interview that Roosevelt's actions need to be emulated.

Roosevelt nationalized gold.

Apart from a lot of things that Roosevelt did, which can be debateable, this was the one thing that he did, that made the US into a super power - for a short while (of 70 years).

And the nationalization of gold also impoverished the Americans. Nationalization of gold enabled the US Governments to enter costly wars like WW2, Vietnam War, and now the Iraq and Afghan Wars. This allowed to US to walk into the WW2 with 25,000 tons of gold - and impose Bretton Woods on the world.

Gold production (from Ghana, South Africa, Australia, Canada, Papua New Guinea, America, etc.,) was controlled by the Anglo Saxon Bloc - and the world's largest private reserves of gold, of India was controlled by the British. It is this choke on gold reserves that enabled thes sustenance of US as a superpower.

And now they are trying it again.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Talk-fest Groups or Action Teams

India calls for cooperation among developing nations - The Financial Express

The minister said that, “IBSA cooperation can also expedite the long-pending reform of the international financial architecture to serve our requirements,” he said while highlighting the need for critical reforms in view of the current financial meltdown.

Safe, Steady and Sure

Between ASEAN and IBSA, India needs to take such groupings from talk-fests to action-teams. Western clubs like UN, IMF, World Bank, G-7, P-5, etc are all heavily weighted against 'outsiders' like developing nations. We can keep banging our head against these altars, for another 60 years. It wont work.

We need to move - not necessarily fast, but surely and steadily.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

'Reducing cost is a win-win situation for all'

'Reducing cost is a win-win situation for all':

"Take Panna, Mukta, Tapti, Ravva. You know the reserves which were calculated and the production was 3,000 barrels. Today, they are producing 80,000 barrels and so much profit petroleum they have generated. Recently, one of the fields in Assam was terminated by the national oil company and now Canoro has found reserves, and it will be producing 30,000-40,000 barrels a day."

This is an excerpt from an interview with the Indian hydrocarbon regulator. He has an interesting point of view.

The Future Of Oil Is The Caribbean

Cuba, Haiti and the various Caribbean islands have been hit by poverty and Western intervention. Oil exploration has been negligible. These are promising exploration blocks. A joint venture between ONGC, Petrobras, and the various islands could kick-start oil exploration and production - which will change the future of the world.

For one, it would immediately reduce Saudi funding of terror.

Candidates eye Warren Buffett as possible Treasury chief

Candidates eye Warren Buffett as possible Treasury chief- International Business-News-The Economic Times

The two were asked at the beginning of their second presidential debate who would be a good replacement for current Treasury Secretary Henry Paulson who is standing down at the end of the current administration.

"I think the first criteria, would have to be somebody who immediately Americans identify with. Immediately say we can trust that individual," said McCain. Buffett, chief of the Berkshire Hathaway holding company, has supported Obama in the race for the White House.

On March 14th 2008, this blog talked about how

It is being whispered that Barran Wolfet and his team members, Sorg Goros and Rim Joggers had played a major role in the enhancement of these gold stocks - and the formation of IMAR. Initially named as Global Financial Reserve Authority for Development, the IMAR idea was first tossed out over a dinner at the famous Les Ambassadeurs eatery - which offers a classic cuisine by the Ducasse-trained chef, Jean-François Piege.

This fraud may yet happen.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

Indian Taxpayers Subsidizes The West

In a first, drop in number of students opting for Marathi-Mumbai-Cities-The Times of India:

"Data from the District Information System for Education (DISE) of the HRD ministry suggests that the gap between the native language and English is narrowing. Maharashtra, for one, has seen a dramatic growth in student enrolment in English-medium schools as compared to regional language schools, which forced the state to start English-medium schools.

The drop in enrolment in Marathi medium schools assumes importance. For, though the state saw people leaning towards English years ago, even introducing the subject in native language schools was a political decision.

English In Higher Education Institutions

The problem is actually higher education. What is the future of Marathi medium students once they reach higher education institutions? The Indian state is penalizing the Indian tax payer by granting a monopoly to English in higher education.

The Indian tax payer is creating a large body of English trained graduates, who are finally picked up by Western economies at zero cost. If these Indian graduates were trained in Indian languages, the West may find it difficult to absorb them at zero cost.

English education is now clearly a liability.

Amid Global Gloom, Good News from Africa - TIME

Amid Global Gloom, Good News from Africa - TIME:

"More evidence of Africa turning the corner came Monday, in the form of the Mo Ibrahim Foundation's finding that governance is improving in 31 out of 48 sub-Saharan African countries. Even more astonishing, the measure of good governance showing most improvement, on a continent notorious for tyrants and bloodshed, was human rights."

Is this due to reduced interventions by the West in Africa in the last decade - exceptions part? This is good news.

Indo-Pak Sports are not what they used to be ...

‘Indo-Pak duels have lost intensity

"The Pakistan table tennis great, who at one time, during the 80s, was among the top 60 in the ITTF world ranking list, is here ... concerned at the fast diminishing intensity of India-Pakistan sporting contests.
“It’s no more the same. The intensity is totally missing these days. Perhaps we are playing each other too often now. But at what cost?” he wonders."

Not low achievement, but low standards ...

This is good news. India is growing up.

In economic development, India sets the bar at the level of China. In cricket, India benchmark's is Australia, the world champions. In 'soft power', the benchmark is the USA.

2 decades ago, a director of Xerox India faulted Indian industry. His view was that Indian industry should make cheap, even low quality products for export. To buttress his argument, he used the Japanese as the example. His contention was that in the 1950s and 1960s, the Japanese, exported products which were basically cheap. And look at where Japan is today, was his clinching argument. Not a bad argument, considering that the Koreans, the Asian Tigers, and now the Chinese are following that strategy.

Indians then, or now, did not agree with this approach. Critics may of course, point out that Indian exports are based on low cost platform - which is strictly not true. It is based on platforms, that competitors cannot emulate. Indian exports are also cost-effective, is a co-incidence.

Ninja Loans

'No Money Down' Falls Flat:

"the industry embraced these 'innovations,' but it has also begun to combine various features into a single loan and offer it to high-risk borrowers. One cheeky lender went so far as to advertise what it dubbed its 'NINJA' loan -- NINJA standing for 'No Income, No Job and No Assets.'
In fact, these innovative products are now so commonplace, they have been the driving force in the boom in the housing industry at least since 2005."
Whatta Con

This write up in the Washington Post, is an amazing snap shot of what went on in the US and (also) European markets for the last few years. This was directly a result of printing too many dollars. Western Banks had an inverted choice - join the party at no cost or stay out of the party at a high cost.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

NPCIL to order 2,000 tn uranium by yr-end

NPCIL to order 2,000 tn uranium by yr-end:
"NPCIL has approached companies in Canada, Kazakhstan, Africa and members of the Russian Federation for long-term supply contracts, he said. The company is also examining possible joint ventures in mining and buying stakes in uranium mines that haven’t been developed because of lack of funds."
* * * * * * *
This will be one way in which the cost of the entire ore-to-power cycle will be reduced.

The dollar's dominance called into question - International Herald Tribune

The dollar's dominance called into question - International Herald Tribune

But some analysts wonder how much longer China can continue to win at this game. Investing money in the United States requires spending that much less on enormous problems at home, like pollution and a shortage of health care. By indirectly making mortgages cheap in the United States, China has helped foster the boom that saturated Miami with glittering condos even as tens of millions of Chinese live in dilapidated concrete block apartments.

One more turn of the screw ...

Does the poor Chinese know that his land is used to make build factories, which use Chinese labour to manufacture low priced products that are sent to the US to earn them over valued dollar - which is depreciating and used to build shiny glass building in the US - while the pooor Chinese still lives in a hovel.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.