Perspectives on the global economic changes

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Re: Perspectives on the global economic changes

Postby Gyan » 22 Feb 2015 13:02

Greeks can default while staying within Euro and EU.

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Re: Perspectives on the global economic changes

Postby Christopher Sidor » 22 Feb 2015 13:35

Not feasible. They have no money. It is like India using USD as its currency, defaulting on its sovereign debt and then still saying that India will continue to use USD. Where will India get USD?

USD = US Dollar.

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Re: Perspectives on the global economic changes

Postby chanakyaa » 22 Feb 2015 20:22

If there is s Grexit, i.e. exit of Greece from Euro, then unlike last time the disproportionate burden will be shared by the Greeks and the sovereigns of Euro Zone and EU who have lent money to Greece. There are very few private investors of Greece public debt left. Most of them have moved on. In case of EU governments who have given money to Greece, this will entail budgetary adjustments.
...

Yes, the impact on the holders of debt by the sovereigns, is the first order effect, isn't it? What is the second order effect? Budgetary adjustment is only a small part of the equation. At the end of the day, the holders of Euro currency outside of Eurozone will end up subsidizing the Grexit. Higher living standards in Europe must mean transfer of wealth from developing nation to developed nations, no?

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Re: Perspectives on the global economic changes

Postby Austin » 23 Feb 2015 10:07

Alan Greenspan Warns: There Will Be a “Significant Market Event... Something Big Is Going To Happen”

We asked him where he thought the gold price will be in five years and he said “measurably higher.”

In private conversation I asked him about the outstanding debts… and that the debt load in the U.S. had gotten so great that there has to be some monetary depreciation. Specially he said that the era of quantitative easing and zero-interest rate policies by the Fed… we really cannot exit this without some significant market event… By that I interpret it being either a stock market crash or a prolonged recession, which would then engender another round of monetary reflation by the Fed.

He thinks something big is going to happen that we can’t get out of this era of money printing without some repercussions – and pretty severe ones – that gold will benefit from.




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Re: Perspectives on the global economic changes

Postby Gyan » 23 Feb 2015 11:21

Christopher Sidor wrote:Not feasible. They have no money. It is like India using USD as its currency, defaulting on its sovereign debt and then still saying that India will continue to use USD. Where will India get USD?

USD = US Dollar.


India can continue using what ever USD that remains in it's hand.

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Re: Perspectives on the global economic changes

Postby panduranghari » 23 Feb 2015 13:12

udaym wrote:
If there is s Grexit, i.e. exit of Greece from Euro, then unlike last time the disproportionate burden will be shared by the Greeks and the sovereigns of Euro Zone and EU who have lent money to Greece. There are very few private investors of Greece public debt left. Most of them have moved on. In case of EU governments who have given money to Greece, this will entail budgetary adjustments.
...

Yes, the impact on the holders of debt by the sovereigns, is the first order effect, isn't it? What is the second order effect? Budgetary adjustment is only a small part of the equation. At the end of the day, the holders of Euro currency outside of Eurozone will end up subsidizing the Grexit. Higher living standards in Europe must mean transfer of wealth from developing nation to developed nations, no?


Thats exactly is what is called 'exorbitant privilege'. You have found out the cause of the problem. And the problem is not Euro. The problem is dollar which suffers from Triffins Dilemma. Euro eventually frees us to pursue the personal choices which Dollar has never allowed us to. Interesting times.

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Re: Perspectives on the global economic changes

Postby Austin » 23 Feb 2015 22:40


ramana
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Re: Perspectives on the global economic changes

Postby ramana » 24 Feb 2015 02:09

Austin, Also helps is we know the quantum of debt?

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Re: Perspectives on the global economic changes

Postby Austin » 24 Feb 2015 09:16

ramana wrote:Austin, Also helps is we know the quantum of debt?


If by quantum you mean actual size/number , the off my head I remember Chinese Debt is around $23 trillion and US its around $60 trillion.

I am just wondering how does $110 % debt for India come into being , Debt would be around ~ $2.2 trillion for India for $2 trillion GDP

Suraj any one can answer the debt part for india

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Re: Perspectives on the global economic changes

Postby Neshant » 24 Feb 2015 11:53

The GDP measure is bogus to begin with.

Consequently measuring debt to GDP ratio is a waste of time.

Countries around the world have been (and in the case of India) are beginning to goose the way GDP is measured to create a bigger number. A lot of "Enron accounting" is going into GDP calculations to inflate the numbers.

Stuff of zero value is thrown in to the calculations to increase the size of GDP so the debt to GDP ratio appears smaller. Like wise with inflation numbers, unemployment numbers, UNDER-employment (which is never reported)..etc. Beware all these bogus statistics.

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Re: Perspectives on the global economic changes

Postby Austin » 02 Mar 2015 11:59

Looking at projected Oil Demand/Production just for BRICS Nation and more specfically India-China-Russia as energy consumers/suppliers

If you check EIA projection from India and China alone

http://www.eia.gov/forecasts/ieo/more_overview.cfm

China accounting for 10.7 MMbbl/d of the total increase. As China's economy moves from dependence on energy-intensive industrial manufacturing to services, the transportation sector becomes the most significant source of growth in liquid fuels use, and the country's liquid fuels consumption more than doubles from its 2010 level. In the Reference case, China replaces the United States as the world's largest consumer of liquid fuels by 2035 (Figure 7).


India

http://www.eia.gov/countries/cab.cfm?fips=in

The gap between India’s oil demand and supply is widening, as demand reached nearly 3.7 million barrels per day (bbl/d) in 2013 compared to less than 1 million bbl/d of total liquids production. EIA projects India’s demand will more than double to 8.2 million bbl/d by 2040


Compare to what Russia Energy Minister says about Domestic Oil Production

http://tass.ru/ekonomika/1798000

Energy Strategy of Russia until 2035 is not intended to reduce the volume of oil production, but change the structure of production in the region. This was reported by the TV channel "Russia 24" Russian Energy Minister Alexander Novak.

"We do not expect a decline in production, they will be at the level of 525 million tons of oil by 2035," - he said.


525 million tons corresponds to roughly ~ 10 million bbl/d by 2035

So Essentially Russia wont be pumping more or less Oil compared to what they DO NOW.

And India and China Oil Appetite would more than double in roughly the same period.

Selling its Oil Production to just China and India Alone would make up most of its exports for the next 20 years

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Re: Perspectives on the global economic changes

Postby Austin » 02 Mar 2015 22:14

Quite Informative Video

David Stockman, architect of President Reagan's economic turnaround known as 'Morning in America', warns of the looming collapse of free market prosperity and the destruction of American wealth.

Few Will Survive "Sundown in America"

Video : http://pro.dentresearch.com/BNBSTOCK/PBNBR204?h=true

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Re: Perspectives on the global economic changes

Postby Austin » 02 Mar 2015 23:09

Russian Ministry of Finance expects $30 billion capital outflow in Q1 — Finance Minister
http://tass.ru/en/economy/780582

MOSCOW, March 2. /TASS/. The Russian Ministry of Finance expects the $30 billion capital outflow in Q1, Finance Minister Siluanov said on Monday.

"Concerning the capital outflow, we expect it as totaling about $30 billion in the first quarter and $90-100 billion in annual terms. This is slightly lower than our assumption in the outlook, which was equal to $120-130 billion," the minister said. The said figure covers $60-70 billion of foreign debt repayments, Siluanov added.

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Re: Perspectives on the global economic changes

Postby Neshant » 08 Mar 2015 04:52

More businesses dying in America than being created.

IMO its due to way too much of the wealth of producers being siphoned off into the pockets of the banking "industry", govt bloat & other such parasitic black holes which produce nothing. The more banking, the worse off the economy gets. You can literally chart that trend with the banking line going up and the real economy going down.

At the heart of the issue is who controls the monetary system but most people are unable to trace this issue to its root.


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Re: Perspectives on the global economic changes

Postby svinayak » 08 Mar 2015 09:22

PREPARING FOR TOTAL COLLAPSE

https://www.youtube.com/watch?v=SPeM8-7ae1A

Buying land to protect from the collapse

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Re: Perspectives on the global economic changes

Postby chanakyaa » 09 Mar 2015 02:43

EU officials laugh at Greek govt proposal for tourists to act as police

One of the proposals in the letter sent by Finance Minister Yanis Varoufakis to Greece’s international creditors was the use of students, housekeepers, and even tourists to serve as undercover tax inspectors. He said that they could be paid an hourly rate “on a strictly short-term, casual basis” for no more than two months.

“The very ‘news’ that thousands of casual ‘onlookers’ are everywhere, bearing audio and video recording equipment on behalf of the tax authorities, has the capacity to shift attitudes very quickly,” wrote Mr Varoufakis in the 11-page letter, sent on Thursday to Eurogroup Chief Jeroen Dijsselbloem, the eurozone’s chief negotiator, and obtained by the Financial Times.

Financial Times reports that the reaction from eurozone officials to the tourist plan was received with humor. They thought the proposal was hilarious and even laughed when they read it. “It’s quite hilarious, if it were not so tragic, that this is what a government in an industrialised country comes up with,” said one eurozone official involved in the talks.


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Re: Perspectives on the global economic changes

Postby DavidD » 13 Mar 2015 09:44

Big development on the AIIB. UK has hopped fences, and the US is not very happy.

Official UK government release:
https://www.gov.uk/government/news/uk-a ... tment-bank


The Chancellor of the Exchequer, George Osborne said:

I am delighted to announce today that the UK will be the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank, which has already received significant support in the region.

This government has actively promoted closer political and economic engagement with the Asia-Pacific region and forging links between the UK and Asian economies to give our companies the best opportunity to work and invest in the world’s fastest growing markets is a key part of our long term economic plan. Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together.



Chinese reaction:
http://www.bangkokpost.com/news/asia/49 ... a-led-aiib

"China welcomes the decision of the British side," the Chinese Finance Ministry said.


American reaction and some analysis:

http://www.theguardian.com/us-news/2015 ... e-led-bank

The White House statement reads: “This is the UK’s sovereign decision. We hope and expect that the UK will use its voice to push for adoption of high standards.”


“I think the US has had its questions about the UK posture towards China on other issues and I suppose this announcement probably triggered renewed concern in Washington about overall British politics vis-à-vis China. But [we] don’t normally arbitrate these things in public and I’m a little unsure as to why the US has chosen to pick a fight with the UK on this bank at this time, because I thought it had somewhat softened its posture on the bank. It’s a bit surprising to me,” said Matthew Goodman, senior adviser for Asian economics at the Center for Strategic and International Studies.


Why did the US pick a fight?  Why did they decide to public air their grievances after the fact, which will do nothing to change the facts on the ground but will surely damage US-UK relationships?  Has to be the work of the foreign policy prodigy Mr. Barak Obama again. Could SK and Australia follow suit? They've been teetering on the fence for a while now. The deadline to becoming a founding member is March 31st, which is coming right up. Seems like China and India are really one-upping the US this round. I suppose that's what you get when you don't give developing countries their share of say in the IMF and the WB.

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Re: Perspectives on the global economic changes

Postby Austin » 13 Mar 2015 11:04

US have stalled IMF reforms for many years now and dont want to give BRICS economy their valid shares in the IMF.

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Re: Perspectives on the global economic changes

Postby panduranghari » 13 Mar 2015 14:16

Image

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Re: Perspectives on the global economic changes

Postby vishvak » 13 Mar 2015 20:34

Austin wrote:US have stalled IMF reforms for many years now and dont want to give BRICS economy their valid shares in the IMF.

Hopefully, BRICS bank will consider that too while making policies - so as to give preference to BRICS countries and even out any unfairness elsewhere, for example IMF.

By the way, it is just not USA. link
The last para:
Analysts point out that European countries, which continue to dominate the IMF’s board of directors and stand to lose the most clout under the reforms, have been happy to let the U.S. block the legislation even while publicly deploring the congressional delays. While American voting power would be mostly undiluted under the reforms, the greater power given to emerging countries would come largely at the expense of smaller European countries that would lose voting shares.

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Re: Perspectives on the global economic changes

Postby Austin » 13 Mar 2015 22:46

Well Europe/US does not want to give voting right because they want to use IMF and World Bank as an extended means of Political and FP.

Its a good tool to enslave nation with debt they cannot pay or bankrupt them if required or dictate budget policy.

In any case any banking system be it BRICS or Chinese Bank or what ever comes that has greater say of developing nation should be a welcome move.

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Re: Perspectives on the global economic changes

Postby DavidD » 14 Mar 2015 04:16

1.4 billion people in Asia without access to electricity, almost double that number without access to sanitation. That's simply unacceptable in the 21st century. Any help the Asian countries can get is welcomed, even better if it mostly originates from Asia itself.

Per latest reports, it seems like Australia and SK are preparing to conditionally sign on to the AIIB as well.

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Re: Perspectives on the global economic changes

Postby chanakyaa » 14 Mar 2015 04:20

^^^ Austinji, Unfortunately, I don't think Breek Banc or some Chindu/Asiatic banc is the answer (assuming we have the clarity of the question). It appears to be a temporary solution, but it is naive to assume that it is permanent one. The more and more I think (not necessarily in scientific way) about Eye-MF, Wrold-Banc, Breek Banc, some Divelopment banc, currencies, inter-government debt and the way the world events are playing out, it; I wonder if the developing world (India to be specific) is (and has been) falling to "financial/monetary/economic universalism" the same way it fell (and now coming out of, to some extent) to "wyestern universalism". What I mean, is that if you try to play by rules your citizens or governing body does not understand (simply going to wyestern schools is not going to cut it), you are going to get tossed around. I'll try to put something together to offer further clarity on what I'm thinking.

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Re: Perspectives on the global economic changes

Postby chanakyaa » 14 Mar 2015 06:31

Who hijacked the bitcoins??

Reuter Exclusive: IBM looking at adopting bitcoin technology for major currencies
(Reuters) - International Business Machines Corp is considering adopting the underlying technology behind bitcoin, known as the "blockchain," to create a digital cash and payment system for major currencies, according to a person familiar with the matter.

The objective is to allow people to transfer cash or make payments instantaneously using this technology without a bank or clearing party involved, saving on transaction costs, the person said. The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public.

The blockchain - a ledger, or list, of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation.

Rather than stored on a separate server and controlled by an individual, company, or bank, the ledger is open and accessible to all participants in the bitcoin network.

The proposed digital currency system would work in a similar way.

"When somebody wants to transact in the system, instead of you trying to acquire a bitcoin, you simply say, here are some U.S. dollars," the source said. "It's sort of a bitcoin but without the bitcoin."

IBM is one of a number of tech companies looking to expand the use of the blockchain technology beyond bitcoin, the digital currency launched six years ago that has spurred a following among investors and tech enthusiasts.

The company has been in informal discussions about a blockchain-tied cash system with a number of central banks, including the U.S. Federal Reserve, the source said. If central banks approve the concept, IBM will build the secure and scalable infrastructure for the project.

IBM media relations office did not respond to Reuters emails about this story and the Fed declined to comment.

However, there are signs that central banks are already thinking about the innovations that could arise through digital currency systems. The Bank of England, in a report in September 2014, described the blockchain's open ledger as a "significant innovation" that could transform the financial system more generally.

Instead of having ledgers maintained by banks that act as a record of an individual's transactions, this kind of open ledger would be viewable by everyone using the system, and would use an agreed-upon process for entering transactions into the system.

The project is still in the early stages and constantly evolving, the source said. It is also unclear how concerns about money-laundering and criminal activities that have hamstrung bitcoin.

Unlike bitcoin, where the network is decentralized and there is no overseer, the proposed digital currency system would be controlled by central banks, the source said.

"These coins will be part of the money supply :(( ," the source said. "It's the same money, just not a dollar bill with a serial number on it, but a token that sits on this blockchain."

According to the plans, the digital currency could be linked to a person's bank account, possibly using a wallet software that would integrate that account with the proposed digital currency ledger.

"We are at a tipping point right now. It's making a lot more sense for some type of digital cash in the system, that not only saves our government money, but also is a lot more convenient and secure for individuals to use," the source said.

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Re: Perspectives on the global economic changes

Postby Neshant » 14 Mar 2015 09:45

Austin wrote:Well Europe/US does not want to give voting right because they want to use IMF and World Bank as an extended means of Political and FP.
Its a good tool to enslave nation with debt they cannot pay or bankrupt them if required or dictate budget policy.


I smelt a rat when France and Germany were inviting India & China to take a bigger share in the IMF by increasing their funding. It was pitched as a great opportunity but I knew it was a trap. China put 40 billion in and India 10 billion.

A portion of that IMF money has been given as "loans" to Greece - which will promptly be paid out to German & French banks as part of Greece's debt repayment. But when Greece finally goes bankrupt (as it is right now), those IMF loans will be in default. India & China will be left holding the some part of that bag.

Clever way of passing some of German & French bad bank loans onto India & China.

India could have done some foreign direct investment in Greece with that money instead of channeling it through the IMF mafia.

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Re: Perspectives on the global economic changes

Postby panduranghari » 14 Mar 2015 13:07

DavidD wrote:1.4 billion people in Asia without access to electricity, almost double that number without access to sanitation. That's simply unacceptable in the 21st century. Any help the Asian countries can get is welcomed, even better if it mostly originates from Asia itself.

Per latest reports, it seems like Australia and SK are preparing to conditionally sign on to the AIIB as well.


A person on benefits with 4 kids from 4 different men living in a trailer park in some non de script US town has better standard of living than many educated middle class in the rest of the world.

To say US has an interest in raising the standard of life for the rest of the world is down right factitious.

IMO, USA should be kept out of any initiative which we hope should succeed. The demise of US will be associated to AUTOMATIC improvement in standard of life in ROW esp. The developing world. Why? Because if ROW improves the standard of life,the American trailer park residents will pay the price.

Can USA afford this?

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Re: Perspectives on the global economic changes

Postby vishvak » 14 Mar 2015 23:05

..
Clever way of passing some of German & French bad bank loans onto India & China.

India could have done some foreign direct investment in Greece with that money instead of channeling it through the IMF mafia.

Well, we need to have a particular understanding that world is not fair. 10 Billion $ worth of investment and yet we are not much closer to fair share.

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Re: Perspectives on the global economic changes

Postby TSJones » 15 Mar 2015 04:29

panduranghari wrote:
DavidD wrote:1.4 billion people in Asia without access to electricity, almost double that number without access to sanitation. That's simply unacceptable in the 21st century. Any help the Asian countries can get is welcomed, even better if it mostly originates from Asia itself.

Per latest reports, it seems like Australia and SK are preparing to conditionally sign on to the AIIB as well.


A person on benefits with 4 kids from 4 different men living in a trailer park in some non de script US town has better standard of living than many educated middle class in the rest of the world.

To say US has an interest in raising the standard of life for the rest of the world is down right factitious.

IMO, USA should be kept out of any initiative which we hope should succeed. The demise of US will be associated to AUTOMATIC improvement in standard of life in ROW esp. The developing world. Why? Because if ROW improves the standard of life,the American trailer park residents will pay the price.

Can USA afford this?


Thanks for the stereotyping but Caucasian women in the US who have four children are few and far between. Never mind with a different father for each child. The average number of children per white woman is 1.5, meaning we're not replacing ourselves. not even close. By 2030 or a little thereafter, there will more "minority" children in public schools than white children. Also I don't know where you get your information, but due to automation and foreign outsourcing of manufacturing jobs, the working poor and lower middle class have been left behind economically for *decades*. In fact, Walmart, Target and other discount stores plus McDonald's have seen their sales stalemate if not out right plummet. There is no growing demand for cheap Chinese goods anymore. The working poor and the lower middle class simply don't have the money. There is barely any demand in the US but it's better here in the US than Europe because of the sub-genius leaders of the ECB.

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Re: Perspectives on the global economic changes

Postby RamaY » 15 Mar 2015 07:33

vishvak wrote:
..
Clever way of passing some of German & French bad bank loans onto India & China.

India could have done some foreign direct investment in Greece with that money instead of channeling it through the IMF mafia.

Well, we need to have a particular understanding that world is not fair. 10 Billion $ worth of investment and yet we are not much closer to fair share.


Just saying. Mr. Clean MMS did give $10b to IMF.

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Re: Perspectives on the global economic changes

Postby Amber G. » 15 Mar 2015 20:47

panduranghari wrote:
DavidD wrote:1.4 billion people in Asia without access to electricity, almost double that number without access to sanitation. That's simply unacceptable in the 21st century. Any help the Asian countries can get is welcomed, even better if it mostly originates from Asia itself.

Per latest reports, it seems like Australia and SK are preparing to conditionally sign on to the AIIB as well.


A person on benefits with 4 kids from 4 different men living in a trailer park in some non de script US town has better standard of living than many educated middle class in the rest of the world.

To say US has an interest in raising the standard of life for the rest of the world is down right factitious.

IMO, USA should be kept out of any initiative which we hope should succeed. The demise of US will be associated to AUTOMATIC improvement in standard of life in ROW esp. The developing world. Why? Because if ROW improves the standard of life,the American trailer park residents will pay the price.

Can USA afford this?

In response to above TSJones wrote:
Thanks for the stereotyping .... Also I don't know where you get your information, ....

TSJ and others..
First the statements like "4 kids from 4 different men" is worst kind of stereotype, it shows disgusting ignorance and bigotry and nothing else.

As to how much US has interest, and is it is sought by India to make raise the standard of life, please do see the following video (Link at the end).. (only about 10 minutes long)

panduranghariji, TSJ and DavidD - I highly recommend to watch it. This is VERY relevant to the topic.

This is NaMo talking in front of 60000 youths in USA (central Park NY event).. instead of "trailer parks" he was -

- Saluting (he repeats this) the youth in USA and praising their enthusiasm and wishing them success.
- Telling then that he (PM of India - on behalf of India) believes in them.
And what he was asking these youths (to join youths in India) to:

Help so about 600,000,000 people in India get access to a toilet.

You see, about a billion people do not have basic toilets (many of them in India), and NaMo and India wants to change that..

This is serious. What is needed is to join the movement and help so that by 2019, NaMo can keep his promise for all India to have basic sanitation. Making ignorant and bigoted statements does not help.

Youtube video, Please do watch..

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Re: Perspectives on the global economic changes

Postby kenop » 15 Mar 2015 21:25

At the moment of "Sarve bhavantu ..." Modi almost said "Hindu" but recovered to say "Indian"
Is he too avoiding the H word.? Interesting

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Re: Perspectives on the global economic changes

Postby Amber G. » 15 Mar 2015 21:37

^^^ Yes, but I don't think it is "avoiding" ...A self respecting person, obviously, is proud of his/her roots etc.
But I do agree with NaMo that "Indian" was a better word to use, more familiar with that audience.

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Re: Perspectives on the global economic changes

Postby panduranghari » 16 Mar 2015 00:53

Amber G,

Thanks. I did watch it. And I agree with you. Stereotyping is wrong. But hey let's do it anyway. Don't 'they' love stereotyping us? Yes wrestling pigs and all that caveats apply. But we are digressing.

Coming back to the point.
According to Milton Friedman, having 4 children IN INDIA is considered the cause of extreme poverty and high indebtedness of the nation.

He was asked, what if Americans start having 4 children, can that make the USA poor. He said no. It won't because Americans will be taken care of by the state. But currently it seems it's one of the festering pustules. Jerry springer is a proof of that. Sorry to use him as an example. But Jerry springer was what helped me educate many of my relatives, that America is not a land of honey.

Back to the stereotyping. It does not help. But it does help to drive a fundamental point.

Americans have lived beyond their means for the past 50 plus years. At some stage, the pendulum is going to swing back. It does not matter, if we like it or not. It is just going to happen. Nature will inflict its wrath. For those in the Bible Belt, it will be the return of the Christ.

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Re: Perspectives on the global economic changes

Postby chanakyaa » 16 Mar 2015 05:50

Over 1 million Brazilians protest Rousseff, economy, corruption

Have the AAPtards of Bra-sil announced an all out Waaar on its Presidante??
Looks like, the chosen ones really want to throw Dilma out of the office. All the negative news out of Bra-sil, including corruption charges on Petrobras is too much of a coincidence.

And of course, contribution of omnipresent social media

Pages behind Today's Anti-Government Protests in Brazil

A_Gupta
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Re: Perspectives on the global economic changes

Postby A_Gupta » 16 Mar 2015 22:29

http://profit.ndtv.com/budget/governmen ... ing-747152

New Delhi: Pressed by the government for a greater say, the International Monetary Fund (IMF) on Monday promised to look into alternatives to make the country a top ten shareholder as the US was "not ratifying" the quota reforms at the multilateral lending agency.

In a meeting with IMF chief Christine Lagarde, who is on a two-day India visit, Finance Minister Arun Jaitley pitched for early implementation of IMF quota reforms to give a more say to emerging economies like India.

Ms Lagarde, who also called on President Pranab Mukherjee and met Prime Minister Narendra Modi, emphasised that IMF is a global multilateral institution where countries like India must have a bigger say.

"Finance Minister Arun Jaitley during his meeting with IMF Managing Director Christine Lagarde called for early implementation of the 2010 IMF quota and governance reform," an official statement quoted him as saying.

Earlier in the day, the IMF chief said in a lecture at a college here that the US is "not ratifying" the quota reforms that would facilitate larger roles of emerging economies at the multilateral institution.

The IMF is looking at alternatives to realign quotas that will put India into the top 10 shareholders, she said.

vishvak
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Re: Perspectives on the global economic changes

Postby vishvak » 16 Mar 2015 23:19

So IMF can not reform by itself, going by the Chief of IMF! It seems France/Germany should have made this clear while inviting India and China to fund 10 billion $ + 40 billion $ (= Fifty Billion Dollars) and giving loans to some Euro member.

Surely, US Senate is known to be fair and prompt at doing what is appropriate (going by fanbois pushing for US armaments), afterall a lot depends upon the US Senate for reforms in IMF. The US Senate must have by now been very aware of its stature in 'international fora' and therefore requirement to be fair in 'international' realpolitik.

gakakkad
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Re: Perspectives on the global economic changes

Postby gakakkad » 16 Mar 2015 23:27

this larger role thingy for Yindia is essentially offloading bad Euro-debt to india..

Prem
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Re: Perspectives on the global economic changes

Postby Prem » 17 Mar 2015 05:18

http://finance.yahoo.com/news/could-you ... 25969.html
Goodbye dollar? Here's the currency of the future

How will you pay for groceries or gasoline in the future? According to Kabir Sehgal, author of the new book “Coined,” it might not be the old familiar greenback. As technology advances, so do currencies and payment systems.“Look at Amazon (AMZN) points, Starbucks (SBUX) points. These are effectively the new currencies,” he says. “There are more frequent flyer miles in circulation than dollars, so it's one of the biggest currencies in the world.”Sehgal believes that the future of money may involve the linking of corporate currencies.“What if you could go in a taxi and pay with your Starbucks points, or go to Starbucks and pay with Amazon points?” he says. “So effectively you can link up all these corporations and create one unified corporate currency, and it may be very user-friendly.”He also thinks that mobile phones will likely become the payment device of the future. In recent years Apple Pay (AAPL), Google Wallet (GOOGL), and M-Pesa have been created to facilitate these transactions.“So increasingly the mobile phone can be the way to pay for items and increase speed in a store,” he says. “Starbucks for example, is it quicker to pay with a mobile phone? Sure, the line will go faster and it's better for consumers, better for Starbucks.”
As for digital currencies, such as Bitcoin, Sehgal thinks it’s unlikely they will gain traction as an alternative to the U.S. dollar. He points out that the U.S. government still maintains the ultimate power to determine what is a currency. Importantly, taxes in the U.S. can only be paid in U.S. dollars.
“I think what we're seeing now is the Bitcoin will thrive as a technology, not necessarily as a currency,” he says. “Bitcoin is way to transfer files in authenticated manner. That technology will remain and flourish.”Sehgal says it isn’t illegal to create currency, noting that both Philadelphia and Ithaca created their own local currencies in the 1990s as a way to stimulate economic activity.America has a long history of using many different currencies. “If you look at the Civil War, there are 8,000 currencies in United States circulating throughout America,” Sehgal points out.

Singha
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Re: Perspectives on the global economic changes

Postby Singha » 17 Mar 2015 10:22

ibm is said to be working on some derivative of bitcoin system...


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