tag:blogger.com,1999:blog-73269454553538118022024-03-13T04:51:49.553-07:00Current Affairscurrent affairs, breaking news, international news, analysis and discussion on global issues and opinions banking, finance, economy and politics.Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.comBlogger1681125tag:blogger.com,1999:blog-7326945455353811802.post-9681804262526489602021-06-21T19:16:00.000-07:002021-06-21T19:16:01.756-07:00The man who was not my father - An Essay by Nicole Johnson<p> <span style="-webkit-text-size-adjust: 100%; background-color: white; caret-color: rgb(141, 141, 141); color: #8d8d8d; font-family: Georgia, Times, "Times New Roman", serif; font-size: 18px; font-style: italic;">My birthday, along with so many other details of my life, had gotten caught up and swallowed by his addiction.</span></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I pull up to a spot by the door. A few cars dot the parking lot, a man and woman follow a child through the double-glass doors into the coffee shop. The one I imagine is the father, places a protective hand on the little girl’s back and an arm around the woman’s waist. They are normal. They are happy. I can barely stand to watch them.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I sit and wait. Unsure of what he’ll look like now, 32 years later, I recall his overgrown, dirty-blonde hair and the half-smile, hoping perhaps to hide crooked, neglected teeth. Maybe it was the drugs or the malnourishment that goes along with addiction. He was poor, too; his mother left them. She abandoned all five of her children, leaving them in the care of her husband, while she went off and married another man, and had his children. Having four children of my own, I let the gravity of that weigh on me while I continue to wait, to think of her disappearing, simply standing up one day and leaving. Did she pack things, or simply walk out into the bright sun of the afternoon in the middle of vacuuming the carpets? Perhaps she waited until she heard the laboured snoring of a man she no longer loved and slipped out in a shroud of darkness? I heard a rumour somewhere, though I no longer recall what it was. My brother kept in touch with my father’s side of the family, even after he left. I had a pair of pink corduroys, and a white shirt with pastel-coloured silk bows. The one birthday present he ever bought for me. The silk was a synthetic fabric, not real. My father was broke, all his money went to drugs and to support his wife, the new one, the one who looked like my mother. I wonder if she was an addict, too, as I look at the time on my phone. He’s late, not alarmingly so, but after all this time I thought he would be punctual, as if such a thing might make up for the last time when he left us.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Never trust him,” I hear my grandmother say, though she’s been dead for a year now. It is the one reason I am meeting him, the only reason I messaged Jim.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Dad’s on Facebook,” my brother, who lives two states away, says and then he waits. “He lives one town over from you with his wife and our half-sister.”</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I let it sink in.</p><p data-inc="1" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">***</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Do you know who that man is?” my foster mother whispers as I stand outside the church after receiving my first holy communion. My mother, the biological one, has been dead for less than a month. Her cremated remains were shipped halfway across the country on a Delta flight. An epileptic seizure brought on by continuous and extensive drug use, a drug overdose I wouldn’t find out about for more than a decade. Instead, my grandparents tried to protect me from my addiction-ridden lineage by easing the blow with a less insidious cause of death. My mother, they said, drowned in the shower.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I think that’s my father,” I say, flipping the belt of my white dress with eyelet cutouts. My foster mother nods. Across the courtyard, just next to the Blessed Virgin, holding baby Jesus, my grandmother shakes hands with the priest, and glances over at Jim. Her face hardens. She stands between him and us, our watchdog, our protector. They exchange words. Finally making it past her, his one obstacle, my father is hugging us, me and my brother, and crying, because he missed us, because his ex-wife, the one who left him like his mother once did, is dead, because he wishes he had never abandoned us. At least those were the reasons I imagined a grown man would cry. I could have been wrong. I was seven.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><span style="-webkit-text-size-adjust: 100%; background-color: white;">“So I already messaged him. We might meet up. You know, to talk,” my brother pauses.</span></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I don’t know if I’ll talk to him. I mean it’s been a long time,” I quickly do the math in my head, realising that at various points in my life I could recall the number of years since my father left us, for the second time, without thought. I tracked his absence on an internal calendar by milestones missed, birthdays and holidays without cards, gifts, or him.</p><p data-inc="2" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Thirty-two years,” my brother spits out faster than I can calculate. I was never very good at math.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">Damn, the DJ on the radio announces the time. Now, my father is alarmingly late.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I watch the couple inside with their daughter. I get out of my car and walk the length of the coffee shop. An older man smiles, but he is not my father. He is too tall. His teeth too perfect. He has never been a drug addict, he has never left his family. I think about him on the ride home and make up a history for him: wife, child, long career helping people as a teacher or a detective. I think of him so I don’t have to think of my father.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“He didn’t show,” I say to my husband, feeling ashamed of a sin that isn’t mine. My father owns this transgression, and a myriad of others.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I’m sorry,” he says.</p><p data-inc="3" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I’m used to it,” I respond, sorry I told my children I was going to meet their grandfather, sorry I allowed him to ease back in, even if only for a moment.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">***</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I’ll never leave you again,” his eyes, hazel, are my own, staring back at me like a mirror. “I promise.” We are sitting at my grandparents’ house, where I’ve lived since he left us the first time. I am tucked under a top sheet, the warm breeze of a July night enters through an open bedroom window, pushing white lace curtains into the air like a ghost. My father won’t call tomorrow or the next day. I will not hear from him again until I reach out on Facebook 32 years later.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><span style="background-color: white;">The message comes in while I’m on the computer. “I waited at the coffee shop from 6:30 to 7:30 and now I’m home,” I respond. I was there. He was there. Just a mistake, two people, a father and daughter, who missed each other because it had been 32 years since they last met. I forgive him, again. It is a pattern. It is a sickness.</span></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">Weeks later, we meet up finally. I ask him about his life. It was more miserable than I’d imagined. We talk daily on Facebook. He likes to write, like me. My father went back to college after getting clean, met his wife, had a kid, and did his best to stay sober. He loved my mother, he tells me, but they were dumb, they were addicts, they weren’t strong enough to love each other through it all.</p><p data-inc="4" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">*** The box arrives in the afternoon while the kids are riding their bikes in the driveway. I see from the return address that it is from my father. Inside, there are gifts for all of us. Shirts for the boys, jewellery, delicate strings of gold, for the girls, and for me, a necklace, for my birthday. The date he couldn’t remember until he asked me about it on Facebook messenger. I often wondered if he thought of me each May on the day I was born. I know now that he didn’t, because he’d forgotten my birthday. Like so many of the details of my life, it got caught up and swallowed by his addiction.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I’m sorry I forgot your birthday,” he messages me as he has been doing several times a day since we’ve fallen back into each other’s lives. “I wanted to get you something, though I can never make up for all those I’ve missed. In my family we never got gifts.”</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">And now I am ready, after having received the second birthday gift from my father. The thin chain, barely gold and of nominal value, is proof of his transformation from a wayward recovering addict to a doting and loving father. People change. Jim’s changed. Of this, I am certain. My children, I say, it would be okay for you to meet them, but only if you can promise that you won’t leave. You have to stick this time, or you can’t see them. I make these demands of him as my grandmother once did. He is sober now and has been for decades. He promises. I believe him. I always believe my father.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">Kyle takes to him immediately. Young and trusting, she is a replica of me. He is equally smitten. Watching the two of them together heals some hurt I didn’t know I still held onto. My father throws a ball to her, as he would have to me if he’d stayed like all my friends’ parents did. She hits it back, happy to show off skills learned in T-ball. The day has a natural and easy flow, so unlike the other times. This is going to work. He is different. The man I have always called Jim is finally my father. “Dad,” I whisper forcing it from my mouth, practicing, while imagining him babysitting the kids, or joining me at the park to keep us all company during the sometimes long and lonely days of motherhood. He does not hear me.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><span style="background-color: white;"><br /></span></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><span style="background-color: white;">“Nicole,” my grandmother calls me into her bedroom, the one right next to mine. It is a Saturday. In her hands, she holds a piece of paper. “Your father wrote you a letter. Well, you and your brother.” I am both stunned and numb. It has been seven years since he left. Seven birthdays, seven Christmases, seven Father’s Days, without him. I have grown used to his absence, grown to trust it more than the brief periods when he was present.</span></p><p data-inc="5" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Okay,” I say, sitting on the bedspread that she will smooth wrinkles out of when I stand up. “Should I read it?” I ask the woman who helps me make all my decisions.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I have no idea.” My grandmother cleans out a junk drawer, the one bit of disorganisation she allows in an ordered life, and hands me the letter. “Do what you want with it. If you don’t take it, I’ll just throw it away.”</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I’ll see,” I say, doing my best to appear unmoved. I feel as though the letter is somehow my fault.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“Honey,” she says, pausing from her cleaning and softening for a moment, “your father is in rehab. This is one of the steps.”</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">Steps toward what? I wonder.</p><p data-inc="6" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“He has to make amends to those people he’s hurt while using drugs. That’s why he’s writing this.” My grandmother turns away from me and back to organising. Our discussion is over.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">***</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I prepare for the party while my husband runs out to get beer, wine, and soda for the people who don’t drink, like my father. He shows up at the properly designated time, and there are awkward introductions because so many people know our history.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“I thought your father died,” one friend whispers, while filling her glass with sangria.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">“No, we’ve been estranged,” I say, unable to offer a better explanation.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">I meet my sister, she is young, 18, heading off to college in the fall. I imagine her getting to know my children, while they attach themselves to her as if they know there is some sort of bond connecting their lives to hers.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><br /></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><br /></p><p data-inc="4" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><br /></p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;"><br /></p>Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-55618377020546183892021-06-20T23:38:00.000-07:002021-06-20T23:38:05.543-07:00 पेरू में वामपंथी राष्ट्रपति उम्मीदवार की जीत के बाद तनाव का माहौल <h1 style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Roboto, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 1.625rem; line-height: 1.2; margin: 5px 0px 10px;">Rival protests in Peru as tensions rise over presidential vote</h1><p class="article__subhead css-1u046kd-Article" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; color: #8d8d8d; font-family: Georgia, Times, "Times New Roman", serif; font-size: 1.125rem; font-style: italic; line-height: 1.44; margin: 0px;">Pedro Castillo’s supporters want election results upheld, while Keiko Fujimori’s backers want the vote annulled.</p><p style="-webkit-text-size-adjust: 100%; box-sizing: border-box; font-family: Georgia, Times, "Times New Roman", serif; font-size: 20px; margin: 0.5rem 0px 30px; word-wrap: break-word;">Supporters of socialist Pedro Castillo and conservative Keiko Fujimori took to the streets by the thousands in Peru on Saturday, as tensions rose over the result of a June 6 presidential election.</p><p class="article__subhead css-1u046kd-Article" style="-webkit-text-size-adjust: 100%; box-sizing: border-box; color: #8d8d8d; font-family: Georgia, Times, "Times New Roman", serif; font-size: 1.125rem; font-style: italic; line-height: 1.44; margin: 0px;"><a href="https://www.aljazeera.com/news/2021/6/20/rival-protests-in-peru-as-tensions-rise-over-presidential-vote">https://www.aljazeera.com/news/2021/6/20/rival-protests-in-peru-as-tensions-rise-over-presidential-vote</a></p>Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-66430269071377390932021-06-20T06:34:00.000-07:002021-06-20T06:34:42.537-07:00हमारी नई पार्टी का चुनावी घोषणा पत्र <div dir="ltr" style="text-align: left;" trbidi="on">
देश के हालात और दुर्दशा से चिंतित होकर हमने एक नई राजनैतिक पार्टी बनाने का निर्णय किया है। उसके लिए हमने बहुत सोच विचार कर एक घोषणा पत्र तैयार किया है जो आपके सामने प्रस्तुत है। वैसे तो मोदी सरकार ने आखरी छह महीनो में कुछ तेजी दिखाई है और योगी जी ने भी उसमे सहयोग दिया है, लेकिन संत समाज और महा राष्ट्रवादी लोग उससे संतुष्ट नहीं हैं। इसलिए हमने इस काम को जरूरी समझा। हमारे घोषणा पत्र के मुख्य बिंदु निम्न प्रकार से हैं।<br />
१. हमारी पार्टी का नाम " राष्ट्रवादी सनातनवादी पुरातनवादी आर्यवर्तीय पार्टी " होगा।<br />
२. हम हर महीने कम से कम पांच जगहों का नाम बदलेंगे।<br />
३. हम हर प्रदेश में विश्व की सबसे ऊँची प्रतिमा स्थापित करेंगे। इसकी घोषणा प्रदेश अनुसार चुनावों के समय की जाएगी।<br />
४. बहुमत की आस्था के अनुसार काम को संविधान के दिशा निर्देशक सिद्धांतों में शामिल किया जायेगा।<br />
५. हमने महसूस किया है की पिछले पांच साल में किये गए सभी प्रयासों के बावजूद कुछ संस्थाओं में एकाध दुष्ट आत्माएँ अभी भी मौजूद हैं जो समय समय पर सरकार के कामकाज में टांग अड़ाती हैं। इसलिए सभी ऐसी संस्थाओं जैसे, चुनाव आयोग, रिज़र्व बैंक, मानवाधिकार आयोग, सुचना आयोग इत्यादि का संवैधानिक दर्जा समाप्त कर दिया जायेगा।<br />
६. सुप्रीम कोर्ट व हाई कोर्ट के जजों की नियुक्ति करने वाले कोलेजियम में कोई जज नहीं होगा।<br />
७. इज आफ डूइंग बिजनेस को बढ़ावा देने के लिए सभी सरकारी स्कूलों और हस्पतालों को बंद कर दिया जायेगा ताकि नए बिजनेस के अवसर खुल सकें।<br />
८. सरकारी नौकरियों पर पूर्णतया पाबंदी लगाई जाएगी ताकि प्रतिमाओं और धार्मिक आयोजनों के लिए धन उपलब्ध हो सके।<br />
९. अगली दिवाली पर अयोध्या में तीन करोड़ दीप जलाए जायेंगे और उसके लिए धन GST पर नया सेस लगाकर उगाहा जायेगा।<br />
१०. एक सीमा से ज्यादा पढ़ने लिखने को देशद्रोह घोषित किया जायेगा।<br />
११. भारत रत्न सहित सभी पदम् पुरस्कारों की घोषणा करने वाली समिति में केवल तीन सदस्य होंगे जो संघ, अखिल भारतीय अखाडा परिषद और गीता प्रेस द्वारा नामित किये जायेंगे।<br />
१२. डार्विन इत्यादि के सिद्धांतों को सेलेबस से हटाया जायेगा। ये हमारी भावनाओं को आहत करते हैं।<br />
१३. महिलाओं का प्रवेश केवल मंदिरों से ही नहीं, बल्कि संसद और विधानसभाओं में भी प्रतिबंधित किया जायेगा।<br />
१४. सभी कृषि विश्वविद्यालयों को गौशालाओं में परिवर्तित किया जायेगा।<br />
१५. सभी सरकारी पदों पर नियुक्तियां वर्ण व्यवस्था के हिसाब से की जाएँगी। <br />
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सभी राष्ट्रवादी नागरिकों से सहयोग की अपील है।<br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-61854305985178550762018-08-25T21:03:00.000-07:002018-08-25T21:03:42.962-07:00क्या अब उद्योगपति धमकाएंगे विपक्ष को ?<div dir="ltr" style="text-align: left;" trbidi="on">
कल 27 अगस्त को RBI द्वारा तय समय सीमा खत्म होने के साथ ही अन्य कई कम्पनियों के साथ अनिल अम्बानी की रिलायंस नेवल भी दिवालिया घोषित होने की कार्यवाही के दायरे में आ जाएगी। अनिल अम्बानी ने इससे एक दिन पहले , यानी आज इसके डॉयरेक्टर के पद से इस्तीफा दे दिया। इस्तीफे के लिए उसने कंपनी अधिनियम की उस धारा का हवाला दिया जो 2013 से लागू है।<br />
इससे दो दिन पहले उसकी दूसरी कंपनी रिलायंस इंफ़्रा ली अपने NCD का भुगतान नहीं कर पाई और डिफ़ॉल्ट कर गयी।<br />
राफेल के सवाल पर कांग्रेस द्वारा सरकार से ये सवाल पूछने पर की उसने राफेल डील के अंतर्गत मेंटिनेंस इत्यादि का कॉन्ट्रैक्ट हिंदुस्तान ऐरोनॉटिक्स से हटाकर केवल 15 दिन पहले बनी अनिल अम्बानी की उस कम्पनी को किस आधार पर दिलवा दिया जिसके पास इस तरह का कोई अनुभव ही नहीं है , तो इसका जवाब सरकार द्वारा देने के बजाय अनिल अम्बानी ने कांग्रेस पर 5000 करोड़ की मानहानी का मुकदमा दायर कर दिया।<br />
यानी अब सरकार के फैसलों पर और अपने मित्र उद्योगपतियों को गलत तरीके लाभ पहुंचाने पर अगर कोई सवाल उठाया जायेगा तो उसका जवाब सरकार द्वारा देने के बजाय अब उद्योगपतियों द्वारा विपक्ष को क़ानूनी कार्यवाही की धमकियाँ दी जाएँगी ? देश की जनता इसे स्वीकार नहीं करेगी और सरकार और कॉरपोरेट के नेक्सस को ये बात ध्यान से समझ लेनी चाहिए।<br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-53355911587124187852018-04-07T22:51:00.001-07:002018-04-07T22:51:35.036-07:00Will America Accept Its Defeat in Syria? Challenge Russia and China?<div dir="ltr" style="text-align: left;" trbidi="on">
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<em style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Russia introduced China to Syria during the war when the Chinese navy arrived in the Mediterranean and reached the shores of Tartous and Lattakia to send a message to America and its allies that the monolithic dominance of the world was over.</em></div>
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There are thousands of Chinese jihadists who fought with ISIS and al-Qaeda and Beijing was concerned, willing to see all these killed in Syria. Cooperation between the Chinese and the Syrian intelligence services was established. Damascus has a unique and a very rich bank of information about foreign fighters many countries in the world would like to have access to, since over 80 nationalities of foreign fighters were allowed into Syria in a failed attempt to topple the regime and establish an Islamic State.</div>
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But Washington is still trying to protect its position, refusing to give up on the crown of world domination it has enjoyed for over a decade and it is ready to fight against the “axis opposing the US” using other means outside Syria. The US establishment and its allies are expelling Russian diplomats and imposing sanctions on China and Iran. The US defeat in Syria is obviously very painful.</div>
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What Washington is pretending to ignore is that the world no longer believes in the US’s military muscles and that there are two potential countries, less arrogant and willing to create alliances rather than bullying weaker countries: Russia and China. These are gathering more allies against the US axis.</div>
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The US is still living in the era of 1991 when the Soviet Union collapsed. Its strong decline continued until the arrival of President Vladimir Putin to power in 2000. Washington realised there is a new person at the Kremlin in the castle of the Tsars with a determined intention to restore the lost glory. Russia had only nuclear weapons at that time and nothing else but the will was strong for the Russian bear to wakeup from its hibernation.</div>
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Putin did not declare war on America but extended his hand and tried to build friendship or at least not enmity. But Washington saw in Moscow the potentiality to recover in a couple of decades and worked on slowing down the process or interrupting it if possible. This is why the US started to pull to its side many countries of the ex-Soviet Union which have declared independence and include these in NATO and in the European Union surrounding Russia.</div>
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China, which includes cheap labor and can clone any commercial or military technology, like Russia has perceived America’s fear of its rapid economic development and wealth. Thus, the Chinese-Russian rapprochement was mainly created by the aggressive US policy towards the two countries, and this mainly because the American concentrate exclusively on military muscle when dealing with the World.</div>
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Washington has focused its naval control over the South China Sea and the Straits of Malacca, bringing back memories of its military presence during the Second World War with the attempt to tighten its pressure on Beijing. The US is aware of their naval superiority and know that China needs the sea for its commerce and for its supply of energy.</div>
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<img alt="sco-2011" class="wp-image-2918 aligncenter" data-attachment-id="2918" data-comments-opened="1" data-image-description="" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"}" data-image-title="sco-2011" data-large-file="https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?fit=690%2C770&ssl=1" data-medium-file="https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?fit=269%2C300&ssl=1" data-orig-file="https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?fit=690%2C770&ssl=1" data-orig-size="690,770" data-permalink="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/sco-2011/" height="739" sizes="(max-width: 690px) 100vw, 690px" src="https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?resize=690%2C770&ssl=1" srcset="https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?w=690&ssl=1 690w, https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?resize=269%2C300&ssl=1 269w, https://i0.wp.com/ejmagnier.com/wp-content/uploads/2018/03/sco-2011.jpg?resize=600%2C670&ssl=1 600w" style="border: 0px none; display: block; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px auto 10px; max-width: 635px; padding: 0px; vertical-align: baseline;" width="662" /></div>
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China started to protect itself by setting up the Eurasian political and economic Shanghai Cooperation Organisation in June 2001 with the goal also to focus on economic initiatives, increase military and counter terrorism cooperation with intelligence sharing. This Cooperation includes about half of the World’s total population and the states (including five nuclear states) of China, Russia, Kazakhstan, Tajikistan, Uzbekistan, Kyrgyzstan, Mongolia, Iran, India and Pakistan – and rejected Washington’s and Tokyo’s request to be observers only.</div>
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China has gone to the countries affected by US policy to establish a rapprochement. Further, it established the “string of Pearls” of states and islands for marine protection and encircled India, Japan and other American allies. The Indian Ocean sees the passage of 60% of the trade in oil from the Middle East, making the Straits of Malacca indispensable for China to protect. Therefore Beijing established relationships with Malaysia, Singapore, Myanmar, Coco islands, Bangladesh, Sri Lanka, Pakistan, and a presence in the African coast in Sudan and Kenya.</div>
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<img alt="strings_1498042034_725x725" class="size-full wp-image-2912 aligncenter" data-attachment-id="2912" data-comments-opened="1" data-image-description="" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="strings_1498042034_725x725" data-large-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?fit=725%2C453&ssl=1" data-medium-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?fit=300%2C187&ssl=1" data-orig-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?fit=725%2C453&ssl=1" data-orig-size="725,453" data-permalink="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/strings_1498042034_725x725/" height="412" sizes="(max-width: 725px) 100vw, 725px" src="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?resize=725%2C453&ssl=1" srcset="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?w=725&ssl=1 725w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?resize=300%2C187&ssl=1 300w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/strings_1498042034_725x725.jpg?resize=600%2C375&ssl=1 600w" style="border: 0px none; display: block; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px auto 10px; max-width: 635px; padding: 0px; vertical-align: baseline;" width="660" /></div>
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Moreover, China revived the world’s oldest overland trade route of the Han Dynasty called “the Silk Road”. The modern Chinese Silk Road will provided a link to Beijing with the world for trade expected worth <span style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">one trillion dollars</span> (for 900 separate projects). The Silk Road reaches 11 cities in Europe and others in Africa by railway and pipeline and is expected to bring together seven Asian countries under the slogan “One Belt, One Way”. It will offer gas and trade to China and will cover 70% of the planet’s population.</div>
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<img alt="Screen Shot 2018-03-28 at 10.09.09" class=" wp-image-2913 aligncenter" data-attachment-id="2913" data-comments-opened="1" data-image-description="" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="Screen Shot 2018-03-28 at 10.09.09" data-large-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?fit=1000%2C436&ssl=1" data-medium-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?fit=300%2C131&ssl=1" data-orig-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?fit=3142%2C1370&ssl=1" data-orig-size="3142,1370" data-permalink="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/screen-shot-2018-03-28-at-10-09-09/" height="287" sizes="(max-width: 1000px) 100vw, 1000px" src="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=1000%2C436&ssl=1" srcset="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?w=3142&ssl=1 3142w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=300%2C131&ssl=1 300w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=768%2C335&ssl=1 768w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=1024%2C446&ssl=1 1024w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=1440%2C628&ssl=1 1440w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?resize=600%2C262&ssl=1 600w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?w=2000&ssl=1 2000w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Screen-Shot-2018-03-28-at-10.09.09.png?w=3000&ssl=1 3000w" style="border: 0px none; display: block; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px auto 10px; max-width: 635px; padding: 0px; vertical-align: baseline;" width="658" /></div>
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China is also part of the BRICS Group, which was established in 2009 and includes Brazil, Russia, India, China and South Africa, which account for about 40 percent of world production.</div>
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<img alt="brics2" class=" size-full wp-image-2939 aligncenter" data-attachment-id="2939" data-comments-opened="1" data-image-description="" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="brics2" data-large-file="https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?fit=530%2C356&ssl=1" data-medium-file="https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?fit=300%2C202&ssl=1" data-orig-file="https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?fit=530%2C356&ssl=1" data-orig-size="530,356" data-permalink="https://ejmagnier.com/2018/03/29/les-usa-vont-ils-accepter-la-defaite-ou-mettre-au-defi-lours-russe-et-le-dragon-chinois-3-de-3/brics2/" height="356" sizes="(max-width: 530px) 100vw, 530px" src="https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?resize=530%2C356&ssl=1" srcset="https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?w=530&ssl=1 530w, https://i2.wp.com/ejmagnier.com/wp-content/uploads/2018/03/brics2.jpg?resize=300%2C202&ssl=1 300w" style="border: 0px none; display: block; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px auto 10px; max-width: 635px; padding: 0px; vertical-align: baseline;" width="530" /></div>
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And last but not least, in 2013, China presented the Asian World Bank (AIIB) that was set up to strike America at the core and bring together 57 countries – including several European states – but excluding the United States and Japan, its staunch ally.</div>
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<img alt="Aiip-image" class="size-full wp-image-2920 aligncenter" data-attachment-id="2920" data-comments-opened="1" data-image-description="" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="Aiip-image" data-large-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?fit=800%2C521&ssl=1" data-medium-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?fit=300%2C195&ssl=1" data-orig-file="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?fit=800%2C521&ssl=1" data-orig-size="800,521" data-permalink="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/aiip-image/" height="430" sizes="(max-width: 800px) 100vw, 800px" src="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?resize=800%2C521&ssl=1" srcset="https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?w=800&ssl=1 800w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?resize=300%2C195&ssl=1 300w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?resize=768%2C500&ssl=1 768w, https://i1.wp.com/ejmagnier.com/wp-content/uploads/2018/03/Aiip-image.jpg?resize=600%2C391&ssl=1 600w" style="border: 0px none; display: block; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px auto 10px; max-width: 635px; padding: 0px; vertical-align: baseline;" width="660" /></div>
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The Asian International Bank – with $100 billion – aims to get rid of American financial control over the world’s economy. Washington considered this move as provocative, aiming at finding alternatives to its control of the world’s economy and financial that the United States has controlled for decades without any rival.</div>
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With its superficial but continuous sanctions, Washington believes it is capable of preventing the Eurasia Union (which begins from the Atlantic Ocean to the Indian Ocean, including six large states containing 3/4 of the world’s energy), to trouble Russia and to bother China.</div>
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Moreover, the US was thinking of creating a “Middle Eastern NATO” to counter the “Shiite crescent” and the “Iranian threat”. This idea was destroyed following the Saudi Arabia disastrous war on Yemen and because Middle Eastern countries are unable to unite politically, economically or militarily.</div>
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While the US is fighting and losing in Syria, most countries that rejected American hegemony are gathering together in one way or another. There is cooperation between these countries – as we saw above – to get rid of Washington’s dominance, arrogance and destructive foreign policy.</div>
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The US believes in changing regimes and directly – or through proxies – to occupy or control countries and impose a heavy protection fee to avoid toppling Middle Eastern monarchies (like Saudi Arabia as Donald Trump said himself). The US establishment is also manipulating youth and exploiting it under the title “Freedom activists” to guide them towards failing states, allowing extremists (Libya and both Syria and Iraq) to just get away with it).</div>
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America is deploying missiles everywhere where its military bases are deployed all over the world and has never thought of using its energy and power to support the economy and peace. It is only focused on controlling states and the sources of energy regardless of the consequences, because there is no accountability for its doing.</div>
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Failure is everywhere: Washington’s plan failed- as <span style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: 700; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">General Wesley Clark, retired 4-star U.S. Army general, Supreme Allied Commander of NATO during the 1999 War on Yugoslavia said – </span>to occupy seven countries (Iran, Iraq, Syria, Lebanon, Libya, Somalia and Sudan), and its failure in Afghanistan, Iraq and Syria because it underestimated the reaction to its foreign policy.</div>
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However, it has largely succeeded in planting hate among the Muslim population, turning the objective of al-Qaeda (its goal to target the far enemy, i.e. the US) and replaced it with ISIS (the goal is to target the near enemy, i.e. minorities and other Muslims), reviving an animosity between Muslims that is 1400 years old. Today the majority of the western population believes the war in the Middle East is “between Muslims. Let them kill each other…who cares?”.</div>
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While the United States is selling for $110 billions weapons to Saudi Arabia to kill more Yemenis and threaten its neighbours (Qatar, Syria and Iran), <span style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: 700; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> Russia has signed 10 year contracts with China worth 600 billion dollars, and with Iran worth 400 billion dollars. Also, China has signed contracts with Iran worth 400 billion dollars.</span> These contracts are aimed at economic cooperation, energy exchange; they promise an advanced economic future for these countries away from US dominance.</div>
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The US believes it can corner Russia, China and Iran: Russia has a 7,000 kilometre border with China, Iran is not Iraq and Syria is not Afghanistan. In Syria, the destiny of a world to be ruled by unilateralism is over. The world is heading toward pluralism.</div>
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The question remains: Is Washington prepared to accept its defeat and acknowledge that it has lost control of the world and pull out of Syria?</div>
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<em style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: 700; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Elijah J. Magnier</span> is a Senior Political Risk Analyst with over 32 years’ experience covering Europe & the Middle East. Acquiring in-depth experience, robust contacts and political knowledge in Iran, Iraq, Lebanon, Libya, Sudan and Syria. Specialized in political assessments, strategic planning and thorough insight in political networks.</em></div>
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<em style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Proof read by: Maurice Brasher</em></div>
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The original source of this article is <a href="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/" style="border: 0px; color: #3b4d81; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">EJMagnier</a></div>
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Copyright © <a href="https://www.globalresearch.ca/author/elijah-j-magnier" style="border: 0px; color: #3b4d81; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" title="Posts by Elijah J. Magnier">Elijah J. Magnier</a>, <a href="https://ejmagnier.com/2018/03/28/will-america-accept-its-defeat-or-challenge-the-russian-bear-and-the-chinese-dragon-3-3/" style="border: 0px; color: #3b4d81; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">EJMagnier</a>, 2018</div>
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-29264485517647037352018-03-29T00:00:00.000-07:002018-03-29T00:00:53.704-07:00Why petro-yuan may become biggest game-changer of all time in capital markets<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; font-family: Archivo, sans-serif; font-size: 15.0015px;">The historic launch of the long-awaited trading of Chinese crude futures this week has stirred up a heated debate among analysts as to whether the new commodity product will prosper or flop.</span><br />
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Some market analysts expressed doubts over the success of the petro-yuan, citing Beijing’s yearning for total control over trading as one of the key reasons for a potential bust. <em style="margin: 0px; padding: 0px;">“The government has been eager to encourage liquidity and paper trading, but of course the issue with paper trading is speculative trading that the government wants to keep at bay,”</em> Michal Meidan, an analyst at energy market consultancy Energy Aspects, told Bloomberg prior to the launch.</div>
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Meanwhile, the high costs of oil storage for delivery into the Shanghai Futures Exchange may scare potential investors away from the new contracts, according to industry analysts. <em style="margin: 0px; padding: 0px;">“Storage plays a crucial role in linking cash and futures markets. Many speculators, such as proprietary traders and hedge funds, may be scared away,”</em> said Jian Yang, a research director at the JP Morgan Center for Commodities in the University of Colorado Denver, as quoted by the agency.</div>
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However, China's yuan-backed oil futures managed to make a strong debut on Monday with overnight trade volumes initially outstripping transactions of internationally recognized benchmark Brent. Some 62,500 contracts reportedly changed hands during the first session, as domestic and international oil investors joined the trading.</div>
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<span style="font-size: 15.0015px;">The impressive start gives deeper cause for optimism about the newcomer with some analysts qualifying oil futures denominated in China’s currency as a game-changer in the world of financial trading. </span><em style="font-size: 15.0015px; margin: 0px; padding: 0px;">“This is the single biggest change in capital markets, maybe of all time,”</em><span style="font-size: 15.0015px;"> said Hayden Briscoe, APAC head of fixed income at UBS Asset Management, as quoted by Reuters.</span></div>
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According to the analyst, the move to trade oil in yuan will diminish the role of the greenback in global financial markets. If market participants, including US corporations, opt to trade yuan-backed contracts, this could easily strengthen the Chinese currency and, at the same time, weaken the dollar.</div>
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<em style="margin: 0px; padding: 0px;">“This helps cement the exchange’s viability and challenges the petro-dollar system, in which oil deals are executed in dollars. This would decrease demand for the greenback and boost US inflation,”</em> Briscoe said.</div>
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With crude oil becoming a great chunk of modern international commerce, the potential impact of the new product on oil market dynamics and on global monetary and financial systems could be correspondingly great.</div>
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copy from RT</div>
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-18675276379815743692018-01-31T21:11:00.002-08:002018-01-31T21:11:54.799-08:00Banking, Finance and Economy Current Affairs - 1Feb.2018<div dir="ltr" style="text-align: left;" trbidi="on">
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The Central Government yesterday gave the details of its Rs 800 billion recapitalisation bonds for banks through 6 maturities, and they will not disturb the market dynamics of the fixed-income paper, experts said. The Rs 800-billion recapitalisation bonds would have a tenure of 10-15 years and would carry a coupon rate in the range of 7.35-7.68%, the finance ministry said in a notification.</div>
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<b>-Business Standard </b></div>
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IDBI Bank's Q3 standalone loss narrowed down to Rs 1,524.31 crore against Rs 2,255 crore in the corresponding quarter last fiscal. It had reported a net loss of Rs 197.84 crore in the Q2FY18. Gross bad loans as a percentage of total loans stood at 24.72% at end-Dec compared with 24.98% in the previous quarter and 15.16% a year ago.</div>
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<b>-Economic Times </b></div>
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ICICI Bank today posted 32.42% year-on-year fall in standalone net profit at Rs 1,650.24 crore for the quarter ended Dec 31, 2017. It had posted profit of Rs 2,441.82 crore in the corresponding quarter last year. Provisions and contingencies figures increased by 31.59% YoY to Rs 3,569.56 crore for the quarter ended Dec 31, 2017.</div>
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<b>-Economic Times </b></div>
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Bank of India has recovered Rs 3,000 crore in the last month by invoking standby letter of credit, or SBLC, and guarantees of defaulters, said its chief executive. "Since the time RBI has imposed PCA, we have recovered Rs 3,000 crore by invoking SBLC,'' said Bank of India chief executive Dinabandhu Mohapatra.</div>
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<b>-Economic Times </b></div>
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The net profit of Karur Vysya Bank for the third quarter ended December 2017 slipped to Rs 71 crore compared to Rs 116 crore during the corresponding quarter of the earlier fiscal. Operating profit on the other hand was up 25% at Rs 421 crore (Rs 335 crore).</div>
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<b>-Business Line </b></div>
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Private equity fund ChrysCapital is in advanced negotiations to invest about Rs 400 crore to acquire a 26% stake in Fedbank Financial Services, a wholly-owned unit of Federal Bank, a development which signals a continuation of last year's trend of private equity deluge into financial services companies in the country. The transaction is expected to conclude within a few weeks and the proceeds will be used for the expansion of Fedbank Financial Services. </div>
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<b>-Economic Times </b></div>
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Syndicate Bank said it plans to raise Rs 3,990 crore for expanding its business and meeting regulatory capital requirements.The bank said its Board of Directors will meet on February 2 "for approving the revised capital plan of the Bank from Rs 3,500 crore earlier (of which Rs 1,150.80 crore has been raised by way of Qualified Institutional Placement (QIP)) to Rs 3,999 crore for FY 2017-18."</div>
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<b>-Moneycontrol.com</b></div>
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The Government today revised FY17 GDP growth upwards to 7.1% from 6.6% earlier, underlining a relatively lesser impact demonetisation has had on the economy than predicted. The government had first released the provisional data last May. The revised numbers take into account a wider range of data. The nominal GDP for the year has been revised to 10.8% from 11% estimated earlier.</div>
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<b>-Economic Times </b></div>
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India has slipped to 42nd place on the Economist Intelligence Unit's annual Global Democracy Index amid the "rise of conservative religious ideologies" and increase in vigilantism and violence against minorities as well as other dissenting voices. While Norway has again topped the list, followed by Iceland and Sweden, India has moved down from 32nd place last year and remains classified among "flawed democracies".</div>
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<b>-Economic Times </b></div>
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-12988249841654395632018-01-31T00:51:00.000-08:002018-01-31T00:51:22.461-08:00 Banking, Finance and Economy Current Affairs Jan.31 2018<div dir="ltr" style="text-align: left;" trbidi="on">
SBI is planning to sell credit cards to farmers on easier terms, Chairman Rajnish Kumar said today. The Bank has tied up with its credit card issuing subsidiary SBICard to make it happen. This is perhaps the first time that a bank is offering credit card product to farmers to purchase goods on credit. Till now, small farmers have access to bank credit by way of Kisan Credit Cards, which are typically linked with bank accounts and offer cash credit facility to account holders.<br />
<b>-Economic Times</b><br />
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SBI has raised interest rates offered on bulk deposits by 50 to 140 basis points, signaling a turn in the interest rates cycle. The bank has sharply raised rates for 46 days to 210 days by 140 basis points from 4.85% from 6.25%.<br />
<b>-Economic Times </b><br />
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Banks are expected to hike deposit rates in the near term as incremental credit has outpaced deposits over the last quarter, which has pushed up the credit /deposit ratio of the banking system, according to credit rating agency ICRA.<br />
<b>-Business Line </b><br />
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LIC has put almost Rs 60,000 Cr in disinvestment opportunities offered by the government so far this fiscal. A senior LIC official said the LIC has booked Rs 20,000 Cr as profit from the equity market. “Compared to last year, when we had booked around Rs 19,000 crore as profit from the equity market. This year, driven by the buoyancy in the markets, we have crossed Rs 20,000 crore,” he said.<br />
<b>-Moneycontrol.com</b><br />
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In a first for an Indian, NITI Aayog Member Vinod<br />
Paul has been chosen to receive WHO's prestigious IhsanDogramaci Family Health Foundation Prize for his services in the field of family health, official sources said today.<br />
<b>-Economic Times </b><br />
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The Centre today notified a nearly 200% hike in the salary of Supreme Court and High Court judges. The new salary of the Chief Justice of India will now be Rs 2.8 lakh per month, up from the present Rs one lakh. Similarly, judges of the Supreme Court and chief justices of high courts will draw a monthly salary of Rs 2.50 lakh, up from the current Rs 90,000, according to the Act notified by the law ministry.<br />
<b>-Economic Times </b><br />
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🍒 Central Bank of India Ltd to announce third quarter results on Feb 9, 2018 : A Meeting of the Board of Directors of Central Bank of India Ltd will be held on Friday, 9th February 2018, to consider and take on record unaudited financial results of the Bank for the third quarter and nine months ended 31st December 2017. Shares of CENTRAL BANK OF INDIA was last trading in BSE at Rs.74.05 as compared to the previous close of Rs. 74.25. The total number of shares traded during the day was 1621784 in over 929 trades. The stock hit an intraday high of Rs. 75.7 and intraday low of 73.55. The net turnover during the day was Rs. 121662995. <b>- Equitybull.com</b><br />
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🍒 Leadership changes likely in some public sector banks : The government is considering a comprehensive reshuffle of top executives at state-run lenders, days after it unveiled a reform agenda linked to its recapitalisation plan. A senior finance ministry official confirmed that managing directors and chief executives of about four public sector banks (PSBs) may be moved as their performance has not been up to scratch. This is meant to send a signal to others. "Their performance is under review. Most of these lenders are already under the RBI's prompt corrective action (PCA) plan and if required we will make some leadership changes," he said. - <b>Economic Times</b><br />
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🍒 Less scope for RBI to cut rate: Arvind Subramanian : Chief Economic Adviser Arvind Subramanian today indicated that the scope for RBI to lower interest rate may be limited with growth picking up and inflation hardening. RBI, which is slated to announce the next monetary policy review on February 7, has maintained status quo on interest rate since August last year. "By definition if growth is picking up and inflation is rising, there is less scope of monetary easing. By definition that's true," he told PTI when asked about possibility of rate cut by by the central bank. He added however that it would be inappropriate for him to comment on rate cut as it is the domain of the Reserve Bank of India. RBI had last cut interest rate by 25 basis points to 6 per cent on August 2, 2017. <b> - Economic Times</b><br />
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🍒 Banks seen increasing deposit rates in near term: Icra : With banks' credit outpacing deposits in the last few months, pushing up the credit-deposit ratio, lenders are likely raise deposit rates in the near-term, says a report. The incremental credit in the current financial year (till January 5) stood at Rs 2.02 lakh crore, far outpacing the additional deposits of Rs 1.27 lakh crore. Rating agency Icra in a report today said the recent capital allocation of Rs 88,139 crore into state-run lenders by the government under the recapitalisation programme will improve the ability of public sector banks to pursue credit growth in the coming months. - <b>Economic Times</b><br />
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🍒 Oriental Bank of Commerce reports standalone net loss of Rs 1985.42 crore in the December 2017 quarter : Total Operating Income decline 3.99% to Rs 4262.08 crore Net Loss of Oriental Bank of Commerce reported to Rs 1985.42 crore in the quarter ended December 2017 as against net loss of Rs 130.01 crore during the previous quarter ended December 2016. Total Operating Income declined 3.99% to Rs 4262.08 crore in the quarter ended December 2017 as against Rs 4439.02 crore during the previous quarter ended December 2016. ParticularsQuarter EndedDec. 2017Dec. 2016% Var.Total Operating Income4262.084439.02 -4 OPM %19.6652.55 -PBDT-1969.10-47.01 -4089 PBT-1969.10-47.01 -4089 NP-1985.42-130.01 -1427. - <b>Business Standard</b><br />
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🍒 Board of United Bank of India approves preferential issue of shares up to Rs 3000 cr : At meeting held on 30 January 2018 The Board of United Bank of India has approved the proposal for issuance and allotment of equity shares of face value of Rs 10 each to the President of India acting on behalf of the Government of India and to such other person, group of persons or institutions as may be participating in the issue, aggregating up to Rs 3000 crore by Preferential Allotment under Chapter VII of the SEBI ICDR Regulations 2009. - <b>Business Standard</b><br />
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🍒 Indian Overseas Bank plans to increase multi functional cash recyclers by 176% : Indian Overseas Bank (IOB), one of the leading public sector banks in Southern India, has planned to set-up 704 more multi-functional machines like currency recyclers, instead of plain cash dispensing automatic teller machines (ATM) by March 2018 from its existing 400 across India before the financial year 2017-18 ends. The total number of recyclers will now stand at 1104, which is an increase of 176% across the country at places where the customer demand is mainly for cash withdrawals. Cash recyclers are a recycling machine which accepts cash deposits from customers and also dispenses cash. With this increase in the number of cash recyclers, the customers including small business man, vendors and traders can now deposit or dispense cash round the clock, without much concerned about banking hours. These machine enabled cash recyclers are driven by high end technology which can control the frauds and eliminate human errors. - <b>myiris.com</b><br />
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🍒 PSU bank recapitalisation: Govt to issue bonds of 6 maturities : The government today issued a circular detailing the outlines of recapitalisation of public sector banks bond issue. The bonds have been issued in six lots with maturities of 10, 11, 12, 13, 14 and 15-year. Finance Minister Arun Jaitley announced on January 24, 2018 that the government will infuse Rs 88,139 crore into 20 public sector banks through recapitalisation bonds and budgetary support in the current financial year. These recap bonds can be part of held-to-maturity (HTM) portfolio without any limit but are non-transferable and cannot be converted into any other securities. As these are HTM bonds, banks don’t have to take mark-to-market (MTM) profit and loss with the rise and fall in their prices. The current Reserve Bank of India rule stipulates that banks keep aside only 19.5 percent of their deposits in HTM bonds. - <b>Moneycontrol.com</b><br />
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🍒 Bharat Financial Inclusion-IndusInd Bank merger may take another 6 months to formalise : Microfinance company Bharat Financial Inclusion said that it has received clearance from Competition Commission of India for its merger with IndusInd Bank while approvals from Reserve Bank of India and other statutory bodies are still under process. The merger may take another six months to formalise, the company said, after announcing 14% rise in third quarter net profit. The merger was announced on October 14, last year. The country's largest microfinance company reported a net profit of Rs 162.6 crore for the quarter to December, compared with Rs 142.8 crore in the year ago period. Its gross loan portfolio grew 34% year on year to Rs 11,466 crore. <b> - Economic Times</b><br />
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🍒 SBI to offer credit cards to farmer : State Bank of India is planning to sell credit cards to farmers on easier terms, chairman Rajnish Kumar said Tuesday. The country's largest lender has tied up with its credit card issuing subsidiary SBI Card to make it happen. This is perhaps the first time that a bank is offering credit card product to farmers, who are the backbone of India's agrarian economy, to purchase goods on credit. Till now, small farmers have access to bank credit by way of Kisan Credit Cards, which are typically linked with bank accounts and offer cash credit facility to account holders. Kumar said in Kolkata that farmers would be allowed to spend 20% of the credit limit on consumer goods, and the balance on buying agricultural inputs. He said the penal clauses for non-repayment of credit card balance after 40 days would be lenient for farmers. <b>- Economic Times</b><br />
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🍒 SBI raises interest rates on bulk deposits : Country's largest bank, State Bank of India has raised interest rates offered on bulk deposits by 50 to 140 basis points, signaling a turn in the interest rates cycle. The bank has sharply raised rates for 46 days to 210 days by 140 basis points from 4.85% from 6.25%. The hike in deposit rates comes a couple of days before the finance minister is set to announce the union budget for 2018-19 and a week before the Reserve Bank of India is set to announce its monetary policy. SBI on Tuesday said that it would offer 6.25% on bulk deposits for one year, up 100 basis points, with immediate effect. The bulk deposits are deposits that are in the range of Rs 1 crore to Rs 10 crore. There has been no change in interest rates offered to retail depositors. - <b>Economic Times</b><br />
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🍒 Resolution will happen in most accounts under NCLT, says SBI’s deputy MD Sunil Srivastava : Banks are expecting a write-back in provisions for some of the large 11 accounts referred to the National Company Law Tribunal (NCLT), State Bank of India deputy MD (corporate accounts group) Sunil Srivastava tells Shamik Paul. He expects competitive bidding for these assets and, going forward, sees a decline in the rate of growth of non-performing assets. - <b>Financial Express</b><br />
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🍒 AU Small Bank posts 5% drop in Q3 profit : Our Bureau A big jump in operating expenses and provisions and contingencies impacted the bottomline of AU Small Finance Bank (AU SFB) in the third quarter ended December 31, 2017. The Jaipur-headquartered bank’s net profit declined 5 per cent to ₹79 crore, against ₹83 crore in the year-ago period. The bank’s net interest income (interest earned less interest expended) was up 24 per cent year-on-year at ₹250 crore. Other income soared to ₹106 crore (₹27 crore). Operating expenses, comprising employees cost and other operating expenses, shot up by 146 per cent to ₹204 crore (₹83 crore). Provisions (other than tax) and contingencies jumped to ₹33 crore (₹18 crore). As on December-end 2017, gross non-performing assets edged up to 2.83 per cent of gross advances against 2.75 per cent as on December-end 2016. - <b>Business Standard</b><br />
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🍒 Lakshmi Vilas Bank slips into red, posts Q3 loss of ₹39 crore : Lakshmi Vilas Bank (LVB)slipped into the red during the third quarter of this fiscal. For the quarter ended December 31, 2017, the bank has reported a net loss of ₹39 crore, compared with a net profit of ₹78 crore in the same period of the previous year on the back of lower operating profit. There was a significant drop in other income and higher provisions made for contingencies. Operating profit of the bank fell significantly to ₹46 crore from ₹171 crore. Other income fell to ₹27 crore, compared with ₹150 crore in Q3 of the previous fiscal. Provisions and contingencies were higher at ₹85 crore, compared with ₹48 crore in the year-ago period. The total income of the bank was lower at ₹ 818 crore, against ₹879 crore in Q3 of the previous fiscal. Gross NPA as a percentage of gross advances increased to 5.66 per cent in Q3 of this fiscal from 2.78 per cent in Q3 of the previous fiscal and 5.50 per cent in the preceding quarter of this fiscal. Net NPA also rose to 4.27 per cent as of December 31, 2017 from 1.82 per cent in the year-ago quarter. But it was marginally lower when compared with 4.33 per cent in Q2 of this fiscal. - <b>Business Line</b><br />
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🍒 GIC Housing Q3 net up 24% : GIC Housing Finance reported a 24 per cent year-on-year (yoy) increase in third quarter net profit at ₹42 crore. Revenue from operations was up 11 per cent y-o-y to ₹281 crore. Total expenditure increased 8.5 per cent to ₹217 crore. The company’s shares closed at ₹434.90 apeice, down 2.75 per cent over the previous close on the BSE on Tuesday. - <b>Business Line</b><br />
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🍒 Sundaram BNP Paribas Home Finance Q3 net profit flat at Rs 39 cr : Sundaram BNP Paribas Home Finance has clocked net profits of Rs 39.42 crore for the third quarter ending December 31, 2017. The city-based company recorded net profits of Rs 39.39 crore in the corresponding period of the previous year. Disbursements for the October-December 31, 2017 period surged 106 per cent to Rs 744 crore from Rs 361 crore registered during the year ago period, a company statement said. - <b>Business Line </b></div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-83383946437382479612018-01-29T21:20:00.000-08:002018-01-29T21:20:27.268-08:00Banking Current Affairs -- Big Loan Default and Other.<div dir="ltr" style="text-align: left;" trbidi="on">
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🍒 'BHIM app is playing a major role in promoting digital transactions': President Kovind : President Ram Nath Kovind, in his address to the joint sitting of both the Houses, said that the BHIM application launched by the government is promoting digital transactions across the country. Currently, digital payments are being carried out in more than 400 schemes of the government, the President said as part of his address. "BHIM app is playing a major role in promoting digital transactions. The recently launched 'Umang App' has also made more than 100 public services available on mobile phones," he said. - <b>Times of India</b><br />
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🍒 Big loan default: Claims worth Rs 3.13 lakh crore under insolvency proceedings : Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking the extension or have already been granted additional time. In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law. Of these, Era Infra Engineering has not yet been admitted to the CIRP. As per the Survey, claims admitted under the insolvency proceedings in the case of Bhushan Steel, Essar Steel, and Lanco Infratech stand at Rs 55,989 crore, Rs 50,778 crore and Rs 51,505 crore respectively. Proceedings under the Insolvency and Bankruptcy Code are initiated after receiving the approval from the National Company Law Tribunal (NCLT). -<b> Financial Express</b><br />
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🍒 Banks reluctant to lend to realty sector on rising NPA: Survey : The share of bank lending to real estate sector has fallen sharply to 17 per cent in 2016 from over 68 per cent in 2013 as banks are reluctant to provide credit to this industry due to rising NPAs and lower profit in property business, according to the Economic Survey. The survey also expressed concern over rising non- performing assets (NPAs) of individual housing loan portfolios of public sector banks (PSBs) and housing finance companies (HFCs). "Rising NPAs, higher risk provisioning assigned to real estate sector and dwindling profits in the real estate sector, have made banks reluctant to lend to the sector. "As a result, share of bank lending for organized funding to real estate sector has dropped significantly from over 68 per cent in 2013, to 17 per cent in 2016," the survey said. - <b>Economic Times</b><br />
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🍒 HDFC Q3 net profit jumps over two-fold at Rs 6,677 cr : Mortgage lender HDFC Ltd today reported an over two-fold jump in its consolidated net profit at Rs 6,677.06 crore for the third quarter ended December 2017. The company’s consolidated net profit in the corresponding quarter of the previous fiscal stood at Rs 2,728.66 crore. Total income (consolidated) rose to Rs 16,846.77 crore during the period under review, as against Rs 14,988.87 crore in the same period of 2016-17, the company said in a regulatory filing. Housing Development and Finance Corporation (HDFC) reported a 7.8 per cent rise in income from operations at Rs 9,673.05 crore. Premium income from its insurance increased by 18.5 per cent to Rs 6,182.24 crore during October-December quarter of 2017-18. The provisions were raised to Rs 164.54 crore for the quarter as against Rs 153.13 crore in the same period a year ago. - <b>Business Line</b><br />
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🍒 IBC mechanism used actively to resolve NPA problem: Survey : An ecosystem for the new insolvency and bankruptcy process that took shape in 2017-18 is being used actively to resolve the bad loan problem in the banking sector, Economic Survey said. "A major factor behind the effectiveness of the new Code has been the adjudication by the Judiciary. The Code prescribes strict time limits for various procedures under it," said the Economic Survey 2017-18, tabled in Parliament by Finance Minister Arun Jaitley. The new Insolvency and Bankruptcy Code (IBC) has provided a resolution framework that will help corporates clean up their balance sheets and reduce debts. The Twin Balance Sheet (TBS) actions, noteworthy for cracking the long-standing 'exit' problem, need complementary reforms to shrink unviable banks and allow greater private sector participation, the pre-budget Survey said. - <b>Economic Times</b><br />
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🍒 Banks see liquidity stress on cards as digital payment subsidy kicks in : The government's decision to subsidise digital payments below Rs 2,000 is cumulating problems for banks in the merchant-acquiring business. With the subsidy amount expected to be released after three months and the charges for issuing banks and card schemes to be paid monthly, acquiring banks are trying to find out ways to reduce the liquidity stress that they will have to face. While various suggestions are doing the rounds, bankers say that if issuing banks could push the billing for digital transactions by three months, then acquiring banks could release the payment at the same time as they received the subsidy amount, thereby reducing challenges. "There is a need to figure out a solution to this issue else there will be a major stress on the merchant acquiring business for banks as well as for payment companies who are acquiring merchants independently," said a seniorbanker with a private sector bank. Merchant discount rate, or MDR, is the charge that a merchant needs to shell out against every digital transaction. -<b> Economic Times</b><br />
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🍒 Resolution plans under IBC may need approval of fewer lenders : The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation. More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it and force a company into liquidation. The government feels liquidation should be the last resort and is considering whether such plans can be approved by a two-thirds majority or even a simple majority. "There is a need to relook at the current majority requirement. Just 26% members cannot take a company to liquidation," said a senior government official, who didn't want to be named. "We are seeing it as an issue." Many companies that have gone into liquidation could have continued to function under a less rigorous regime, some in the government feel. -<b> Economic Times</b><br />
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🍒 ‘Aadhaar, digital boost open new biz options : Citi India is seeing new opportunities in Aadhaar and digitisation following reforms by the government and regulator, even as Asia is turning out to be integral to the multinational bank's global growth strategy. The lender seeks to grow its market share across its cards and wealth management business in retail. On the corporate side it sees opportunities across foreign investment and market flows, and cash-and-trade business. "For some time now, we have had a strong view that India is in the crosshairs of global capital flows. This has manifested in significant increases in foreign direct investment to India at a time when world FDI is shrinking and this is evidenced by foreign portfolio investment flows from multiple sources," Pramit Jhaveri, CEO, Citi India, told TOI in an exclusive interview. - <b>Economic Times</b><br />
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🍒 Western Union opens technology centre in Pune; to employ 1000 people : Western Union said it had opened a technology centre in Pune to work on robotics, machine learning, predictive learning and biometrics. The new centre, which is 125,000 square feet, will employ 1000 skilled people and will serve as the remittance payment company's innovation and engineering hub in the region, it said in a statement. - <b>Economic Times</b><br />
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🍒 Axis Bank launches 4th edition of “Evolve” : Private sector Axis Bank today launched the fourth edition of ‘Evolve’, an annual multi-city knowledge series for Bank’s SME customers here. The current edition of evolve, titled “Transform your Family Business into your dream company”, will empower the SMEs understand the winning strategies and best practises that have helped some of the leading family businesses in India grow into reputable enterprise. This edition will span across 30 cities including Nagpur, Surat, Rajkot, Pune, Vishakhapatnam, Trichy, Kanpur, Ludhiana and Jamshedpur, a bank release said here. The series aims to equip the participating SMEs with new-age strategies, live case studies, operational know-how, regulatory and Government related knowledge skills, president and head, SME, Axis Bank, J P Singh said. - <b>Financial Express</b><br />
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🍒 Fresh capital, budget proposals to fuel economy: Federal Bank chief Shyam Srinivasan : Private lender Federal Bank has been growing at more than 20% in the last few quarters. Shyam Srinivasan, MD and CEO, said he believed reforms in the last 4-5 years are expected to bear fruit in 2018 and growth momentum will pick up with capital infusion in public sector banks and budgetary proposals in the upcoming Budget.- <b>Economic Times</b><br />
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🍒 Rupee trading weak at 63.56 : The rupee was trading a tad weak at 63.56 owing to month-end dollar demand from banks and importers. However, record inflows into the domestic equity market capped the rupee’s fall.<br />
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🍒 Gold falls to Rs 31,120; silver drops by Rs 200/kg : Gold prices declined by Rs 80 to Rs 31,120 per 10 grams at the bullion market today due to a weak global trend and slackened demand from local jewellers. Silver also dropped by Rs 200 to Rs 40,450 per kg due to reduced offtake by industrial units and coin makers.</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-10588728611333257802018-01-28T20:16:00.001-08:002018-01-28T20:16:56.899-08:00Jobs Creation Annually ? - Economy and Finance Current affairs <div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-size: large;">Seven Million Formal Jobs Created Annually? The Misplaced Debate on EPFO Data and Employment --</span></b></div>
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<span style="color: #1a1a1a; font-family: Lato, Arial, sans-serif; font-size: small; font-weight: normal;">A recent study by Ghosh and Ghosh adds a useful dimension, but by deviating from its pure academic purpose to making bold claims on net job creation its original intent and objective has been lost.--- Read full artical---</span><span style="color: #1a1a1a; font-family: Lato, Arial, sans-serif; font-size: small;"><span style="font-weight: 400;"><a href="https://thewire.in/218664/seven-million-formal-jobs-created-annually-misplaced-debate-epfo-data-employment/">https://thewire.in/218664/seven-million-formal-jobs-created-annually-misplaced-debate-epfo-data-employment/</a></span></span></h3>
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Exim Bank has raised $1 billion through overseas bonds that will get listed at London Stock Exchange’s international securities market (ISM).<br />
<b>-Business Line</b><br />
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Investments in domestic capital markets through participatory notes (P-notes) surged to a six-month high of over Rs 1.5 lakh crore at December-end despite stringent norms put in place by SEBI to check their misuse. P-notes are issued by registered foreign portfolio investors to overseas investors who wish to be part of Indian stock markets without registering themselves directly.<br />
<b>-Moneycontrol.com </b><br />
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Sri P Chidambaram today slammed the government for its "wild" claims of job creation and said that if selling 'pakodas' is a job then begging should also be recognised as an employment option. The former finance minister, in a series of tweets, said that the government is "clueless" on creating jobs.<br />
<b>-Economic Times </b><br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-68089859759759945392018-01-27T20:18:00.000-08:002018-01-27T20:18:18.184-08:00Banking, Finance and Economy Current Affairs - GST and Insolvency and Bankruptcy Code (IBC)<div dir="ltr" style="text-align: left;" trbidi="on">
Finance Minister Arun Jaitley today said the GST has stabilised in a very short time that provides an opportunity to widen its base and further rationalise the rates in the future.<br />
<b>-NDTV Profit </b><br />
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The Govt is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter. This could mean more time for the 12 big cases undergoing resolution that were on the first list sent by the RBI to banks in June, calling on them to be referred to the NCLT. These companies account for about 25% of all NPAs.<br />
<b>-Economic Times </b><br />
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A district consumer forum has held the SBI guilty of deficiency in service for debiting money from a bank account despite a failed ATM withdrawal and awarded a compensation of Rs 3,000 to the account holder. Besides awarding the compensation, the consumer forum in Akola district also directed the bank to refund the wrongly debited amount of Rs 5,000 and pay Rs 2,000 towards the legal cost to the account holder.<br />
<b>-Moneycontrol.com </b><br />
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Foreign exchange reserves continued rallying for the fourth week with a new high of USD 414.784 billion USD in the week to January 19, attributable to a rise in foreign currency assets. As per data issued by the RBI, reserves saw a spike of USD 959.1 million during the aforementioned time period.<br />
<b>-Deccan Chronicle </b><br />
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The size New India Assurance Co has the largest capital and surplus in the general insurance industry in the country, the Co said citing AM Best's credit ratin, in a regulatory filing in BSE.<br />
<b>-Economic Times </b><br />
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Idea Cellular has approached the Govt for raising FDI level in the Co to 100%. "Application made to Department of Industrial Policy and Promotion for 100% FDI in Idea," the Co said in an investor presentation.<br />
<b>-Business Today </b><br />
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The government should have been vigilant to the spike in demand for bitcoins post the note ban, Swadeshi Jagran Manch co-convener Ashwani Mahajan said today, expressing dismay over lack of estimates about the "size and quantum" of black money till date. He also said that there exists conflict of interest at various institutions, including regulators such as FSSAI. Besides, Mahajan said, the Govt should have looked into the way technology was used to launder black money outside India.<br />
<b>-Moneycontrol.com</b><br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-33862502497866345282018-01-27T06:22:00.000-08:002018-01-27T06:22:35.917-08:00Constitution and Politics - Best tutorial conversation <div dir="ltr" style="text-align: left;" trbidi="on">
This Republic Day - From NDTV, Ravish Kumar and Faizan Mustfa tell about Constitution. This is very useful program for every citizen as well as competitive exam aspirants.<br />
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1. link -<br />
<a href="https://khabar.ndtv.com/video/show/prime-time/where-is-the-place-of-constitution-in-our-social-values-477521" rel="nofollow" target="_blank"> https://khabar.ndtv.com/video/show/prime-time/where-is-the-place-of-constitution-in-our-social-values-477521</a><br />
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2. link -<a href="https://khabar.ndtv.com/video/show/prime-time/how-much-do-we-respect-the-supremacy-of-the-constitution-477429" rel="nofollow" target="_blank"> https://khabar.ndtv.com/video/show/prime-time/how-much-do-we-respect-the-supremacy-of-the-constitution-477429</a></div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-2592985065676287762018-01-26T20:23:00.005-08:002018-01-26T20:23:55.877-08:00Banking, finance and Economy Current Affairs - Payment Banks and Crisil Rating etc.<div dir="ltr" style="text-align: left;" trbidi="on">
Payments Banks and Small Finance Banks are now allowed to sell Atal Pension Yojana. In a statement the finance ministry said that given the strength, expertise and reach of these new age banks, they can play a pivotal role in outreach of subscribers under APY. At present there are 11 Payment Banks and 10 Small Finance Banks.<br />
-<b>Economic Times </b><br />
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Rating agency Crisil today revised upwards the outlook on 18 PSBs to ‘stable’ from ‘negative’ and also reaffirmed their ratings following the Rs 88,139-crore capital infusion by government.The outlook on Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, Canara Bank, Central Bank, Corporation Bank, Dena Bank, IDBI Bank, Indian Overseas Bank, Oriental Bank, Punjab & Sind Bank, Punjab National Bank, Syndicate Bank, Uco Bank, Union Bank and United Bank have been revised upwards to stable now. The report, however is silent on SBI.<br />
<b>-Business Line</b><br />
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Honest borrowers will find it easier to get loans from PSBs following the reforms being undertaken, Financial Services Secretary Rajiv Kumar has said, asserting that there would be a premium on integrity.<br />
<b>-Indian Express </b><br />
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Finance Ministry has asked PSBs to consider asset swaps, including exchange of their corporate portfolios and branches, to optimise nation-wide operations even as consolidation emerges as an option to revive the financial performance of the lending system. Banks may also swap same rated loans — both in corporate and retail segments — to obtain a more cohesive portfolio, a senior Finance Ministry official said. The move is part of the reforms agenda — Enhanced Access and Service Excellence (EASE) — that seeks to limit the corporate exposure of PSBs at 25% of total risk-weighted assets.<br />
<b>-Economic Times </b><br />
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SBI has decided to invoke personal and corporate guarantees of defaulting firms even when they face bankruptcy proceedings. Officials of the bank said that letters have been issued to all officers in charge of credit that they must immediately invoke the personal and corporate guarantees.<br />
<b>-Economic Times </b><br />
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In what could be the biggest management buyout ever in India, a group of employees of Tata Teleservices Ltd (TTSL), led by Chief Ethics Officer, Tata Sons, has pitched for buying out the Tatas from the Co. The bid, understood to be a little over $1 billion, is backed by a consortium of PE investors led by bulge-bracket PE firm, TPG Capital, and includes a major pension fund, according to sources in TTSL who wished to remain anonymous. It is understood that fears of job losses prompted senior, long-serving employees of TTSL to band together to spearhead the offer.<br />
<b>-Business Line </b><br />
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The labour ministry will begin a drive in April to register over 47 crore unorganised sector workers and provide them with Unorganised Worker Index Number or UWIN Card, bringing them under the social security net, according to an official source.<br />
<b>-The Statesman </b><br />
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Employees union at Bajaj Auto's Chakan plant has threatened to go on an indefinite hunger strike from Monday over the non-revision of wages. The Bajaj Auto management was to revise the 3-year wage agreement with its over 1,000 permanent employees at the Chakan plant in 2016 but it has still not moved on the issue, a union leader said today.<br />
<b>-Economic Times </b><br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-42730899019858228802018-01-25T20:32:00.000-08:002018-01-26T04:31:21.826-08:00Banking Current Affairs -- Capital Infusion for PSBs<div dir="ltr" style="text-align: left;" trbidi="on">
India's stock of soured bank loans shrank slightly in the quarter to September last year, the first pullback since a drive to clean up record levels of bad debt began in 2015 and signalling that tighter rules and a new bankruptcy code may be starting to show results. Stressed loans - which include non-performing as well as restructured or rolled-over loans - eased 0.4% from 3 months earlier to Rs 9.46 lakh crore ($148.3 billion) at the end of September, according to unpublished central bank data reviewed by Reuters.<br />
<b>-Economic Times </b><br />
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The RBI is understood to have declined government’s demand for the additional dividend reported. It was earlier reported that the central government has sought Rs 13,000 crore additional dividend from the RBI. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017 which was less than half the Rs 65,876 crore it had paid in 2015-16.<br />
<b>-Financial Express </b><br />
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The RBI has warned banks about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said people aware of the matter.<br />
<b>-Economic Times </b><br />
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Usha Ananthasubramanian, MD & CEO, Allahabad Bank, has been elected as the first woman Chairman of Indian Banks' Association (IBA). Ms Usha was elected IBA Chairman for the year 2017-18 by its Managing Committee today. IBA Chairman's position was vacant following the superannuation of Jatinder Bir Singh, who was Chairman & MD of Punjab & Sind Bank, on December 31, 2017. Rajnish Kumar, Chairman, SBI was elected as Deputy Chairman of IBA for the year 2017-18.<br />
<b>-Business Line </b><br />
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PSBs have kick-started the review of their overseas operations by identifying 41 units for "rationalisation" as part of the larger reform process, a top official said today. Rationalisation could be in terms of consolidation of operations, trimming of staff strength, exiting some of the non-core and non-profit activities or closing down some of unviable overseas offices. "Many banks entered the overseas markets. This activity has to be looked into. Banks have started the process already and about 41 operations they have decided to rationalise," Financial Services Secretary Rajiv Kumar told.<br />
<b>-Economic Times </b><br />
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ICICI Bank predicts the nation's rate-cut cycle has ended and traders should brace for tightening in the coming months. "Reduction in the interest rate cycle has stopped now. We should be prepared for an increase over a period." CEO Chanda Kochhar said.<br />
<b>-Economic Times </b><br />
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The government’s Rs 88,139 -crore capital infusion in struggling PSBs should help in part to mitigate risks but resolution of bad assets and continued high credit costs hinder the sector’s near-term performance, Fitch Ratings said.<br />
<b>-Business Line</b><br />
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IMF chief Christine Lagarde today said the multilateral financial institution is looking into issues relating to crypto currencies to understand potential risks and benefits, even as the US made it clear it will not allow any illicit trade through this route.Speaking at a session on remaking of global finance at the World Economic Forum (WEF), US Treasury Secretary Steven Mnuchin said, "We will make sure cryptocurrencies are not used for illicit activities."<br />
<b>-Moneycontrol.com</b><br />
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As per the recommendations of the council, for the housing sector, there will be less incidence of GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS). For under-construction homes that form a part of CLSS will now be charged GST at 8% instead of 12%, a cut of 4%.<br />
<b>-Economic Times </b><br />
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SBI Lifetoday announced the launch of a term policy with critical illness cover for 36 diseases. The critical illness cover increases as the term of the policy progresses over the years.<br />
<b>-Economic Times</b><br />
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LIC Mutual Fund has introduced a daily SIP scheme, a move which will help it achieve 30% growth in its SIP portfolio. Under the plan, LIC MF is offering investors the option to invest in SIPs with as low as Rs 300 per day which would be available in 5 equity schemes. These are LIC MF Equity Fund, LIC MF Growth Fund, LIC MF Midcap Fund, LIC MF Infrastructure Fund and LIC MF Index Fund.<br />
<b>-Business Line</b><br />
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The Ministry of Finance today said that one crore taxpayers have been registered under total revenue collections under GST. GST so far till 24th Jan, 2018, and the collections for the month of Dec 2017 was at Rs. 86,703 crores, as on 24th Jan 2018. Further, of the 1 crore taxpayers that have been registered under GST so far till 24th Jan, 2018 17. 11 lakh are Composition Dealers which are required to file returns every quarter.<br />
<b>-Financial Express </b><br />
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Petrol and diesel prices rose to fresh levels in Delhi and other cities in the country on Thursday. Petrol prices in the national capital were at Rs 72.49 per litre- the highest in over three years, data from the Indian Oil Corp showed. The previous record was Rs 72.51 in Aug 2014. Petrol price in Kolkata, Mumbai and Chennai was at Rs 75.19, Rs 80.39 and Rs 75.18 per litre respectively -- all 3-year highs.<br />
<b>-Economic Times </b><br />
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sGold prices soar<b>e</b>d R 350 to trade at over 14-month high of Rs 31,450 per 10 gram, tracking a firm trend overseas amid pick-up in buying by local jewellers. Silver regained the Rs 41,000-mark by jumping Rs 1,100 on increased offtake by industrial units and coin makers.<br />
<b>-Business Line </b><br />
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PSU bank stocks fell up to 7% on profit-booking a day after the government said it will infuse Rs 88,139 crore capital in 20 PSBs before March 31. Shares of Punjab National Bank tanked 7.07%, Syndicate Bank 6.92%, Bank of Baroda 6.09%, SBI 4.96% and Oriental Bank of Commerce 4.83% on BSE. SBI was the worst hit among the 30-Sensex constituents. Allahabad Bank fell 3.76%, Bank of Maharashtra 2.36%, Bank of India 2%, United Bank of India 1.11%, Central Bank of India 1%, Indian Overseas Bank 0.85% and Dena Bank 0.19%.<br />
<b>-Moneycontrol.com </b><br />
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-85454049401645029562018-01-25T04:01:00.001-08:002018-01-25T04:19:47.584-08:00Latest news about Banking, Finance and Economy . Recap of Banks <div dir="ltr" style="text-align: left;" trbidi="on">
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🍒 Centre to infuse over Rs 88,000 cr in PSU banks this fiscal : The Centre on Wednesday announced that it would infuse over Rs 88,000 crore as capital in public sector banks this fiscal, including Rs 80,000 crore through recapitalisation bonds and Rs 8,139 crore as budgetary support. “This plan addresses the regulatory capital requirement of all PSBs and provides a significant amount towards growth capital for increasing lending to the economy,” said Finance Minister Arun Jaitley. Financial Services Secretary Rajeev Kumar said that banks would have to first accept and adopt the reforms package finalised by the Finance Ministry, which is aimed at six themes of customer responsiveness, responsible banking, credit offtake, PSBs as Udyami Mitra, deepening financial inclusion & digitalisation and developing personnel for brand PSB.-<b>Business Line</b></div>
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🍒 Bank recap to be dependent on performance, reforms, says Finance Ministry official : Each PSU bank is an article of faith; regulatory capital of all banks will be maintained, says Financial Services Secretary Rajiv Kumar. umar says bank recapitalisation dependent on performance and reforms; loans above Rs 250 crore will undergo special monitoring. 65 cr first generation bank accounts will not have any minimum balance penalty, says Kumar. Recap plan: SBI to get Rs 8,800 crore; OBC Rs 3,571 crore; Dena Bank Rs 3,045 crore; Central Bank Rs 5,158 crore; IOB Rs 4,694crore; BoI Rs 9,232 crore; UCO Rs 6,507 crore. Punjab & Sind Bank to get Rs 785 crore; IDBI Bank s 10,610 crore; Canara Bank-Rs 4,865 crore; Union Bank Rs 4,524 crore; Syndicate Bank Rs 2,839 crore; BoM Rs 3,173 crore. - <b>Business Line</b></div>
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🍒 Centre unveils details of bank recap plan : India will ensure that all of its public sector banks are well capitalised, said Banking Secretary Rajeev Kumar on Wednesday, while unveiling details on the government's massive bank recapitalisation plan aimed at tackling record bad debt woes. The Union Government had this month sought Parliament approval for Rs 80,000 crore ($12.62 billion) that it plans to spend by March, as part of a two-year recapitalisation programme for its state-run banks to help them deal with bad debts and revive credit growth. This is part of a Rs 2.11 lakh crore recapitalisation plan announced last October. Of the total sum, Rs 1.35 lakh crore is planned to be raised through recapitalisation bonds, while the banks themselves will raise another Rs 58,000 crore from share sales. “Each public sector bank (PSB) is an article of faith. All PSBs will be adequately capitalised and enabled to serve people and support inclusive growth,” said Kumar, adding total capital injection including from the government's budget and share sales by banks will amount to over Rs 1 lakh crore ($15.70 billion) in the financial year ending March 2018. - <b>Business Line</b></div>
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🍒 Government decision on IDBI Bank privatisation stands: Arun Jaitley : Finance Minister Arun Jaitley today said the government decision on privatisation of IDBI Bank stands and it will be implemented at the right time. "One of the objectives in supporting the non-PCA (Prompt Corrective Action) banks has been that these are the banks where robust lending has to take place so that they are able to support growth, lending and the economy itself," he said while unveiling banking sector reforms. For the PCA banks, he said, the principle objective appears to be that they maintain their regulatory capital and it has been the criterion followed for IDBI. "The original decision (on privatisation of IDBI Bank) stands. It's has not been reconsidered but there is always a time for implementing a decision," he said. - <b>Economic Times</b></div>
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🍒 Capital infusion will help stressed banks to exit prompt corrective action : he generous capital given to stressed banks will help them wriggle out of the regulator's stifling prompt corrective action and brighten prospects of raising fresh funds with better ratings to clean their books, officials and analysts said. The government on Wednesday said that it would infuse Rs 88,139 crore in 20 state-owned lenders, including Rs 52,311 crore to banks that face restrictions from the Reserve Bank of India. "The fresh capital with government's support and fund raising through QIP will help in strengthening our balance sheet and give a boost to our core operations," said R Marathe, CEO of Bank of Maharashtra. "We have developed a business revival plan to improve asset quality and efficiency." -<b> EconomicTimes</b></div>
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🍒 58% banks report rise in bad loans in July-December: Survey : The percentage of banks reporting a rise in non performing assets (NPAs) in July-December last year has reduced significantly, indicating stability in credit environment, according to a report. The latest round of the Ficci-IBA survey drew responses from 19 public sector, private and foreign banks representing 59 per cent of the banking industry by asset size. According to the survey, 58 per cent of the respondent banks reported a rise in NPAs, significantly lower than 80 per cent in the previous round. Infrastructure, metals and engineering goods were key contributors to the bad debt. However, only 28 per cent banks reported a rise in the number of requests for restructuring of loans as compared to 40 per cent in the previous round. -<b> Economic Times</b></div>
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🍒 Vijaya Bank Q3 net drops 65% to Rs 79.56 cr on higher provisioning : State-owned Vijaya Bank today reported a 65.45 per cent decline in net profit at Rs 79.56 crore for the third quarter ended on December 31, 2017, due to the rise in provisions. The bank had posted a net profit of Rs 230.28 crore in the October-December quarter of the 2016-17 fiscal. The bank’s total income also declined 7.09 per cent to Rs 3,450.81 crore in the quarter under review from Rs 3,714.37 crore in the same period a year ago, Vijaya Bank said in a BSE filing. During the quarter, Vijaya Bank’s provision (other than tax) and contingencies grew by 62.35 per cent to Rs 676.92 crore, as against Rs 416.95 crore in the year-ago period. The bank’s gross non-performing assets (NPAs) improved marginally to 6.17 per cent as against 6.98 per cent in the same quarter last fiscal. Net NPAs also came down to 3.99 per cent in the quarter under review compared to 4.74 per cent a year ago. Shares of Vijaya Bank were trading 0.87 per cent lower at Rs 68.45 on BSE. - <b>Economic Times</b></div>
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🍒 Rs 800-bn recap bonds won't affect FY18 fiscal deficit target: FinMin : The finance ministry said on Wednesday that Rs 800 billion (Rs 80,000 crore) recapitalisation bonds, to be issued to public sector banks (PSBs) as part of Rs 2.11 trillion capital support over two years, will not have an impact on fiscal deficit as they will be cash neutral. These bonds will not have Statutory Liquidity Ratio (SLR) and have tenure of 10-15 years, Economic Affairs Secretary S C Garg said. SLR is a portion of deposits that banks need to invest in government securities. - <b>Business Standard</b></div>
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🍒 Canara Bank Q3 net plunges 61% to Rs 1.26 bn due to higher NPA provisions : Canara Bank Limited net profit plunged 61 per cent to Rs 1.26 billion (Rs 126 crore) in its third quarter financial results ended December 31, 2017, due to higher provisions for Non Performing Assets (NPAs). The net profit stood at Rs 1.26 billion (Rs 126 crore) for the quarter ended December 31 compared with Rs 3.22 billion (Rs 322 crore) a year ago, the bank said. "The net profit has declined to 61 per cent, mainly because of an ageing provision on the treasury. Hence we had to make Rs 740 million (Rs 74 crore) provision on treasury bonds which affected the decline in profits," Canara Bank Limited Managing Director and CEO Rakesh Sharma told reporters. "However, it is only a provision. - <b>Business Standard</b></div>
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🍒 Bankers: Government should make gold monetisation more attractive : The government should make the gold monetisation scheme (GMS) a more attractive business to tackle the widening trade deficit on account of increasing import of the precious metal by unlocking idle household gold in the country estimated at about 22,000 tonnes, said bankers and analysts. Banks should get interest subvention from the government for the scheme, they said. "Gold monetisation scheme is not a very lucrative business as of now," said Shekhar Bhandari, business head-global transactions and precious metals at Kotak Mahindra Bank.The government should make the gold monetisation scheme (GMS) a more attractive business to tackle the widening trade deficit on account of increasing import of the precious metal by unlocking idle household gold in the country estimated at about 22,000 tonnes, said bankers and analysts. Banks should get interest subvention from the government for the scheme, they said. "Gold monetisation scheme is not a very lucrative business as of now," said Shekhar Bhandari, business head-global transactions and precious metals at Kotak Mahindra Bank. -<b> Economic Times</b></div>
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🍒 Raghuram Rajan says RBI’s monetary policy committee doing a good job : Former Reserve Bank of India (RBI) governor Raghuram Rajan gave a vote of confidence to the monetary policy committee (MPC) led by his successor, which has been facing criticism from some government advisers for keeping interest rates too high. Speaking to Bloomberg Television in Davos on Tuesday, Rajan said the six-member panel headed by Urjit Patel “is doing a good job” in focusing on inflation. Price targets are useful for countries that suffer from high inflationary pressures, he added. -<b> Live Mint</b></div>
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🍒 PSBs day: SBI, PNB, IDBI Bank, BOB shares gain up to 6% as Jaitley details PSU bank recap plan : Almost all PSB (public sector bank) shares got a kick in the late afternoon trades on Wednesday as Finance Minister Arun Jaitley detailed about Rs 2.11 lakh crore PSU bank recapitalisation plan in a press conference today. Ahead of the presser, shares of prominent banks such as IDBI Bank, Punjab National Bank, State Bank of India, Bank of Baroda surged up to 6%. The benchmark Nifty PSU Bank index shot up 3.49% to conclude at 3,965.6 led by a rise in heavyweight shares India’s largest lender State bank of India, PNB and Bank of Baroda. The stock of SBI rose as much as 3.88% to finish at Rs 330.45 while the stock of IDBI Bank emerged as the biggest gainer out of the Nifty PSU Bank index components. The Finance Ministry on Wednesday tightened the noose on public sector banks (PSBs), saying that the massive Rs 2.11 lakh crore bank recapitalisation announced by the government will alongside reforms by the banks to ensure that the banking crisis does not get repeated. In October last year, the Union Cabinet approved an unprecedented Rs 2.11 lakh crore for recapitalisation of banks over the next two years in a bid to clean banks’ books and revive investment in a slowing economy.Finance Secretary Rajiv Kumar laid down 6-point reforms for the PSBs and said their performance will be under the annual assessment. - <b>Financial Express</b></div>
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🍒 Looking at new growth opportunities in Indian economy: ICICI : CICI Bank is looking at new areas of growth opportunities in the Indian economy as new areas are coming up to be tapped post demonetisation and introduction of GST, its chief Chanda Kochhar has said. She said more SMEs are becoming part of the formal economy, creating big opportunities for growth and the government has also provided a strong impetus to increase lending to MSMEs. "Further, as the resolution process progresses and government capex picks up, the investment climate will improve leading to private corporate investments eventually looking up. We will look to participate in this pick up as and when it happens," Kochhar told PTI in an interview here on the sidelines of the World Economic Forum. - <b>Economic Times</b></div>
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🍒 Rupee strengthens to 63.63 on dollar selling, FII inflows : The rupee strengthened to 63.63 on increased selling of the US currency by banks and exporters amid forex inflows. Weakening of dollar against other currencies overseas also supported the rupee.</div>
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🍒 Gold rises to Rs 31,100; silver holds steady at Rs 39,900 : Gold prices rose Rs 25 to Rs 31,100 per ten gram on positive global cues and increased buying by local jewellers to meet the wedding season demand. On the other hand, silver held steady at Rs 39,900 per kg on scattered deals from industrial units and coin makers.</div>
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-29266510845286246252015-09-29T04:29:00.000-07:002015-09-29T04:29:37.354-07:00Eminent Economist Prabhat Patnaik write on The Refugee Crisis in Europe <div dir="ltr" style="text-align: left;" trbidi="on">
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WHAT
is new about the “refugee crisis” which appears to have engulfed Europe
is that for the first time in history the consequences of the tragedies
inflicted by imperialism upon the people in the “outlying regions” are
visiting the metropolis itself in the guise of “refugees”. The US
conquest of the Philippines in the early years of the twentieth century
which claimed a quarter of a million lives in that country, or the
earlier colonial conquests throughout the world by Britain, France and
Holland, or even the more recent Korean and Vietnam wars, had not
produced a flood of “refugees” or “asylum seekers” on the shores of
metropolitan countries. Those who did not merely embrace in silence the
death, destitution or famines inflicted upon the “outlying regions” by
imperialist intervention, escaped no doubt as refugees, but only to the
neighbouring countries within the “outlying regions”, not to the
metropolis. The fact that they are doing so now is a new development.<br />
<br />
<strong>TWO STREAMS </strong><br />
<strong>OF MIGRATION</strong><br />
Indeed, imperialism has always been very particular in ensuring that
the movement of population from the “outlying regions” into the
metropolis was carefully controlled. Throughout the nineteenth century,
while fifty million Europeans migrated to other temperate regions of the
world to establish settlements there by grabbing land from the
indigenous population, and fifty million tropical and sub-tropical
workers from countries like India and China were shifted to other
tropical or sub-tropical regions as coolies or “indentured labourers”
(this figure excludes the slaves taken from Africa to work on mines and
plantations), <em>the latter were never free to move either into Europe or into the temperate regions of white settlement.</em><br />
The two streams of migration in other words were kept strictly
separate, which remains true to this day even during the period of
contemporary “globalisation”. Indeed the <em>carte blanche </em>enjoyed
by imperialism to intervene where it likes, to impose whatever order it
wishes to do over the world, and hence upon the third world, presupposes
that the devastations that may result from such intervention would
remain confined to the third world itself, causing disruptions in the
neighbourhood at the most, but without upsetting the demographic,
social, and political equilibrium, such as it was, within the
metropolis. At the present moment, even though restrictions on
immigration still remain in force, this supposition has come under
attack.<br />
There are a number of reasons for this. First, some of the main
theatres of destabilisation created by imperialism in the most recent
years have been in close proximity to Europe, if not within Europe
itself. The break-up of Yugoslavia, a country within Europe itself, was
promoted by German imperialism, and, not surprisingly, quite a few of
the refugees are from the Balkans, from the mess that the region has
been thrown into. Syria, the country from which the maximum number of
refugees come and which had witnessed Western intervention against the
Assad regime, belongs to what used to be called the “near east”, as does
Iraq, the other major source of refugees, which has experienced actual
imperialist aggression. Libya, where again Western intervention against
the Gaddafi regime generated the chaos that has driven thousands of
refugees into Europe, is not too far from that continent; nor for that
matter is Afghanistan which was subjected to Western intervention, and
massive destabilisation as a consequence, and which too has sent large
numbers of refugees to Europe.<br />
The theatres of recent imperialist destabilisation in short have been
relatively closer to Europe. And the movement of refugees from these
regions into Europe also has had a “multiplier effect” on other regions
in their close proximity, which, even though they have not experienced <em>direct</em>
imperialist intervention in the recent past, are part of the “failed
State” syndrome that the current imperialist order indirectly generates
in the third world, by unleashing upon it the processes of deflation via
fiscal austerity, and of primitive accumulation of capital, and the
associated spread of divisive politics along ethnic, religious or tribal
lines.<br />
This latter group that comes under what I have called the “multiplier
effect” of the exodus from neighbouring regions where imperialism has
intervened directly, includes countries which have extremely repressive
regimes, such as Eritrea, or are passing through civil war-like
situations, such as Nigeria (with its <em>Boko Haram</em>). Refugees
from both these countries have been streaming into Europe, making use of
the routes “opened up” by other refugees from nearby countries.<br />
The second reason why there is now an exodus to the metropolis unlike
earlier has to do with the logic of globalisation, which has not only
brought the world geographically closer together by making cross-border
movement by people technically easier, but has also encouraged rampant
commoditisation. Like everything else, this “service sector activity”,
of ferrying refugees, has now become a “vendible” commodity. Not
surprisingly, taking advantage of people’s miserable conditions from
which they wish to flee, has now become a highly lucrative and rapidly
expanding business.<br />
Even today however it still remains the case that the refugee exodus
from theatres of imperialist intervention is mainly to other third world
countries. In other words, the basic structure of imperialism, where
the consequences of imperialist intervention are absorbed within the
third world itself, still remains intact. The only difference is that <em>in addition </em>to such absorption <em>which is the main feature</em>, there is also now an exodus at the margin to the metropolis itself which never occurred earlier.<br />
For instance, while over half of the Syrian population has reportedly
left its home in the course of the on-going war, the majority of them
are still within their own borders. And the bulk of those who have moved
to other countries, have taken shelter in Lebanon. In fact, even though
Lebanon itself has a total population of merely 4.5 million, it
currently houses as many as 1.2 million Syrian refugees. By contrast the
total number of refugees who had arrived in Europe this year by early
August (see <em>The Guardian, </em>August 10), was just 200,000, which
constitutes 0.027 percent of Europe’s population. Comparing the scale of
the influx of refugees into Europe with that into Lebanon, <em>The Guardian </em>(August
10) commented: “...a country that is more than 100 times smaller than
the EU has already taken in more than 50 times as many refugees as the
EU will even consider resettling in the future. Lebanon has a refugee
crisis. Europe-and, in particular, Britain- does not.”<br />
Such however is the domination of the metropolis even upon our
consciousness that nobody talks of the “refugee crisis” facing Lebanon,
while the world’s attention is riveted upon the “refugee crisis” of
Europe. Even the standard description of the crisis as the worst since
the Second World War betrays a remarkable Euro-centricity. In our own
neighbourhood, the millions of people reduced to the status of refugees
owing to the partition of the Indian subcontinent in 1947, the millions
again who were uprooted from their homes and came to India as refugees
during the Bangladesh war of 1971, represent human exoduses far
exceeding in scale what Europe currently faces; but they are not even
counted when statements are made about the current one being the worst
refugee crisis since the Second World War. “Refugees” in short become a
“crisis” only when they knock on the doors of the metropolis.<br />
<br />
<strong>DEALING WITH</strong><br />
<strong>THE CRISIS</strong><br />
The question arises: how is Europe going to deal with its “crisis”?
Progressive opinion in Europe has been remarkably sympathetic to the
refugees, remarkably welcoming towards them, with the Left arguing that
the refugee problem itself is the result of metropolitan interventions
in the countries of their origin. So widespread has this welcoming
attitude been among the population at large in countries like Germany,
which have comparatively low levels of unemployment (though not in
countries of Eastern Europe which are afflicted with extraordinarily
high unemployment rates), that it appeared for a while that Germany and
France would officially open their arms to the refugees and even
persuade other EU countries to do the same. Indeed Angela Merkel from
whom one normally expects right-wing twaddle of the sort one got during
the negotiations over Greek debt, made remarkably sympathetic utterances
towards the refugees.<br />
But, welcoming refugees fleeing from theatres of war and devastations
in the third world, is not the way of metropolitan capitalism. And,
predictably, Germany instituted border controls on September 13 soon
after Merkel’s expressions of sympathy on September 4. Though the spin
put on this <em>volte face</em> was that it was only a routine border check, a matter of procedure, and not a <em>volte face </em>at all, even <em>The Economist</em> (September 19)<em>,</em>
which can hardly be accused of any Left-wing sympathies, saw the move
for what it was, namely a going back on her word by the German leader.<br />
If Europe had welcomed refugees and spent whatever was necessary upon
their rehabilitation, without cutting on other State expenditures, then
that would actually have given a boost to the European economies. Far
from becoming a “burden” on the EU, as the right-wing argues, the
refugees would have contributed towards pulling Europe out of its
current crisis. They would have done so with immediate effect, via the
State expenditure upon them boosting aggregate demand, and not just, as
often argued, by providing youthful manpower in countries with ageing
populations.<br />
But if the EU accepted this argument, then it would have no excuse
for the intransigent position it took on Greek debt, or, more generally,
for the measures of “austerity” it has been imposing upon its
member-States. Finance capital in short can no more tolerate a humane
response to the “refugee crisis”, and the expenditure that such a
response would entail, than it would tolerate a humane capitalism that
is not shackled by “austerity”.<br />
To be sure if the Left launched a popular movement in defence of accepting the refugees, then finance capital may be <em>forced</em>
to concede ground. But such a movement cannot base itself only on the
need to be “nice” to the refugees. It would have to involve a critique
of the political economy being expounded by finance capital, and present
to the people an alternative political economy showing that their
interests and those of the refugees are not antagonistic to one another;
they appear conflicting only in an irrational world that talks of the
virtues of “austerity” in the midst of a crisis of aggregate demand. The
struggle in defence of the refugees must also in other words be a
struggle against this irrational world.<br />
</div>
</div>
</div>
</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-88976285184853298782015-09-27T22:13:00.000-07:002015-09-27T22:13:08.099-07:00Prime Minister's San Jose speech to malign India and project himself <div dir="ltr" style="text-align: left;" trbidi="on">
SAN JOSE — In a veiled attack on the corruption during UPA regime and
a barb at the Congress President's son-in-law Robert Vadra, Prime
Minister Narendra Modi today deprecated the culture of graft in the
country and said he has provided graft-free governance.<br />
He said corruption during the previous government's time had triggered anger among people.<br />
"In
our country it doesn't take much for allegations to come up against
politicians... Someone made 50 crores, someone's son made 250 crores,
(someone's) daughter made 500 crores, (someone's) damaad (son-in-law)
made 1000 crores..." he said addressing the Indian community at the
packed SAP Centre in San Jose, California.<br />
Switching on to a question answer mode, he asked the audience "Is the country not disappointed?" <br />
The people replied "yes".<br />
"Is there not anger against corruption," he asked.<br />
"Yes," people shouted.<br />
Mod then asked, "I am standing before you. Tell me if there is any allegation against me." <br />
"No,"
people shouted. He then told the crowd that he is giving every minute
of his life in the service of the nation and he would live and die for
the country.<br />
While Modi's reference to sons and daughters of
politicians being corrupt is seen as a reference to culture of
corruption in the country, the reference to son-in-law is seen as a barb
at alleged land deals entered into by Vadra with the some state
governments.<br />
Modi also said that the 21st century is India's
century and attributed the sudden change in India's fortune to the
commitment, strength and pledge of the 125 crore people of the country.<br />
"For
some time now, people are saying that the 21st century is India's
century," Modi thundered in an address to a strong crowd of 18,500
Indian-Americans.<br />
Modi said that in the past 16 months, world's perception about India has
changed dramatically. The world is looking at India with a new vision
and aspiration. He attributed this change to the commitment, strength
and pledge of the 125 crore people of the country. Modi said he is
confident of India's success because 65 per cent of the population of
the country are of less than 35 years 800 million.</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-42751787949690651932015-09-27T05:23:00.001-07:002015-09-27T05:23:53.665-07:00Reuters report on agreement on security issues in Baghdad between Russia, Iran, Syria .<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="body">
Iraq has said its military officials are engaged in
intelligence and security cooperation in Baghdad with Russia, Iran and
Syria to counter the threat from the Islamic State (IS) militant group, a
pact that could raise concerns in Washington.</div>
<div class="body">
A
statement from the Iraqi military’s joint operations command on Saturday
said the cooperation had come “with increased Russian concern about the
presence of thousands of terrorists from Russia undertaking criminal
acts with Daesh [IS].”</div>
<div class="body">
<b>Giving more sway to Russia</b></div>
<div class="body">
The
move could give Moscow more sway in the Middle-East. It has stepped up
its military involvement in Syria in recent weeks while pressing for
Damascus to be included in international efforts to fight the IS, a
demand Washington rejects.</div>
<div class="body">
Russia’s engagement in
Iraq could mean increased competition for Washington from a Cold War
rival as long-time enemy Iran increases its influence through Shi’ite
militia allies just four years after the withdrawal of U.S. troops.</div>
<div class="body">
<b>Coordination centre</b></div>
<div class="body">
Russian
news agency Interfax quoted a military diplomatic source in Moscow as
saying the Baghdad coordination centre would be led on a rotating basis
by officers of the four countries, starting with Iraq.</div>
<div class="body">
The
source added that a committee might be created in Baghdad to plan
military operations and control armed forces units in the fight against
the IS. The Russian Defence Ministry declined comment.</div>
<div class="body">
By raising the stakes in Syria’s four-year-old civil war, Moscow has prompted Washington to expand diplomatic channels with it.</div>
<div class="body">
<b>Kerry to launch new effort</b></div>
<div class="body">
Western
officials have said U.S. Secretary of State John Kerry wants to launch a
new effort at the U.N. General Assembly this week to try and find a
political solution to the Syrian conflict.</div>
<div class="body">
Diplomacy
has taken on a new urgency in the light of Russia’s military build-up in
support of Syrian President Bashar al-Assad and a refugee crisis that
has spilled into Europe.</div>
<div class="body">
<b>Obama asked to be more decisive</b></div>
<div class="body">
Critics
have urged U.S. President Barack Obama to be more decisive in the
Middle-East, particularly towards the Syrian conflict, and say lack of a
clear American policy has given the IS opportunities to expand.</div>
<div class="body">
A
Russian Foreign Ministry official told Interfax on Friday that Moscow
could “theoretically” join the U.S.-led coalition against the IS if
Damascus were included in international efforts to combat the dreaded
outfit and any international military operation in Syria had a United
Nations mandate.</div>
<div class="body">
<b>Iraq denies reports</b></div>
<div class="body">
Iraqi
officials on Friday had denied reports of a coordination cell in
Baghdad set up by Russian, Syrian and Iranian military commanders aimed
at working with Iranian-backed Shi’ite militias in Iraq.</div>
<div class="body">
The
armed groups, some of which have fought alongside troops loyal to Mr.
Assad, are seen as a critical weapon in Baghdad’s battle against the
radical Sunni militants of the IS.</div>
<div class="body">
Iraqi Foreign
Minister Ibrahim al-Jaafari said in New York on Friday that his country
had not received any Russian military advisers to help its forces but
called for the U.S.-led coalition to bomb more IS targets in Iraq.</div>
<div class="body">
<b>Collapse of Iraq army </b></div>
<div class="body">
Despite
more than $20 billion in U.S. aid and training, Iraq’s army has nearly
collapsed twice in the last year in the face of advances by the IS,
which controls large swathes of territory in the north and west of the
OPEC oil producer. </div>
</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-72823379203640554552015-08-27T01:39:00.000-07:002015-08-27T01:39:15.453-07:00Why It Is a Loser's Game to Bet Against China's Leadership<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="info">
<h3 style="text-align: left;">
<span class="name fn">Fred Hu</span>
</h3>
<span class="teaser"><span style="color: blue;">Founder and Chairman of Primavera Capital Group; member Berggruen Institute’s 21st Century Council</span><br />
<br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-sDT5v-r3ReI/Vd7MTrWgDcI/AAAAAAAAKOA/w6wd3YmRoqY/s1600/n-CHINA-STOCK-MARKET-large570.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="http://2.bp.blogspot.com/-sDT5v-r3ReI/Vd7MTrWgDcI/AAAAAAAAKOA/w6wd3YmRoqY/s640/n-CHINA-STOCK-MARKET-large570.jpg" width="640" /></a></div>
<br />
BEIJING -- The rout in China's stock markets has sent shockwaves
across the world, dragging global equities, currencies, bonds and
commodities into the worst tailspin since 2008. Both domestic and
international investors seemed to have lost faith in China's once fabled
ability to manage its economy, hence the deepening gloom and spreading
panic everywhere. While there are very valid concerns about China's
economy and financial system, market reactions are vastly exaggerated. <br />
To
start with, China's falling domestic equities do not necessarily herald
a sharp contraction in its broader economy. Historically the country's
immature and extremely volatile stock market has been a poor predictor
of GDP growth. With retail trading dominating the market place, share
prices are mostly driven by short-term sentiments, not by any rational
expectations of economic fundamentals. <br />
Since mid 2014 the Chinese
equity market was gripped by sudden spikes of speculative frenzies, in
part fanned by the official Party media, and started a stunning rally.
As valuation quickly soared to astronomical levels, a sharp correction,
and even a spectacular crash, just seemed inevitable. That is exactly
what has happened over the past few months. With Shanghai now down by
more <a href="http://news.yahoo.com/shanghai-stocks-slump-asian-bourses-bounce-061048273.html" target="_hplink">than 42 percent</a>
from its peak, the current stock valuation has factored in most of the
bad news -- manufacturing malaise, weakening exports and capital
outflows. Chinese equities are now traded at a discount to major
emerging market peers that face far worse macroeconomic conditions. The
risks of further sharp decline in China equities appear to be limited. <br />
<blockquote class="pull-quote">
<span class="quote">The Chinese stock market remains a sideshow as far as China's Main Street is concerned.</span></blockquote>
Unfortunately,
the Chinese authorities' market interventions have done more harm than
good. Far from stabilizing the markets, massive stock buying by
state-owned institutions such as <a href="http://www.businessinsider.com/afp-china-to-continue-state-buying-of-stocks-regulator-2015-7" target="_hplink">China Securities Finance Corp</a> and <a href="http://www.cnbc.com/id/100822590" target="_hplink">Central Huijin Investment Ltd.</a> have <a href="http://www.nytimes.com/2015/07/10/world/asia/china-stock-market-crash-communist-xi-jinping.html" target="_hplink">distorted the functioning of the stock market</a>, caused widespread confusion and aggravated the <a href="http://atimes.com/2015/07/has-chinas-government-unleashed-a-moral-hazard-in-the-market/" target="_hplink">risk of moral hazard</a>, further undermining investor confidence at home and abroad. <br />
The unprecedented stock market interventions, many pundits speculate, must have revealed the Chinese government's <a href="http://www.theguardian.com/business/2015/aug/26/china-economy-woes-extend-stock-market" target="_hplink">deep worries</a>
about the rapid deterioration of the underlying economy. Yet the
Chinese stock market, though second only to the U.S. by market
capitalization, remains a sideshow as far as China's Main Street is
concerned. <br />
So what has happened to China's economy? Accustomed to growing at the double digit pace, it is now <a href="http://www.nytimes.com/aponline/2015/08/25/business/ap-as-china-economy-vital-signs.html" target="_hplink">struggling </a>to
reach the official target growth rate of 7 percent. But the GDP growth
slowdown has been both gradual and moderate, far from being the disaster
that has so spooked global investors. Even at 5 percent, China would
generate <a href="http://www.bbc.com/news/world-asia-pacific-13017877" target="_hplink">more growth than any other country.</a><br />
<big><strong>China's New Growth Model</strong></big><br />
Partly
to address the longstanding concern about China's over dependence on
investment and export led growth and its impact on global imbalances,
the Chinese leadership has vowed to transform China into a more consumer
centric and innovation-led economy. Recent data clearly show such a
shift has been well underway, with consumption accounting for <a href="http://en.people.cn/n/2015/0605/c98649-8902773.html" target="_hplink">over 50 percent of overall GDP growth</a> in 2014 and <a href="http://www.bloomberg.com/news/articles/2015-07-23/how-china-can-create-the-68-trillion-consumer" target="_hplink">60 percent</a>
in the first half of 2015. True, headline GDP growth has been trending
down, but growth is now broader-based, more balanced, higher quality and
possibly more environmentally friendly -- if only judging by the
increasing count of blue sky days in Beijing. <br />
Moderating growth
rates in the range of 5-7 percent per annum reflect the higher per
capita income level and the changing growth paradigm in China. A modest
slowdown is a necessary and healthy adjustment for China to transition
to a new trajectory of more efficient and sustainable growth. But
instead of greeting such a positive "new normal" with enthusiasm, the
naysayers have reacted with dismay as though they would rather prefer
the old growth model. <br />
To be sure, the shift to a wholesale new
economic model is always fraught with uncertainty and risks, let alone
for a country of China's size and scale. Compounding the challenges is
the messy legacy the old growth model has left China with --
manufacturing glut, excess real estate inventory, heavily indebted local
governments and severely damaged environment. To manage such a
transition successfully, China must implement broad structural reforms
while maintaining macroeconomic and financial stability. <br />
<big><strong>What Is to Be Done?</strong></big><br />
Except
for the stock market interventions, the authorities have so far avoided
costly policy mistakes and China's track record of deft economic
management remains remarkable. In response to the latest economic and
market headwinds the People's Bank of China has already <a href="http://www.huffingtonpost.com/entry/china-stock-crash-rates_55dc68c8e4b08cd3359d334e" target="_hplink">lowered interest rates and reserve requirement ratios</a>.
While China does not need a new credit boom, there is still a scope for
additional monetary easing, to ensure adequate liquidity in the
financial system, ease the debt service burden of heavily indebted
corporates and local governments and forestall a possible debt deflation
vicious cycle. <br />
On the fiscal front the Chinese leadership has
taken a more cautious stance in recognition of past fiscal profligacies
and local debt buildup. Even so, there is room for significant fiscal
actions. China should follow on recent tax cuts for small and medium
enterprises with carefully targeted public spending increases. <br />
Despite early signs of housing price stabilization, unsold housing inventory across China remains at <a href="http://www.nytimes.com/2015/05/19/business/international/chinas-housing-market-shows-signs-of-hope.html" target="_hplink">elevated levels</a>, especially in the so-called <a href="http://www.nytimes.com/2015/05/19/business/international/chinas-housing-market-shows-signs-of-hope.html" target="_hplink">third-tier and fourth-tier cities</a>.
The central government should provide significant tax and credit
incentives for first time homebuyers, especially rural migrants and low
income families, to spread affordable home ownership and broaden the
urban middle class base, while redressing the overhang of pass real
estate excesses. <br />
<blockquote class="pull-quote">
<span class="quote">The central government should provide significant tax and credit incentives for first time homebuyers.</span></blockquote>
China
should significantly increase transfer payments to the elderly to raise
their retirement income, improve health and medical benefits coverage
for both urban and rural populations, and provide more generous
financial aid for secondary, vocational and university students with
less income means. While China is right about resisting the European
style social welfare state, it is imperative to reform and strengthen
the country's basic social security system. Academic studies have
identified inadequate social protection as a key factor for
extraordinarily high household savings. Improved pension, health and
education benefits for China's rapidly growing urban population would
weaken the incentive for precautionary savings and boost personal
consumption. <br />
While past over-investment has led to excess
industrial capacity, China's environmental infrastructure, a vital
public good, is woefully <a href="http://www.brookings.edu/blogs/future-development/posts/2015/06/01-infrastructure-environment-banks-thomas" target="_hplink">underinvested</a>.
Though China has made encouraging initial efforts, it should launch and
can afford a far more ambitious public investment program to promote
clean energy and control pollution. Public Investment in clean tech is
essential for China to meet its climate change targets. Increased
investment spending in clean tech not only helps make up the near-term
demand shortfall caused by falling manufacturing exports and
infrastructure spending, but also may likely spurt a new growth industry
that could establish China's global leadership in renewable energy and
clean technology. <br />
Contrary to prevalent market fears, China
retains a broad range of monetary and fiscal policy options to cope with
its stock market woes and economic downward pressures. But perhaps the
most powerful weapon of all in China's policy arsenals is the
opportunity to pursue sweeping economic reforms. Indeed, ever since the
inauguration of the Xi Jinping leadership, investors have been expecting
the so-called "<a href="http://usa.chinadaily.com.cn/opinion/2015-06/12/content_20980245.htm" target="_hplink">reform dividends</a>,"
because robust reforms promised by President Xi will correct structural
imbalances, curb intrusive and arbitrary powers of the state
bureaucracy, stamp out endemic corruption and level the playing field
for private sector and small medium sized enterprises. In other words,
President Xi's <a href="http://www.brookings.edu/research/opinions/2013/11/17-xi-jinping-economic-agenda-kroeber" target="_hplink">reform agenda</a>, if fully implemented, should allow the market forces to play a <a href="http://www.theguardian.com/commentisfree/2013/nov/15/xi-jinpin-china-economy-statement-communist-party-reforms" target="_hplink">decisive role in resource allocation</a>
-- promoting open competition, increase market transparency, boost
efficiency and productivity gains and stimulate entrepreneurship and
innovation. <br />
<blockquote class="pull-quote">
<span class="quote">Public investment in clean tech is essential for China to meet its climate change targets.</span></blockquote>
Perhaps
nothing is more disappointing than the lack of progress to date on
reforms concerning state-owned enterprises. Despite early achievements
of <a href="http://www.economist.com/node/1623179" target="_hplink">SOE reforms</a> initiated by former Prime Minister Zhu Rongji, there has been<a href="http://csis.org/event/china-reality-check-xi-jinpings-economic-reforms-progress-challenges-and-contradictions" target="_hplink"> little new progress</a>
and possibly backtracking in recent years. It is plainly clear that the
SOE sector has impeded competition from the private sector and dragged
down economic efficiency. <br />
Privatization, restructuring, better
corporate governance, strong market-based incentives and professional
management are, among others, required to turn SOEs into productive
commercial enterprises. As shown by the <a href="http://www.ft.com/intl/cms/s/0/94145530-cbfc-11e4-beca-00144feab7de.html" target="_hplink">case of PetroChina</a>,
China's biggest state-owned petroleum company, there is a close linkage
between political patronage, abuse of state assets and corruption.
Hence, a complete overhaul of China's large SOEs should also bolster the
effectiveness of President Xi's popular anti-corruption campaign. <br />
<big><strong>The Stock Crisis Will Prompt Faster Market Reforms</strong></big><br />
True,
the string of recent bad economic news and the stock market selloffs
have dampened short-term sentiments, but worse still, investors and the
Chinese people might completely lose hope for the country's medium and
long-term prospects if the government fails to deliver genuine reforms. <br />
Fortunately,
China has the capacity to contain the near-term economic and financial
pressures through a judicious combination of strong monetary and fiscal
stimulus measures. More importantly, the recent market gyrations have
sent a loud and clear message to the Chinese policy makers and will
likely prompt the top leadership to embark on fundamental reforms as
pledged at the Third Party Plenary two years ago. Bold reform actions
can restore investor confidence that the stock market interventions
could not. Pessimists are wrong to declare that China is out of options.
<br />
<blockquote class="pull-quote">
<span class="quote">It is a loser's game to bet against China's new generation of reformist leadership.</span></blockquote>
For
several decades China has been a major engine of global growth and a
strong anchor of global stability. Now China is being tested again
whether it can weather the current market turbulence. The short term
challenges are real and the transition will be bumpy. However, China
will likely manage its current financial and economic problems far
better than expected. <br />
China has the financial resources, the
policy tools, and crucially -- the political will -- to meet its
challenges. Past reforms have laid a solid foundation and expected new
reforms will significantly improve the outlook for future growth.
China's accelerating urbanization, rapidly expanding middle class, a
strong human capital base, tremendous entrepreneurial energy and
innovative potential portend an attractive prospect ahead. It is a
loser's game to bet against China's new generation of reformist
leadership.<br />
<br />
The Huffington Post <br />
</div>
</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-87512655845645803122015-08-22T08:43:00.000-07:002015-08-22T08:43:35.671-07:00The Devaluation of the Yuan----Prabhat Patnaik<div dir="ltr" style="text-align: left;" trbidi="on">
THE Chinese central bank’s decision last week to let the yuan
depreciate in three stages by almost 4 percent against the US dollar,
was officially explained as a move towards greater market determination
of its exchange rate. Though this explanation pacified stock markets
around the world, China’s devaluation of the currency portends a serious
accentuation of the world capitalist crisis.<br />
To see this devaluation in its proper context, we have to remember
that the Trade Weighted Exchange Rate (TWER) of the yuan (i.e., its
exchange rate against a basket of currencies whose composition is
determined by the importance of that currency in China’s trade), had <em>appreciated </em>by
as much as 50 percent since 2005. Even compared to the year 2009 which
had witnessed a major appreciation, China’s TWER had appreciated by a
further 20 percent until recently, which means that other countries’
goods were becoming relatively cheaper compared to the Chinese goods,
without the Chinese government doing anything about it. This had allowed
other countries, including even the US, to experience higher growth
than they would otherwise have done, while the Chinese economy itself
had not experienced any marked slow-down in <em>its </em>growth rate,
since its domestic demand had been rising owing to an asset market
bubble. The appreciation of the yuan in other words had contributed
towards imparting some degree of stimulus to the economies of the rest
of the world.<br />
China’s economy is now beginning to slow down; the asset market
bubble in China has collapsed; and China is now looking for an export
thrust to boost its growth rate, which is why it has devalued its
currency. All this means that the stimulus which the world economy was
getting until now from an appreciating yuan will now no longer be
forthcoming. And this augurs ill for the world economic crisis. True,
the extent of the depreciation of the yuan that occurred last week is
small as yet; but, coming after a gap of nearly 20 years during which
there had been no depreciation in the yuan, it shows a new turn in
Chinese economic policy. The current depreciation therefore is likely to
be a precursor to other similar depreciations in the days to come.<br />
<br />
<strong>LIKELY REACTIONS</strong><br />
<strong>FROM OTHER COUNTRIES</strong><br />
But even more significant than what the Chinese action <em>per se </em>would
mean for the world economy, are the reactions it is likely to generate
among other countries. Already several currencies of the world,
including the Indian rupee, have depreciated vis-à-vis the US dollar in
the wake of the depreciation of the yuan. This is because when the yuan
depreciates, speculators expect that other countries too would be forced
to depreciate their currencies to protect their exports against Chinese
competition and to defend their domestic production against Chinese
imports. Hence they move out of those currencies in anticipation of such
depreciation, <em>and thereby precipitate an actual depreciation</em>;
and the governments of these countries do not intervene to defend the
value of their currencies, because they too, in their desire to ward off
Chinese competition, want such a depreciation. What this means is that
the bulk of the world’s currencies tend to depreciate vis-à-vis the US
dollar when the Chinese currency depreciates, as indeed they are already
doing.<br />
Now, as far as the US is concerned, if the value of its currency
appreciates vis-à-vis other currencies, then that affects the net
exports of the US adversely, and hence its domestic activity and
employment. Of late there had been much pressure on the US Federal
Reserve Board to increase its interest rates which are currently as low
as they could possibly be, at almost zero, since its domestic economy
was supposed to have been “looking up”; and everybody was expecting the
Fed to raise its interest rates in September. This, however, will now
have to be postponed, since any such interest rate hike, by making the
US dollar more attractive to hold, would have the effect of further
raising its value vis-à-vis the world’s currencies, and hence further
lowering the US economy’s level of activity even below what the current
appreciation of the dollar (at near zero interest rates) would give rise
to.<br />
The problem with the US however is that even though it can <em>postpone</em>
an interest rate hike, it can do little else to prevent a dollar
appreciation. It cannot lower its interest rates any further, since they
are already at rock bottom. Short of imposing import controls in open
or clandestine ways, it will find it difficult to prevent a lowering of
its level of activity and employment.<br />
This explains why the US which had been pressurising China all these
years to allow greater market determination of its exchange rate is so
peeved when China claims to have done precisely that. The US calculation
was that “greater market determination” of China’s exchange rate would
produce an appreciation of the Chinese currency vis-à-vis the US dollar,
and hence be of benefit to the United States in enlarging its market.
As a matter of fact, since “greater market determination” has resulted
in a depreciation of the Chinese currency, many US lawmakers have now
started lashing out at this <em>denouement.</em><br />
Looking at it differently, with China wanting a larger share of the
world market as a means of stimulating its domestic growth, which has
been hit by the collapse of its asset market bubble, the competition
between countries for a larger share of a more or less stagnant world
market is getting intensified. On the one hand there are no factors
working towards an <em>expansion</em> of the world market, and the
collapse of China’s asset bubble has removed the last of such
expansionary factors; on the other hand, every country, including China,
is now joining in the race to get a larger chunk of this non-expanding
world market. Not surprisingly, this can only compound the recession,
since it constitutes a classic case of a “beggar-my-neighbour” policy,
such as what had characterised the 1930s depression.<br />
<br />
<strong>DOLLAR </strong><br />
<strong>APPRECIATION </strong><br />
Two other factors are likely to work in the same direction. One is
the collapse of the capitalists’ already feeble “inducement to invest”.
Until now, for instance, being able to sell to China had acted as some
sort of an investment stimulus for advanced country capitalists; this is
now being removed. In addition, the currency price fluctuations, all of
which do not move up or down synchronously, make profitability
calculations much more difficult, and hence increase the risks of
investment. For these reasons, again as in the 1930s, when
“beggar-my-neighbour” policies were rampant, the capitalists’
“inducement to invest” would get adversely affected, compounding the
recession.<br />
The second factor is that the appreciation in the value of the dollar
makes it more attractive for speculators to hold dollars rather than
primary commodities, which is why world primary commodity prices,
already on a falling trend (which incidentally explains the “negative”
inflation in India according to the Wholesale Price Index), have fallen
even more sharply after the devaluation of the yuan. This is further
aggravated by the fact that China’s demand which had shored up primary
commodity prices to an extent, would now be expected by speculators not
to be doing so; this would also contribute to a collapse of primary
commodity prices.<br />
This fall in primary commodity prices has three effects: first,
several countries like Australia, Brazil, Russia, and Chile, which are
significant primary commodity exporters and whose fortunes therefore are
tied up with primary commodity prices, will now experience a collapse
of their growth rates. Secondly, debtor countries like Greece will now
find that the real burden of their debt has gone up, which would push
them further towards insolvency, and make creditor countries and
creditor institutions impose even stiffer measures of “austerity” upon
them. This, by reducing aggregate demand in those countries to an even
greater extent, and hence, by implication, doing so all over the world,
will aggravate the crisis even further.<br />
The third effect is through what the American economist Irving
Fisher, who had been a professor at Yale and had himself lost his entire
personal fortune in the 1930s Great Depression, had called
“debt-deflation”. It is not just countries, but all debtors who find
that the real burden of the debt goes up when there is a fall in the
price level. To be able to pay back their debt therefore they find
themselves forced to sell some assets, which lowers the asset prices
even further, raising the real burden of their debt even further, and so
on <em>cumulatively</em>.<br />
A “debt-deflation” in other words is a syndrome, which can result in
acute crises and depressions. This is the reason why capitalists are
always terrified of “negative inflation” or of “absolutely falling
prices”. Once an economy begins to face declining prices in absolute
terms, it can slide rapidly downhill through the unleashing of the
process of “debt-deflation”, and its government and the central bank can
do little to halt such a slide.<br />
The world capitalist economy has been hovering close to such a
scenario, of “deflation” or absolutely falling prices, for some time.
(We know from our own experience that the Indian economy is facing a
“deflation” in terms of the Wholesale Price Index largely because of
international developments). With the depreciation in the Chinese yuan,
and the expectations it generates regarding future Chinese growth and
the future growth in primary commodity prices, there is a real
likelihood of a “deflation” in the world economy setting in, and hence
of the onset of a “debt-deflation” syndrome. In all these ways therefore
the developments in China are likely to aggravate the capitalist
crisis. We are in short on the threshold of a new phase in the world
capitalist crisis which would witness its significant accentuation.<br />
http://peoplesdemocracy.in/<br />
</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-54127734016497067652015-06-12T06:24:00.001-07:002015-06-12T06:27:19.629-07:00Julian Assange: 'Western Civilization Has Produced a God, the God of Mass Surveillance' <div dir="ltr" style="text-align: left;" trbidi="on">
<i>Seung-yoon Lee, CEO and Co-founder of Byline, recently conducted
an exclusive three-hour interview with Julian Assange in the Embassy of
Ecuador in London. The interview will be serialized in three parts over
the next month. </i><br />
<i>In part one, Assange talks about how we
now live in surveillance society, if Facebook and Google are spying on
us and how on earth WikiLeaks out-smarted the United States to rescue
Edward Snowden from Hong Kong. </i><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-iuWG3WQW8Qc/VXreIxYYwkI/AAAAAAAAKLQ/hb1gF-5ehPM/s1600/n-JULIAN-ASSANGE-large570.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="http://1.bp.blogspot.com/-iuWG3WQW8Qc/VXreIxYYwkI/AAAAAAAAKLQ/hb1gF-5ehPM/s640/n-JULIAN-ASSANGE-large570.jpg" width="640" /></a></div>
<br />
Seung-Yoon Lee (SY): You recently wrote in the <i>New York Times</i> that "not only do we live in a surveillance state but in a surveillance society." Can you explain what you mean by this?<br />
JA:
We've increasingly become accepting of the surveillance that exists at
all levels of society. It's hard to escape from that in any traditional
way. But I think there are ways to escape. On one hand, we are taking
into ourselves the notion that there should be various form of
surveillance of individuals -- that we can be surveilled. At the level
of national security, this is still fresh. Other national intelligence
agencies engage in bulk Internet monitoring. But over time, there will
arise an acceptance that this is simply how society is -- as has already
arisen with other forms of surveillance. At that point, society
develops a type of self-censorship, with the knowledge that surveillance
exists -- a self-censorship that is even expressed when people
communicate with each other privately. There are examples of this in
history, when everyone believes that the person they are talking to is
not trustworthy or the communications medium is not trustworthy. That
was the situation in East Germany, not because of mass electronics
surveillance, but because up to 10 percent of people were at some stage
of their lives informants for the state. A double language evolved where
no one was saying what they really meant. And conformity was produced
because of this low-level fear.<br />
<br />
<a name='more'></a><br />
Now finally, Western civilization
has produced a god, the god of mass surveillance. How is it like a god?
It's a little bit Abrahamic. If you look at most definitions, a god is
omnipresent, omniscient and omnipotent. In particular, god knows when
you are doing something that you shouldn't be doing and whether you are
playing according to god's rules. The conception of national security
agencies and mass surveillance is that the overwhelming majority of
communications are surveilled upon. Even conversations happening in
person may be recorded through an Android phone, or through other
electronic gadgets that are becoming increasingly sophisticated. Maybe
your friend, although you just talked to them in person, can gossip over
electronic media about what you said. <br />
That feeling of
omniscience must produce similar results to what is produced by
Christianity, where priests claim that there is this god who is
omniscient, and you must do what he says. He is in your head, watching
your every move. Even when you leave this church, don't think you can do
anything different to what I say because my pal -- God -- is there in
your head watching everything you do, so you'd better not do anything I
don't like. <br />
Historically, the spread of the Christian church is
an example of how that conception of an omniscient being that monitors
any deviation from the rules is powerful and has an effect on people's
behaviour -- enough of an effect for the Church to expand and thrive. If
you read about people reared as devout Christians, who were constantly
terrorized as children about committing a small sin and going to hell,
it really does dominate their life, and it dominates their behaviour and
often in a very bad way. As a group, this makes them conform to things
that perhaps they shouldn't be conforming to. I think there is an
extreme danger here, it changes societal behaviour and makes people
conform in an unhealthy manner. <br />
SY: There is this question over
whether firms from Silicon Valley, from Facebook to Google, are active
participants of mass surveillance or mere unwilling partners. What is
your view on that?<br />
JA: I wrote a book, partly on this subject --
When Google met WikiLeaks. Having researched this issue and spoken to
Google's Chairman Eric Schmidt, Google's relationship with the U.S.
intelligence agencies is extensive, and Google is formally defined as a
key member of the Defence Industrial Base of the United States. But
various employees of Google disagree. They would be opposed to that kind
of relationship. The leadership seems more comfortable with such a
relationship than the employees. But in the end, it doesn't matter.<br />
SY: Why not?<br />
JA:
In the end it doesn't matter whether Google is a completely willing
participant, a partly willing participant or a not at all willing
participant. All that matters is that it is Google's business model to
collect as much information about the world and people as possible and
store it and index it and compile virtual dossiers on everyone and
predict their behavior, and sell it to various organizations and
advertisers and so on. For any organization that does that and is based
in the United States, the U.S. National Security Agency and other
intelligence agencies will make sure that they get hold of that
information. It's simply too easy to do so and too attractive. It is
very valuable information that gives the U.S. deep state an edge.<br />
SY:
This sounds like what Silicon Valley investor and entrepreneur Peter
Thiel said -- that there is an incredible pressure put on companies to
give in.<br />
JA: It is very easy to do so. The larger the company, the
more interests it has. It can be affected by regulation, by court
hearings, by assets that can be seized or by social relationships. You
can't expect a big company like Google with lots of interests to be able
to withstand the pressure, the formal legal interference or being
co-opted. All three have happened to Google. <br />
<center>
<i><div class="pull-quote" style="color: #787878; font-size: 1.5em; margin: 40px 3%; text-align: center; width: 90%;">
"God knows when you are doing something that you shouldn't be doing and whether you are playing according to god's rules."</div>
</i><i></i></center>
SY:
Yet in Korea, when the government pursued the mass surveillance of
KakaoTalk, 1.5 million people migrated to Telegram, an encrypted
messaging system. Is there potential for the market to create encrypted
messaging systems?<br />
JA: Yes, Telegram is exploding at the moment.
But even before those revelations, it was starting to explode. The rise
of Telegram predates those revelations. But subsequently it has
increased market demand to about 5 times in response to that. These
startups are growing quickly, and lots of interesting ideas are being
deployed. Telegram is one of those but there are several dozen now. <br />
SY: Is there still hope -- through market demand? <br />
JA:
Yes, it's the biggest hope there is. However, it's not so easy. Let me
explain why. Telegram has about 40 million users now, which is
impressive. But let's say it goes to 200 million. There is going to be
some messaging application that is going to become number one market
leader. Because the Internet globalizes information markets, that means
there is just one information market. And as there's one market, there's
no anti-trust regulation in that market. It means there will be a
market leader. There will be a second player and some little tiny fish
catering to niches. Look at that example in Microsoft, Apple and few
little guys. Google, Yahoo and a few little guys. <br />
So that's what
happens when you have a globalized information market. For any
particular communications service there is going to be a market leader,
and then some company that has about 10 percent, and then the rest are
insignificant. The National Security Agency only needs to go after and
compromise the market leader and maybe the second organization to get
nearly everything it wants, and capture most of the population. In 2013,
the U.S. Security Agency spent over $300 million compromising security
companies, by buying parts of them and by bribing employees. That is not
including money spent on technical attacks as well. How many people can
stand up to a million dollar bribe plus threats? How many engineers can
stand up to that?<br />
<center>
<i><div class="pull-quote" style="color: #787878; font-size: 1.5em; margin: 40px 3%; text-align: center; width: 90%;">
"Society
develops a type of self-censorship, with the knowledge that
surveillance exists -- a self-censorship that is even expressed when
people communicate with each other privately."</div>
</i><i></i></center>
SY: If the price of the stock of the company is bigger than the bribe...<br />
JA:
No, you go after the individuals. Go after some engineer or system
administrator. Or you go after the libraries, the other programs that
are used to build encryption programs. Can all those people stand up to
million dollar bribes, threats, computer hacking of their personal
machines? No, not many -- that is the problem. To properly protect an
organization, you need technical defences, you need human defences,
political defences, legal defences, all of these. And only one of these
has to go wrong, and then you have a backdoor into the system. That's
the problem.<br />
SY: Is it the simple act of mass collection of information that makes the system so dangerous, then?<br />
JA:
If you have any popular service, that popular service becomes a very
attractive target. Millions or tens of millions will be spent on
compromising that attractive target, and how many companies can stand up
to that? <br />
There is way to deal with it. It is tricky but possible
-- it is to create cryptographic standards of communication which are
completely independent but which, as you perform these communications,
only work if the standard is being followed. It's a bit hard to
explain... I can't think of an easy analogy but I suppose, if you have a
standard about the size of a nut and a standard about the size of a
bolt, and you have different companies producing nuts and bolts but all
according to standards, then you can take one bolt from one company and
one nut from another company and try them out and compare them and how
they fit together. Similarly when one person is using one communication
service and another uses another communication service and the two are
communicating with each other, the encryption can be constructed in such
a way where the communication becomes impossible if it has been
back-doored in a particular way. But it is not an easy thing to do. It
requires some very advanced concepts to do this -- so advanced that the
market is not able to tell the difference, unfortunately. Cryptographers
and cryptographic engineers can tell the difference, but unfortunately
the market can't tell the difference. And because it's of extra
complexity, it has extra cost. And because of the extra cost of that
engineering and development, it will not reach the market, so inferior
products are likely to dominate.<br />
SY: You have said that small
organizations like WikiLeaks have an advantage in that they don't have
the bureaucratic problems that large organizations do. Is there
potential to oppose the government with micro-political organizations?<br />
JA:
In the past 10 years, there has been this Orwellian rise in power of
national security agencies like GCHQ and others. But it is precisely
this period that has also seen the growing independence and
democratization of Latin America -- which is a U.S. backyard. At the
same time that the landscape gets Orwellian, with total surveillance
power, in Latin America you have increasing independence away from the
U.S. One explanation is the U.S. has cast its eye off Latin America and
focused its resources on China and the Middle East. I accept that is
part of the explanation. But another part is that, with the increasing
adoption of the Internet, people can communicate with greater speed and
come to conclusions with greater speed. <br />
SY: Wouldn't that be detected by the mass surveillance project?<br />
JA:
Yes, but the purpose of intelligence gathering is to understand what is
happening and then to create a plan in response to what is happening.
We have two loops. In one, a country like Ecuador, its political leaders
are observing their environment, thinking about their observations and
creating a plan and enacting the plan. Having enacted the plan, they
observe, create a new plan and act on it. The National Security Agency
and those kind of organizations are doing the same thing. They are
observing what is happening in Ecuador. They have almost total
observational power. But they still need to understand what is happening
from these observations and then create a plan. All of this takes time.
But if the time for organizations and smaller states to understand
their own environments and act on it is shorter than it is for large
bureaucratic states like the U.S., then by the time the U.S. has worked
out how to subvert the Ecuadorian electoral process, for example, the
campaign decisions have already been made and the situation has moved
on. <br />
<center>
<i><div class="pull-quote" style="color: #787878; font-size: 1.5em; margin: 40px 3%; text-align: center; width: 90%;">
"I think there is an extreme danger here, it changes societal behaviour and makes people conform in an unhealthy manner."</div>
</i><i></i></center>
Think
about this striking statistic: there are a million new Android devices
registered each day. How do we know that figure? Because Eric Schmidt of
Google has reported this figure. And how does he know that figure? He
knows this figure because all these devices register themselves with
Google. "Here I am -- just being turned on for the first time," etc.,
and of course, afterwards as well. But a million a day is more than the
population of the U.S. every year. Imagine a media organization
expanding by more than the population of the U.S. every year. They are
sources of information for Google: where they are, what they are
searching for, what articles they are reading. Imagine, small and medium
organizations expanding at a rate of 400 million people per year. And
that information is collected by our security agencies as well. But at
the same time, think about a million new people interacting with each
other at speed over the Internet each day. Imagine how complex that
becomes -- all those interactions and different ideas bubbling up and
then being pushed aside; influential new startups being created;
political alliances and movements and associations. That's a very
complex, fast-moving network being created. I think that is something
you can be surveilling, but can you really understand and react to it?
Not as fast as it can understand and react to itself.<br />
SY: So in summary, you have two factors. One that large bureaucracies can't react to small...<br />
JA:
They are so large, they can't react quickly. A concrete example is when
we rescued Edward Snowden from Hong Kong. It was the largest
intelligence manhunt the world has ever seen. We were going head to head
with the National Security Agency. The Department of Justice, the White
House, the CIA were all providing support for the NSA. I was in this
embassy under intense surveillance myself. Through our knowledge of
cryptography we managed to elude that surveillance. It is absurd to
think that such a small international publisher -- WikiLeaks --
specializing in publishing things about war crimes, corruption and
intelligence agencies, could go into a very clearly defined head to head
contest against organizations with a combined budget of over a hundred
billion dollars. But we did. I guess we have some brave and intelligent
staff. But I think it is really that we are able to move much faster. We
already understood the environment. We understood these organizations
and how they behave. We have some ability to communicate in secret. <br />
But
it was clear that we had to send one, or more than one, of our people
to Hong Kong. The booking records of the flight companies was not
something we could hide. We did do various things to cover our traffic
-- for example, booking flights under Edward Snowden's name to Beijing
and India. We put a lot of work in to make the situation confusing for
those who sought to violate Snowden's asylum rights. But in the end, I
think it really comes down to small, fast organizations with really
bright people in them, versus very large, almost Soviet-esque, secretive
government organizations. Now, secrecy breeds incompetence because
where there is failure, failure is kept secret. Also, the best and the
brightest don't really want to go and work for a big bureaucratic secret
organization where their talents can't really shine because it has to
be kept secret. If you look, for example, at TOR co-founder Roger
Dingledine, a very bright computer scientist; he did a summer internship
at the National Security Agency when he was young. He decided it wasn't
for him because it was so boring.<br />
<i>Please stay tuned for the
second part of the series, coming within the next two weeks. Byline
would like to thank Alex Nunns for his assistance in editing this
interview. </i></div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com1tag:blogger.com,1999:blog-7326945455353811802.post-39287082233036481952015-05-28T21:53:00.002-07:002015-05-28T21:53:36.975-07:00The Great Indian Capitalist<div dir="ltr" style="text-align: left;" trbidi="on">
<strong> </strong>
<br />
<div class="info">
<h3 style="text-align: left;">
<a href="http://www.huffingtonpost.in/aditya-karkera/" rel="author"><span class="name fn">Aditya Karkera</span></a>
<span class="teaser">Editor in Chief of The Young Post</span></h3>
</div>
<strong>One year</strong> has passed under the premiership of
Narendra Modi, and, to the disappointment of his prophetic opponents,
India has not collapsed into a fiery orgy of violence, death, and
backwardness. India has not arisen to the glorious and seemingly
inevitable paradise that Modi's fervent endorsers promised either. <br />
Narendra
Damodardas Modi, the 15th Prime Minister of the Republic of India, it
seems, is, like his 14 predecessors and certainly like all his
successors, a man who fills proud optimism in the hearts of some, and
bitter scorn in the hearts of others - neither of which is unjustified
if one studies Modi's first year in power - a year filled with progress
and retardations, order and chaos, great leaps forward, and great leaps
back. <br />
Narendra Modi stands to either be one of the greatest and
most respected Prime Ministers in Indian history, or another loud
mouthed demagogue who shall be relegated to the dustbin of history -
labelled a failed experiment in Indian politics. <br />
Regardless, Modi's first year has been anything but dull.<br />
<br />
Narendra Modi's first year has been a colourful mixture of Modi
planting the seeds of great change in India, and Modi harvesting the
planted crops of the former Congress government. He hasn't made an overt
effort to distinguish between the two, but the seeds he has planted
will yield even greater fruits for India when the time comes.<br />
The
most noticeable success of Narendra Modi's first year has been the
immense progress India has made in foreign relations. The recently
concluded Hanover Messe is, by far, Modi's most impressive achievement -
where India, as host country, pitched itself to foreign investors as
the ideal manufacturing hub for a wide variety of products - from space
to textiles. <br />
<span style="float: left; font-size: 20px; margin: 20px; width: 200px;">The seeds he has planted will yield even greater fruits for India when the time comes.</span><br />
This
is of course in tandem with Modi's Make in India campaign - an
ambitious vision to transform India into a manufacturing behemoth that
can rival China. Although there are several imperfections in Modi's Make
in India vision - such as the point raised by Dr. Raghuram Rajan that
emulating a Chinese growth model may not work the same way for India as
it did China - the fact that he envisioned it was more than enough to
attract valuable foreign capital.<br />
In the realm of international
politics too Modi is becoming a giant to be reckoned with, having earned
the respect of Barack Obama (who personally <a href="http://time.com/3823155/narendra-modi-2015-time-100/" target="_hplink">penned Modi's profile in the TIME 100 list</a> this year and called him India's <strong>"reformer-in-chief"</strong>).
His state visits to the East Asian tiger economies has also been
greatly productive and has opened several avenues for FDI to pour into
India.<br />
India has earned greater respect under Modi, and Modi
himself commands a fair deal of respect as not just a regional leader,
but a world leader.<br />
Economic growth has been stable and rose by
nearly three percentage points between Modi's inauguration and the next
financial quarter, and Modi's strategy of channelling FDI into
manufacturing has not yet failed him despite the warnings of the central
bank. All of this can be credited to the fact that Modi is the first
Prime Minister since Indira Gandhi to have successfully tied his cabinet
to a political leash.<br />
<br />
<strong>Where Modi failed</strong><br />
It is important to
understand that while Narendra Modi will arguably be the greatest Prime
Minister of this decade, his government will be one of the <strong>worst</strong>.
While Narendra Modi's vision will lead India to new realms of
prosperity, his government's backwardness and conservatism will only
pull his vision down into the mud.<br />
Why? Because Narendra Modi's
government is not one built on technocratic grounds, but political ones.
In other words, his cabinet is not made up of entirely qualified
ministers, but merely politically strategic ones - people who will let
him carry out his great reforms without interfering and, most
importantly, without opposing him. This trend will only continue, as it
has with <strong>Smriti Irani</strong>, an under-qualified but politically strategic member of Modi's cabinet who will never be a contrarian to Modi.<br />
Modi's one man show control of his government this past year has been a <strong>double edged sword,</strong> because there's only so much a one man army can do before breaking down<br />
To
talk about his economic performance would require another piece at
another time, but considering that both of Dr. Manmohan Singh's first
years as Prime Minister were more economically progressive than Modi's
first year speaks volumes. Modi's supporters believe that he cannot work
magic in just a year. Well, such generous time considerations were
never given to Dr. Singh. <br />
<span style="float: left; font-size: 20px; margin: 20px; width: 200px;">"It
seems that only Dr. Manmohan Singh is a robot for not speaking up on
important issues, while Narendra Modi is wise and contemplating for his
silence."</span><br />
Modi failed to speak up against increasing state
censorship, did not address the question of net neutrality adequately,
did not speak on the security threats posed to India by the Naxals this
year, failed to advance basic rural programs for food security and
women's safety despite launching ambitious rural finance programs,
continuously ignored the valuable advice of the RBI governor with
regards to investment policy, and has been silent about
institutionalising a strong Lokpal system in India despite election
promises to do the same in a matter of months. It seems that only Dr.
Manmohan Singh is a robot for not speaking up on important issues, while
Narendra Modi is wise and contemplating for his silence.<br />
Narendra
Modi's greatest failure as Prime Minister after one year, however, is
that he cannot speak up against visible injustice and growing religious
tension for fear of upsetting his mostly Hindu, mostly North Indian, and
mostly male supporters. From the issue of forced conversions by Hindus
and Christians, to the question of the Bajrang Dal's growing violence
against other faiths, Modi chose to brush it all under one brief
statement that promised his government's dedication to secularism.<br />
Nobody
can blame him. Very few politicians of his experience and calibre will
do something as stupid as cracking down on the Bajrang Dal's unlawful
activities after seeking campaigning help from them during the
elections. Modi's political acumen is thus both a booster and a handicap
to him, because he's too smart to choose the right thing over the most
practical thing, which is nothing to be proud of.<br />
<br />
<strong>A flawed messiah and a great capitalist</strong><br />
In
many ways, Narendra Modi is the great Indian capitalist - a man willing
to put everything on the line to watch Indian wealth grow, but not ready
to accept that there are several dangerous consequences of rapid growth
- such as income inequality, religious tensions between richer
religious communities and poorer religious communities and the rabid
advance of corporate influence in politics. <br />
<span style="float: left; font-size: 20px; margin: 20px; width: 200px;">"Narendra
Modi is a secular and liberal Prime Minister carrying the expectations
of religious fanatics and conservatives on his shoulders."</span><br />
Like
all capitalists, Narendra Modi sees the ultimate profit - in this case,
prosperity for India - as being more important than the gruelling and
often difficult decisions that must be taken to reach that profit. To
him, the net gain from passing a draconian land acquisition law is
greater than the suffering of the farmers that will lose their land to
satisfy someone else's model of "development".<br />
And just as every
other capitalist does, Narendra Modi will reach a fork in the road,
where he must decide if he will choose the path that benefits the
economy, or the people who are dependent on the economy. Because at the
end of the day, a starving farmer on the verge of killing himself cares
little for reforms that will take decades to come to fruition and will
mostly benefit the affluent.<br />
Narendra Modi is a secular and
liberal Prime Minister carrying the expectations of religious fanatics
and conservatives on his shoulders. His is a great burden to bear, and
despite his imperfections, he is India's best hope for meaningful
change. <br />
Narendra Modi is essentially a flawed messiah - he shall
deliver India to great progress, but India shall stumble along the way.
In my book, stumbling along is far better than not moving at all.</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-61856783041997027162015-05-18T22:17:00.001-07:002015-05-18T22:17:33.843-07:00How Trade Agreements Amount to a Secret Corporate Takeover<div dir="ltr" style="text-align: left;" trbidi="on">
<h3 style="text-align: left;">
<a href="http://www.huffingtonpost.com/joseph-e-stiglitz/" rel="author"><span class="name fn">Joseph E. Stiglitz</span></a>
<span class="teaser">Professor at Columbia University and a Nobel Laureate in Economics</span></h3>
NEW YORK - The United States and the world are engaged in a great
debate about new trade agreements. Such pacts used to be called
"free-trade agreements"; in fact, they were <em>managed</em> trade
agreements, tailored to corporate interests, largely in the US and the
European Union. Today, such deals are more often referred to as
"partnerships,"as in the <a href="https://ustr.gov/tpp" target="_hplink">Trans-Pacific Partnership </a>(TPP).
But they are not partnerships of equals: the US effectively dictates
the terms. Fortunately, America's "partners" are becoming increasingly
resistant.<br />
It is not hard to see why. These agreements go well
beyond trade, governing investment and intellectual property as well,
imposing fundamental changes to countries' legal, judicial, and
regulatory frameworks, <a href="http://www.project-syndicate.org/commentary/gordon-lafer-calls-attention-to-the-frighteningly-anti-democratic-implications-of-the-trans-pacific-partnership" target="_hplink">without input or accountabilit</a>y through democratic institutions.<br />
Perhaps
the most invidious - and most dishonest - part of such agreements
concerns investor protection. Of course, investors have to be protected
against the risk that rogue governments will seize their property. But
that is not what these provisions are about. There have been very few
expropriations in recent decades, and investors who want to protect
themselves can buy insurance from the Multilateral Investment Guarantee
Agency, a World Bank affiliate (the US and other governments provide
similar insurance). Nonetheless, the US is demanding such provisions in
the TPP, even though many of its "partners" have property protections
and judicial systems that are as good as its own.<br />
The real intent
of these provisions is to impede health, environmental, safety, and,
yes, even financial regulations meant to protect America's own economy
and citizens. Companies can sue governments for full compensation for
any reduction in their future <em>expected</em> profits resulting from regulatory changes.<br />
This
is not just a theoretical possibility. Philip Morris is suing Uruguay
and Australia for requiring warning labels on cigarettes. Admittedly,
both countries went a little further than the US, mandating the
inclusion of graphic images showing the consequences of cigarette
smoking.<br />
The labeling is working. It is discouraging smoking. So now Philip Morris is demanding to be compensated for lost profits.<br />
In
the future, if we discover that some other product causes health
problems (think of asbestos), rather than facing lawsuits for the costs
imposed on <em>us</em>, the manufacturer could sue governments for
restraining them from killing more people. The same thing could happen
if our governments impose more stringent regulations to protect us from
the impact of greenhouse-gas emissions.<br />
When I chaired President
Bill Clinton's Council of Economic Advisers, anti-environmentalists
tried to enact a similar provision, called "regulatory takings." They
knew that once enacted, regulations would be brought to a halt, simply
because government could not afford to pay the compensation.
Fortunately, we succeeded in beating back the initiative, both in the
courts and in the US Congress.<br />
But now the same groups are
attempting an end run around democratic processes by inserting such
provisions in trade bills, the contents of which are being kept largely
secret from the public (but not from the corporations that are pushing
for them). It is only from leaks, and from talking to government
officials who seem more committed to democratic processes, that we know
what is happening.<br />
Fundamental to America's system of government is an impartial <em>public</em>
judiciary, with legal standards built up over the decades, based on
principles of transparency, precedent, and the opportunity to appeal
unfavorable decisions. All of this is being set aside, as the new
agreements call for private, non-transparent, and very expensive
arbitration. Moreover, this arrangement is often rife with conflicts of
interest; for example, arbitrators may be a "judge" in one case and an
advocate in a related case.<br />
The proceedings are so expensive that
Uruguay has had to turn to Michael Bloomberg and other wealthy Americans
committed to health to defend itself against Philip Morris. And, though
corporations can bring suit, others cannot. If there is a violation of
other commitments - on labor and environmental standards, for example -
citizens, unions, and civil-society groups have no recourse.<br />
If
there ever was a one-sided dispute-resolution mechanism that violates
basic principles, this is it. That is why I joined leading US legal
experts, including from Harvard, Yale, and Berkeley, in writing a letter
to President Barack Obama explaining how damaging to our system of
justice these agreements are.<br />
American supporters of such
agreements point out that the US has been sued only a few times so far,
and has not lost a case. Corporations, however, are just learning how to
use these agreements to their advantage.<br />
And high-priced
corporate lawyers in the US, Europe, and Japan will likely outmatch the
underpaid government lawyers attempting to defend the public interest.
Worse still, corporations in advanced countries can create subsidiaries
in member countries through which to invest back home, and then sue,
giving them a new channel to bloc regulations.<br />
<em>If</em> there were a need for better property protection, and <em>if</em>
this private, expensive dispute-resolution mechanism were superior to a
public judiciary, we should be changing the law not just for
well-heeled foreign companies, but also for our own citizens and small
businesses. But there has been no suggestion that this is the case.<br />
Rules
and regulations determine the kind of economy and society in which
people live. They affect relative bargaining power, with important
implications for inequality, a growing problem around the world. The
question is whether we should allow rich corporations to use provisions
hidden in so-called trade agreements to dictate how we will live in the
twenty-first century. I hope citizens in the US, Europe, and the Pacific
answer with a resounding no.<br />
huffingtonpost</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-44849400891423520512015-04-14T22:55:00.000-07:002015-04-14T22:55:54.916-07:00The Iran Nuke Deal subject to US congressional review<div dir="ltr" style="text-align: left;" trbidi="on">
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<img alt="CORKER" data-img-path="http://i.huffpost.com/gen/2837270/images/n-CORKER-Pinterest.jpg" height="133" src="http://i.huffpost.com/gen/2837270/images/n-CORKER-large570.jpg" width="320" /></div>
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WASHINGTON -- After several months of wrangling between the White
House and Senate Foreign Relations Committee Chairman Bob Corker
(R-Tenn.), a controversial bill to increase Congress’ involvement in the
Iran nuclear talks passed the committee Tuesday on a unanimous vote of
19-0. In a dramatic change from its stance only hours before the vote,
the White House indicated that the president would not veto the
legislation. <br />
The bill’s apparent success is the result of last-minute <a href="http://www.foreign.senate.gov/imo/media/doc/S.615%20Managers%20Amendment%20As%20Reported.pdf" target="_hplink">negotiated changes</a>
to the text, which were hammered out by Corker and the committee's new
ranking member, Sen. Ben Cardin (D-Md.), on Monday night into Tuesday
morning.<br />
According to Corker, the revised text was posted just
minutes before the committee markup, which had been postponed 30 minutes
to allow for last-minute discussions. <br />
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These efforts may have rescued the bill, which previously faced a
veto threat from President Barack Obama and looked to be several votes
short of the 67 needed from the full Senate to override a veto. <br />
In
its post-markup form, the legislation still requires the president to
submit for congressional review the final nuclear agreement reached
between Iran, the U.S. and its five negotiating partners. The bill also
maintains the prohibition on the president's waiving congressionally
enacted sanctions against Iran during the review period. <br />
However,
the review period in the measure has been shortened from 60 days to an
initial 30 days. If, at the end of the 30 days, Congress were to pass a
bill on sanctions relief and send it to the president, an additional 12
days would be automatically added to the review period. This could be
another 10 days of review if the president vetoed the resulting
sanctions bill. <br />
The international nuclear negotiators currently
face a deadline of June 30 to reach a final agreement. Under the new
bill, the congressional review period would automatically return to 60
days if the negotiators ran late and concluded an agreement after June
9. <br />
One of the key results of Corker and Cardin's efforts was the
abandonment of a clause that would have required the White House to
certify to Congress that Iran was not supporting terror in order to
provide sanctions relief. The White House viewed requirements that were
not specifically related to Iran’s nuclear program as a deliberate
poison pill, and it lobbied hard to get the clause scrapped. While the
president must still provide a series of reports to Congress detailing
Iran’s support for terror globally, that would no longer be tied to
implementation of aspects of the nuclear agreement. <br />
Removal of
the certification clause was a major requirement for Democrats, although
Republicans accepted it grudgingly. During the committee markup, Sen.
John Barrasso (R-Wyo.) reintroduced the terrorism certification language
as his own amendment to the modified bill. <br />
Corker indicated that
he would not support the amendment, making it impossible for it to pass
along a party-line vote. After the markup, Corker and Cardin told
reporters that Barrasso's move had been planned, with Barrasso aware
that his amendment would not be allowed to pass. <br />
“We all knew in
advance that that was going to happen,” said Corker, who has been
supportive of the terrorism reporting requirement. “We felt like that
was a way for our members to express themselves appropriately."<br />
Corker
did, however, convince other members of his party to hold off on
presenting amendments that would have almost certainly removed
Democratic support for the bill. <br />
Sen. Marco Rubio (R-Fla.), who
planned to introduce an amendment that would have required the president
to certify to Congress that Iran recognizes the state of Israel,
settled for language asserting that the nuclear agreement would not
compromise U.S. support for Israel’s right to exist. <br />
Similarly,
Sen. Ron Johnson (R-Wis.) agreed to hold off on his proposed amendment
to treat any nuclear agreement with Iran as a treaty, which would
require a two-thirds vote of approval from the Senate before it could be
implemented. <br />
Johnson made his disappointment with his party’s
concessions clear. “It is a very limited role, it is a role with very
little teeth,” he said of the modified oversight bill. “It is a far cry
from advice and consent.”<br />
Sen. Johnny Isakson (R-Ga.), at the
request of Corker, agreed to withdraw an amendment to provide
compensation for American victims of the 1979 Iran hostage crisis from
fees collected for violations of Iran sanctions.<br />
While some
Republicans were disappointed with the watered-down bill, Democrats on
the committee were resoundingly impressed with the outcome of Tuesday’s
markup. <br />
“I believe this bill has been changed from a point in
which I do not support it to a point in which I can,” said Sen. Barbara
Boxer (D-Calif.), who was one of the most steadfast opponents to the
original bill. In the days before the markup, Boxer filed 18 amendments
to the legislation. One of her amendments proposed striking the entire
text of the Corker bill and replacing it with her own Iran oversight
act. <br />
“I believe the former bill would have disrupted and upended
the ongoing negotiations between Iran and the P5+1. I believe that this
bill will not do this,” Boxer said, voicing her support for the new
text. <br />
The unanimous bipartisan support for the legislation came
as a surprise even to Cardin, who was constantly in touch with other
committee Democrats in the days leading up to the vote. “No, I did not
expect a 19-0 vote. I feel thrilled by that,” he told reporters. <br />
“I
think that really reflects the fact that we really did it right on the
manager’s package,” Cardin continued, referring to the deal struck
between him and Corker. <br />
Perhaps more surprising than the unanimous vote was the White House’s apparent approval of the modified bill.<br />
"The
president would be willing to sign the proposed compromise that is
working its way through the committee today," White House press
secretary Josh Earnest said during Tuesday’s press briefing, just before
the vote. <br />
According to Corker, Secretary of State John Kerry had
pushed back against the legislation as late as 11:30 a.m. Tuesday, when
he presented a classified briefing on the Iran nuclear talks to members
of the Senate. <br />
Even Senate Democrats who were in contact with
the White House over the upcoming committee vote seemed unaware that the
Obama administration was prepared to drop its strong opposition to the
bill. <br />
“It is my hope that with the amendment and markup process
today, they will reconsider, but I have no clear expectation of that,”
Sen. Chris Coons (D-Del.) told reporters Tuesday morning. “No one has
said to me, we won’t veto this if we get this, this and this. That’s not
a conversation I’ve had.”<br />
Coons was one of several Democrats who
favored congressional oversight of the Iran deal but was hesitant to
vote for the original bill. Tuesday’s modifications included language
similar to amendments he had proposed last week. <br />
With Obama
evidently withdrawing his opposition, Corker's bill is almost certain to
become law. Several Republicans took the White House’s reversal as
recognition of the weakness of its stance. <br />
“The White House came to the deal when they saw the numbers of people, the growing support that was here,” Corker said. <br />
Cardin,
who has been in close contact with the White House over the past 10
days, declined to comment on Corker’s assertion. “I was always trying to
get them to the position where they would feel comfortable and allow
this bill to go forward. That was my goal from day one,” he said. <br />
To
House Minority Leader Nancy Pelosi (D-Calif.), it was the Senate
Republicans, not the White House, who capitulated under pressure. “We
told the Senate this is going nowhere, that we are going to sustain the
president's veto,” she said on Tuesday. “I don't know if that had an
impact on what the Senate had to do. But they certainly produced a bill
that would be more palatable to our members.”</div>
Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0tag:blogger.com,1999:blog-7326945455353811802.post-25624031366780354572015-04-14T21:46:00.000-07:002015-04-14T21:46:19.107-07:00 US Helped Build ISIS – Provide Weapons from U.S. Consulate in Benghazi, Libya<div dir="ltr" style="text-align: left;" trbidi="on">
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<tr><td style="text-align: center;"><img alt="U.S. Secretary of State Hillary Clinton gestures with Libyan soldiers upon her departure from Tripoli in Libya" class="attachment-single-post-thumbnail wp-post-image" height="231" src="http://www.globalresearch.ca/wp-content/uploads/2014/06/Hillary-Clinton-Libyan-rebels-400x289.jpg" style="margin-left: auto; margin-right: auto;" title="U.S. Secretary of State Hillary Clinton gestures with Libyan soldiers upon her departure from Tripoli in Libya" width="320" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small;">Photo: Hillary Clinton with the “Libyan rebels”.</span></td></tr>
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During an appearance on Fox News,
General Thomas McInerney acknowledged that the United States “helped
build ISIS” as a result of the group obtaining weapons from the Benghazi
consulate in Libya which was attacked by jihadists in September 2012.</div>
<div align="left" style="text-align: justify;">
Asked what he thought of
the idea of arming so-called “moderate” Syrian rebels after FSA
militants kidnapped UN peacekeepers in the Golan Heights, McInerney said
the policy had been a failure.</div>
<blockquote>
<div align="left">
“We backed I believe in some cases, some of the wrong
people and not in the right part of the Free Syrian Army and that’s a
little confusing to people, so I’ve always maintained….that we were
backing the wrong types.”</div>
</blockquote>
<div style="text-align: justify;">
</div>
<div align="left" style="text-align: justify;">
Then made reference to a
Bret Baier Fox News special set to air on Friday which will, “show some
of those weapons from Benghazi ended up in the hands of ISIS – so we
helped build ISIS,” said</div>
<div align="left" style="text-align: justify;">
In May last year, <a href="http://rt.com/usa/rand-clinton-benghazi-paul-109/">Senator Rand Paul</a> was
one of the first to speculate that the truth behind Benghazi was linked
to an illicit arms smuggling program that saw weapons being trafficked
to terrorists in Syria as part of the United States’ proxy war against
the Assad regime.</div>
<div align="left" style="text-align: justify;">
“I’ve actually always
suspected that, although I have no evidence, that maybe we were
facilitating arms leaving Libya going through Turkey into Syria,” Paul
told CNN, adding that he “never….quite understood the cover-up — if it
was intentional or incompetence”.</div>
<div align="left" style="text-align: justify;">
At the same time it emerged that the U.S. State Department had <a href="http://www.newsmax.com/Newsfront/benghazi-consulate-protected-alqaida/2013/05/02/id/502565/">hired an Al-Qaeda offshoot organization</a>, the February 17th Martyrs Brigade, to “defend” the Benghazi Mission months before the attack.</div>
<div align="left" style="text-align: justify;">
Senator Paul was vindicated
less than three months later when it emerged that the CIA had been
subjecting its operatives to monthly polygraph tests in an effort to
keep a lid on details of the arms smuggling operation being leaked.</div>
<div align="left" style="text-align: justify;">
<a href="http://thelead.blogs.cnn.com/2013/08/01/exclusive-dozens-of-cia-operatives-on-the-ground-during-benghazi-attack/?hpt=hp_t4">CNN subsequently reported</a> that
dozens of CIA agents were on the ground in Benghazi during the attack
and that the polygraph tests were mandated in order to prevent
operatives from talking to Congress or the media about a program that
revolved around “secretly helping to move surface-to-air missiles out of
Libya, through Turkey, and into the hands of Syrian rebels.” Key Syrian
rebel leaders <a href="http://www.telegraph.co.uk/news/worldnews/middleeast/syria/10498477/Leading-Syrian-rebels-defect-dealing-blow-to-fight-against-al-Qaeda.html">later defected</a> to join ISIS.</div>
<div align="left" style="text-align: justify;">
In addition to ISIS
obtaining weapons from Benghazi, many members of the group were also
trained by the United States at a secret base in Jordan in 2012.</div>
<div align="left" style="text-align: justify;">
<a href="http://www.wnd.com/2014/06/officials-u-s-trained-isis-at-secret-base-in-jordan/">Aaron Klein was told</a> by
Jordanian officials that, “dozens of future ISIS members were trained
at the time as part of covert aid to the insurgents targeting the regime
of Syrian President Bashar al-Assad in Syria.”</div>
<div align="left" style="text-align: justify;">
As we have <a href="http://www.infowars.com/the-united-states-biggest-allies-are-funding-isis/">previously documented</a>,
many of the United States’ biggest allies in the region, including
Saudi Arabia, Kuwait, Turkey and Qatar, have all bankrolled and armed
ISIS militants.</div>
<div align="left" style="text-align: justify;">
<em><strong>Paul Joseph Watson</strong> is the editor at large of <a href="http://infowars.com/">Infowars.com</a> and <a href="http://prisonplanet.com/">Prison Planet.com</a>.</em></div>
<div align="left" style="text-align: justify;">
<em>Source GlobalResearch </em></div>
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Rambilas Garghttp://www.blogger.com/profile/13450719683314983539noreply@blogger.com0