One-stop shop to make India 20 times richer

Category: Current Affairs

India’s socialist banking system hurtling headlong towards collapse: hyper-inflation and destruction of the rupee

The laws of economics can NEVER be violated without paying the full cost.

I’ve commented on India’s socialist financial system many times in the past, including the damage caused by loan waivers for farmers.

This FB comment considers two comments by AV Raju:

A commentator has raised two key issues regarding the sorry state of the Indian economy on my blog – all driven by the socialist model where almost the entire banking sector is government owned:

a) Top 500 manufacturing companies hold 93% of bank debt, and much of it is non-performing:

“we are moving from bad to worse and no signs of recovery. As a financial analyst i have some statistics * – the top manufacturing 100 Companies of the country is about 3% in number and has 65% of the assets and about 68% of the Bank Debt. A large part of it is NPA. if we take top 500 companies it is around 15% in number cornering 82% of assets and about 93% of overall debt.A big part of it is NPA.”

b) Debt to such companies is much more risky than debt for home loans, but India’s nationalised banks issue corporate debt at the same rate as they do for home loans:

“Ordinary tax payers , honest employees really look forward for one asset probably . A home . ROI on it is around 9%. is there a risk of non payment of the loan . Most Probably Nil unless it is involved in a scam which in case of honest is ruled out . What is the risk in 82% of assets covering the 93% of overall debt in our country . Higher or lower ??? . Most told me it is higher compared to Home loans . Then why is it that the loans have been given to many companies at close to MCLR??”

 

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I’m afraid North Korea has won the game of nuclear deterrence. It is time for detente to encourage it to become an open economy.

My FB post:

THE LOGIC OF NUCLEAR DETERRENCE IS IN FAVOUR OF THE ROCKET MAN. TRUMP NEEDS TO ACCEPT THE FACTS OF LIFE AND MOVE ON.

This is now about identifying the least harmful option.

Question 1: If USA does nothing, then what is the probability that NK will unilaterally use its nukes against other countries in the next 40 years?

Question 2: If NK uses its nukes, what is the estimated average loss of life in USA/South Korea/ Japan, etc.

The multiplication of these two numbers will give us the expected cost of doing nothing.

This cost then needs to be weighed against the definite loss of life if US nukes NK today.

Immediate nuking would be good if it can be proven that doing so would prevent a guaranteed and greater loss of life in the future (subject to appropriate discounting).

My guess is that NK will almost never use its nukes against other countries – since it knows that it will be immediately wiped out. If so, things should be allowed to drift as they are.

A long term nuclearised NK is therefore preferable to unilateral nuking of NK by USA.

It is time to accept NK as a nuclear power and invite the Rocket Man to USA to promote detente. Let USA influence NK into becoming an open economy.

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Sri Sri Ravishankar the conman making a fool of Indians in the name of Gauri Lankesh

I was browsing twitter for news/opinions on #GauriLankesh

Chanced upon this tweet on which I must comment, given that in the past Sri Sri Ravishankar has directly attacked the work of a rationalist who put out an analysis of Ravishankar’s crooked methods on Youtube.

First Ravishankar’s tweet:

Screenshot:

Now go and read this blog post: Art of Living’s Sri Sri Ravishankar – con man PLUS enemy of the truth. A total BETRAYAL OF HINDUISM (Advaita and Satyameva Jayate).

In this blog post I report on a video that Ravishankar managed to get pulled down from Youtube – a video that EXPOSED HIS FRAUDULENT ACTIVITIES.

So much for “freedom of expression”.

It is a terrible shame that people like Ravishankar have been supporting the Hindutva fanatics and BJP. Almost certainly the Hindutva group is responsible for killing Gauri Lankesh.

Shame.

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Amazing incompetence of Election Commission of India! Unable to get a simple response from the HIGHEST level.

Swarna Bharat Party is a registered political party. We need to periodically interact with and seek clarifications from the Election Commission of India.

An amazing situation has been created by the ECI not agreeing to our party holding its meetings electronically. They insist on a paper register. Anyway, after nearly two years of paper communications, we finally decided in July 2017 (in our annual conference in Delhi) to make a paper register.

After doing that we wanted to meet the relevant officials in the ECI to confirm that this paper register would meet their requirements. Our office bearers are located in Delhi. They should be easily able to meet the ECI’s officials to seek clarification.

BUT WE DID NEVER ANTICIPATED THAT WE ARE DEALING WITH THE WORLD’S MOST INCOMPETENT ELECTION COMMISSION.

The last time we wanted to meet the ECI – in late 2016 – we tried tens of times over the phone. No one would pick up the phone.

So two of our (then) office bearers went physically (in December 2016) to the ECI without any appointment, carrying a whole bundle of papers to show them, BUT no relevant official would meet them to discuss. Finally, some “Secretary” finally met them at the reception and they were forced to write everything down by hand in a long paper and lodged everything with that officer (nearly 100 pages). No clarification was provided regarding the questions they had gone to ask.

This time – since July – our Project Director has been trying repeatedly to get an appointment with the relevant official so we can physically show the ECI our paper register and ask whether that meets their requirement.

Since NO OFFICER ever picks up the phone, the only way is to call the Chief Election Commissioner’s office when finally someone does pick up the phone – but thereafter they seem to be totally incompetent and do nothing.

This is our Project Director’s report today after REPEATED attempts to get an appointment:

“I have been calling CEC office, around noon is mostly when someone answers and repeating that we need a meeting fixed, then go through the same drill, send an email, already sent, okay we will look into it and get back. The last time I called, the person said we will arrange a call back, recited my number, but no call has come. Will keep trying.”

It is beyond pathetic how this Third World system works. ECI is surely the MOST UNRESPONSIVE ELECTION COMMISSION IN THE WORLD.

I’m going to share this post as widely as I possibly can.

I’m SICK to my core about the incompetence and unresponsiveness of the ECI. They don’t issue any detailed guidance to parties about how to manage their records (the ECI has been repeatedly requested by us to do so), they refuse to accept meeting procedures that are clearly detailed in our party’s constitution, they refuse to accept decisions taken through online meetings by the national executive of the party, they refuse to meet office bearers of the party to confirm whether the paper register we have prepared meets their requirements!!

IS THIS DEMOCRACY?? SERIOUSLY?

SERIOUSLY???

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