അമേരിക്കന്‍ ചിന്തകന്‍ ഫ്രാന്‍സീസ് ഫുക്കുയാമ പടിഞ്ഞാറന്‍ രാഷ്ട്രീയ വ്യവസ്ഥയെ വിശേഷിപ്പിക്കാനുപയോഗിച്ച വാക്കുകള്‍ the final form of government എന്നാണ്. പടിഞ്ഞാറന്‍ നാടുകളില്‍ നിലനില്‍ക്കുന്ന സാമ്പത്തിക അവസ്ഥയെ Western economic liberalism എന്നാണു വിശേഷിപ്പിക്കപ്പെടാറുള്ളത്. പലരും ഇപ്പോള്‍ പറയുന്നു, ഈ വ്യവസ്ഥിതി final financial order ആണെന്ന്.
Niall Ferguson എന്ന ചരിത്രകാരന്റെ വാക്കുകള്‍ ഇതാണ്. "The financial crisis... has to raise a profound question about the viability of that Washington model, or perhaps more accurately that Wall Street model,"
"The question really is whether an alternative model will take the place of the Western financial model. And of course the prime contender is the model of the People's Republic of China."
പാശ്ചാത്യ മുതലാളിത്ത വ്യവസ്ഥിതിയില്‍ സാമ്പത്തിക മാന്ദ്യം ചില ഇടവേളകളില്‍ ഉണ്ടാകാറുണ്ട്. തീവ്ര മുതലാളിത്ത പിന്തുണക്കാര്‍ ഈ പ്രതിഭാസത്തെ സ്വയം തിരുത്തല്‍ ആയി വ്യാഖ്യാനിക്കാറുമുണ്ട്. പക്ഷെ ആ തിരുത്തലുകളില്‍ വഴിയാധാരമാകുന്നത് അസംഘ്യം ആളുകളുടെ ജീവിതവും.
ഇത്തവണത്തെ സാമ്പത്തിക മാന്ദ്യത്തിന്റെ കാരണങ്ങള്‍ പല വേദികളിലും പലരും ചര്‍ച്ച ചെയ്തിട്ടുണ്ട്. ലോകമുതലാളിത്ത വ്യവസ്ഥിതിയുടെ കേന്ദ്രമായ അമേരിക്കയിലെ പൊതു കടം 12 ട്രില്യണ്‍ ഡോളറിനടുത്താണെന്ന് പുതിയ കണക്കുകള്‍ പറയുന്നു.
കഴിഞ്ഞ വര്‍ഷം ഈ സമയത്ത് Lehman Brothers എന്ന അമേരിക്കന്‍ ബാങ്ക് തകര്‍ന്ന വാര്‍ത്തയാണു ലോകം കേട്ടത്. കൂടെ Merrill Lynch എന്ന ബാങ്കിനെയും AIG എന്ന ഇന്‍ഷുറന്‍സ് സ്ഥാപനത്തെയും അമേരിക്കന്‍ സര്‍ക്കാര്‍ ബില്ല്യണ്‍ കണക്കിനു ഡോളര്‍ കൊടുത്ത് താങ്ങി നിറുത്തി എന്ന വാര്‍ത്തയും.
ഇന്നത്തെ സാമ്പത്തിക മന്ദ്യം ആരംഭിക്കുന്നതിനു വളരെ മുമ്പ്,2005 ല്‍ Goldman Sachs അവരുടെ പ്രസിദ്ധമായ Bric റിപ്പോര്‍ട്ടില്‍ ലോക സാമ്പത്തിക ശക്തികളില്‍ ചൈനക്കുള്ള വലിയ സ്ഥാനം പ്രവചിച്ചിരുന്നു. 2041 ഓടു കൂടി ചൈന ലോകത്തിലെ ഏറ്റവും വലിയ സാമ്പത്തിക ശക്തിയാകുമെന്ന് ഇപ്പോള്‍ ഏതാണ്ട് തീര്‍ച്ചയായി കഴിഞ്ഞു. SEZ കള്‍ 80 % അടച്ചുപൂട്ടുകയും വിദേശ നിക്ഷേപത്തിന്റെ ഒഴുക്ക് നിലച്ചു കഴിഞ്ഞിട്ടും 9% വളര്‍ച്ച ഈ വര്‍ഷമുണ്ടാകുമെന്നാണു ചൈന അവകാശപ്പെടുന്നത്. അത് തെറ്റാകാന്‍ സാധ്യത കാണുന്നില്ല
ഇന്ന് ലോകത്തിലെ ഏറ്റവും വലിയ നാലു ബാങ്കുകള്‍ ചൈനയുടേതാണ്. അമേരിക്കന്‍ ട്രഷറിയില്‍ ഏറ്റവും കൂടുതല്‍ നിക്ഷേപമുള്ളത് ചൈനക്കാണ്.
അമേരിക്കയിലെ തകര്‍ന്നു പോയ ധനകാര്യ സ്ഥാപനങ്ങളെ രക്ഷിക്കാന്‍ അവിടത്തെ സര്‍ക്കാര്‍ 700 ബില്ല്യണ്‍ ഡോളറാണു ചെലവഴിച്ചത്. ഇംഗ്ളണ്ടില്‍ 370 ബില്ല്യണ്‍ പൌണ്ടും. ഇന്‍ഡ്യയും പിന്നിലല്ല. ഐ സി ഐ സി ബാങ്കിനെ തകര്‍ച്ചയില്‍ നിന്നും രക്ഷിക്കാന്‍ സര്‍ക്കാര്‍ കൊടുത്തത് 1000 കോടി രൂപയാണ്.
ഇങ്ങനെ കിട്ടിയ പണം ഈ ധനകാര്യ സ്ഥാനപങ്ങള്‍ എങ്ങനെ ചെലവഴിച്ചു എന്നറിയുന്നത് രസകരമായിരിക്കും. The Guardian എന്ന പത്രം റിപ്പോര്‍ ട്ട് ചെയ്തതിപ്രകാരം.
http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses.
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism.
The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks.
In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.
At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn. At Merrill, which was on the point of going bust last month before being taken over by Bank of America, the total accrued in the last quarter grew 76% to $3.49bn. At Morgan Stanley, the amount put aside for staff compensation also grew in the last quarter to the end of August by 3% to $3.7bn.
Days before it collapsed into bankruptcy protection a month ago Lehman Brothers revealed $6.12bn of staff pay plans in its corporate filings. These payouts, the bank insisted, were justified despite net revenue collapsing from $14.9bn to a net outgoing of $64m.
Much of the anger about investment banking bonuses has focused on boardroom executives such as former Lehman boss Dick Fuld, who was paid $485m in salary, bonuses and options between 2000 and 2007.
Last year Merrill Lynch's chairman Stan O'Neal retired after announcing losses of $8bn, taking a final pay deal worth $161m. Citigroup boss Chuck Prince left last year with a $38m in bonuses, shares and options after multibillion-dollar write-downs. In Britain, Bob Diamond, Barclays president, is one of the few investment bankers whose pay is public. Last year he received a salary of £250,000, but his total pay, including bonuses, reached £36m.
അതമേരിക്കയിലെ കാര്യം. ഇനി ഇംഗ്ളണ്ടിലോ?
http://www.express.co.uk/posts/view/71917/Bail-out-anger-as-fat-cat-bank-chiefs-pocket-730m
BAIL-OUT ANGER AS FAT-CAT BANK CHIEFS POCKET £730M
FAT cat bosses of Britain’s beleaguered banks have pocketed almost £730million in pay and bonuses over the last four years, it was revealed last night.
The massive rewards were enjoyed by a handful of top executives, including the heads of the three banks which have had to be bailed out by the Government with £40billion of taxpayers’ money
Goldman Sachs ബാങ്കിന്റെ Vice Chairman , Lord Griffiths അടുത്തിടെ പറഞ്ഞത് കേട്ടാല്‍ സുബോധമുള്ള ആരും ലജ്ജിച്ചു പോകും. അദ്ദേഹത്തിന്റെ വാക്കുകള്‍ ഇവയാണ്.
http://www.guardian.co.uk/business/2009/oct/21/executive-pay-bonuses-goldmansachs
Public must learn to 'tolerate the inequality' of bonuses, says Goldman Sachs vice-chairman
Speaking to an audience at St Paul's Cathedral in London about morality in the marketplace last night, Griffiths said the British public should "tolerate the inequality as a way to achieve greater prosperity for all".
With public anger mounting at the forecast of bumper bonuses for bankers only a year after the industry was rescued by the taxpayer, he said bankers' bonuses should be seen as part of a longer-term investment in Britain's economy. "I believe that we should be thinking about the medium-term common good, not the short-term common good ... We should not, therefore, be ashamed of offering compensation in an internationally competitive market which ensures the bank businesses here and employs British people," he said.
Figures compiled from the annual reports of the UK’s leading banks and finance companies, found that the basic pay and cash bonuses of senior executives totalled an astonishing £729.3million between 2003 and 2007.
That figure does not include the generous share options, pension arrangements and other benefits handed out to the select few.
Executives at the banks bailed out by the taxpayer – RBS, Lloyds TSB and HBOS – received a combined £122million during that period, including more than £64million in cash bonuses alone.
Chief executive Sir Fred Goodwin, 50, of the Royal Bank of Scotland, received £15.5million, Eric Daniels, 57, of LloydsTSB took home £10.2million, while Andy Hornby, 41, of HBOS pocketed £6.9million.
മലയാളത്തിലെ പ്രസിദ്ധമായ ഒരു പഴം ചൊല്ലാണ്, പുരകത്തുമ്പോള് വാഴവെട്ടുക എന്നത്. പക്ഷെ ഇതുപോലുള്ള വാഴവെട്ടാല്‍ സ്വപ്നത്തില്‍ പോലും ആരും കണ്ടിട്ടുണ്ടാവില്ല.
അമേരിക്കന്‍ നികുതിദായകരുടെ പണം ബില്ല്യണ്‍ കണക്കിനു ചെലവഴിച്ചിട്ടും സമ്പദ് വ്യവസഥ കരകയറുന്ന ലക്ഷണം കാണുന്നില്ല.
ലോകം മുഴുവനും സാമ്പത്തിക വിദഗ്ദ്ധര്‍ ചര്‍ച്ച ചെയ്തുകൊണ്ടിരിക്കുന്നത് ഈ കുഴിയില്‍ നിന്നും കരകയറുന്നതെങ്ങിനെ എന്നതിനേക്കുറിച്ചാണ്. പലരും പല പരിഹാരങ്ങളും മുന്നോട്ടു വയ്ക്കുന്നു. അമേരിക്കന്‍ പ്രസിഡണ്ട് ഒബാമ സാമ്പത്തിക നിയന്ത്രണങ്ങള്‍ അനിവാര്യമെന്നു പറയുന്നു. എന്നു വച്ചാല്‍ വിപണി എല്ലാം നിയന്ത്രിക്കുന്ന പഴയ അവസ്ഥ ഇനി ഉണ്ടാവില്ല എന്നാണതു സൂചിപ്പിക്കുന്നത്.
Niall Ferguson പറഞ്ഞ Wall Street Model ലിന്റെ അവസാനമാണോ നമ്മള്‍ കാണാന്‍ പോകുന്നത്?
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മലയാളത്തിലെ പ്രസിദ്ധമായ ഒരു പഴം ചൊല്ലാണ്, പുരകത്തുമ്പോള് വാഴവെട്ടുക എന്നത്. പക്ഷെ ഇതുപോലുള്ള വാഴവെട്ടാല്‍ സ്വപ്നത്തില്‍ പോലും ആരും കണ്ടിട്ടുണ്ടാവില്ല.
അമേരിക്കന്‍ നികുതിദായകരുടെ പണം ബില്ല്യണ്‍ കണക്കിനു ചെലവഴിച്ചിട്ടും സമ്പദ് വ്യവസഥ കരകയറുന്ന ലക്ഷണം കാണുന്നില്ല.
ലോകം മുഴുവനും സാമ്പത്തിക വിദഗ്ദ്ധര്‍ ചര്‍ച്ച ചെയ്തുകൊണ്ടിരിക്കുന്നത് ഈ കുഴിയില്‍ നിന്നും കരകയറുന്നതെങ്ങിനെ എന്നതിനേക്കുറിച്ചാണ്. പലരും പല പരിഹാരങ്ങളും മുന്നോട്ടു വയ്ക്കുന്നു. അമേരിക്കന്‍ പ്രസിഡണ്ട് ഒബാമ സാമ്പത്തിക നിയന്ത്രണങ്ങള്‍ അനിവാര്യമെന്നു പറയുന്നു. എന്നു വച്ചാല്‍ വിപണി എല്ലാം നിയന്ത്രിക്കുന്ന പഴയ അവസ്ഥ ഇനി ഉണ്ടാവില്ല എന്നാണതു സൂചിപ്പിക്കുന്നത്.
Niall Ferguson പറഞ്ഞ Wall Street Model ലിന്റെ അവസാനമാണോ നമ്മള്‍ കാണാന്‍ പോകുന്നത്?
"tolerate the inequality as a way to achieve greater prosperity for all" ഇതു തന്നെ അല്ലെ ചൈനയിലും നടക്കുന്നത്, പാവം കര്‍ഷകനൊക്കെ പണി എടുക്കുന്നു, കമ്യുണിസ്റ്റ് പാര്‍ട്ടിയുടെ വിവിധ തലങ്ങളിലുള്ളവര്‍ ആസ്വദിക്കുന്നു.
ചൈനയില്‍ അപ്പടിയല്ല മഞ്ഞു തോട്ടക്കാരരേ അങ്കേ കമ്യുണിസ്റ്റ് പാര്‍ട്ടിയുടെ വിവിധ തലങ്ങളിലുള്ളവര്‍ പണിയെടുക്കുന്നു,തൊഴിലാളികര്‍ഷകാദികള്‍ ആസ്വദിക്കുന്നു
കാര്യം നമ്മുടെ ശത്രുരാജ്യമാണെങ്കിലും ചൈനയെക്കൊണ്ട് നമുക്ക് ഇങ്ങനെയൊക്കെ പ്രയോജനമുണ്ടേ.. നാക്കിറങ്ങിപ്പോയാൽ കുറ്റം പറയാമല്ലൊ..
മഞ്ഞുതോട്ടക്കാരാ,
ചക്കെന്നു പറയുമ്പോള്‍ കൊക്കെന്നു കേട്ടാല്‍ ഇതു പോലെ പ്രതികരിക്കാം.
താങ്കള്‍ ചൈനയില്‍ സ്ഥിരതാമസമായതുകൊണ്ട് അവിടത്തെ അസമത്വം, ഇന്‍ ഡ്യയിലെ അസമത്വത്തേക്കാള്‍ വളരെയേറെ പരിചിതമാണെന്നു മറ്റുള്ളവര്‍ മനസിലാകുന്നുണ്ട്.
ഇവിടെ പരാമര്‍ശിച്ച വിഷയം തകര്‍ന്നു പോയ സ്വകാര്യ ധനകാര്യസ്ഥാപനത്തെ പിടിച്ചു നിര്‍ത്താന്‍ നികുതി ദായകന്റെ പണം സര്‍ക്കാര്‍ നല്‍കിയതിനേക്കുറിച്ചാണ്. ചൈനയില്‍ ഇതു പോലെ സ്വകാര്യ സ്ഥാപനങ്ങള്‍ അധികമില്ല. അവ തകര്‍ന്നാല്‍ ചൈനീസ് സര്‍ക്കാര്‍ പൊതു മുതല്‍ ഇതു പോലെ നല്‍കി അവയെ പിടിച്ചു നിര്‍ത്തില്ല. പണ്ട് ഇന്ദിരാ ഗാന്ധി ചെയ്ത പോലെ ദേശസാല്‍കരിക്കും. ഈ ദേശ സാല്‍കരണമാണ്, ഇന്‍ഡ്യയെ തകര്‍ച്ചയില്‍ നിന്നും രക്ഷിച്ചതെന്ന്, ഇന്‍ഡ്യയിലെ സുബോധമുള്ള എല്ലാവര്‍ക്കും അറിയാം.
തകര്‍ന്നു തരിപ്പണമായ Goldman Sacns എന്ന ബാങ്കിനു സര്‍ക്കാര്‍ നല്‍കിയ പണം ബോണസ് എന്ന ഓമനപ്പേരിട്ട് സ്വന്തം പോക്കറ്റിലാക്കുന്ന വൃത്തികേടിനെയാണു ഞാന്‍ വിമര്‍ശിച്ചത്. അതിനെ ന്യായീകരിക്കുന്ന Lord Griffiths ന്‌ ഓശാന പാടുന്ന താങ്കളുടെ മനോനില അപാരം.
മുതലാളിത്ത സാമ്പത്തിക വ്യവവസ്ഥയില്‍ സാധാരണ ബോണസ് നല്‍കുന്നത് നേട്ടങ്ങള്‍ക്കാണ്. നഷ്ടമുണ്ടാക്കുന്നവരെ ബോണസ് നല്‍കി ആദരിക്കാറില്ല.
Goldman Sachs ന്റെ മുന്‍ Chairman ആയിരുന്നു ബുഷിന്റെ Treasury Secretary ആയിരുന്ന Henry Paulson . അദ്ദേഹം 10 വര്‍ഷം ആ സ്ഥാനത്തിരുന്ന് ആ ബാങ്കിനെ കുളം തോണ്ടി. അതിനദ്ദേഹം വാങ്ങിയ ശമ്പളം Corporate ചരിത്രത്തിലെ റെക്കോര്‍ഡ് ആയിരുന്നു. Treasury Secretary സ്ഥാനത്തിരുന്നു അമേരിക്കന്‍ സമ്പദ് വ്യവസ്ഥയും അദ്ദേഹം കുളം തോണ്ടി. Time maagazine ന്റെ 2008 ലെ Person of the year അവാര്‍ഡിലെ രണ്ടാം സ്ഥാനക്കാരനായിരുന്നു ഈ സാമ്പത്തിക വിദഗ്ദ്ധന്‍. അതിനു മാഗസിന്‍ പറഞ്ഞ കാരണം അതി രസകരവും.
"if there is a face to this financial debacle, it is now his."
മഞ്ഞുതോട്ടക്കാരാ,
ചൈനയിലെ കാര്യങ്ങളേക്കുറിച്ച് അധികം ഉത്ഖണ്ഠപ്പെടുന്ന താങ്കളൊക്കെ കാണാതെ പോകുന്ന ഒരു ദുഖസത്യമുണ്ട്. മധ്യ ഇന്‍ഡ്യയിലെ ഭൂരിഭാഗം ഇടങ്ങളിലും മാവോയിസ്റ്റുകള്‍ ശക്തി പ്രാപിക്കുന്നു. അതിന്റെ കാരനങ്ങള്‍ അന്വേഷിച്ചാല്‍ ഒരു പക്ഷെ താങ്കളുടെ മൂടപ്പെട്ട കണ്ണുകള്‍ തുറക്കപ്പെട്ടേക്കും.
ആഭ്യന്തര മന്ത്രി ചിദംബരം കഴിഞ്ഞ ദിവസം രാജ്യസഭയില്‍ പറഞ്ഞത് താഴെക്കൊടുക്കുന്നു.
Underestimated naxal threat, Chidambaram admits
New Delhi: Home Minister P Chidambaram said in the Rajya Sabha on Wednesday that the government has failed in assesing the naxal problem in the country. the country had not taken the naxal threat with the seriousness it required, said Chidambaram.
"We did not assess the Left wing extremist challenge correctly. I think we underestimated the challenge, " said P Chidambaram.
നമതേ,
ചൈനയില്‍ എപ്പടി എന്നത് നമ്മളെ ബാധിക്കേണ്ട വിഷയമാണോ? അമേരിക്കയെ വിമര്‍ശിക്കുമ്പോള്‍ അമേരിക്കന്‍ ഭക്തന്‍ മാരൊക്കെ ചൈനയില്‍ അതാണ്, ഇതാണ്, എന്നൊക്കെ സാധാരണ പറഞ്ഞു വരാറുണ്ട്.
അസമത്വം ഉണ്ടാകുമ്പോള്‍ സമൂഹം പുരോഗമിക്കും എന്നു പറയുന്നവരെ എന്തു വിളിക്കണം എന്ന് നമത് തീരുമാനിക്കുക. അതിനെ പിന്താങ്ങുന്നവര്‍ക്കും എന്തെങ്കിലും വിളിപ്പേരു നല്‍കാം.
പക്ഷെ ഈ അസമത്വമാണ്, നക്സലുകളും മവോയിസ്റ്റുകളും പെരുകാന്‍ കാരണം എന്നും മനസിലാക്കുക. ഒന്നും കൂടി മനസിലാക്കുക. ഇന്‍ഡ്യയിലെ ഭരണകക്ഷിയായ തൃണമൂല്‍ കോണ്‍ഗ്രസ് എന്ന പാര്‍ട്ടി പരസ്യമായി ഈ നക്സലുകളോടും മാവോയിസ്റ്റുകളോടും ചേര്‍ന്ന് തെരഞ്ഞെടുക്കപ്പെട്ട സര്‍ക്കാരിനെതിരെ വാളും, കുന്തവും, ബോംബുമൊക്കെയായി യുദ്ധം ചെയ്തു എന്ന സത്യം. ഇപ്പോള്‍ ആഭ്യന്തര മന്ത്രി പറയുന്നു, ഇവരുടെ യധാര്‍ത്ഥ ശക്തി കാണാനായിട്ടില്ല എന്നും.
നക്സലുകളെയും മാവോയിസ്റ്റുകളെയും നമുക്ക് രാജ്യദ്രോഹികള്‍ എന്നു വിളിക്കാം. അവരോടൊപ്പം യുദ്ധം ചെയ്ത മമത ബാനര്‍ജിയുടെ പാര്‍ട്ടിയേയോ?
There is an element of "schadenfreudes" in your post. All the information regarding the telephone number salaries given to bankers were public knowledge, well before the banking collapse. So where was your indignation at that time? Or is it that you did not get enough time?
A lot of talk is made on the subject of equality. So how equal is India? Let us start there - would you like to be an under employed person in India? It is still better to be under employed or even unemployed in an outside country compared to India where corruption is felt everyday and at every turn.
And why is it that Naxalism is still a problem in Bengal? After all thirty odd years of absolute power is good enough to bring about change. So why are the commies not able to do anything when it comes to the Naxal problem? Where was equality and socialism when the Bengal Government short changed the small time farmers to grab their land? Or for that matter where was state capital and money when EMS invited the Birlas to loot the virgin forest land in the name of industry?
Socialism in India means the distribution of poverty rather than wealth. Long live Socialist Republic of India :-)
Malamoottil mathai,
Definitely the astronomical salaries a bunch of crooks drew were with public knowledge. People did not complain because they were in a dream. Their investments were value added on a daily basis. These so called experts either did not know the ground reality or suppressed the facts.
I know a person who immigrated to USA 12 years ago. He bought 6 houses investing all his earnings. Now his houses have a value less than half for which he bought. That means he lost all his earnings and owes huge amount to mortgage lenders. And all the CEOs of mortgage lending firms are now rewarded with bonuses for this crime.
Anybody can understand why Bush pumped billions into failing banks and financial institutions. But Obama, accused to be a Socialist, did not do anything to help those millions who lost everything they earned so far.
I really wonder why Obama did not care about these hapless people, let down by the so called experts.
People all over the world know that USA has a huge public debt to the tune of 12 trillion. And the government there gave 700 billion to prop up the banking sector from complete collapse. It is a real shame for these CEOs to loot part of this money as bonuses. Shameless people do not see any shame in that as well. There is a famous saying in Malayalam. ഇലനക്കിപ്പട്ടിയുടെ കിറി നക്കിപ്പട്ടി.And these CEOs are the real കിറിനക്കിപ്പട്ടികള്.
Malamoottil mathai,
Who is talking about equality? Nobody is talking about equality According to Lord Griffiths inequality is the measure of prosperity. Most of the employed in USA have now lost all their earnings. What is the fun in being employed and crooks looting away their earnings?
Corruption in India usually involves petty sums. But in west corruption is legalized and involves huge sums. In India if somebody gives a treat to a bank officer for sanction of a loan, it is being regarded as corruption and the western crooks jump into the fray measuring the level of corruption. And they will give a rank to Indians as well. But what do they do? They will call a lot of fancy names for that corrupt money. If one applies for a loan there is an application fee. Then they charge an admission fee. Then there is an administration fee. When loan is sanctioned they will charge a transfer fee for transferring the amount to your account. And they divide these fees among the top to bottom staff. And all these fees usually amount to 5to 10 % of the loan amount. Nobody there call this as corruption. Then these hawks firmly fix their eyes to see corruption in third world countries.
USA is a country where majority of public activities in private sector. So the chances of corruption may be less compared to the majority in public sector in India. But the matter of fact is that even with that meager public sector undertakings , the per cent age of corruption is enormous. And the alarming reality is the tune of money involved in corruption. In India it is in 100s of 1000s. But in USA it is in millions and billions. The amount of money involved in corrupt practices in USA easily outsmart the money involved in corrupt practices in India.
I may just invite the attention of your wide shut eyes to see these reports.
New Orleans corruption cases multiply
U.S. Border Patrol Corruption Cases on the Rise
PUBLIC CORRUPTION
IN THE UNITED STATES
Majority of defendants in corruption cases by Buchanan were Dems
DeVecchio, 66, has pleaded not guilty in state Supreme Court in Brooklyn to four counts of murder in what prosecutors have billed as one of the worst law enforcement corruption cases in U.S. history. At his request, the trial is being heard by a judge and not a jury.
Prosecutors say Scarpa showered DeVecchio with cash, stolen jewelry, liquor -- and even prostitutes -- in exchange for confidential information, according to an indictment.
Siemens offers settlements in corruption cases
U.S. Seeks Release of Convicted Alaska Lawmakers
Corruption Cases Renew Debate on Campaign-Finance Laws
Malamoottil mathai,
Naxalism is present in 14 Indian states on a large scale. Congress ruled Maharashtra, Assam and Andhra have it. BJP ruled Chhattisgarh has it. JD(U) ruled Bihar has it. BJD ruled Orissa has it. So it is not a feature of Left ruled Bengal alone. It is the policy of the centre which is responsible for Naxalism. When farmers commit suicide due to lopsided policies of India government , Naxalism is going to increase to alarming levels. If there is true Federalism like that in USA , states can mind their business to eradicate poverty.
It was a stupidity on the part of the left govt to grab agricultural land. And they realized their mistake and is on course for correcting their mistakes. EMS invited Birla to start Mavoor Rayons. It gave job for 1000s for many decades. But when they became arrogant and irresponsible, they had to leave the state. They did not loot any forest land. They were given bamboo for a nominal price. They were not ready to increase that price and any cost. Further they drained all ground water and polluted the nearby rivers and ponds. If they did not do that, they would have been here even now.
Socialism in India means socialism anywhere. India is a vast country with a billion+ people and all sorts of diversity and odds. Distribution of poverty is favorite crap used by capitalist crooks all over the world, especially in India. When the socialist model was diluted by Man Mohan Singh in 1991, within two decades the number of people living below poverty line increased to 50%. In another one decade it may reach 80%.
Whether you agree or not, it was the socialist state, where the banks were nationalized by Indira Gandhi, which prevented Indian economy from collapsing. If they were not nationalized, they would have gone the Capitalist US way. By the by, do you know how many banks were shut down this year in US so far? Yesterday it reached the magic figure of 100. You can enjoy that news here.
US bank failures top 100 for year
The number of US bank failures this year has topped more than 100 after US federal regulators shut down a trio of small Florida banks.
Bank failures have cost the Federal Deposit Insurance Corporation (FDIC) fund that insures deposits an estimated $25bn this year.
Thanks for the reply.
1. About the poor soul who bought 6 houses in the USA and there by investing his life's savings. He was being foolish and greedy. Thats all. Please do not have any pity for him. Anybody with some intelligence could have understood, way back in 2006 that the housing market was about to collapse. Here is a link to one of the early news articles about the bubble here in Denver.
http://www.npr.org/templates/story/story.php?storyId=5354901
As an aside, now is the time to buy houses. The banks are repossessing them from their old buyers and selling them on the cheap. So if you have some cash, do invest in housing right about now.
2. About corruption in USA and India. There is corruption here. But that does not affect the common man - the civic services affecting the common man - the drivers license, social security (ever heard of that in Socialist India?) etc are run some of the cleanest folks. As and when corruption cases come out, most of them result in a conviction. BTW what is the rate of conviction for corruption cases in India?
This by no means mean that the US of A is the paradise on earth. Far from that. But it is not the hell hole that India has become for the common man - the man who has no connections to the establishment and has to work to earn his living.
3. About equality and socialism in India. The less said the better. Bank nationalization and insurance regulation were good and great in its intentions. But then what happened on the ground was that it helped the folks with political power - all of a sudden capital became available to folks who had political connections. It took a long time for India to have a law which went after the big defaulters. And why did the pre-liberisation India had to mortgage its gold? Because no other form of guarantee was good enough for creditors - as a country we were bankrupt by the pseudo socialist policies. So much for the state controlled "supply side" economics.
Malamoottil,
It is not the issue one such poor soul. In the beginning of 90s the ownership of homes was 34%. By 2005 it was 69%. And majority of those were having just one home. And they lost all their investments. You may not have any pity for them . But I do have. They were misled and let down by authorities. The person I mentioned is an IT consultant. But majority of others are ordinary workers, who lost everything.
It is true that in 2006 all knew about housing market collapse. But what did the top officials of the mortgage lenders do? They cleverly misled the innocent people to a trap and drained all their savings. And with full knowledge that their companies are going to be declared pauper, they drew huge amounts of money from their capital as salaries and bonuses. If one do not care about his own capital, can you cal him a Capitalist even? I will call him a cheat. These people cheated the government and citizens of USA. And when the authorities tries to bail them out by pumping billions of tax payer’s money, from that also they loot. That is why I referred to them as പുരകത്തുമ്പോള് വാഴവെട്ടുന്നവര് and ഇലനക്കിപ്പട്ടിയുടെ കിറിനക്കിപ്പട്ടികള്
Malamoottil,
Yes it is time to buy. And this will be repeated again. After a few years some other CEOs will loot away similarly. And majority of those who buy will be hoax buyers using this looted away money. They will again artificially increase the value of houses by speculation. And sell their houses making huge profit. That artificially created buying and selling will be glorified as signs of economic brightness. Pimps of this mafia propagate this lie with glossy paints and other paraphernalia. Fools will believe that as well. They will invest their earnings in housing market once again. Mortgage lenders will lend handsome amount as happened just now. And CEOs of those lending factories will reward themselves with huge bonuses. And idiots will sing, they improved their business, so they deserve these bonuses. And after sometime, the bubble will burst, wiping away huge amounts. That again leads to collapse and the story will be repeated. That is what others saw previously as well. That is called Capitalism.
The question here is, whether this sort of Capitalism should be allowed to continue to make the rich crooks and cheats , richer. The recently concluded G20 summit decided that there should be tough regulations as in Socialist set up. But the billion Dollar question is whether the Capitalist mafia in USA will allow that to happen.
I really think that if Obama allows it to happen, that may be the end of his presidency. A JFK history may even be repeated.
Malamoottil,
At least you accept that there is corruption in USA. Now you have to ask why there is corruption in a Capitalist set up. It seems you are happy with corruption if corrupts are convicted.
Your consolation that corruption in USA does not affect common man is out of ignorance. Which uncommon man is affected by corruption in USA? Probably you have to learn a lot about corruption.
social security (ever heard of that in Socialist India?)
There is a reality about US citizens. They do not know much about what happens outside their country. When Bush was running for president for his first term, he did not even know the name of the PM of India. That is true with most of Americans. But it is a real shame when emigrated idiots also behave the same way. That is why you have not heard about social security in India. You did not try to understand social security. That is why you asked this idiotic question.
India does have a lot of social security measures. The various subsidies for weaker sections of the society come under that. Welfare measures for aged people, widows, and children, handicapped and other socially challenged ones come under that. Price control is one ensured by that. Public Distribution System to distribute food materials for cheaper prices is another one.
Reservation in education and jobs for socially backward communities is one classic example for that.
If you want to learn more about social security in India read this article, Evolution of Social Security in the Lap of Public Action:
Recounting the Experience of Kerala
Or just type social security in India and do a google search. You will get 1000s of articles regarding that.
Social security is a concept of Socialism, not that of Capitalism. I think you have to learn a lot about Socialism. It is there in all socialist countries.
Malamoottil,
It is true, India now has become a hell hole for common man. It is due to the lopsided policies of Man Mohan Singh after liberalization. Those who live under poverty line is now 50%. He has now realized that for good. That is why he implemented the National Rural Job Guarantee scheme, Loan waiver for farmers etc. Do you think he is an stupid to do that?
Since you do not know about Socialism n India it is better not to talk about that. Bank nationalization and insurance regulation were good and great not only in their intentions, but to the effects as well. That is well evident from the facts that, more than 100 banks in USA collapsed wiping out trillions of Dollars from private banking and insurance sector. None of India’s banks collapsed. The effects of financial turmoil was world wide. But India withstood the effects only because of this truth. If you cannot make out anything from these truths, I really doubt your knowledge about finical issues.
Capital in Indian banks, were not available to any crooks and cheats as happened in USA. So they could not loot that capital anyway. In USA trillions of Dollars worth capita just disappeared. Such things will not happen in India because of nationalization. Experts who know about finances have acknowledged those facts.
Even after having a law now, India does not have the guts to book defaulters. That is because defaulters are bed fellows of Indian politicians. The biggest defaulters are Ambanis, who are cham chas of Indian PM Man Mohan Singh.
To have gold to be pledged for foreign reserve is not a sign of bankruptcy. If that is a sign of bankruptcy, USA had gone bankrupt decades ago. The public debt of USA is 12 trillion Dollars.
Whether you like it or not, to survive USA has to switch over to state controlled economy. Just wait and see. You can see that in the near future.
After the much hyped liberalization, India govt is now slowly going back the state controlled supply aide economy. It is spending billions to provide jobs under the Rural Job Guarantee scheme and waiving loans of farmers. It is planning to introduce reservation in private institutions. So supply aide economy is going to last for a long time.
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