Bankrupt Economies Killing masses. As the Atmosphere of Assassination Thickens, Strategic Crisis Deepens Simultaneously for the Global Ruling Hegemony

Bankrupt Economies Killing masses. As the Atmosphere of Assassination Thickens, Strategic Crisis Deepens Simultaneously for the Global Ruling Hegemony. Now it wants BLOOD from the Third World.Our Marxist Friends Seem to Be Most Illiterate in Economics and History

Troubled Galaxy Destroyed Dreams: Chapter 84

Palash Biswas


China Daily
Fear is in driver's seat — for now
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Once More the idiots in Washington have changed course, this time overriding
themselves and their $850 Billion bailout plan: Now they want to give it all to
the banks ~ who did they consult with that represents the public or the congress,
before they decided to give away more of our money!

http://www.nytimes.com/2008/10/12/business/12imf.html?_r=1&hp&oref=slogin

White House Overhauling Rescue Plan !

Gone are the mobs in the street. Faced with a global recession, those demanding change from the rulers of the global economy appear to be on the inside as the International Monetary Fund (IMF) and World Bank hold annual talks!

Castro says it's a 'miracle' Obama hasn't been assassinated!

Former Cuban president Fidel Castro charged that American society was marked by "profound racism" and that it was a "pure miracle" that US pr
Pesidential hopeful Barack Obama has not been assassinated.

"Profound racism exists in the United States," Castro wrote in a commentary that appeared on the website Cubadebate Saturday as he weighed in on the US presidential race ahead of the November 4 election.

"Millions of whites cannot reconcile in their minds with the idea that a black man with his wife and children would move into the White House, which is called just like that -- White," he wrote.He added that it was a "pure miracle" the Illinois senator, who became the first black politician to win the Democratic Party's presidential nomination, had not been assassinated thus far.

Only the state can restore trust to financial markets now, German Chancellor Angela Merkel was quoted as saying on Sunday!

The Group of 20 rich and emerging countries said Saturday it was committed to using all the means available to tackle the financial crisis
s rocking world markets.

G20 members "committed to using all the economic and financial tools to assure the stability and well functioning of financial markets," a statement said after a meeting in Washington.

It said they also agreed to ensure that measures taken to ease the crisis "are closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a whole."

The G20, which includes emerging giants Brazil, Russia, China and India alongside the Group of Seven industrialized nations, gathered for a special meeting called by Brazil, the group chair, and US Treasury Secretary Henry Paulson on the crisis.

The G20 said the members of the group "stressed their resolve to work together to improve the regulation, supervision and the overall functioning of the world's financial markets."

Given the global impact of the crisis, there had to be international cooperation to bring it under the control.

The G7 - the United States, Britain, Canada, France, Germany, Italy and Japan - agreed Friday to use all means available, including ensuring that no major bank would be allowed to fail, to try and resolve the crisis.

US President George W. Bush attended the G20 meeting, having said earlier Saturday that the world's richest economies were united on a "serious global response" to the financial meltdown.

"We will stand together in addressing this threat to our prosperity. We will do what it takes to resolve this crisis. And the world's economy will emerge stronger as a result," he said. Created in 1999, G20 members together account for 85 percent of the world economy.


We will do what it takes to resolve this crisis,” President Bush said in the Rose Garden on Saturday morning, flanked by finance ministers from the Group of 7 nations.
The US put - and kept - a venal moron in the White House for eight years.
Using fraud, he launched a war that will cost US taxpayers at least $3 trillion.
As if that weren't enough, the "creative financing" he employed to pay for the war now threatens to destroy the US financial system.

Not just cause a recession, but destroy the US financial system.

This is not my opinion...it's the opinion of the former president of the World Bank and a Nobel Prize winner in economics...

This was recorded over six months ago. http://www.brasschecktv.com/page/442.html

Brasscheck TV
2380 California St.
San Francisco, CA 94115

As international leaders gathered here on Saturday to grapple with the global financial crisis, the Bush administration embarked on an overhaul of its own strategy for rescuing the foundering financial system.

If any Bank has more Liabilities than its Assets, even if it is on the verge of being bankrupt, the bank has to hide the fact. It is the latest Bail Out Plan! The Government involved is behind the bank!

your bank happens to be bankrupt! Your deposit, the hard earned Money has gone for ever and you never know!You have to rely on RBI assurance only as your deposit is not insured.

Assuring depositors that their money was safe in banks, Reserve Bank of India Governor D Subbarao said the central bank was geared to inject more liquidity into the country's financial system and that there was no cause for anxiety.
"Our banking system is stable and sound. There is no reason for any anxiety or uncertainty," he said while talking to reporters.

Pointing out that RBI has already taken action to inject liquidity into the system, Subbarao said, "We are monitoring the situation on a continuous basis and stand ready to take appropriate, effective and swift action."

As regards the Indian banking system, the Governor said the banks are sound, well capitalised and well regulated. "

Indian banks do not have any direct exposure to sub- prime mortgages. The banking sector, through its overseas branches, has some exposure to distressed financial instruments and troubled financial institutions.


What a Fraud!

How Treacherous

I what a Vicious Autocracy we have landed!

Depositors worldwide are losing everything and a lot more has to be entrapped. Banks are Flirting with the custmers with latest schemes! Fed and central banks worldwide are channelising the Public Money and National revenue to continue the Fraud!

The global auto market may experience an “outright collapse” in 2009 amid growing concerns around the availability of credit and general
economic stress, an influential industry tracking firm said on Thursday.

The Marxists in India are still in Mourning Mode as Tata Motors relcated Nano Project on the Face of Stiff Singur Insurrection followed by Nandigram!

We must Resist any attempt of so called bailout by the Chetia Chidambaram gang of US slave Economists, Bureaucrats, politicians and Policymakers!

Who will pay back World Bank, IMF and FIIs?

I was expecting comprehensive study reports and polit Bureau statements from our Marxist friends! But, ironically, it rather seems that our Marxist friends are the Most Illiterate in Economics as well as History. they have no faith in their Ideology!

Just see, the Ananda Bazzar Patrika Kolkata, dated 12th Oct.2008, how Gujarat Chief Minister Narendra Modi dares to teach Buddhadeb as well as Mamata Bannerjee some lessons from Economics and history. Neither of the Brahaminical Icons reacted. Modi choose to write a letter to the Bengali daily justifying his ways of Rightist Fascist Capitalism. He happens to be outspoken to blast Marxist industrialisation track record as well as Extreme Marxist ways adopted by the fire Brand leader Mamata.

Hindi daily Janasatta has published two important articles in its edit pages today. Prabhash Joshi, the Gandhian has analysed the Indian Prospective of the Global Financial crisis exposing the Ruling Class. While Alka, best known as a novelist,emerges as the first Kolkata Based Hindi Writer to Blast the Marxist Anti People Logic of Industrialisation , Urbanisation and its Election campaign in reference of Nano!

On the other hand, the Marxists in India fail to stand with the suffering masses in this hour of global Financial Crisis. The Finance Minister and RBI are doing everything to protect the corporates and the Marxists are silent. They have no choice either as they have chosen the role of the best Agency of Market forces and Americanism. Speaking the language of rhetoric anti fascist anti imperialist movement, the Marxist in India speak the Language Americanism! Kolkata hosts the Central committee meeting and you may not dare to expect that the Marxist would do anything in public interest. So committed have they become to the Marxist ways of Capitalism!

Though, an article by CPM General Secretary Prakash Karat last week came down heavily on the new pension scheme of the Government saying it would siphon off thousands of crores earned by employees to the speculative stockmarket with no assured returns. The argument: the stock market, capitalism’s seamy showcase, has to be avoided. But not when it comes to the CPM’s own cash reserve.

Is it enough?

As the CPIM is mainly responsible along with RSS, Gandhian carbides and socialist Oxides to stall ant US movement in India, the Marxist party is avoiding Mass Mobilisation to save the Common Masses! Rather it is the main participant in the Assassination team.

While the party has opened an amusement park and is planning to enter the hotel business, it has also invested a substantial amount of its income in mutual funds that invest in stocks. So, even comrades cannot resist the lure of better returns. Income tax returns filed by the party from 2002 to 2006 show it has earned a substantial amount from interest and dividends: Rs 1.88 crore (2002), Rs 1.17 crore (2003), Rs 2.10 crore (2004), Rs 2.15 crore (2005) and Rs 1.92 crore (2006).

“We have invested in mutual funds because we get better returns than banks. But we have only invested in public sector funds like the Unit Trust of India,” senior Politburo member M K Pandhe told 'The Indian Express'. He declined to mention what share of the income came from mutual funds.

Doesn’t matter that in the portfolio of UTI Equity Fund, for example, PSUs are not exactly at the top. As of July 31, 2008, the fund’s portfolio included Reliance Industries, Glaxosmithkline, Reliance Communications, Tata Tea, TCS, Infosys and Shoppers Stop.

Isn’t this doublespeak? “Banks also invest in stock markets. How can we stop that? As long as we are working in a capitalist system, we will have to be part of the system,” Pandhe said.


More banks are on the verge of Bankruptcy!

The US government pushed on Saturday to finalise a plan to buy direct stakes in American banks as the International Monetary Fund warned markets could drop another 20 per cent in a worst-case scenario.

Global stocks plunged to five-year lows on Friday as panic gripped. The US S&P index and European stocks suffered their worst week ever, losing around a fifth of their value.

"In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 per cent. Then, we'll turn around," the IMF's chief economist Olivier Blanchard was quoted as saying in Italian daily Corriere della Sera.

The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession.

In a U-turn, the Bush administration now favours injecting cash directly into US banks as part of its strategy to rescue the country's floundering financial system, which in effect will lead to the partial nationalisation of the banks, a media report said on Sunday.

Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favour of a new approach that would have the government inject capital directly into the nations banks in effect, partially nationalising the industry, the report said.

As recently as September 23, senior US officials had publicly derided proposals by Democrats to have the government take ownership stakes in banks.

"The Treasury Departments surprising turnaround on the issue of buying stock in banks, which has now become its primary focus, has raised questions about whether the administration squandered valuable time in trying to sell Congress on a plan that officials had failed to think through in advance," the report said.

It has also raised questions about whether the administration's deep philosophical aversion to government ownership in private companies hindered its ability to look at all options for stabilising the markets, it said.

The Bush administration's new focus was announced late Friday as part of a rescue plan in coordination with six of the world's richest nations. It came during a week when the Dow Jones industrial average plummeted 18 per cent, one of the worst weeks in stock market history.

While the Treasury says it still plans to buy distressed assets, the scope of that plan is unclear. Treasury Secretary Henry Paulson has refused to say whether the capital infusion programme for banks would be bigger than the original plan to buy troubled assets, it said.

Investors will be seeing this week whether policymakers found a way to pull markets away from a deeper collapse as global capital markets faced complete freeze-up.

The global financial system was on the brink of meltdown, the International Monetary Fund warned on Saturday, a day after finance chiefs from the Group of Seven rich nations failed to agree on concrete, joint measures to end the crisis.

In a brief statement after their Washington talks, the G7 stopped short of backing a British plan to guarantee lending between banks, something many on Wall Street saw as vital to end growing market panic.

European leaders then raced on Sunday to produce their own deal at a summit in Paris, the focus fixed firmly on how much state money governments could mobilise to buy into banks if needed, and if they would also underwrite lending between banks, paralysed for now by fear and distrust.

Analysts say policymakers must avert a wholesale breakdown in cross-border capital and investment flows after the tumult of last week saw investors dumping everything from stocks, bonds, oil and commodities in a panic dash for cash.

Capital markets were already grinding to a halt in many parts of the world with equity trading only briefly or completely suspended in Russia, Iceland, Romania, Italy, Austria, Ukraine, Peru and Indonesia last week.

"The crisis is moving with an astonishing speed and international flows of funds are freezing rapidly," said Lena Komileva, head of G7 market economics at Tullett Prebon.

She said the lack of specific steps from the weekend G7 meeting was likely to disappoint investors, threatening to cause more damage across risk asset classes this week.

"The economic crisis has political and social costs. The backlash of falling equities and disrupted credit channels could possibly result in protectionism taking hold, which would cause severe damage to the global economy," Komileva said.

This week, investors will receive key third-quarter corporate earnings results from major banks and companies which will reveal the scale of damage suffered by the real economy from market turbulence which erupted in August 2007.


What is followed up with the Bailout?
Just see!

The $85 billion “AIG bailout” package designed to stave off
bankruptcy, had AIG executives immediately celebrating by going off to
a luxury Californian resort (a hideaway) specializing in pampering to
the indulgence and whims of the rich. The massage, spas and various
luxury indulgence bills came to $440,000.

They are not the exception, as other CEOs lining up for a slice of the
“bailout money” have their celebrations and folly in mind. For
consideration, we should, alongside this “bail money,” add that the
CEOs have had 400-plus pay rises over the recent period, their yearly
Christmas bonuses, their multimillion-dollar retirement packages,
their large share holdings and their generous big tax breaks.

Customers in West are withdrawing Money from the banks and buying Safes at home. Safe production in Europe has multiplied three times!

Atheist Marxists Biman Bose and Brinda karat were the prominent CPIM leaders present on the Dias of CPIM mobilised Matua Sammelan in Barasat, near Kolkata, a stronghold of Forward Block. No Forward block leader was seen. Neither the Marxists got any support from the Matua headquarter Thakurnagar. The photo of the Matu head Mother Been Pani Thakur was posted on the posters for this event along with Biman Bose without any permission from the lady. it has been objected. The matuas belong to SC castes in West Bengal. The Namoshudra and Paundras do consist of sizable Marxist Vote bank. But the SC communities have shifted their loyalties specially in North and south 24 parganas, Nadia and elsewhere. The Barasat event was organised to appease the lost Vote Bank. The Matuas have blasted it!

Meanwhile Pakistan, Ukraine, Kazakhstan, Argentina and ASEAN countries are on the verge to slide into a downward spiral towards Bankruptcy. Economies like Japanese and Chinese do depend heavily on US and European markets. We hardly know much about China. It happens to be still a forbidden land. But japan has already closed 1408 production units descaling production as well as investment. Retrenchment is the only way out for Japanese economy in which major corporates face bankruptcy!

On the other hand, Western banks around the Globe happen to be exposed to the Property Bubbles. Across eastern Europe, the western banks have seen their share prices being crushed!

What about our so called Resilient Sensex shining economy?

The Chetia Chidambaram gang and the RBI have chosen shortcut for Bailout, injecting Rs. Eighty five Thousand corore already to save the fraud Corporates !No Politician or no one from the Celebrity Civil Society has asked the simple question, Whose Money is that? What right have they to channelise the public Money and national Revenue in Corporate accounts? They got some relief as it happens Saturday today and the falling Indices are hidden for two days!

Capitalism collapses. The only Escape route to steady the market is Socialism, most hated by the global Hindu, Zionist, White Manusmriti apartheid Hegemony as best expressed by none other than the Fascist Hindu Icon Narendra Modi!

US Treasury secretary Henry M. Paulson has promised to MOVE AGGRESSIVELY on one part of the plan by Injecting US Banks directly with cash and taking Ownership stakes in return. Government of India seems to replicate the ways of Washington while Injecting Public money into failing banks, but is skips the nationalisation. GOI is more committed to Neo Liberalism, capitalism, LPG, Nuclear energy as it is very anxious to replace US Imperialism with superpower Nuclear Hindu nation! Once the NUKE Deal is signed, the Annihilation campaign against the enslaved Majority Black Untouchable Indigenous communities as well as Ethnic cleansing of the Minorities gets Momentum never before! Global financial Crisis has boosted a section of India Incs, which hopes to emerge stronger!

Conclusively, the Government of India does trade the ways , the Mythical Hindu gods would not dare to, and it is the Ways of Capitalism Rightist as well as Marxist. It is all out Liberalisation! It is all out Privatisation. It is all out Globalisation. It is all out Corporate, Builder, MNC, Promoter raj! The Marxists, the most hypocrite of the Indian ruling classes, have adopted the Central Line more dogmatically. thus, they are more silent even than the RSS!

The BASTARD Establishment has not left a single window for our Survival as their survival Strategy is all about Sucking Blood while they happen to have some time from sucking Genitals!
We must die for implementation of Chetia Chidambaram Agenda and the NUKE Bubbles!

Condoleezza Rice has spoken the naked Truth:

`Now there is nothing we can not do!’

Well, our own Marxist leader Subhash Chakrabarti has always been saying it.

The gestapo culture is Global, mind you!

Australia will guarantee all bank deposits for three years and will also guarantee wholesale funding to Australian banks in an attempt to combat the global credit crisis, Australian Prime Minister Kevin Rudd said on Sunday.

Australian will also make A$4 billion ($2.6 billion) available for mortgage-backed securities to help maintain liquidity for non-bank lenders, Rudd told reporters.

Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pound ($60.5 billion) lifeline, the Sunday Times reported.

The unprecedented move would make the government the biggest shareholder in at least two banks, HBOS and Royal Bank of Scotland, the newspaper said on its website. It did not give a named source for its information.

No government officials or representatives from the four banks were immediately available to comment on the report.

British Finance Minister Alistair Darling, attending a G7 finance ministers' meeting in Washington, said on Saturday the government was to give more details early this week about its already announced 400 billion pound banking rescue plan.

The Sunday Times said the scale of the fund-raising could lead to trading at the London Stock Exchange being suspended to give the market time to digest the impact.

Developing countries backed a Group of Seven plan to tackle the financial crisis Saturday, a 'first' step in global coordination to resto
re order to global markets, IMF head Dominique Strauss-Kahn said. Strauss-Kahn bluntly said the world's reeling financial system was teetering on "the brink of systemic meltdown."

"It is so important that the first coordination took place today in the IMFC when emerging market economies and low-income countries agreed with the principles and actions decided by the G7," he said at a news conference on the first day of annual International Monetary Fund and World Bank meetings in Washington.

"The first coordination between advanced countries and the rest of the world is now on track," Strauss-Kahn added.
The IMF's policy-guiding body, the International Monetary and Financial Committee (IMFC), said it considered the multilateral institution was ready to lend rapidly to countries in need of capital in the desperate crisis.

"Using its emergency procedures, the Fund stands ready to quickly make available substantial resources to help member countries cover financing needs," the IMFC said in a statement. The IMF governing body called for "further intensive Fund engagement across the membership to discuss and develop robust policy responses to the crisis."

Its statement came as the twin multilateral institutions meet in the throes of the worst financial crisis since the 1930s Great Depression. The meetings follow Wall Street's worst week on record, worldwide stock market plunges, central bank coordinated interest rate cuts and nationalization of collapsing financial firms in several countries.

"Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," Strauss-Kahn said. The IMFC said the crisis "underscores that the Fund has a critical mandate to foster the multilateral cooperation needed to restore and safeguard international monetary and financial stability."

The IMFC "strongly endorsed" the five-point action plan agreed by the Group of Seven Friday, in which the G7 major economies pledged to use "all available tools" to support major financial institutions and keep them from failing.
The finance chiefs of the Group of 20 rich and emerging countries, huddled separately on the sidelines of the IMF meeting, also backed the G7 plan.

G20 members "committed to using all the economic and financial tools to assure the stability and well functioning of financial markets," the group, which includes Brazil, China, India and Russia, said in a statement.

"The Fund (IMF) has asked for weeks, if not months, for more coordination in action, arguing that in such a crisis, cohesion and coordination was absolutely necessary," Strauss-Kahn said, stressing how serious the situation was for policymakers.

The IMF managing director also warned that the "other crisis" developing countries face from soaring food prices should not be forgotten while the world grapples with the financial crisis. Strauss-Kahn said that although food costs had moderated in recent months, they are still much higher than they were "and this bill is still unaffordable for poor countries."

Donor country budgets are being strained as the financial crisis rips through markets and banks, slowing the economy, but Strauss-Kahn called on them not to cut back on their aid commitments. Poor countries "absolutely need this money to avoid starvation."

The IMFC recognized that a number of emerging countries are vulnerable to the impact of the financial crisis, even if they have pursued sound economic policies in recent years.

"The difficult global financial environment, including elevated food and fuel prices, adds to the challenges for emerging market and developing countries to preserve macroeconomic stability, sustain growth, and make progress on poverty reduction," it said in the statement.

The fast-moving global financial crisis has sparked a new sense of urgency for international cooperation. French President Nicolas Sarkozy, the current president of the European Union, has called a eurozone summit in Paris on Sunday as European leaders appeared to move towards a British-style plan of partial bank nationalization.

Sarkozy and German Chancellor Angela Merkel vowed Saturday to work together on the crisis plan. Britain is not a member of the eurozone but Sarkozy said he would meet British Prime Minister Gordon Brown separately at the Elysee Palace just two hours before the main summit in order to "maximizse the chances" of full European cooperation.

Ben S. Bernanke, center, head of the Federal Reserve, spoke with Dominique Strauss-Kahn of the International Monetary Fund.
Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government inject capital directly into the nation’s banks — in effect, partially nationalizing the industry.
As recently as Sept. 23, senior officials had publicly derided proposals by Democrats to have the government take ownership stakes in banks.
The Treasury Department’s surprising turnaround on the issue of buying stock in banks, which has now become its primary focus, has raised questions about whether the administration squandered valuable time in trying to sell Congress on a plan that officials had failed to think through in advance.
It has also raised questions about whether the administration’s deep philosophical aversion to government ownership in private companies hindered its ability to look at all options for stabilizing the markets.
Some experts also contend that Treasury’s decision last month to not use taxpayer money to save Lehman Brothers worsened the panic that quickly metastasized into an international crisis.
The administration’s new focus was announced late Friday as part of a rescue plan in coordination with six of the world’s richest nations. It came during a week when the Dow Jones industrial average plummeted 18 percent, one of the worst weeks in stock market history.
While the Treasury says it still plans to buy distressed assets, the scope of that plan is unclear. Treasury Secretary Henry M. Paulson Jr. has refused to say whether the capital infusion program for banks would be bigger than the original plan to buy troubled assets.
Still, Treasury has directed Fannie Mae and Freddie Mac, the government-controlled mortgage giants, to ramp up their purchases of hard-to-sell mortgage bonds, in what could be a speedier and less formal process than the auctions proposed by the Treasury.
Underscoring the gravity of the situation, President Bush convened an early morning meeting at the White House on Saturday with finance ministers from the Group of 7 industrialized countries.
“All of us recognize that this is a serious global crisis, and therefore requires a serious global response, for the good of our people,” Mr. Bush said afterward in the Rose Garden, flanked by the ministers, who are in Washington for the annual meetings of the International Monetary Fund and the World Bank.
Mr. Bush said the countries had agreed to general principles to respond to the crisis, including working to prevent the collapse of important financial institutions and protecting the deposits of savers. But he offered no details on other measures, suggesting that there were still differences among countries about which steps to take to shore up their respective financial systems.
To some extent, the effort to agree on a coordinated plan is being driven less by the hope that such measures will carry more punch than by the fear that nations acting alone could destabilize the system.
Those worries grew in recent days when Iceland seized its three major banks, which were failing, and appeared to guarantee the deposits of Icelanders over those of foreigners. That provoked a fierce reaction from Britain, which is now in talks with Iceland to get back the deposits of British citizens.
With the United States and Europe working together on ways to secure their banking systems, economists are concerned that money may flow out of other countries, particularly emerging markets, to Western countries if investors decide that those markets are not as safe.
The United States sought to reassure these countries in a meeting on Saturday evening of the Group of 20, which includes countries with large emerging markets, like China and Russia.
“We want to reaffirm, reinforce our commitment that we’re going to take these actions in a way that doesn’t undermine the economies of other countries,” said David H. McCormick, the under secretary of the Treasury for international affairs.
Like the United States, Britain plans to provide capital directly to banks. But the United States and other countries have not adopted Britain’s proposal to guarantee lending between banks as a way to unlock the credit market.
Germany has been reluctant to put state capital directly into banks, though officials said there were signs of movement in that position on Saturday. Europeans leaders were scheduled to meet in Paris on Sunday, amid reports that Germany may announce a large rescue plan of its own.
Some experts said the delay in carrying out the Bush administration’s $700 billion bailout plan had only hurt its prospects for success.
“Even if it was adequate before, it’s not adequate now,” said Frederic Mishkin, a professor of economics at Columbia University’s business school who stepped down as a Federal Reserve governor at the end of August. “If you delay and create uncertainty, the amount of money you have to put up goes up.”


Results from the IMF meeting - just thin gruel
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Fabius Maximus | Oct 12, 2008
The G-7 meeting on 10 October and IMF meeting on 11 October might be seen by historians as one of the major international gatherings of the decade — or more. The question is important with good results - or important as a missed opportunity? Go here for a quick look at the results of the G-7 meeting.

While waiting for experts to analyze the implications, let’s examine the output of the International Monetary and Financial Committee (IMFC) of the Board of Governors of the International Monetary Fund.

(1) The official Communiqué – They don’t deserve to have expenses reimbursed for so few results. Let’s hope there was more action behind the scenes.

(2) Transcript of IMFC Press Briefing – Not worth reading; thin gruel.

(3) Statement by Dominique Strauss-Kahn Managing Director, IMF — Excellent summary of the situation, plus the IMF’s mild forecast.

(4) The IMF World Economic Outlook (WEO): Financial Stress, Downturns, and Recoveries, October 2008 — Excellent data and analysis.

Excerpts from (1) and (2)

(1) The official Communiqué – They don’t deserve to have expenses reimbursed for so few results.


The IMFC strongly endorsed the G-7’s commitments.
The Committee calls for further intensive Fund engagement across the membership to discuss and develop robust policy responses to the crisis.
The Committee calls on the Fund … to take the lead, in line with its mandate, in drawing the necessary policy lessons from the current crisis and recommending effective actions to restore confidence and stability.
(2) Statement by Dominique Strauss-Kahn Managing Director, IMF – Excellent summary of the situation, plus the IMF’s mild forecast. Let’s hope the IMF’s forecast proves accurate (I doubt it).

The world economy is now entering a major slowdown as a result of the most severe shock to mature financial markets since the 1930s, adding to pressure on global economies from high prices for oil and other commodities. Advanced economies face several quarters of near-zero growth, before recovering very gradually later next year.

On an annual basis, global growth is expected to moderate from 5.0% in 2007 to 3.9% in 2008 and 3.0% in 2009.
For advanced economies, projected growth would slow to about 0.5% in 2009.
Emerging economies have thus far been less affected by the shocks, with many commodities exporters benefiting from improved terms of trade. But they will also feel the effects of tightening credit and reduced demand. Accordingly, their real GDP growth is expected to slow from around 8% in 2007 to 6.1% in 2009.
The combination of rising slack and stabilizing commodity prices is expected to bring inflation in advanced economies back below 2% in 2009. In emerging and developing economies, which suffered more from the rise in food prices, inflation is projected to recede to about 6¼% in late 2009.

The financial crisis that originated in the collapse of U.S. subprime mortgage market in August 2007 has deepened further and is now affecting many parts of the global financial system, including emerging markets. Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown since mid-September.

The United States and European authorities have taken extraordinary measures, including massive liquidity provision, intervention to restore weak institutions, extension of guarantees. Legislation has been enacted in the United States to use public funds to buy troubled assets from U.S.-based banks. And there have been coordinated policy rate cuts from a number of advancedeconomy central banks. But these measures have not yet achieved the goal of stabilizing markets and bolstering confidence. Thus, additional moves will likely be needed in the coming months.

Afterword

If you are new to this site, please glance at the archives below. You may find answers to your questions in these, such as the causes of the present crisis. I have been writing about these events for several years; since November 2007 on this site. As you will see explained in these posts, the magnitude of the events now happening is beyond what most Americans have — or can — imagine.

Please share your comments by posting below. Please make them brief (250 words max), civil, and relevant to this post. Or email me at fabmaximus at hotmail dot com (note the spam-protected spelling).

For more information from the FM site

To read other articles about these things, see the FM reference page on the right side menu bar. Of esp interest these days:

about the Financial crisis - what’s happening? how will this end?.
about The End of the Post-WWII Geopolitical Regime.
A solution to our financial crisis


http://www.rgemonitor.com/globalmacro-monitor/254002/results_from_the_imf_meeting_-_just_thin_gruel

ICICI Bank files complaint against some brokers
Country's largest private sector lender ICICI Bank on Sunday filed a complaint against some brokers and websites that were creating panic
among depositors and shareholders by spreading rumours about the financial health of the bank.
The complaint filed before Additional Commissioner of Police Economic Offense wing of Mumbai Police said that certain people were acting in concert to spread "malicious rumours" through various media to gain financial benefits by hurting the bank reputation.
The complaint which was also filed before Coimbatore Police said that "a broker/sub-broker (of major securities broker based in Mumbai) had been the origin of various sms" spreading wrong information about the financial health of the bank.
One of the sms listed in the complaint read, "kindly withdraw all your deposits and cash in account with ICICI Bank as ICICI bank already rushed to RBI for insolvency."
The accused are trying to spread false, baseless and malicious rumours about the financial status of the bank that contain knowingly false, baseless and incorrect statements against the bank that can lead a lay public astray, it said.
These rumours, it said, are being spread with the intention of undermining the faith and confidence depositors and investors.
Following the rumours, the shares of the ICICI Bank tumbled by over 20 per cent to Rs 364.10 on Friday.
The concerted effort to spread malicious rumours could be new form of economic terrorism (akin to how counterfeit currency is put into circulation to lower the public faith and confidence, and cause national economic interests to be compromised), it said.
India would do well to launch own sovereign wealth fund
According to an RBI report of March 2008, India’s foreign exchange reserves have accumulated to a massive $309.7 billion. (The global financial crisi
s has since had an impact on the level of India’s forex reserves—as on September 26, 2008, the reserves stood at $291 billion) The fact of the matter is India has more than doubled the reserves in the last two years alone. A proud symbol of a strengthening external account at one time, the overflowing coffers of RBI now raise the question whether it is prudent on the part of the ministry of finance and the central bank to continue to hold these reserves and not invest them in high yielding assets. Our analysis shows that India will benefit by launching its own sovereign wealth fund to profitably deploy its excess reserves.
Most of the discussions on SWFs in India have in part been influenced by the global debate surrounding the governance and transparency of SWF investments and has, therefore , focused on institutionalising SWF investments into the country. Any suggestion towards investment of our reserves through an Indian SWF, however, gets arrested by an uncertainty regarding the adequacy of reserves . While acknowledging the humongous quantity of reserves, experts—including former RBI governor YV Reddy—have in the same breath expressed their concerns about a volatile capital account, high current account deficit and its vulnerability to oil prices. A comprehensive analysis, however, shows that India’s reserves are adequate by all standards even after accounting for these concerns.
According to IMF guidelines, the forex reserves of a country should be sufficient to meet 3-4 months of its import requirements. In India’s case this import coverage is for 14 months. Further, according to the Greenspan-Guidotti rule proposed by former Fed chief Alan Greenspan, the reserves should be no less than the short term debt liabilities of the country. India is secure by a large margin on this ground as well. Its short term debt totals to less than 15% of the reserves amount.
Some other empirical tests, such as that proposed by Icrier researcher Abhijit Sengupta , also prove the adequacy of India’s reserves. According to a regression model that accounts for various influencing parameters, including capital account openness, share of imports, exchange rate flexibility, and even political stability, India had excess reserves worth $106.6 billion in 2007. Further, in order to address concerns regarding oil prices’ impact on current account position, we conducted a scenario analysis to predict the level of import coverage (in months) in 2011 under various possibilities of oil prices, up to a maximum of $200/barrel. We find that in the worst case scenario assumed, India, even with its current reserve position, will have import coverage of more than nine monthsstill higher than the IMF benchmark of month months.
Thus it is unambiguously proven that India’s forex reserves are indeed adequate and should be considered for more profitable investments than the risk-free , low-yielding US treasury bills. What further strengthens the case is the huge cost incurred in holding the reserves. RBI earned an average 4.6% return on its T-bills investment in 2006-07 . When adjusted for the average inflation of 5.4% in the same period it translates into negative return or a holding cost.
It is sensible to launch an SWF as a viable and profitable investment strategy. Contrary to popular belief, India is placed better than at least some of the SWF home nations on a comparison of macroeconomic parameters. For example, Norway had a current account deficit of more than 4%, higher than the less than 2% deficit of India, just two years before the launch of its fund. Similarly, in terms of the ratio of total short term debt to external debt, India fairs much better than China and Korea, both of which had this ratio in excess of 40% as against 15% for India. Thus, on comparative grounds India is favourably placed to join the elite league of SWF nations.
On absolute terms too, the returns earned by existing SWFs make this option attractive. Government Pension Fund of Norway posted a return on equity of 12.67% in 2007-08 . China Investment Corporation (CIC) of China and Abu Dhabi Investment Authority of UAE have locked in returns of 9% and 11% respectively through investments in fixed return convertible debt securities of distressed investment banks Morgan Stanley and Citigroup. Evidently, investing through an SWF can earn India a much higher return than the meagre 4-5 % currently earned on US T-bills.
Another reason why India should launch its SWF is, it can potentially attain some of its strategic objectives through this vehicle. The Indian SWF may invest to secure energy assets for the future through such companies like ONGC-Videsh or finance the import requirements of Indian infrastructure companies . Although the current climate for accomplishing strategic objectives through an SWF is unfavourable, if done gradually, with full disclosure and in a manner aligned with the evolution of common guidelines for SWFs, India can hope to achieve some of its most critical sectoral objectives.
Finally, owing to its emergence as a global trend, especially amongst its emerging economy peers, launching an SWF has become almost a necessity for India and no longer remains an option. SWFs are increasingly being seen, particularly by the west, as the tools of emerging economies to increase their dominance in global financial system. Indeed, by infusing capital to bail out several troubled US investment banks, SWFs have acquired the revered image of a sort-after investor with large investible corpus. India is already lagging behind China, Russia and Brazil—all of whom have either launched or announced the launch of their respective SWFs. As global norms for SWFs crystallise a condition of reciprocity is expected to be imposed on all SWF home nations that will force them to welcome investments from other SWFs. India should act swiftly in this regard too.
Our analysis shows that India can sequester a maximum of $56 billion for investment through the SWF. This figure is equivalent to the long term portion (after removing portfolio money and short term debt) of excess forex reserves, calculated as the difference between the reserve level predicted by a regression model (that accounts for multiple influencing parameters) and the actual reserve level. After due consideration of the SWF management structures adopted around the world, it can be concluded that Korea’s structure will be most suited to India. A steering committee comprising of civil experts overseeing a team of external professional fund managers should be entrusted the responsibility of managing the fund. Appropriate vigilance, audit and compliance committees should be assigned the task of regulating the functioning of the fund. Finally, given the time required to make the necessary regulatory and institutional arrangements for the fund, and also the fast-catching pace of SWFs as a global trend, it will be in the best interest of the country to act on the formation of an SWF right away.
By Sharmili Phulgirkar & Sidharth Gupta
(The authors are IIM-B students)
http://economictimes.indiatimes.com/Market_Analysis/India_would_do_well_to_launch_own_sovereign_wealth_fund/articleshow/3578702.cms

When will mayhem end, think investors

Where is the Indian equity market headed and when will the current mayhem end? This is the question an estimated 20 million investors in the country were asking on Sunday as they nervously hoped for solutions to tackle the global financial meltdown that has pulled Indian equities down over 16 percent last week and tripped industrial growth to its lowest in a decade.
"I sincerely hope the government is able to address the concern fast," said V Srinivasan, who retired from a private sector company in Chennai, lost money in the recent market crash, but declines to quantify the amount.
"Those who have entered the market at the 14,000-mark and above will find it difficult to recover from their losses for next one year," he added.
As the financial tsunami continued over the week, the 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE), the Sensex, finished the week's trading Friday at 10,527.85 points, down 1,998.47 points or 15.95 per cent from its close the previous Friday at 12,526.32 points.
Credit rating agency Crisil estimates Indian stockholders have seen investment of over Rs 2.3 trillion being wiped off in September, while another estimate has the top 10 Indian companies by market capitalisation losing Rs 1.23 trillion in the last week alone.
People in India are beginning to realise that the financial upheaval globally will not pass the country by, says Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
"Detroit's Big-three (General Motors or GM, Chrysler, Ford) are in trouble. Reports say GM and Ford are heading for bankruptcy, and GM and Chrysler are talking merger. The auto sector drives the economy, companies like these and Citigroup, if they are in trouble, it spells trouble for us," he added.
Reflecting on the mayhem, a pensive Srinivasan said: "Some people are losing their life investments".
Added R Raghunathan, a Chennai-based retired employee: "Value erosion in my portfolio is around Rs 200,000, 50 per cent of the total investment."
"I had invested the money my wife brought when she took voluntary retirement from an insurance company. The stocks in which I have invested in are NTPC, Power Grid, Reliance Power, Ranbaxy and JP Associates. All these scrips are now down," said Raghunathan, who took up a stock-broking job for some time after retirement.
According to a senior finance ministry official who requested anonymity, the government will likely propose fiscal measures to tide over the current turmoil in the financial markets.
"There is a suggestion to cut the CRR (the cash reserve ratio or the minimum balance against deposits a bank has to keep as cash) by another 50 basis points to seven percent. It will moderate the call money rate, which is otherwise so volatile," the official told IANS.
The call money rate - rate banks pay for borrowing from each other overnight to meet temporary shortages of funds - soared to 24 per cent on Friday; this was around five-seven per cent lately.
"The repo rate reduction is another key line of defence, which we have not yet used," a senior functionary in the Reserve Bank of India (RBI) said over phone from Mumbai, while confirming that a further CRR cut was also being debated.
These are some indications that seem to have enthused Chennai's Raghunathan, who said: "I am not bothered as the prices are likely to go up in five years," he said.
Yet, others are worried. "The market situation is erratic, there is a continuous chaos going on in the money market," said Bijay Murmuria, Director Sumedha Fiscal Services and President of Association of National Exchanges Members of India (ANMI) told IANS.
"The situation is such that people are afraid of investing. Anything can happen. Even if they have liquidity they will put the amount in banks for fixed deposits, from where they can get fixed interest rates rather than investing in the stock market," the Kolkata-based stockbroker added.
For good reasons too, it seems. Says Amitabh Chakraborty, president of Equities Religare: "The Sensex is headed towards the 9,000-point mark. It will be maybe two years before there is an upswing. Investors should foreclose debt like housing loans, avoid real estate and capital goods stock, and invest in FMCG scrips and gold."
'Govt for more policy changes to encourage capital inflows'
After easing external commercial borrowing norms, the government is preparing to unleash more measures to encourage capital inflows to en
sure that liquidity crisis do not hit the Indian financial systems, says a top finance ministry official.
"We have already done something in ECB. It is possible to do more as we go along. We will take more policy change to allow more capital inflows," Department of Economic Affairs Secretary Ashok Chawla said in an interview.
Asked about the effects of ongoing global financial crisis on India, he said, "India is not entirely shielded from the effects of what is happening in developed countries. The impact so far as India is concerned is indirect.
"Our banks and financial institutions are not hit by what is happening in these countries. What is impacting us is that capital from these countries will see a dip because they have to handle their own funds," he said.
In a bid to encourage flow of fund, the government last month increased the overseas borrowing limit to $500 million for infrastructure companies.
At the same time, it widened the ECB window by including mining and petroleum into infrastructure sector.
Pinning hopes on action plan finalised by G-7, Chawla said from the crisp, aggressive, five-point action plan finalised here, markets will take it as a sign of serious endeavour on part of the developed countries to proceed with setting their house in order.
"This will send a positive signal and markets next week should open on a calm note," he said.
The five-point plan includes decisive action and use of all available tools, take all necessary steps to unfreeze credit and money markets kickstart secondary mortgage markets.
Commenting on RBI actions, Chawla said, "We are in touch with them (RBI). As the situation unfolds and more needs to be done, there are other instruments also that the RBI can use to ensure liquidity does not dry up, businesses do not suffer and institutions get the kind of support they need."
If the situation continues, particularly in relation to liquid markets and credit markets, more steps will be taken as and when necessary, he said.
"Inflows will be encouraged as much as we can and we will provide necessary windows to see whatever can come in," he said, adding, the situation is difficult.
Asked about Finance Minister P Chidambaram cancelling IMF trip, he said, FM wanted to be in India to ensure that steps required to be taken by various agencies are taken in time and to ensure that calm and peace established in stock markets and other markets.
RBI may delay further liberalisation policy for foreign banks
The global financial crisis may force the Reserve Bank to delay the roadmap for further liberalising the banking sector by six to eight months from the scheduled date of April, 2009, a finance ministry official said.
"Opening of the banking sector to foreign players could be delayed by 6-8 months due to present uncertain global times," the official on the condition of anonymity said.
The RBI is slated to review its policy on the foreign banks in April, 2009, which now could be delayed.
RBI had earlier stated, "The second phase will commence in April 2009 after a review of the experience gained and after due consultation with all the stakeholders in the banking sector.
The review would examine issues concerning extension of national treatment to wholly-owned subsidiary, dilution of stake and permitting mergers/acquisitions of any private sector banks in India by a foreign bank in the second phase, RBI had said.
As per the World Trade Organisation agreement, India has committed 12 branches of foreign banks in a year.
However, RBI has been more liberal than the commitments. Between 2003 to October 2007, the central bank gave approval to about 75 new foreign bank branches.
Sources said foreign banks should be ready to open branches in Tier II cities. "Unless they are ready to go to Tier II cities, it is difficult to provide licence," the sources said.
The first phase of liberalisation which started in March 2005 permitted the foreign banks to establish presence by way of setting up a wholly-owned banking subsidiary or conversion of the existing branches into a subsidiary.
To facilitate this, RBI also issued detailed guidelines. The guidelines covered the eligibility criteria of the applicant foreign banks such as ownership pattern, financial soundness, supervisory rating and the international ranking.
RBI extends CRR cut to RRBs
Reserve Bank has extended one per cent cut in the mandatory deposit requirement -- cash reserve ratio -- by banks to Regional Rural Banks as
well in addition to earlier announced 0.5 per cent reduction so as to further ease pressure on liquidity.
CRR has been reduced by 100 basis points to 7.5 per cent, in addition to the 50 basis points cut announced on October 7, of the net demand-and-time liabilities.
The new rates will be effective from the fortnight starting tomorrow, RBI said in a notification.
Earlier in the day, RBI reduced CRR for scheduled commercial banks to 7.5 per cent with the intention to release Rs 60,000 crore in the financial system facing liquidity problem arising out of the global turmoil.
The announcement comes two weeks ahead of a scheduled half-yearly review of the credit policy.


EPS subscribers can't cash out pension money now
The labour ministry has issued a notification that prevents EPFO subscribers from withdrawing one-third of their pension corpus at the tim
e of retirement. The provision — called ‘commutation of pension’ under the Employees’ Pension Scheme (EPS), 1995 — is being discontinued in an attempt to curb the scheme’s deficit.
The ministry has also scrapped ‘return of capital’ on superannuation. This means the option to cash out the entire pension corpus is not available anymore. Earlier, employees had the option to get one-time cash by foregoing their monthly pension.
Under the ‘commutation of pension’ scheme, a retiring employee had an option to receive nearly 30% of his pension corpus in one go and draw monthly pension from his remaining corpus.
Officials justify the amendment as it was affecting the monthly pension of the retiree. They also said employees would not suffer as they continue to get provident fund benefits at time of retirement which is also a one-time cash outgo.
The penalty that employees pay for applying for early pension, before the retirement age of 58 years, has also been increased. Earlier, those who wanted pension before 58 years faced a reduction in their payments by 3% for every year of early service. This has been raised to 4%, according to the notification. An employee can avail early retirement and subsequent pension after reaching 50 years.
In June, the ministry had amended the ‘return of capital’ clause under EPS for workers leaving jobs before completion of ten years. Such a worker is debarred from drawing pension, but is allowed to collect his share of contribution to EPS. He was also receiving a benefit of 11% returns on premature withdrawals from EPS. However, the ministry has decide to give only 6% on such contributions. This is to prevent workers from withdrawing their contribution early and starting fresh pension accounts.
The changes follow suggestions discussed at the review meeting on EPS in September and are seen as attempts to fix the deficit that the scheme faces. In 2004, EPS showed a deficit of Rs 22,000 crore. Although no annual evaluation of the pension scheme has been put on record by the EPFO since 2004, EPFO officials say this must have risen to Rs 50,000 crore now.
While deduction in interest rate of premature withdrawals has helped EPFO save Rs 11,000 crore, the other modifications notified will reduce outgo by Rs 44,000 crore. This might enable EPS to wipe out its deficit.
Approval of the Central Board of Trustees (CBT) of EPFO was not obtained before implementing the changes. The issue was discussed last year but there was no consensus, said a CBT member. “The government has moved ahead, saying it cannot allow EPS to remain unviable,” he said.
The finance ministry had sought tightening of the norms since EPFO was to expand its coverage to establishments with 10 employees from 20 at present.

A bankruptcy every five minutes in Britain!
A British resident or business is declared insolvent every five minutes or so, according to an advocacy group.
Credit Action claims that the number of people seeking debt help has increased by more than a third in the past year, 104 properties are repossessed daily and the average household debt is 9,500 pounds, the 'Sky News' reported.
According to Managing Director of Capital Economics Roger Bootle, the era of easy credit is actually over.
"The financial landscape will never be the same again. We have passed through a major event which is on a par of much of what occurred in the 1920s and 30s leading up to the Great Depression.
"We have been through a period when financial markets went bonkers and remarkably the central banks and governments allowed them to and many of us were caught up in this," he said.
According to experts, most people do not realise how much debt they are in. And, even those who know they are in trouble, are often reluctant to seek help. They stress that ignoring debt is the worst thing people can do.
Alex MacDermott, policy officer at Citizens Advice, said: "Come and get advice as early as possible. There are lots of ways we can help. We can make sure you're getting all your benefits and tax credits.
"We would then look at prioritising your debts, so we'd look at making your mortgage payments, your council tax, your fuel payments a top priority to make sure you don't get cut off or evicted from your property."
Rich nations rushed to shore up the global financial system after the International Monetary Fund warned of meltdown, with Austr
alia and New Zealand guaranteeing bank deposits and newspapers reporting plans for Britain's biggest retail bank rescue.
The International Monetary Fund said it backed a Group of Seven plan to try to stabilize markets and urged "exceptional vigilance, coordination and readiness to take bold action" to contain a firestorm that pushed global stocks to five-year lows.
Under the Australian plan, all deposits in the country's banks, building societies and credit unions, would be guaranteed by the Australian government for the next three years, Australian Prime Minister Kevin Rudd told reporters.
The government would also guarantee term wholesale funding to local banks until global financial markets stabilized.
In the UK, the Sunday Times newspaper said Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pound ($60.5 billion) lifeline.
France promised that a meeting of European leaders in Paris on Sunday will detail measures to keep a market panic from triggering the most severe global downturn in decades.
French President Nicolas Sarkozy and German Chancellor Angela Merkel, meeting in France, said they had "prepared a certain number of decisions" to present at the European summit to try to restore normal flows in blocked credit markets.
France's Economy Minister, Christine Lagarde, said just before leaving Washington that the Sunday gathering would go beyond talking about remedies to "put meat, muscles on the bones of that skeleton and to develop, follow up and execute upon it."
The United States appealed for patience but the IMF said time was short after the Group of Seven industrialized nations failed to agree on concrete measures to end the crisis at a meeting on Friday.
"Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," IMF chief Dominique Strauss-Kahn said.
Strauss-Kahn later expressed hope government actions will prove powerful enough to persuade banks to resume lending and bring an end to a spreading credit crunch.
BATTERED MARKETS
President George W. Bush met with G7 economic chiefs and officials from the IMF and World Bank and said top industrial nations would work together to solve the crisis.
"I'm confident that the world's major economies can overcome the challenges we face," Bush said, adding that Washington was working as fast as possible to implement a $700 billion financial bailout package approved a week ago.
Last week, the Standard & Poor's 500 index tumbled more than 18 percent --its worst week on record --while European stocks plunged 22 percent and Tokyo's Nikkei crashed 24 percent on the week.
Japanese markets are closed for holidays on Monday, as is the U.S. Treasury bond market.
Last week's coordinated interest-rate cuts from global central banks failed to sooth investors' nerves and credit markets remained logjammed.
The G7 -- the United States, Britain, France, Germany, Italy, Japan and Canada -- met on Friday and then joined key emerging-market nations for a meeting of the Group of 20 on Saturday. Emerging economies including China, Brazil, India and South Africa now are feeling the impact of the market slump.
In an interview with the Observer newspaper, British Prime Minister Gordon Brown said he will try to broker a Europe-wide bail-out of banks modeled on Britain's intervention, warning that the "stakes could not be higher" for jobs, mortgages and the future of the economy, the paper said on Sunday.
On Saturday, media reports said Germany was readying a rescue package that could be worth up to $549 billion, including the injection of equity capital worth "double digit" billions into its banks and guarantees for interbank lending.
The G7 rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no specifics on collective action.
Kenneth Rogoff, a Harvard University professor and former IMF chief economist, said the G7 would have been better served adopting some version of the British plan so that banks would feel confident enough to loosen their grip on lending.
"Saying that they'll take all steps necessary leaves hanging the question of whether they know what is best and necessary," he told Reuters. "It was a signature moment for the G7. I think markets are going to be very disappointed."
US, India sign civil nuclear cooperation agreement
India and the US operationalised the "path-breaking" bilateral nuclear deal as they signed the 123 Agreement in Washington on Saturday, with New Delhi insisting that the accord is "legally-binding" on both sides.
External Affairs Minister Pranab Mukherjee and US Secretary of State Condoleezza Rice put the final seal on the agreement at an impressive ceremony held in the Benjamin Franklin Room of the State Department, culminating a crisis-ridden process initiated on July 18, 2005 in Washington during Prime Minister Manmohan Singh's visit for talks with US President George W. Bush.
"Both India and the US Administration have now completed all our internal procedures to be able to sign this path breaking agreement," Mukherjee said after signing the agreement, paving the way for entry of American companies into the Indian nuclear market after three decades.
"Today is an important day for India-US relations, for global energy security and for our common endeavour to promote sustainable development while addressing environmental challenges," he said at the ceremony held at the State Department.
Noting that the agreement reflects a "careful balance of rights and obligations", he said "its (agreement's) provisions are now legally-binding on both sides once the agreement enters into force."
This comment assumes significance since the US had said that the contents of the 123 Agreement were a political commitment and not legally binding, triggering concerns in India over aspects like promises on nuclear fuel assurances.
He said the importance of the Agreement is that it was the first step to civil nuclear cooperation and trade between India and the US.
"It is also the first step to India's cooperation with the rest of the world in civil nuclear energy," he said.
He said the signing of the agreement has brought to fruition three years of "extraordinary effort" by both India and the US and it was "one more visible sign of the transformed relationship and partnership" that the two countries are building.
"We now look forward to working with US companies on the commercial steps that will follow to implement this landmark agreement," Mukherjee said.
The External Affairs Minister described the agreement as the first step to India's cooperation with the rest of the world in civil nuclear field.
By reinforcing and increasing the nuclear element in the country's energy mix, which is vital to sustain India's growth rate, nuclear power will directly boost industrial growth, rural development and help expand every vital sector of the country's economy, he said.
"It enables India to respond with her global partners to the challenges of climate change and global warming by strengthening her own economic growth and sustainable development," he said.
Mukherjee said the wide-ranging initiatives announced by Prime Minister Manmohan Singh and President George W Bush in July 2005 and March 2006 have led to a transformed relationship between the two countries.
Praising Bush, Rice and the American Congress besides the Indian-American community for making the agreement a reality, the External Affairs Minister said New Delhi looks forward to working with Washington in other fields as well.
He listed these as combating terrorism, containing and fighting pandemics, climate change, ensuring food security, cooperating in disaster relief operations and other regional and global initiatives.
Earlier, Rice said that the 123 Agreement was unprecedented and demonstrates the vast potential for strategic partnership between India and the United States. She said the nuclear deal is not just nuclear cooperation.
"Today we look to the future, a shared future. Let us use the partnership to fight against terrorism, to try a new socialist agenda for the 21st century."
"India and the US can do all these together. Now there is nothing we cannot do," the Secretary of State said. Prime Minister Singh "literally risked his political future" for the Indo-US nuclear agreement and remade his government again with the support he needed, Rice said, referring to the withdrawal of support to the NDA government by the Left parties.
The formal signing ceremony of the bilateral agreement could not take place during Rice' visit to New Delhi last week due to India's concerns on certain riders in the US Congressional legislation on the nuclear deal, is being held after US President George W. Bush assured New Delhi that the new law makes no changes on fuel supply assurance commitments or the terms of the 123 agreement.
India's Cabinet Committee on Political Affairs also gave the go ahead to Mukherjee to sign the agreement after approving the pact initiated by Prime Minister Manmohan Singh and Bush in 2005.
The signing ceremony was attended among others by India's Ambassador to the US, Ronen Sen and senior State Department officials.
Describing the 123 Agreement as "unprecedented", Rice said it demonstrated the vast potential partnership between India and the United States.
"The world's largest democracy and the world's oldest democracy joined together by our shared values and increasingly by many shared interests now stand as equals closer together than ever before," she said.
Rice said that US President Bush first saw the potential for the need for transforming the US-India partnership in 1999 when he was still the Governor of Texas and he made it one of his highest priorities.
"That's what democratic leaders do. They deal with the world as it is but they lay out a vision of a world as it could be. A vision of a new better reality and they lead their nations to expand the scope of the possible," she said.
"I know I speak for my friend foreign minister Mukherjee when I say how honoured we are to serve such leaders and to play the roles we have in hoping to shape this diplomatic triumph for both our nations. Let no one assume though that our work is now finished. Indeed, what is most valuable of this agreement is how it unlocks a new and far broader world of the potential for strategic partnership in this 21st century," the top US diplomat said.
"Let us share this partnership to shape an international order in which all states can exercise their sovereignty securely, responsibly and in peace," Rice said.
"Let us use this partnership to tackle the great global challenges of our time-- energy security and climate change, terrorism and violent extremism, she said.
"Let us use this partnership to protect and promote our common values, human rights and human dignities, democracy, liberty and the rule of law for people who are diverse in background but joined together in spirit and aspirations."
"India and United States can do all of these, and more together. There is so much that the two great nations will achieve in this new century," Rice added.
With the conclusion of the civil nuclear agreement, US-India partnership will be limited only by will of the two countries and their imagination, she said. "India and the United States have taken on an extremely difficult challenge. We have made it. We have succeeded together. Now I believe there is nothing that we cannot do together," she added.

Sensex posts biggest weekly fall in 18 yrs
The benchmark Sensex tumbled 7 per cent on Friday and posted its biggest weekly fall in nearly 18 years as panicky investors joined a global selloff on recession worries, with weak industrial data adding to the gloom.
ICICI Bank plunged as much as 28 per cent to its lowest in almost four years, before trimming losses after the No. 2 lender's joint managing director said the bank's exposure to the global financial crisis was small and it had sufficient liquidity.
Sliding stocks sent the rupee to an all-time low against the dollar, while a cash crunch lifted overnight cash rates to their highest in 19 months.
Alarmed by the turn of events, the central bank slashed its cash reserve requirement for banks to free up some $12 billion in funds, but the move failed to calm jittery nerves.
"Investors confidence has been shattered by the kind of falls we have seen. Global markets are playing havoc and nobody is sure how much pain is still left," said K.K. Mital, head of portfolio management Services at Globe Capital.
Shares in ICICI Bank, which have lost 44 per cent since the mid-September Lehman Brothers' collapse, ended down 19.7 per cent at 364.10 rupees -- their biggest single-day fall, and down 27.8 per cent on the week.
The stock was the most heavily traded on the Bombay Stock Exchange, clocking volume of 11.6 million shares.
The 30-share BSE index ended down 7.1 per cent, or 800.51 points, at 10,527.85 points, its lowest close since July 2006. It was the sharpest one-day per centage fall since January this year.
All but two components were in the red. In the broader market, losers swamped gainers 5:1 on volume of 317.3 million shares.
For the week, the benchmark lost 15.95 per cent, its worst performance since December 1990.
"The sentiment is battered. It's time to stay away from the market," said Ambareesh Baliga, vice-president, Karvy Stock Broking.
Infosys Technologies fell as much as 17 per cent after the No. 2 software exporter cut its forecast in dollars for the full year citing the global economic turmoil even as its quarterly profit rose 30 per cent.
The BSE index, among the worst performer in Asia, fell as much as 9.6 per cent at one stage to more than half below its record high of 21,206.77 hit in January, before trimming losses on domestic institutional buying.
Traders said the outlook was weak and a global recession in the wake of the worst financial crisis in 80 years would not spare India.
Industrial output in August grew 1.3 per cent from a year earlier, its slowest pace in nearly 10 years, indicating high interest rates were crimping demand and analysts said the central bank was likely to focus on easing liquidity.
The Reserve Bank of India slashed the proportion of deposits that banks must keep with the central bank by one per centage point, in addition to a 50 basis points reduction announced earlier. The changes take effect on Saturday.
The moves pulled bank shares off their lows, but most ended in negative territory, with the sector index losing 7.8 per cent while HDFC Bank slipped 5.4 per cent to 1,046.35.
Top lender State Bank of India bucked the trend to rise 2.3 per cent to 1,352.15 rupees on buying by domestic funds.
Leading listed firm Reliance Industries dropped 7.4 per cent to 1,527 rupees, its lowest close in 18 months, on foreign selling, traders said.
Foreign funds have sold a net of $10.2 billion in Indian stocks in 2008, pushing the BSE index down 48 per cent. In comparison, they had ploughed in a record $17.4 billion in 2007, lifting the benchmark 47 per cent.
Engineering and construction leader Larsen & Toubro, dropped 8 per cent to 889.15 rupees, its weakest close since May 2007, after the weak industrial output data.
The 50-share NSE index ended down 6.65 per cent at 3,279.95.
Elsewhere in the region, Karachi's 100-share index was little changed at 9,181.35 on extremely thin volume. The Karachi Stock Exchange board will meet on Monday to review how long to keep an artificial floor under the share market and consider establishing an exit mechanism for foreign investors.
Colombo's All-share index closed down 4.39 per cent at 1,924.69.
The world equity index fell to a five-year trough and equity trading in Russia, Iceland, Austria, Ukraine and Indonesia were halted while nearly half of Milan stocks were suspended for excessive losses just hours before finance chiefs of seven rich nations meet in Washington.
IMF, World Bank meeting overshadowed by financial crisis
The International Monetary Fund and the World Bank were meeting on Sunday in the shadow of the most severe financial crisis since the 193
0s which threatens to undo progress made by developing countries.
IMF head Dominique Strauss-Kahn warned on Saturday that even as the global financial system faced meltdown, it would be a mistake to forget the "other crisis" of soaring food prices and aid cutbacks faced by developing countries.
"We are in a big crisis but don't forget the other one," Strauss-Kahn said, adding that while food costs had moderated in recent months, "this bill is still unaffordable for poor countries."
Donor country budgets were being strained as the financial crisis rips through markets and banks, slowing the economy, but Strauss-Kahn called on them not to cut back on their aid commitments.
Poor countries "absolutely need this money to avoid starvation."
The 185-member IMF and especially the World Bank are tasked with aiding development and their annual meetings normally devote much time to reviewing progress made and new programs.
This year their meetings have been completely overshadowed by the financial crisis, with a major summit of eurozone leaders underway in Paris to follow up a Group of Seven industrialized nations gathering in Washington on Friday.
The G7 - the United States, Britain, Canada, France, Germany, Italy and Japan - said they would use all means available to combat a crisis which some developing countries say is the fault of the developed world.
"Who will compensate the innocent countries who are going to ... suffer from this debacle?" Kenyan Foreign Minister John Michuki asked on Saturday.
'BJP ally Mamata facilitated Nano's relocation to Guj'
The CPI(M) on Friday accused Trinamool Congress chief Mamata Banerjee of not only ensuring the exit of the Nano car project from Bengal but facilitating its relocation in BJP-ruled Gujarat and said such politics also needed to be relocated for the prosperity of the state.
Banerjee has not only ensured the exit of the project from Bengal "but being the loyal steadfast ally of the BJP, she facilitated the project's relocation in Gujarat.
"Remember, she continued to remain with the NDA and, thus, in a way endorsed the communal carnage unleashed in the state by BJP's Narendra Modi government," party Politburo member Sitaram Yechury said.
In an editorial in the forthcoming issue of CPI(M) organ 'People's Democracy', he said "the politics that led to the relocation of the Nano project from Bengal also needs to be relocated elsewhere in the interests of greater prosperity of Bengal and its people."
He said the Trinamool Congress, "with the mere support of less than ten per cent of the owners of the acquired land, who have not taken the compensation cheques, adversely affected the future prosperity and improved livelihood for a large number of people in the area".
Claiming that adequate protection had been provided to the project, Yechury also took the Tatas to task for taking the "stand that unless everybody cooperates, they are not going to continue to remain in Singur. One can, surely, disagree with such a position.
"For, after all, no one can say that they shall build their house in a locality only when all others living there give an assurance that their house will not be burgled.
However, like Mamata Banerjee, the Tatas have an equal right to take an unreasonable position," he said.

Mittal loses nearly 7 mn pounds per hour: Report
Deepening global credit crisis is taking a toll not just on financial institutions but is eroding individual wealth as well, with Britain's richest man Lakshmi Mittal losing nearly seven million pounds per hour in the last four months, media reported in London.
"Mittal, who owns some of London's finest homes, including two in Kensington Palace Gardens, has seen the value of the shares he and his family hold crash from 33.24 billion pounds in June, 2008 to 11.82 billion pounds today.
“Over the last four months, he has lost the equivalent of nearly 180 million pounds a day or some seven million pounds an hour," London's newspaper Evening Standard said in a report published online on Thursday.
The India-origin chief of world's largest steel maker ArcelorMittal has lost close to 20 billion pounds in the deepening financial turmoil, Evening Standard said.
Meanwhile, a wealth expert has also said that steel tycoon Mittal has lost an estimated 20 billion pounds owing to the tumbling stock markets and sliding property prices during the last five months.
According to Philip Beresford, the wealth expert who compiles the annual Rich List for The Sunday Times, more than 100 billion pounds would be wiped off the personal fortunes of Britain's wealthiest industrialists and entrepreneurs in the coming months.
The losses witnessed by Mittal is much higher than others in the top 10 billionaire victims of the financial turmoil in London, compiled by Evening Standard.
Evening Standard said that apart from Mittal, another Non Resident Indian Anil Aggarwal, Chief of mining major Vedanta Resources has also seen an erosion in fortunes due to the financial crisis.
More than a million Britons to be out of job by Christmas
More than a million Britons will be out of work and on the dole by next month as the toxic fallout from Black October filters down to ordinary families, economists are warning despite Downing Street's desperate efforts to shore up the economy in the face of the escalating credit crash may not be enough.
A bleak Christmas lies ahead for many as the City turmoil spreads into the so-called real economy, The Guardian reported.
Companies are now being squeezed on two vital fronts, with shoppers abandoning the high street and bank lending drying up, making it almost impossible for smaller businesses to get credit to stay afloat.
Geoff Hoon, the new Transport Secretary, warned that there were 'potentially serious consequences for small business, for employment' from the current crisis, reflecting private warnings to the Prime Minister's new economic 'war cabinet' that job losses and business collapses later this year are now virtually inevitable.
Official unemployment figures for September, due on Wednesday, are expected to show another increase in job losses - although this will not yet be the sharp upward spike which is expected as the full consequences of last week's stock-market crash filter through. Some forecasts suggest that unemployment will hit two million by Christmas.
European leaders seek bank plan as IMF warns of meltdown
World powers vowed to keep a united front to solve the financial crisis as the IMF warned that the global system was on the brink of meltdown
ahead of new European crisis talks in Paris on Sunday. Leaders of the 15 eurozone countries plus Britain are gathering in the French capital to announce a new package of measures to protect their banks from the global financial crisis.
The European meeting comes a day after leading emerging nations met in Washington for vital Group of 20 (G20) talks on the sidelines of the annual meeting of the 185-member International Monetary Fund (IMF). The G20 grouping of countries which collectively account for 85 percent of the global economy said they had agreed to use "all financial and economic tools" to stabilise the system.
These efforts would be "closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a whole," said a joint statement. The head of the IMF, Dominique Strauss-Kahn, claimed a breakthrough with the first global pledge by members of his organisation to cooperate to stabilise turmoil in the financial sector.
He had earlier warned that the financial system risked collapse. "Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," he said.
Coordination of actions to tackle the financial crisis is considered vital to prevent the actions of one country harming another and exacerbating the problems of bank solvency and credit shortages. In the Great Depression of the 1930s, so-called "beggar-thy-neighbour" measures taken unilaterally by countries are considered to have deepened the economic pain.
The different groups that have met since Friday in Washington - the Group of Seven, the Group of 20 and IMF members - have all supported a five-point action plan to stabilise the financial system. It is vague on details and contains no timeframe, but commits countries to support institutions underpinning the international financial system, to take measures to get credit flowing, to assist banks in raising capital and to reassure savers.
The plan also commits them to helping restart frozen markets for mortgage-backed securities, complicated financial instruments that have plummeted in value and have exposed banks to billions of dollars of losses. It remains to be seen if the reassuring messages will be enough to calm stock markets Monday after one of the worst weeks in economic history last week.
US President George W Bush said the world's richest economies in the Group of Seven were united on a "serious global response" to the financial meltdown. "We will stand together in addressing this threat to our prosperity. We will do what it takes to resolve this crisis. And the world's economy will emerge stronger as a result," he said.
Among other announcements Saturday, the main policy-making body of the IMF said the institution, a lender of last-resort tasked with stabilising the monetary system, stood ready to lend to countries in need of capital. In Paris, European leaders are expected to work on a collective action plan to help their ailing banks.
French President Nicolas Sarkozy, the current head of the European Union, was to host first Britain's Prime Minister Gordon Brown and then his 14 colleagues from the single-currency bloc in the Elysee Palace. Sarkozy already met German Chancellor Angela Merkel on Saturday in France, stressing their unity the day before the summit where a British-style plan of partial bank nationalisation might be unveiled.
French Economy Minister Christine Lagarde promised that observers would "not be disappointed" by the measures to be adopted. No details have yet been released about the proposals, but there were signs that the 15 were leaning towards a policy already adopted in Britain under which the state guarantees inter-bank lending and buys stakes in banks.
London hopes this voluntary part-nationalisation, which has been accepted by some of its biggest institutions, will unfreeze capital and restore confidence. Britain is not part of the eurozone, but Sarkozy said he wanted to meet Brown to "maximise coordination."
Sarkozy and Merkel promised that Europe's response would be closely coordinated. "Germany and France have perfectly identical views on the consequences to take from that for the short, medium and long term," Sarkozy said.
Merkel agreed Paris and Berlin were "on the same path as regards putting in place a concerted and coherent reaction for the eurozone" but stressed that within this there was "naturally room for manoeuvre for each member state".
"We are aware that state interventions are necessary because uncontrolled markets are not able to surmount these problems," she added.
Pakistan’s Economy on the Brink of CollapsingStaff Report
12 October 2008 Print E-mail
DUBAI — The economy of India, and Pakistan, were booming at par sometime ago. But Pakistan’s sudden economic breakdown is more noticeable in the recent time, considering that it may not have as strong fundamentals as neighbouring India.
The financial crisis the world over may have little impact on Pakistan’s economy, but the country now virtually on a brink of collapse is seeking emergency monetary assistance to save it from a certain devastation.
A forum called ‘Friends of Pakistan’, which was launched in New York during the visit of President Asif Ali Zardari to assist the country by raising billions of dollars to stop it from failing economically, would be meeting soon in Abu Dhabi this month to decide an economic package for Islamabad.
The forum includes the United States, United Arab Emirates, Canada, Britain, Germany, France, Japan, China, Italy, Australia, Saudi Arabia and Turkey.
Such is the economic turmoil in Pakistan that it’s inflation has shot up to 25 per cent, and forex reserves are plunging to an all time low. With a total of $8.1 billion forex by September, the real reserves are estimated to be just $3 billion after accounting future liabilities.
Reports suggest that it is barely enough for Pakistan’s one-month imports, and if assistance is not provided immediately, the situation would turn for worse. There is a huge gap of $7 billion to cover in a projected current account deficit of $14 billion for the financial year ending June 30, 2009.
The rating agency Standard & Poor has cut the rating on Pakistan’s sovereign debt rating to CCC+, which is barely above the default level.
Currently, Pakistan’s foreign direct investment is projected to fall $3-3.5 billion this fiscal compared to $5.15 billion in 2007-08. Noticeably, Pakistan’s economy recovered spectacularly from the impact of the post-1998 nuclear test sanctions that were done in reaction to India conducting nuclear tests at Pokhran.
After 9/11, the US helped Islamabad generously. More and more foreign assistance, and fresh access to global markets and IMF-approved reforms helped Pakistan come up economically after it pledged joining Washington’s war on terror with the initiative of former President Pervez Musharraf.
But, post Musharraf, things are looking drastically different. Pakistan’s economy has been on one continuous ride downhill, and it is now staring at the possibility of defaulting on its foreign debt obligations, financial experts tell Khaleej Times.
http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2008/October/business_October350.xml§ion=business&col=
Pvt players for steps to tide over credit crisis
BS Reporter / Mumbai October 13, 2008, 0:57 IST


The liquidity crunch has prompted some private sector financial players to seek government guarantees on inter-institutional borrowings, besides other measures from the Reserve Bank of India (RBI) to ease tight conditions in the market.

The head of a large financial conglomerate told Business Standard that the government should provide guarantees to inter-institutional borrowings and RBI should open the repo window to mutual funds to help them raise money. The option of guaranteeing inter-institutional borrowing and lending is being considered in many developed markets as banks and other players are wary of dealing with each other in the wake of the financial turmoil.
“There is no crisis of confidence (in India). So, I do not think there is a need to guarantee inter-bank lending. Given the prospects of improvement in liquidity, I do not think more steps are necessary in the near-term to make more resources available,” said Bank of Baroda CMD M D Mallya.
“Liquidity conditions will improve in some time as Rs 60,000 crore will be released into the system. The action has had a positive effect,” added Dena Bank CMD P L Gairola.
According to the Clearing Corporation of India website, call rates fell to 9.4 per cent on Saturday, compared to the weighted average rate of nearly 19.69 per cent on Friday, when RBI announced reduction in the cash reserve ratio and cancellation of two bond auctions.
A private sector player also suggested the government or RBI should open a window for purchase of commercial papers and certificates of deposit.
Sources said some firms have also approached the government, seeking rollover of papers in which banks have invested but now want to withdraw.
On the suggestion of extending the repo route to mutual funds, a source said law does not permit RBI to do so.
http://www.business-standard.com/india/storypage.php?autono=337106





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BBC News Lithuania votes in shadow of global financial crisis
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AFP Bracing For The Fallout
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The Australian Global Crisis: Rudd guarantees all financial deposits
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GulfNews World Leaders Offer Unity But No Steps To Ease Crisis
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News results for Indian economy in Global Financial Crisis

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The global economic crisis that began in 1997 in Asia combined with the ..... In some places, marxists, feminists and other critical geographers have been ...
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CD’s Best of the Web / The Current Financial Crisis and the Future ...
The Current Financial Crisis and the Future of Global Capitalism. MRZINE June 9, 2008. The fact that Marx finally began with the composition of his ...
canadiandimension.com/articles/2008/06/12/1876/ - 36k - Cached - Similar pages - Note this
Michael Heinrich versus the crisis-mongers « Louis Proyect: The ...
10 Jun 2008 ... Marx supposedly expected the European-wide financial crisis of 1858 to ..... Whether you accept it or not, global economic develops will ...
louisproyect.wordpress.com/2008/06/10/michael-heinrich-versus-the-crisis-mongerers/ - 53k - Cached - Similar pages - Note this
LeftClick: John Bellamy Foster on the global financial crisis ...
John Bellamy Foster on the global financial crisis: ‘Nobody knows where the toxic ... journal foundered by the Marxist economist Paul Sweezy in the 1940s. ...
leftclickblog.blogspot.com/2008/04/john-bellamy-foster-bailout-or-sinking.html - 80k - Cached - Similar pages - Note this
The year the party ends, Issue 37
The words quoted above do not come from the pages of Socialism Today but they do confirm statements that we have made ever since the global financial crisis ...
www.socialismtoday.org/37/soros37.html - 11k - Cached - Similar pages - Note this
Marxism, the Crisis of Global Capitalism, and the Folly of ...
In the second, I summarize my own theory of global capitalism, my views on its crisis, and the need to reexamine the Marxist theory of imperialism. ...
www.allacademic.com/meta/p70085_index.html - 42k - Cached - Similar pages - Note this
The Significance and Implications of Globalisation -- A Marxist ...
While the global financial crisis has come as a considerable shock to the ..... The Marxist movement has always been based on a global perspective. ...
www.wsws.org/exhibits/global/nblect.htm - 114k - Cached - Similar pages - Note this
The Deepening Global Financial Crisis: From Minsky to Marx and Beyond
Hyman Minsky; Karl Marx; Organic Composition of Capital; Falling Rate of Profit. Introductory Comments. The origins of today’s global financial crisis lay ...
www.informaworld.com/index/791549271.pdf - Similar pages - Note this
by J Rasmus - 2008
Socialist Workers Party Website - Whats behind the global economic ...
28 Jul 2008 ... Whats behind the global economic crisis? .... So a crisis developing in the financial system has the potential not only to hit capitalists’ ...
www.swp.ie/news/swissue288/whatsbehindtheglobaleconomiccrisis.html - 22k - Cached - Similar pages - Note this
Karl Marx - news
Is this a final “Crisis of Global Capitalism” — to borrow the title of a book by George Soros written shortly after the Asian financial crisis of 1997-98? ...
www.wikio.co.uk/news/Karl+Marx - 42k - Cached - Similar pages - Note this
If it walks like a Marxist …
25 Sep 2008 ... In places like New York, one of the bastions of American Marxist ... However, the current global financial crisis could translate into a ...
www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=76103 - 31k - Cached - Similar pages - Note this


Communist Party of India (Marxist) - Wikipedia, the free encyclopedia
The Communist Party of India (Marxist) (abbreviated CPI(M) or CPM) is a political party in India. It has strong presence in the states of Kerala, ...
en.wikipedia.org/wiki/Communist_Party_of_India_(Marxist) - 191k - Cached - Similar pages - Note this
Category:Indian Marxists - Wikipedia, the free encyclopedia
13 May 2007 ... Pages in category "Indian Marxists". The following 7 pages are in this category, out of 7 total. This list may sometimes be slightly out of ...
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More results from en.wikipedia.org »
Indian Marxists and their evil designs - Sify.com
Another major tenet of Indian Marxist’s orthodoxy is that for national reconstruction you have to first destroy the existing nation. ...
sify.com/news/fullstory.php?id=14514872 - 40k - Cached - Similar pages - Note this
Marxism and Anti-Imperialism in India
First General Secretary and Co-Founder of the Communist Party of India (Marxist- Leninist) (CPI-ML). Joined Tebhaga Movement in 1946 and organized the ...
www.marxists.org/subject/india/index.htm - 17k - Cached - Similar pages - Note this
Works of Marx and Engels 1857-58
The First Indian War of Independence. ... The Charter of the East India Company, Marx 9 June 1853. Sir Charles Woods’ East India Reforms, Marx 22 June 1853 ...
www.marxists.org/archive/marx/works/1857/india/index.htm - 10k - Cached - Similar pages - Note this
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Why Indian Marxists are silent over Tibet? | Girish Nikam ...
Is it not therefore time for the Indian Marxists to stop looking at the Tibetan issue through the Chinese eyes, and adopt an independent approach and try to ...
indiainteracts.com/columnist/2008/03/25/Why-Indian-Marxists-are-silent-over-Tibet/ - 76k - Cached - Similar pages - Note this
IndiaDaily - Indian Marxists get a new chief and first lady: may ...
CPM – the Communist Party of India (Marxists) went for a little new younger blood in leadership and politburo memberships. Sources say they are getting ...
www.indiadaily.com/editorial/2278.asp - 20k - Cached - Similar pages - Note this
Indiadaily.com - Indian Marxists and Asom Gana Parishad (AGP ...
12 Mar 2006 ... Indian Marxists and Asom Gana Parishad (AGP) coalition favorite in Assam Sonia Joshi They have gained tremendous local popularity. ...
www.indiadaily.com/editorial/7389.asp - 21k - Cached - Similar pages - Note this
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Indian Marxists throws down the gauntlet in Nandigram: Development ...
8 Dec 2007 ... Indian Marxists throws down the gauntlet in Nandigram: .... And, Buddhadeb Bhattacharjee has also received accolades from Indian big ...
www.opinionasia.org/IndianMarxiststhrowdownthegauntlet - 23k - Cached - Similar pages - Note this
Handbook of Comparative and Development Public Administration - Google Books Result
by Ali Farazmand - 2001 - Political Science - 1130 pages
V. MARXIST AND WEBERIAN ATTITUDES Our analysis of ancient Indian bureaucracy as such seems self-sufficient in terms of our parameters. ...
books.google.co.in/books?isbn=0824704363...



Sify 'Modi is an ideal chief minister'
India Today, India - 15 hours ago
Moreover, Modi was successful in bagging the small car project from none other than his sworn political enemies—the Marxists in Bengal. ...
A new home for the Nano Economist
Hello Gujarat Daily News & Analysis
In major coup for Modi, Tata picks Gujarat for Nano plant Livemint
Herald Publications - AFP
all 493 news articles » BOM:500570

Times Now.tv India: Tata Motors announces pullout from West Bengal
World Socialist Web Site, MI - 10 Oct 2008
[W]e still have a great deal of respect for the leadership of Buddhadeb Bhattacharjee [West Bengal Chief Minister and Communist Party of India (Marxist) ...
Modi advises Buddhadeb, Mamata on industrialisation Thaindian.com
Marxists mauled by M and M Calcutta Telegraph
Birds of a feather: Prakash Karat and Mamata Banerjee (Comment) Thaindian.com
all 120 news articles » BOM:500570
Islam / Minority report
Ha'aretz, Israel - 2 hours ago
... himself: "I am an Indian born in Pakistan; a Punjabi born in Islam; an immigrant in Canada with a Muslim consciousness, grounded in a Marxist youth. ...
Missionary position
Hindustan Times, India - 11 Oct 2008
Thus, political liberalism means that every Indian has a freedom of choice when it comes to his or her beliefs. You can be an extreme Marxist or a dedicated ...

AFP Tata's cheap car woes fuel debate on India's industrial drive
AFP - 4 Oct 2008
The government's actions provided a rallying point for social activists and the Trinamool Congress, which hoped to use the issue to break the Marxists' ...

Boston Globe India's Tata group abandons plant for cheapest car
AFP - 3 Oct 2008
The announcement of the plan to relocate production of the Nano came after construction of the 90-percent completed factory in Marxist-ruled West Bengal was ...
India: Tata Motors pulls Nano project from Singur Automotive World (subscription)
Buddhadeb: we are persuading Tata Motors not to pull out Hindu
THERE IS A PLOT OUT THERE Calcutta Telegraph
Thaindian.com - AFP
all 895 news articles » BOM:500570 - BOM:TATAMOTORS
Mother of All Bail Outs: Some Immediate Lessons for India
RGE Monitor, NY - 9 Oct 2008
These financial sector theologians begin to sound increasingly like the Marxists who continued with their misplaced faith despite Stalin and Pol Pot on ...
Misunderstanding with yoga guru Ramdev over: Ramadoss
Times of India, India - 11 Oct 2008
Ramadoss had, however, praised the ascetic for popularising yoga even when Ramdev had faced flak from Communist Party of India-Marxist (CPI-M) politburo ...

Times Now.tv Gujarat CPI(M) not to oppose Nano project
Zee News, India - 43 minutes ago
Kolkata, Oct 12: Gujarat unit of CPI-M will not oppose any development project, including Tata's ambitious Nano plant, but will continue to uphold the cause ...
Mamata-Modi link in Nano relocation: CPI-M leader Thaindian.com
Tata took unreasonable position on Singur: CPI(M) Business Standard
Mamata ‘helped’ relocate Nano: CPM The Statesman
Business Standard - Thaindian.com
all 120 news articles » BOM:500570
CPI-M holds RSS responsible for Andhra Pradesh killing
Thaindian.com, Thailand - 4 hours ago
It is surprising that the attack on the house has taken place even after curfew was imposed,” the CPI-M central committee said in a statement here. ...
CPI(M) condemns Andhra violence
India Today, India - 1 hour ago
The Central Committee of CPI (M) strongly condemned the killing of six members of a family, including three children and a woman, who were burnt alive by ...
CPI (M)’’s central committee meeting to begin in Kolkata today
Thaindian.com, Thailand - 13 hours ago
On Saturday, top CPI (M) and CPI leaders discussed the similar issues in New Delhi. CPI (M) General Secretary Prakash Karat met his CPI counterpart AB ...
11 injured in TC-CPI(M)clash over opening of party office
Economic Times, India - 11 Oct 2008
11 Oct, 2008, 2135 hrs IST, PTI MIDNAPORE: Eleven persons were injured when Trinamool Congress (TC) and CPI(M) activists clashed in West Bengal's West ...
Mangalore: CPI(M) Asks Muslims Not to Support KFD
Daijiworld.com, India - 15 hours ago
Mangalore, Oct 12: CPI(M) state council member GN Nagaraj has opined, that democracy will suffer if the Karnataka Forum for Dignity(KFD) is supported. ...
Mangalore: Karnataka Forum for Dignity takes on Communists Mangalorean.com
all 2 news articles »
CPI-M in talks with regional parties to form anti-Congress alliance
SINDH TODAY, Pakistan - 1 hour ago
Kolkata, Oct 12 (IANS) The Communist Party of India-Marxist (CPI-M) is in talks with a number of regional parties to form a non-Congress secular front at ...
Rape or politics?
The Statesman, India - 20 hours ago
However, the issue is now being politicised with CPI-M and Congress activists taking sides to their convenience. The local Congress leadership has been ...

Three killed, 50 injured in West Bengal accident
Thaindian.com, Thailand - 5 hours ago
Kolkata, Oct 12 (IANS) Three people were killed and at least 50 injured Sunday afternoon after a private bus collided with a van in a West Bengal town, ...
2 killed, 12 injured in West Bengal over Durga idol immersion
Thaindian.com, Thailand - 9 hours ago
Kolkata, Oct 12 (IANS) Clashes between rival groups during goddess Durga’s idol immersion left two dead and 12 injured in West Bengal’s Birbhum district, ...
Metro gets licence for wholesale business in West Bengal
domain-B, India - 11 Oct 2008
... wholesale distribution outlet, but sans the minimum purchase limit of Rs5,000 the West Bengal State Agricultural Marketing Board has earlier insisted. ...
Metro Cash & Carry finally gets licence in West Bengal Financial Express
Ally on board, Bengal gives go-ahead to German firm Indian Express
Metro Cash & Carry finally gets license from WB Agri-Marketing Board TopNews
Business Standard - Reuters
all 33 news articles » BOM:500570
West Bengal Governor's intervention sought in extra judicial ...
MyNews.in, India - 21 minutes ago
National Project for Prevention of Torture in India''s West Bengal State Director and Secretary of Banglar Manabadhikar Suraksha Mancha (MASUM) Kirity Roy ...
Cruise tourism in Bengal may attract global investors
Economic Times, India - 8 hours ago
12 Oct, 2008, 1448 hrs IST, PTI KOLKATA: The Rs 125 crore Ganga Heritage River Cruise Project in West Bengal may attract private investors, ...
Shops set afire in West Bengal town over man’s death
Thaindian.com, Thailand - 11 Oct 2008
Kolkata, Oct 11 (IANS) Irate mobs ransacked and set fire to shops in a West Bengal town Saturday after a man was killed in a clash between members of two ...
Aged weaver killed for refusing to pay for Durga Puja Thaindian.com
Woman, mother-in-law commit suicide for new clothes Thaindian.com
For hands that build Durga idols, nothing has changed Thaindian.com
all 24 news articles »
Shops torched, policemen injured by locals in West Bengal
NDTV.com, India - 11 Oct 2008
PTI Two policemen were injured, two buses were damaged and several small shops were set alight by locals on Saturday at Makarda near Domjur in Howrah ...
Babloo of Bengal didn’t know CRPF bullet would kill him in Kashmir
Rising Kashmir, India - 23 hours ago
Srinagar, Oct 11: The wheel of fate had catapulted the 15-year-old Babloo from West Bengal to Kashmir but little did he know that instead of blossoming into ...

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Business Standard UPDATE 1-India may escape worst effects of crisis -cbank
Reuters India, India - 9 hours ago
Duvvuri Subbarao, Governor of the Reserve Bank of India (RBI), told the International Monetary Fund in Washington on Saturday he welcomed coordination among ...
Indian banks have little exposure to distressed assets: RBI Press Trust of India
Direct impact of global crisis limited: Subbarao Business Standard
No reason for anxiety, all Indian banks are safe, says RBI Governor Indian Express
Earthtimes (press release) - Press Trust of India
all 113 news articles »

Sify Weekly wrap: Sensex tanks nearly 2000 pts
Sify, India - 11 Oct 2008
In a move to inject some life into the markets, the Reserve Bank of India cut CRR by 150 points to 7.5%. The market regulator affirmed that there were no ...
Market cuts some losses NDTV.com
Modest correction before pullback Business Standard
Stocks rebound tracking European advances Economic Times
Sify - Sify
all 238 news articles »
India mulls more cash injection measures: paper
Reuters - 11 hours ago
The Reserve Bank of India (RBI) has been injecting record sums into the money market, which has frozen as the global financial crisis has spread. ...
India Makes Steepest Cut in Cash Ratio Since 2001, Output Falls Bloomberg
India's Rupee Tumbles to Six-Year Low in Worst Week Since 1997 Bloomberg
India Makes Steepest Cut in Cash Ratio Since 2001 (Update2) Bloomberg
Bloomberg
all 13 news articles »
India's foreign exchange reserves drop nearly $8 bn
Hindu, India - 22 hours ago
... which include foreign currency assets, and gold, stood at $283.94 billion as on that date, as per the latest data with the Reserve Bank of India (RBI). ...
Rupee recovers to 48.93 against US dollar at 1250 hrs Press Trust of India
Allow oil cos to get dollars directly: CII Hindu
all 32 news articles »

Sify Indian Stocks Record Worst Week in 18 Years on Credit Crisis
Bloomberg - 10 Oct 2008
The Reserve Bank of India cut the amount of cash lenders need to set aside as reserves to cushion Asia's third-largest economy from a global slowdown. ...
Indian shares plummet on persistent global recession fears; RComm ... Forbes
Sebi, RBI measures fail to lift sentiment Livemint
RPT Indian shares lower in early trade, off day's lows; ICICI Bank ... Forbes
Forbes - Forbes
all 44 news articles » BOM:532174 - BOM:532814 - BOM:532540
India's Wholesale-Inflation Rate Falls to 15-Week Low (Update2)
Bloomberg - 10 Oct 2008
The Reserve Bank of India today made the steepest cut since 2001 in the amount of cash lenders are required to set aside as reserves, to boost cash in the ...
Aug industry output growth slowest in a decade Reuters India
Indian Factory Output Grows at Slowest Pace on Record (Update1) Bloomberg
South Africa May Not Cut Interest Rate, Moody's Economy Says Bloomberg
all 8 news articles » MCO

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