---------- Forwarded message ----------
From: Ashok T. Jaisinghani <ashokjai@sancharnet.in>
Date: Tue, Jun 26, 2012 at 4:37 AM
Subject: Re: Poorest people bail out some of the richest - Manmohan Singh has made India a Superpower!
Ashok T. Jaisinghani.
PM's bailout pledge for Europe is shocking
From: Ashok T. Jaisinghani <ashokjai@sancharnet.in>
Date: Tue, Jun 26, 2012 at 4:37 AM
Subject: Re: Poorest people bail out some of the richest - Manmohan Singh has made India a Superpower!
Manmohan Singh thinks he has made India a Superpower!
What is the real meaning of Prime Minister Manmohan Singh's announcement during the G-20 Summit in Mexico that India can contribute $10 billion (about Rs.57,000 crore) as its share to the IMF for bailing out Eurozone defaulters like Greece, Spain and Italy? Manmohan Singh had made the announcement on June 19 when the leaders were at the Mexican resort of Los Cabos.
Manmohan Singh was trying to convince Europe, USA and other countries of the world that India had already become an economic superpower under the UPA Government, which was led by him as the Prime Minister and Sonia Gandhi as the Chairperson of UPA. Only due to the UPA Government of Manmohan Singh and Sonia Gandhi, India had accumulated the huge foreign exchange reserves of $290 billion.
How could Manmohan Singh have dared to refuse declaring India as an economic superpower when his Italian boss Sonia Gandhi had ordered him to do so? Also, could Manmohan Singh have refused to help in bailing out Italy, which is the motherland (and fatherland) of Sonia Gandhi?
Of course, Manmohan Singh wants all the countries to acknowledge that he is one of the greatest economists in the History of the World. If the other countries learn the basic principles of Manmohanomics, they can also acquire large reserves of foreign exchange like India.
So, how have Manmohan Singh and Sonia Gandhi made India an economic superpower, which can now generously lend $10 billion to Eurozone defaulters like Greece, Spain and Italy? What measures has the UPA Government taken to make India a superpower, which can now bail out even the countries of Europe?
The UPA Government of Manmohan Singh and Sonia Gandhi has no money for all the poor, starving and unemployed Indians, but it can still spare $10 billion for the much better off Europeans.
The people of India have been kept under conditions of semi-starvation to limit the growth of its population by causing early deaths, especially among the malnourished infants and women belonging to the poor classes. The UPA Government has even been deliberately making millions of tons of food grains rot in the godowns to make them unfit for consumption by human beings. The poor people of India have been suffering for many years due to the high prices of foods, which are caused by artificial shortages.
About half of the medicines sold in our country are spurious and adulterated, which are causing permanent diseases and early deaths in millions of Indians. There is no effective way to prevent the sale of spurious and adulterated medicines, as there is rampant corruption in the administration. Due to the culture of bribery, the government officials have failed to take drastic action against the culprits who are engaged in selling spurious and adulterated medicines worth many thousand crore rupees. Even if millions of people become permanently sick and die early, it does not matter for the corrupt political leaders and government officials, so long as they get big bribes from the manufacturers of spurious and adulterated medicines.
Ruthless Exploitation of the Poor and Suicides
There is ruthless exploitation of the poor, uneducated and semiliterate people not only in the villages, but also in the urban areas of cities and towns.
In India, there are still many money-lenders who illegally charge interest of even up to 10% per month on loans given to farmers, workers, small traders, etc. The total interest charged by money-lenders can amount to much more than 120% per year. The inability to pay back such loans leads to snatching of lands, homes, shops, vehicles and other assets of the farmers, workers, small traders and other debtors, many of whom feel compelled to commit suicide.
There have been lakhs of suicides among debt-ridden poor farmers, workers, traders and students. Most of the political leaders and the Police help the criminal money-lenders who charge excessive rates of interest, and not the harassed loan takers. The political leaders and the Police side with the money-lenders and other extortionists who pay them the haftaas or weekly bribes regularly.
Many of the poor landowners are forced to sell their properties to MNCs, NRIs and foreigners at low prices fixed by the Government. For doing this work, the extremely corrupt political leaders and government officials can earn huge amounts of money as bribes, which can be deposited by them in secret accounts in Swiss Banks.
India is Largest Nudist Colony in the World
The vast majority of the people of India lives in tiny huts, cramped rooms in chawls or slums, and even on footpaths. The majority of the people still defecate in the open because they have no toilets of their own.
The UPA Government of Manmohan Singh and Sonia Gandhi has let India remain the largest nudist colony of the world by not spending enough money to provide adequate water and sanitation to the majority of Indians.
Many children bathe completely nude in the rivers, ponds and canals, particularly in the rural areas. There are even some adults who bathe nude before other people. Adequate funds are not provided by the Government of India, which is acting as a superpower. Does the defecation and bathing in the open by the poor people bring millions of foreign tourists to India? That should be helping to increase India's foreign currency reserves!
Huge Deposits of Indians in Swiss Banks
Indians are reported to be having deposits of about $1.5 trillion dollars in Swiss banks, and they are also having huge deposits of unknown value in other tax havens of the world. This fact makes the Indian nation an economic superpower whose wealth is utilized in financing the industries of many countries. Such huge amounts of money are due to the massive bribes taken by the corrupt politicians and government officials, and also due to the massive smuggling of goods and massive tax evasion by businessmen.
The whole world should know that India has apparently become an economic superpower in the eyes of other nations due to the extremely corrupt UPA Government of Manmohan Singh and Sonia Gandhi. The majority of Indians are deprived from the benefits of their own massive funds of more than $1.5 trillion dollars, which are taken out illegally to be invested for the benefit of people of foreign countries.
There is suppression of the truth about the real condition of the majority of people in India. The real facts are hidden from the world, as there is heavy censorship of unfavorable news and comments on the UPA Government, which has been regularly bribing the persons controlling the news media. Getting favorable comments through Paid News based on false propaganda and lies is done by bribing the journalists, editors and publishers of newspapers, as well as the anchors and owners of TV channels. Now, even the Internet is sought to be controlled through censorship and shutting down of websites, which are highly critical of the UPA Government.
Ashok T. Jaisinghani.
Editor & Publisher:
----- Original Message -----
From: Sankara Narayanan
To: IHRO ; bharat-chintan
Sent: 21 Jun 2012 9:48 AM
Subject: Re: The poorest people in the world bail out some of the richest
At least one Nero fiddles:
PM's bailout pledge for Europe is shocking
By The New Indian Express
21st June 2012 12:08 AM
The $10 billion (Rs 56,000 crore) bailout announced by Prime Minister Manmohan Singh for the Eurozone defaulters Greece, Spain and Italy at the G-20 summit in Europe is a cruel joke on the Indian tax payer who has been reeling under the onslaught of inflation. This is hardly the time for such a show of generosity when the Indian economy itself is facing a slowdown that could get worse with time. Industrial growth was at an abysmal 0.1 per cent in April last while agricultural growth continues to be sluggish.
The country has reserves of $290 billion which are by no means princely, while fiscal deficit is expected to surge to 6 per cent of GDP or about $100 billion. In quick succession Standard & Poor's and another global rating agency Fitch have sounded the alarm bells for India, downgrading its rating outlook. At such a time when India should be tightening its belt and kickstarting economic reforms comes the Prime Minister's liberal package to bail the Europeans out of a crisis of their own making. Significantly, Europe has never been known to help India in times of crisis.
In a bid to stave off criticism, Secretary in the department of economic affairs R. Gopalan subsequently clarified that India may not be called upon to inject the money it has committed to the International Monetary Fund for bailing out debt-wrecked Eurozone if the global economic situation improves. But there is little prospect of Eurozone economies recovering if they continue to depend on bailouts, don't cut their expenses drastically and don't take to the growth path. The Greek economy which is the worst-hit, has been contracting every year since 2008, with almost a quarter of its workforce now unemployed.
While the Prime Minister has shown his generosity to the world leaders, he must seek the approval of Parliament before India signs the cheque to the IMF. Manmohan Singh cannot have a carte blanche. He must ultimately explain to the people how he committed such a large amount at a time of economic hardship for the country.
21st June 2012 12:08 AM
The $10 billion (Rs 56,000 crore) bailout announced by Prime Minister Manmohan Singh for the Eurozone defaulters Greece, Spain and Italy at the G-20 summit in Europe is a cruel joke on the Indian tax payer who has been reeling under the onslaught of inflation. This is hardly the time for such a show of generosity when the Indian economy itself is facing a slowdown that could get worse with time. Industrial growth was at an abysmal 0.1 per cent in April last while agricultural growth continues to be sluggish.
The country has reserves of $290 billion which are by no means princely, while fiscal deficit is expected to surge to 6 per cent of GDP or about $100 billion. In quick succession Standard & Poor's and another global rating agency Fitch have sounded the alarm bells for India, downgrading its rating outlook. At such a time when India should be tightening its belt and kickstarting economic reforms comes the Prime Minister's liberal package to bail the Europeans out of a crisis of their own making. Significantly, Europe has never been known to help India in times of crisis.
In a bid to stave off criticism, Secretary in the department of economic affairs R. Gopalan subsequently clarified that India may not be called upon to inject the money it has committed to the International Monetary Fund for bailing out debt-wrecked Eurozone if the global economic situation improves. But there is little prospect of Eurozone economies recovering if they continue to depend on bailouts, don't cut their expenses drastically and don't take to the growth path. The Greek economy which is the worst-hit, has been contracting every year since 2008, with almost a quarter of its workforce now unemployed.
While the Prime Minister has shown his generosity to the world leaders, he must seek the approval of Parliament before India signs the cheque to the IMF. Manmohan Singh cannot have a carte blanche. He must ultimately explain to the people how he committed such a large amount at a time of economic hardship for the country.
On Wed, Jun 20, 2012 at 8:38 AM, Sankara Narayanan <psn.1946@gmail.com> wrote:
http://www.thehindu.com/todays-paper/article3548516.ece
Los Cabos, June 20, 2012
Manmohan pledges $10 billion to eurozone
T.C.A. Srinivasa-Raghavan
Exhorting Europe's leaders to do more to pull their continent out of crisis, Prime Minister Manmohan Singh told the G-20 summit on Tuesday that India would contribute $ 10 billion to the International Monetary Fund's $ 430-billion firewall to the eurozone. Dr. Singh also took the G-20 to task, warning that its agenda "is getting overburdened."
"We need to refocus on a few goals rather than dissipating energies on too many fronts. The IMF has a critical supportive role to play in stabilising the eurozone. All members must help the Fund to play this role," he said.
Dr. Singh strongly emphasised the need to provide liquidity to European banks without neglecting issues of solvency.
"A crisis in the European banking system can choke trade finance quite quickly, and end up choking economic growth not just in the eurozone but in the world in general," he said.
The G-20, he told the gathered leaders whose countries account for 80 per cent of global GDP, had to send "a strong signal to the markets that the eurozone countries will make every effort to protect the banking systems and the global community will back a credible eurozone effort and response." But Europe would have to do its bit too, he said.
The Prime Minister, perhaps relishing the reversal of roles in sermonising by Europe to the developing countries, rubbed in the message saying "… liquidity must be provided in parallel with effective adjustment programmes that ensure an early return to debt sustainability."
In a pointed message to Germany, he said: "Austerity in the debt-ridden members of the eurozone can work only if surplus members are willing to expand to offset contraction elsewhere in the currency area."
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