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|Posted on November 24, 2014 at 4:05 PM||comments (7)|
I had suggested a few months ago that the Oil price should be down, as had Oppenheimer chief economist Fadel Gheit.
Now it is down, well below $85. At this level, I believe it is overdone, now at around $76 for Brent Ice and $71 for West Texas Intermediate.
Most of the economies who export oil would not find it viable to be producing at $70 a barrel - there would be no profit.
The only exception is Saudi Arabia. Some have suggested that they would be profitable producing it at an even lower price. However, the supply and demand dynamics as well as the political advantage would tip outside their interest, and economically, they would be throwing away their clout in the market by making it cheaper. Under $70 a barrel will hurt a lot of the Oil exporting nations and their balance sheets. Their infrastructure development projects would probably come to a halt in a short while, and that - forgive me pointing out - may induce a contraction in the world economy, that most people would rather not see.
In their own best interests as well as that of other OPEC nations, this Friday's meeting in Vienna I predict will produce a tightening on production quotas to restore the value of Oil.
It is suggested that Russia may be reducing their production by about 300,000 barrels a day; if Saudi Arabia cuts their production by around a million barrels a day, the demand-supply dynamics may restore the price upwards. The winter in the Western hemisphere is predicted to be cold, which will necessitate more fuel use. If the price is restored upwards, that in fact would be best for the world, so all economies can continue as before (and better for those obtaining Oil at the current lower prices) without harming anyone too much.
The world will be waiting for some sensible decisions in Vienna this Friday.
Durudarshan H. Dadlani
|Posted on November 10, 2013 at 11:40 AM||comments (9)|
Remembrance Day at the Ilford chapel of the Church of Jesus Christ of Latter Day Saints was marked by the Bishop and congregation paying respects to the memories of the heroes and heroines who gave their lives in the quest for freedom from tyranny and injustice.
How great a freedom we enjoy today as citizens of England is all due to the heroes and heroines who laid down their lives, as well as those valiant men and women who helped negotiate peace and brought forward this day into being.
Brother Jeremy Boyden : "We remember all those who made the ultimate sacrifice, like our Saviour, and we mark this day when peace was first agreed between all nations, on 11th November 1918".
The President's wife Sister Saltzman read a poem about Flanders Fields.
The Bishop's son, Brother Michael Onaolapo Jnr : "Greater love hath no man then He who gave up His own life so that others may live."
Sister Shannon Pickering, who was baptised in the Ilford ward two weeks ago, spoke a few words about the loving atmosphere that prevails in this land, thanks to people like her gransparents who did their bit during the war.
Sister Joanne Boyden read a famous poem, starting The glory shines upon my tears....She read the bit about hopes and expectations and stars and then became very emotional. (I asked her later; she explained that her Mother lost two brothers in the war). (For the Fallen, Robert Laurence Binyon).
Brother Michael Lighten paid tribute to the great example of Captain Noel Godfrey Chavasse, recounting events in the Captain's life in the Royal Army Medical Corp, who had to combine civilian with military duties at the front, where he saw within a few hours 189 casualties out of 600. Captain Chavasse worked behind enemy lines for four hours, just 500 yards to safety. On another occasion just 25 yards from enemy trenches. Altogether, Captain Chavasse saved the lives of approximately 20,000 men.
On another occasion, he worked with protection against an attack of mustard gas.
Noel picked up his torch, and rose up in his time, working against impossible conditions of mud, blood and water. Captain Chavasse was decoated with a rare second Victoria Cross. Such men are rare indeed, and we all recall his courage with awe and celebration.
"For their tomorrows, we give our today" John Maxwell Edmonds. That was the spirit of the unknown solider, great soul who's memory we salute today.
We stood and paid our respects to the memories of the men and women who have won the freedoms that have greatly contributed to the enjoyment of peace and peaceful life that England enjoys today.
Bishop Onaolapo made these closing remarks : "We are here because of the sacrifices the soldiers, male and female, have made for us. That is why the great atmosphere of stability and safety, friendliness and love prevails in this nation. I am sure this country will go from strength to strength because of that, and I am proud to be a citizen of this great country of ours."
I believe this sums up the congregations sentiments on this day, when we salute those whose lives were lost, as well as those who brought about peace.
May God's blessings be upon all.
(written by Duru-darshan
LDS Ilford ward)
|Posted on October 23, 2013 at 3:29 PM||comments (9)|
Recently I've had a lot of visitors to my blog and website from Putian as well as Beijing.
I note the Indian Premier Dr Manmohan Singh has been to visit Beijing soon after his trip to Moscow, and
things are looking good for co-operation on peacefully observing each other's shared borders as well as increase in friendly relations and trade.
My personal hope is to become nominated by the Congress Party of India (UPA) as the Prime Ministerial candidate for May 2014. Should my wish be fulfilled with approval of Rahul and Mrs Sonia Gandhi, I would be thrilled and would go to India straight away to start campaigning in earnest.
I have a vision for India as a good neighbour to China, Russia, Pakistan, Nepal, Bangladesh, Afghanistan and the whole region, as well as to unlock the huge potential that there obviously is for growth of infrastructure such as roads, bridges, dams, power generation, further irrigation, as well as housing, hospitals, schools, universities, and so on, which would utilise the resources and cater to the public, as well as use the skills and expertise internationally in building up this great nation. I have lived in London the last 41 years, and see the n-th degree developments of this nation (United Kingdom) as something India could well try to aim for. I imagine that with India's resources both of the peoples' savings and growing expectations of improvements in living standards, it would fit hand-in-glove.
It is regrettable that there have been skirmishes on the international border with Pakistan, especially just after Dr Manmohan Singh-ji had constructive talks with Pakistan PM Nawaz Sharif in New York recently. Mr Nawaz Sharif has a great reputation as a man of his people and a positive personality, who would only wish the best for his people and continuation of peaceful co-existence with India. The Indian PM has offered bilateral talks on this issue to find a resolution, and I sincerely hope common-sense and peace prevails once again.
I hope my readers will be able to make an accurate picture of what I would like to do, and I would welcome your comments on this matter.
In the meantime, I wish you a peaceful and happy evening.
|Posted on October 4, 2013 at 2:59 PM||comments (3)|
It is a concensus worldwide, and not only in Washingdon D.C., that the Debt Ceiling which needs to be raised to avoid a default, which the U.S. certainly does not wish to entertain, will be raised, be it (preferably) by bi-partisan co-operation and agreement in Congress, or by Presidential Prerogative.
Secretary for the Treasury Jack Lew has suggested 17th October as the date when the current debt ceiling arrangements hit top. It will be both prudent and necessary to raise it further, and in the current shutdown scenario in Washington the options are plain : Either the partial shutdown of the departments is swiftly lifted and government can function once again as normal, giving enough time for a bi-partisan consultation and agreement on a Debt Ceiling raise; alternatively, give the President the opportunity to exercise the Presidential Prerogative under the 14th Amendment and sign into law a figure he believes justified to safeguard the normal functioning of the government and the U.S. economy.
The new jobs created figure today of 155,000 for September seems pretty healthy, although to see a fully fledged Recovery would need about 400,000 to 500,000 new jobs per month for about 6 months. Until then, the environment demands continuation of a Stimulus, which may be tapered later when conditions improve further. In the meantime, the record low interest rate gives hope that the housing market can continue to improve and strengthen, together with auto sales and hand-in-hand creation of many jobs and heatmaps of happiness. Strength of the U.S. economy for now seems a barometer of the world economy, as confidence in the world's largest economy always impacts everywhere else.
In Japan, Premier Abe's government continues with their Stimulus, which was running at $85 billion a month (equal to the U.S. stimulus at its current height). This has enabled the Japanese economy to pull out of the stagnation that has marred it for over 20 years; the investment and build-up after the Fukushima disaster has enabled Japan lay the foundation for continued improvement and growth, the fruits of which Japan shares with investment overseas in neighbouring countries and abroad. Their GNP
figures will be nothing less than impressive, with substantial investments in the U.S. also.
It will be a great blessing for the U.S. to raise the debt ceiling in a timely fashion, and renew the confidence worldwide that things can continue as normal everywhere, which can add impetus to further growth worldwide from a strengthening Recovery to Prosperity. For that I pray.
|Posted on October 2, 2013 at 8:11 AM||comments (4)|
It is that moment in time when the world knows the answers, yet some do not seem to. For their narrow vested interests, they may be taking decisions which will adversely affect so many people.
Yes, point in question about the shutdown in the United States, affecting some 700,000 government employees who have been told not to turn up for work, because the two caucuses of the centrist Republican Party which is the U.S. Congress cannot agree the left with the right. They would like concessions on many issues, which are not of prime importance today and bear some relevance to the great impending issue of the raising of the Debt Ceiling. According to Mr Jack Lew, Secretary of State for the Treasury, the clock is expected to hit a top on 17th October, giving just about 15 days for the Congress to concentrate on this priority.
The aggregate debt stands at a whopping $16.5 Trillion, but certainly that is not huge in comparison to the essence and integrity of the United States of America. At last count, when the debt ceiling needed to be raised in August 2011, the Chinese Premier Hu Jintao as well as the Japanese leaders offered their continued support.
The cash-flow in the system has enabled an ongoing Recovery, translating into much consumer confidence, demands on goods and services, and heatmaps of happiness across the world, in China, India, Malaysia, Hong Kong, Japan, Australia, Europe, Brazil, Venezuela, and every nation who trades, which includes all nations of the globe.
Indeed it was a great gesture when the Federal Reserve opened the Open Window in Europe, enabling the Eurozone to borrow dollars and pump into their economies, creating much growth and momentum
in production and consumer confidence.
There must be few people who do not see the benefits of a globalised economic powerhouse that is the world, where co-operation and trade between nations helps each nation produce its unique resources and exchange with the rest of the world.
I believe the world can confidently assume that the U.S. banks collectively have the wherewithal to underwrite the raising of the Debt Ceiling. As Jamie Dimon of JP Morgan and other leading bankers meet with Mr Obama today, certainly that will be on the agenda of discussion.
In August 2011 the U.S. banks collectively had over $1.45 Trillion, and enabled that raise. It will be good news to hear what they may be willing to underwrite this time. Certainly the money has swirled around the system, enabling people buy the houses and cars and television sets and sofa sets and iPads which they love, and swelled the coffers of companies such as Apple and Oracle and billionaire Carl Icahn. All that is really needed is for such companies and people to continue to create more employment in the private sector, and for government to continue to serve the people effectively.
The lifting of the shutdown would be great, and would be welcome for people who are visiting America, so that their trips are joyful in seeing the monuments they have come to see.
A rethink on what has led to the shutdown can only help the goodwill of America, and the prosperity of her own people.
|Posted on September 27, 2013 at 2:36 PM||comments (3)|
In his penultimate testimony recently, Federal Chief Ben Bernanke suggested that the QE measures had greatly helped the economy.
The infusion of money did indeed stabilise the economy and create jobs on an on-going monthly basis, helping people buy autos and houses, and adding to consumer confidence in the U.S., which has become one of the fastest recovering nations post the 2008-crash. The QE measures introduced in August 2011 helped to propel the economy from a negative loss of confidence to a positive full of hope and promise and enterprise culture. The QE measures helped to finance the government departments as well as the social net, and has got some of the pick-and-shovel jobs under way, although not as many as may have been envisaged.
Secretary for the Treasury Jack Lew is characterised as pleading for action on the issue of the debt ceiling, but of course this issue cannot have escaped anyone's attention. A logical time for resolution of this issue in somewhere mid to end October, when Mr Bernanke may be stepping down, having served his nation in a most admirable way.
The $40 billion a month stimulus under the first QE measure must have clocked up a trillion just after two years and one month. The additional stimulus of $45 billion a month in buying of mortgage-backed securities has been in place for nearly a year, and that tots up another half trillion or so. All told, the authorised stimulus which was the debt ceiling was around $1.45 trillion, plus a further $700 billion from banks and private or public concerns. The money has swirled in the system and created much happiness for so many people, and sustained livelihoods and restored confidence, not only in the USA, but around the world. The dark days were when diamond merchants in India were standing idle, because American men had stopped buying diamond rings for their fiancées. The whole supply chain from South Africa to Antwerp to Tel Aviv felt the effect. Thankfully, those days are gone, and we all have to thank the return to confidence that has enabled consumers believe in a good life and live with hope. When people have received loans and mortgages, their purpose has been filled with joy. May that continue for the foreseeable future, as hard work and enterprise turn into wealth, going round and serving more. A growing circle of enterprise and industry in each nation has given added confidence to increased trade as well as growth at home. When the global locomotive of growth drives along, it is music to the ears of people everywhere, be it China, India, the Middle East, Africa, or South America, not to forget Japan and Australia. Growth and enterprise is good for the world, as each nation trades their unique resources, creating work and purpose, confidence and enterprise.
The cash-flow that the stimulus measures provided have been a great blessing, creating many jobs, creating many livelihoods, helping many families survive and recover from the savage recession that beset the world, and with the creation of activity, opening of factories and workshops, improving purchase of goods both utilitarian and luxury, improved number of travellers and visitors globally, it seems the economies are set for further growth to Prosperity.
Secretary of Treasury Jack Lew and colleagues will know what measures are necessary. President Obama and House Speaker Boehner will ascertain what is necessary and prudent for continuation of the economic Recovery. Positive developments on this with bi-partisan co-operation will herald the path to Prosperity. Trusting in good judgement, no one should have concern.
|Posted on July 21, 2013 at 12:36 PM||comments (1)|
The Chapter 9 Bankruptcy of Detroit last Friday is a stark reminder of what happens to an economy when trust breaks down between communities and disrupts the social fabric, leading to decline and decay and a sad breakdown of an economy.
I understand from cursory reading of books on Detroit that the 1967 riots sparked off a distrust between the communities, and may have been the turning point for the breakdown of the economy which has now resulted to this sad, sad decline.
No two children of the same family will be totally understanding or obedient to their parent(s), but if family members work in harmony and common objectives, they tend to be more successful. That rule of harmony holds true for organisations as well as for communities, there is no reason why it should not hold true for cities or even nations, hence last week I referred to Cario and Oakland but of course I should also have mentioned Miami.
Just imagine Detroit in the 1950s, which now appears to have been its heyday, full of harmony and enterprise, inspiring dreams, the American dream, contributing to its status as a city of great reputation worldwide, with its ballrooms, museums, theatres, skyscrapers....The industry and enterprise was there to give a livelihood to the 465,000 residents there, who soon grew to over a million and to nearly two million towards the peak. The infrastructure was added to as it served the citizens and visitors, and the town grew to a city.
The decline has seen people leave, mainly white people leaving the city to suburbs, leaving a ghetto at its core, the deserted buildings falling apart, now ready for demolition or refurbishment.
The population has fallen, leaving the municipality with an income of about $1 billion a year, when it probably needs at least a billion-and-a-half just to service the interest on the bonds.
A solution may be repopulation, with some company and a group of New Economy companies able to generate a lot of jobs and sustain the livelihoods of the citizens. Obviously there is a lot of talent and raw energy, that can be purposefully employed and will create wealth and sustain the people and regenerate the city. All that is now needed is for a few men and women of vision to locate their wealth generating companies there, and give a boost to the regeneration of the housing and public buildings.
The talent is there, you cannot stand and see a great city die. Hopefully, the government can make a special provision for a funding programme to regenerate this great iconic city with its beautiful landmarks.
As harmony exists between people, so will Recovery and Prosperity bloom in their midst. Today, I pray for restoration of faith in Detroit.
|Posted on May 23, 2013 at 5:33 AM||comments (6)|
The I.M.F. has a good suggestion for Britain : to inject some capital into infrastructure projects. That would of course create or maintain lots of jobs, as well as upgrading the infrastructure.
There may be a good argument to bring forward the house-building at the racecourses, refurbishing houses in the deserted towns in the regions, and perhaps assisting people to move away from the main areas and into these new areas, which could create a lot of economic activity as well as giving people better housing, jobs (in a new town you would need doctors, nurses, cinema ushers, porters, teachers, traffic wardens, salespeople, double-glazing companies, solar panel engineers, builders, drivers, electricians).
The shale cracking or fracking industry could be a viable alternative, once safety concerns have been ascertained, creating jobs, lowering energy bills, making Britain an affordable place to live in, and attracting more people to consider making Britain their home if they are suitably qualified to add to the economic life here.
The lending requirements in the housing sector are of the order of a £100 billion, and yet Bank of England Guvnor Sir Merwyn King is only backed by 2 of the 9 MPC members for an additional stimulus of £25 billion. The other seven would probably like to keep Austerity measures, the snake that is squeezing life out of the European economies. As the IMF has suggested, growth would be the alternative, and a stimulus is the required cash flow mechanism that must be utilized. The U.S. quantitative easing policy has shown that it is a practical way to come out of recession, and both the U.S. and Britain are blessed in this regard in that they can issue their own legal tender. The MPC board members can hopefully see the sense of it, and give Sir Merwyn the vote to issue a further stimulus before he retires. It will be a blessing to the nation, and in time for the royal birth in June.
What should we have instead of Austerity? Well, of course, a jamboree and a celebration would be good, which will help people satisfy their reasonable demands of a growing prosperity. The quicker it is put in place, the earlier the cycle of wealth creation can continue, which in turn will bring money to address the deficit, and the only really practical way of growth. Can you imagine a shop-keeper without cash flow? Nor should the MPC board members see Britain in such a light.
|Posted on May 15, 2013 at 9:51 AM||comments (1)|
Sounds like a rhetorical question I've received from someone in Sweden.
But then again, the answer is not so obvious. I would presume and say it depends on what wealth has been created from the monetary expansion. Certainly it has created many jobs, and bankrolled many businesses. That has fed many people, gone to the taxman as well, and grown by ending up as savings, interest paid to banks, and expanding-circle kind of thing where more people are busy, and more wealth is being consumed and created. The monetary expansion has been the cashflow that has lubricated and system, and more than that, it has given people the confidence to borrow, to buy cars, houses, luxury items, eat at restauants, send clothes to drycleaners, get shoes waxed by the shoeshine, buy flowers, books, go to the cinema, start some classes to learn languages or book-keeping, dancing or bee-keeping, and so on.
Of course when the monetary expansion stops, the effects would be quite obvious. Just a 1/12th reduction which is the sequestration has given an indication. When the sequestration kicked in, students for whom there was no provision were being sent home - sorry, no free lunch. That is one heart-breaking ramification, and I feel great sympathy for the boys and girls being sent home like that. In a developed economy, in a nation where freedom is worshipped, where leaders are learned and agreeable and can make a few ledger entries till the situation improves, that is what should be done.
It may pain some people to consider what the few generations will go through, but it is obviously immedaitely painful for the people who have to suffer now.
The correct action is to keep feeding the system, on monetary expansion (which is the nation giving credit to itself) and create wealth by keeping production and consumption going and the people busy. When people are busy and productive, they are happy, and in that state of balance they have a value for money, use it wisely, keep a good diet and health, invest in necessary cars and houses, clothes and tools and new technology, and try to live productive, happy lives.
I have read that some banks in Denmark may be in trouble, and the ECB is tight about what it can do.
But I believe that for the immediate future, things can be maintained with continuation of the stimulus measures, perhaps signed in with bi-partisan co-operation in the U.S. with President Obama's signature with many writing instruments, and all shall be well. 250 Billion for the next 6 months may be prudent and necessary, and simultaneous creation of say 300,000 jobs or so per month...That strategy may create enough wealth in the system to enable a wind-down of the stimulus along the line.
Once again, an announcement of positive action from the U.S. President's office will say the day.
|Posted on May 5, 2013 at 4:20 PM||comments (1)|
A time will come very soon when the U.S. debt clock hits 16.15 Trillion. That is a self-reminder to the American nation to review its finances, and see what savings and improvements could be made, to eventually balance the National Ledger one day. As is true of all sovereign nations, the national ledgers are very seldom balanced, thank God, for development, expansion, review and progress are activities that are forward looking.
Nations which are having to balance their books and keep expenditure strictly under control due to lack of overseas support typically are tiny nations, with limited natural resources, who have exhausted their credits with other nations and thus become at the mercy of God and the goodwill of friendly nations.
With the U.S., it has plenty of natural resources, a nation that is influential in its friendship across the globe, and in spite of being one of the major developed nations still has plenty of scope for further development. To wit, they are still building extensions to the railways in Pasadena, in California, and with the product developments there, the U.S. in my opinion is fully several years ahead of most other economies.
Many fine houses were lying empty across the U.S. in the midst of a housing meltdown; that has now gradually and surely started to heal. Every month the U.S. is creating more jobs, and the unemployment rate has started to go down. The 165,000 new jobs created in April were something that cheered the markets, and took the DOW to over the golden 15,000 bar which I believed it would vault over (I wrote as much in early 2012).
The only thing that remains is for the U.S. Recovery to continue is the Debt Ceiling II, the date for this seems to be around May the 18th.
It is my assumption that the best course of action would be for the President to exercise his Prerogative in this regard, and sign in, with the full bi-partisan co-operation of Congress, a further figure of 1T. This may even be modified to say 250B over 6 months from 18th May in view of the improving economy and creation of jobs on a wholesome budget. That would ensure continuation of Recovery and happiness and welfare of people, together with creation of wealth through exchange of production and consuming thereof, and money swirling in the system and returning to banks and eventually to the Fed
(through financing and creating wealth).
In about two years, when Prosperity appears in U.S. and the other nations which follow and further Peace, the name of the undersigned may be forgotten, but who cares?
God is our Heavenly Father, and as He has so inspired capable men and women to administer the affairs of nations, He has so inspired scribes to give a helping hand. Today, it is my belief that everything will be fine by the grace of God, and the suggested course of action will lead to a greater Prosperity for all.
I am always glad to hear from my Readers their comments and opinions, and any hints they wish to share with me.