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|Posted on March 2, 2014 at 4:19 PM||comments (97)|
My topical comments are on Facebook. Please connect and read on there.
|Posted on November 9, 2013 at 6:12 AM||comments (19)|
My thanks to the staff at these Search Engines for listing and indexing my website, and to Vistaprint for so beautifully hosting my website over last 28 months. It has built from strength to strength, drawing many visitors each day. Thanks to all :
Google (the multi-trillion dollar brain)
Twitter (tweet tweet to you)
LinkedIn (professional and so well defined)
Yahoo (book readers love you)
Bing (looks like people like spy thrillers)
and, just for good measure, a few porno sites, harmless fun is okay I'd say.
My blogs being read overnight are as follows :
- The ECB's 25 basispoint cut
- Stephanie Ruhle, CNBC interviewer
(She's actually an anchor for Bloomberg, working in New York)
- This is time for buyers to support Bangladesh factories
(American companies have done so, may blessings be unto them)
- Thomas Sugrue's review of The Last Great Prophet
- The Bank of America share price.
Yesterday I heard the news that China has experienced good growth and far from a hard-landing which people feared it is experiencing very sound growth, with PMI figures up and increasing.
One commentator has stated that China has several trillion dollars of reserves for investment, so I imagine the worldwide boom can continue. Today I heard that 80 percent of visas being taken for visits to Portugal are for Chinese property investors. This way, all economies with an open-door policy to encouraging property ownership and immigration would benefit from the Chinese wherewithal to sustain growth and Recovery.
If the Chinese sources are suggesting U.S. is looking for $561 Billion for next six months, it augers well for the U.S. that the jobs numbers were pretty good and growth potential is inherent in America, and it would be very probable that China would support such borrowings and support, as they have done in the recent past.
The luxury sector may start to rebound in China, who continue to buy Rolls Royce cars and jets as never before, and with the refocus on domestic consumption and increasing exports from China, it is apparent that the Honourable Xi Jinping is inspiring policies that will help the Chinese people achieve higher standards of living.
For stability and optimism into the near future, what more could the world wish for?
|Posted on October 30, 2013 at 5:30 PM||comments (2)|
The news from the Federal Reserve that it expects of maintain the Stimulus at $85 billion a month in bond purchases should have been great news for the markets, yet they headed slightly lower. The fact that there was no mention of the sequester was a bonus. The damper was I believe the news that Senator Paul is prepared to veto the appointment of Ms Janet Yellen to head the Fed. It seems the tea-party Republicans have been having a crack at bringing down the government for the last three and a half years, and they are trying to give it another go. Ultimately, it seems that good common sense will prevail in the good of the nation, and Ms Yellen may yet take control of the spigot and give everyone some punch for the New Year. At least the majority of analysts at CNBC hold that view, and people are expecting the markets to strengthen further : will the DOW test 16,000 before the year-end?
The housing figures were disappointing, but you cannot blame the individual homebuyers. The air of uncertainity created by the previously on-going sequesteration cuts, then the partial government shutdown, then the delay in agreement on the debt ceiling raise, must have compounded to weigh down sentiment. Yet it seems the hedge funds have purchased lot of housing stock, and put it into the rental sector, and house prices have been buoyed up. This may be good for the hedge funds, but for the individual homebuyers it means having to begrudgingly pay rent instead of a mortgage, but a roof is a roof anyhow, and thank God for investors who have the wherewithal to buy and rent them out.
Once the air is clear, and assuming the punchbowl is replenished, hopefully until the end of 2014, then housing Recovery should gain some stability. For the individual homebuyers, it will be a great point to join in in the party.
Under Mr Obama and the Fed's accommodative policies, Wall Street has done well, now reaching for a record high. Money has been invested in equities, turned to working capital for the corporations, income for investors, and built up a substantial cushion for the pension pots and investments. So far, it has been a good reservoir of capital, and providing confidence is maintained, will continue to be so.
What maintains the house should be good for everybody. Of course one or two senators may not care much. I hope they will not inflict a lot of pain on the system as a whole by sticking to their guns too rigidly. The climate is one for accommodative policies of co-operation, so that the world may avoid another recession soon after the longest one in recent history is hardly over. Just for the sake of humanity, they have to rethink the consequences of their stance.
Obamacare is a great idea if it were like the National Health Service in Britain; but it seems the way Medicaid is being expanded to cater for the people who were previously without cover is placing substantial burdens on the system. Quite a lot of people are having to pay much more then they did previously in order for additional people to get cover. This just does not seem fair. Perhaps a parallel stand-alone system of walk-in centres could be sponsored by the government to cover people who did not previously have cover, so that those who were happy with Medicaid could possibly be happy with them once again. As I have remarked previously in my column, the NHS in Britain evolved for 40 years from the Poor Laws of 1907 to Royal Charter in 1947. Such a grandoise system cannot evolve in a short few years, and the teething troubles with the glitch in the computers may be the least of the problems.
All things being equal, 30th November is not far away, for people to see how Obamacare is rolled out.
I would have suggested even more patience so that a balanced, truly Affordable Health Care may evolve for the United States.
|Posted on October 28, 2013 at 8:34 AM||comments (101)|
It has taken all of five years for the world economies to be restored to semblance of normality from the dark days of 2008.
Remember those days when the interest rates were quite high in the advanced economies, anything from 4 to 7 percent - and that for the benchmark European Central Bank, Federal Reserve and Bank of England rate.
The crisis created by the collapse of Lehmann Bros sent shockwaves throughout the financial system worldwide, with stockmarkets tumbling, loss of confidence in trade, fall in house prices, and a mood of pessimism gripped the world.
At the vortex of the crisis, when Oil price reached $147 per barrel, according to OPEC AND European Union figures, about $250 billion additional bills were imposed on the European Union's oil expenditure, and what a terrible crisis it created, making transportation and manufacturing unviable in many countries, e.g. Portugal, Spain, Greece, the extra drain sucking the life-force out of the system.
At the peak of the crisis, people who were earlier working in the textile industry were suddenly without work, and wondering how they would find their cod-and-chips. Enterprising young people and old were trying their hand at the e-commerce economy, and finding lot of work but little revenue. The Prime Minister of a sovereign nation which was so prosperous not so long ago was visiting the heads of state of various nations, asking for help. The social security systems were severally stretched, the tax revenues not corresponding to the new outflows. The interest on the bonds became quite high, to attract investors. Talented people from universities were not able to find opportunities to make a living.
Demand on housing was as high as ever, but people didn't have money to rent, nor were banks willing to extend mortgages. Indeed, banks and loan corporations were suddenly unviable, after the property price plunge and bankruptcies of many individuals.
Today, comparatively, there has been a return of confidence. Things are getting better. Spain, Portugal and Greece have seen their bonds become more attractive to international investors.
But the worst is hardly behind us, yet the oil price remains so high. The pending closure of the Grangemouth Refinery is an indicator of the havoc the oil price plays with the balance sheet of such businesses. A business that was viable up until recently today stands in need of £300 million, with that it would support 800 jobs until trade is more favourable. This may be a microcosmic illustration of what could be in store for the OPEC nations, unless they decide to reduce the oil price to a level that is affordable to the rest of the world, and would give the OPEC nations an on-going stable income on a long-term basis into the future, and allow the world to breathe, and help sustain Recovery.
It took two-and-a-half years after the high oil price knocked the economies for six for a return to some kind of normal business activity. Common sense tells me that the high price today will probably hamper growth for about a year-and-a-half, and it is already restricting growth and causing hardships in many places, e.g. Yemn, Kenya, India, and almost all the nations outside the G20.
I WOULD RESPECTFULLY SUGGEST THAT THE OIL PRICE NEEDS TO BE BELOW $85 A BARREL.
That would help the hard-pressed developing nations meet their bills from their depleted reserves or devalued currencies, and enabling continuation of trade with the U.S., China, European Union, Israel and indeed OPEC, which would create a dynamic of mutual co-operation and support that may help all nations thrive and develop all their potential. That is the missing piece of the jigsaw in the picture of a continuation of the worldwide economic Recovery.
All the listening hearts of the world know what I am saying, and those who sit in positions of influence will do what is necessary, for that I pray.
|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 19, 2013 at 12:21 PM||comments (7)|
When I get so many readers from Kansas City to my blog, I think Narayani Namastute! Narayani Namastute! Yes, on the auspicious day of Full Moon, as it was yesterday, and with the conjunction of the debt ceiling raise decision in the U.S., I was wondering what the Kansas City Fed Chairman Narayanan Kocharlakota was thinking. I haven't read anything in the press, but he is normally an advocate of quantitative easing with deliberate measure. In this regard, again, it is early days to see a ballpark figure of the debt ceiling raise, and for the 4 months of January 15th, Congress has announced that the U.S. government will be fully funded. Their Comptroller is likely to know what that means, and how much money will continue to flow into the system until then.
In the meantime, it must be a great relief that the shutdown has been lifted. Never again, I can hear everyone saying. People have lost income and business, tourists have suffered not being able to visit monuments and museums they may have especially travelled over the States to visit. The short but very long 14 days have cost the U.S. dear, to the tune of some $24 Billion in lost revenue and productivity. The lesson is clear, such a shutdown over an extended period would cause the economy to slow down, and the economy to lose something on the GDP measure. It is like an economy in good shape being told to trim down. Never again, I hope.
As to the ballpark figure, my suggestion is $1.32 Trillion over 20 months, which works out at $66 Billion per month. After payment of some $60 Billion per month for the social security net, that leaves $6 Billion per month for enterprise and job creation. Jobs ranging in pay from $20 or $30,000 per annum to $250,000 per annum could be created, perhaps 300,000 or 400,000 per month. And he presto! within six months the U.S. would have whizzed on from Recovery to Prosperity.
But that's just a ballpark figure I am suggesting. At current Stimulus of $85 Billion per month, maybe it could be different. In view of the regime of Abenomics in Japan and their Stimulus of $85 Billion per month, the per capita differential is in Japan's favour. It is a theme to be explored over the coming days.
I am glad to note the global economic order has been stabilised after the agreement in the U.S. on the debt ceiling raise. As they all enjoy four months of relative calm and stability until 15th January and then to 7th February, I trust they will have this in mind and not give everyone, including themselves, a tough time.
Certainly, the costings and implementation of Obamacare is something they can review and see how technically it would be best implemented. The beginnings of the British NHS took about 40 years in gestation, before it received the blessing as a Royal Charter in 1947 under the kind King George. Obamacare is by comparison in its infancy, and needs to be tweaked and explored before this very sound principle can bring benefits to the citizens and the nation.
|Posted on October 17, 2013 at 3:29 PM||comments (10)|
Someone from New Zealand seems to remember the 'wear a silly hat and sing a song' article I blogged some time ago. That, plus all others (over 1100 articles on my blog www.durudarshan.co.uk/blog) are there for your amusement.
When I was much younger, some of my colleagues used to say that perhaps one day I should write a book and call it 'The Thoughts of Chairman Duru'. My style must have been an amusing version of the great Chinese leader.
My collection of work I have merely labelled for the meantime as 'From 2008 to Recovery'. I started to put my words on Google soon after the collapse of Lehman Bros in October 2008, which had the effect of a whirlwind hitting the capital markets. At that time, with subdued optimism and a fool's courage, I started to search for Worldwide Economic Recovery, May 2009, at Amazon.co.uk. The computerised book search merely cancelled out the May 2009 and gave me a handful of economics books. I found Nobel prizewinner but very modest hence great economist Dr. Edmund Phelps words inspiring. I feel still that in his works we can uncover some of the dynamics of restructuring our economies and re-creating Recovery from the clean landscape after 2008.
In the U.S., a lot of things seem to have been implemented, as well as in China, which has seen phenomenal growth in the last 30 years. Looking at this giant nation which is still partly a command economy, with a hierarchy where commands are given and executed without loss of time, one marvels at the inspiration to build and modernise left them by their great leader Chairman Mao. He was ruthless towards his enemies, but to his nation, he was a jovial comrade, leading them with emotional songs and poetry even when they worked hard on half empty stomachs. China has done their Leader proud, and the tradition has continued with the Honourable Hu Jintao furthering friendship with Mr Obama, which will surely further blossom now with the Honourable Xi Jinping.
The world is open for trade and further development, with Britain and Mr Cameron today inviting participation from France and China in building a nuclear power plant here in England. It is my belief that the lessons learnt from Fukushima as to how safe actually nuclear technology is, will be used to build a new generation of nuclear power plants throughout the world, which needs all alternative sources of power to build and continue forward.
The worldwide economic Recovery will continue by the grace of God, with more trade developing between nations, more co-operation in investing and helping build the other nations, so that in peace and exchanging the resources each nation is blessed with, all can share what God has given, to the glory of our Father in Heaven, whose name is Allah to some, Bhagvan to others, who loves all humanity deeply and will surely help us all find solutions to the problems that confront us. That I sincerely believe, and after the fiscal arrangements America has put in place last night, it seems for the meantime the music of Recovery will continue.
Putting on a silly hat and singing a song is a great idea of the Wal-Mart chairman. Haeri Mai, that's what the sister at church says to us sometimes. It means hello; to me, it sounds like my own Mum's name.
Today I hear the North and South parts of New Zealand have two new names in Mauri, the green island and the other one. Please do let me know when you write to me. I'd appreciate your comments.
In the meantime, kind regards,
|Posted on October 15, 2013 at 2:35 PM||comments (5)|
Sound bites coming out of Washington this morning suggested that progress had been made on the debt ceiling raise negotiations, but there was still some work to be done.
Indeed, NDTV was stating that a deal had been agreed in principle, to the effect that there would be 'full funding' of the government till 15th January, and thereafter a debt ceiling renegotiation date of 15th February. If that is in fact so, that would be great news for everybody, at least they won't have to worry about the cold winds of November and can have a holiday and relax over Christmas before having to face the cold corridors of Washington in the New Year.
People are counting on the House Fathers Harry Reid and Mitch McConnell to bring everybody to the fold and get some agreement in principle, so that it can be presented to the world latest by Thursday.
Optimistically, everybody is waiting for such news.
In the meantime the U.S. Budget Office is issuing advisories in the event that an agreement is not reached. Namely that in the event of a debt ceiling limit not being raised, the government will have run out of authority to issue any more money into the system. In the most unlikely event of that happening, the ramifications would multiply twelve times what has happened under the Sequestration.
(The sequestration cuts totalled $85 billion over twelve months from a Q.E. budget running at $85 billion per month; hence one twelfth, so the effects of a halt would be magnified twelve times. This is just to put in context some meat for the doomsters. I cannot see the wise elected leaders of the U.S. ever leading America down that path, which would of course spell pessimistic scenarios for the world, as all nations trade with the U.S. and lot of people are engaged in producing something for export or working in calls centres and so forth which serves the major economies.)
Ideally, everybody would like to believe that such an agreement will be reached and released to the world, that full funding of the government continues until January, and then once again they can face the cold winds of February to negotiate another debt ceiling raise. In the meantime, the funding will ensure U.S. continues to trade at full strength with the world, and create more jobs at home and abroad, creating a continuation of the Recovery that has gladly blessed this great nation.
Japan is most definitely looking for an endorsement of the QE policies which they have implemented with a huge success, pulling Japan out from a phase of stagnation that lasted 20 years to what are glad welcomes of a Recovery. China likewise is re-focusing on domestic growth; how much better it will be if things continue in a positive way across the globe, so that there is work for the workshops, freight for the transport and the oceans, everyone doing something purposeful, busy, happy, earning their livelihoods, buying houses, cars, sending their children to schools and colleges and universities, a whole world procession in progress, the army of humanity.
How wonderful it will be for those wise leaders in Washington to agree upon and then issue to the world the words that signal the continuation of the economic Recovery at home, and by extension to the world. I pray for this.
Looking for inspiration yesterday, some words occurred to me, which I tweeted, as follows :
"Have faith, just believe. Everything will be all right, by the grace of God."
I sincerely believe that shall be so.
|Posted on October 8, 2013 at 3:41 PM||comments (6)|
Each one can imagine some kind of bleak scenario, in the event that the Debt Ceiling was breached and there was no agreement in Washington between the Republicans and Democrats.
At the moment, the world watches in exasperation as the two sides debate and give a very mixed impression. As they gleefully remain entrenched as to what they will concede or not, the time is ticking away to 17th October.
Japan and China have wondered at the shutdown, and why it is not being lifted swiftly. In those nations, such a situation, were it ever to arise, would be reversed as a matter of honour and in the interests of not impeding the economic engine. It would be done swiftly with a command from the leadership.
In the U.S., by contrast, as is the nature of democracy, every fine detail has to be debated. That is fair enough, but time is running out nevertheless.
In the event that there is no Debt Ceiling raise by 17th October, one can envisage a bleak picture where government will not be able to pay its employees, which of course also includes the Representatives and Senators who have defended very narrow corners and brought about the current shutdown and the furloughs, disrupting peoples' daily routines and reducing their paypackets. Of course this would have an impact on the economy overall were it to continue for any length of time. Just over a week has gone, and the mood on the stockmarket has been subdued. If it were to continue for consecutive 21 days, probably it would cause a disheartening mood, which would dampen the feelings and start a down-turn.
Secretary of State for the Treasury Mr Jacob Lew has said there would be about $30 billion for cash-flow, in a 'four trillion dollar enterprise'. That may be sufficient for 12 days, which would take everyone to 29th October. If there was no agreement by then, can you imagine anything but the stock markets falling, a fear factor and a lack of confidence, people being laid off by private enterprises as well. I would bet the Oil price would plummet, demand would be so drastically reduced. The domino effect would be worldwide, nothing short of alarming. It would be like looking at Greece in its recent dark days, only the U.S. is a much bigger economy, with over 16 times the population of Greece. Not only that, what is the sovereign currency of a well-functioning economy and the Reserve Currency of the world would have its standing compromised.
I trust they have some arrangement in place, whether by bi-partisan co-operation, putting aside for the moment the other issues which are dividing them at the moment, and agreeing to a Debit Ceiling raise by 17th October; or, arrangements in place to allow the President to exercise his prerogative under the 14th Amendment and sign in an amount that would be prudent and necessary.
Mr Obama has mentioned that the debt burden has been reduced by Two and a Half Trillion in the last few years, so his Administration's policies have been productive and praiseworthy, pulling the whole economy out of a severe recession and creating a nation with huge heatmaps of happiness, which have provided growing confidence worldwide. The sooner the uncertainity regarding the Debt Ceiling raise is removed, the better will it be for the whole world. America's well-wishers and creditors alike would feel good, a positive mood of certainity and predictability for future growth would continue worldwide.
The last Debt Ceiling raise in August 2011 has proved efficacious, and so there would be universal approval and applause for such a measure this once also. Those who believe in doing right by their fellow humanbeings, let them also do right by the currency that says 'In God We Trust'.
|Posted on October 5, 2013 at 2:31 PM||comments (2)|
Hi everyone, how are you?
I wrote and published several blog posts over the last seven days, as follows :-
- Germany a good model of employment
- Forward guidance and the UK Housing market
- Light a candle....
- Stimulus? Taper? Where we headed?
- Mr Bernanke's penultimate testimony before he leaves the Fed.
- The paradox in inflation
- My blog posts this month
- Thanks for visiting my website.
- Bi-partisan Agreement or 14th Amendment, either way Debt Ceiling will be raised.
- Netherlands, Kansas City, Kharkov....welcome, welcome!
Over the 7 days, I note Referring Traffic to my website and blog (www.durudarshan.co.uk)
from the following. I express my thanks to the staff at these organisations, for listing my website and blog....without you, all these readers wouldn't have found me so easily. Thanks!
I am pleased to note that the value of my website is going up, and I am getting more visitors each month. I am particularly pleased to note that I rank tops with Google. That is thanks to my parents for having given me this unique name. (Duru is the North Star, and darshan means obeisance).
I hope you find something interesting to read on my website or blog. I like to tune in to receive any interesting information, most of which I share with my readers.
This morning, I went and helped clean the LDS Chapel here in Ilford. I opened the windows, then squirted some bleach into the toilet pans on all three floors. Whilst this was doing its job, I moved the chairs in the Sacrament Hall and hovered the carpet. Just nice and easy, and the exercise did me good. In the peace and quiet of physical labour, the mind becomes quiet and receives the Eurekas!
Until next time,
Wish you a great weekend.