WHO SHOULD BE BLAMED?
When I turned on a radio this morning, somebody said in the U.S. military channel: “When President heard that the banks were shut and closed due to the Wall Street turmoil, he said, ‘Go and use ATM.’”
Indeed, I reviewed the New York Times article on August 11, 2008:
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Cost-cutting in New York and London has already been brutal thus far this year, and there is more to come in the next few months. New York City financial firms expect to hand out some $18 billion less in pay and benefits this year than 2007, the largest one-year drop ever. Over all, United States banks will cut 200,000 employees by 2009, the banking consultancy Celent said in April.
The work these bankers were doing is not necessarily going away, though. Instead, jobs are popping up in places like India and Eastern Europe, often where healthier local markets exist…
Morgan Stanley has about 500 people employed in India doing research and statistical analysis. About 100 of Goldman Sachs’ 3,000 employees in Bangalore are working on investment research.
JPMorgan has 200 analysts in Mumbai working for its investment banking operations around the world, doing industry analysis, and compiling data and charts for marketing materials. It has an additional 125 analysts in Mumbai supporting the bank’s global research division.
Citigroup employs about 22,000 people in India, several hundred of whom work in investment research. Deutsche Bank has 6,000 employees in India, according to the bank’s Web site. Deutsche started a pilot program to outsource some research in 2003, and would not provide any update.
Theoretically, as much as 40 percent of the research-related jobs on Wall Street, tens of thousands of jobs, could be sent off-shore, said Deloitte’s Mr. Power, though the reality will be less than that…
http://www.nytimes.com/2008/08/12/business/worldbusiness/12indiawall.html?_r=1&oref=slogin
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There is a prominent Indian economist named Ravi Batra:
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Raveendra N. Batra (born 27 June 1943) is a U.S. economist and professor at Southern Methodist University in Dallas, Texas. He is best known for his best selling books The Great Depression of 1990 and Surviving the Great Depression of 1990. In the former book he predicted a sharp rise in the US stock market in the 1980s, followed by a cataclysmic drop and a depression in or around 1990….
Outcomes of predictions
When 1990 arrived, a minor depression hit Japan and there were concerns about the stability of the US banking system. However, monetary policy was accommodative and effective. Moreover, credible bank insurance was in place and the government had demonstrated resolve to be lender of last resort. As a result, there was no panic in the stock market or run on banks.
His reputation rose in Europe on account of his correct prediction for Communism and he was awarded the Medal of the Italian Senate that year.
In Japan, where an economic crisis had gripped the country, he continued to publish bestselling works. In the USA, however, his sales began to drop and his booming side-line career as a media commentator on matters economic and financial began to sour. Batra was even presented with an Ig Nobel prize. In the 1990s, he published such books as The Myth of Free Trade and The Pooring of America, criticism of free-market policies.
http://en.wikipedia.org/wiki/Ravi_Batra
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Mr. Ravi Batra recently wrote a book titled “The New Golden Age." He mentioned a revolution in this book, though it is not a religious one:
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Social Revolution
The salient feature of the era of intellectual acquisitors is that the ruling elite amass wealth but make people believe that such an endeavor is good for society. For instance, they cut taxes for themselves while raising taxes for other classes, and yet are able to convince the public that such economic policies are in society’s best interest. Or they may persuade you that God has blessed them with opulence so that they can take care of the indigent. They have the intellect to make you feel better even as they hit you, at least for a while. Dogmas proliferate at this point, and the laborer bears the maximum burden of exploitation.
Once the majority of intellectuals become acquisitive, materialism degenerates into super-materialism. There are no more religious or ethical restraints on the avarice of the elite, and as the public follows its leaders, everything gets commercialized.
There comes a point when intellectual acquisitors are virtually unchallenged; that's when the process of wealth concentration runs full throttle, with the rich getting richer and the poor getting poorer at incredible speeds. The boundless greed and hypocrisy of acquisitive intellectuals ultimately torments the majority of people. Salaries go down, and the bulk of society is forced to devote much of its time to making money. Warriors and intellectuals then have to become laborers because they have little time left for the finer pursuits of life. They have to labor hard to support themselves and their children. The intellectual’s inherent love for art, music, painting and philosophy gives way to routine work all day long to provide the means for family survival. The warrior’s innate predilection for adventure and sport is replaced by overtime work to make ends meet. The vast majority of society comes to adopt the laborers’ way of living and thinking.
[At times such as these, people overthrow the rule of money in society, as they did during Feudalism in Europe. Then comes a golden age.]”
http://page69test.blogspot.com/2007/04/new-golden-age.html
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What’s more, Mr. Ravi Batra published a Japanese book with other co-authors. Its Japanese title means “A Big Explosion of Capitalism in 2010.” He offers 10 predictions in the book:
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1. The crude oil price will continue to rise over $100 per barrel.
2. The subprime loan crisis will burst up further repeatedly.
3. The Democratic Party will win in the 2008 U.S. Presidential Election.
4. Many U.S. large corporations will go broke one after another.
5. The latest economic boom in Japan will end by the middle or the end of 2008.
6. In 2009, Iran will be another flash point in the Middle East.
7. Capitalism in the U.S. will come to the end in several years.
8. Between late 2009 and early 2010, a grave crisis will happen globally.
9. In 2010, China will also face a decisive crisis.
10. A hopeful economic system will emerge from Japan.
http://www.honya-town.co.jp/hst/HTdispatch?nips_cd=9982943731
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If you believe or not, any Indians who respect Japan should be respected.
And, though they do not respect President Mr. George W. Bush, economists and pundits who are busy nowadays in the U.S. media do not look like smart.
They do not understand Japan and Japanese economy at all. They talk often about the Japan’s decade-long or 15 year-long slump in comparison with the U.S. economy; but they don’t know it is Japan that has provided funds and money to the U.S. Federal Government, Fannie Mae and Freddie Mac, and Wall Street in this decade and 15 years. What’s more, it is Japan that has cultivated and modernized the Chinese market and Chinese industries.
So, the American radio comedian should have said, "When top economists and pundits in Washington D.C. heard that the banks were shut and closed due to the Wall Street turmoil, they all said, 'Go and use ATM.'"
Review EEE Report(er) on Wednesday, July 16, 2008.
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But the fact is as follows:
- The amount ($1.6 trillion) of outstanding bond of Fannie Mae and Freddie Mac has reached the level equal to one third of the amount ($4.7 trillion) of the US Treasury bonds outstanding.
- Top five holders of bonds of Fannie Mae and Freddie Mac are China, Japan, Cayman Islands, Luxembourg and Belgium, and institutional investors, accounting for more than $1.3 trillion.
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Review EEE Report(er) on Monday, June 02, 2008, too.
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http://www.ustreas.gov/tic/mfh.txt
The total value of US Treasury bonds held by foreign countries and financial institutes is about $2,520 billion or $2.5 trillion.
Japan and China combined owns 40% of all, though quality and historical performance of each economy is so different in addition to each contribution to the global peace, as is being proven by the Great Sichuan Earthquake that occurred near the Tibet region.
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Now, you can ponder the tenth prediction by Mr. Ravi Batra, since he seems to respect Japan so much: "A hopeful economic system will emerge from Japan."
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Mr. Ravi Batra also wrote: "The single most worrisome economic problem today is that productivity is outpacing wages all over the world. Since productivity creates supply and wages create demand, supply outpaces demand; to maintain economic balance, the world is busy creating debt, which artificially raises demand."
http://www.ravibatra.com/gapr.html
This depicts one aspect of the economic situation in Japan in these 15 years. In this context, Japan is at the vanguard in the economy of mankind.
So, that is all for today.
Do not blame U.S. President, since Jesus Christ told no to blame anybody.
And, I have today piously proved why we must not blame U.S. President, since Japan is going to present "a hopeful economic system" to the world soon (along with EEE Report).
Finally, I don't think the eldest son of Mr. Kim Jong-Il will succeed his father, now having a serious illness, as the supreme leader of North Kora, though Mr. Kim Jong-Nam, presently staying in Beijing, looks virtually under the custody of the Chinese Communist Party, while North Korea military is busy developing an intercontinental missile.
(Indeed, till winter, the political and economic turmoil seems to continue in Japan and the world as streams of news seem to never cease even from a midnight TV station…
http://homepage3.nifty.com/yodonokofune/m_4seasons_winter.mid
Source: http://homepage3.nifty.com/yodonokofune/concert2pr_017.htm)
Mat 9:16 No man putteth a piece of new cloth unto an old garment, for that which is put in to fill it up taketh from the garment, and the rent is made worse.
Mat 9:17 Neither do men put new wine into old bottles: else the bottles break, and the wine runneth out, and the bottles perish: but they put new wine into new bottles, and both are preserved.
Mat 9:18 While he spake these things unto them, behold, there came a certain ruler, and worshipped him, saying, My daughter is even now dead: but come and lay thy hand upon her, and she shall live.