What should be a relaxed Friday evening is turning out as an exercise of 'glass half empty'. Todays' reading are sumamrised below.
The Financial Times talks about India's hype.
"A word about India hype. It highlights high-end services, and now manufacturing sectors, with their globalising, world-beating companies. But it overlooks reform deficits in agriculture, services and manufacturing. It talks of “Chindia”, the notion that India plays in the same league as China as an emerging superpower – which is pure myth."
Full article is here . It is a must read. The link opens in a new window. Go ahead, click it, read it, now.
The IMF says there are "worrisome parallels” with the Great Depression". There is much more pain ahead!
"… recessions associated with financial crises tend to be unusually severe and their recoveries typically slow. Similarly, globally synchronized recessions are often long and deep, and recoveries from these recessions are generally weak. "
Deflation has gone global, as "Japan wholesale prices log fastest drop since 2002 ". Mish's global economic analysis Here , adds "German wholesale prices see record decline in 22 years", "US CPI In First Year-Over-Year Decline Since 1955"
Finally, "The cause of the great depression is simple: There was a massive runup in credit, margin, leverage and speculation in the late 1920's. Does that sound familiar? It should."
Mr Advani, BJP leader demands the return of black money in swiss banks. Why did he not do this when he was Home Minister, asks Mr Kapil Sibal from the congress party. The answer lies in this article. You owe it to yourself, to your family to be well informed. This is your country.