CATASTROPHIC BOOM, DEPRESSION and DISASTER Call for the New DEAL!

CATASTROPHIC BOOM, DEPRESSION and DISASTER Call for the New DEAL!


Troubled Galaxy Destroyed Dreams: Chapter 186

Palash Biswas

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New Deal

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This article is about the policy program of U.S. President Franklin Delano Roosevelt. For other uses, see New Deal (disambiguation).


Top left: The Tennessee Valley Authority, part of the New Deal, being signed into law in 1933.
Top right: President Franklin Delano Roosevelt, who was responsible for initiatives and programs collectively known as the New Deal.
Bottom: A public mural from one of the artists employed by the New Deal.
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The New Deal was the name that United States President Franklin D. Roosevelt gave to a sequence of central economic planning and economic stimulus programs he initiated between 1933 and 1938 with the goal of giving aid to the unemployed, reform of business and financial practices, and recovery of the economy during The Great Depression. The enactment of New Deal policies lasted from 1933 through 1939.[1][2]

When Franklin D. Roosevelt took office, the nation was deeply troubled. No one could receive a bank loan. The unemployment rate was 25% and higher in major industrial and mining centers. The agricultural sector was possibly in worse shape than the industrial sector. Farmers were having difficulties selling their products and a part of the country known as the dust bowl was experiencing a long lasting drought. Mortgages were being foreclosed by tens of thousands. [3] Unemployment was still high in 1939, with the tide only turning in 1941.[4]

The "First New Deal" of 1933 was aimed at short-term relief programs for all groups. The Roosevelt administration promoted or implemented banking reform laws, work relief programs, agricultural programs, and industrial reform (the National Recovery Administration, NRA), and the end of the gold standard and Prohibition.



A "Second New Deal" (1935–1938) included labor union support, the Works Progress Administration (WPA) relief program, the Social Security Act, and programs to aid the agricultural sector, including tenant farmers and migrant workers. The Supreme Court ruled several programs unconstitutional; however, most were soon replaced, with the exception of the NRA. The Fair Labor Standards Act of 1938 was the last major program launched, which set maximum hours and minimum wages for most categories of workers.[5]

Most of the relief programs were shut down during World War II by the Conservative Coalition (i.e., the opponents of the New Deal in Congress). Many regulations were ended during the wave of deregulation in the late 1970s and early 1980s. Several New Deal programs remain active, with some still operating under the original names, including the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA), and the Tennessee Valley Authority (TVA). The largest programs still in existence today are the Social Security System, Securities and Exchange Commission (SEC), and Fannie Mae

http://en.wikipedia.org/wiki/New_Deal


U.N. Panel Ways World Should Ditch Dollar


By Jeremy Gaunt, European Investment Correspondent
http://informationclearinghouse.info/article22275.htm

March 18, 2009 -- LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.

"It is a good moment to move to a shared reserve currency," he said.

Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.

Some analysts said news of the U.N. panel's recommendation extended dollar losses because it fed into concerns about the future of the greenback as the main global reserve currency, raising the chances of central bank sales of dollar holdings.

"Speculation that major central banks would begin rebalancing their FX reserves has risen since the intensification of the dollar's slide between 2002 and mid-2008," CMC Markets said in a note.

Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday.

It has significantly reduced the dollar's share in its own reserves in recent years.

GOOD TIME

Persaud said that the United States was concerned that holding the reserve currency made it impossible to run policy, while the rest of world was also unhappy with the generally declining dollar.

"There is a moment that can be grasped for change," he said.

"Today the Americans complain that when the world wants to save, it means a deficit. A shared (reserve) would reduce the possibility of global imbalances."

Persaud said the panel had been looking at using something like an expanded Special Drawing Right, originally created by the International Monetary Fund in 1969 but now used mainly as an accounting unit within similar organizations.

The SDR and the old Ecu are essentially combinations of currencies, weighted to a constituent's economic clout, which can be valued against other currencies and indeed against those inside the basket.

Persaud said there were two main reasons why policymakers might consider such a move, one being the current desire for a change from the dollar.

The other reason, he said, was the success of the euro, which incorporated a number of currencies but roughly speaking held on to the stability of the old German deutschemark compared with, say, the Greek drachma.

Persaud has long argued that the dollar would give way to the Chinese yuan as a global reserve currency within decades.

A shared reserve currency might negate this move, he said, but he believed that China would still like to take on the role.

(editing by Patrick Graham)



CATASTROPHIC BOOM, DEPRESSION and DISASTER Call for the New DEAL!



The New Deal was the name that United States President Franklin D. Roosevelt gave to a sequence of central economic planning and economic stimulus programs he initiated between 1933 and 1938 with the goal of giving aid to the unemployed, reform of business and financial practices, and recovery of the economy during The Great Depression. The enactment of New Deal policies lasted from 1933 through 1939.



The NEW DEAL was targeted to Rescue the suffering POOR from INTENSE FOOD SECURITY and Starvation! It tried for RECOVERY to bail out the UNEMPLOYED and REFORMS were targeted for FINANCIAL,FISCAL and Monetary system!



Present day US BAILOUT does not reflect the SPIRIT!



BUT the GOVERNMENT of INDIA lacks the POLITICAL POWER for such a deal. THE GOVERNMENT promotes CAPITAL FLIGHT, INFLATED MANIPULATED fundamentals SATYAM ASATYAM and DIVERSION of REVENUE as well as INCOME and EXPLOITATIONS by ILLUMINITI and CORPORATIONS and MNCS!



IPL is a ICONISED case of DRIFTING CAPITAL which along with WAR DEBTS to USA caused GREAT DEPRESSION in Italy, Britain France and GERMANY! The EUROPE had enough MONEY with the CAPITALISTS but they INVESTED ELSEWHERE. INDIA INC is replicting the European capitalists of GREAT DEPRESSION creating an UNPRECEDENTED HYPE of MELT DOWN and it is doing all the SLAUGHTER of the MASSES irrespective of CASTE and CREED.FASCISM aligned with IMPERIALISM has made INDIA a COLONY of United States of AMERICA and the AMERICANISED INDIA is nothing but a PERPHERRY POLITICAL ECONOMY!



We may not expect any RELIEF or RECOVERY or REFORM in the real sense!



The GOVERNMENT itself is bound to run on the SUPER HIGHWAYS dictated by World Bank,IMF, GATT, WTO, PENTAGON and WHITE HOUSE!



THE GOI is neither SOVEREIGN nor FREE to do anything to help the PEOPLE at HOME!



Rather it is destined to execute the ORDERS of GLOBAL POST MODERN MANUSMRITI, APARTHEID,ZIONIST, BRAHAMANICAL, ILLUMINITI heads!



It has OPERATIONALISED INDO US NUKE DEAL and OPENED flood GETS for GLOBAL WEAPON MARKET to exploit NATIONAL REVENUE on the NAME of DEFENCE, SECURITY and WAR against Terror!



The balance of PAYMENT and FUNDAMENTALS of INDIAN ECONOMY as well as FOREIGN POLICIES centre around International OIL Politics and Economics. We destroy the ENVIRONMENT and CLIMATE, LANDSCAPE and HUMAN SCAPE, Natural resources for REALTY, AUTO, Chemical, BANKING, Insurance, ENTERTAINMENT, RETAIL, Luxuries and consumer durables!



The People has no space in Indian BUDGET, PLANNING, FINMIN, RBI, SCHEMES and RELIEF and RECOVERY!



The CONSTITUTION is killed and PARLIAMENT is BYPASSED as MIGRATING ELECTORAL system produces the OPPORTUNIST Creamy layer to lead the COUNTRY with CLUBBING of a few CASTES amongst SIX THOUSAND Castes and MINORITIES.



We NEVER DESERVE a NEW DEAL or the CHANGE as we die for POWER without EMPOWERMENT and MOBILISATION!



It is engaged in ETHNIC CLEANSING, GENOCIDE and REPRESSION and MASS DESTRUCTION to FEED Blood and MEAT to the GREEDY ANTI NATIONAL Unethical MONEY MACHINE, India Inc, MNCs, Corporates, FII, BUILDERS, REALTY and PROMOTERS.



Government of India works as AGENCY of GLOBAL ZIONIST Weapon Industry and allows CHEMICAL and BIOLOGICAL WARFARE EXPERIMENTS terming it DEVELOPMENT, INFRASTRUCTURE and Industrialisation.



IT has created KILLING FIELDS named SEZ and PCPIR everywhere countrywide. IMPORT EXPORT DUTIES EXEMPTED, TAX WAIVERS to the CAPITALISTS, Killing licence to the CORPORATES and MNCs, FDI unregulated, FIIs takeover of DICES, DISINVESTMENT and Privatisation of Industries, DISPLACEMENT and Destruction of SC, ST, OBC and Minority communities depriving them of CITIZENSHIP, LAND, HOME, LIVELIHOOD, HUMAN RIGHTS, CIVIL RIGHTS and Life!



POVERTY is the CAPITAL in INDIA and it is INVESTED to multiply the CAPITAL.

Thus, INFLATION is shown is DEFLATION deleting the SURVIVAL COMMODITIES and FOOD SECURITY!



AAM ADMI is wooed for VOTE and AAM AADMI has no right top live FREE and Work FREE and HOLD whatsoever Property even a HOME and a piece of LAND!



STARVATION and JOB LOSS are denied. ECONOMISTS play as TRANCE SEXUAL Prostitutes and POLITICIANS do the ROLE of BUTCHER in our political ECONOMY.



How do you solve the problems denying their existence?



BENGALI Number one daily News Paper with a circulation of FIFTEEN Lac daily has published a PRE POLL survey today. The SURVEY showcases UPA SHINING INDIA shamelessly.



In accordance with the survey twenty six percent people select DR MANMOHAN SINGH the PRIME MINISTER once again! Next choices happen to be SONIA GANDHI and RAHUL Gandhi!

The survey predicts 258 seats for UPA and SUCCESS for every UPA partner except Lalu who revolted! It discards whatsoever chance for the THIRD FRONT and allocates the TO BE THIRD FRONT only 105 seats.



The survey predicts disaster for the LEFT, MAYAWATI, Lalu and JAILALITA and projects MULAYAM as LEADING in UP. It spares 21 seats for Mayawati and 11 seats for LALU`s RJD!



I do not intend to CHALLENGE the METHODOLOGY and CREDIBILITY or Logic of the survey as far as the results are concerned as it is always bound to be Hypothetical.



But the NEWS PAPER has also projected A FEEL GOOD INDIA as 90 percent of INDIANS happen to be HAPPY despite RECESSION, JOB LOSS and FOOD INSECURITY.



Only ten percent complains that the situation is worse!



Wonderful!



It is no wonder for me as the PSEPHOLOGISTS are quite professional and they have to be PARTSAN and BIASED to SUSTAIN the ZIONIST BRAHAMINICAL Hegemony as the ECONOMISTS do try their best along with the TOILET Media and Pet INTELLIGENTSIA!



Indian Toilet Media PRINT as well as ELECTRONIC supported NDA in last Elections as it was in power then and FEEDING SOPS and REVENUE, FDI in TOILET MOUTH!



Now UPA is more GENEROUS! The MEDIA depends on the Govt. to skip the WAGE BOARD recommendations. It needs FDI for modernisation, escalations, new editions and so on. It has to defy all LABOR and PRESS Laws to generate more and More Revenue and RETRENCH the MANPOWER!



A young journalist told me,` DR Manmohan Singh is the FACE of India!’



I replied,` You may be RIGHT but AESTHETICALLY it seems awkward!’



`Why?’



`We wretched Indians are HABITUAL to Visualise the NATION as MOTHER INDIA! How your MOTHER wears a FACE of a MALE SIKH?’



There is a gaping hole where one of the world's tallest buildings is supposed to go up!

Recession stalls skyscraper construction!

The planned 150-story Chicago Spire would be 2,000 feet tall if it gets built atop its completed foundation, ranking the tower the tallest in the Western Hemisphere and the sixth-tallest among the world's planned skyscrapers.

The Spire was supposed to be finished by 2012 and the Irish developer staged a global marketing campaign. Buyers snapped up a third of its 1,194 luxury condominiums priced between $750,000 and $40 million. Ty Warner, creator of the Beanie Baby toys, opted for the top-priced penthouse.

In credit drought, US car dealers battle to survive while TATA MOTORS launched the COMMON man`s DREAM CAR Nano defying Global Melt Down!

VIJOY MALYA, SHAHRUK KHAN, SHILPA SHETTY and MUKSH AMBANI do not lament for the projected ABSENCE of Indian UDIENCE in IPL Season Two if SHIFTED ABROAD as BCCI delared!

VARUN GANDHI is not to be DISCARDED for his HATE SPEECH and ELECTION Commission Direction to BJP!

ZION PROTOCOLS happen to be on TOP PRIORITY as I have been insisting.

If we trace the lines of WORLD HISTORY as analyse the recent FALSE RECESSION so hyped for OPEN SOPS for Indian DESI ILLUMINITI in making, in the light of the facts and realities of GREAT DEPRESSION in 1929, it would be rather more clear that despite RESILIENCE, the ARTIFICIAL RECESSION is imposed upon on with a MERCILESS MASS DESTRUCTION AGENDA to CAPTURE NATURE, NATURAL RESOURCES and GLOBAL ORDER of ECONOMY, POLITICS and CULTURE eliminating all Indigenous, Aboriginal and MINORITY communities!


The Indian Premier League 'won't be the same' when played outside India, Sachin Tendulkar said on Monday voicing his disappointment at the BCCI's decision to shift the Twenty20 event abroad.Echoing the master batsman, his teammates Yuvraj Singh, Gautam Gambhir and L Balaji also expressed disappointment with the BCCI's decision as it will deny them a chance to play in front of home crowd.

It is 'painful' to shift the Indian Premier League from India but with 'hands tied' they had no option except for relocating the tournament, says the Commissioner and Chairman of the cash-rich event, Lalit Modi.

"I personally worked so hard over so many years to build the IPL here and to me it's very painful to see this. But it would have been more painful for us not to have the tournament at all. So we had to take one decision or other," Modi said.



On the other hand, the BJP has said that Varun Gandhi remains the party candidate from Pilibhit. The party has however issued an advisory to Varun "to be careful on the language that he uses in his election campaigns". The party has reiterated its "strong objection" to the Election Commission suggestion (also reported by The Indian Express in its March 23 edition) that the party desist from fielding Varun from Pilibhit. How come the EC has not made similar observations in case of Sanjay Dutt, Jagdish Tytler, Sajjan Kumar or M K Subba," asked BJP spokesperson Balbir Punj, after meeting Varun around noon. While


Meanwhile,Nano, the wheels that millions of Indians have been waiting to drive, hit the roads and waved goodbye to Tata Motors' enduring image as a truckmaker. Tata Motors on Monday commercially launched its people's car, Nano, promising to stick to the Rs 1,00,000 price tag for the base model.

"From today onwards, the product will be available in the showrooms... There will be three versions - the base version, which is the one we promised to the people of India and two upper tier versions...," Tata Group Chairman Ratan Tata told a news conference.

The higher-end versions would have airconditioning, power brakes and power windows, among others.

"We hope this day we will usher in a new form of transport," Tata said, adding that the endeavour was never to build the cheapest car but to provide an affordable form of transportation. He, however, hastened to add that "we made a promise and that we've kept the promise."

The bookings will commence on April 9 and deliveries are expected by early-July.

The company had earlier promised to sell the car for Rs 1,00,000 for the base model.

In Mumbai, Buying at the fag-end drove the Bombay Stock Exchange benchmark Sensex to a six-week high of over 9,400 points on optimism that US stimulus measures will help ease the credit crisis and revive global economic growth. The Sensex, which remained range-bound in the last two trading sessions, shot up by 457.34 points, or 5.10 per cent, to 9,424.02, a level last seen on February 12. It touched the day's high of 9,454.69 and a low of 9,040.30 points.

In washington, ZIONIST ILLUMINITY Leader US President BARRACK OBAMA declares his POLICY to focus on our DIVIDED Bleeding Geopolitics SOUTH ASIA. US President Barack Obama on Monday indicated that he would be focusing more on diplomatic efforts when it comes to Pakistan, as his administration is now busy giving final shape to his Afghan-Pak policy.
"We may need to improve our diplomatic efforts in Pakistan. We may need to bring a more regional diplomatic approach to bear. We may need to coordinate more effectively with our allies," Obama told the CBS news in an interview, giving an inkling of what his new policy would look like.

Obama said his main goal of the new policy would be to make sure that Afghanistan is not used as a ground to plan and launch another attack on the United States or its allies.

"That's our number one priority. And in service of that priority, there may be a whole host of things that we need to do," Obama said. "We may need to build up economic capacity in Afghanistan," he said.

"But we can't lose sight of what our central mission is, the same mission that we had when we went in after 9/11. And that is these folks can project violence against the United States' citizens. And that is something that we cannot tolerate," Obama asserted.

"But what we can't do is think that just a military approach in Afghanistan is going to be able to solve our problems," he said.

As a result, his administration is looking at a comprehensive strategy for the region. "And there's got to be an exit strategy. There's got to be a sense that this is not perpetual drift," Obama said.


Tata Motors passenger car business president Rajiv Dubey said one-lakh applications would be accepted and the first lot of cars allotted through a lottery.

Customers would be able to book it with an upfront payment of Rs 2,999 between April 9 and 23. Those who are not allotted vehicles would be paid interest at the rate of 8.5 per cent for the first year and 8.75 per cent for the second year.

The snub-nosed car, which has its 623-cc engine in the rear (a first), can carry four passengers and has a fuel economy of 23.6 km per litre. The project was conceived in 2003 and has cost the company over Rs 2,000 crore.

The company would use its Pantnagar facility, which has an annual capacity of 50,000 units, to roll-out the Nano until in Sanand unit in Gujarat goes on stream.

Sanand facility would have a capacity of 2.5 lakh units annually and scaleable up to five lakh units.

Although the hatchback Indica, launched in December 1998, helped clear the good-for-only-trucks air surrounding Tata, it was the Nano - the sub-USD 2,500 car - that made the global auto industry stand up and take notice of the company that was set up in 1945 to manufacture locomotives.

In 1954, Tata Engineering and Locomotive Co Ltd began manufacturing medium commercial vehicles along with Daimler Benz A.G of West Germany.

The Nano, unveiled at the ninth Auto Expo in New Delhi in 2008, is possibly the world's most anticipated car since the original people's car Ford Model T.

"The most talked-about car at the Detroit auto show (2008) is a car that isn't here and isn't intended to ever be sold in US showrooms," wrote the ‘USA Today’ after the Nano was unveiled.

Tata Group Chairman Ratan Tata said that he plans to export an upgraded version of the Nano to eastern and western Europe, the UK and possibly to the US as well.

"From today onwards, the product will be available in the showrooms. We hope this day we will usher in a new form of transport," Tata said at the commercial launch.

Tatas previewed their small-wonder at last year's Geneva Motor Show and again at 2009's edition with the variant that complies with European emission and safety standards. The car is expected to be launched in Europe by 2010-11.

The snub-nosed car, which has its 623-cc engine in the rear (a first), can carry four passengers, has a fuel economy of 23.6 km per litre and most of all is affordable to the masses.

Tata Group Chairman has hinted that the base variant of Nano would be available for just Rs 1,00,000 and customers would be able to book it with an upfront payment of Rs 2,999 between April 9 and 23.

The company is expecting two-wheeler users to switch to four wheels.

Tata said that the demand for two-wheelers was in the range of six-seven million units and he expected demand for the Nano to be around one million.

The commercial launch of the vehicle was more a moment of pride for Tata, whose Nano left global car makers searching for answers.

Renault-Nissan announced plans to launch a budget family car but have since put them on hold given the global economic slowdown.


Guj riots a national shame, not IPL going abroad: PC
In a sharp reaction to the criticism of the Central government over the IPL issue, Union Home Minister P Chidambaram on Monday hit back at the BCCI and the BJP, saying that the cricket tournament was a "shrewd combination of sport and business" and there was no need to add politics to it.
A day after the BCCI announced that the second edition of the IPL was being shifted to a foreign country because of security issues in India, Chidambaram told a press conference that while he had no comment on that decision, he had read a number of statements which obliquely criticised the Central government. "These statements require an answer. Some unwarranted comments also deserve a rejoinder," he added.

Taking on Gujarat Chief Minister Narendra Modi, who had described the shifting of the IPL out of India as a "national shame", the Home Minister said that most people in India thought that the Gujarat communal riots of 2002 were a national shame.

To another BJP leader Arjun Jaitley's comments that the decision will send a negative message to the world and that the Congress-ruled states have been non-cooperative towards holding of IPL in India, Chidambaram said, "I know that Mr Jaitley has a penchant for exaggeration, but because he also wears the cap of the president of the DDCA he seems to have gone overboard this time."

"Perhaps he has forgotten that several leaders of the NDA had expressed the view that the schedule of the IPL should be postponed until after the elections," Chidambaram said.

On BCCI President Shashank Manohar's claim that the government's attitude forced the organisers to move the IPL out of the country, Chidambaram said, "If he was referring to the central government, the remark is entirely unwarranted. It is contrary to the letter of March 4, 2009, wherein N Srinivasan, Secretary BCCI, said 'we shall not ask for central paramilitary forces to provide security for matches'.

"If Manohar was referring to the State Governments alone, I would like to remind him that State Governments are ultimately responsible for maintaining law and order and providing security and one has to respect the judgment made by the State Governments in this behalf," he said.

"Chief Ministers are not backroom wizards. They have to take frontline responsibility for providing security. The Central Government has to respect their judgment. I may add that every state has expressed its reservations and also made it clear that full security can and will be provided after May 16, 2009," he said.

Chidambaram maintained that India is safe for cricket and the only question was scheduling of the matches.

"I have repeatedly said that cricket – or any other game – when played in India is completely safe and all players will be provided full security. The question is when should the IPL matches be played," Chidambaram said.

With IPL involving huge money, Chidambaram said, "It appears that IPL is more than a game. It is shrewd combination of sport and business. There is no reason to add politics to this combination," he said.

Chidambaram said the Home Ministry had asked the hosts states for their views on the revised schedule but only three states and one Union Territory – Andhra Pradesh, Karnataka, Punjab and Chandigarh – responded.

To a question if he would ask the BCCI to reconsider the decision of shifting IPL outside the country, Chidambaram said, "no suggestion."

He had the same answer when asked if he would suggest holding of the IPL matches after general elections.

In a surprise decision on Sunday, the BCCI which had an emergency working committee meeting, decided to shift the IPL to another country, most probably England or South Africa Chidambaram was scathing in his attack against Modi for calling the shifting of IPL as a "national shame".

"What is a national shame? Most people in India think that the Gujarat communal riots in 2002 were a national shame. That the Supreme Court should have thought it fit to reject the investigations conducted by the Gujarat Police and to constitute an SIT to re-investigate 14 cases is a matter which brought shame to the fair name of Gujarat.

"When the SIT report filed before the Supreme Court is unveiled I have no doubt it will expose the inability of the Gujarat government in preventing the horrific incidents and its ineptitude in bringing to justice the perpetrators of the crimes," he said.

Pope is second biggest loser in world: Report

Islamabad Pakistan President Asif Ali Zardari, who was forced by his opponents to accept the demand to reinstate sacked judges, has been listed the fifth biggest loser in the world by the prestigious ‘Foreign Policy’ magazine.
"Zardari was known to be a bad guy long before he became Pakistan's President. Many of the closest friends of his late wife Benazir Bhutto could not stand him. Now, as it turns out, neither can most of the Pakistani people," read the citation by the US-based magazine.

"Locked in a bitter struggle with Opposition leader Nawaz Sharif, Zardari showed his weakness by capitulating to demands to reinstate Pakistan's former Chief Justice as per Sharif's demands. Now in a desperate attempt to reassert control of his own party he may be plotting the ouster of his Prime Minister," it said in an article on the world's 13 biggest losers.

Zardari is ‘on the ropes, his opposition is gaining strength, and meanwhile fraught, dangerous, complex Pakistan is hardly being governed at all", the magazine said.

Foreign Policy listed 12 other leaders from this month's ‘headlines ranked by just how little sympathy we should have for them’.

The Pope was declared the second biggest loser because "he's out of touch with the real world and his papacy is 'a disaster'", the magazine wrote.

The magazine said: "If there's one thing you've got to love about tough times is: they're tough on everyone. These days, it's not easy even for those who have taken historically proven paths to amassing wealth, fame, power, social acceptance and happiness like becoming a billionaire or Pope or US Treasury secretary or an Austrian sadist."

Austrian businessman Josef Fritzl was among the losers for locking his daughter in the basement of his house and making her his sex slave.

Bernie Madoff, the US swindler who defrauded taxpayers of USD 60 billion, was also included in the list.

Others included on the Foreign Policy list are Edward Liddy, executive of US giant AIG (no 13); Forbes Billionaires List (no 12); Eliot Spitzer also of AIG (no 11); British Prime Minister Gordon Brown (no 10) and Israeli political Bibi Netahanyahu (no 9).

After Varun, Maneka gets notice for violation of poll code

Badaun The district administration on Friday issued a notice to BJP nominee from Aonla, Maneka Gandhi, whose son Varun is already under fire for his anti-Muslim remarks, for allegedly violating model code of conduct by using government buildings for campaigning.
Sadar SDM Santosh Kumar Sharma issued notices to Maneka, and three others -- Samajwadi Party candidate from Aonla Dharmendra Kashyap, BSP candidate from Badaun D P Yadav and a local BJP leader D K Bharadwaj -- for allegedly using government buildings for their campaigning. The SDM has given three days' time to all of them to remove their wall paintings failing which action will be taken against them as per the Model Code of Conduct.

RJD signals break with Cong as Lalu sticks to his stand

New Delhi Signalling a final break with Congress in Bihar, RJD Supremo Lalu Prasad said his party and LJP will put up candidates in the three Lok Sabha constituencies now held by the Sonia Gandhi-led party in the state.
Taking a jibe at Congress' decision to contest 37 of 40 Lok Sabha seats in Bihar, he said "if they (Congress) were so strong, why were they demanding seats from us? Instead, we should have demanded the seats from them."

Earlier this week, RJD and LJP headed by Ram Vilas Paswan announced a seat-sharing deal in Bihar leaving just three seats for Congress held by it now.

Prasad said he held Sonia Gandhi and Prime Minister Manmohan Singh in high esteem and insisted RJD was still ‘part and parcel of UPA’.

"We (LJP and RJD) are in UPA in Bihar. Congress alone is not UPA," he said.

Ridiculing Congress' decision to leave three seats in Bihar- two from where Prasad is contesting and the other where Paswan is in fray, Prasad said "why are they leaving three seats? Let them contest all 40 seats."

Prasad dismissed suggestions that desertion of his brother in law Sadhu Yadav, a sitting MP from party and some other RJD leaders, could weaken RJD.

He urged the media not to describe Sadhu Yadav as his brother- in-law saying, "we have been purified with their (Yadav and other RJD leaders, who joined Congress) exit".


EC finds largescale irregularities in Bengal voters’ list
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Express News Service
Posted: Aug 02, 2008 at 0255 hrs IST

Kolkata, August 01 The national average of voters stands at 67 per cent of the total population whereas in West Bengal it is only 58 per cent
The Election Commission (EC) of India has found largescale irregularities in the electoral rolls of West Bengal. According to the Commission, comparing the national average with that of the state average, at least 75 lakh eligible voters are missing from the voters’ list.

The national average of voters stands at 67 per cent of the total population whereas in West Bengal it is only 58 per cent. “We are inquiring into the matter. Before the publication of the final voter list, which is due in three months, we hope to sort out the matter,” said Debashish Sen, Chief Electoral Officer.

Currently, the state has around 5.04 crore voters’ but ideally the figure should be 5.90 lakh.

The state election office sources cited three reasons behind the shortfall. Firstly, a large population of infiltrators has been incorporated in the Census report but has not been enrolled as voters.

Secondly, there is a lack of awareness among the people in the state about their voting rights. A large number of people do not apply for voter identity cards.

Lastly, the ruling party is preventing the supporters of the Opposition from enrolling their names in the voters’ list.

“Initially, we are going to give importance to the lack of awareness among the people,” said Sen.

Officials, on the other hand, cite infiltration as the major cause for this discrepancy in the border districts. In some districts, where the infiltration is not well marked, the ruling party’s dominance could be a factor in preventing people from enrolling their names.

“The state registers 96 per cent turnout during the elections. How can we cite lack of awareness as a reason behind the low figure? In fact, West Bengal records one of the highest turnout of voters. Lack of awareness is not a crucial issue,” said an official.

The Opposition camp claims that it is the nine per cent shortfall, which is influencing the results, especially in cases where a 2 per cent difference settles the issue.

Leader of the Opposition Partha Chatterjee said that the party has made several appeals to the state election commission that in many places the names of our supporters have been struck off the electoral rolls.

The CPM-backed state co-ordination committee controls the electoral machinery, right up to the block level.

“For a fair election, a fair electoral roll is necessary. We have been saying this for years. The latest statistics only reconfirms our allegations,” said Chatterjee.

State election office cite reasons
* A large population of illegal migrants from Bangladesh has been incorporated in the census report but has not been enrolled as voter.
* A large number of people do not apply for voter identity cards.
* The ruling party is preventing the supporters of Opposition parties from enrolling their names in the voters’ list

http://www.expressindia.com/latest-news/EC-finds-largescale-irregularities-in-Bengal-voters-list/343696/





The World Today - India enjoys economic boom
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Pope pleads for help for the poor as controversial Africa trip ends
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Modi appoints Trilogy CEO as Director to advise on Satyam bid
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Mar 2009

US, Russia: Great Depression of Tensions?

Handshake

Signs that strained ties between Washington and Moscow may be starting to relax, but what comes of supposedly thawing relations remains to be seen, Mark C Partridge writes for Diplomatic Courier.

By Mark C Partridge for Diplomatic Courier


--------------------------------------------------------------------------------





Over the past six years, relations between the US and Russia have declined dramatically. Despite then-President George W Bush's declaration he could look at his Russian counterpart, Vladimir Putin, and "get a sense of his soul," a yawning gap developed between the two countries as each leader became more assertive in their aims and actions.

Bush brushed aside Russian objections to the Iraq war, pressed for NATO expansion in Ukraine and Georgia, and, most egregiously for the Kremlin, pursued a missile defense shield in Poland and the Czech Republic. These moves were seen as America encroaching on Russia's traditional sphere of influence.

Putin responded by pressing for energy dominance in Eastern Europe and central Asia, and cooperated with Iran. By 2008, talk of a "new Cold War" was on the rise.

This trend looked like it would continue even though the two presidents were leaving office. Putin, an ex-KGB officer, handpicked his successor, Dmitry Medvedev, and has remained a powerful figure in Moscow's domestic and foreign policy. In August, Russia fought Georgia in the face of western condemnation.

In America, Bush's successor showed little warmth to Russia during his campaign. In the wake of the Georgian war, then Senator Barack Obama spoke of weakening Russia by lending "financial and concrete assistance" to former Soviet states and the need to reduced oil consumption "that reduces the amount of petro dollars that they [Russia] have to make mischief around the world."

However, tensions between these old nemeses look to be easing.

One reason is that the primary players are still adjusting to the new dynamics. In Russia, there are signs, though small, that the new president is stepping out of the shadow of his mentor. Medvedev, a lawyer who promised to fight corruption during his tenure, recently replaced underperforming governors, even those loyal to Putin.

He has also rebuked the prime minister for straying beyond his mandate by inserting himself into foreign policy discussions. "The final responsibility for what happens in the country and for the important decisions taken would rest on my shoulders alone and I would not be able to share this responsibility with anyone," said Medvedev.

Some hope that he will be amenable to the West and democracy at home.

Similarly, Obama has ratcheted down the bellicose rhetoric since winning the presidency in November. During his inauguration speech, he promised to "extend a hand" to traditional adversaries if they unclenched their fist. Vice President Joe Biden continued the metaphorical rapprochement at a speech celebrating the 60th anniversary of NATO, a body that Russia sees as a threat to its interests.

"The last few years have seen a dangerous drift in relations between Russia and the members of our Alliance," said Biden. "It is time to press the reset button and to revisit the many areas where we can and should work together.

"We will not agree with Russia on everything […].We will not recognize a sphere of influence.

"But the United States and Russia can disagree and still work together where our interests coincide."

He went on to list a number of areas where the two countries could cooperate, including in the fight against the Taliban and nuclear nonproliferation.

The first signs of the "hand" pressing the "reset button" arose this week on the news that the White House sent a letter to Medvedev reportedly promising to cancel the missile shield in return for cooperation in pressing Iran to stop its nuclear drive.
A Russian official stated, "Medvedev appreciated the promptness of the reply and the positive spirit of the message."

One reason for this change of tact must be the faltering economy. The stream of bad economic news for the US continues unabated. The new administration estimates the budget deficit at a record US$1.75 trillion, or 12.3 percent of the overall economy. In response, the US government is stepping back and adjusting its priorities, identifying areas and projects that are essential and shelving those that are superfluous.

Though his department received a marginal budget increase, Defense Secretary Robert Gates has set about "reducing cost, dealing with programs that are being poorly executed [...] (and ensuring) the balance between current or future needs." Analysts expect there to be cuts to a number of "white elephants," including missile defense.

Russia has also been battered by the economic storm. It was the worst performing stock market of 2008, losing over 75 percent of its value. The ruble has suffered on capital flight in the wake of the Georgian crisis and falling price of oil, costing the Kremlin billions as it fought to prop up its currency.

In this environment, both governments will be looking to maximize their efforts on primary objectives. For Obama, he clearly wants to stymie Iran's nuclear ambitions, stabilize Afghanistan, while stimulating the domestic economy.

Chatham House's Robin Niblett believes that "the United States will play to its strengths, run up less against the limits to its leadership potential and still change to its advantage the context within which its opponents must then operate."

For its part, Russia would also like to stabilize its economy, and making nice with the West could be a step towards increasing foreign investment. Thus, Moscow is more likely to cooperate and remove areas of conflict--at least with the U.S. Furthermore, its power has waned as energy prices have fallen on weak demand.

There will still be areas of conflict and concern, particularly in Eastern Europe. For example, Ukraine continues to suffer despite loans for the International Monetary Fund. The country's leadership has been pushing to enter both NATO and the European Union, much to the disgust of Putin. Given its current troubles, Ukraine would be a tempting target for increased Russia influence. By refocusing its resources and energies on major initiatives, Obama could be giving up Kiev to the Russian sphere of influence.

The question going forward will be: will these overtures come to anything?




--------------------------------------------------------------------------------



Publisher

Diplomatic Courier (DC)
This article was published originally at The Diplomatic Courier: A Global Affairs Magazine in Washington, DC. For more articles, special reports, and global resources please visit www.diplomaticourier.org.
Copyright The Diplomatic Courier. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.





http://www.isn.ethz.ch/isn/Current-Affairs/Security-Watch/Detail/?ots591=4888CAA0-B3DB-1461-98B9-E20E7B9C13D4&lng=en&id=97240
Drifting towards Recession
Written by Dike Onwuamaeze
Sunday, 01 March 2009
Some economic indicators show that the Nigerian economy will witness a sharp contraction this year and a possible recession next year

Contrary to the anticipated growth rate of 8.9 percent projected in the 2009 budget, the Nigerian economy faces a bleak future. The economy is expected to witness a sharp contraction this year and a possible recession in 2010 if the global economic crisis continues unabated.

Some vital economic indicators point to this direction. They include declining terms of trade, rising interest rate, growing inflation and deteriorating exchange rate. Others are increasing capital flight, reduction in investment level, falling crude oil prices and a return to the accumulation of foreign debt. In January, the state governments, who have a combined N700 billion budgetary deficit to contend with in the 2009 fiscal year, suffered more than 30 percent reduction in their monthly share from the federation account.

“The economy may not go into recession this year. But contrary to the optimism of senior government officials, the economy may experience significant contraction in that the high growth rates recorded in the past few years may slow down significantly. And if government spending is adversely affected by dwindling finances this year, then the recessionary effect on the rest of the economy may be significant,” Mike Obadan, professor of Economics, University of Benin, said.

Speaking at the recent Nigerian Economic Society’s roundtable on the implications of the global financial crisis on the Nigerian economy, Obadan said that the crisis would have an adverse effect on Nigeria through three major channels linking the Nigerian economy to those of the rest of the world. These are the goods, factor and assets markets.

Viewed from the goods market angle, Obadan, who was a former director-general of the Nigeria Centre for Economic Management, said “the country is currently experiencing an adverse term of trade due to its over reliance on crude oil sales.” Nigeria, as a net exporter of oil, would enjoy the benefits of selling at a higher price, but when prices fall as is currently the case, it loses. “Changes in the world prices, whether favourable or not, will not only affect the economy by changing the standard of living but will also exert a direct impact on inflation and resource allocation within the Nigerian economy,” he said.

On the assets market, the professor of economics said that Nigeria would suffer capital flight because some Nigerians would choose to keep their wealth abroad despite legal and physical obstacles. The rate of capital flight would be increased by the normal behaviour of capital to migrate to economic regions with better rewards on investment. According to him, the visible pressure from capital flight would be upward adjustment of interest rates, depreciation in the exchange rate and the depletion of the country’s foreign reserve.

Obadan said that these channels that linked the country to the global economy would also bring economic contagion to Nigeria. “Contagion, relates to the transfer of financial effects across countries more strongly than economic fundamentals could explain. As a result of various channels of linkages with the rest of the world, even a country that has strong macro-economic fundamentals, good regulatory frameworks and has managed its economy well, can be a victim of global financial crisis through contagion,” he said.

He averred that the current financial crisis has not only shown that globalisation is not an unmixed bag of blessings, but has also proved that unbridled free market with little or no governmental regulation is hurtful to the global economy on the long run. Its negative fallout, he said, could be more telling on developing countries, which have no safety nets to cushion its recessional impact. He suggested that the time was ripe for the unseen guiding hands of market forces to be moderated by the seen hands of government regulation.

He contended further that though markets may be important and market incentives could indeed, be powerful, they were neither all pervasive nor have all the answers. In other words, the market is not a magic wand for resolving all economic problems. He said that if left unchecked, market forces could yield socially deleterious outcomes. “In the real world, in the absence of the expected checks and balances, the market system does not work perfectly,” he said. The various inadequacies of the market should provide a basis for government intervention in the free market economies.

According to him, the unfettered pursuit of free market principles in the United States of America, USA, slackened government regulatory ability and rendered it ineffective to dictate and stem the financial crisis. Consequently, the crisis spread from the USA to Europe through the channels of financial globalisation to plunge the world into a crisis some analysts have described as the biggest since the Great Depression of the 1930s.

Obadan pointed out that the crisis would affect Nigeria through dwindling government revenue, high inflation and interest rates as well as a return to accumulation of foreign debt. “Government’s plan to borrow $500 million from the international capital market in 2009 to finance the projected fiscal deficit, which has been approved by both chambers of the National Assembly, may mark the beginning of the country’s unsustainable debt path as it is not clear if the economic managers have learnt any lesson from the past,” he posited.

He warned the Nigerian government that it could not afford to play the ostrich in the present circumstances and suggested that a contingency plan for a possible bailout of banking institutions be put in place. This would take the form of injection of funds into sick banks through shares acquisitions, which should be bought back when they recover. If the bailout becomes inevitable, it will aid the recovery from recession and ensure safety of jobs, savings and pensions. The bailout plan would serve as a hedge against any adverse effect that may result from linkages between Nigerian banks and foreign financial institutions.

Even so, the economics professor insisted that the capital market should be allowed to sort itself out through market mechanism. His reason: “most of the share prices were manipulated and overpriced and did not reflect the intrinsic values of the shares. It will be hardly justifiable to use tax payers’ money to bail out speculators.”

He said that the current situation demanded adherence to prudent fiscal policy from the government. According to him, the bloated and obviously unimplementable budgets, like the 2009 budget, only lend credence to Nigerian’s unseriousness as economic managers. “They portray a penchant for profligacy and corruption which makes public spending inefficient and ineffective,” he said.

Nonetheless, Ndi Okereke-Onyiuke, director-general of the Nigerian Stock Exchange, NSE, is intensifying her lobby to secure a bailout for the troubled capital market. Last month, she took her campaign to the House of Representatives to impress on lawmakers the need to package a bailout plan for the market. She said that a similar package facilitated the recovery of African Petroleum few years ago.



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