## Sunday, March 15, 2009

### G-20 meeting

Here's C. Fred Bergsten (Testimony at the US House of Representatives) on what deal the G-20 countries should shoot for. The early indicators are that what's likely to come about is a small step in this broad direction. Ila Patnaik (in Indian Express) has an Indian perspective on the G-20 meeting.

2. The reason millions of Indians are poor is the global capital flow structure - that is invisible, kept as a close secret. We're forced to have millions of Indians working for foreign markets, the foreign exchange earned is spent on oil and other imports.While oil costs less than $5 a barrel to produce the US-backed OPEC cartel ensures unimaginably high crude prices.The sheikhs keep their dollars in New/London banks, and we in turn borrow from them. The artifical strength of the US dollar means that we will never have money to build highways, power plants, ports- millions in India will remain poor forever and only the American vassal company employees will prosper a little bit. Nobody in India is willing to think about the fate of those poor millions, kept at a bare minimum of existence, despite their willingness to work more than 14 hours a day. Roti, Kapda Aur Makaan (Food, Clothing and Shelter) is their highest possible dream, an election plank for the few liars who purport to represent them. 3. Indian Investor, I deleted one of your comments since you violated the rules of the game of this blog. Please note: Comments are moderated. Only civilised conversation is permitted on this blog. Criticism is perfectly okay; uncivilised language is not. We delete any comment which is spam, has personal attacks against anyone, or uses foul language. We delete any comment which does not contribute to the intellectual discussion about the blog article in question. LaTeX mathematics works. This means that if you want to say$10 you have to say \\$10.