In September 2007, as our credit bubble was starting its collapse, China’s meteoric rise was the subject of universal admiration. We disagreed with this view, and wrote an essay titled “The Chinese Disaster” outlining the flaws in the Chinese growth model and suggesting a potentially disastrous end to the experiment.
Four years later it is appropriate to revisit both analysis and forecast.
Our first theme in the original essay was the lack of an ethical system underlying China’s current development. After Mao had “burned the books” and destroyed China’s 2500-year old ethical foundation... Read More
Of all the things that India is famous for, food will most probably be among the top five. It is amazing to see that every major city, in almost every country across the globe, has a buffet of Indian restaurants serving the best of Indian cuisine. Food is one of the major ingredients used in advertisement campaigns to lure tourists to India. And festivities in India are as much about food as they are about ceremonies.
The Advertisement Council of India in a report says that the Food and Beverages industry in India is worth $300 billion. And in terms of production, India is the third... Read More
Indian political leaders appear deficit in their grasp of national security and internal security issues and every now and then suffer from "foot in the mouth disease" when they indulge in politicizing security issues. Amongst Indian Chief Ministers, the Jammu & Kashmir Chief Minister distinguishes himself more than any other Chief Minister.
Curiously he indulges in politicizing internal security issues in the Pakistan proxy war affected Kashmir Valley region every time he is cornered by his political opponents. A few days back he publicly declared that the Armed Forces Special... Read More
The Indian Army is all set to procure 145 US made howitzers in a direct government-to-government deal. The howitzers are 155mm light-weight which can be swiftly deployed in forward and inaccessible areas by helicopters and aircraft. The guns are fitted with laser inertial artillery pointing systems and other equipment.
The American Defence Security Cooperation Agency (DSCA) notified the US Congress of the decision made by the U.S. federal government. According to the Times of India, it also asserted that the sale will boost "interoperability" between Indian and American soldiers and... Read More
President Obama has effectively put his political future on the line by saying he wants victory in Afghanistan by the end of his first four years. If that doesn’t happen, he may not get a second four years.
Obama in another well thought out speech, his strongest attribute, feels we have to win in Afghanistan if we are going to defeat terrorist activity aimed at America. The trouble with his argument is that it’s based on dealing with a rational national entity, not tribal culture in a fractured and divided country.
The 9/11 suicide squad wasn’t made up of uneducated Afghans. They... Read More
In a mishap that the authorities are labeling as "an insider’s mischief", about 55 workers of the Kaiga Atomic Power Station in Uttara Kannada, Karnataka, India, were exposed to an excessive radiation dosage when they drank water that had been mixed with tritium, a highly radioactive substance. All the workers had to be rushed to hospital for a preventive check-up.
Bloomberg reported, based on an e-mailed statement from Shreyans Kumar Jain, Chairman and Managing Director of Nuclear Power Corporation of India (NPCIL), which operates the plant, that no worker was hospitalized. Jain in... Read More
Pakistani President Asif Ali Zardari transferred control of Pakistan's nuclear arsenal to Prime Minister Yousuf Raza Gilani. He also revealed his intentions to strip the office of President of more powers by year-end. Zardari also gave up the powers of the Chairman of the National Command Authority which controls the country's nukes and transferred them to the Prime Minister late Friday night.
While the presidential spokesman Farhatullah Babar described the move as a "giant leap forward to empower the elected Parliament and the Prime Minister" the fact that the amnesty granted to Zardari... Read More
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