I wanted to look at the laffeur curve in relationship to international banking, using internal politics in one country as the basis of a sort of involuntary taxation on another country.... in this case the greek elections causing economic turmoil in India and Brazil, and the accidental mass strengthening of the US Dollar (legacy of Bretton Woods).
However, I don't want to discuss global economics and classical aspects of economic theory when the threads around this 100-1 deal with hating minority races and government conspiracies.
We need a separate section of the site to post stuff dealing with statecraft, economics, sociology, anthropology, etc. I fully accept theories like Marxism or the Austrian school would be there, Boas to Ibn Khaldun, Machiavelli to Clausewitz, Thucydides to Dante's work on Monarchy.... whatever.... but it needs it's own section. Right now, this aspect of philosophy has effectively lost representation on this site, and it's the oldest aspect of philosophy, outside perhaps theology and aesthetics, that we know for certain exists. It shouldn't be forced to die off because of a temporary bias or neglect from a few extremists who can't tell reality from conspiracy.
This is the link I wanted to post for discussion, it's from IndiaToday, India's top English newsite:
http://indiatoday.intoday.in/story/greek-tragedy-rupee-crashes-to-record-low-against-dollar/1/189138.html
The rupee crashed to a record low of 54.51 against the dollar on Wednesday as foreign institutional investors (FIIs) sold shares to mop up greenbacks in the wake of instability triggered in the Euro zone due to the political crisis in Greece.
While the massive selling of equities by FIIs dragged down the Sensex by close to 300 points, the rupee depreciated as much as 72 paise in a single day as the stocks were encashed in dollars. The rupee has lost about 10 per cent since it touched its peak in February.
With the rupee continuing to fall, there is more pain in store for Indians travelling abroad, students studying overseas and importers. The crude and edible oil import bill will rise, which in turn will widen the current account deficit and further weaken the rupee.
"A large part of the FII stock sell-off was due to the Euro zone problem. The news from Greece pulled down equities, currencies and commodities markets across the globe. People are pulling out from all markets to invest in the dollar, which has become the new safe haven investment. Further sell-off cannot be ruled out," said Deven Choksey, managing director, KR Choksey Share and Securities.
Finance Minister Pranab Mukherjee blamed the market slide to euro crisis and other global problems. Greece has upset the applecart, he said. "What was decided by the electors of Greece in defeating a particular political party raised the questions of uncertainty of resolving the Euro zone crisis," Mukherjee explained. "The entire Asian market today has taken a hit.... This is the complex situation in which we are living and we cannot ignore that."
Mukherjee also said the government would be resorting to a fresh spell of austerity measures to deal with problems, but made it clear that he was not pressing panic button. "I am going to issue some sort of austerity measures... whether people like it or not... to convey a signal that we are responding to the situation,"he said adding, "We are not pressing panic button." Mukherjee, however, did not spell out austerity measures.
In the last two days, the Reserve Bank of India (RBI) is believed to have sold over $ 1 billion to check the volatility in the rupee but has met with little success. With the foreign exchange reserves falling to $ 290 billion compared with $ 306 billion reported on December 9, its elbow room for supporting the rupee vis-a-vis the dollar is also getting reduced.
"There is some inbuilt weakness in the rupee due to the huge current account deficit and large amount of foreign currency convertible bonds coming for redemption. But this has been overtaken by developments in the global economy. The dollar is strengthening and it is transmitting into rupee's weakness," said Brinda Jagirdar, chief economist, State Bank of India.
I don't want to have a legitimate newstory intermixed with the fantasy and chaos that is..... well, what used to be the social forum. It's very upsetting to see a whole section of the site collapse like that. If it was all in a few threads, compacted, it wouldn't be a issue. If it was a sometimes thing, or done to illicit a novel psychological response, I would be more accepting of it.
It's just a torrential waterfall of meaningless babble that has no place in reality or under the sun. India's currency has hit a all time low, and I want to discuss it, but can't. That section of the site is in inane ruins.
