| Author | Message | ||
     Rajusk Comedian Username: Rajusk Post Number: 1651 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
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| Nanigadu Junior Artist Username: Nanigadu Post Number: 651 Registered: 02-2008 Posted From: 204.92.92.4 Rating: N/A |
nenu kuda Tirupathi Kalynam ki, satyanarayana swamy vrathaniki dhothi kattina, same peeling eda jaruthado ani, paina belt yesi rendu madathalu pettina, chana kastham dhothi udakunda maintain cheyyatam | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7132 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Dhoti ante, mamoolgaa kattukunnaraa? Dhoti kattadam ante lungi kattinattu kaadu.. daaniko style untadi.. 'Gochi' pettaali.. adoka art.. iam pretty sure, you didnt wore it like pakkaa gulti.. In this db, there's always someone watching you!!  | ||
| Rajusk Comedian Username: Rajusk Post Number: 1650 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Ninna temple lo maa father anniversary..ki pooja ki poina nenu..being doing that in the US for 8 yeas..I always wear Dhoti for such occasions...naa pelliki (more than a decade ago)..kooda nenu Dhoti ne kattina.. Its a matter of self pride to follow tradition..while others may look at it from another angle to belittle others | ||
| Ustad Junior Artist Username: Ustad Post Number: 11 Registered: 07-2008 Posted From: 66.27.194.160 Rating: N/A |
Here is the Video link: Global Imbalance - An imminent Dollar Crisis http://video.google.com/videoplay?docid=4343898391323537541 | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7130 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Ye maata kaa maate.... raju garu.. poral sangathi endi? asalu manalo achhu telugodu katte 'Dhoti aka Dhovathi' endar mandikochhu? naa penli ki dhothi kattukomannaru.. mind block.. maa whole khandan lo maa thatha kattetodu, next maa pednaina kadthadu.. maa naayana ki kooda raadu.. laabham ledu ani, elastic ready made dhothi kattukunnaa.. adhee belt esukoni.. ekkada jaari pothado ani.. 90% of time, naa concentratin anthaa aadane.. In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1648 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
India nunchi vache student ammayilu paristhithi endi vaya ante Cheerleading raadu...because we are too Indianized Cheera kattukovadamu raadu..because we are too Americanized.. Dhobhi kaa kutta na ghar ka na ghat kaa  | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7125 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
 asalu Cheer Leading anedi oka kala laantidi.. shaanaa talent undaale..  In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1644 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
I am saying that luckily we are still BBB-. I am hoping that it will only get better from here and not go backward. Remember we were junk category a few years back. | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4323 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
 No one can make you feel inferior without your permission, remember they are no better | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4322 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
 No one can make you feel inferior without your permission, remember they are no better | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7124 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Y not.. Cheer leading ki place undi.. In this db, there's always someone watching you!! | ||
| Rebel Comedian Username: Rebel Post Number: 1717 Registered: 02-2008 Posted From: 151.151.21.103 Rating: N/A |
umpire place khali ga undanta.. | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4321 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
Satti..me team lo girls ki place vunda?  No one can make you feel inferior without your permission, remember they are no better | ||
| Jackjill Side Hero Username: Jackjill Post Number: 2354 Registered: 03-2008 Posted From: 206.243.134.73 Rating: N/A |
Raju gaaru .. I dont know if you trying to be sarcastic or being honest in making a statement like this .. after so many years of economic boom .. we are still in the danger of being a junk status economy ... BBB is not way too far away from being .. Junk .. | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7123 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
naa valla aithaledu raju gaaru..  In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1641 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Em sherwani le Jodha.. TT garu...Oopar se Sherwani...Andar se pareshani | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5666 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
BTW medam thechina 5 sherwani lu use chesthunnara ledha? >>> use cheyyaka pothey, nenu Vajpai, Abdul Kalam ayiponooo? | ||
| Rajusk Comedian Username: Rajusk Post Number: 1640 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
ade enduku antunna..tell me why..I say | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7120 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
I think we are talking about Indians in America. On a sidenote, we definitely are attracted to Western brands/music/movies (except cars). In this db, there's always someone watching you!! | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4320 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
BTW medam thechina 5 sherwani lu use chesthunnara ledha? No one can make you feel inferior without your permission, remember they are no better | ||
| Rajusk Comedian Username: Rajusk Post Number: 1638 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Idi antha boothu aithe..mana India lone Indian brands enduku levu..why pakulading for International brands...most of the International brands ki raw material mana deggara nunche pothundi.. For example ...yarn for Nike/Reebok (made in south east asia) goes from GTN textiles Hyderabad..maa dosthu indulo pani chesetodu.. Tommy Hilfiger is made in India Banana Republic is made in India antha enduku..White House lo curtains kooda Made in India.. | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4319 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
Meeku ila eppati nunchi anipisthundhi raaju garu? No one can make you feel inferior without your permission, remember they are no better | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5663 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
thellollu buys american cars desi's buy non-american cars | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7117 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Idaithe boothesht of boothu opinion.. asalu mostly manam tellollani a care antam.. In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1637 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Again Manavallaki enduku ante..may be because of the white imperialist rule of so many centuries..at some point we want prove that we are equals to them..just my opinion..inka vesukondi single chukkalu.. | ||
| Rebel Comedian Username: Rebel Post Number: 1715 Registered: 02-2008 Posted From: 151.151.21.103 Rating: N/A |
correction 5.20 pm | ||
| Rajusk Comedian Username: Rajusk Post Number: 1636 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Spending is a personal comfort zone..one cannot define the boundaries.. TT ..good to hear that.. Manavallaki...Chinese vallaki unnantha Brand pichi vere vallaki undadu..(including me sometimes)..as a result...mana vallu ikkada brand kanapadangane..chethulo card unte saalu..geekutharu ..techukontaru..(kotha bichapodu poddu eragadu types lo).. | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5660 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
touch lo undu >>> 9 am to 5 pm ikkaday gaa undaydhi, mallee touch lo undaydhi endhi? Royya! | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7114 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Evaro okaru spend jeshtene kadaa tt, economy nadishedi.. naa theory lo, wife or husband spend cheshinaa chaalu.. In this db, there's always someone watching you!! | ||
| Rebel Comedian Username: Rebel Post Number: 1714 Registered: 02-2008 Posted From: 151.151.73.163 Rating: N/A |
touch chesav baba...touch lo undu | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5657 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
Baaga spend cheshetollaki, kodukulu pudataru.. Savings vipareetham gaa cheshetollaki daughters pudataru.. Ee concept kanipetta.. rightaa, wrongaa? >>> Mclov and Jodha Nenu assal spend jeyya. 97 honda civi nadipistha. manaku no false prestige, no igo, nothing annatlu. Maa medam maathram, abbo, ikkada vaddhu lay! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1635 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Well atleast our Investment Grade is still BBB- as compared to Junk in 1991. So it is still not that bad.. | ||
| Rajusk Comedian Username: Rajusk Post Number: 1634 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Ivvale chadivanu nenu ...our Oil and Fertilizer subsidies are about 350,000 crores anta..so we need to cut down on subsidies etc and control inflation for FDI to come in.. Fitch has put India's future rating in the negative from stable..here is an excerpt from the news article: Lowering by Fitch would in normal times would have impact only on rupee-denominated securities, but in the present uncertain times it would also have some effect on interest rates on external commercial borrowings, stock markets and bonds, analysts had said. Another global rating agency Standard and Poorâs had also said last week that it might downgrade Indiaâs sovereign ratings if the countryâs rising inflation, widening fiscal deficit and political instability continue in longer-term. Fitch had said the central governmentâs deficit may increase from 2.8 per cent of GDP in 2007-08 to 4.5 per cent in the current year on account of higher on-Budget subsidies, interest payments and salary bill of government employees. Fitch expects bonds issued to fertiliser and oil firms may reach 2 per cent of GDP, implying âan underlying central governmentâs deficit of 6.5 per cent of GDP or higherâ. Future rating actions, said McCormack, would depend upon whether the fiscal slippage in 2008-09 is reversed, leading to resumption of decline in Indiaâs high government debt ratios. The rating agency said higher oil prices have raised Indiaâs oil import bill dramatically over the past three years and merchandise trade deficit, which was equivalent to 7.7 per cent of GDP in 2008-09. | ||
| Anand_n Junior Artist Username: Anand_n Post Number: 544 Registered: 02-2008 Posted From: 209.183.51.16 Rating: N/A |
Mav, Good analogy but somewhere people will wake up and stop putting in more money to bail out the old...atleast govt.s with their pool of economic experts should be able to stop that trend if they do not see a return.. Rajusk, Reasons are many...result is India lo spending is going thru the roof and its is bringing in investment ...so the author is right  aa chal ke tujhe main leke chalu ik aise gagan ke tale jahan gam bhi na ho, aansoo bhi na ho,bas pyaar hi pyaar pale ik aise gagan ke tale http://www.youtube.com/watch?v=zWUOI_oxeOc&feature=related | ||
| Rajusk Comedian Username: Rajusk Post Number: 1633 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
motham colony antha kabza chesinru | ||
| Savage Side Hero Username: Savage Post Number: 2169 Registered: 02-2008 Posted From: 148.129.71.53 Rating: N/A |
Mods/Rao garu IBDB lo OM vesina 'Stingy People' thed info ikkada testara  | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7109 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
 In this db, there's always someone watching you!! | ||
| Maverick Side Hero Username: Maverick Post Number: 3295 Registered: 01-2008 Posted From: 192.146.101.24 Rating: N/A |
No i don't mean it straight away..but the example that guy gave earlier is kind of exploiting.analogy is a finance company which doesnt have any money,but the owner comes in a benz with a nice receptionist tempting people with money to invest in their company..finance company is usa.. | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4317 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
 No one can make you feel inferior without your permission, remember they are no better | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7108 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Xavier memorial school telusaa? daaniki edurungaa manjeera water tank untadi.. aa water tank opposite ee duplex houses/row houses untai.. ade maa illu.. In this db, there's always someone watching you!! | ||
| Krishna7 Junior Artist Username: Krishna7 Post Number: 168 Registered: 03-2008 Posted From: 68.162.90.36 Rating: N/A |
ECIL lo ekkada...Nenu kamala nagar lo vunna 2000-2004 | ||
| Rajusk Comedian Username: Rajusk Post Number: 1628 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
As families have become smaller and disposable incomes have increased...thus resulting in spending increases...even otherwise...the lowering of interests on Savings etc has also triggered this...apart from the nuclear family concept.. for example..I remember depositing money in DCL Finance and Nagarjuna Finance around 1992 or so..and getting 18 to 20% as interest...so when you have such high returns coming your way..where is the motivation to spend the principal amount.. You cannot get that kind of return in the stock market today..so obviously people are not inclined towards saving the principal..but infact spending it...this itself is a big mindset change from the past... | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4316 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
Antey mana Baba garu...spending o spending aaa... No one can make you feel inferior without your permission, remember they are no better | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7107 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
TT: Nenu shaan dinaal sandi, shaanaa couples ni chooshi oka theory kanipettina.. endante.. Baaga spend cheshetollaki, kodukulu pudataru.. Savings vipareetham gaa cheshetollaki daughters pudataru.. Ee concept kanipetta.. rightaa, wrongaa?  In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1627 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Memu matladedi natives gurinchi..Visitors gurinchi kaadu  | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5652 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
spending ekkuva avuthey, life becomes artificial. pressure filled jeevithaalu, not good in the long run. savaa laksha diseases, both physical and mental, and divorce rates increase, bankruptcies, single parents results in bad kids and the list goes on manaku paisal lenappudu, mooskoni koorchovadam best (My B.tech/MS days ). | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7106 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Firstly, where do you stay? nenu city nadibodduna undetolla gurinchi not talking.. who live 20Kms from center of the city (secbad or hyd). Nenu ECIL X Roads. Ikkada nundi Secbad 12kms. Paradise deggarki raaneeki chembu aithadi maaku.. inkaa akkadnundi Hyd like sultanbazar/abids ante aa kadhe veru.. one full day shopping ante.. intiki return ochhinanka, enni body pains.. abbov.. In this db, there's always someone watching you!! | ||
| Anand_n Junior Artist Username: Anand_n Post Number: 543 Registered: 02-2008 Posted From: 209.183.51.17 Rating: N/A |
Mav, Exploiting maybe the wrong word..its pure market economics..US is not forcing others to invest... aa chal ke tujhe main leke chalu ik aise gagan ke tale jahan gam bhi na ho, aansoo bhi na ho,bas pyaar hi pyaar pale ik aise gagan ke tale http://www.youtube.com/watch?v=zWUOI_oxeOc&feature=related | ||
| Maverick Side Hero Username: Maverick Post Number: 3293 Registered: 01-2008 Posted From: 192.146.101.24 Rating: N/A |
This is the same article that some one posted in a youtube video the other day..some professor from tamilnadu explaining the global economy concept and how us is exploiting it.. | ||
| Telugu_times Side Hero Username: Telugu_times Post Number: 5650 Registered: 02-2008 Posted From: 40.0.40.10 Rating: N/A |
Charminar lo beautiful items untai.. aada ladies ki.. but vellaleru.. >>> curphew eppudoo untadha? | ||
| Nanigadu Junior Artist Username: Nanigadu Post Number: 650 Registered: 02-2008 Posted From: 204.92.92.4 Rating: N/A |
Ee generic statement bagaledu babai, you can't generalize people spending habits, it depends on individual andaru alagey chestharu anadam thappu, memu ashok nagar lo vundey vallam, nenu shopping cheyyali antey appatlo shopperstop, lifestyles levu kada, so first abids nunchi start chesi, sec-bad daka velley vallam, i never bought shirt and pant in one shop/area, maa mother eppudu Monda market loney koney vallu vegitables, ala ani antha ala chestharani ananu, i had a friend who always use to buy in V.Puaram, so spending/saving are individualistic | ||
| Anand_n Junior Artist Username: Anand_n Post Number: 542 Registered: 02-2008 Posted From: 209.183.51.10 Rating: N/A |
Rajusk, Getting back to the topic ... If everyone starts spending the investment traffic will b more bilateral skewing towards whichever has a better risk-return ratio.. spending habits in asia are only part cultural..Indians did not have the same access to money they have not eraned and saving was driven by that insecurity.. Its hardly a coincidence that coonsumer spending in India saw a huge increase with the advent of plastic..It was the acces s to creditcards that changed the way people spend ...and then one group starts living life supersize others follow.. aa chal ke tujhe main leke chalu ik aise gagan ke tale jahan gam bhi na ho, aansoo bhi na ho,bas pyaar hi pyaar pale ik aise gagan ke tale http://www.youtube.com/watch?v=zWUOI_oxeOc&feature=related | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7105 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Ultra rich ganake, panee paadu lekundaa DB lo padi tirugutunnav.. In this db, there's always someone watching you!! | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4315 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
 Rebel Ultra Rich ayethe e DB lo enduku vunta?.... No one can make you feel inferior without your permission, remember they are no better | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7103 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
 In this db, there's always someone watching you!! | ||
| Rebel Comedian Username: Rebel Post Number: 1712 Registered: 02-2008 Posted From: 151.151.21.103 Rating: N/A |
akkada satti cheppindi middle class people guruinchi..nee laga ultra rich gurinchi kaadu | ||
| Jodhaa Side Hero Username: Jodhaa Post Number: 4314 Registered: 02-2008 Posted From: 208.11.223.20 Rating: N/A |
allo allo satti..I am here....Hyd-Sec Vanasthalipuram nunchi--Kukatpally daaka atu emo sainik puri daaka..itu Uppal daaka thiriga..Cinema kosam Hyd nunchi secbad vellina situations chala vunnaye..inka shopping ayethe cheppa navasaram ledhu...Old city nunchi General bazar daka..Shopping cheyyani place ledhu...  No one can make you feel inferior without your permission, remember they are no better | ||
| Rajusk Comedian Username: Rajusk Post Number: 1618 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Memu pothamu weekly..endukante maa intiki adi only 2 kms kabatti | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7092 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Maree generic emee kaadu.. Say, maanchi movie ni soofer theater lo choodaali ani ankuntaru.. eg: IMax.. kaanee, aa traffic ki em potham le ani, local lo unna dabbaa theater lo soostam.. Charminar lo beautiful items untai.. aada ladies ki.. but vellaleru.. Monda market undi.. entha mandi potharu? And, monthly okka saari pothe waste... atleast biweekly povaale.. In this db, there's always someone watching you!! | ||
| Rajusk Comedian Username: Rajusk Post Number: 1617 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Indians were savers because they did not have buying choices courtesy the trading policies until 1991. If all the goods are available in a local franchise why would people travel far..for example..if Chandana brothers sets up a branch in Dilshuknagar and Secunderabad..why would a Secunderabad resident go to Dilshuknagar? IMHO...Ikkada vallu akkadaki raaru anedi chaala generic statement emo.. If you go to Sultan Bazar/Jagdish market..you will see people from all corners of the city..so it all depends on the availability of the product or the niche appeal of the place.. | ||
| Mclovin Side Hero Username: Mclovin Post Number: 7088 Registered: 02-2008 Posted From: 69.45.100.129 Rating: N/A |
Indians are forced savers. Hyd ni example ga teesukunte.. Aa traffic/pollution lo padi em potham ani chaalaa mandi shopping cheyyaru. Necessity untene bayataki potharu, for shopping. Paisal rotate avvaali ante, manchi roads undaale. 50% of economy depends on roads. Janaalu tirigithene kharchu pettedi. Asalu Secbad vaallu hyd ki raaru, hyd vaallu secbad ki raaru.. just becoz of traffic and congestion.. In this db, there's always someone watching you!! | ||
| Cylonesubbarao Side Hero Username: Cylonesubbarao Post Number: 6746 Registered: 02-2008 Posted From: 170.61.20.242 Rating: N/A |
Good article. You must be the change you wish to see in the world  | ||
| Rajusk Comedian Username: Rajusk Post Number: 1615 Registered: 02-2008 Posted From: 66.93.90.250 Rating: N/A |
Looks like the Author indicates that all these years Japan,China and India were fools.. I am not sure what happens if people in India and China start to spend(which has started happening)..at some point we might get over the saving habit and go into spending mode..what would happen then.. Where will the fools come from? | ||
| Anand_n Junior Artist Username: Anand_n Post Number: 541 Registered: 02-2008 Posted From: 209.183.51.10 Rating: N/A |
Krishna, Fabulous article...thanks for posting aa chal ke tujhe main leke chalu ik aise gagan ke tale jahan gam bhi na ho, aansoo bhi na ho,bas pyaar hi pyaar pale ik aise gagan ke tale http://www.youtube.com/watch?v=zWUOI_oxeOc&feature=related | ||
| Krishna7 Junior Artist Username: Krishna7 Post Number: 157 Registered: 03-2008 Posted From: 68.162.90.36 Rating: N/A |
Japanese save a lot. They do not spend much. Also Japan exports far more than it imports. Has an annual trade surplus of over $100 billions. Yet Japanese economy is considered weak, even collapsing. Americans spend, save little. Also US import more than it exports. Has an annual trade deficit of over $400 billion. Yet, the American economy is considered strong and trusted to get stronger. But where from do Americans get money to spend? They borrow from Japan, China and even India .. Virtually others save for the US to spend. Global savings are mostly invested in US, in dollars. India itself keeps its foreign currency assets of over $50 billions in US securities. China has sunk over $160 billion in US securities. Japan 's stakes in US securities is in trillions. Result: The US has taken over $5 trillion from the world. So, as the world saves for the US, Americans spend freely. Today, to keep the US consumption going, that is for the US economy to work, other countries have to remit $180 billion every quarter, which is $2 billion a day, to the US ! Otherwise the US economy would go for a six. So will the global economy. The result will be no different if US consumers begin consuming less. A Chinese economist asked a neat question. Who has invested more, US in China , or China in US? The US has invested in China less than half of what China has invested in US. The same is the case with India ... We have invested in US over $50 billion. But the US has invested less than $20 billion in India .. Why the world is after US? The secret lies in the American spending, that they hardly save. In fact they use their credit cards to spend their future income. That the US spends is what makes it attractive to export to the US .. So US imports more than what it export! s year after year. The result: The world is dependent on US consumption for its growth. By its deepening culture of consumption, the US has habituated the world to feed on US consumption. But as the US needs money to finance its consumption, the world provides the money. It's like a shopkeeper providing the money to a customer so that the customer keeps buying from the shop. If the customer will not buy, the shop won't have business, unless the shopkeeper funds him. The US is like the lucky customer. And the world is like the helpless shopkeeper financier. nbsp; Who is America 's biggest shopkeeper financier? Japan of course. Yet its Japan which is regarded as weak. Modern economists complain that Japanese do not spend, so they do not grow. To force the Japanese to spend, the Japanese government exerted it self, reduced the savings rates, even charged the savers. Even then the Japanese did not spend (habits don't change, even with taxes, do they?). Their traditional postal savings alone is over $1.2 trillions, about three times the Indian GDP. Thus, savings, far from being the strength of Japan , has become its pain. Hence, what is the lesson? That is, a nation cannot grow unless the people spend, not save. Not just spend, but borrow and spend.. Dr. Jagdish Bhagwati, the famous Indian-born economist in the US , told Manmohan Singh that Indians wastefully save. Ask them to spend, on imported cars and, seriously, even on cosmetics! This will put India on a growth curve. 'Saving is sin, and spending is virtue.' Before you follow this neo economics, get some fools to save so that you can borrow from them and spend. This is what US has successfully done in last few decades. Professor Jagdish N Bhagwati Columbia University Department of Economics |
