An excellent article by Sri S. Kalyanaraman. Read on to where the stock market and bullion is headed.
Financial Markets in a Tailspin - Who's responsible ? With the buyout of Merrill Lynch by Bank of America and bankruptcy filing by Lehman brothers, apart from financial troubles at AIG insurance giant, the world markets are in for a tailspin. Indian markets should hopefully reach down to a stable level of 5000 Sensex and Rupee at Rs. 60 to a dollar. It is simple. As FIIs pull out money, they would leave the rupee weak, devalued. So long FIIs hold their investments, they would like to keep the rupee strong; once they decide to pull out, the rupee plummets in foreign exchange dealings (which are the other side of FII investment racket). This is precisely what happened when the Tiger economies reeled in the 1980's. Who has benefited from FIIs entry into stockmarkets of India? Not the economy. Only a few individuals: 10 janpath chamcha-s ably assisted by PC monitoring SEBI to ensure that no interventions take place and no benami transactions are litigated against. India is reaping the results of a disastrous policy initiated in 2002: privatisation of mine ownership without a corresponding Mines Regulatory Authority. This leaves Vaikuntarajan's and Tata's looting monazine and ilmenite sands containing thorium (nuclear mineral) and titanium (space-age mineral) respectively. Who cares for safeguarding nation's wealth? No wonder, mine owners control who remains in power in mineral-rich states like Jharkhand. Aluva, Chavara and Manavalakurichi should be declared as protected military areas and not a grain of placer deposits of monazite should be allowed to be touched by anyone but Minerals Division of Atomic Energy Commission. We need a Patriot Act NOW which is more stringent than POTA and recognized patriots and veterans. The demand should be for a Patriots Ordinance NOW pending enactment on the lines of the Patriot Act of USA. We need a War Memorial NOW. The claim of 9% GDP growth rate is a fraud; how can this be when the Agricultural sector is said to grow only at 1.8%. No wonder many farmers commit suicide unable to return the rinam taken from money-sharks, the water-dogs and land-owner dada-s like Sharad Pawar. Who cares for the 65% of India living in rural areas dependent upon agriculture for subsistence? What price national security? A farmer's suicide for rina mochan. So much for financial security of Hindusthanam. Solution? Repatriate 10 janpath chamcha-s to Luciana, to begin with. Declare a War Memorial Project and constitute a Commission to restore, within 3 months, to recommend measures to restore dignity of our security forces whose contributions to nation's security and integrity should be recognised by the samajam. Jai jawan, jai kisan should not be mere slogans but the life-line for abhyudayam of the rashtram.
