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Mumbai Under Construction - Any Direction You Look!
This is a re-print of an email we received from our subscription to www.dailyreckoning.com, written by Joel Bowman. I do not know Mr. Bowman, but I do know that this is a very good run-down about what India is all about. India’s economy is robust, and India’s people are awesome!
The Daily Reckoning Weekend Edition
Saturday, April 17, 2010
Taipei, Taiwan
———————————————————
Creative destruction – Indian Style,
Asia’s largest slum and the demographic shift to prosperity,
Plus, this week’s reckonings neatly labeled and organized for your fastidious filing and reckless indulgence…
Joel Bowman, still in Taiwan but dreaming of India, reports…
The Hindus were probably wondering what took Joseph Schumpeter so long. By the time the German economist had popularized the term “creative destruction” in the early 1940s, Shiva – sometimes referred to as na?ar?ja (literally “Lord of Dance”) – had been performing a kind of cosmological two-step for an eternity. Hindus believe Shiva maintains the delicate balance of the universe through simultaneous acts of creation and destruction. Today, the bustling subcontinent seems only to grow stronger under assault from the destructive forces rained down upon her. All the while, we in the west stifle our own progress with mindless acts of uncreative construction. Worse still, we surrender our freedoms to the government in the expectation that it will perform the dubious task of economic devolution on our behalf.
In an editorial pre-incarnation, your wayfaring author once found himself roaming the hot, sweaty crucible of economic chaos on the Indian Subcontinent in search of story and adventure. Mumbai squirms and pulses under the weight of three times the population density of New York City. It is both the commercial and entertainment centre of India, generating 5% of the country’s GDP and accounting for 25% of industrial output, 40% of maritime trade, and 70% of the nation’s capital transactions. Mumbai, sometimes still referred to as “Bombay,” is also a land of arresting dichotomy. For one, it is home to the world’s largest movie production industry…but just a short, bumpy ride from the glitz of Bollywood lays Dharavi, the largest slum in all of Asia. The latter area is a heaving mass of one million souls crammed into less than one square mile of unimaginable filth and grinding poverty. Needless to say, our visit to Mumbai’s underbelly was one of the most inspiring days of the whole trip.
“The slum actually boasts an annual GDP of $660 million,” we wrote, awestruck after our short visit there, in The Rude Awakening. “The area, nestled between two railroad tracks, is bisected by an open-air sewage drain; commercial district on one side; residential on the other.
“On the commercial side, factories buzz around the clock, recycling the mass of waste spewed forth from around greater Mumbai. By day, ‘rag-pickers’ from the slum troll the city, collecting plastics, metals, bottles and all manner of other reusable matter. These materials are then melted down or repurposed in Dharavi before being sold back to metropolises all over India and, in some cases, across the region. Incredibly, all the machines are made on site. The men and women work 12 hours per day and each shift cooks a welcome meal for the incoming workers.
“Bound by the common oppression of multi-generational poverty, the people of Dharavi live and toil side by side, breaking their backs in the slum’s commercial district. Muslim people carve household Hindu temples, which then sell in the city’s markets, while the religious rift between the two groups rages on in the ‘outside world.’ Christian women watch over Muslim children, youngsters from different castes play together in the yards and Indian boys and girls learn in the slum’s schools alongside their classmates from all over Asia.”
The Rude Awakening has since escaped to newsletter nirvana, but our experience in India remains inked indelibly on our mind.
Interestingly enough, there are some who believe Schumpeter was indirectly inspired by the Hindu philosophy. Schumpeter’s fellow countryman, Werner Sombart, the sociologist who first introduced the term “creative destruction,” was quite the admirer of one Friedrich Nietzsche, who in turn was influenced by Eastern mysticism, specifically the image of the Hindu god Shiva. Whatever the connection, it has been six decades since the concept first entered the western economic vernacular. Witnessing the despicable crony bailouts of Wall Street’s darlings at the beginning of the Great Correction, however, it is clear we in the west are slow learners. As DC dolled out hundreds of billions of dollars to rotting financial institutions and moribund insurers, refusing to let the process of creative destruction run its course, India was busy laying the foundations of a future economic powerhouse. More inspiring still, they were doing so during a time of unrelenting social and natural unrest and upheaval.
Few nations on earth have been so constantly plagued by strife as India has over the past few decades. The moment one crisis recedes another comes crashing down upon her shores. In a recent video report from the bustling heart of Mumbai, Bill Bonner described how the nation’s stock market dealt with two presidential assassinations, mass social unrest, the Asian currency crisis, the Kashmir War, cataclysmic weather patterns, the dotcom bust, Maoist insurgencies and terrorist attacks. The results are astounding.
“If the Great Recession can’t stop [India’s economy], what can?” relayed Bill. “The economy is so big and the middle class is growing so fast that many of these businesses you see on the street are making a lot of money…and they’re growing their sales by 30% per year. You can see that, if you can do that for a while, you can really make some money over the long run.”
Despite its unfortunate succession of calamities, the Bombay Stock Market has managed to return a staggering 17,400% since its inception, back in 1979. In the last decade alone, the Bombay Stock Exchange – BSE Sensex – climbed 248%. By contrast, the coddled members of Wall Street’s major indices managed only to lose money for American investors (DJIA -6.7%). Even the darlings of the American financial newspapers struggle to keep pace with India’s incessant growth.
Indeed, as Eric Fry mentioned earlier this week, “During the thirteen years since your editor dared to admire Indian stocks in public, the India Fund has delivered a dazzling return of nearly 800%, compared to a gain of only 44% for Intel. In other words, the India Fund has delivered a whopping 18% annualized return over the last thirteen-years-and counting, compared to Intel’s paltry 3% annualized return.”
The nearby graph, also provided by Mr. Fry, illustrates our story…
Even now, as the west debates new methods to squander its surplus of unearned (borrowed) wealth, India is busy engineering a kind of “reverse imperialism,” as Forbes Magazine calls it. Once the jewel in the British Crown, India is beginning to stake considerable claims in some of her former master’s spiffiest corporate outfits. Tata Teas now own the iconic British brand, Tetley, for instance, and Ol’ Blighty’s favorite automobiles, Jaguar and Land Rover, are now under the stewardship of Tata Motors.
The world’s largest democracy has averaged a 6.2% annual rate of economic growth since 1980…despite (or, perhaps, because of?) nine different governments during that period. This is no accident. India is no flash in the pan success story. Such a voracious growth rate is all the more impressive when one considers that India’s best days may indeed lie ahead, demographically speaking. She is the “youngest” of the so-called BRIC (Brazil, Russia, India, China) economies. Approximately 500 million Indians are below the age of 25. Around 30% of the entire population is under 15 years of age. These people are already wheeling and dealing. They are answering your customer service calls, building your computers and designing your software. The Subcontinent’s immense human capital potential will come to light in the years ahead. You can bet on it. By contrast, the US, Western Europe and Japan are mired in an inexorable demographic decline, with fewer and fewer workers entering the taxpaying bracket, supporting a swelling population increasingly dependent on socialized benefits – Social Security, Medicare, Medicaid, etc.
All this is not to say that India is without her fair share of problems; only that, historically, she has forged ahead despite these setbacks. The country is possessed of an uncanny ability for weaving prosperity from poverty, human solidarity from social discord and opportunity from crisis. Like the cab ride from Bollywood to Dharavi, the journey from impoverished mass to economic superpower promises to be a bumpy one. For those who can stomach it, India’s ride promises to be a rewarding one, from destruction to creation and beyond…
WELL SAID, JOEL BOWMAN! WE RECENTLY RETURNED FROM A MONTH-LONG TOUR OF INDIA. THAT IS ONE RESILIENT COUNTRY. IMAGINE MUMBAI (BOMBAY), A CITY THREE TIMES THE DENSITY OF NEW YORK CITY, — AND WE NEVER FELT IN DANGER.
“The Chinese don’t know anything about this Internet company or understand English.” ~US Secret Service Agent with perilous power the day of the iNetGlobal office raid. (from http://ibnn.org/inetglobal_us_vs_china/)
While the USA Government attacks and condemns small business, alleging claims such as fraud, Ponzi Schemes, money laundering, – click the links above please – see for yourself, –
About a year ago, when this writer embarked on creating a marketing presence on the Internet, it was anticipated that this specific blog would be about: http://cheapclix.net/about-cheapclixnet/
1) “educational material ABOUT BLOGGING”.
2) “Monetizing“, to a limited degree.
3) This site is dedicated to having fun while accomplishing (1) and (2) above.
Meanwhile, after becoming fully-assured that there is a complete vacuum of common sense, the “FUN” part of this blog has been an abject failure. It is not fun to become a spokesman for education and for monetizing while trying to do so in an environment wrought with government misinformation and anti-business sentiment – unless you call — lining their own pockets and the pockets of their lap-dog financial executives — “pro-business”.
Trivia Note: When you Google “common sense“, there are 56.9 Million Results. There are 64 Million Results using “not common sense“. (Better to waste your time checking out all of those millions of links than to waste your time trying to figure out why 545 members of Congress have no common sense). But perhaps there is a meaningful correlation: Maybe that’s about how many people vote!
Dozens of iNetGlobal members showed support for their right to freedom by flying and driving into Minneapolis to attend last Monday’s court hearing in St. Paul. The Judge Donovan Frank court-room was overflowing, and another room had to be opened for closed-circuit viewing of the proceedings by all interested parties. Attendees from Canada, from New York, Illinois, and Iowa - as well as locals from Minnesota - sat quietly and respectfully through the hearing, then departed for a private rally in Bloomington to commiserate about the case. Still befuddled by the unfair treatment by the USA Government, iNetGlobal members continue to appeal to their peers with gestures which counter the invalid claims of the prosecution. iNetGlobal Attorney Jon Hopeman has, thus far, been afforded little opportunity to interject evidence, but did manage to make mention in court about some 4,000 letters and emails from members and customers which testify to the legitimacy of the company’s products.
Members Support iNetGlobal
Gesture of Support
ARE THESE THE NEW FREEDOM FIGHTERS, WORKING TO SAVE FREE ENTERPRISE, IN AN ANTI-BUSINESS ERA OF USA HISTORY??
God Made Some Heads Beautiful - On Others He Put Hair!
Next morning, many of the above Freedom Fighters met with Star/Tribune Reporter, Jim Walsh, to show the side of the story that is yet to be exposed. While that meeting seemed to be enlightening, informative, and illustrative to Mr. Walsh pursuant to raising the awareness by the media of iNetGlobal’s product-line, we have yet to see any of that enlightenment brought forth in the form of publication on the Star/Tribune blog - but “Johnny on the Spot” for the big story of the iNetGlobal raid. This writer, feeling disenfranchised by this ongoing omission by the media, continues to ask, “Where has fair and balanced reporting gone?”, and “What ever happened to this symbol of justice?”
PLEASE RE-VISIT THIS POST: http://www.homesquadcities.net/?p=487 as a testimonial about the iNetGlobal Products, and the power of their group of networkers to teach and to learn about the vast opportunities that have been opened for capturing their piece of freedom to market through the Internet. Mr. Hopeman has thousands of similar stories from members - yet the USA Government continues to ignore the importance of the side of the story that is told by these thousands – in the interest of a vendetta against one man, Steve Renner, who was targeted because of the claims made by another one man, Steve Keough. What about these other thousands of people?? Is this JUSTICE?? Do the people pictured above count for anything? C’mon!
The Sovereign Society Offshore A-Letter Monday, April 12, 2010
What India’s Got that China Doesn’t
It’s Simple Really…
By Matt Collins
“Democracy,” he answered simply.
At first I made a face. That’s it? I thought…That’s all this kid’s got?
Jay was originally born in India. He grew up there through his teenage years. Then – like so many others – he crossed the Ocean and came looking for a job. He’s a software engineer at Motorola these days, but his brokerage license testifies to some financial pedigree.
So when I asked him what makes India such a better emerging market play, I expected something a little more substantial. But could it really be that simple?
“India is the largest democracy in the world (1.2 billion people),” says Dalal Street Insider Ashish Advani, “And it’s a sea of tranquility compared to some of parts of Asia (including Sri Lanka, Pakistan, Nepal, Burma, China, Afghanistan, etc).
“It’s also time-tested with India having gaining independence from Britain in 1947 (62 years). Since then, India has held regular elections (too many if I had a say) and each time the torch of power has passed hands without incident.
“There has never been a threat to the democracy in that whole time. No military coups or dictators have even attempted to seize control. So if there is a safe, stable country to invest in which has full respect for the law, it’s India.
“India is a volatile market, but your capital is safe and it never under any serious confiscation threat. The same cannot be said about even China.”
The Power of Honesty & Fair Play
Despite what we might believe at our most cynical, this history of fair and honest behavior has actually greatly benefited the Indian government and its economy as a whole.
As Ashish mentioned above, there’s never really been a challenge to the government’s power.
And since winning an almost-absolute majority in the elections again last year, the Pro-Business Congress party has laid a clear path to real, sustainable growth.
Indians as a whole seem to be following suit…
Entrepreneurs and spenders are coming out of the woodwork…car sales are up over 25% just in the last year. And the bad monsoon season has combined with the country’s acute situation of rapidly-growing demand, leading to a food-fueled inflation unlike anything America’s seen in our lifetime.
These, dear friends, are the first throes of the new consumer. The stifled yawn of an awakening giant.
Their closest competition; the crowd favorites in China, have a number of vague and difficult hurdles to clear before they’ll ever reach the same level.
For example; China’s industrialized export-dependence is broken as long as American and European demand remains at these levels. Meanwhile, India’s significant service and agricultural sectors make it more adaptive to a shifting environment, and more prepared to handle the basic needs of its own people (leading to minimal export dependence in a country of over a billion people).
And then there’s Jay’s point. Democracy. Cold and hard, that one. The Chinese have stretched the idea of communism to its very limits – incorporating capitalist measures often only where it’s necessary to keep the population at ease.
It won’t be another fall of the Soviet Union, that’s for certain…but the mere fact of democracy gives India an appreciable leg-up on China, regardless of what they’re telling you…
IBNNORG—April 08, 2010 — Minneapolis, MN. (April 8, 2010/IBNN)…The US Secret Service has given the global marketing agency iNetGlobal equipment seized in the February 23, 2010 raid. This exclusive video shows, iNetGlobal staff carting the laptops and other computer gear back in the office where it belongs.
This comment, posted today, on Patrick Pretty’s Blog:
I’ve got a good idea. Perhaps we prove that the Company is legit and let the chips fall where they may between the government, Renner, and Keough. Clearly, the government’s “rub” is with Renner — Renner’s “rub” is with the government and with Keough. All along, as you know, I believe that the Company is legit.
As for the players — hmmm?? As for the government — hmmm? If the government is really after one or more of the players, was it necessary to destroy the company in the process? If the players are really after each other, was it necessary to destroy the company in the process?? As someone commented on http://www.startribune.com, “plenty of dirt to go around.”
But I guess I am biased. I am one of those who happens to have learned and taught people how to use the products. No “good work” goes unpunished. Instead of the “Empire” striking back, it appears that it is high time that the “Workers” strike back.
Until today when I read the government’s memorandum, it did not occur to me that iNetGlobal, — the Company itself, — has yet to be properly represented, legally, over the past few weeks since the raid, — and that was quite stupid of those of us who have legitimately learned and taught. That situation is about to change!
In defense of the government, they make it very clear in the “memorandum” that we should do just that (one can challenge their legal methods, however.)
In defense of Renner, he considers it to be his company — therefore his right and responsibility to protect and to serve (one can challenge the legal methods, however.)
In defense of Keough, I’d guess that he and Renner had one big pissing contest, so Keough felt justified (one can challenge his legal methods, however).
As for the Company, there appears to be some light at the end of the tunnel, and we can only trust in the integrity and the wisdom of Honorable Judge Frank to see through all of this. Hard working people have been hurt because of three opposing forces that don’t like each other very much. I think that Judge Frank believes in Power-to-the-People. If there are any issues that need to be fixed, the people can handle it.
As for the players — hmmm?? As for the government — hmmm? If the government is really after one or more of the players, was it necessary to destroy the company in the process? If the players are really after each other, was it necessary to destroy the company in the process?? As someone commented on http://www.startribune.com, “plenty of dirt to go around.”
But I guess I am biased. I am one of those who happens to have learned and taught people how to use the products. No “good work” goes unpunished. Instead of the “Empire” striking back, it appears that it is high time that the “Workers” strike back.
Until today when I read the government’s memorandum, it did not occur to me that iNetGlobal, — the Company itself, — has yet to be properly represented, legally, over the past few weeks since the raid, — and that was quite stupid of those of us who have legitimately learned and taught. That situation is about to change!
In defense of the government, they make it very clear in the “memorandum” that we should do just that (one can challenge their legal methods, however.)
In defense of Renner, he considers it to be his company — therefore his right and responsibility to protect and to serve (one can challenge the legal methods, however.)
In defense of Keough, I’d guess that he and Renner had one big pissing contest, so Keough felt justified (one can challenge his legal methods, however).
As for the Company, there appears to be some light at the end of the tunnel, and we can only trust in the integrity and the wisdom of Honorable Judge Frank to see through all of this. Hard working people have been hurt because of three opposing forces that don’t like each other very much. I think that Judge Frank believes in Power-to-the-People. If there are any issues that need to be fixed, the people can handle it.