India has 30-40% unemployment for graduates, India's 'growth' rate is very cooked, it has a large informal sector and formal sector data is used to impute informal sector growth. Informal sector meanwhile has been destroyed by multiple self-inflicted and external shocks.
For India to grow:
Domestic private sector must be willing to spend: It is refusing to do so, they are swimming in profits, all they can do is rent-seek using state resources.
Foreign sector is unreliable, they can exploit India's resources, and they have that's how some of the decent growth occurred in the 2000s global bubble but it hasn't translated to employment.
Government is unwilling to spend. I do believe that they legitimately believe in neoliberal propaganda of 'Government is a household'.
Some blame Modi but his Government only continued the neoliberal legacy, the neoliberal policies hit the limit in 2011 or so.
China is the only country with a large population that successfully industrialized and grew using the external sector growth strategy (and that too with the help of the state). All the other Asian tigers had smaller population and thus needed less foreign investments to develop.
While it's good, they still have to get the Yuan somehow.
Kenya imports $3B worth of goods from China and exports mere $200M to China. Meanwhile, it imports $737M from the U.S. and exports $780M to the U.S. Meanwhile, most of their capital inflows like FDI/FPI (which finances their trade/current deficits) comes from mainly Western countries.
”It's not a bailout, by any means. No money is being transferred. The Exchange Stabilization Fund (ESF) has never lost money and will not lose money now. I have worked in the investment sector, mainly in currencies, for 40 years. The assumption is that you have to buy low and sell high. And the Argentine peso is undervalued," Bessent explained, justifying the financial support for Argentina.
Uh huh, Argentine Peso which has been under a depreciation spiral for decades in large part due to external debt is magically going to appreciate somehow.
Remember that anti-Iraq War protests were magnitudes larger than today’s protests against the genocide in Gaza.
While I do agree that the protests aren't large enough (especially in the puppet master U.S.), criticism of Israel has been very taboo in the West for a long time as can be seen by the fact that majority of both parties largely sided with Israel until the genocide.
And Israel is really fueling the antisemitic 'ZOG' accusations, no American (afaik) permanent residents were targeted and even Visa holders weren't targeted as aggressively as Trump. It's very interesting that you are more free to criticize the U.S. Government while in the U.S. as compared to Israel.
Such high rates on local currency lending can be very inflationary. You are pumping money into the economy for wealth holders, its free money. On top of this, the exchange rate is managed heavily, so people (mainly the wealthy) can abuse this quite a bit even with capital controls in place, with the state building up foreign currency debt to maintain the said exchange rate.
This in many ways turns even sovereign currency debt into ponzi. Eg. Lebanon.
Nothing will change if you don't believe it can. If all this does is delay fascism for a day. That's one less day of people dying and suffering for really stupid and avoidable reasons. Seriously, what's the point of your comment? Are you trying to get me bummed out and not vote? by deaf_fish @negativenull@lemm.ee
Individual votes have no value. It was Biden and Kamala's fault for not campaigning on good policies. Hexbear's (or leftist) stance on whether or not to vote for him doesn't change this.
Also, Biden is directly responsible for deaths of hundreds of thousands of people by aiding Israel, and Democrats are responsible for many more domestic deaths by the way of social murder especially considering they had majority control for some time. That Trump may kill more doesn't change this fact.
It just means (at best) the BRICS countries will use a non-Dollar currency for clearing trade between countries instead of SWIFT/western financial infrastructure. The issue is how will these BRICS nations obtain this non-Dollar currency?
All these countries obtain their foreign currencies (which are mainly Dollars) by the way of capital inflows and trade.
For example, India has a current account deficit, current account balance includes trade balance, net transfers (e.g. remittances, foreign aid etc), net income from abroad (e.g. dividends).
In India's case, the current account is in deficit, it is by definition financed by capital inflows from the U.S. and the west (purchases of Indian shares by Americans for instance). So, to obtain this non-Dollar currency, India will have to export to the U.S. (which it does, it has a trade surplus with the U.S. which combined with capital inflows finances their trade deficit with China and oil exporting nations). India obtains Dollars first, then goes to foreign exchange markets to obtain this non-Dollar currency. Either way, the external sector of the Indian economy is built around obtaining Dollars (and other first-world currencies to lesser extent) from the U.S. (and rest of the world, mainly West).
This problem can be kind of solved if China is willing to accept currencies of other BRICS nations. The Chinese Central Bank for instance can provide an unconditional fixed floor exchange rate window. E.g. ¥ 1 = ₹ 13. This way whenever it trades the Chinese Central Bank, the PBOC will accumulate Indian Rupees, which it currently doesn't want to do, Indians will get access to Chinese goods and services without needing the Dollar and Chinese workers will stay employed even under a market export-oriented system.
One may claim, this can be 'abused' since Indian Central Bank, the RBI can issue unlimited amounts of Rupees so they can obtain 'unlimited' amounts of Chinese Yuan. That is true, which is why caps can be placed on the Yuan amount accessible to the RBI under this window or other ways to nudge other countries against doing so. But keep in mind, China has accumulated trillions of US Dollars by providing a crawling exchange rate with the Dollar, the mechanism is similar, just couched under a market mechanism.
Of course, the Fed doesn't directly intervene in the foreign exchange market to provide a window, the 'market does it 'naturally' so you get the guise of a market transaction.
The minting of this coin, while Trump is alive, appears to be illegal. The Thayer amendment, added by a Republican representative to a federal appropriations bill in 1866, states explicitly that "no portrait or likeness of any living person shall be engraved or placed upon any of the bonds, securities, notes, or postal currency of the United States." A resource page on the website of the U.S. Treasury Department once confirmed this law, near the top of a section of frequently asked questions about portraits and designs:
from what i read its for raw earf metals