Tag Archives: Asia

No More Communism! North Korea Capitulates: Farming.

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“The last hold-out is no longer holding out.  North Korea now allows collective farms to lease land to peasants. The peasants pay 30% of the crop to the collective. We can be sure of this: output will rise. This is what Deng did in 1978. He freed up agriculture. The boom began within a year. The peasants will buy into this if they believe they will really get to keep 70%. They are suspicious. But if the collectives abide by the rules, Communism is finished. The experiment has failed. Celebrate. Light up a Cuban cigar. (No. Sorry. That’s illegal in the land of the free and the home of the NSA.) May the lights come back on in the North.”

http://teapartyeconomist.com/2013/07/19/no-more-communism-north-korea-capitulates-farming/

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Clarification of William Kaye Regarding German / US gold in Hong Kong refineries

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“Hong Kong fund manager William Kaye identifies the Hong Kong gold refiner that is recasting Western gold, including Western central bank gold, for the Asian market.  Kaye remarks that this movement and recasting of gold should hardly be a sensation because it is completely consistent with everything known about the current gold market. Kaye also denounces Western exchange-traded gold funds as facilitating ‘enormous potential mischief and abuse’ of gold investors at the hands of the bullion banks that are exclusively authorized to put gold into and take gold out of the funds.”

http://www.gata.org/node/12798

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Jim Rogers: Why Gold Broke Its Bull Run

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“As Rogers notes, India is the largest buyer of gold in the world, giving them a fair amount of influence over the price of the metal. As gold continued to skyrocket in price, so too did India’s trade deficit, the largest drivers of which are gold and oil. As Rogers states, the nation can’t do much about oil prices, so that leaves gold to take the fall.  As such, India has taken a number of measures to slow the import of gold including a ban on installment credit card purchases. The first half of May saw India purchase $135 million in the first two weeks of the month, but only $36 million the latter two weeks of the month.”

http://commodityhq.com/2013/jim-rogers-why-gold-broke-its-bull-run/

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India takes drastic steps to defend rupee as global Fed shock deepens

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“The country’s central bank raised a key funding rate 200 basis points to 10.25pc and took steps to drain money from India’s financial system, even though the economy is stalling and risks a hard landing. Foreign funds have been selling India debt at a record pace since late May, causing a 7pc fall in the rupee.  Brazil and Indonesia have both had to tighten policy after a sharp slide in their currencies. Turkey signalled this week that it can longer afford to keep burning foreign reserves to protect the lira, and may have to raise interest rates instead. Nomura said India’s clamp-down is comparable to the funding squeeze last month by China’s central bank.”

http://www.telegraph.co.uk/finance/financialcrisis/10182842/India-takes-drastic-steps-to-defend-rupee-as-global-Fed-shock-deepens.html

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Still strong Indian demand for gold loans keeping banks interested

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“Despite the recent imposition of new restrictions by the Reserve Bank of India on the provision of gold loans, banks and non-banking financial corporations, report continued growth in the sector.  And, citizen demand for such loans has two institutions cozying up afresh, by filing applications to open up new centres. India’s largest pure play gold mortgage player Muthoot Finance has applied for a banking licence and maintains it can easily launch a commercial lending business with over 2,000 branches.  While Muthoot Finance aims to cater to the small towns and villages, IndusInd bank will instead focus on the metros and will cater to self employed individuals.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=198043&sn=Detail

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Indian government again urges Indians not to buy gold

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“India’s Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, ‘… can we for sometime moderate the demand for gold?’ Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold.”

http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=197982&sn=Detail

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Fearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

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“India’s state governments run the world’s largest school feeding programme involving 120 million children. Bihar is one of India’s most populated and poorest states. Educators see the scheme as a way to increase school attendance, in a country where almost half of all young children are undernourished. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food. Authorities have instructed all teachers and cooks in the state to first taste the free lunch before serving to the children.  ‘We will have to make parents believe that mid-day meals provide nutrition and are not meant to kill students,’ said Lakshmanan.”

http://www.rawstory.com/rs/2013/07/18/fearful-indian-schoolchildren-refuse-free-meals/

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Riot in India as ‘poisonous’ school lunch kills 21 children

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“Twenty-one children have died after eating a free lunch feared to contain poisonous chemicals at a school in eastern India, officials said Wednesday, sparking angry protests as mobs ran riot. Another 30 children remained ill in hospital after consuming the meal of lentils, vegetables and rice.  Free lunches are offered to poorer students in state-run schools as part of government welfare measures in many of India’s 29 states. Educators see the midday meal scheme as a way to increase school attendance. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food.”

http://www.rawstory.com/rs/2013/07/17/riot-in-india-as-poisonous-school-lunch-kills-21-children/

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India to settle oil trade dues with Iran in rupees

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“India will settle all oil trade including USD 1.53 billion in dues with Iran entirely in rupees after the US-engineered illegal sanctions against Tehran blocked all other payment routes.  In June, India along with China, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan won a 180-day waiver from the US sanctions against Iran’s energy sector. Indian Ambassador to Iran D. P. Srivastava said on Wednesday that New Delhi is determined to continue cooperation with Tehran despite the illegal US-engineered sanctions against the Islamic Republic.”

http://www.presstv.ir/detail/2013/07/14/313785/india-to-pay-for-iran-oil-in-rupees/

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India finance minister to countrymen: Contain ‘uncontrolled passion’ for gold

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“Finance Minister P Chidambaram today asked countrymen to contain their ‘uncontrolled passion’ for gold and instead save in financial instruments. ‘Have faith in our financial sector. Unfortunately, we have difficulty shedding our old habits and put our money in gold,’ he said while speaking at an event to mark the platinum anniversary celebrations of state-run Dena Bank. ‘The uncontrolled passion for gold must be contained,’ Chidambaram said. People should rather switch to financial products to funnel their savings, the Minister said and added the soon to be launched inflation indexed bonds is a very lucrative option.”

http://www.indianexpress.com/news/contain-uncontrolled-passion-for-gold–chidambaram-to-countrymen/1120501/0

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