Wednesday 27 November 2019

Incomplete Thanksgiving

A write up by Kaushal Majmudar (settled in United States of America since age 5) with the backdrop of Thanksgiving day covers many thing except the key one.

The write up : True Wealth Is Far More Than Just Financial Success

A small section of the write up is reproduced below:

When I was a child, at the age of 5, I moved to the United States from my native country of India.  We initially came to Jersey City, New Jersey located across the Hudson River from Manhattan, New York and our first residence was a modest 1 bedroom apartment in a brick tenement building where my sister and I shared a pullout couch in the living room. 

Our eat-in-kitchen was smaller than my current master closet.  I am told that my initial reactions to my adopted country (it was winter when we arrived) was to repeatedly ask my parents when we were going to go back home.

Fortunately, we didn’t go back “home” though my 5 year old self would have wanted to do so if it had been up to me, at least initially.  We were immigrants who left India, like many others, with the hope of more opportunities and a better life in the United States

Having just arrived from a relatively poor and more bureaucratic (some might even say corrupt) system, my parents and family had very little in terms of transferable financial wealth that we could bring with us.  Fortunately, my parents had some education, but they were essentially starting from scratch in their mid 30s, with two young children.

Now the missed out ones:

1. Who manages to migrate from India to America in early 1970s with some education?

A: An Indian who has graduated from IIT / IIM / any other premier institutes in India.

2. Who gets a chance to educate in IIT / IIM in 1970's / or migrate from India with some education?

A:  Majority of the students graduated during 1970's in IIT / IIMs or any engineering / medical colleges came from well to do family in India  i.e. the 1% elite of India.

Especially during the high poverty rate in India during1960's.

Poverty in India:

Estimates of poverty in India during the 1960s varied widely. Dandekar and Rath, on the behalf of then Indian government, estimated that the poverty rate in 1960s remained generally constant at 41%. Ojha, in contrast, estimated that there were 190 million people (44%) in India below official poverty limit in 1961, and that this below-poverty line number increased to 289 million people (70%) in 1967. Bardhan also concluded that Indian poverty rates increased through the 1960s, reaching a high of 54%.

Further, 1971 census stated that male literacy rate was 45.96 and female 21.97.

3. Who set up this IIT / IIMs / other premier institutes in India?

A: I will borrow from the write up a relatively poor and more bureaucratic (some might even say corrupt) system i.e. Indian Government. Since his father got educated in one of these elite education institution in India set up by poor and more bureaucratic system, he could leave India with some education.

The author has not mentioned:
  • What was the qualification of his father in late 1960's.?
  • What was wealth status of his family (father) in 1960's?

Answer to above two questions will help author to connect with India and appreciate what Buffet calls " Lucky Sperm Club".

Author could have avoided portraying:
  • India a poor and corrupt system.
  • Staying back in America was fortunate than going back to India.
Author could have:
  • Thanked his parents for being Indian as Indians have valued education very highly and he was immensely benefited by it.

Monday 25 November 2019

On Process and Outcome

Respected Shankaracharya Ji of Puri spoke about women entering into Sabrimala. The explanation was very clear with the importance given to process / method / vidhi.

My learning:

If a particular outcome is dependent on a particular process. 
To obtain the desired outcome that process is to be followed. 

Worth listening.


Monday 18 November 2019

Think and Speak like an Indian

There are very few ministers in India who manage to speak as India. The words does not evoke the feeling that it is India which is speaking.

Indian External Affairs Minister Mr. S Jaishankar is an exception. In an interview, he spoke like what India thinks and not as an Individual.

Excerpts from the interview:


DER SPIEGEL: You feel treated unfairly by the Western press?

Jaishankar: There are people with strong preset views. Kashmir's autonomy was based on a temporary provision. But looking at the Western press coverage, very few acknowledge this aspect. There's a reason for that: It's an inconvenient fact!

DER SPIEGEL: You haven't mentioned Beijing. Chinese companies are planning large infrastructure projects in Pakistan, Nepal and Sri Lanka. What is India doing to counter China's influence in the region?

Jaishankar: Whatever we do, we're not doing to counter China's influence. Take China away for a moment: We would be still be investing in Nepal, Bangladesh or Sri Lanka the way we do today. South Asia is lacking regional awareness and I fault India for it, because as the largest country, it shoulders the largest responsibility. For the past five years, we have done our best to correct that mistake. The more connected South Asia is, the better it is for us too.

DER SPIEGEL: Many in the West see India as a counterweight to China's influence in Asia. How does India see itself?

Jaishankar: I find the idea of being someone else's pawn in some "Great Game" terribly condescending. I certainly don't plan to play the counterweight to other people. I'm in it because of my own ambitions.

DER SPIEGEL: In Europe, U.S. President Donald Trump stands for a new era of nationalism and protectionism. India, too, has become more nationalistic.

Jaishankar: True, but not all nationalism is the same. Nationalism in Europe is fed by the fear that old privileges may not be viable in the future. Our nationalism is positive and dates back to the independence movement. We are also not turning away from the world. We are embracing it.

DER SPIEGEL: Does India share Europe's concerns that Trump may do permanent damage to international institutions?

Jaishankar: Let me explain the difference between Germany and India: You are in an alliance with the U.S. We are not. We are used to handling different American administrations who in the past haven't been altogether friendly towards us. We approach America as we approach many issues in international politics: with a high degree of realism. At the end of the day, President Trump is President Trump. We Indians are pragmatic people.

Source: Alpha Ideas

Monday 11 November 2019

Rakhumai Rakhumai (Marathi) song

A very good song with deep meaning about importance of women in the worldly affairs.

Well captured by song writer Vaibhav Joshi (Movie : Poshter Girl ) and worth listening.




तुझ्याविना वैकुंठाचा कारभार चालना
एकल्या विठुरायाला हो संसार पेलना
तुझ्याविना वैकुंठाचा कारभार चालना
एकल्या विठुरायाला हो संसार पेलना
ये ग.. ये ग.. रखुमाई ये भक्तांच्या माहेरी
सावलीच्या पावलांनी विठूच्या गाभारी
ये ग.. ये ग.. रखुमाई ये भक्तांच्या माहेरी
सावलीच्या पावलांनी विठूच्या गाभारी
रखुमाई रखुमाई रखुमाई रखुमाई
तुझ्याविना वैकुंठाचा कारभार चालना
एकल्या विठुरायाला हो संसार पेलना
तू सकलांची आई साताजन्माची पुण्याई
घेई पदरात आम्हावरी छाया धर बाई
तुझी थोरवी महान तिन्हीलोकी तुला मान
देई वरदान होऊ तुझ्या पालखीचे भोई
रखुमाई रखुमाई रखुमाई रखुमाई
रखुमाई रखुमाई रखुमाई रखुमाई
तू कृपेचा कळस आम्ही पायरीचे दास
तरी युगे-युगे उपेक्षाच केली तुझी बाई
तू मायेचा सागर आम्ही उपडी घागर
आता करू दे जागर होऊ दे ग उतराई
रखुमाई रखुमाई रखुमाई रखुमाई
रखुमाई रखुमाई रखुमाई रखुमाई
x

Wednesday 6 November 2019

Incorrect Transfer of Money

An excellent piece by Ray Dalio , The World Has Gone Mad and the System Is Broken, is worth reading to understand:

  1. Flow of money
  2. Government's state of affairs
  3. Challenges for citizens
I will share key points here:

The reason that this money that is being pushed on investors isn’t pushing growth and inflation much higher is that the investors who are getting it want to invest it rather than spend it.

At the same time, large government deficits exist and will almost certainly increase substantially, which will require huge amounts of more debt to be sold by governments—amounts that cannot naturally be absorbed without driving up interest rates at a time when an interest rate rise would be devastating for markets and economies because the world is so leveraged long. Where will the money come from to buy these bonds and fund these deficits? It will almost certainly come from central banks, which will buy the debt that is produced with freshly printed money.

Since there isn’t enough money to fund these pension and healthcare obligations, there will likely be an ugly battle to determine how much of the gap will be bridged by 1) cutting benefits, 2) raising taxes, and 3) printing money (which would have to be done at the federal level and pass to those at the state level who need it). This will exacerbate the wealth gap battle. While none of these three paths are good, printing money is the easiest path because it is the most hidden way of creating a wealth transfer and it tends to make asset prices rise. After all, debt and other financial obligations that are denominated in the amount of money owed only require the debtors to deliver money; because there are no limitations made on the amounts of money that can be printed or the value of that money, it is the easiest path.


Because the “trickle-down” process of having money at the top trickle down to workers and others by improving their earnings and creditworthiness is not working, the system of making capitalism work well for most people is broken. 

If possible read comments section of the article, some are worth reading.

Saturday 2 November 2019

Say alert at Kartarpur Corridor

Pakistan has opened the Kartarpur Corridor to Indian's. This will help Sikhs in India to visit the holy place of Gurudwara Kartarpur Sahib.

Pakistan Prime Minister offered:

For Sikhs coming for pilgrimage to Kartarpur from India, I have waived off 2 requirements: i) they wont need a passport - just a valid ID;   ii) they no longer have to register 10 days in advance. Also, no fee will be charged on day of inauguration & on Guruji's 550th  birthday.

The Indian Government should reject the offer for waiver of two requirements. This will help Pakistan in providing a window for sending militants to India.

This will be a very loose control over traffic of humans in that corridor.

Requesting Indian Government to reject it and ensure there is a tight control on document verification.

“Stay alert! Don’t let someone’s words blind you from their behavior...

They can say all the right things, they can make you feel things you've never felt before, but don't be fooled; their actions will reveal their true character, desires, and priorities.

Behavior speaks; pay attention to what it tells you. Behavior is math; pay attention to what it reveals.”