- Longing for the Days of the Big Eight (nytimes.com)
- Boeing ex-employees lose whistle-blower case (sfgate.com)
- The Maya of Pandemics (quicktake.wordpress.com)
- Now White House collecting your personal info (wnd.com)
- King accuses White House of leaking secret order to aid Syrian rebels (examiner.com)
- Op-Ed Columnist: The Leak Police (nytimes.com)
European banks are emerging from the credit crisis bigger than before, posing more risk to their national economies. BNP Paribas, Barclays and Banco Santander are among at least 353 European lenders that have increased in size since the beginning of 2007. Fifteen European banks now have assets larger than their home economies, compared with 10 lenders three years ago. (via European banks growing bigger, sowing seeds for the next crisis).
Concentration of power
What this has done is increase the concentration of power, risk, capital, manipulation into the hands of a few people. With Europe, USA and Japan dominating the Fortune 500 listing, with Super-mega corporations, the outlook for dilution of power and risk seems bleak and remote.
The other risk is again the full-employment economic model. Mega corporations, which can be easily controlled at arm’s length by the State, dominate the economic sphere. Power is concentrated in the hands of less than 0.1% of the population. Less than 300,000 people control the US economy of more than 30 crore people (300 million).
Jobs for everyone
So, what happens to the 99.9% people who do not control the economy?
They are given jobs. They become employees, associates, apprentices, trainees, understudies, etc – who will fulfill the purpose of these 300,000 people-in-power. From the media and academia, public and private sector, NGOs and Government, bureaucrats and business managers.
Sleight of hand
And while our attention diverted by war, crisis, threats, the real game is being played somewhere else – out of sight and out of bounds.
Self employment, independence, small business are driven out of business by channeling increasing amounts of debt to organizations controlled by the O.1% of the powerful people.
This growth in banks beyond the size or the home economies signifies greater concentration of wealth – and not less. The world would do well to remember that East India Company was after all a company, a private company!
How Big Business and Big Government combine against the aam aadmi, the common man.
- 1857 – A Failed ‘Mutiny’? (2ndlook.wordpress.com)
- Reports: India seizes $44m guarantee from IMI (haaretz.com)
- China: India ‘not rival’ after launch (cnn.com)
- Vodafone Threatens India With Arbitration Over Tax Issue (voanews.com)
- The feeding frenzy of kleptocracy (thehindu.com)
- India may see internet boom by 2015 – report (blogs.ft.com)
Those who support the change on the ground that the amendment merely puts in the statute what is already a requirement of arrest and part of police practice ignore the fact that the amendment alters the emphasis significantly, and mandatorily provides that the accused “shall not be arrested in respect of the offence referred to in the notice unless, for reasons to be recorded, the police is of the opinion that he ought to be arrested”. The sad truth is that India has a surplus of legislations but a poor record in enforcement.
By contrast, due to a combination of emotional reactions coupled with some jingoistic formulations, the lawyers have clearly got it wrong in their criticism of the LLP Act. The Act seeks to provide for the creation and regulation of LLPs essentially as hybrid entities which retain the partnership model but are closer to corporations in design and function. (via Right and wrong-The Times of India, By Abhishek Manu Singhvi, Minister in GOI).
Abhishek Manu Singhvi is a Minister in the the current UPA run Government. He is a legal eagle – and the sophisticated face and spokesman for the Congress Party.
Wrong is right, Mr.Sanghvi …
When you are worried about abuse of power by the police, your concerns are quite misplaced Mr.Sanghvi.The Indian Police is doing a good job – and they can do without your cynicism. So you are quite wrong when you are worried about the police abuse of power – with this amendment in law.
All the 5 indices (below) of crime management create a bias for a lawless Indian society and rampant crime. With these four indices, namely: –
- High gun ownership
- Low police-to-population ration
- Low prison population
- Highest number of poor people in the world
- Capital punishment as a deterrent
against a stable social system, how does India manage low-to-average crime rates.
With less than 25 people per 100,000 in prison, India has the world’s lowest imprisonment rate. Cynics may snigger at India’s ‘inefficient’ police or the slow court procedures as the cause for this low prison population.
That can only mean criminals are at large and India must, therefore have the highest crime rate – which is not true. India has low or average crime rates – based on category. How can India have such a low prison population, with a poor police-to-population ratio and a crime rate which is not above the average – in spite of a large civilian gun population.
And what you think is a right move …
On the other hand, limited liability companies have created a huge debt mountains. What about expanding liability, instead of limited liability. While LLCs can have limited outward liability, they can create unlimited inward liabilities – in the way of debt, bonds, debentures, notes, paper, et al.
These two elements, limited liability and a separate legal entity, have made these Frankensteins different from any previous association of businessmen. The legal structure of corporations allow actual owners to hide behind a legal facade, without liability. These corporations have access to large amounts of fiat currency. Old debts are repaid by taking new debts. Competition is killed by raising entry barriers – which is again done by accessing huge amounts of debt. Some of this borrowings are irredeemable – and called equity.
Limited liability of the shareholders has meant that various stakeholders usually have little or no recourse – when things don’t pan out. Some stakeholders (usually shareholders and management) have access only to an upside, other stake holders, actually, finally take the risk. Such companies resist any attempt at accountability.
It is this ability to evade ethical practices and issues that differentiates these corporations from other business enterprises. From the massacre of millions of Indians during the 1857 War (by the East India Company), the many regime changes that corporations have pushed, the record of these organizations has been far from average.
Concentration Of Power
Newer methods to measure this concentration are devised. Today the most popular methods are the Fortune 500 listing and the Forbes listing. These listings finally demonstrate that half the world’s economic output is controlled by about 25,000 individuals. Add another 25,000 politicians and bureaucrats. We have about 50,000 people managing the lives of 5 billion people. Read this with the faceless entity aspect, it becomes more worrisome.
What Is Happening In India
Out of the 30 current Sensex stocks, which make up the Indian Benchmark Index, 15 started off as SME (small and medium enterprises) 20-30 years ago. These organizations today are lobbying (successfully) to ensure that other SMEs do not challenge and compete with these large corporations. Indian policy makers, apparently, cannot learn from successes.
Abhishek Manu Singhvi is so mixed up …
Just like his Government and party is …
The LLCs and LLPs are legal monsters that are the creations of the West to concentrate power and exploit their power.
SinghviSaheb – Get up and give up … your notions. They are mixed up.