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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Kenneth E. Phillipps who wrote (4826)	4/21/2004 12:36:38 PM
From: mishedlo	Read Replies (1) of 116555

India Experiencing Artificial Boom inhome.rediff.com Standard & Poor's and Fitch have put India's debt at junk status, with ratings of 'BB' and 'BB-plus', respectively, primarily because of its burgeoning fiscal deficit... What the Indian economy is experiencing today is an artificial boom and is the result of what is commonly known in economic parlance as the Political Business Cycle Theory... So, despite the common assertion by economists that the Federal Reserve is an "independent" institution, in reality, it has never been independent of politics. According to Congressman Ron Paul (R-Tex): "The Fed is a political institution that is used to manipulate the economy for the benefit of White House incumbents at the expense of the rest of society..." Coming back to the Indian scenario, it is no wonder that the economy is flushed with excess liquidity and a mounting fiscal deficit (10 per cent of GDP, Central and state combined), right before the year of an election...

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