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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: SouthFloridaGuy who wrote (19982)	12/30/2004 10:08:55 PM
From: Rational	Read Replies (2) \| Respond to of 116555

I agree with your thesis about India-China, LongIslandGuy. But what about the massive debt of state and central governments of India. Certain states spend 100% of their revenues on salaries and pensions of dysfunctional bureaucrats who do not work without kickbacks. Chinese bureaucrats take kickbacks but they are entrusted with decisions they are obligated to take due to a fear of being fired. Indian bureaucrats are living in a colonial era, with a mindset to stop everything and responsibility to none. In colonial era they were at least responsible to viceroys. India has planned for an international airport in Bangalore for last 10 years which is yet to start. Bangalore is supposed to be the center of Indian progress.