Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Worswick who wrote (71)	12/23/1997 6:38:00 PM
From: Rational	Respond to of 9980

Worswick: << How many Indian joint partners are a bunch of crooks. How many of these "join-partnerships" are cratering?>> Many. Crooks exist every where. Perhaps the USA is one of the best lands of business crooks. <g> << The contagion is spreading.>> I doubt this will affect India because of her strong local markets. Indian companies or banks have not borrowed much in global markets and the Reserve Bank of India has enough dollars to pay off the NRI deposits. RBI is independent and powerful to form its own monetary policy. Important public institutions like RBI, Election Commission, and the Judiciary in India are very strong. There is an important and powerful tool that some young Indians have been using very successfully: Public Interest Litigation against corrupt bureaucrats and ministers. The Courts are quite fair and judges decide on the PILs quickly and fairly. Even the Prime Minister of India dreads the Chief Election Commissioner and some of the young PIL advocates. The Western media has always made serious errors on guessing about India, e.g., saying that she would disintegrate or that Indian economy would collapse. I would thus be cautious to be influenced by Western media about forecasts on India. That said, India has made some competitive devaluation of its currency. But the currency is not convertible on capital accounts. I was not the first to feel that the Indian FX policy was rational -- the latest issue of Barron's has a favorable article on the Chinese policy (which is similar to India's). Sankar