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Monthly Archives: June 2012

Increase of Inequality in US – Joseph E. Stiglitsz

21 Thursday Jun 2012

Posted by VAN NAMBOODIRI in General

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I am herewith reproducing an article by Joseph E.Stiglitsz, Professor in Columbia University and one of the reputed economists in the world on the present economic situation in US, where the benefit of growth is all usurped by the top 1% and the middle class and the lowest are made to suffer day after day:

America likes to think of itself as a land of opportunity and others view it in much the same light. But while we can all think of examples of Americans who rose to the top on their own, what really matters are the statistics: to what extent do an individual’s life chances depend on the income and education of his or her parents?
Nowadays, these numbers show that the American dream is a myth. There is less equality of opportunity in the US today than there is in Europe, or indeed, in any advanced industrial country for which there are data.
This is one of the reasons that the US has the highest level of inequality of any of the advanced countries, and its gap with the rest has been widening. In the ‘recovery’ of 2009-10, the top 1% of US income-earners captured 93% of the income growth. Other inequality indicators are as bad or even worse. The trend is one of concentration of income at the top, the hollowing out of the middle and increasing poverty at the bottom.
It would be one thing if the high incomes of those at the top were the result of greater contributions to society, but the Great Recession showed otherwise: bankers who had led the global economy to the brink of ruin received outsize bonuses.
A closer look at those at the top reveals a disproportionate role for rent-seeking: some have obtained their wealth by exercising monopoly power; others are CEOs who have taken advantage of deficiencies in corporate governance to extract for themselves an excessive share of corporate earnings; and still others have used political connections to benefit from government munificence: either excessively high prices for what the government buys (drugs), or excessively low prices for what the government sells (mineral rights).
So, part of the wealth of those in finance comes from exploiting the poor, through predatory lending and abusive credit-card practices. Those at the top are enriched at the expense of those at the bottom.
It might not be so bad if there were even a grain of truth to trickle-down economics, the quaint notion that everyone benefits from enriching those at the top. But most Americans today are worse off, with lower real incomes, than they were in 1997, a decade and a half ago. All of the benefits of growth have gone to the top.
Defenders of US’ inequality argue that the poor and those in the middle shouldn’t complain. While they may be getting a smaller share of the pie than they did in the past, the pie is growing so much, thanks to the contributions of the rich and super-rich, that the size of their slice is actually larger. The evidence contradicts this. Indeed, the US grew far faster in the decades after World War II, when it was growing together, than it has since 1980, when it began growing apart.
Rent-seeking distorts the economy. Market forces, of course, play a role, too, but markets are shaped by politics; and, in the US, with its quasi-corrupt system of campaign finance and its revolving doors between government and industry, politics is shaped by money.   For example, a bankruptcy law that privileges derivatives over all else, but does not allow the discharge of student debt, no matter how inadequate the education provided, enriches bankers and impoverishes many at the bottom. Where money trumps democracy, such legislation has become predictably frequent. But growing inequality is not inevitable. There are market economies that are doing better, both in terms of GDP growth and rising living standards. Some are even reducing inequalities.
America is paying a high price for continuing in the opposite direction. Inequality leads to lower growth and less efficiency. Lack of opportunity means that its most valuable asset, its people is not being fully used. Many at the bottom, or even in the middle, are not living up to their potential, because the rich, needing few public services and worried that a strong government might redistribute income, use their political influence to cut taxes and curtail government spending.
This leads to underinvestment in infrastructure, education and technology, impeding the engines of growth. The Great Recession has exacerbated inequality, with cutbacks in basic social expenditures and with high unemployment putting downward pressure on wages. Moreover, inequality leads to economic instability.
But, most importantly, US’ inequality is undermining its values and identity. With inequality reaching such extremes, it is not surprising that its effects are manifest in every public decision. America has become a country not ‘with justice for all’, but rather with favouritism for the rich and justice for those who can afford it

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Whether PM should be called before 2G JPC ?

20 Wednesday Jun 2012

Posted by VAN NAMBOODIRI in 2G Scam Corruption

≈ 1 Comment

In the meeting of the Join t Parliamentary Committee (JPC), looking in to the 2G Scam, held yesterday, the opposition members in the committee demanded that Prime Minister and top officials of the PMO should be called to give evidence before the committee. This was opposed by the ruling party members and instead demanded that all the earlier telecom ministers, many of whom belong to BJP, be called.

It is very clear that there is so much vital information that is being kept undisclosed by those in power. Whether it is the UPA or the NDA government, both have many skeletons in their cupboards. It is necessary that all these information should be placed before the JPC and the public.

The neo-liberal policy and so-called reforms started by 1990s had given the chance for those in power to misuse the authority given to them and have been indulging in corrupt practices to such an extend that much of the natural resources of the country have been handed over to the MNCs and big business for paltry sums. The series of scams being exposed give a sorry picture of those in power. This loot has to be stopped. For that all information should be collected and remedial action taken. Nobody, however high he/she  may be, can not be tolerated, if he/she is found corrupted and working against  national interests.

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I am posting at 1000 PM but it is 02.30 AM in the blog.

20 Wednesday Jun 2012

Posted by VAN NAMBOODIRI in General

≈ 2 Comments

I am putting this post in my blog at about 10.00 PM on 19th June in UK. But the same is beiing shown as at about 02.30 AM of 20th June in my blog. But it is nothing unusual in the circumstances.

I am in UK. The time here at present is 04.30 hours less than Indian Standard Time.  hence the difference. By about 04.30 hours in morning the sun rises and even at 09.00 PM in the night, there is sun light.  It is warm when the sun is there, but will be cold the next minute. It is also raining some times. The island climate can not be taken for granted; it is changing by the minute.

since I am to return to India shortly, I have neither changed the time in the watch or laptop to UK time. Hence some confusion also when calculating the time.

 

 

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BSNL Management should act quickly

20 Wednesday Jun 2012

Posted by VAN NAMBOODIRI in BSNL - Better Service to the Nation

≈ 6 Comments

The agreement between the Forum of BSNL Unions/Associations and BSNL management on the  13th June strike issues, signed on 11th has been appreciated by all. Accordingly, the strike has been deferred also.

Now, it is for the management to ensure that the decisions of the agreement are fully and quickly implemented. Any delay or watering down will certainly put a question mark on the sincerity of the management.  Fast track methods have to be adopted in implementation of the assurances so that the workers are convinced.

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Com.Dipankar Mukherjee laid to rest

20 Wednesday Jun 2012

Posted by VAN NAMBOODIRI in Obituary, Tributes

≈ Leave a comment

Com. Dipankar Mukherjee, veteran trade union leader and National Secretary, CITU, who passed away on 18th June  was cremated at the Lodhi electronic crematorium on 19th attended by a large number of workers and trade union leaders.

Reepresentatives of trade unions and other leaders paid homage to him at BTR Bhawan, CITU HQ, where his body was kept for some time.

Red Salute to Com. Dipankar!

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I am in UK

19 Tuesday Jun 2012

Posted by VAN NAMBOODIRI in General

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For the last few days, I am in UK, along with my wife, visiting our son and family. From the busy schedule of the union activities of Delhi, it certainly is a change.

The climate is warm, although sometimes it will be windy and cold as also raining. The town where we stay is not big, but is about only one hour driving from London.

I have been twice to UK earlier and has seen some of the important places. I will utilise this opportunity also for the same. However, I wish to be with the family for maximum time since it is only once in two or three years we meet and are together.

I may return to Delhi by 13th July.

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CMD BSNL invites suggestions from employees

19 Tuesday Jun 2012

Posted by VAN NAMBOODIRI in BSNL - Better Service to the Nation

≈ 1 Comment

I surely welcome the CMD BSNL letter to the employees asking for suggestions for the improvement of BSNL and its services. In fact the letter is not even a single minute earlier.

The Joint Action Committee has placed many suggestions in the past and is placing further suggestions now and then. The BSNL Management and especially CMD should go through it and implement if found suitable.

The portal in which the suggestions are to be put should be made available to all the employees by making the password known to all.

Further, the present movement should not be limited to a circular but should be acted upon and continued.

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Com. Dipankar Mukherjee passed away

18 Monday Jun 2012

Posted by VAN NAMBOODIRI in Obituary, Tributes

≈ 1 Comment

It is with deep sorrow that I heard the sad and shocking news of the sudden passing away of Com. Dipankar Mukherjee, Secretary of CITU and an outstanding trade union leader in the country. He was only 69 years. As a Rajya Sabha M.P., he has made his mark by raising  many issues concerning the interest of workers and common people. The trade union movement in India will certainly miss this outstanding leader.

Com. Dipankar Mukherjee has been closely connected with BSNL Employees Union and had given guidance and correct direction to the movement. I express my heartfelt condolences and share the sorrow with comrades and friends.

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Clean BSNL of Corruption and Exploitation.

18 Monday Jun 2012

Posted by VAN NAMBOODIRI in BSNL - Better Service to the Nation

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BSNL has been formed from the P&T which was giving  service to the people of this country for more than a century.  The P&T services were efficient and one of the best in the world. Comparatively it was free from corruption.

But after formation of BSNL, the corruptive practices have increased and there are many vigilance cases going against even top level officers, who are expected to give the best example  to the employees. Though not the best, but all from top to bottom are getting reasonable and good wages. As such why anybody should indulge in corrupt pracices and give a bad name to the company and the serrvices. Sustained effort is necessary on the part of all for zero tolerance towards corruption and bribery.

In this connection, it is also to be pointed that the casual and contract labour are being exploited by the Contractors and the BSNL management. This should stop. Such exploitation not only give a bad name to BSNL but also demean all the concerned persons,including those who close their eyes to this curse.

Can’t we start a cleaning process to remove this dirt  from BSNL?

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Rani Lakshmi Bai of Jhansi, the Great Fighter of First War of Independence.

17 Sunday Jun 2012

Posted by VAN NAMBOODIRI in History, Uncategorized

≈ 3 Comments

It is on 17th June 1858 that Rani Lakshmi Bai of Jhansi sacrificed herself on the battle field of Gwalior fighting against the British during the First War of independence. She was only 23 years at the time of her death.

Born on 19th November 1835 to a Maharashtrian warrior, she was brought up by her father since her mother died when Manikarnika (original name of Lakshmi Bai) was only four. She was given the name  Lakshmi Bai after her marriage to the Raja of Jhansi in 1842. Their son born in 1851 died in 1853 followed by the death of Raja also. Before his death, the Raja adopted child Damodar Rao, but the British rulers did not accept the adoption and annexed the kingdom to the British empire. Rani was given a pension of Rs.60,000 and dethroned.

The eruption of the First War of Independence ( 1857-58) was utilised by the Rani to recapture the Jhansi Fort and restore the kingdom. But however the large military force under the British Major Ross attacked the fort and she had to flee when her force could not stop the superior British force from taking over the fort.  Along with Tantya Tope, another great warrior, they took over the Gwalior fort and continued the struggle. Her early training in martial arts, horse riding, sword fighting etc. took her in good stead in her fighting with British. It is told that she fought with swords in both hands riding on the horse with the reins held by teeth and her small adopted son in the back of the horse. She was mortally wounded in the battlefield and as per wish was given funeral there itself. Thus ended the young life of the valiant fighter and leader of the First War of Independence.

Rani Lakshmi Bai of Jhansi is remembered for her valour, fight for the country and patriotism. Netaji Subhas Chandra Bose named the Women Regiment of Azad Fauj as Rani Lakshmi Bai Regiment in memory of the Rani.

On her day of sacrifice for the country, all of us pay homage to the memory of Rani Lakshi Bai of Jhansi!

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