In the first part of this FDI Series we saw how after the collapse of the US economy in 2008, the Dubai Economic Miracle experiment was hatched to get rid of the Dubai FLU via Foreign Direct Investment in India routed through the tax-havens; whereby the Nathan Mayer Rothschild Group was able to suck money out of India to bailout the UAE economy out, without even Indians knowing about it. With incredible amusement, the Western world watched ‘dumb’ Indian State Governments and the Union (Indian) Government succumb silently, one after the other, to NMR Group and Emmar Properties, Dubai, all falling for a single catch phrase: ‘FDI is development and will create (temporary) jobs’.
What further bemused western governments, was that, when frauds were reported, (where not reported, no one even had a clue) we Indians still dodged them to the extent that, after a point, the investigation only served the purpose of statistical data collection for the CBI and for arresting local Indians. The West watched with unprecedented interest, the Indian Central and State Governments’ attitude that never admitted responsibility for actions committed by Emmar, and the Oppositions’ attitude, that never took on the responsibility to fight for the rights of United India. What amused many Western governments was the lack of initial awareness or availability of economic intelligence reports, country wise, by Indian Intelligence agencies, which were busy spying on the lifestyles of opposition leaders. Neither did Indian Intelligence agencies nor did economists have a clue about the Dubai Flu, and the fact that Dubai was bankrupt. Great economists, (on both sides: the government and the opposition) including the financial wizard, then Prime Minister, couldn’t explain how so many companies could emerge from an essentially bankrupt tiny island and build unprecedented structures: projects ranging from ship building, spaceports and roads to game cities worth exactly $2.01 trillion over a span of 2 years in India.
Several western investors must have fainted when ‘Emmar Associates of India’ was given the ‘Best Management Consultant Award’ by the Indian finance ministry. It was then decided by all Western governments to cash in on the mindboggling ignorance, or purposeful connivance, of Indian Governments and Opposition parties. First off, Western governments opened trade offices in India. Everybody proclaimed what Indians wanted to hear, that: ‘India is a going to be a great superpower’ and how, ‘Pakistan is bad’ and that, ‘they back India’s bid for a permanent seat in the UNSC’; also that, ‘they would supply uranium to India’. The entire Government and Opposition combine became the court of Mahapadmananda and Dhanananda during the time of Alexander Invasion.
FDI in Retail
It became very clear that the miracle of Emmar could be duplicated on a large scale for a bailout of the entire Western world. By the time the decision was made to enter India for economic recovery, the European markets started collapsing. Iceland crumbled and restructured; Ireland and Greece started crumbling down in late 2010 to 2011 and Italy showed signs of bankruptcy by mid-2011. Portugal and Spain looked set onto the path of following Italy. The bailout figures were then calculated; it accounted to an unprecedented $20 trillion dollars needed right away or a promise that an additional $30 trillion would come in within the next 5 to 10 years. This holds for one-third of the total financial collapse of the world, suffered due to the American Collapse, which was estimated to stand at about $150 trillion. US alone needs close to $15 trillion, (this is the total debt US currently holds, close to 4 times its current GDP) Italy needs $2 trillion, Greece close to $1 trillion, Portugal another $1.5 trillion etc.
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The Patriot Act
An Indian remains an Indian, even if he migrates to another country and takes on that country’s citizenship. In times of need, they will all support their motherland. This support is at least financially provided, if not physically. For e.g., in times of disasters and natural calamities, one finds several NRIs doing whatever they can for their fellow brothers in India. While the rich NRIs share millions of dollars, the poor ones also pool in their (few) dollars, sending the same to India. Where Indians are in political positions, like in Canada, they influence government policies to help India via government programs meant specifically for Indians. Patriotism is not a virtue that Indians alone hold. It is a virtue shared by many first generation migrants or their first generation children.
The UPA chairperson is no exception to this. While she and her immediate family live in India, they still travel and conduct business on both their Indian and Italian passports. Imagine how amusing this knowledge about Indian administration must have been for western intelligence agencies. It became imperative for the West to tap into this ‘sentimental virtue’. So the final deal was set during the visit of the UPA chairperson and her family to New York during her ‘hospital/no hospital’ visit to USA. All the details and methodology of a massive western bailout package, starting first with Italy, then the EU, and eventually including all of US was worked out with implementation plans as well as backups. Which is why it was reported (by the Indian media) initially that, the UPA chairperson had cervical cancer, which is contracted from the HPV virus – about which there was a lot of controversy going on in USA, Canada and Europe. Later this version was recanted, stating that as the UPA chairperson was on a family visit, no one in India should disturb their right for tranquility and that of family privacy. Thus, the Indian media reported nothing and no one asked, enquired or bothered about what went on for a whole month in a US hospital, which was under tight US intelligence security. Only US, Italian and EU businessmen and trusted administrators from India were called.
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes. His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling it the new Switzerland. How is this new policy going to affect India in reference to FDI funds flowing to and fro the Safe Havens?
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GreatGameIndia Magazine Jan-Mar 2016 Issue