Wednesday, August 31, 2016

Is This Why India is Poor?

USA has its charms, but certainly does not live up to its advertising, especially as advertised to USA citizens.  People ask me how come I just don't leave if I am not happy with it.  Pfffffff...  why do I have to leave if others misbehave?  They can leave.

Anyway, comes this story from India...
It is suspected that the fake entity was created by those involved in gems and jewellery trading to carry out this mega scam. Officials have revealed that several many other cases have also come to light where recently gold and diamonds have been smuggled into the country and the payment are made through hawala transactions to the sellers in the Gulf and South-East Asia.
Wait, what?  Smuggled INTO India? USA has no duty or restrictions on precious metals being brought into USA, for the simple reason, even if for a private party, they constitute fundamental wealth of the USA.  Who would ever restrict or tax imports of gold and silver and gems?  I bet there is a 100% correlation between poor countries and rules on gems and precious metals.

Hawala is code for Moslem, and Islam has a strong free trade tradition.  What could be more natural than to preserve wealth by moving it without disclosure?  But it is unlikely this phenomena is limited to Moslems. Hindutva is strong under Modi.

Anyway, I won't leave USA for where would I go?  And as I said, the bad guys can leave, not me.  Gandhi worried about Indian overlords replacing English overlords.  India has made some progress, but they could become the most prosperous nation on earth.  Get rid of overlordism.  Strict separation of business and state.

Feel free to forward this by email to three of your friends.