MONEY MATTERS

We have to wait to see whether the Wall Street protest will change America’s direction. The Wall Street protest is into its fourth week and the protesters are blaming the bankers and hedge fund managers responsible for engendering the financial collapse of 2008. Their latest tack is to occupy the residential area of the millionaires, the posh uptown Manhattan.

Some 400-800 protesters of the OWS are to march from downtown into the millionaire’s residential area. They called this as “Millionaires March.” Residences of JP Morgan Chase CEO Jamie Dimon, billionaire businessman David Koch, financier Howard Milstein, hedge fund maven John Paulson and News Corp. Chairman and CEO Rupert Murdoch are to be occupied by the protesters.

Doug Forand, one of the march organizers has said that ninety percent of New Yorkers are to suffer from this tax giveaway so that the other one percent, who already live in luxury, can put more money in their pocket. The Wall Street Masters realize that their position is morally indefensible. They have got rich by peddling complex financial schemes that have pushed the American people into a crisis and the after effects continue to blight the lives of the people.

Still they are winning the game and the tax payers are losing. They benefit from the tax loop holes that make people with multi-million dollar incomes paying lower taxes than the middle –class families.

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Computer and Internet have brought a major change in our lives. They help us to be live witnesses of missed out important events. I am an ardent fan of football and I was eagerly waiting to witness the World Football finals but my exams were on the way and my father refused to take me to the event. He said that I can go to the next year’s match. Fathers don’t understand our feelings. Then I searched for the video clips of the football finals through search engines. I sat down to watch and felt that I was watching the live match in the stadium. Though the thrill was lost I felt elated to watch the video clip of the game. Internet has made this possible. Not only this, my mother watched the Prince of Wale’s wedding on the computer and my brother was able to see the launch of his favorite car. Video clips of our favorite stars and any important event around the world can be viewed on the internet. Computers and internet have made everything possible, from online shopping to online searching. People have started doing their research oriented studies with the help of internet. It is easier as they can get the result for their search within seconds. Whereas, when they search through books they have to refer to many books and this took longer time. Computers and internet have made our lives easier and now we have more time in our hands.

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Afghanistan has received the highest aid, some $20 billion in the past decade and hundred times more of this amount has been spent on military. But the U.N. has said that the country’s drought ridden states face starvation and has called for an aid of 92 million pounds.
America’s rush for vengeance made it to disregard all the warnings made about its dealing with Afghanistan. America’s occupation of Afghanistan is a great folly which costs the nation a huge sum. America is spending a lot on the war in Afghanistan which it is not winning. Studies show that the U.S. aids have not reached the local economy, most of it remains with U.S. contractors or going on security or being stolen.
America has spent some nearly $3.7 trillion to avenge the 9/11 deaths. Britain’s contribution is nearly 18.8 billion pounds. But whether this spending has prevented another terror attack is not known. What we know is that revenge has not been sweet but very expensive.

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It is three weeks since the Occupy Wall Streets protests began but most of the news organizations have not given a full coverage of this protest. But this has not stopped this protest it has only grown with the support increasing. Some Unions and the Democrats have started giving their support and Occupy Wall Street is gaining momentum. The protesters are saying that the Wall Street has economically and politically destroyed the nation.
The bankers through their reckless lending had inflated huge bubbles. The bubbles burst, but the bankers were saved by the tax payers and the sufferers were the ordinary workers. The bankers showed their gratitude to the people by supporting the politicians who promised to keep their taxes low. All this has lead to the protest.
Some of the protesters are dressed oddly and have silly slogans but they are better than men dressed in suits, who don’t have any monopoly or wisdom. Though there are no specific policy demands by the protesters, it is clear as to what they want and it is the duty of the policy makers to consider their demands. Debt relief for working Americans can help in economic recovery and demand for infrastructure investment can create more jobs.
The Obama government is given a second chance and it better for them to take the protests seriously and do something for the economic recovery.

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In a move to boost its domestic Information Technology industry, China has decided to encourage state owned enterprises (SOEs) to develop domestic talent. Indian software firms were on the look out for jobs from the Chinese market but this decision of china has put them on the lure. The Chinese government is ready to invest in the IT sector and has asked them to enhance their abilities to self-innovate. India was on a track to exceed last year’s IT import to China, while last year India imported for $20 billion, this year they have reached the mark of $14 billion just for the first seven months.
Premier Wen Jiabo has told the Indian officials during the first Strategic Economic Dialogue that he hoped Chinese companies would import more IT, pharmaceuticals and farm produce from India. But the Chinese government has made it clear that it will look to limit the involvement of foreign companies. China’s IT industry has grown 30.5%, this year. China’s investment in IT rose by 67.7%, reaching $8.79 billion. Though Chinese IT companies have not reached the height of the Indian IT companies, they are not far behind.

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Ben Bernanke, Chairman of the Federal Reserve, has said that the recent revisions of government economic data showed the recession being deeper and the recovery weaker than their previous estimation. In his speech he has sought to shift more responsibility for driving recovery to fiscal policy rather than retain the focus on monetary policy. The reaction to the fiscal concerns in the U.S. and abroad could be seen in the recent bouts of elevated volatility and risk aversion in financial markets. He also spoke about the debt limit negotiations between the Democrats and the Republicans which turned out bitter, the controversy resulted in the down grade of the U.S. long-term credit rating. This contributed to the financial turbulence during that time.
Ben Bernanke suggested a few steps in terms of fiscal reform. First, it was necessary to achieve long-run fiscal sustainability; second, the federal government ought to avoid fiscal actions that could impede the ongoing economic recovery; third, fiscal policy should aim to promote long term growth and economic opportunity; and finally, there was a need to improve the process for making long term budget decisions so as to create greater predictability and clarity. This will help to avoid disruptions to the financial markets and the economy.

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The recession and unemployment have not hindered the people from buying gold jewelry. People find that the money used in buying gold jewelry is one of the best kinds of investments. Women think that the jewels are a way to show off your status. The jewelry shops try to lure their customers by displaying a variety of jewels, the jewelry are displayed in glass jewelry showcases that have a display area right on top so that the customer can have a good view of the displayed jewel. The beauty of the dazzling jewelry is enhanced by these elegant glass jewelry showcases that are fitted with the right kind of lighting to show off the jewel. Really I am tempted, when I visit a jewelry shop, to gaze at these displayed jewels. Just to look at these jewels and admire their beauty and style is a passion for most women. Women are all the same when it comes to buying jewelry they are not able to overcome this temptation to buy jewels. As men love cars and believe that the car they drive to be a symbol of their status, women love jewels and wear it as a status symbol. Today, not only the rich but even the middle class people try to make an investment by buying gold. This has led to the rise in gold price in recent times.

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My brother is an addict of bingo games. The internet has made it easier for him to play online bingo games. He finds it easier to play online bingo games as there is no need to go out to the crowded play stations. He plays from the comfort of home and there is no need to go out in the crowded streets and search for a parking place for the vehicle. There are many sites that offer online free bingo games. We get to know many friends and the enjoyment and fun is great. There are a lot of games to choose from and the jackpots are high. As the number of members grows they are able to give more variety of games and the prizes become more. Members form a network and get to know each other. We are able to chat and play with people from around the world and win money as well. Introducing friends means more free bingo games for us. As this is a socializing game we get to know many people and make a lot of friends. My brother who is an introvert finds it easier to make friends this way. Now he has a lot of friends and they all have fun playing bingo.

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Just days before the annual International Monetary Fund (IMF)-World Bank meeting of finance ministers and central bank governors in Washington, the IMF has warned that the world economy was “in a dangerous new phase.” The World Bank and other international agencies have accepted this warning and it is hoped that the high level meeting will bring out a solution to tackle the euro debt crisis and other pressing concerns. The most pressing issue has been the debt crisis in Europe but the European economic powers have failed to reach an agreement on a specific bailout plan. This shows a lack of political will and without political will a solution for euro crisis is impossible. The richer countries in the euro zone like Germany argue that the strong political opposition at home has made their task of funding a rescue plan difficult. During the last fortnight the financial markets were bracing for a major meltdown. If this happens, the prospects for a recession will increase. At the end of the IMF-World Bank meeting it was just asserted that the euro zone along with other member nations was committed to fixing the problem.
The stock markets around the world have shown signs of distress. Even companies with strong balance sheets hesitate to invest amidst all the market turmoil. Investors have lost faith in the Federal Reserve’s ability to stave off a recession. If investors start taking their money out, the banks will react by selling sovereign bonds. They will also hesitate to lend to private sector and this will lead to tensions in the U.S., a potential recession in Europe and possible a global recession.

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We live in an old country house and as the house aged it started to crack on the walls and floors. We decided to renovate our house to give it a new life and sought the advice of an interior designer to help us. He suggested we use engineered flooring as it looks like hard wood flooring but has three layers and only the top most layers are made of hard wood. engineered flooring are also much cheaper than hard wood flooring and the laying is easier. He suggested this flooring to the whole house except the bathrooms. This flooring is easier to maintain and can be cleaned easily. It is also stain proof and this is an advantage when used in the kitchen where there is to be a lot of food spilling. The engineered flooring helped us to retain the old country look of our house. It is also elegant, rich and has a good effect. All our friends were full of praise of our renovated house and the high light of the house was the flooring. To renovate our old house to our taste is much better and cheaper than to buy or build a new house. We all love our old house and do not wish to leave it as long as we live. Just we can add a new style here and there and make it more comfortable.

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