Asian men from rich countries such as Japan and South Korea are increasingly seeking brides from poorer ones like Vietnam and the Philippines -- as economically liberated local women get picky.
Marriages between Japanese men and foreign women shot up 73 percent between 1995 and 2006, to 35,993, according to the latest government survey. Most of the women were Filipinas, followed by Chinese.
"Asian brides -- notably Chinese and Filipina -- remain popular in the countryside, where it's quite hard to find young women," said Toshio Esaka, president of dating agency Royal in Osaka, western Japan.
"But nowadays, it's getting harder even downtown as a lot of young Japanese women are economically independent and prefer to remain single," Esaka said.
In South Korea, more than 35 percent of fishermen and farmers who married in the 12 months to May 2009 took foreign brides, mainly from China and Vietnam, government statistics show.
Both examples point to the role of cash and lifestyle in Cupid's quiver -- it is mainly the less marketable men in the richer countries who look abroad for a wife when they can't find one at home.
The story is repeated in Singapore -- Southeast Asia's wealthiest society -- Hong Kong and Taiwan, and often involves marriage brokers.
An online matchmaking site in Singapore, where lower-income men often fear rejection by better-educated local women, offers low-cost tours to Vietnam on which men can meet "medically examined and certified virgins".
On the other side of the transaction, the women are usually so impoverished that even poorer men from rich countries offer hope of a better life.
"Due to poverty in their families and because they want to help improve the situation, Cambodian women decide to marry foreigners," said Ya Navuth, director of a Cambodian group which fights human trafficking.
"Some women meet good spouses, but some have been cheated and sold from one 'owner' to another," he said.
This sense of ownership often leads to abuse of foreign brides, rights activists say.
"Many of the cases we are dealing with involve Asian women being abused by their husbands," says Fermi Wong, founder of Hong Kong Unison, which helps ethnic minorities in the city.
"They feel helpless because many of them do not have any relatives in Hong Kong and speak little English or Chinese."
Mainland China, Vietnam and the Philippines provide most of the foreign brides for Hong Kong men.
The potential for exploitation of helpless girls from impoverished families has led some countries -- both importers and exporters of brides -- to put restrictions in place:
Mail-order brides from the Philippines were once a common phenomenon but tales of the women being abused by their foreign husbands abroad prompted the government to outlaw the practice.
Despite this, various "marriage broker" agencies get around the law by bringing in foreign men to select their prospective brides before flying off with them.
While it was once mainly Western men who sought Filipina brides, in recent years Japanese and South Korean men have also turned to the archipelago in search of partners.
Indonesia is considering a proposal that a 55,000-dollar "security guarantee" should be lodged by foreign men who marry Indonesian women.
If the couple divorce, the wife will be entitled to take the money. If they stick together for at least 10 years, they can claim it as "shared property".
But couples would be able to get around the requirement by marrying abroad.
Cambodia in March suspended marriages between South Koreans and its citizens for several weeks and introduced new requirements for the process over concerns about human trafficking.
Among "importing" countries, South Korea itself launched a crackdown two years ago on matchmaking agencies which use racial stereotypes or distorted information to help Koreans find foreign brides.
Activists say that because of false advertising some women end up with spouses who have few assets or who are ill, alcoholic or of difficult character.
Taiwan also took action, banning commercial international match-making services last year after a series of high-profile criminal cases, including one in which a man was jailed for enslaving and torturing his Vietnamese wife.
More than 434,000 Taiwanese are married to foreigners, usually from China and Southeast Asia, according to the immigration bureau.
While China is mainly an exporter of brides, import demand is expected to soar because of the one-child policy which has contributed to sex-specific abortions and a shortage of girls.
A study by the government-backed Chinese Academy of Social Sciences this year concluded that more than 24 million Chinese men of marrying age could find themselves without women to marry by 2020.
Already, young female refugees from North Korea are increasingly becoming a commodity in China, where they are sold to farmers for up to 1,500 dollars a head, according to a Seoul campaigner.
The human trafficking is not new but has become more prevalent as prices soar amid a shortage of Chinese women in the countryside, said Reverend Chun Ki-Won, head of the Durihana Association, which offers aid to refugees.
WE ARE ALL ONE FAMILY.
Wednesday, June 30, 2010
White rice linked to higher diabetes risk
A US-based study on Monday linked eating white rice to higher risk of developing type 2 diabetes, and backed long-held claims that brown rice is healthier than the white variety.
People who ate at least five servings of white rice per week had a 17 per cent greater risk of developing diabetes than those who consumed less than one serving per month, Harvard School of Public Health scientists found.
Examining data from over 197,000 adults for up to 22 years, the study also found that consuming two or more servings of brown rice per week was associated with an 11 per cent lower risk of developing type 2 diabetes than those who ate less than one serving a month.
Patients with diabetes have high blood sugar levels, which are linked to the body's inability to produce enough insulin in order to properly break down sugars and starches into glucose for energy.
"We believe replacing white rice and other refined grains with whole grains, including brown rice, would help lower the risk of type 2 diabetes," said lead author Qi Sun, of Harvard School of Public Health and Brigham and Women's Hospital in Boston.
While still lower than in Asian countries, US rice consumption is increasingly rapidly. More than 70 per cent of the rice consumed in the United States is white, the researchers noted.
According to the researchers, replacing just a third of a typical daily serving of white rice with the same amount of brown rice each day would lower the risk of type 2 diabetes by 16 per cent.
They also found that replacing white rice with other whole grains, such as barley and whole wheat, could reduce risk of the disease by 36 per cent.
"From a public health point of view, whole grains, rather than refined carbohydrates, such as white rice, should be recommended as the primary source of carbohydrates for the US population," said senior author Frank Hu.
"These findings could have even greater implications for Asian and other populations in which rice is a staple food."
Rice loses most of its bran and germ -- its most important sources of fiber and nutrients -- when it is refined to produce the white variety.
Brown rice, which retains the bran and germ, has more fibre, minerals, vitamins and phytochemicals than white rice. It also usually does not cause blood sugar levels to spike as much as the white variety.
People who ate at least five servings of white rice per week had a 17 per cent greater risk of developing diabetes than those who consumed less than one serving per month, Harvard School of Public Health scientists found.
Examining data from over 197,000 adults for up to 22 years, the study also found that consuming two or more servings of brown rice per week was associated with an 11 per cent lower risk of developing type 2 diabetes than those who ate less than one serving a month.
Patients with diabetes have high blood sugar levels, which are linked to the body's inability to produce enough insulin in order to properly break down sugars and starches into glucose for energy.
"We believe replacing white rice and other refined grains with whole grains, including brown rice, would help lower the risk of type 2 diabetes," said lead author Qi Sun, of Harvard School of Public Health and Brigham and Women's Hospital in Boston.
While still lower than in Asian countries, US rice consumption is increasingly rapidly. More than 70 per cent of the rice consumed in the United States is white, the researchers noted.
According to the researchers, replacing just a third of a typical daily serving of white rice with the same amount of brown rice each day would lower the risk of type 2 diabetes by 16 per cent.
They also found that replacing white rice with other whole grains, such as barley and whole wheat, could reduce risk of the disease by 36 per cent.
"From a public health point of view, whole grains, rather than refined carbohydrates, such as white rice, should be recommended as the primary source of carbohydrates for the US population," said senior author Frank Hu.
"These findings could have even greater implications for Asian and other populations in which rice is a staple food."
Rice loses most of its bran and germ -- its most important sources of fiber and nutrients -- when it is refined to produce the white variety.
Brown rice, which retains the bran and germ, has more fibre, minerals, vitamins and phytochemicals than white rice. It also usually does not cause blood sugar levels to spike as much as the white variety.
Job-seekers reject offers
THE pendulum has swung in favour of job-seekers, as the economy improves and companies get hungry for workers.
More employers say they are getting the snub from these people, who are holding out for higher salaries and better benefits, according to a quarterly survey by recruiter Hudson.
Its poll of more than 500 employers from key business sectors in Singapore show 40 per cent have received rejections of their job offers in the last six months. In contrast, only 21 per cent have not encountered any refusal.
The common reasons given for the rejection are: higher salary expectations (55 per cent) and better offers from other companies (51 per cent). About 38 per cent say the candidates told them their employers had made a counter-offer while 10 per cent lost out because their benefits were not good enough.
The Hudson's survey, released yesterday, also shows 57 per cent of bosses want to raise their headcount in the third quarter - a peak never achieved since the first quarter of 2001. It is also a rise from 54 per cent in the previous quarter and more than double the 26 per cent reported a year ago.
The top hirers are banking and financial services (67 per cent), information technology and telecommunications (64 per cent) and healthcare and life sciences (50 per cent). Growth in Asia and improved business sentiments are fuelling the drive to hire, said Hudson Singapore's executive general manager Georgie Chong.
Monday, June 21, 2010
RM3,000 to live in M'sia city
JUST how much do Malaysian city dwellers need to live a comfortable middle-class life?
One minister says RM3,000 (S$1,280) a month should be enough, if they adjusted their lifestyles and cut out luxuries such as satellite TV and cars.
'This city is liveable for those earning RM3,000 a month, provided they do not live in luxurious places,' Federal Territories Minister Raja Nong Chik Raja Zainal Abidin said last week.
It is a comment that has angered ordinary Malaysians, many of whom are bracing themselves for expected cuts in subsidies on basic goods like sugar and petrol.
Their government is seeking to slash subsidies to stem a swelling subsidies bill.
Keeping the prices of essential items such as flour, sugar, bread and highway tolls below their market prices cost the country about RM73 billion a year. But plans to slash subsidies have drawn dismay.
Thursday, May 27, 2010
10 Foods to Prevent Cancer.
Here is an overview of ten important cancer fighting foods to include in your diet on a regular basis:
1. Garlic – Garlic contains a number of compounds that can protect against cancer, especially that of the skin, colon, and lungs.
2. Dark Leafy Greens – Dark greens are rich sources of antioxidants called carotenoids. These scavenge dangerous free radicals from the body before they can promote cancer growth.
3. Grapes – Grapes (and red wine) contain the chemical resveratrol, which is a very potent antioxidant that can prevent cell damage before it begins.
4. Green Tea – The flavonoids in green tea have been shown to slow or prevent the development of several types of cancer including colon, liver, breast, and prostate.
5. Tomatoes – The compound lycopene, (which is most easily absorbed from cooked tomatoes) has been shown to prevent prostate cancer, as well as cancer of the breast, lung, and stomach.
6. Blueberries – Of all the berries, blueberries are the richest in cancer fighting compounds. They are beneficial in the prevention of all types of cancer.
7. Flaxseeds – Flax contains lignans, which can have an antioxidant effect and block or suppress cancerous changes. The omega-3 fatty acids can also help protect against colon cancer.
8. Mushrooms – Many mushrooms contain compounds that can help the body fight cancer and build the immune system as well.
9. Cruciferous Vegetables – Vegetables such as broccoli, cauliflower, cabbage, and Brussels sprouts contain strong antioxidants that may help decrease cancer risk.
10. Whole Grains – Whole grains contain a variety of anti-cancer compounds including antioxidants, fiber, and phytoestrogens. These can help decrease the risk of developing most types of cancer.
Remember, along with a healthy diet, a physically active lifestyle is important for cancer prevention as well.
S'pore remains Asia's best
SINGAPORE retained its ranking as the Asian city with the best quality of life, while Hong Kong lags rival financial hubs as it struggles with air pollution, according to a survey by Mercer Consulting, Bloombeg News reported.
Singapore ranks 28 among 221 cities, Tokyo is at 40 and Hong Kong is placed 71, the list shows. The cities are rated on 10 factors including infrastructure, political and social environments, and access to medical care. Hong Kong scored poorly on health concerns, said Cathy Loose, a Tokyo-based Mercer officer who helped compile the list.
'The government hasn't done very much to introduce green measures or reduce pollution,' said Loose, in an interview. The list serves as a compensation guide for expatriate relocation, Bloomberg said.
Hong Kong's air pollution was the worst on record during the past two quarters, sparking regular government health warnings. To address the problem, the government introduced a bill in April proposing a ban on idling engines among other steps, Bloomberg reported.
Hong Kong's effort to cut pollution and protect the environment trails even that of Havana and ranks just above Damascus, the list shows. Overall, Vienna retains the top spot as the world's best city to live in.
Current Account Balance
Rank Country Current account balance (million US$)
1 People's Republic of China (PRC) 179,100
2 Japan 174,400
3 Germany 134,800
4 Russia 105,300
5 Saudi Arabia 103,800
6 Norway 63,330
7 Switzerland 50,440
8 Netherlands 50,170
9 Kuwait 40,750
10 Singapore 35,580
11 Venezuela 31,820
12 Sweden 28,610
13 United Arab Emirates 26,890
14 Algeria 25,800
15 Hong Kong 20,900
16 Canada 20,560
17 Malaysia 17,860
18 Libya 14,500
19 Brazil 13,500
20 Iran 13,130
21 Nigeria 12,590
22 Qatar 12,510
23 Taiwan 9,700
24 Finland 8,749
25 Iraq 8,134
26 Angola 7,700
27 Oman 7,097
28 Belgium 6,925
29 Austria 5,913
30 Argentina 5,810
31 Chile 5,063
32 Denmark 4,941
33 Philippines 4,900
34 Luxembourg 4,630
35 Trinidad and Tobago 3,259
36 Azerbaijan 2,737
37 Egypt 2,697
38 Korea, South 2,000
39 Bahrain 1,999
40 Gabon 1,807
41 Botswana 1,698
42 Yemen 1,690
43 Indonesia 1,636
44 Peru 1,515
45 Israel 1,643
46 Uzbekistan 1,410
47 Burma 1,247
48 Republic of the Congo 1,215
49 Vietnam 1,029
50 Ecuador 727
51 Bolivia 688
52 Papua New Guinea 661
53 Namibia 572
54 Ivory Coast 460
55 Cameroon 419
56 Morocco 389
57 Bangladesh 339
58 Turkmenistan 321.2
59 Equatorial Guinea 175
60 British Virgin Islands 134.3 (1999)
61 Kazakhstan 113
62 Cook Islands 26.67 (2005)
63 Palau 15.09 (2004)
64 Tuvalu 2.323 (1998)
65 Samoa -2.428 (2004)
66 Tonga -4.321 (2005)
67 Comoros -17 (2005)
68 Kiribati -19.87 (2004)
69 Swaziland -23.13
70 São Tomé and Pr íncipe -24.4
71 Vanuatu -28.35 (2003)
72 Federated States of Micronesia-34.3 (2005)
73 Anguilla -42.87 (2003)
74 Cape Verde -44.43
75 The Gambia - 54.61
76 Burundi -57.84
77 Haiti -58..72
78 Tajikistan -73.95
79 Lesotho -75.44
80 Seychelles -78.59
81 Antigua and Barbuda -83.4 (2004)
82 Guyana - 84.3
83 Rwanda -104.1
84 Honduras -160
85 Zambia -165.4
86 Republic of Macedonia -167
87 Belize -173.4
88 Malawi -186
89 Ghana -219
90 Armenia -247.3
91 Togo -261.9
92 Zimbabwe - 264.6
93 Kyrgyzstan -287.3
94 Paraguay -300
95 Chad -324.1
96 Benin -342.7
97 Guinea -344
98 Cambodia -369
99 Mexico -400.1
100 Uganda -423
101 Eritrea -440.5
102 Mozambique -444.4
103 Fiji -465.8
104 Panama -467
105 Madagascar -504
106 Laos -404.2
107 Belarus -511.8
108 Syria -529
109 Moldova -561
110 Uruguay -600
111 Burkina Faso -604.6
112 Mauritius -651
113 Albania -679.9
114 Georgia -735
115 Tunisia -760
116 Slovenia -789.2
117 Nicaragua -883
118 Senegal -895.2
119 Thailand - 899.4
120 Tanzania -906
121 Malta -966.2
122 Jamaica -970
123 Cyprus -1,051
124 El Salvador -1,059
125 Sri Lanka -1,118
126 Kenya -1,119
127 Dominican Republic -1,124
128 Costa Rica -1,176
129 Cuba -1,218
130 Guatemala -1,533
131 Bosnia and Herzegovina -1,730
132 Estonia -1,919
133 Ukraine -1,933
134 Colombia -2,219
135 Serbia -2,451 (2005)
136 Latvia -2,538
137 Lithuania -2,572
138 Jordan -2,834
139 Croatia -2,892
140 Iceland -2,932
141 Ethiopia -3,384
142 Slovakia -3,781
143 Czech Republic -4,352
144 Sudan -4,510
145 Poland -4,548
146 Bulgaria -5,100
147 Lebanon -5,339
148 Pakistan -5,486
149 New Zealand -7,944
150 Hungary -8,392
151 Ireland -9,450
152 Romania -12,450
153 South Africa -12,690
154 Portugal -16,750
155 Greece -21,370 ????
156 Italy -23,730
157 Turkey -25,990
158 India -26,400
159 France -38,000
160 Australia -41,620
161 United Kingdom -57,680
162 Spain -98,600
163 United States -862,300
Saving is sin, and spending is virtue...
Interesting article written by an Indian Economist
Japanese save a lot. They do not spend much. Also Japan exports far more than it imports. Has an annual trade surplus of over 100 billions. Yet Japanese economy is considered weak, even collapsing.
Americans spend, save little. Also US imports more than it exports. Has an annual trade deficit of over $400 billion. Yet, the American economy is considered strong and trusted to get stronger.
But where from do Americans get money to spend?
They borrow from Japan, China and even India. Virtually others save for the US to spend. Global savings are mostly invested in US, in dollars.
India itself keeps its foreign currency assets of over $50 billions in US securities. China has sunk over $160 billion in US securities. Japan's stakes in US securities is in trillions.
Result:
The US has taken over $5 trillion from the world. So, as the world saves for the US, Americans spend freely. Today, to keep the US consumption going, that is for the US economy to work, other countries have to remit $180 billion every quarter, which is $2 billion a day, to the US!
A Chinese economist asked a neat question. Who has invested more, US in China, or China in US? The US has invested in China less than half of what China has invested in US.
The same is the case with India. We have invested in US over $50 billion. But the US has invested less than $20 billion in India.
Why the world is after US?
The secret lies in the American spending, that they hardly save. In fact they use their credit cards to spend their future income. That the US spends is what makes it attractive to export to the US. So US imports more than what it exports year after year.
The result:
The world is dependent on US consumption for its growth. By its deepening culture of consumption, the US has habituated the world to feed on US consumption. But as the US needs money to finance its consumption, the world provides the money.
It's like a shopkeeper providing the money to a customer so that the
customer keeps buying from the shop. If the customer will not buy, the shop won't have business, unless the shopkeeper funds him. The US is like the lucky customer. And the world is like the helpless shopkeeper financier.
Who is America's biggest shopkeeper financier? Japan of course. Yet it's Japan which is regarded as weak. Modern economists complain that Japanese do not spend, so they do not grow. To force the Japanese to spend, the Japanese government exerted itself, reduced the savings rates, even charged the savers.
Even then the Japanese did not spend (habits don't change, even with taxes, do they?).. Their traditional postal savings alone is over $1.2 trillions, about three times the Indian GDP. Thus, savings, far from being the strength of Japan, has become its pain.
Hence, what is the lesson?
That is, a nation cannot grow unless the people spend, not save. Not just spend, but borrow and spend.
Dr. Jagdish Bhagwati, the famous Indian-born economist in the US, told Mamohan Singh that Indians wastefully save.. Ask them to spend, on imported cars and, seriously, even on cosmetics! This will put India on a growth curve. This is one of the reason for MNC's coming down to India, seeing the consumer spending.
'Saving is sin, and spending is virtue.'
But before you follow this neo economics, get some fools to save so that you can borrow from them and spend!!!
1 People's Republic of China (PRC) 179,100
2 Japan 174,400
3 Germany 134,800
4 Russia 105,300
5 Saudi Arabia 103,800
6 Norway 63,330
7 Switzerland 50,440
8 Netherlands 50,170
9 Kuwait 40,750
10 Singapore 35,580
11 Venezuela 31,820
12 Sweden 28,610
13 United Arab Emirates 26,890
14 Algeria 25,800
15 Hong Kong 20,900
16 Canada 20,560
17 Malaysia 17,860
18 Libya 14,500
19 Brazil 13,500
20 Iran 13,130
21 Nigeria 12,590
22 Qatar 12,510
23 Taiwan 9,700
24 Finland 8,749
25 Iraq 8,134
26 Angola 7,700
27 Oman 7,097
28 Belgium 6,925
29 Austria 5,913
30 Argentina 5,810
31 Chile 5,063
32 Denmark 4,941
33 Philippines 4,900
34 Luxembourg 4,630
35 Trinidad and Tobago 3,259
36 Azerbaijan 2,737
37 Egypt 2,697
38 Korea, South 2,000
39 Bahrain 1,999
40 Gabon 1,807
41 Botswana 1,698
42 Yemen 1,690
43 Indonesia 1,636
44 Peru 1,515
45 Israel 1,643
46 Uzbekistan 1,410
47 Burma 1,247
48 Republic of the Congo 1,215
49 Vietnam 1,029
50 Ecuador 727
51 Bolivia 688
52 Papua New Guinea 661
53 Namibia 572
54 Ivory Coast 460
55 Cameroon 419
56 Morocco 389
57 Bangladesh 339
58 Turkmenistan 321.2
59 Equatorial Guinea 175
60 British Virgin Islands 134.3 (1999)
61 Kazakhstan 113
62 Cook Islands 26.67 (2005)
63 Palau 15.09 (2004)
64 Tuvalu 2.323 (1998)
65 Samoa -2.428 (2004)
66 Tonga -4.321 (2005)
67 Comoros -17 (2005)
68 Kiribati -19.87 (2004)
69 Swaziland -23.13
70 São Tomé and Pr íncipe -24.4
71 Vanuatu -28.35 (2003)
72 Federated States of Micronesia-34.3 (2005)
73 Anguilla -42.87 (2003)
74 Cape Verde -44.43
75 The Gambia - 54.61
76 Burundi -57.84
77 Haiti -58..72
78 Tajikistan -73.95
79 Lesotho -75.44
80 Seychelles -78.59
81 Antigua and Barbuda -83.4 (2004)
82 Guyana - 84.3
83 Rwanda -104.1
84 Honduras -160
85 Zambia -165.4
86 Republic of Macedonia -167
87 Belize -173.4
88 Malawi -186
89 Ghana -219
90 Armenia -247.3
91 Togo -261.9
92 Zimbabwe - 264.6
93 Kyrgyzstan -287.3
94 Paraguay -300
95 Chad -324.1
96 Benin -342.7
97 Guinea -344
98 Cambodia -369
99 Mexico -400.1
100 Uganda -423
101 Eritrea -440.5
102 Mozambique -444.4
103 Fiji -465.8
104 Panama -467
105 Madagascar -504
106 Laos -404.2
107 Belarus -511.8
108 Syria -529
109 Moldova -561
110 Uruguay -600
111 Burkina Faso -604.6
112 Mauritius -651
113 Albania -679.9
114 Georgia -735
115 Tunisia -760
116 Slovenia -789.2
117 Nicaragua -883
118 Senegal -895.2
119 Thailand - 899.4
120 Tanzania -906
121 Malta -966.2
122 Jamaica -970
123 Cyprus -1,051
124 El Salvador -1,059
125 Sri Lanka -1,118
126 Kenya -1,119
127 Dominican Republic -1,124
128 Costa Rica -1,176
129 Cuba -1,218
130 Guatemala -1,533
131 Bosnia and Herzegovina -1,730
132 Estonia -1,919
133 Ukraine -1,933
134 Colombia -2,219
135 Serbia -2,451 (2005)
136 Latvia -2,538
137 Lithuania -2,572
138 Jordan -2,834
139 Croatia -2,892
140 Iceland -2,932
141 Ethiopia -3,384
142 Slovakia -3,781
143 Czech Republic -4,352
144 Sudan -4,510
145 Poland -4,548
146 Bulgaria -5,100
147 Lebanon -5,339
148 Pakistan -5,486
149 New Zealand -7,944
150 Hungary -8,392
151 Ireland -9,450
152 Romania -12,450
153 South Africa -12,690
154 Portugal -16,750
155 Greece -21,370 ????
156 Italy -23,730
157 Turkey -25,990
158 India -26,400
159 France -38,000
160 Australia -41,620
161 United Kingdom -57,680
162 Spain -98,600
163 United States -862,300
Saving is sin, and spending is virtue...
Interesting article written by an Indian Economist
Japanese save a lot. They do not spend much. Also Japan exports far more than it imports. Has an annual trade surplus of over 100 billions. Yet Japanese economy is considered weak, even collapsing.
Americans spend, save little. Also US imports more than it exports. Has an annual trade deficit of over $400 billion. Yet, the American economy is considered strong and trusted to get stronger.
But where from do Americans get money to spend?
They borrow from Japan, China and even India. Virtually others save for the US to spend. Global savings are mostly invested in US, in dollars.
India itself keeps its foreign currency assets of over $50 billions in US securities. China has sunk over $160 billion in US securities. Japan's stakes in US securities is in trillions.
Result:
The US has taken over $5 trillion from the world. So, as the world saves for the US, Americans spend freely. Today, to keep the US consumption going, that is for the US economy to work, other countries have to remit $180 billion every quarter, which is $2 billion a day, to the US!
A Chinese economist asked a neat question. Who has invested more, US in China, or China in US? The US has invested in China less than half of what China has invested in US.
The same is the case with India. We have invested in US over $50 billion. But the US has invested less than $20 billion in India.
Why the world is after US?
The secret lies in the American spending, that they hardly save. In fact they use their credit cards to spend their future income. That the US spends is what makes it attractive to export to the US. So US imports more than what it exports year after year.
The result:
The world is dependent on US consumption for its growth. By its deepening culture of consumption, the US has habituated the world to feed on US consumption. But as the US needs money to finance its consumption, the world provides the money.
It's like a shopkeeper providing the money to a customer so that the
customer keeps buying from the shop. If the customer will not buy, the shop won't have business, unless the shopkeeper funds him. The US is like the lucky customer. And the world is like the helpless shopkeeper financier.
Who is America's biggest shopkeeper financier? Japan of course. Yet it's Japan which is regarded as weak. Modern economists complain that Japanese do not spend, so they do not grow. To force the Japanese to spend, the Japanese government exerted itself, reduced the savings rates, even charged the savers.
Even then the Japanese did not spend (habits don't change, even with taxes, do they?).. Their traditional postal savings alone is over $1.2 trillions, about three times the Indian GDP. Thus, savings, far from being the strength of Japan, has become its pain.
Hence, what is the lesson?
That is, a nation cannot grow unless the people spend, not save. Not just spend, but borrow and spend.
Dr. Jagdish Bhagwati, the famous Indian-born economist in the US, told Mamohan Singh that Indians wastefully save.. Ask them to spend, on imported cars and, seriously, even on cosmetics! This will put India on a growth curve. This is one of the reason for MNC's coming down to India, seeing the consumer spending.
'Saving is sin, and spending is virtue.'
But before you follow this neo economics, get some fools to save so that you can borrow from them and spend!!!
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