Despite the tanking of the rupee and the lower GDP numbers, the Indian government is doing more of the same. It is trying to pass a controversial food subsidies program that could cost about $21 billion a year. The reason for the generosity is simple. Elections are coming
William Gamble
Markets rallied sharply this week. US President Obama took the novel decision to actually ask the people’s elected representatives whether he should order an act of war against another country. This decision postponed the ultimate decision for a week, but I doubt that it will change the outcome much. Punishing rulers we consider evil (and who are not acting directly in our strategic interest), is considered not only an American prerogative but also its historical duty. However, although missile strikes on Assad’s military assets may seem morally satisfying, it will not have a great affect the ultimate outcome. In the same way, the better purchasing managers’ index (PMI) numbers out of China and Europe might delay market problems, but will not change their course.
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