Special report from Mumbai, India

from Mumbai, India

The bay fronting Mumbai (Bombay) is an arch called the Queen’s Necklace. The waters are an angry brown, with rough seas, white caps, and foaming waves blown by the monsoon winds slamming against the sea wall. The palm trees bend against the onslaught of constant winds bringing in sheets of monsoon rains.

Beggars and street vendors ply their trades under plastic tarps, cardboard boxes, tree branches and anything that gives some protection. Soaking wet and huddled in the shallow lakes that collect over what used to be sidewalks and parks, they reach out with dripping arms to show passers by their goods.

But the intellectual waters in Mumbai seem angry these days as well. Yesterday I spoke for the largest University in Mumbai, founded by the Somaiya Trust, and a representative body of the 26,000 students and professors shared their concerns about global economics and global conflicts.

We reported it first. You saw it right here in Global Perspective. That there were no weapons of mass destruction in Iraq. Then the leader of the British military in Iraq announced that there were no weapons of mass destruction in Iraq. Then the leader of the U.S. military team sent to find the WOMD announced Friday that there were no weapons of mass destruction in Iraq.

Now the game in Washington D.C. is to spin it and shift the blame. But nothing can hide the fact that someone lied to the American people and to the world. You can be the judge of who is the guiltiest and we will make a partial list for your consideration:

1. U.S. intelligence to the U.S. Congress
2. Donald Rumsfeld, Secretary of Defense
3. Colin Powel before the United Nations
4. George Bush in over 50 speeches to the American people

So we determined to try to help. We reviewed the various reports that said that since they weren’t in Iraq that they had been moved to some unlikely hiding place. This past weekend, we went on a search for weapons of mass destruction.

First we went to the new Museum of Modern Art in Ft.Worth, Texas. That seemed like an unlikely place, just where a crazed terrorist might hide them. At the Modern Art museum we checked the inside of the vortex that stands as an iron monument in front of the museum. There were no weapons of mass destruction there.

Then we noticed in the newspaper that Roy Pope Grocery was having their 60 year anniversary party. We took into consideration Ash croft’s warnings about large public gatherings thus we figured that it had to be a perfect target for terrorists to hide WOMD. We went there. Without hesitation we went in and there was not security at the door. ANYONE could walk in with a WOMD! There was a distinguished older man shopping and we asked him if he had seen any weapons of mass destruction. “Not in the grapefruit” he chuckled. We checked with a lady at the vegetable counter and she looked in the lettuce and the broccoli. “None here” she laughed. After checking and finding none in the meat department we went to the cashier and asked him. “No sir, we don’t keep weapons of mass destruction here” he said. Well, that was enough for us.

The most important budget in the world is that of the United States government. The U.S. budget impacts not only the USA but foreign investment, trade and the economies of nations throughout the world.

We were sent an inside story from Washington D.C. that provides insights, particularly relevant just as President George W. Bush signed the $350 billion tax cut package. Allan Greenspan, Federal Reserve Chairman bemoaned what he called “Washington’s deafening silence” about the deficit.

What was supposed to have been included in the Federal Budget, but mysteriously was cut out by the administration was a comprehensive report commissioned by the U.S. Treasury. The analysis was led by Kent Smeters, who was Treasury Deputy Assistant for Economic Policy and Jagdessh Gokhale consultant to the Treasury and economist for the Cleveland Federal Reserve. It was commissioned by then Treasury Secretary Paul O'Neill.

The study documents that the U.S. Government in light of current policies faces a deficit of $44,000,000,000,000.00 (TRILLION) dollars. Apparently the report was hidden because it was a document produced by the very administration that was trying to convince congress that the tax cut would do just the opposite.

The study indicates the following impacts upon American taxpayers and businesses:

1. Requirement of sharp tax increases
2. Massive spending cuts on all government services (this would include infrastructure, security to social security)
3. Recommends an immediate permanent income tax increase of 66%
4. Cites the debt at 10 times the publicly held national debt
5. Cites the debt as equal to 4 years the entire U.S. economic output
6. Cites the debt as over 94% of all of the assets and wealth of all U.S. households combined.

Brave Girls

Following the example of Rush Limbaugh, numerous small time radio personalities have resorted to "hate radio" in an effort to build their ratings and to gain publicity. These "hate mongers" thought that the Dixie Chicks were an easy target, when the Texas trio's lead singer Natalie Maines said out loud what many Americans have silently thought: that she was ashamed that President Bush hails from Texas.

The radio hate jockeys finally found a subject that caused their phones to ring and that provided them some news attention. Reminiscent of Hitler's methods of burning books in the 1940's, they had "Chicks C.D. destruction" events. They vowed to bury the Chicks.

The "Chicks" took a lot of heat, even to the point that Natalie Maines' aged mother in a nursing home in Lubbock started getting death threats. The Chicks apologized, but continued to emphasize that "freedom of speech" was their first priority.

Many actors and celebrities began to fear that they could no longer speak their view points in America, afraid that they might see their careers destroyed by the "hate radio" boys and the obsessive compulsive right wing radicals who hoped to "stampede" major media and corporate leaders into canceling contracts with stars that opposed this administration.

Airport check

Paulette Boothe, knew that SARS (Severe Acute Respiratory Syndrome), was impacting the economy "When I got on a 747 and there were only 3 passengers". She was flying from Shanghai, China to Bangkok Thailand just a week ago, on a buying trip for Fort Worth's Gift-Treasures.com a retail gift store and internet gift business.

"When we landed in Thailand, there were 6 medical personnel, waiting at the airport gate. They took our temperatures, interviewed us, and required a written document that we were not sick when we left China".

Thus, in addition to terrorism security, and normal customs procedures, the airline industry now has to make instant diagnosis on every passenger who walks off of an airplane. In China, there are now over 5000 reported cases, with Hong Kong, Singapore and Beijing have been hardest hit. About 5% of those infected die. Beijing has closed all movie theaters, Internet cafe's and karaoke bars. Hong Kong and Singapore have had "school closings", and some entire buildings are quarantined. Asia's largest "market" was essentially closed by SARS. Average hotel occupancy in Hong Kong is now only 5% (95% vacant). One entire apartment building in Hong Kong with over 200 residents, is "quarantined and the people locked inside". The largest hospital in Beijing is quarantined and now is filled with SARS patients. "The shops are empty, restaurants have no clients, the streets have little traffic, and merchants are discounting prices below wholesale to generate sales" said Paulette. "It is a great time to find bargains" she observed.

On a larger level there are major economic impacts. Boeing, A.I.G., and Kodak have already announced that's the 2nd quarter earnings will have an "extraordinary allowance for SARS impact". Companies such as Ernst and Young are requiring any employees returning from Asia to "self quarantine for 10 days, and not come to the office until after that period." The Employee Relocation Council (ERC) disclosed that 33% of expatriate executives are sending their families out of the area and that the parent companies are paying the bill for it. 27% of responding companies have latent all travel to SARS affected areas and 27% are relocating employees to other areas. ERS's VVP Cris Collie noted that the SARS virus has even added to the difficulty of doing business overseas, in addition to the "War, terrorism, and other concerns". At the very least, companies are postponing and canceling international assignments.