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  • Macaca
    05-16 05:52 PM
    China�s recent obstreperousness may yet backfire, frightening the United States and its Asian partners into doing more to balance against its growing power. For now, however, the alarming news is that China�s strategy seems to be working much better than America�s. Washington has made basically no progress in pushing China toward democracy, nor has it succeeded in persuading Beijing to abandon ambitions�like controlling the entire South China Sea�that threaten the interests of America�s allies. For its part, China�s Communist Party remains firmly in command. Meanwhile, as China�s economy and military have matured, it has begun to mount a serious challenge to America�s position in Asia.

    Beijing has now become the most important trading partner for the advanced industrial nations of Northeast Asia and Australia, as well the comparatively poor countries on its frontiers. It is a leading investor in infrastructure development and resource extraction across the region. These thickening commercial ties have already begun to complicate calculations of national interest in various capitals.

    China�s rapid economic growth has also enabled a substantial expansion in military spending. And Beijing�s buildup has begun to yield impressive results. As of the early 1990s, the Pacific was, in essence, a U.S. lake. Today, the balance of military power is much less clearly in America�s favor, and, in certain respects, it has started to tilt toward China. While its arsenal remains comparatively small, Beijing�s ongoing deployment of intercontinental ballistic missiles will give it a more secure second-strike nuclear capability. Washington�s threat to use nuclear weapons, if necessary, to counter Chinese aggression against its allies is therefore dwindling toward the vanishing point. As happened during the cold war, once the Soviets achieved a form of nuclear parity, the burden of deterrence will fall increasingly on the conventional forces of the United States and its allies. And, here, the trends are, if anything, more worrisome. Since the mid-1990s, China has been investing heavily in so-called �anti-access� capabilities to deter or defeat American efforts to project power into East Asia. People�s Liberation Army (PLA) strategists appear to believe that, with enough highly accurate, conventionally armed ballistic and cruise missiles, they could, in the event of a confrontation, deny U.S. forces the use of their regional air and naval bases and either sink or push back the aircraft carriers that are the other principal platform for America�s long-range power projection.

    If the PLA also develops a large and capable submarine force, and the ability to disable enemy satellites and computer networks, its generals may someday be able to convince themselves that, should push come to shove, they can knock the United States out of a war in the Western Pacific. Such scenarios may seem far-fetched, and in the normal course of events they would be. But a visibly deteriorating balance of military power could weaken deterrence and increase the risk of conflict. If Washington seems to be losing the ability to militarily uphold its alliance commitments, those Asian nations that now look to the United States as the ultimate guarantor of their security will have no choice but to reassess their current alignments. None of them want to live in a region dominated by China, but neither do they want to risk opposing it and then being left alone to face its wrath.


    When he first took office, Barack Obama seemed determined to adjust the proportions of the dual strategy he had inherited. Initially, he emphasized engagement and softpedaled efforts to check Chinese power. But at just the moment that American policymakers were reaching out to further engage China, their Chinese counterparts were moving in the opposite direction. In the past 18 months, the president and his advisers have responded, appropriately, by reversing course. Instead of playing up engagement, they have been placing increasing emphasis on balancing China�s regional power. For example, the president�s November 2010 swing through Asia was notable for the fact that it included stops in New Delhi, Seoul, Tokyo, and Jakarta, but not Beijing.

    This is all to the good, but it is not enough. The United States cannot and should not give up on engagement. However, our leaders need to abandon the diplomatic �happy talk� that has for too long distorted public discussion of U.S.-China relations. Washington must be more candid in acknowledging the limits of what engagement has achieved and more forthright in explaining the challenge a fast-rising but still authoritarian China poses to our interests and those of our allies. The steps that need to be taken in response�developing and deploying the kinds of military capabilities necessary to counter China�s anti-access strategy; working more closely with friends and allies, even in the face of objections from Beijing�will all come with steep costs, in terms of dollars and diplomatic capital. At a moment when the United States is fighting two-and-a-half wars, and trying to dig its way out from under a massive pile of debt, the resources and resolve necessary to deal with a seemingly distant danger are going to be hard to come by. This makes it all the more important that our leaders explain clearly that we are facing a difficult long-term geopolitical struggle with China, one that cannot be ignored or wished away.

    To be sure, China�s continuing rise is not inevitable. Unfavorable demographic trends and the costs of environmental degradation are likely to depress the country�s growth curve in the years ahead. And this is to say nothing of the possible disruptive effects of inflation, bursting real-estate bubbles, and a shaky financial system. So it is certainly possible that the challenge posed by China will fizzle on its own.

    But if you look at the history of relations between rising and dominant powers, and where they have led, what you find is not reassuring. In one important instance, the United States and Great Britain at the turn of the twentieth century, the nascent rivalry between the two countries was resolved peacefully. But in other cases�Germany and Britain in the run-up to World War I, Japan and the United States in the 1930s, and the United States and the Soviet Union after World War II�rivalry led to arms races and wars, either hot or cold. What saved the United States and Britain from such a clash was in part the similarity of their political systems. What made conflict likely in the latter scenarios were sharp differences in ideology. And so, unless China undergoes a fundamental transformation in the character of its regime, there is good reason to worry about where its rivalry with the United States will lead.

    Aaron L. Friedberg is a professor at Princeton University and the author of the forthcoming book A Contest for Supremacy: China, America, and the Struggle for Mastery in Asia

    Dr. K�s Rx for China (http://www.newsweek.com/2011/05/15/dr-k-s-rx-for-china.html) By Niall Ferguson | Newsweek
    The China Challenge (http://online.wsj.com/article/SB10001424052748703864204576315223305697158.html) By Henry Kissinger | Wall Street Journal
    Henry Kissinger on China (http://www.nytimes.com/2011/05/15/books/review/book-review-on-china-by-henry-kissinger.html) By MAX FRANKEL | New York Times
    Modest U.S.-China progress (http://search.japantimes.co.jp/cgi-bin/ed20110514a1.html) The Japan Times Editorial
    U.S.-China's Knotty but Necessary Ties (http://www.cfr.org/china/us-chinas-knotty-but-necessary-ties/p24973) By John Pomfret | Council on Foreign Relations
    Do Americans hold �simple� ideas about China's economy? (http://curiouscapitalist.blogs.time.com/2011/05/12/do-americans-hold-%E2%80%9Csimple%E2%80%9D-ideas-about-china%E2%80%99s-economy/) By Michael Schuman | The Curious Capitalist




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  • hiralal
    06-23 11:30 PM
    good point by suavesundeep...the problem for many desis / Immigrants is that they fall prey to all the marketing gimmicks and tricks by realtors (for e.g ..renting is throwing money away ..in reality it is not because of the flexibility esp for those on visa and the fact that you get a place to live at affordable price ..plus you can invest the remainder and get higher returns )..also, many lose sight of the fact that land is precious and pricey in India and the reason for that is the huge demand from young population and relative boom in economy ..while in US, supply is HUGE and demand is low ..here is an example ..people (and mostly desis) in Atlanta keep on saying that Atlanta is not affected, the prices never increased much, no bubble etc ..but see this small report and you will understand that supply is huge. 40 years supply !!!
    -----------
    ATLANTA -- A one-mile stretch of Atlanta's upscale Buckhead neighborhood shows why commercial real estate is emerging as an obstacle to pulling the U.S. economy out of recession.

    Separate developers in Buckhead are building four speculative office buildings at the same time with virtually no leasing activity. The 35 recent condominium projects will help give Atlanta a 40-year supply at the current sales pace. A $600 million outdoor shopping mall under way has suspended construction to save money.

    The glut threatens to worsen the clobbering that many U.S. banks already are getting from nonperforming loans made to owners and developers




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  • hpandey
    06-26 02:47 PM
    If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
    1. Interest you pay
    2. Property taxes you will pay forever.
    3. Maintenance you will pay forever.

    On the other hand - if you rent and,
    A. IF you pay less in rent than #1 + #2 + #3,
    B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
    .... Then you will come out ahead renting.

    The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
    $rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).

    Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.

    Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.

    Yes its not clear cut but lets replace your X, Y and others with numbers

    Suppose your rent is 1500$ a month

    You pay 540,000 $ in 30 years

    so your point 1 - the interest payment is always going to be less than rent if you look over the 30 year term of mortgage since there is no way to pay 540,000 dollars in interest in 30 years looking at the amortization table unless you are buying a million dollar plus house. ( I assumed 5 % rate of interest )

    2. Property taxes - these we write off from our income which again becomes pointless more or less

    3. Maintainence - Now that is a personal thing - I lived in rented apartments for many years until last year end - The property admins don't replace things on demand - so you have to live with the same old appliances , carpets etc etc until they really die off since no one is going to replace them on demand . Things break so many times as they reach the end of their life and you call the property office each time and so on.

    I would rather that I maintain my own things and have best of the market stuff rather than not.

    Some people might say there are rented places where they have top of the line stuff but remember that the rent goes higher too. So that negates that point.

    And coming to what you say in the end - my mortgage is the same as I paid for rent so renting doesn't make any sense to me. The only thing is that if I have to move back to India I will have to sell the house which I am not worried about since I live in a very good area and two houses in my lane got sold within a month last month at more than the price which I paid for my house.

    As someone said real estate is highly local. Not all places in US are losing values . There are a lot of good areas which have reached bottom. The house I bought was 20% off from the price the person whom I bought it from paid in 2005. So that is already priced in.




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  • GCKaMaara
    01-07 10:13 AM
    Looks like Israel goofed up this time:

    http://edition.cnn.com/2009/WORLD/meast/01/07/israel.gaza.school/index.html


    Oh really? Thats how they bombed the school and killed more than 40 kids?

    ....

    If Israel want to kill terrorist, they have every right to kill those terrorist who kill Isrealis. Instead they are bombing kids. Which is not acceptable by any people or any nation.



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  • prioritydate
    08-05 06:24 PM
    <20. If it itches, it will be scratched. We do that.>

    ROTFLMAO.... :D:D:D




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  • ssa
    06-25 03:28 PM
    You are right, different areas will bottom at different times. But it's relatively easy to judge whether your area has bottomed or not:

    1. Check if the rents and mortgage payments for the comparable properties are similar. Remember to own a house you need to have sterling credit history + come up with 20% down. So your mortgage payment + tax + insurance should at least be equal to rent if not less because you are paying premium in terms of putting 20% down which renters do not have to do.

    2. Bubble began forming around 2000 to 2002 depending on the area. Check past sales prices for comparable homes in the same area around that time because prices back then were still realistic. If the asking price now is same as the price then + 1-2.5% price appreciation per year to adjust for inflation then it's a reasonable price. Ignore the peak around 2005-2006.

    If your purchase price meets both these criteria you know you have a good deal. Go ahead and buy.

    If you have only been reading all the doomsday articles on the net about another nosedive in the realestate market, then I must suggest you to step out and smell the coffee. Other than in a few areas like Detroit and Miami, the home prices are close to stable and are not heading to fall another 10%. When people write articles they want to sensationalize thier reports. What's happening in Detriot will not be happening everywhere in the nation. Real estate markets are very local and cannot be generalized. So anyone that is thinking that there is going to be another HUGE drop in home prices are mistaken.

    Yes, you are right, absolutely no one can time the market. That is why it is a great strategy not to speculate, but go by the fact that real estate prices are affordable now and interest rates are the lowest in recent history. Don't think that just because there was a bubble you'll now get good homes for anything more than 5% discount.

    Remember that you probably have a job in the city you live in, and that you are continually employed, means that there are other people around you with jobs. They are ready to snap up homes even before you get to see it from the inside. I see homes that are in bad shape in my county (Fairfax, VA) sitting in the market for months. But the ones that are good goes under contract in less than a week.



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  • ita
    01-03 11:10 PM
    But doing circles doesn't make it any less complex...one long post or may be few more (if one had something new to say ) would be any day better than doing circles. Anyways suit yourself if you are getting a kick out of it.

    Thank you.


    I try to avoid long posts, as well as obviously silly ones. I also pick and choose sometimes.
    Otherwise it takes up a lot of time.

    Let me try to sum up my logic, and my beliefs. I'll try to be brief.

    1) There are militants running around in Pakistan that want to provoke India into a conflict with Pakistan. These are the same people who blew up Marriot in Islamabad, and killed Benazir, and tried to kill Musharraf twice.
    2) If they succeed in starting an India/Pakistan 'cricket match', that would provide them with relief, and give them more room and more chances to grow.
    3) If they don't succeed, they will probably try again, and again, until they DO succeed, which would be a disaster. And therefore, it is absolutely necessary that Pakistan investigates and gets to the bottom of Bombay.
    Unfortunately, in Pakistan, I am seeing denial. That is not good.
    4) Steps that convert the situation into an India-Pakistan cricket match must be avoided. In the past, India and Pakistan have tried to score points against each other, and supported insurgencies and tried to destabilize the other country. Some of that probably goes on today as well. So, this childish and silly cricket match should stop.

    So, that probably sums up what I think. I don't know if I contradict myself anywhere; maybe I do. But its a very complex situation, with no easy answers.




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  • bazuka6
    07-13 02:15 AM
    EB3-I..please print the attached word doc and sign and mail it to Department of state..this week

    Moderator could you makes this Sticky please



    Sorry .. I don't understand ... You are complaining to DOS for USCIS and DOL discrepancies ? They don't care ..different departments really..

    Had they cared July fiasco wouldn't have happened...



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  • rockstart
    07-14 03:37 PM
    Because when Eb3 ROW were getting approved they had no personal friends getting approved but suddenly now with Eb2 India moving forward they know people who will get GC soon and this hurts, when then see these people (friends) in temple or get together who will be (soon) GC holders and so this cry of fowl play comes in behind the mask of anonymus user id a vieled attack


    All of a sudden when EB2-I moves ahead I hear voices of 'injustice', fair play and demands for visa number handovers. Sorry aint gonna happen.




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  • hpandey
    06-26 03:33 PM
    Would you share what calculator are you using.

    I used one here:
    Mortgage Calculator - Bankrate.com (http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx)

    Loan Amount: 600K (Note much less than million dollars)
    Period: 30 years fixed
    Interest Rate: 5% (On the lower side using historical averages)
    Monthly Payment: 3220.93

    Total Interest Paid across 30 years: 559,534.71

    In general the thumb rule is across 30 years you will always pay interest which is approx equal to the principal you signed up for.

    Am i missing something here ?

    Good figure to make 600K loan .. that must mean people are buying at least a 650,000 house across the whole of US . You are talking about prices going down across economy you should take the average home value also across US which is definately not 600K or else most of people will never be able to buy a house.

    I am taking about a home of an average 450K ( even that is more than the US average ) and at least 10 % down.

    I don't think even anyone here would buy a 600K house in this economy to say the least !

    Lets stick to real world calculations.



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  • bfadlia
    01-10 02:56 AM
    Again I beg to differ. Britishers gave land to Israel, Egypt and Jordan. Why should only Israel be responsible? Where will they go? Why not Egypt and Jordan? Secondly, I have children and I am also terrified by the pictures of brutal massacre but think about this. If those who want to kill my children is hiding among women and children what choices do I have? be "civil" and let them kill our children or attack and kill them?

    man, what r u talking about?!!!
    Britain didn't give any land to Egypt or Jordan.. After half a century of enabling jewish migration to palestine (not out of its kind heart, but an anti-semetic european plan to rid europe of them), Britain suddenly pulled out of the region in 1947 and Israeli gangs started going village to village massacring palestinians and throwing them off their lands. egypt managed to protect the palestinians who fled to gaza, about 1.5 million refugees now crammed in that very tiny city, jordan protected the ones who fled to the west bank, but again Israel attacked and occupied both of these since 1967 Imagine being kicked off your prosperous home and put in a refugee camp nearby while others enjoy your home, then them complaining that you should be pleased they allow you to live in the refugee camp and you should let them live in peace..
    at least get some basics about gaza here if you want to discuss it http://www.nytimes.com/2009/01/08/opinion/08khalidi.html




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  • eb2_hope
    08-26 10:01 PM
    Couldn't resist writing this one...for all of us with older priority date

    Jaane woh kaise log the jinke
    485 ko approval mila
    hamne to jab bhi call kiya
    humko RD/ND/PD ka jaal mila

    Still praying ..
    PD Dec 2004

    & then on a lighter note...mera number kab aayega

    Hamko bhi to lift kara de ..thodi si to lift kara de..
    kase kason ko diya hai..jaise taise ko diya hai
    Hamko bhi to lift kara de ..thodi si to lift kara de..



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  • SunnySurya
    08-05 11:55 AM
    That is correct and unfortunate...
    We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. .

    No I don't expect that on the contary I highly doubt it will ever materialize. But if such group is formed I will definitly participate in that just because I think it is right thing to do.
    Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit. .

    Don't go by when it shows I joined. Do you really think that I will discuss such controverial topics using my original ID. By the way, I (the person and not my Ids) have contributed to the cause way more than you have. And I still believe that we need to continue down that path.

    By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.




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  • BumbleBee
    03-24 02:41 PM
    Again, I am not the one you should be asking to define "full-time" and "temp" type jobs. Ask USCIS or DOL or whoever is going to adjudicate your green card.

    I am simply saying that if USCIS has made a distinction between perm job and temp job, AND if they feel that consulting job is of temp type, someone along the line has dropped the ball and missed this. They also missed the fact that the employee needs to work at the LCA specified location. They also missed (or circumvented) that benching is not allowed.

    You can blame anyone and everyone for it. Maybe the immigration attorneys were the ones that should have warned both the employers and employees that consulting jobs do not fit the H-1B requirement. Maybe USCIS was sleeping all the while and suddenly they decided to start enforcing this. But the fact that they can ALL-OF-A-SUDDEN claim that H-1B visa is for permanent jobs only, AND that employees need to stay in the LCA location means that our lawyers, employers, and employees were incompetent in their judgment and did not do their due diligence to protect against potential audits and queries.
    I am telling you the same thing I told the other guy .... you don't need to give me justifications.

    Just hope that USCIS will buy your story!

    http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=bac7d92e8003f010VgnVCM1000000ecd190aRCR D&vgnextchannel=1847c9ee2f82b010VgnVCM10000045f3d6a1 RCRD

    Q : What is an H-1B?

    The H-1B is a nonimmigrant classification used by an alien who will be employed temporarily in a specialty occupation or as a fashion model of distinguished merit and ability.

    As per USCIS, H1B is for temporary job



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  • GCKaMaara
    01-09 01:42 PM
    refugee, you must learn a few thing from alisa. alisa is a pakistani and look at his well-structured arguments. In contrast, look at you and your abusive language. When will guys you (buddyinfo, acool) learn to show restraint and be intellectuals instead of howling like mad dogs?

    Well said!




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  • bhatt
    06-05 09:41 PM
    Does anyone know that the closing has to be before November 30th in order to get this 8K tax benefit?

    My advice don't buy just for the 8k tax benefit. The reatlors main weapon is this 8k tax credit now. In NJ/NY it is less than the property tax u r paying for one year. In other places with less house prices it may be good.



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  • BMS
    07-10 02:19 PM
    After going through this post
    I checked my I 94 last entered in 2006 it has different number than other I 94
    I am working with only one company since 2004
    They wrote company name src number correct on I 94
    but number is not same as the one on I 797 bottom totally different

    should i get it corrected ? How




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  • unseenguy
    06-21 03:08 PM
    That is a nightmare !!! unless you are bill gates, Tata, Ambani etc etc ..if u have a relative in US in the same location then maybe you can manage but still it is problematic ..on top of it, how do you earn money in say India to pay mortgage in US ??
    if my GC (or say residency in any country) is denied, I would not want any immovable property in that place ....break - ins, mntc problems, maintenance etc ..I know there are some agencies which will take care of the property for you but their fees are high. I would rather have my money in liquid form and take it with me (or have the ability to take it with me).
    as someone else said ..maybe an option would be to stay back and sell the house (at a loss I guess) ..and risk going out of status (but re-entry would be problematic).
    I had a question though ..if GC is denied and EAD is valid for 2 years ..can you stay till EAD expiration date ? (I know u have option of MTR ..but say that is denied too ) ..in other words, how long can you stay after GC is denied

    Usually they will give you 3-4 weeks to leave.




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  • file485
    07-07 10:05 PM
    Hi,
    Thank you for all your support.They asked for my husband`s paystubs ,all employment history all W2`s when he filed for AOS as primary.Later we withdrew his petition and only kept petition filed through me as the primary.That officer is extremely detailed oriented ,he/she asked and questioned every minute detail pertaining to our case.
    New update on EAD is that local offices are no longer authorized to issue interim EAD`S.We went to local office in greer, south carolina(we live in charlotte,nc) and the answer we got was that they can only email uscis why there is a delay.and if we wanted to find an answer we should come back in 2 weeks and that they won`t disclose any thing by phone because of privacy act.

    you mean to say,while filling in the form for his AOS..I think somewhere it asks that 'have you filed for AOS earlier etc(not sure the correct wordings..)'..so he had to choose a 'yes'..is that so..? if it was yes,possibly that was the reason for scrutiny..

    when his case was so shaky, he should not have filed for AOS..but what has happened has happened though..
    jeez..this is so stressful and can totally empathize with you




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    05-29 09:00 PM
    Donot forget to send the webfax :)




    Macaca
    12-27 06:27 PM
    A Who's Who of Indian sleaze
    Leaks of tapped phone conversations reveal how corruption propels India's booming economy (http://www.guardian.co.uk/commentisfree/2010/dec/26/india-sleaze-corruption-economy)
    By Praful Bidwai | The Guardian

    The leak of hundreds of nearly 6,000 tapped telephone conversations between corporate lobbyist and British citizen Niira Radia and many of India's politicians, businessmen, bureaucrats and journalists has shocked the country. The tapes reveal the lobbying to assign the telecommunications portfolio to the politician A Raja, who sold mobile telephone licences at throwaway prices to favour particular companies, at an estimated loss of $12bn to $38bn to the exchequer � the highest-ever figure for an Indian corruption scandal.

    Even more important, though, are the corporate lobbyists' attempts to influence government policies in a host of areas; to rig cabinet appointments; and to plant stories with high-profile journalists in which support for parochial business interests would be dressed up as "the national interest".

    The tapes' dramatis personae read like a Who's Who of India, but despite the personalities involved attention is now turning to the larger story � the influence of business over politics, and lobbyists' intrusion into policy-making on scarce natural resources, licensing of industries, and "regulatory capture". Suddenly, the inner workings of government, the compromised roles of high officials and the limitless venality of businessmen stand exposed to the harsh light of public scrutiny.

    The Radia tapes are the tip of the iceberg. They shock because they provide the clinching evidence for a few of the many recent scandals, including the astronomical corruption in contracts for the Commonwealth Games; mining and metallurgical projects that blatantly violate environmental regulations; corporate land grabs in the guise of export promotion zones; the razing of virgin tropical rainforest to make way for opulent housing; and the ripping up of mountain ranges to build dams.

    Scandals and corruption are not new to India. Businessmen have long milked the exchequer through tax breaks, rigged licensing procedures and fraud. What is new is the neoliberal policy context, the quality and intimacy of business-politician-bureaucrat collusion bordering on a corporate takeover of government, and the growing plunder of public money. The thinktank Global Financial Integrity estimates that rich Indians have spirited abroad the equivalent of half of India's GDP over six decades. Illicit flows have greatly increased since the economy was liberalised in 1991. The notorious (often exaggerated) excesses of the "licence-permit raj" of the 1960s and 1970s pale beside the new crony-capitalism.

    Sleaze is integral to India's growth, and one of its main drivers. The growth is skewed. Agriculture has stagnated, per capita food consumption has fallen, 200,000 indebted farmers have committed suicide. Industry has grown sluggishly and only forms about one-fourth of GDP. But services have boomed. The highest growth sectors are property, construction, telecoms and road transport � not IT. Capital accumulates through the privatisation of natural resources and dispossession of whole communities. In all these sectors, and in mining and metallurgical production, what counts is privileged access to natural resources and the national commons, most critically land, which is at the core of the government's discretionary powers.

    "Liberalisation" has recast discretionary powers and allowed a new business-politics relationship to develop. Behind each of India's new billionaires is political patronage. Here lies the underbelly of India's growth: using crony-capitalist influence to corner mining leases, property development rights, construction permits and airwaves. It is not the free market, but manipulation and distortion, that propels growth.

    One part of the seamy side of India's growth is well-known: persistent poverty, social bondage and economic servitude. The Radia tapes highlight another: sleaze and collusive business-politics relations that mock transparency, accountability, democratic policy-making and the public interest.



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