Pune Rains, Uncosted Budgets, Hearing Loss Covid, Fracking

Pune Rains

Lemme start with a slightly funny picture that tells as much about Pune, my city as anything else does.

Pune- Leave your attitude behind, we have our own

This and similar tags, puns and whatnot you will find if you are entering Pune from the road highway. You can also find similar similar symbols and Puns all over the city and they are partly sarcasm and ironic and partly the truth. Puneities work from the attitude that they know everything rather than nothing, including yours truly 😉 . What is the basis of that or why is there such kind of confidence I have no clue or idea, it is what it is. Approximately 24 hrs. ago, apparently we had a cloudburst. What I came to know later is that we got 100 mm of rain. Sharing from local news site. Much more interesting was a thread made on Reddit where many people half-seriously asked where they can buy a boat. One of the reasons being even if it’s October, in fact, we passed middle of October and it’s still raining. Even today in the evening, it rained for quite a while. As I had shared in a few blog posts before, June where rains should have started, it didn’t, it actually started late July or even August, so something has shifted. The current leadership does not believe in Anthropogenic Climate Change or human activity induced climate change even though that is a reality. I could share many links and even using the term above should give links to various studies. Most of the people who are opposed to it are either misinformed or influenced from the fossil fuel industry. Again, could share many links, but will share just one atm. I have talked to quite a few people about it but nobody has ever been able to give a convincing answer as to why GM had to crush the cars. Let’s even take the argument that it was the worst manufactured car in history and there have been quite a few, have the others been crushed? If not, then the reason shared or given by most people sounds hollow. And if you look into it, they had an opportunity that they let go, and now most of them are scrambling and yet most of the legacy auto manufacturers will be out of existence if they don’t get back into the game in the next 2-3 years. There have been a bunch of announcements but we are yet to see. The Chinese though have moved far ahead, although one has to remark that they have been doing that for the last decade, so they have a 10-year head start, hardly surprising then.

But I need to get back to the subject, another gentleman on Reddit remarked that if you start to use boat, and others start to use boat, then the Govt. will tax it. In fact, somebody had shared the below the other day –

Different types of taxes collected by GOI

Many of the taxes that I have shared above are by the Modi Govt. who came on the platform, manifesto that once they come to power they will reduce taxes for the common man, they have reduced taxes but only for the Corporates. For the common man, the taxes have only gone up, both direct tax and indirect tax. Any reference to the Tory party who have also done similar things and have also shared that it is labor who had done large expenditures even though they have been 8 years in power, I am sure for most is purely coincidental. Incidentally, that is the same tack that was taken even by the Republican party. They all like to give tax benefits to the 1% while for the rest is austerity claiming some reason, even if it has been proven to be false.

Corporate Tax Rate, Revenue Loss to Govt.

The figures mentioned above are findings of parliamentary panel so nobody can accuse of anybody having a bias. Also, I probably had shared this but still feel the need to re-share it as people still believe that 2G scam happened even though there are plenty of arguments I can share to prove how it was all a fabricated lie.

Vinod Rai Mafinama in Uttarakhand High Court.
Part 2 of the same Mafinama.

How pathetic Mr. Rai’s understanding of economics is can be gauged from the fact that he was made Chairman of IDFC and subsequently had to be thrown out. That whole lie was engineered to throw UPA out and it worked. There are and have been many such ‘coincidences’ happening over the last 8 years, parallel stories happening in India and UK.

This was just yesterday, about a year back Air India was given back to the Tatas, There was controversy about the ‘supposed auctions’ as only Indigo was the only other party allowed to be at auction but not allowed to buy but more as a spectator as they already have 60% of the Indian civil aviation market. And there was lot of cheering from the Govt. side that finally Air India has been bought home to its true owners, the Tatas. The Tatas too started cheering and sharing how they will take down all the workers, worker unions and everything will be happy glory within a year. In fact, just couple of days back they shared new plans. Btw for the takeover of Air India, they had bought loans from the Banks and they are in the category of too big to fail. As I have shared couple of times before, RBI has not shared any inspection reports of nationalized or private banks after 2013/14. While by law, RBI is supposed to do inspection reports every 3 months and share them in the Public domain. And if you ask any of their supporter, for everything they will say UPA did x or y, which only goes to show morally bankrupt the present Govt. is. Coming back to the topic, before I forget, the idea of sharing their plans is so that they can again borrow money from the banks.

But that is not the only story. Just one day back, Smita Prakash, one of the biggest cheerleaders of the present Govt. (she is the boss at Asia News International (ANI)) posted how Air India had treated her sister and other 21 passengers. Basically, they had bought business tickets but the whole cabin was dirty, they complained and they were forced to sit in economy class, not just her cousin sister but the other 21 odd passengers too. Of course Ms Smita became calm as her sister was given free air tickets on Vistara and other goodies. Of course, after that she didn’t post anything about the other 21 odd passengers after that. And yes, I understand she is supposed to be a reporter but as can be seen from the twitter thread, there is or was no follow up. Incidentally, she is one of many who has calling others about Revdi culture (freebies to the masses.) but guess that only applies to other people not her or her sister. Again, if there are any coincidences of similar nature in the UK or when Trump was P.M. of the U.S. they are just ‘coincidental’.

The Uncosted budget

India and the UK have many parallels, it’s mind boggling. Before we get into the nitty-gritties, saw something that would be of some interest to the people here.

For those who might not be able to see above, apparently there is place in UK called Tufton Street where there are quite a few organizations that are shadowy and whose finances are not known as to how they are financed. Ms. Truss and quite a few of the people in the cabinet are from the same shadowy organizations. Mr. Kwasi Kwarteng, the just-departed chancellor is and was part of the same group.

Now even for me it was a new term to learn and understand what is an uncosted budget is. To make it much more easier I share the example using a common person who goes to the bank for a loan –

Now M/S X wants a loan of say Rs. 1000/- for whatever reason. He/she/they go to the bank and asks give me a loan of say INR 1000/- The banks asks them to produce a statement of accounts to show what their financial position is. They produce a somewhat half-filled statement of accounts – In which all liabilities are shown, but incomes are not. The bank says you already have so much liabilities, how are you gonna pay those, accounts have to be matched otherwise you are not solvent. M/s X adamantly refuses to do any changes citing that they don’t need to.

At this point, M/s X credit rating goes down and nobody in the market will give them a loan. At the same time, the assets they had held, their value also depreciates because it became known that they can’t act responsibly. So whose to say whether or not M/s X has those number of assets and priced them accurately. But the drama doesn’t end there, M/s X says this is the responsibility of actually Mr. Z ( cue – The Bank of England) as they are my accountant/lawyer etc. M/s Z says as any lawyer/accountant should. This is not under my remit. If the clients either gives incomplete information or false information or whatever then it is their responsibility not mine. And in fact, the Chancellor is supposed to be the one who is given the responsibility of making the budget.

The Chancellor is very similar to our Finance Minister. Because the UK has constitutional monarchy, I am guessing the terms are slightly different, otherwise the functionality seems to be the same. For two weeks, there was lot of chaos, lot of pension funds lost quite a bit in the market and in the end Mr. Kwasi Kwarteng was ousted out of the job. Incredibly, the same media and newspapers who had praised Mr. Kwarteng just few weeks back as the best Tory budget, they couldn’t wait to bury him. And while I have attempted to simplify what happened, the best explanation of what has happened can be found in an article from the guardian. Speculation is rife in the UK as to who’s ruling atm as the new Chancellor has reversed almost all the policies that Ms. Truss had bought and she is now more or less a figurehead. Mr. Hunt, the new chancellor doesn’t have anybody behind him. Apparently, the gentleman wanted to throw his hat the ring in the Tory leadership contest that was held about a month back and he couldn’t get 20 MP’s to support him. Another thing that is different between UK and India is that in UK by law the PM has to answer questions put up to him or her by the opposition leaders. That is the way accountability is measured there. This is known as PMQ’s or Prime Minister Questions and Answers. One can just go to YouTube or any streaming service and give Liz Truss and PMQ’s and if they are interested of a certain date, give a date and they can see how she answered the questions thrown at her. Unfortunately, all she could do in both times were non-answers. In fact, the Tories seem to be using some of Labor’s policies after they had bad-mouthed the same policies. Politics of right-wing both in the UK and the US seems so out of touch with the people whom they are supposed to protect and administer. An article about cyclists which is sort of half-truth, half irony shows how screwed up the policies are of the RW (right-wing). Now they are questions about the pensions triple-lock. Sadly, it is the working class who would suffer the most, most of the rich have already moved their money abroad several years ago. The Financial Times, did share a video about how things have been unfolding –

Seems Ms. Truss forgot to add Financial Times in the list of anti-growth coalition she is so fond of. Also, the Tory party seems to want to create more tax havens in the UK and calling them investment zones. Of course, most of the top tax havens are situated around the UK itself. I wouldn’t go more into as that would probably require its own article, although most of that information is all in public domain.

Fracking

I don’t really want to take much time as the blog post has become long. There have been many articles written why Fracking is bad and that is why even the Tories had put in their Manifesto that they won’t allow Fracking but apparently, today they are trying to reopen Fracking. And again how bad it is and can be found out by the article in Guardian.



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