Proof that sometimes, the simplest things in life are the best.
This was fantastic. Very informative and very entertaining as well. I learnt something and enjoyed while doing so.RajaWashington DC
Its an excellent and easy understanding of economy. The way Venkatesh gave seminar is highly applausing. Nice video and the best video i have seen.
Interesting... I guess, he is seeing USA using only one lens(the swadeshi lens.. apt to the meeting theme and sponsor). Where did the collective wisdom of the world economists(all western nations included) go if USA was this big cheating finance company????The truth of the matter is, globalization has made more folks move from below poverty line in developing nations such as India, China, Brazil etc... That is an indisputable fact... Chennai alone has 7.5 lakhs graduates, life style has become better. Imagine, without the globalization engine in full speed, advancement in the medical field would have never made it to India. India is a equal trading partner today because of the globalization. More graduates have been produced -motivation to get educated, more opportunities has been embracing the horizon and more employment is generated. I strongly dispute the presenters view. We are much better because of Globalization today.Narayanan Sundaresan, MN USA
This was superb explanation. I think Narayanan has lost the crux of the argument and clung to the 'Finance Company' words.The basic question Venkatesh has raised is - are the reserves which we as a country keep referring to, really worth what RBI claims? Fundamental law of economics is that currency of the country must be backed by a tangible asset, which can be traded worldwide. So is really Dollar backed by Gold, if we decide to encash the reserves in the form of US$ and this really is scary.The steps taken by China, are really the possible way of getting out of this crisis situation but need to be done fast.
heloo i saw this video and was stunned at the way Mr Venkatesh presented his ideas.. these were the feelings from the bottom of every ones heart but we as an individual donot have the information what he has got .. but one way or the other we are thinking in this aspect in the same manner what he is thinking.. and we have to stand tall get united and teach americans what actually is the way to live life. i hope one day there is no place called america and no people called americans in the history books. regards indian student frm america
one of the best speakers i have heard of in long time.. i loved is oratorship skills .. he has ofcourse given us a food for thought of how we perceive the dollar and the super power america..but the underlining and the fundamental fact being how wisely we have always been a savings economy and .. self suffienct nation .. and how beautifully we have since time immemorial taken up the responsibility of our country because the moralistic views and values are our fundamental basics...
Very interesting talk....PradeepUSA
The speech delivered by him is really very informative and easy to understand even for a common man.Moreover he was so much sure that the fall of America's economy would happen and we can see the result nowadays. We should understand this system of dollars and do something to save our economy by taking prompt steps.
Venkatesh has summarised in a very subtle and innocuous manner many things - sub-prime, iran issue, asian economies rise and fall, america is the biggest creditor etc etc.One must go though another video called "money as debt' to understand more on the gold-dollar relationship, which is now the most 'incestuous' relationship in the world!Rajesh KocharDubai
Very interesting and enlightening speech. Just one point which I would like to point out is the amount of natural resources in terms of green trees, rivers etc that US has compared to their populatio which is much lesser than in India. I think that too is a big factor in making this country well off. Is'nt population explosion in India a factor for the poverty?
This is an interesting speech but certainly looks from someone really biased. It contains way too exxagerated information about the US. One who hears this feels that everyone in the US has bought a house that they cannot afford. Reality is that till about 2 years back the number of mortgages that turned into foreclosures was as low as .25%. This has now risen to about 1.5 - 2%. So, even today 98% of the people have bought a house well within their reach. But the 2% that have turned into foreclosures are ofcourse enough to create a major negative financial impact. If you look further deeply into where these foreclosures have happened, most of them are in states like New York, California, Florida, Nevada and Arizona. All these states had one thing in common ie. they had a big real estate bubble and the prices shot up over 100% in a span of 2-3 years. As it happens with any overheated market, a collapse is imminent which is what happened here. Similar thing happened in South East Asia within the last decade. The situation was very similar. The real estate market had overheated followed by a collapse. What has happened on the consumer side within US is similar to what would have happened anywhere else. When real estate prices go really high, some people invest too much into it as if it would always keep on increasing. On the other hand, everyone needs a basic home, and when even a basic home becomes too expensive, some people are forced into buying something they cannot afford. Yes, this tends to happen a bit more in the US where homeownership is everyone's dream. The bigger problem that created this mess over here is that the institutions that lend the money are in most situations purely resellers of a loan. Hence, those giving away these loand did not have an incentive to treat it as if it is their own money. This has to be checked with a bit more stringent regulations ewhich i am sure would take effect now. I also do not understand how the economist mentions that India is more of a consumption economy than China and that overall both countries are not consumption economies. Every indicator coming out these days point to increase in consumption within the two countries with China being the leader. Today China has already overtaken US as having the highest number of people online. It has already become the country with the highest mobile phone sales. It has also overtaken several other countries to become the second highest consumer of cars in the world. It also incorrectly mentions that all the US debt is being handled by foreign nations. Only 25% of that is being handled by foreign nations with the largest one being Japan. But the rest 75% is being handled by people or organizations within the US (individual investors, brokerage houses, state and local govts etc.
When i saw his wonderful talk and comments/discussion i remember one APT REPLY Professor of Economics at Northeastern University, Boston. US"Occasionally, a student a Northeastern University, troubled by my analysis of US foreign policy, will challenge me with the question, “ Why are you here if you don’t like the United States ? “ I answered that this in the most rational thing to do. I came to the United States only after I had tried living in several countries on four different continents. I was born in Palestine, but the Zionists took over that country in 1948, and the Haganah expelled my family from our ancestral village in Galilee. We moved to Korea, but the American soon followed us there with a devastating war to defend their ‘freedom’. My next destination was democratic Iran, but a CIA inspired military coup overthrew its government in 1953. I left the medieval city of Isfahan when the coup plotters restored the Shah to the PeacockThrone. One after another. I tried living in Congo, Chile, Nicaragua and Guatemala, but each time the CIA destabilized these countries. In 1988, after many misadventures, I finally understood that there is only one country the CIA would never destabilize: the United States. That is when I moved to Massachusetts. From the book: “Is There An Islamic Problem ? Essay on Islmicate Societies, the US and Israel” ISBN: 9839541439 Author: M Shahid Alam published by The Other Press Kuala Lumpur By M. Shahid Alam is Professor of Economics at Northeastern University, Boston. USShafeeq
Excellent sir. You have explained what we dont know how to express coz of lack of reasons to express.Yes... Globalization is like a PROS. At many intances we have also seen buying the same Indian free goods in a packaged form shelling out huge money.As you said of Excise+VAT I usually buy my entire shopping during US visits(dead chep there) which 95% of the people here cannot understand.COULD YOU PL. ALSO SUGGEST(in your future lecture) HOW TO MILK THIS GLOBALIZATION COZ ITS ALREADY CANCERED IN EVERY ONE'S LIFE. NOW THE ONLY BETTER WAY IS TO MILK IT TO THE LAST TO PRO INDIA.
I listened to the speech 3 times and i learnt more every time ...
i just saw this video ,,abt 5mints back,, really made me rethink of my spending habits. Im an Indian house wife staying in US on defendant visa ..
This is a very biased speech. Wonder what people that have never been outside of India would think about America. There is just too much hatred spewing even from the Comments section. NOT GOOD. Make sure you educate yourself before making a judgement that America is bad. INCORRECT. I bet this same guy who talks so much crap goes and buys cars that are American products. I bet he has children that study in America; There are some points that can be of value here, but it is clouded by subjectivity.
Well I do not agree with Mr.Venkatesh .The downfall of the US was mainly due to outsourcing of the jobs.When the jobs & the Companies moved to countries with cheap labor,the employment rate fell down in US which was the main reason for this chaos.If not for the outsourcing,India wouldn't be this flourishing.& we wouldn't have seen the sudden splurge of International Companies in India.saying Dollars are like tissue paper is something very uncouth of.That shows that Mr.Venkatesh doesn't value money that much.I agree 100% with Mr.Narayanan Sunderasan & Rama.Please do not tarnish other countries just for the sake of giving a speech.
The true success of globalization can be seen in its current demise. Globalization enriches the reach of economic forces beyond a countries boundary. Imagine having to produce and sell within your country Vs Produce and sell to the entire world. Your opportunities will scale up and make you a global player than a local player. There couldn’t have been any of this discussion if it is not for the true globalization that had exposed these critics to outside world.Globalization is the way you grow and share your wealth with other countries. In its true globalization endeavor, US had created a handful of economic powers including INDIA which otherwise would not be enjoying this economic freedom and freedom of speech.When communist regimes fell, how many countries did you see suffer from that impact? Virtually no other country suffered the aftermath. When a true global giant falls, you will see what you are seeing now. This is the true measure of globalization success and failure.Dig the background of these so called subject matter experts and you will see a LAL SALAAM behind them.This is a true bullshit in its finest quality. We all are now exchanging these emails just because we are caught up in globalization. Otherwise, I would be writing you guys a long and painful letter that may reach some of you guys in a few months.
I cannot believe this guy calls himself an economist. I am a regular IT guy originally from India, currently in the US. And this guy Mr. Venkatesh doesn't tell me one thing that I don't already know. And the worse of it is, everything that he said, is said in a very complaining tone. To make a fair analysis of anything, you have to study objectively. And this guy, didn't do that. He seems to have a heavy bias.The 3 main reasons why the US economy failed are nothing to do with Globalization in the first place. They are:1) Health Care Management2) Complex Derivatives and other financial infrastructure.3) After building a viable credit model, the banks failed to follow the rules and lent money to those who DID NOT have good credit.Instead of seeing these 3 things clearly, he's ranting off on a tangent and people are eating it up.If morons are listening, looks like anyone can talk and they can call themselves economists. India has a long way to go in terms of structured thinking. If we build things fundamentally right and they fail, it's not because the fundamentals need to be changed, it's because, the rules are not followed. 2 different things.People should study things objectively, before talking. I will probably slap him if I meet him face to face.S.S. MovvaNew Jersey
Atrocious analysis, atrocious accent, atrocious pronunciation, atrocious bias and atrocious attitude. That should sum up mr. Venkatesan's speech.
this fellow, venkatesan, looks like a communist! poeple like this always shout about non-existent conspiracy theories just to hide their own countries weaknesses and shortcomings. he is supposed to be an economist but there is hardly any analysis. all he offered was hatred for america even though he said "this is not about bashing america". what a liar?!
Mr. Venkatesh is good motivational speeker. Increasing national consumption and excluding exports to other countries and preserving family life are good solution to a limited extent. But we face bigger problems in the world. We produce less when we increase our population. We consume more that creates global shortage of power and products. We have global warming that affect the health of everyone. We need to address the world as a family and earth as our house. We have to address all the problems with a more broader outlook. Protectionism and Nationalism is not the solution. We need a coordinated approach to the demands of the day.
I did hear this speech and thought it was remarkeably immature. One key aspect he has missed out is if India kept saving money (as we rightly do) and had no one to lend it to how is that money going to grow? India needs somoneone to 'borrow' their money as much as the US needs other countries to lend them money to fund their spend. Second, his grandiose statements about the Indian currency have been proven to be entirely false. Today the rupee is at Rs.51 per dollar. If Mr.Venkatesh was so right, we would have seen a fall not a rise in the currency. I will admit that the US economy is a little too dependant on irresponsbile spend, but it is that very spend that has fuelled the Indian economy as well.
superb ..fanatastic ..what ever he spoke there was truth ..which is always very hard to digest ....Sharathfrm USA ..soon will be in India(still works for american company)
Nice speech ...We should learn to face a change but not change a face.Thanks,Ranjit kumar, CEO , SYGMA GROUP, INDIA
Great speach...Given actual picture of America..We need think about how to save our economy from the globisations wrong aspectsSushat KatikeriPune India
Good Speech with Statistics on hand and mind. If someone is not agreeing with this speech. Please share your facts with statistical data and that will be a learning to all of us..For now Mr.Venaktesh sounds right.
Venkatesh has offered an extraordinary understanding of global issues that are not percieved by most of the people and not openly disclosed by the vested interests, though they have been causing concerns to most of the other economies. If taken with a constructive note this provides explnation to Amercia and if desired, direction to what to look at, what to look for and where to find the ways..Venkatesh has extrovertly put together suggestions, vision, wisdom and perception with great depth. C0mmendable explanation....Narendra KapadiaMI
Mr Venkatesh , kyun apne hi logon ke pet mein laath mar rahaa hia. agar india dollar ko support karna bandh kar dega toh itne saare south ke log(in india and US) jo IT mein kaam karte hain unka kya hoga. aaj south mein itna paisa hai woh dollar ko support karne ke wajah se hi toh hai. Woh baat alag hai ki baaki india ke log(90%) iski bharpai kar rahein hain(last 30 saal se) aur aur garib hote ja rahein hain.
Too Good. Mostly known facts but excellent deliverance. Also, what I liked is that he's not been just stating the issues but gave a bit of advise on resolution too. We Indians really need to improvise our systems and contribute to our nation's progress.
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Thank you for sharing this. It is very informative and it was put in a way that ordinary people would understand it. Looking forward to more posts from you.
Thank you very much for sharing this with us. It was enlightening.
Good speech. Yes that its like compalining as movva commented but i think, those who are not happy with the speech has not got the central idea of his criticism. Barter system is replaced by precious metals like Gold, and later to paper currency backed by gold. Now this US Dollar which is the central medium of exchange for global trade or GlobaliZation era is not backed by value or full value what so ever.
Excellent talk. May be not entirely true as some comments are pointing out but surely it helped understand few concepts and policies. Thanks a ton.Next time, in your speech, can you explain why it is not easy to slowly move to Euro and stop trading in Dollar? Will surely buy your book and try to understand this whole mess from different angles.
This vid may lead people to think buying gold at high prices may still be worthwhile. I do not think it is a good time to buy gold. Gold - the Legal tender that was worth less than 200 is being sold around 1500. Essentially by buying at higher prices people are putting both money back into banks pockets and only taking very little gold leaving large amounts of gold still with banks. Essentially the banks are funding their own recovery with high gold prices. It is us Indians who buy gold and become impoverished and indebted. Chinese are smartly staying away from this game. Indian market ..and public may be fooled into buying gold at high prices for a long time. The system may devise other means to play tricks. either ways as usual perpetual misery for common indian.Do not want to sound anti-feminine here but all the talk of Women balancing family finances usually mean shoring up gold. Time to be dynamic and fight the global system. Eye for an eye tooth for a tooth with all the might. Its not going to be a pretty world. Kill or be killed. India cannot be a perpetual cow for the world to be milked. a billion population closeted in a small piece of worlds land. Living in perpetual misery and still supporting and providing the world with humans for services.
People who had difference in opinion about this video, should re-think again, based on the situtation in USA today.I am not against any country. But looks like what said in 2008 is happening now. There were prons & cons as well due to globalisation. But what was said in the video might help us to get back on track.Even the recent speech by Obama this month (August 2011) to recover from crisis, is not so impressive.By reducing Payroll tax cut and little change in medicare & health care will resolve it remporarily but not gonna resolve the problem, for ever.Onething everyone should understand, where we are today is not where we want to be.
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