Saturday, October 04, 2008

They say - What goes around comes back around !!

Well this is not any grudge message or anything. Just a fair remainder on how certain things existed in the past, perhaps 80-100 years ago in imperial India when Banks were truly existential for the westerners who were ruling us then. The 'aam-admi' (read common man) then could not right royally walk into any bank and do their regular deposits or withdrawals. Now, with time things evolved to a state that now every bank be it whatever nature - Investment or Captive or Corporate, they want a piece from the developing country. No where in the world Banks make that much purely from the collections perspective as they would do in India.

In the US, the security number and the credit history would ensure whether you get a 2 or 3 or 5% interest, in India you have a standard 11% on Bank loans or 23% on credit cards or 15% on personal loans. Kinda kinky isn't it? That beside the point of my claim, going back to times when our grand parents called the shots, they would have had something like Suruku Pai(read as an affordable purse! This was a traditional purse for the Indian women some 100-150 years before Guccis or Vuittons came India's way) or a piggy bank where the initial savings used to be kept. With the current blow up operation where we see that our hard earned money which we think is safe in an investing bank just goes right out of the window into an 'abyss'. No one has a clue on what happens to them in trying times as these. Now this brings us back to a very important question we have to ask ourselves, Are banks actually safe with our money or do we go back to Suruku Pai times and hope to have a good night sleep atleast knowing that money is right next to me? Am I over reacting to this situation? Yes and a No to this. Can you imagine a bank which is 350 years old, which survived the 1920 depression and now claims bankruptcy? What happens to the money in the bank? I was told that any account that had more than 70,000$ would be frozen and would not be available for the people? Can anyone beat that statement? It is after all the person who is living in the county, who is owing the money. Many banks and investment banks have just brought it upon themselves just because of the greed and competition to make more money added to total disregard to the investors money.

So why did the global financial meltdown begin? Who is responsible to this nerve wrecking piece of work? To me, it begins in the US and ends in the US. I honestly believe that the greed rests in US which prompts other greedy dorks around the world to look greedy. Now imagine the Subprime situation in the US? Who brought that up? If you did not know what it means, it is just that NINJA loans [‘No Income, No Jobs and No Assets’] that led to this. A person who did not have ability to repay loans were given write offs obscene loans to an extent like 1,00,000 $. The bubble was being created there, then and it led to the greed among everyone to make it big. More loans, more offenders,no liability to the money they all took - the bubble was so big by now that it was time the burst was evident. And rightfully after the burst, the money was just gone, houses came back to the Banks because of defaulters.

Now, the million dollar question, why is my money is in danger? I am not even in US, I could be a farmer in Japan or Finland but still my money is under threat. How? how the banks were tied to the defaulters? Read this article here to get an idea how the whole laundering act took place. This would give a very good idea on the global melt down.

Man, for one, will combat terror, fight in unimaginable altitudes to save the country, will work 23 hours in a day to satisfy himself, does all he could to woo women of any kind and vice versa but when it comes to money loss, it shatters the complete desire to exist. Money has grown to have such a strong writing in our psyche.No money, no nothing. We now have come to an stage where we just cannot trust anyone for anything they would say. Your money is under threat, you are under threat. So do we retreat back to the old days where we would keep our money in a piggy and imagine the good ol' pal is taking care of your money. Will our ego let us come down to that state? Will our greed to quadrapole or hexapole the money allow us to do this? Will we be safe in this world? Has our old, dirty past come back alive from the grave to bite us in our back? Karma..... the piggies are no longer the forgotten creatures, they seem to have come around and now I see the smiling piggy in my desk, it tears me to bits !!

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