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Subject: Indian banking system gets downgraded
Le Zookeeper    11/23/2009 4:43:19 PM
Increase in non performing loans to 20% plus. Co-ordinated global collapse more likely.
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Le Zookeeper    Indian PM endorses US dollar and economy( a booboo I think)   11/23/2009 4:53:39 PM
WASHINGTON: In an extraordinary endorsement of the United States? economic resilience, India?s Prime Minister Manmohan Singh has said questions has the capacity to bounce back, assures PM Manmohan - India - The Times of India" target="_blank" pg="Twitter">Twitter Facebook Share
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about the American economic model and the setbacks it is suffering are temporary, and the country has the capacity to bounce back.

Singh also gave a thumbs up to the beleaguered US dollar, saying ''as far as I can see right now, there is no substitute for the dollar.'' His own feeling, he said, ''is that we have not entered an era of irreversible shift in economic strength of the United States.''

The Indian prime minister?s comments came in an interview with Fareed Zakaria on the CNN program GPS, hours ahead of his first official engagement in Washington DC on Monday afternoon, an address to US and Indian business leaders, where is now certain to get a rousing welcome. The remarks also came amid deep despair and a crisis of confidence in the US over the state (and future) of the economy and the dollar, particul
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Le Zookeeper    I must take back my statement   11/25/2009 12:15:17 AM
Indian shrewdness (or double dealing or doublespeak) excels and beats the US/UK banking cabal. As the Prime Minister Manmohan Singh praised US "economic resilience" and said that the US dollar is the reserve currency, and had a state dinner with the Obama's (a grande affair, I should try to get invited next time) its central bankers were busy dumping the dollar as fast as they could (India's actions do not support its words, dumping dollars so fast implies no faith in US economic resilience or dollars).
The first tranch of 200 tons of IMF gold was bought by INdia (ridding itself of the soon to be worthless US dollar), and it  is'busy negotiating buying the rest of the gold for sale, effectively ridding itself of a truck load of dollars. This action raises the possibility of a run on the US dollars as other countries will soon follow India's action in dumping the dollar. Well the cat is out the bag. I feel sorry for China, they will get stuck with the check.

India plans to buy more gold from IMF

Tags: IMF, Plan
India is open to buying more gold from the International Monetary Fund (IMF). It


bought 200 tonnes for $6.7 billion on November 3. The Reserve Bank of India (RBI) may well buy IMF?s remaining hoard of 201.3 tonnes on acceptable terms, which are now under negotiation.

A government official said that the additional purchase would depend on the ?successful pitching by RBI?. ?RBI is an independent body, and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered,? said the official.

RBI did not respond to Financial Chronicle questions if it was bidding for the remaining IMF gold. The purchase of the first lot of 200 tonnes, RBI had said at the time, was a part of its foreign exchange reserves management operations.

Responding to query from FC, an IMF spokesperson said the gold sale process was still under way and ?there is no fixed timetable for completing the sale?.
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