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INDIATODAYUKDearLakshmijiAlthoughlivingintheeconomicallybankruptWestIreallythinkatthistimeofDiwalithereissomethingforustolearnfromChristmas.NotthemindlessmaterialismandtheperennialcomplaintthatDiwaliisgoingdowntherouteofChristmasandatimeofunaffordablegiftslavishshowandhedonisticpartiesalllosingthetruereligiousrootofthecelebration.RatherthethingforustorememberatthetimeofDiwalifromChristmasishope.HopeiswhatChristmasandtheChristianNewYearbrings.HopeiswhatDiwaliandtheHinduNewYearbringsx13thisyearmorethanmost.AstheNewYearapproachesmyhopesspringsLakshmijifromseveralavenuesandIpraytoyouitcontinues.Firstthereistheupsidetoeconomicdevastation.Yesindeedthereis.IhaveneverbeentomorecharitablefunctionsasIhavethisyearx13inIndiainLondonandinNewYork.IsitthattherichareembarrassedFromAkshayaPatraPrathamtheGlobalPartytotheLoombaTrust.Orthatitisthevoguewaytoshowwealthx13byhostingacharityfunction.EitherwayitisworkingandIamencouraged.Austerityseemstobringthosewithprosperitytocharity.Amen.Ofcourseforeverynegativeeconomicstorymakingtheheadlinesisagoodstoryburiedunderthefoldonpage54.x18Twasalwaysthus.IamhopefulnotdejectedthatunemploymentintheUKandUSisunder10despitethecreditcrunch.IamevenhopefulthatthelandofourbelovedleaderSoniajiItalyhasdebtlevelstodestabilisetheEurox13forLakshmijiitisItalyx13theygothroughthreerecessionsinthesametimeframeanyothermajoreconomygoesthroughone.AndasforGreecebringinggloomthisDiwalitoEuropeancelebrationsx13Lakshmijiitisamicro-economyx13GreeceistotheEUasamouseistoGanesh.AndwhenwetalkaboutyourspecialisttopicofwealthcreationIamhopefulbecauseeveniftheUSandEuropedonotgrowatallbotheconomieswillstillproducearound14trillioneachofgoodsandservices.Andthatiswithouttheprecious1growththattheirpoliticiansarechasing.Dotheynotrealisetheyarespendingmoreindebttotrytocreatethat1thanthe1itselfSomeoneneedstodosomebasicmath.IamhopefulbecausewhenIndiagrowsat8annuallyitnotonlycreateswealthbutalsomakesupforAmericanotmakingitx19stargeted1annualgrowth.TakestockmarketsLakshmiji.Yeseverymajorstockmarketintheworldisdownthisyear.Someasmuchas20andothersliketheAmericansaslittleas1.EvenourmuchpraisedandsometimesenviedcommunistChineseneighboursx19stocksaredown.ButtheIndianmarketalthoughdown15thisyearissurelyanopportunitytobuyintoaneconomygrowingatthefastestrateofanymajordemocracy.Andwhenitrecoversthatlost15Iwillhavemadeabout20.Againsomethingtobeveryhopefulabout.IdidthemathLakshmiji.AtthisrateIwillnothavetoconsidermovingfromMayfairtoKensingtonx13justwhenMayfairwasbecomingx18LittleIndiax19withsomanyDesisummerhomesorshouldIsaymonsoonhomes.Thatbringsmetopropertyprices.TheluxuryhomemarketisgoingupintheUKx13wellLondonx13richRussiansdonx19twanttoliveoutsideLondonIamthinkingofstartingKnightsbridgeUnitedFootballClubasmynextventurex13yourchickenfarmersmaybewillingtogotoBlackburnbutDelhiteswanttobewalkingdistancetotheirfootballteam.Therichstayricheveninrecession.LittlewonderFerrariandAstonMartinlaunchedthisyearinIndia.AndwhatofdebtIamhopefulherebecausetheChineseandtheJapanesearewillingandabletobuySpanishandPortugueseandItaliandebt.Andweeasilyforgetmajorcorporationsareproducingmoreprox1atsthaneverintheirhistory.TakeTataMotorsx131billionpoundsinprox1atsfromtheirUKbase.WhospeaksofthatandthetaxrevenuesandthejobsYesgovernmentsandindividualsareindebtedandpraytoyoux13youbutyouhaveansweredtheprayersofthecorporates.AfterallweliveinaworldwhereApplehasmorecashinitsbankaccountthantheUSgovernmenthasinits.ButamIbeingtoooptimisticAmIputtingtoomuchrelianceonIndiaandChinabailingouttheworldIndiax13whereIreadaboutcorruptionAstheWallStreetJournalsaidx18Therootsofcontinuedpovertylieinfourdecadesofsocialismnotintwodecadesofhalf-hearterdcapitalismthatforallitsx1bawsliftedmoreIndiansoutofpovertythananyotherforceinhistory.x1dAlthoughunlikethesimpletonsIamawarein1975and1976Indiaachieved9growthspurredbyanincreaseinsavingsandinvestmentsfollowingbanknationalisationduringtheso-calledx18socialistx19era.ImentionthisLakshmijiasyouaretheGoddessofCapitalismandcapitalismisincrisis.ButIamhopefulforthepoorregardless.IamnotmerelybeingoptimisticasIshouldbeatDiwalix13asamanoncesaidx18whenyoubelieveinthingsyoudonotunderstandthenyousufferx19andIfearthisiswhatishappeningwiththepressandeconomy.Amen.nAlpeshPatel-MemberUKIndiaRoundtable2000-5TrusteeChathamHouseBoardMemberUKIndiaBusinessCouncilauthorofthirteenbooksoninvestingincludingx18TheMindofATraderx19APROSPEROUSDIWALI-HEARMYPLEALAKSHMIJI