If Luxembourg is compared to with Indian Railways, it would be just one railway station out of the more than seven thousand five hundred of Railway Stations it has. Luxembourg has population of less than 7 lakh, which is the daily traffic on some of the stations of the Indian Railway. But Luxembourg is the second richest country in the word with per capita income of about 80 thousand USD on PPP basis. In terms of territory it is twice the size of tiny state of Goa in India. But despite it’s size, Luxembourg is one of the four Capitals of European Union and is seat of Justice in EU.
So what is so important that in this pandemic, both countries could not postpone the summit and decided to be across the table through the virtual video conference.
Luxembourg on FATF Grey List:
History is a strange subject. It generally deals with facts but more often steers clear of the whole truth. After all it reflects consensus opinion of one generation about the events of past generation. The assertion that the history is stated to be fable narrated by victor is an exaggeration. This statement ignores the fact that political history, which is study of wars for power, often rewards losers differently and heroes of wars endure what they had not foreseen. The victories in wars become stair to future defeat.
Second world war was no different. While there have been so much written, depicted and imagined in all sort of mediums, one thought has not been explored. What would have happened if Hitler had accepted the peace proposal of Churchill and more so honoured it? And if answer was to be yes, who would have financed the war against Hitler, in that scenario? Would Germany and UK had become two super powers? Continue reading
Japan has reported a record current account deficit because of rising energy imports, as the country’s economic recovery remains fragile.The shortfall was 437.3bn yen $5.4bn; £3.4bn in January, the ministry of finance said.The measure is the broadest of how much Japan earns through international trade and overseas investments.Also on Thursday, revised figures showed the economy contracted less than had been thought at the end of 2011.On an annualized basis, the economy shrank 0.7% in the three months to the end of December, cabinet office data showed.That is much less than the preliminary 2.3% contraction reported previously. (extracted from: BBC News – Japan reports record current account deficit.)
Karl Marx is said to have believed that capitalism (read consumerism) has seed of its own destruction. So was Keynes being economical with truth when he advocated the growth without specifying that like everything else it also has a limit. Why I do not find this debate that a USA citizen spending 20 times the earning of rest of the word has economic justification to continue this disparity with or without hypothesis of God in the face of the fact that billions starve or are underfed. I am sure charity is not the answer but right economic policies may have the answer. I disagree with Marks that change in political structure would do any good because, as we have seen, after a while two enemies start looking alike i.e. the new political administration starts to behave like older one. Therefore it is the need of the hour that we look at the economics as science to remove disparities created by switching to currency system from the barter system.( There is more on this topic here.)