Will Trump’s Trade War Make America Great Again?

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SYDNEY & KUALA LUMPUR, Jul 16 2018 (IPS) - The United States has had the world’s largest trade deficit for almost half a century. In 2017, the US trade deficit in goods and services was $566 billion; without services, the merchandise account deficit was $810 billion.

The largest US trade deficit is with China, amounting to $375 billion, rising dramatically from an average of $34 billion in the 1990s. In 2017, its trade deficit with Japan was $69 billion, and with Germany, $65 billion. The US also has trade deficits with both its NAFTA partners, including $71 billion with Mexico.

President Trump wants to reduce these deficits with protectionist measures. In March 2018, he imposed a 25% tariff on steel imports and a 10% tariff on aluminium, a month after imposing tariffs and quotas on imported solar panels and washing machines. On 10 July, the US listed Chinese imports worth $200 billion annually that will face 10% tariffs, probably from September, following 25% tariffs on $34 billion of such imports from 7 July.

Do US trade deficits reflect weakness?

The usual explanation for bilateral trade deficits is price differentials. However, the US accuses such countries of ‘unfair’ trade practices, such as currency manipulation, wage suppression and government subsidies to boost exports, besides blocking US imports.

Trump views most trade deals such as NAFTA as unfair. His team insists that renegotiating trade deals, ‘buying American’, a strong dollar and confronting China will shrink US trade deficits.

Anis Chowdhury

But the country’s overall trade deficit, offset by capital inflows, is related to the gap between its savings and investments. The US spends more than it produces, thus importing foreign goods and services. Cheap credit fuels debt-financed consumption, increasing the trade deficit.

Total US household debt rose to $13.2 trillion in the first quarter of 2018, the 15th consecutive quarter of growth in the mortgage, student, auto and credit card loan categories. American consumer debt was more than double GDP in 2017.

US government budget deficits have also been growing. From 67.7% of GDP in 2008, US government debt rose to 105.4% in 2017. The federal budget deficit was $665 billion in FY2017, rising 14% from $585 billion in FY2016.

The US budget deficit was 3.5% of GDP in 2017. According to the US Congressional Budget Office, it will surpass $1 trillion by 2020, two years sooner than previously projected, due to Trump tax cuts and spending increases.

The growing US economy may also increase the trade deficit, as consumers spend more on imported goods and services. The stronger dollar has made foreign products cheaper for American consumers while making US exports more expensive for foreigners.

Jomo Kwame Sundaram. Credit: FAO

These underlying economic forces have become more important than policies in raising the overall trade deficit, while bilateral deficits reflect specific commercial relations with particular countries. Thus, disrupting bilateral trade relations may only shift the trade deficit to others.

Have the cake and eat it?

So, why does the US have a structural trade deficit? As the de facto international ‘reserve currency’ after the Second World War, the US has provided the rest of the world with liquidity. Its perceived military strength means it is seen as a safe place to keep financial assets. Of about $10 trillion in global reserves in 2016, for example, around three fifths were held in US dollars.

US supply of international liquidity by issuing the global reserve currency offers several economic advantages. It also earns seigniorage from issuing the main currency used around the world, due to the difference between the face value of a currency note and the cost of issuing it.

With growing foreign demand for dollars, the US can run deficits almost indefinitely by creating more debt or selling assets. Demand for dollar-denominated assets, e.g., US Treasury bonds, raises their prices, lowering interest rates, to finance both consumption and investment.

While foreign investors buy low-yielding, short-term US assets, Americans can invest abroad in higher-yielding, long-term assets. The US usually reaps higher returns on such investments than it pays for debt, labelled America’s ‘exorbitant privilege’.

Thus, for the US to enjoy the ‘exorbitant privilege’ of the dollar’s role as the major reserve currency, it must run a chronic trade deficit. Therefore, giving up the dollar’s global reserve currency status will have major implications for the US economy, finances and living standards.

Can the US win Trump’s trade war?

Barry Eichengreen noted that countries in military alliances with reserve-currency issuing countries hold about 30% more of the partner’s currency in their foreign-exchange reserves than countries not in such alliances. Instead, Trump has prioritized reducing trade deficits to strengthen the US dollar and dominance while disrupting some old political alliances.

As the US retreats from the global diplomatic stage, use of other reserve currencies, including China’s renminbi, has been growing, especially in Europe and Africa. Thus, ironically, as Trump wages trade wars on both foes and friends, China will probably gain, both geopolitically and economically.

The resulting global economic shift will not only hurt the US dollar and economy through the exchange rate and borrowing costs, but also its geopolitical dominance.

Anis Chowdhury, Adjunct Professor at Western Sydney University (Australia), held senior United Nations positions in New York and Bangkok.
Jomo Kwame Sundaram, a former economics professor, was United Nations Assistant Secretary-General for Economic Development, and received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought in 2007.

HC dismisses PIL seeking deregistration of CPI(M) India

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New Delhi: .The Delhi High Court dismissed a PIL seeking deregistration of the Communist Party of India (Marxist), after it was told that the petitioner had suppressed his political affiliation.

“You (petitioner) are guilty of suppression of material facts. You failed to disclose your political affiliation. You should have disclosed it and said that despite your affiliation, you want to place the issue before the court. You should meet your case head-on,” a bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said.

The court said the suppression of his political affiliation by the petitioner, who claimed to be a social worker, was sufficient to “non-suit” him and dismiss his petition.
The order came after the lawyer appearing for the CPI(M) told the court that the petitioner was affiliated to BJP and had suppressed the fact when filing the petition.
The lawyer said the petitioner, Jojo Jose, was using the matter for gaining political mileage.

The petitioner, in his plea, had sought quashing of the Election Commission’s September 1989 order granting registration to the CPI(M).
The petitioner had sought deregistration of CPI(M) on the ground that the party’s constitution allegedly did not contain the provision of true allegiance to Constitution as mandated by the law.
He had alleged that the main objective of the CPI(M) was unconstitutional and it was formed for an unlawful purpose.

नोटबंदी का जिन्न एक बार फिर बाहर, बैंक अमित शाह का पैसा किसका!

Authentic news,No fake news.

नोटबंदी लागू करने का उद्देश्य आतंकवाद, नकली नोट और कालाधन पर हमला बताया गया था. लेकिन जल्द ही यह पता चल गया कि इनमें से कोई भी उद्देश्य पूरा नहीं हो सकता. क्योंकि नोटबंदी के कुछ दिनों बाद ही कश्मीर में दो आतंकी मारे गए थे, जिनके पास से दो हज़ार के नए नोट बरामद हुए थे.
8 नवम्बर 2016 को प्रधानमंत्री नरेंद्र मोदी नोटबंदी की घोषणा कर रहे थे, तब किसी को अंदाजा नहीं था कि आने वाले कुछ महीनों में उन्हें किन मुसीबतों का सामना करना पड़ेगा? अपने ही पैसे के लिए उन्हें अपनी जान भी देनी पड़ेगी. किसानों को अपनी नकदी फसल औने-पौने दामों में बेचनी पड़ेगी. मजदूरों को काम से हाथ धोना पड़ेगा. न्यूज़ चैनलों पर कलाधन गंगा में बहते दिखाया जाएगा. लोग शायद ये सब कष्ट भले भूल जाए, लेकिन नोटबंदी का जिन्न बार-बार बोतल से बाहर आ ही जाता है.
इस बार ये जिन्न 22 जून को गुजरात में प्रकट हुआ. दरअसल, एक आरटीआई से मालूम हुआ कि अमित शाह और भाजपा नेताओं से संबध रखने वाले गुजरात के सहकारी बैंकों में 3118 करोड़ रुपए की पुरानी करेंसी के नोट नोटबंदी के समय जमा हुए, यानि नए नोट से बदले गए. अमित शाह जिस अहमदाबाद जिला सहकारी बैंक के निदेशक हैं, उसमें नोटबंदी के दौरान सिर्फ पांच दिनों में लगभग 750 करोड़ रुपए के नोट जमा किए गए, जबकि राजकोट जिला सहकारी बैंक, जिसके चेयरमैन गुजरात सरकार के मंत्री जयेशभाई विट्ठलभाई रदाड़िया हैं, में 693 करोड़ रुपए के पुराने नोट जमा हुए.
कांग्रेस ने इसे एक बड़ा घोटाला करार दिया. कांग्रेस प्रवक्ता रणदीप सुरजेवाला ने कहा कि नोटबंदी दरअसल गलत तरीके  से हासिल काले पैसे को सफ़ेद करने के लिए की गई थी. गौरतलब है कि धांधली की आशंका में 14 नवम्बर 2016 को देश के सभी जिला सहकारी बैंकों पर पुराने नोट लेने पर पाबंदी लगा दी गई थी. हैरान करने वाली बात यह थी कि गुजरात स्टेट को-ऑपरेटिव बैंक लिमिटेड में इस दौरान 1.11 करोड़ रुपए ही जमा हुए, जिससे धांधली का संदेह और गहरा हो जाता है.
बहरहाल, नाबार्ड, जहां से आरटीआई के जरिए यह आंकड़े हासिल किए गए थे, ने सफाई दी कि अहमदाबाद सहकारिता बैंक में जो पैसे जमा किए गए थे, वह बैंक की क्षमता और केवाईसी मानकों के आधार पर किए गए थे. नाबार्ड का कहना है अहमदाबाद जिला सहकारी बैंक के कुल 17 लाख खातों में से केवल 1.60 लाख खातों में ही नोट बदले गए थे. नाबार्ड की ओर से यह भी कहा गया कि अमित शाह जिस बैंक के निदेशक हैं, उस बैंक से अधिक महाराष्ट्र और केरल के सहकारी बैंकों में रद्द हुए नोट जमा हुए थे. लेकिन, नाबार्ड के इस दावे को कई एक्सपट्‌र्स ने ख़ारिज कर दिया है.
शक की गुंजाइश इसलिए भी बढ़ जाती है, क्योंकि गुजरात स्टेट को-ऑपरेटिव बैंक की क्षमता इन दो बैंकों से अधिक है. इसके बावजूद इन दोनों बैंकों में जमा हुए तकरीबन 1400 करोड़ के मुकाबले गुजरात स्टेट को-ऑपरेटिव बैंक में सिर्फ 1.11 करोड़ रुपए मूल्य के रद्द नोट ही जमा हो पाए. सवाल यह है कि जब सरकार जनधन खातों में जमा पैसों की जांच और कार्रवाई की बात कर रही थी, तो फिर इन खातों में जमा पैसों की जांच करवाने में क्या हर्ज है.
पैसा सुरक्षित खबर ग़ायब
जो दूसरी हैरान करने वाली बात है, वो है मीडिया द्वारा इस खबर की कवरेज. आरटीआई द्वारा हासिल जानकारियों पर आधारित न्यूज एजेंसी एएनआई की इस खबर को कई बड़े मीडिया हाउस के वेबसाइट पर लगाया गया. लेकिन कुछ घंटों बाद ही उन खबरों को वहां से हटा लिया गया. इन वेबसाइट्‌स में न्यूज़-18, फर्स्टपोस्ट, टाइम्स नाउ और न्यू इंडियन एक्सप्रेस जैसी वेबसाइट्‌स के नाम शामिल हैं. इन वेबसाइट्‌स ने यह नहीं बताया कि आखिर उन्होंने इस खबर को क्यों हटाया? क्या खबर गलत थी, आरटीआई से निकली जानकारी गलत थी या फिर कोई दबाव था? जाहिर है, ये स्थिति देश में मुख्यधारा की मीडिया की नंगी और भद्दी तस्वीर पेश करती है.
जहां तक इन बैंकों में जमा पैसों का सवाल है तो इस संदर्भ में यह कहा जा सकता है कि नोटबंदी काले धन पर चोट के लिए की गई थी. ज़ाहिर है, कालाधन वापस नहीं आया. कई विशेषज्ञों के अनुसार बहुत सारे नक़ली नोट, जो बाज़ार में थे, वो भी असली नोट बन कर सिस्टम में वापस आ गए. दूसरा, जब सहकारी बैंकों को पुराना नोट वापस लेने से इसलिए रोक दिया गया था क्योंकि वहां धांधली हो सकती थी, तो फिर जब किसी सहकारी बैंक ने अपनी क्षमता से अधिक पैसा लिया तो  उसकी जांच करा लेने में कौन सी बाधा आड़े आ रही है.
गौरतलब है कि नोटबंदी लागू करने का उद्देश्य आतंकवाद, नकली नोट और कालाधन पर हमला बताया गया था. लेकिन जल्द ही यह पता चल गया कि इनमें से कोई भी उद्देश्य पूरा नहीं हो सकता. क्योंकि नोटबंदी के कुछ दिनों बाद ही कश्मीर में दो आतंकी मारे गए थे, जिनके पास से दो हज़ार के नए नोट बरामद हुए थे. कालाधन और नक़ली नोटों पर सरकार ने अभी तक कोई स्पष्ट आंकड़ा पेश नहीं किया है. आरबीआई द्वारा जारी आंकड़ों में कहा गया है कि 99 फीसदी करेंसी वापस आ गई है. बहरहाल, नोटबंदी एक ऐसा फैसला रहा जिसके घोषित उद्देश्य तो पूरे नहीं हुए लेकिन नोटबंदी के दो साल बाद, ऐसा लग रहा है कि नोटबंदी के कुछ अघोषित उद्देश्य भी थे, जो शायद अब जा कर जनता के सामने आ रहे हैं.
The post नोटबंदी का जिन्न एक बार फिर बाहर, बैंक अमित शाह का पैसा किसका! appeared first on चौथी दुनिया.

The Top 10 Most Popular Sites of 2018

Authentic news,No fake news.

Web & Se

by Jerri Collins

Updated July 05, 2018

It's highly likely that some of your favorite websites are perennial entries in the 2018 Top 10 Most Popular Sites list. The list is filled with familiar names. However, two of the Top 10 websites in 2018 operate mostly in areas outside the U.S. Take a look at this global list of websites to see if there are any you need to check out. 

The Top 10 most popular websites in the world for 2018 were chosen based on total traffic and unique visitor information maintained by Alexa, the statistics and analytics service.

01

of 10

Google.com

Google is the world's most popular search engine. Billions of people generate 3.5 billion searches every single day, and it's not just for search – Google also offers a huge variety of peripheral services. 

In 2018, Google.com is the No.1 most popular website in both the global market and in the U.S.

More About Google

Google 101. Here's a basic overview of Google, the world's most popular search engine. Learn what makes the Google search engine so popular, some of Google's more popular features, and how you can use Google to search the web.

The Top 10 Google Search Tricks. Google is the most popular search engine, but most people don't realize how much more powerful they can make their searches with a few simple tweaks.

Advanced Google Search Tips. Do you skim the surface of what Google offers? Learn how to master Google with advanced Google search techniques and make your searches super efficient.

20 Things You Didn't Know You Could Do With Google. Find out more about the wide variety of Google search options that you have and learn 20 things you didn't know you could do with the seemingly limitless power of Google search available to you.

02

of 10

Youtube.com

You've probably watched a video on YouTube this week, as did plenty of other people. YouTube is the most popular video website on the web, and almost 5 billion videos are watched on YouTube every day.

Youtube.com is the No. 2 most popular website in both the global market and in the U.S. for 2018, even though 80 percent of YouTube views are from outside the U.S.,

More About YouTube

What Is YouTube? YouTube is the most popular video site on the web today. Learn more about this hub of entertainment and how to use it. It works through the use of individual channels, similar to having a television on your computer.

How to Make a YouTube Channel.  It's easy to make your own YouTube channel to start sharing videos online. Both personal and business channels are available. Learn how to take advantage of this far-reaching influencer.

What to Watch on YouTube. YouTube is vast so finding what you want to watch isn't always easy. Here is information on how to locate content that matches your interests.

YouTube TV: What You Need to Know. YouTube has expanded to an online streaming service that subscribers use to watch live television on their computers, phones and other electronic devices. Learn all about it here.

03

of 10

Facebook.com

Facebook is the most popular social media site on the web. More than 1.4 billion active users access Facebook daily across the globe to communicate with family and friends. 

In 2018, Facebook.com is the No.3 most popular website in both the global market and in the U.S.

More About Facebook

Facebook 101: Facebook is the most popular social networking site on the web. Learn more about this online phenomenon.

How to Use Facebook: Profile, Wall and News Feed. If you don't know what a timeline or a status on Facebook is, you can pick up the lingo here and expand what you can do on the social network.

How to Use Facebook to Find People. Because Facebook is the most extensive social networking site on the web, it is a powerful tool for finding people online. Learn more about using Facebook to search for old friends, classmates, or family members.

04

of 10

Baidu.com

WIth a 70 percent search market share, Baidu is the largest Chinese-language search engine and is used by millions of people every day. The estimate is that 90 percent of China uses Baidu as a search engine. Much like Google, Baidu offers companion sites including an alternative to AdWords, Translate, and Maps.

Baidu is the No. 4 most popular website globally and the No. 1 most popular in China. Only 1 percent of Baidu visitors are from the U.S.

More About Baidu

What Is Baidu? Baidu is the largest search engine in China. Learn more about Baidu, its origins, its founder, the features Baidu offers, and basic Baidu search options.

05

of 10

Wikipedia.org

 Wikipedia is one of the most useful (and used) sites on the web. It's a "living" resource, in the sense that any piece of content is available to be edited by anyone with expertise in that particular topic. More people use Wikipedia worldwide than any other knowledge-based resource on the web. 

In 2018, Wikipedia ranks as the No. 5 most popular site globally and as No. 6 in the U.S.

More About Wikipedia

How to Use Wikipedia Successfully. Wikipedia is one of the most useful multilingual sites on the web. It is free and written by collaborators around the world. Find out how to use Wikipedia more effectively.

How to Write a Wikipedia Page. Wikipedia grows by 800 new articles each day. If you are an expert on a topic not covered sufficiently in Wikipedia, you can write your own Wikipedia page by following Wikipedia's instructions. 

06

of 10

Reddit.com

Reddit is a social news aggregation that consists of an enormous collection of people and the links they share about every corner of pop culture. If you see something you like, you give it a thumbs up. See something you don't like? Give it a thumbs down. Leave comments and post interesting things. 

With almost 550 million monthly visitors, Reddit ranks as the No. 6 most popular website globally and as No. 4 in the U.S. for 2018.

More About Reddit

How to Use Reddit - A Crash Course. Reddit isn't known for being welcoming to newcomers, but every Reddit user felt like that at first. Learn how to use the site and start sharing links of your own with fellow "Redditors."

What Exactly Is a Reddit AMA? An AMA is an "Ask Me Anything" session on the site. Although AMAs with celebrities are popular, AMAs from regular people on interesting topics are also encouraged.

Some Reddit content is Not Suitable for Work. Reddit is divided into subreddits. One of those is the NSFW subreddit. Content on this subreddit often contains sexual content or is pornographic, so it definitely is not suitable to view when around family members, co-workers, or just about anybody. You've been warned.

07

of 10

Yahoo.com

Yahoo is a web portal and search engine. It offers mail, news, maps, videos and many more web services. Yahoo doesn't hand out its statistics freely, but a recent estimate put the number of visitors per month at about 1 billion.

Yahoo ranks at No. 7 on both the global and U.S. 2018 list of most popular websites.

More About Yahoo

Yahoo 101. Here's everything you need to know about Yahoo including information on the home page feature and plenty of tips for search results.

What Does Yahoo Stand For? Yahoo is short for "Yet Another Hierarchical Officious Oracle." The name, stylized with an exclamation mark (Yahoo!), is the result of two Ph.D. candidates' search in 1994 for a term that anyone can remember and say easily.

08

of 10

Google.co.in

Google.co.in, the Indian version of the popular Google search engine, has a life on the internet of its own. With it, users can search the entire web or only webpages from India. The site offers sites in English, Hindi, Bengali, Telugu, Marathi, and Tamil.

Google.co.in is the No. 8 most popular website in the world for 2018. It is Google's India site, so it is no surprise it ranks No. 1 in India. U.S. usage is negligible. 

09

of 10

QQ.com

QQ.com is an messaging service in China. It's goal it to provide its users with a "one-stop online life service." The social networking service encourages users to write blogs, send photos, keep diaries, watch videos and listen to music.

QQ.com holds the Guinness World Record for the highest number of simultaneous online users on an instant messaging program with just over 210 million users. Active monthly users exceed 800 million.

QQ.com is ranked No. 9 on the global list of Top 10 most popular websites and No. 2 in China. U.S. users amount to only 1.4 percent of traffic.

10

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Amazon.com

Amazon is well on its way to being "Earth's most customer-centric company." The Amazon.com website offers a vast selection of retail  products, including books, movies, electronics, toys and many other goods, either directly or as a middleman. Through its Prime service, it offers videos and music. It is the No. 1 shopping website in the U.S. with more than 600 million products available for sale. Globally, the site sells more than 3 billion products across 11 marketplaces.

Amazon is the No. 10 most popular global website in 2018. It ranks as the No. 5 most popular site among U.S. websites.

More About Amazon

What Is Amazon Prime? Amazon's popular Amazon Prime account is a membership program that includes free or discounted shipping, and access to a vast library of music, videos, audio books, and games.

How to Search on Amazon. Learn the tips for searching for specific products among Amazon's product base.