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(Guardian)   India is doing the Stage 1: ... Stage 2: Panic. Stage 3: Profit. routine with their economy   (theguardian.com ) divider line
    More: Fail, South African rand, capital controls, visual routine, Asian crisis, developing world, financial crisis  
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894 clicks; posted to Business » on 20 Aug 2013 at 9:52 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



12 Comments     (+0 »)
 
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2013-08-20 09:27:41 AM  
In a sense, this is a classic case of deja vu, a revisiting of the Asian crisis of 1997-98 that acted as an unheeded warning sign of what was in store for the global economy a decade later. An emerging economy exhibiting strong growth attracts the attention of foreign investors. Inward investment comes in together with hot money flows that circumvent capital controls. Capital inflows push up the exchange rate, making imports cheaper and exports dearer. The trade deficit balloons, growth slows, deep-seated structural flaws become more prominent and the hot money leaves.

And somewhere in there Goldman Sachs is making a f*cking fortune betting against their currency.
 
2013-08-20 10:24:37 AM  
The rupee has depreciated by 44% in the past two years and hit a record low against the US dollar on Monday.

This is just going to crush the economy of Hyrule.

//but seriously, this looks pretty scary
 
2013-08-20 11:05:59 AM  
Of concern is how this effects pricing for IT professional services.  Specifically, with the dollar so strong against the rupee, prices for services in the US will drop and cause additional pressure on American jobs.  But, it was inevitable that this would happen.  There is a huge supply of Indian IT workers right now and demand is way off its peak.
 
2013-08-20 11:44:20 AM  

Fluxinator: Of concern is how this effects pricing for IT professional services.  Specifically, with the dollar so strong against the rupee, prices for services in the US will drop and cause additional pressure on American jobs.  But, it was inevitable that this would happen.  There is a huge supply of Indian IT workers right now and demand is way off its peak.


Nope, not as much. In fact, the US tech market is stronger than ever and outsourcing companies in India are scared to death. They are enjoying the increased profits now, but what happens if it all returns back to normal?
 
2013-08-20 01:18:55 PM  

andhravodu: Fluxinator: Of concern is how this effects pricing for IT professional services.  Specifically, with the dollar so strong against the rupee, prices for services in the US will drop and cause additional pressure on American jobs.  But, it was inevitable that this would happen.  There is a huge supply of Indian IT workers right now and demand is way off its peak.

Nope, not as much. In fact, the US tech market is stronger than ever and outsourcing companies in India are scared to death. They are enjoying the increased profits now, but what happens if it all returns back to normal?


This.  It's a great time to be graduating in CS.  The last decade or so has been:

(All dates are approximate)
1999-2001: Dot-com-bubble.
2001-3: Dot-com-crash
2003-6: Outsourcing bonanza
2006-2008: "Do the needful.  WTF does 'do the needful' mean?"
2008-2010: "Holy FARK, these Indians in India are incompetent little farkers*.  Oh hey, the USA has spent the last 7 years ruthlessly purging their tech industry after the dot-com-crash to at least mitigate the idiots and rebranding programmers as developers? Let's go back there"
2010-2013: Insourcing gets big again.

*Because we've spent the last several decades peeling off the competent ones and importing them to the USA where they had to spend $2500/month for a 1 BR without asbestos in the Valley.  Hence why I'm a moderate fan of H1-B's.
 
2013-08-20 01:32:14 PM  
They've already instituted currency controls and banned gold imports,  indicators of being in the terminal stages of circling the bowl.
 
2013-08-20 03:27:11 PM  
The underwear gnomes laugh at subby's meme fail.
 
2013-08-20 07:55:04 PM  
Their bond rate is 10%?    Wasn't all of europe losing their shiat when the PIIGS rates nudged 7 or 8%?

why is this different?
 
2013-08-20 11:02:26 PM  
It's OK, they are heavily invested in Gold.
 
2013-08-21 04:59:35 AM  

Rambino: The underwear gnomes laugh at subby's meme fail.


Nah, that was the joke. The article specifically listed the stages as 1. Do nothing and hope the problem goes away. 2. Panic. 3. Call the IMF. With India being in stage 3.
 
2013-08-21 05:01:25 AM  

simusid: Their bond rate is 10%?    Wasn't all of europe losing their shiat when the PIIGS rates nudged 7 or 8%?

why is this different?


Germany isn't going to bail India out? ;)

But you're right, 7% and beyond was viewed as unsustainable, so I'd wager India is pretty farked.
 
2013-08-21 07:31:00 AM  

andhravodu: Fluxinator: Of concern is how this effects pricing for IT professional services.  Specifically, with the dollar so strong against the rupee, prices for services in the US will drop and cause additional pressure on American jobs.  But, it was inevitable that this would happen.  There is a huge supply of Indian IT workers right now and demand is way off its peak.

Nope, not as much. In fact, the US tech market is stronger than ever and outsourcing companies in India are scared to death. They are enjoying the increased profits now, but what happens if it all returns back to normal?




I bless the rains down in Africa, I bless the rains down in Africa
I bless the rains down in Africa, I bless the rains down in Africa
I bless the rains down in Africa
Gonna take some time to do the things we never have

Isn't Gates doing shiat down there with computers?
 
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