A bizarre Saga of bankrupt western economies and their multinational business houses’ incredulous and laughable economic plan to Develop Indian Retail sector at the expense of their economics with non existing FDI from their phony FIIs (Foreign Institutional Investors)
Operation Mountbatten – Reoccupation of Whole of India in 60 years for 51% of Indian land Partition in 1947.
In 2008, an economic tumour ripped through the US and by 2011 it had spread to most parts of Western Europe. It resulted in large scale unemployment and inflation leading to several protests and had left behind a trail of crippled and near bankrupt economies. Even today, western economies are coping with the after effects of this economic crisis and few are still in recession. To squeeze every dollar they could into their economies, most nations resorted to wage-cuts, reduction in public spending, mass layoffs, austerity measures etc. With no end to their woes in sight, the Americans along with their European partners, resorted to strategies which are reminiscent of the colonial era. The coalition entered into war with Libya with the noble objectives of spreading democracy, rule of law and human rights and ultimately fleeced the country of $ 2 trillion which prevented the collapse of these economies and gave them some breathing room. The western governments realised that the economic crisis was intrinsically linked to the standard of living of their people which if not protected could lead to the political radicalisation of the entire west and could wind the clock back to the time when they were struggling to counter spread of soviet ideology in their countries.
While most countries are still reeling under the shock of recession, Dubai, which was afflicted by what was famously known as the Dubai Flu of 2009 came out of its effects relatively quickly. How that came about is worth looking at. Little known to many, UAE is a conglomerate of either 12-14 sheikdoms of which Ras-al-Khima, Abudabi, Dubai and Sharjah are well known. They miraculously came out of depression by virtue of a financial experiment that most western countries were skeptical of, but its eventual success led these nations to quickly adopt it. The experiment was a carefully drafted strategy which was devised by political pundits, banking and economic wizards and its script began to unfold in India since mid 2011. The experiment and its fallout will be discussed subsequently in the course of this article.
After the collapse of the US real-estate bubble, the Dubai real estate market collapsed as it was the popular investment destination for all those in the west looking for a safe way to invest hard earned’ black money. The total loss they suffered was close to $ 2 trillion. Most of the black money of US and Europe was invested in the Dubai Free Trade Zone. The sheikdoms were shaken, as their lavish life style and their way of life was under threat. Dubai’s glitz and glamour has been built by money sourced from every conceivable illicit means – black money, drug laundered money, profits from smuggling gold, diamonds, metals, arms etc. It was feared that if the situation was not remedied immediately, Dubai would would have to wind its clocks back to the Stone Age. It was rumoured that in 2009, at the height of the crisis, they couldn’t afford to pay even the interest on the debt taken for the construction and maintenance of the Burj al Arab; Dubai’s iconic landmark.
How DEM (Dubai Economic Miracle) or IBM (Indian Business Miracle) occurred ?
It is worth noting that this miraculous economic turnaround for Dubai came about despite the fact that Dubai lacks world class educational institutions, economists, thinkers, scientists etc. And also this miracle occurred unexplained when even to screw a nut or bolt, to plug a bulb or cut a piece of wood, to build roads or build hospitals labor had to go from South Asia.
Despite all this, Dubai never had a problem in attracting Foreign Institutional Investment(FII) or Foreign Direct Investment(FDI) even though they had a bizarre business rule that mandates the majority stake be of the native citizen of UAE and the foreigner who brings the investment only allowed to be a partner as long as the UAE citizen wants. Still the best of the international fund managers, banks, investment companies poured billions into UAE to create a dessert heaven of unprecedented proportions for third world black money. All UAE rules were accepted and all this investment was done under the name of cultural sensitivity to native culture. But the same investment companies when it comes to the question of India and investing in India, wants the whole of the ownership with 100% profit repartition rights back into their economies. Probably India/Indians do not deserve cultural sensitivity.
Piggyback on Fame, Name & Expertise
With the component of compulsory UAE citizen owner in corporate partnership/growth, many of the local citizens became partners/owners of prestigious companies. This mere association was used to claim that UAE citizens were world class builders, investment bankers, financial wizards of top class to gain business contracts with many developing countries often with the black money routed into UAE especially into DUBAI via many money laundering island countries like Mauritius, British Virgin Islands or Cayman Islands; with disastrous consequences to many developing nations. In many Islamic countries or other Asian African non-aligned countries where people never liked western ideologies or support of western governments, the UAE citizenship-ownership was sold as an Islamic Face of Development and through this many western economic intelligence agencies made a back-door entry into third world economies. Also it is to be noted that most of the top wanted terrorist outfits of concern either have a UAE office or had a residence there. Our most wanted man Dawood Ibrahim still keeps his office there. ISI actively has its operational offices and bases in Dubai.
But this DEM or IBM came with a catch. From consultants to bankers, to insurance agents to retail outfits all came from western countries only and with 100% FDI. Many prestigious banking outfits kept investment front offices or mutual fund offices with different names and aided for decades to route black money from investment safe heaven into Dubai. Huge profits generated with this money were shared between local citizens and investors. But who will labor and toil in UAE? Asian labor in general or Indian, Pakistani, Bangladeshi, Sri Lankan labor in particular. The heaven created on earth in UAE became a big open air jail for Indians and Asians. Upon arrival their passports are seized by the companies that gave employment. Most of the daily wage labor live in there in ghetto like conditions. Still we tolerate all this because those conditions are better than the worst exploitation or joblessness that we faced in Free India or Asia.
All this was possible because UAE was and is partner in fighting elusive International Islamic terrorism (like Pakistan) and for that allowed the western intelligence agencies especially CIA and Israeli Intelligence to operate free on their emirates under the pretext of checking the Iranian Aggression. Especially, Ras al Khima is onr of the closest listening interception outpost of CIA and Israeli Intelligence to monitor Iranian communications. Ras al Khima with a total population of close to 3.5 lakhs (you read correctly three and half lakhs only – just google it) created an international trade center asking many European, US and Asian giants to invest there and guess what; Indians were the first to run there to invest.
Dawn of the Crisis, 2009
The collapse of the western economies due to the economic crisis of 2008 resulted in the near extinction of the Dubai economy. Most Arab nations too were struggling to make their ends meet. International financial institutions like the IMF and the World Bank were also helpless and no country could afford to bail UAE out. The real estate industry came to a standstill in UAE and foreclosures, layoffs and shrinkage of wages were on the anvil. Indian economists were forecasting that the Dubai Flu would rub off on India and would affect the Indian economy as millions of Indians would probably lose their jobs. The remittances sent back home by these workers, constitutes a large portion of the economy of some states in South India. Some thinkers suggested that the government take measures to reduce the impact of the Dubai Flu in India. Some suggested that it was the Government’s responsibility to provide financial assistance to those affected by the ripple effect of the Dubai Flu.
How Rothschilds were able to bailout Dubai by sucking money from India without Indians knowing it?
Shri Kidambi with GGI Editorial Team
GreatGameIndia Magazine Oct-Dec 2015 Vol01 Issue02
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