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THE India Thread pt 2 (merged)

A forum for discussion of regional topics including oil depletion but also government, society, and the future.

Re: India plans to buy oil with gold

Unread postby Outcast_Searcher » Tue 11 Jan 2011, 01:01:33

Dezakin wrote:This is simply political nonsense. They should buy with rupees. They're still buying with rupees, they just buy gold with rupees and then buy oil with gold. Iran can just turn around and buy the gold themselves with the rupees, (or buy dollars, or bonds or land or stocks or uranium mines.) Its another place for traders to exploit arbitrage however.


+1

You beat me to my post, but that's OK because you are stating the obvious (but sadly, it seems to need to be stated often, and not just here).

I keep seeing this kind of thing on various MSM outlets like it's a big deal. In the 21st century where you have massive electronic exchanges and almost any globally recognized commodity (or currency or stock or financial hybrid "financial destruction machine") in abundance can be traded reliably and at the speed of light. And trading costs are getting very low as well.

So Dezakin is exactly right. This stuff is either political fodder for J6P or histrionics for the ill informed.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: India plans to buy oil with gold

Unread postby papa moose » Tue 11 Jan 2011, 01:15:13

Not sure who J6P is so i'll cast my vote for
...histrionics for the ill informed.
"That really annoying person you know, the one who's always spouting bullshit, the person who always thinks they're right?
Well, the odds are that for somebody else, you're that person.
So take the amount you think you know, reduce it by 99.999%, and then you'll have an idea of how much you actually know..."
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Re: India plans to buy oil with gold

Unread postby Keith_McClary » Tue 11 Jan 2011, 02:06:53

Outcast_Searcher wrote:
Dezakin wrote: ...

+1
++++++++++++++++++++++

BTW, just ran across:
Gold is a bubble - resist its charms
Can you tell when a boom has turned into a bubble? One clue: When pop culture starts paying attention. The housing bubble, for example, brought both the TV show Flip This House and a rival on another network, Flip That House.

So if you own a lot of gold, you might regard a recent episode of Saturday Night Live as your first warning. In the opening skit, Bill Hader as China's President Hu Jintao declares that Glenn Beck was right and that "my government should have bought gold. Unfortunately, all our assets were tied up in U.S. Treasury bills."
...
Back in the real world, gold is trading at about $1,400 an ounce, up from less than $500 five years ago.
...
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Re: India plans to buy oil with gold

Unread postby Revi » Wed 12 Jan 2011, 18:29:24

Soon we'll all have to pay for gas with gold. The pumps will have a cash/credit/debit/gold button on them. There will be a little scale behind the counter. Mark my words.
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Re: India plans to buy oil with gold

Unread postby Pretorian » Wed 12 Jan 2011, 18:50:39

Revi wrote:Soon we'll all have to pay for gas with gold. The pumps will have a cash/credit/debit/gold button on them. There will be a little scale behind the counter. Mark my words.



Little scale? What about purity content? You'll train special cashiers to do fire essays?
Gold is useless, for the most part. Its pretty, but useless.
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Re: India plans to buy oil with gold

Unread postby Revi » Wed 12 Jan 2011, 18:55:02

I'm sorry I wasn't thinking. There would have to be a way to check the purity of the gold. At the worst of the Zimbabwe inflation they would take only gold for food, so it may not be that far fetched to suggest that we may be trading gold for gas soon.
Deep in the mud and slime of things, even there, something sings.
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Re: India plans to buy oil with gold

Unread postby sparky » Fri 14 Jan 2011, 17:17:02

.
The oil to gold ratio is a lousy index , it swing a lot
since oil demand rise when business is good while gold tend to go up when things get scarry

http://www.thumbcharts.com/1380/gold-to ... ng-back-up

Traditionally ,the metal used for trading was silver
that was worldwide and through the centuries
gold was minted for government use not for common trading
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Re: India plans to buy oil with gold

Unread postby Leutnant » Tue 18 Jan 2011, 19:45:07

EnergyUnlimited wrote:This will end up with Iran setting currency standards for us.

India will lose gold and burn oil away.
Iran will accumulate gold and get to position of major financial assets holder.

Unless Bakhtiari was right when he said that Iran only has 30 billion barrels worth of oil left, instead of 130 billion as is the official reserve estimate.
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Re: THE India Thread (merged)

Unread postby eXpat » Mon 07 Feb 2011, 11:36:27

Egypt turmoil may worsen India's c/a deficit - Citi
A prolonged political turmoil in Middle Eastern countries, led by Egypt, may further deteriorate India's current account deficit and dent investment flows to emerging markets, Citi said in a research note on Monday.

The crisis in Egypt could result in oil prices trending higher, which will impact India's already deteriorating current account deficit, leading to higher subsidies and inflation, analysts Rohini Malkani and Anushka Shah wrote.

India's current account deficit in the September quarter widened to a record high of $15.8 billion as booming domestic consumer demand sucked in imports and service sector exports suffered from weak global demand.

http://timesofindia.indiatimes.com/business/india-business/Egypt-turmoil-may-worsen-Indias-c/a-deficit--Citi/articleshow/7444721.cms
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India can generate 68,000 MW power from renewable sources

Unread postby Graeme » Sat 12 Feb 2011, 22:02:56

India can generate 68,000 MW power from renewable sources: WB

The World Bank today said 68,000 MW of power costing less than Rs 6 per unit can be generated from renewable energy sources, which can play an important role in increasing India's energy security.

A report by the multilateral funding agency said that the 68,000 MW of wind, hydro and biomass energy can be harnessed at less than Rs 6 per unit.

"Developing indigenous renewable energy sources, which have low marginal costs of generation, are more economically viable in the long run," the study --Potential of Renewable Energy in India -- said.

India's electricity demand is expected to grow at an average annual rate of 7.4 per cent in the next 25 years. Generation capacity will have to increase five-fold to keep pace with the growth of demand.


indiatimes
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India to pay for Iranian crude oil in rupee

Unread postby eXpat » Wed 11 May 2011, 13:37:14

Petrodollar? What petrodollar?
India to pay for Iranian crude oil in rupee
After having explored various options to make payments and having run out of them, India is understood to have decided to pay Iran for the crude oil supplied by it in rupee terms.

After discussions between the Finance Ministry and the Petroleum and Natural Gas Ministry, it has been decided that the Ministry will seek the note of the Union Cabinet to switch over to the rupee payment system for the Iranian crude, officials in the Petroleum Ministry said.

Under the newly floated but yet to be approved proposal, National Iranian Oil Co (NIOC) will open rupee account with Indian banks and could use the money to purchase non-strategic items such as railway imports and buy commodities. It will not be able to use the money to invest in India or for buying shares or companies. The Finance Ministry will prepare and submit a list of do's and don'ts for Iranian authorities from the money it gets as part of the crude oil payments.

The official said the Reserve Bank of India, which, in December last year, discontinued a long-standing mechanism of payment through central banks, previously opposed payments for Iranian oil in rupee but has now relented. In February, India started making euro payments through an Iranian bank based in Germany. But that had to be stopped soon after Germany came under pressure from the United States to put an end to this practice.

The government also explored the option of Indian oil firms opening accounts in Dubai-based Noor Islamic Bank for direct transfer of money to Iran. But the UAE is also learnt to have refused to route payments.

India imports 12 million barrels of crude oil every month from Iran, which is the nation's second-largest supplier, after Saudi Arabia. The problem began after the RBI, on December 23, did away with the Asian Clearing Union (ACU) mechanism for paying for Iranian crude oil imports, which make up for 12 per cent of the nation's oil needs.

In February, it began clearing past dues for Iranian oil imports by making euro payments through the German-based Europisch-Iranische Handelsbank AG (EIH Bank). But EIH, which is owned by Iran, is a banned entity in the U.S., and Washington persuaded Germany to stop payments.

http://www.thehindu.com/news/national/article1989248.ece
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Re: Crop Failure in India

Unread postby eXpat » Tue 17 May 2011, 09:04:45

Indian farmers commit suicide due to devastation caused by GM crops
(NaturalNews) Foundational changes that have taken place in the agriculture sector of India have led to a epidemic of farmer suicides over the past 16 years, according to a new report. Released by the Center for Human Rights and Global Justice at New York University's (NYU) Law School, the report explains that, on average, one Indian farmer commits suicide every 30 minutes in response to the devastation caused by the effects of globalization on agriculture, and genetically-modified organisms (GMO) in particular.

The report, entitled, "Every Thirty Minutes: Farmer Suicides, Human Rights and the Agrarian Crisis in India," (http://www.chrgj.org/publications/d...) explains that Indian policy has stripped many farmers of their livelihoods by greatly decreasing the value of their crops. Combined with the introduction of GM crops that trap farmers into an endless cycle of debt without providing any substantial benefits, and you end up with a society marked by despair, hopelessness, and an increase in suicides.

What was once an agricultural system based on the diverse cultivation of natural, beneficial food and use crops has morphed into a system of unsustainable cash-crop agriculture. Countless millions of farmers began to adopt crops like Monsanto's Bt cotton, which recent studies have shown provide no benefits, but that lock farmers into a perpetual system of dependence that ends up bankrupting them (http://www.naturalnews.com/031266_G...).

Just like what has happened in the US, many Indian farmers have been hoodwinked by multinational biotechnology giants into adopting GM varieties of cash crops -- and they have done so based on deceitful claims that GM crops will improve yields and essentially save the world. Such claims are absolutely baseless, of course, and no legitimate studies have ever proven them to be true -- but Indian, US, and other governments do not seem to care.

According to the report authors, the Indian crisis could be mitigated if the government there would get more involved in agricultural issues. They claim the government has largely abandoned Indian farmers and thrown them to the globalist wolves, rather than defend and protect their interests.

[url][/url]http://www.naturalnews.com/032422_GM_crops_suicide.html
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Re: Crop Failure in India

Unread postby Pretorian » Tue 17 May 2011, 16:55:47

Ludi wrote:Approximately 47% of India's children are underweight.


Oh, gosh. They got too many of them anyway.
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Re: Crop Failure in India

Unread postby dohboi » Wed 18 May 2011, 00:33:38

Oh, you're just showing off now.
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Re: Crop Failure in India

Unread postby AgentR11 » Wed 18 May 2011, 00:54:25

KingM wrote:The poor guy is not starving, he is not enslaved, and he can make rude comments about the rich guy without getting his head chopped off, samurai-style, because the rich guy gets annoyed.


But if you stop for a moment... WHY does the poor guy not get his head chopped off for making such rude comments? In past eras, such comments would be damaging or irritating in some minor way, they'd be heard by people they both interacted with in common life and it would have an effect. In our modern age, if a poor guy called Bill Gates a slimy twit; Bill Gates would in no way even become aware of the rudeness. His life is completely and absolutely insulated from any negative consequence arising from the emotional outburst of random poor-guy #9828013.

That American poor guy is irrelevant on a scale that a Pharaoh's slave couldn't even contemplate.

The truly powerful have insulated themselves against the coming disaster.
If you think Pharaoh's slaves were powerless... you've not seen anything yet.
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And so shall we remain,
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Gas gets weird in Hazira, India

Unread postby babystrangeloop » Wed 29 Jun 2011, 10:23:40

RIL, Niko differ on satellite discoveries
By Vikas Srivastav in Mumbai / Financial Chronicle / June 21, 2011


Reliance Industries (RIL) and Niko Resources of Canada, one of its partners in the KG D6 gas field, appear to have different assessments of the potential of the satellite discoveries around D6.

Niko Resources, which holds 10 per cent in D6, has cut the field’s proven and probable reserve by 6.8 per cent. This it has done largely by not recognising contingent resources from 20 satellite discoveries at KG D6.

Niko has said that its latest reserves position does not include contingent resources from 20 satellite discoveries in D6. “Also, the reported reserves do not include the impact of recent deep drilling success at Hazira,” the Canadian firm has said in a recent announcement.

In Niko’s estimate, the net proven plus probable reserves totalled 854,901 million cubic feet of gas equivalent (mmcfe) while gross proven plus probable reserves totalled 12,07,000 mmcfe. The net present value after tax discounted at 10 per cent is $1.8 billion, according to Niko.

An RIL official said there are only nine satellite discoveries in and around D6 and the directorate general of hydrocarbons (DGH) had been informed about this.

Asked by Financial Chronicle, an RIL spokes­person said he could not explain the difference between the assessments of the two partners. ...

Stranger still is the "we are doing so well, we will have to have a force majeure" statement.
Niko FY FFO rises on higher production in India
Reuters / June 29, 2011


Canadian oil and gas company Niko Resources Ltd's full-year funds from operations rose 32 percent helped by higher production in the D6 block in India and said it will not be able to supply gas to a customer in Hazira as India's gas allocation policy changed.

The Company is looking at a force majeure or arbitration and is discussing the matter with the company's joint venture partner in Hazira and the customer, the company said in a statement. ...
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Re: India's Farming "Revolution" headed for collapse -- NPR

Unread postby prajeshbhat » Wed 13 Jul 2011, 04:35:12

The situation is horrific. There is a drought in most of the northern and western states. The 'Green Revolution' in the 70s made India somewhat self-sufficient in food. But now that groundwater is depleted, looks like green revolution has almost run its course. And we couldn't have chosen to liberalize the markets and allow the industrialization of the country at a worst time. Now the factories are taking water away from the fields. Farmer suicides are quite commonplace. They don't get credit from the banks. They have to depend on independent landlords who charge 25 % interest.
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Re: India's Farming "Revolution" headed for collapse -- NPR

Unread postby Pretorian » Wed 13 Jul 2011, 08:35:16

How much land cost in India? I know in Sri-Lanka it's ridiculously expensive, is it the same case all over India?
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Re: THE India Thread (merged)

Unread postby dohboi » Mon 18 Jul 2011, 21:42:38

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