The British Pound getting KILLED!

[Rajiv]

Re: The British Pound getting KILLED!

The maximum income tax bracket in India is 33% -- and yes people do pay taxes!

[photoncounter]

Re: The British Pound getting KILLED!

Good time to do that -- I don't think you will regret it

Thanks Rajiv, I feel the same too, hope you are right . I noticed that you have been posting links to some really good reads/videos, do you know of good websites that analyze India's economic situation ? I am particularly interested in real estate trends and how the rupee will hold-up when the USD takes a nose dive. Do you have any thoughts ?

[Andreuccio]

Re: The British Pound getting KILLED!

The del Coronado with its Prince of Wales restaurant [see, not everything Victorian is in Blighty ;)], nicer weather, Navy aircraft...

...And Lukester.

'Nuff said.

Don't forget TJ right around the corner. ;)

[hayekvindicated]

Re: The British Pound getting KILLED!

The maximum income tax bracket in India is 33% -- and yes people do pay taxes!

I grew up in India, my whole family is there and I know loads of people all over the country. I don't know of anybody who pays 33 percent (other than those who are salaried employees and have no choice but to declare their income).

[Guest]

Re: The British Pound getting KILLED!

Lets go surfin now
Everybodys learning how
Come on and safari with me
(come on and safari with...)

Early in the morning well be startin out
Some honeys will be coming along
Were loading up our woody
With our boards inside
And headin out singing our song

Come on (surfin) baby wait and see (surfin safari)
Yes Im gonna (surfin) take you surfin (surfin safari)with me
Come along (surfin) baby wait and see (surfin safari)
Yes Im gonna (surfin) take you surfin (surfin safari)with me

Lets go surfin now
Everybodys learning how
Come on and safari with me
(come on and safari with...)


BLECCHH !


This is better ... Da Bronx (heh. just kidding, but the Prosciutto is pretty good.)

[GRG55]

Re: The British Pound getting KILLED!

Lets go surfin now
Everybodys learning how
Come on and safari with me
(come on and safari with...)

Early in the morning well be startin out
Some honeys will be coming along
Were loading up our woody
With our boards inside
And headin out singing our song

Come on (surfin) baby wait and see (surfin safari)
Yes Im gonna (surfin) take you surfin (surfin safari)with me
Come along (surfin) baby wait and see (surfin safari)
Yes Im gonna (surfin) take you surfin (surfin safari)with me

Lets go surfin now
Everybodys learning how
Come on and safari with me
(come on and safari with...)

...The West Coast has the sunshine
And the girls all get so tanned
I dig a French bikini on Hawaiian Island girls
By a palm tree in the sand

I been all around this great big world
And I seen all kinds of girls
Yeah, but I couldn't wait to get back in the States
Back to the cutest girls in the world

I wish they all could be California
I wish they all could be California
I wish they all could be California girls...

[Guest]

Re: The British Pound getting KILLED!

Nah. That stuff gets boring.

Here try this. Saturday afternoon in Washington Square. These guys "make it up as they go along". Now that's livin.

[Rajiv]

Re: The British Pound getting KILLED!

On the other hand I know of quite a few wealthy non salaried Indians who declare ALL their income -- I guess we just move in different circles!

That way they earn more social esteem than what that 33% cost them! (there is a method to what might be perceived as madness!)

But yes! You are correct that many rich people do not pay all the tax that they could be paying -- which is no different than any other country that I know of!

[bart]

Re: The British Pound getting KILLED!

[Rajiv]

Re: The British Pound getting KILLED!

My tendency on investing in India is to invest in productive assets -- as opposed to what I would consider bubble assets -- to me that would generally include urban real estate (unless of course I am getting a really good deal -- or I am building social capital!)

I think the Indian economy will come out of this maelstorm better than most others for many reasons -- one of them being that the Indian Banking system has been much more conservative in their approach to investing -- and much more emphasis is placed in capital preservation.

[Jay]

Re: The British Pound getting KILLED!

And those who are advocates of the Swiss Franc should be aware that the Swissie has gone from par with the US $ in March this year to about a 15% discount today, and is down more than 17% against the lowly Yen in just 3 months.

Yeah, but I bought the Swissie after selling my Icelandic bonds, so I still feel pretty good.

[photoncounter]

Re: The British Pound getting KILLED!

My tendency on investing in India is to invest in productive assets -- as opposed to what I would consider bubble assets -- to me that would generally include urban real estate (unless of course I am getting a really good deal -- or I am building social capital!)

I think the Indian economy will come out of this maelstorm better than most others for many reasons -- one of them being that the Indian Banking system has been much more conservative in their approach to investing -- and much more emphasis is placed in capital preservation.

Thanks....seems like at least my thinking is on the right track.

[phirang]

Re: The British Pound getting KILLED!

The Yen is TEARING IT UP!



How can it do otherwise, with the trusty Toyota Hylix at its side?

[Louie.G]

Re: The British Pound getting KILLED!

This is not exactly scientific but...

Reading approximate Highs from the FX charts these currencies seem to have done roughly as follows using the highest rate over the past couple of days and latest price. All compared to USD (I had to invert CHF cause USD/CHF values were given) I picked these because I use them, except the CHF which I just threw in cause it's a nice currency.

GBP Hi - 1.745, Low - 1.6500, Drop - 5.44%
Euro Hi - 1.3500 Low - 1.2918. Drop - 4.31%
AUD Hi - 0.7040, Low - 0.6722 Drop - 4.52%
NZD Hi - 0.6238, Low - 0.6041 Drop - 3.15%
CHF Hi - 0.8820, Low - 0.8606 Drop - 2.43%

All of the charts seemed to follow the same sort of movement pattern so would it be reasonable to assume that some of this has more to do with USD strength rather than other weakness. Although the GBP obviously is getting weaker all by it's little old self.

[hayekvindicated]

Re: The British Pound getting KILLED!

On the other hand I know of quite a few wealthy non salaried Indians who declare ALL their income -- I guess we just move in different circles!

That way they earn more social esteem than what that 33% cost them! (there is a method to what might be perceived as madness!)

But yes! You are correct that many rich people do not pay all the tax that they could be paying -- which is no different than any other country that I know of!

Let's agree to disagree on this one. It would be a lot harder to get away with paying almost no tax in the UK or the US by comparison. The people I was referring to were not super wealthy individuals but entrepreneurs with their own businesses. Some of these would be very small in size (with annual profits of less than £50,000).

Mind you, Im no left-liberal so Im not accusing Indians of not paying taxes. Given the way governments waste taxpayer money and the level of corruption in India, you cannot blame people for being cynical and saying Im not going to pay these taxes. Actually tax receipts have improved dramatically since the tax rates have been brought down.

Re: "productive assets", I look to buy low always. I told my friends to get the hell out of stocks back in January but bought land instead. The stock market has halved and the land has tripled in value. The difference was: the stocks were selling at 41 times earnings whereas the land I bought was on the outskirts of a fast growing city and I bought it for Rs.36 a square foot - which in a decade would be a joke for the price of prime land in a major Indian industrial city. That kind of trade has no downside to it if you can keep squatters out.