Sree Iyer: Namaskar and welcome to PGurus Channel. I’m a scary man.
Sridhar Chityala: Namaskar and good morning to you sir. Good morning to all and good evening to people in India.
Sree Iyer: It’s the beginning of another week a lot has been happening because we are on the final week before the elections in the United States. A lot of things are happening. Let’s start with looking at what happened after the debate, Trump clearly crisscrossing the country, he’s trying to rouse all his troops. He’s actually concentrating on all those states, where he had one in 2016 is trying to show up his base. People are saying, he’s playing defence and Joe Biden has to have surfaced for the debate has again seemed to have really picked and chosen which places he wants to go out and address. So let’s start out by talking about a little bit about Joe Biden, the seven sins of Joe Biden. This is a very interesting topic that was given by one of the leading dailies. What are the mistakes that Joe Biden has committed so far in his political career?
Sridhar Chityala: Well, I think the seven sins can be attributed to the policies that is hidden but are coming out in drips and drabs. I think the first and foremost, what is attributed as sin is the high taxes, there’s a four trillion dollars tax that is likely to be levied as opposed to 1.7 trillion dollar tax cut of President Trump. The mid-sized companies taxes expected to go up from 21 per cent to 28 per cent and the tax slab is expected to go from 26 to 40 per cent. So, the first is around the taxes. The second one is the whole thing that is revolving around the right to work.
Right to work is about 27 States today don’t follow right to work. It simply implies that you have to be in a union registering Union to work. So, therefore he wants to somehow bring in those kinds of unionism into the play. Then, another one which falls into this category is around what they call debt tax or the wealth estate duty. He expects to charge for those who are earning more than 1 million dollars an estate duty which is higher 40%. People feel that it’s basically a fraud lifelong people have paid taxes and why do you need 40 per cent estate duty tax which got reduced. Then, another one which is within the purview is this whole question that came out in this debate and which is why Trump is crisscrossing the most critical state which is Texas, Ohio, Pennsylvania and also Carolinas, these are what you call as the fracking and the fossil fuel development States. So, the whole concept is that he will stop fossil fuels and introduce a huge kind of a complaint with the climate Accord. So by 2035, they will be no fossil fuel that destroys Industries jobs and so on and so forth and will cost the country, so, you have that part of it. Then, you have this big controversial issue which has held up, the stimulus is the 400 billion dollar bailout of the liberal states, which are mismanaged the state economies and they need that money. So, I may not have exhausted all the seven, but I have given you the highlights of at least five, I can go through the other two as well.
Sree Iyer: Can you name us the states that are considered as too liberal and that they haven’t managed their finances.
Sridhar Chityala: California, New York, Michigan, Pennsylvania, obviously Portland, Oregon, and then, of course, Washington State, they’re all in the abysmal state in terms of their mismanagement. So, large states but completely kind of mismanaged and these states require money, he comes up in terms of showing up their balance sheet.
Sree Iyer: Thank you. And the next topic that we’re going to talk about like you already touched upon the economy and the gulf between the two sides in terms of the stimulus package. So looks like now both are taking a chance and saying that well the blame, if any blame, would be shared between both sides equally, so that’s the net-zero. It’s okay. Let us go to the polls; we have to see what the people say about the lack of a second round of stimulus. Let’s move on to what has been happening in India and in with respect to Nepal. Now, looks like the mending of relations between the two has started and we saw that the Armed Forces Chief visited Nepal and even met with their Chief. In fact, if I remember correctly in several wars the Nepalese troops have fought alongside Indian troops for India just as the Tibetan troops have. So, what is your take on the recent developments vis-à-vis Nepal Sir?
Sridhar Chityala: Oh, I think, that the whole driver has changed, appears to be some kind of engagement between the Chinese and the communist government. They seem to have propped of the communist government which is in power KP Oli. There is also tacit support from the Congress Party in India to KP Oli the communist, there seems to be harmonious kind of aligns. So, there was the issue around redrawing of the borders, claiming territories that don’t belong to them. Also, conceding some territories or taken by Chinese through coercion and intrusion and putting banners. So, that triggered some kind of response from India, they waited for the time. Two weeks ago, there was the visit of the RAW, which is the intelligence wing meeting with the Prime Minister. There was also the visit unusual protocol which we just which we covered in one of the day’s topics the head of the Armed Forces for India, visiting the Oli and having a conversation. Both ahead of the defence force of Nepal. So, it was a pleasant surprise or not a pleasant surprise, that over the weekend and development came that Nepal has withdrawn. And so they have gone back to the old map and India holding on to what is legitimately its territories. So, therefore it is a change that seems to have been very seamlessly through dialogue and whatever discussion took place has happened. It’s also possible that Mr Doval made an unusual press statement and briefing over the weekend and where he has indicated that India will now shift to defensive offence from offensive defence. Its offensive defence. So, basically, he is saying after the LAC incidence, we now exercise the right to go in and we believe that people in disputed buffer zones and Border areas are sitting and trying to create troubles, so we got to make sure that the trouble is stopped when we believe in the trouble is directed towards India. Now, that puts a number of things into question, whether it applies to Nepal, whether it applies to Pakistan, whether it applies to China but, very specifically targeted at China, which is apparently they for the first time conceded that they went into China and took out some of the vulnerable spots having had numerous discussions. I don’t know 28 bilateral discussions between the two Army commanders have taken place, but now with the weather intervening and weather coming into colder temperatures there seem to be temperatures flowing but India is not prepared to let up and I think PGurus also covered this particular topic over the weekend.
Sree Iyer: Yes indeed and we’re going to have some more articles some more video interviews with people who have traversed the line of actual control, along the line of actual control looking at India’s preparedness, that interview will be airing very shortly so stay tuned. But let’s move on to the World. Let’s take a look at, some of the states in the United States are still grappling with the coronavirus and as weather’s turned cooler there appears to be a lot of churn going on. Suddenly, we have new States reporting record high Corona numbers and I think barring Pfizer nobody else has even said that ‘we have a scheduled for the vaccine.’ So where does this vaccine business stand, sir? And what is the way forward because Mark Meadows yesterday said that this way virus cannot be contained maybe it was the moment of truth. Maybe it was something that he was acknowledging that that’s what’s going to happen whether it is Biden or Trump in 2021. What are your thoughts about the whole Corona management by some states that seem to have gone out of control?
Sridhar Chityala: Yeah. Great Question. I think this now is a global phenomenon other than just confined to the United States because its there all over the world – rising pandemic consequences. I think there are two parts to the question.
One is the status of the vaccine. AstraZeneca just announced that they have resumed the trials and things are looking positive. They expect to announce a vaccine by the first week of December. Alright, so this is the latest headline. Gilead’s Remdesivir is now being endorsed as a medication, as an immunity booster, as a deterrent and its been formally approved by the FDA. And the second is, the J&J is back with the trials to see whether they can modulate their vaccine and but back in the field. So there seems to be this continuous effort in terms of finding the recipe for vaccination and the stimulus package as well as the future stimulus package for testing as well as mass vaccination. You need funds for both as well as the hospitalization cover that needs to happen. So that’s that part.
As far as the first part that you raised which is why there is a prolific, continuous trend. At the end of the day, nobody knows the cause and the cure. Everybody is second-guessing and trying to seize the political advantage. If I am in power, I will do a better job. How will you do a better job when you don’t know the cause is a billion-dollar question. Just by putting on the mask you mean to say the behaviour, today people are behaving in a specific way, tomorrow when Democrats come to power suddenly people are all blue. So let me put on the mask and contain it. Behaviour change is not going to be induced by changes in the political leadership in Washington DC or in the world. So what we are saying is the natural behaviour people is, as long as I don’t get it. I’ll get away with it. But when I get it I will deal with it. You are beginning to see the cause of that. Suddenly let loose. When I go out in Manhattan I walk on the streets people are not wearing masks, notwithstanding, all this preaching that Biden is doing, wear the mask, wear the mask, wear the mask. Tomorrow, I will show the photographs on PGurus, On Third Avenue 6-8 people sitting on a table and having no masks and having their lives. You ask them and they say we have no problems. So I think this whole thing is a political kind of camouflage.
Sree Iyer: Now the next couple of minutes we’re going to spend looking at the markets, but I want to kind of touch upon Gilead Sciences. Can you share with us who owns Gilead Sciences who stands to benefit because what I am also hearing is Remdesivir is nothing but Hydroxychloroquine tablets in a slightly varied form to treat covid patients?
Sridhar Chityala: Well, I think that this is a very interesting question, When you actually go and take a look at the ownership of Gilead Sciences Viewpoint, all the institutional investors and so on, behind, there is this rumour floating around which says that George Soros has a stake, Bill Gates has a stake, Hillary Clinton has a stake including Dr Fouch’s wife, who is somehow connected somewhere in the establishment of Gilead and Gilead group geosciences as a scientist. There’s also some issue around the patent which is to be connected with China. So there’s a whole bit hazy air that surrounds is Gilead and Remdesivir and people asked this question in March – April and it just disappeared.
We use this for Rheumatic Arthritis. And we also use it for my treating malaria. So this is already an FDA-approved drug over-the-counter. It’s available in pharmacies. Everybody knows it’s an immuno-booster. So, one of the missing links in this whole discussion around coronavirus is around, does immunity boosters, immuno-boosters help the person to overcome it naturally? That discussion and awareness have not yet happened. All the time it is around the vaccine. India will argue, the highest recovery rate, which is around 78, maybe it’s now crossed 80% I haven’t checked the latest data, is because of the immuno-boosters and the treatment that came with it not because they invented a medication or not because they have already come up with a vaccine right? It’s not the case. So, therefore, there is some truth to the statement, which is to say, Why is the natural immunity boosting not advocated as one of the mechanisms by which you can deal with this issue?
Sree Iyer: Yes, indeed and unless you have something to add Sridharji, we can bring our program to a close today because we close our 15-minute mark.
Sridhar Chityala: Thank you, sir. Thank you so much.
Sree Iyer: Thank you once again for joining and please do not forget to subscribe to our Channel and also to donate to us. We will be back again tomorrow at 8:00 a.m. Eastern standard time. 5:30 p.m. Indian Standard time. After next week will be a slight shift in timing because the United States is going to fall back, but we will keep you informed on all those things. Thank you very very much for joining and we’ll be back again tomorrow. Same time. Same channel. Namaskar.
Sridhar Chityala: Namaskar and Thank You. Have a wonderful day in the United States and have a great afternoon in Europe and a wonderful evening in Asia…