Sree Iyer: Namaskar. Today is June 11th, Friday, and Welcome to Daily Global Insights with Sri and Sree, Episode number 180. Sridharji, it was wonderful meeting you and others in the Big Apple and I look forward to more such fruitful meetings, sir.
Sridhar Chityala: Good morning, Namaskar. We were happy to have you here for a couple of days and wonderful to sit down meet in person and, you know, discuss a number of things that are of shared and common interest. So, very happy to be here on Friday morning. It’s a bit cloudy and humid in Manhattan, relative to very nice weather when you were here, but we expect things to improve over the weekend.
Sree Iyer: Thank you, sir. And we begin in our US new segment Trump makes it clear that the policies of Biden, whether it is the border surges or immigration or China, or spending or energy is taking America backwards. He was effusive in his praise for Elise Stefanik, the head of the RNC and that she is going to be a star in the House and was fall fighting the policies. Sir, I’m with your permission. I’m just going to put up a picture of both of us meeting Elise Stefanik. In our opinion, she is going to go places at a very young age she has become the RNC chair. Sir, your thoughts.
Sridhar Chityala: Well, I think it was a good meeting, it was brief. Trump was as Trump was very sharp, very focused and made his remarks, this was basically an event to celebrate Elise Stefanik’s recent victory over being nominated replacing Liz Cheney in the House. She was quite sharp and she hit on the policies that really taking the US states in her view backwards, which is effectively reflective of the Republican approach. It is very clear that she has a grasp of the issues and she’s able to communicate those issues to a group of people who were present and also the post-event meeting, where we spent a little bit of time, she was inquisitive about various things, that that is shaping the United States. So it was good that she was receptive to feedback and we look forward to talking to her more.
Sree Iyer: Thank you, sir. And in other news, migrant encounters rise above 190,000 as the Border crisis deepens in May. We should also mention that Kamala Harris got into a controversy in one of the interviews that were given on a mainstream media channel, where, you know, she was asked why she has not visited the border. And she said, so what I have not gone to Europe, either very flippant remark, very unfortunate, not becoming of a vice president, my thoughts. What are your thoughts?
Sridhar Chityala: my thoughts on the surges that are going on contrary to the view that the surges have not stopped. There has been persistent, and consistent attempts to cross. There is also been illegal attempts and I think this was another area where Trump talked about the number of people who pose a security risk both to the nation and to the communities. Because they’re just being allowed to come in and put it right into the various existing communities within the country. So, the encounters, the rise of the encounters is only a reflection in the enforcement of what we have been speaking about. This whole surge and illegal or whatever you want to call the migration, the people coming in, the naming is, you know, if you talk to Democrats, they call it as the aspiring migrants or migrants. If you talk to Republicans, they called the illegals who are attempting to cross the border, whichever way you want to calibrate the definition. The truth is that this has become one of the biggest issues and I don’t know whether people may be cognizant or aware that if this has created a problem in terms of this in conjunction with the do louts is creating a problem where people are not willing to come to work. On one side, they’re saying these people are going to come into the workforce. Suppose, I go and work, I get unemployed. Then, you know, I’m not going to get the benefit. So, let me sit back and take my unemployment benefit. So I think this is going to create some other challenges within the ecosystem as well.
Sree Iyer: And I might add a little bit to what Sridharji just said that I was meeting President Trump for the first time and he looked like he was pitching for a fight. He was full of energy and enthusiasm, very, very eloquent, just a few minutes that he spent talking about Elise and her fight for getting the RNC chairmanship. But, the point I’m trying to make here is that yes, now some of you are going to say, Aha, now you guys have come out. Now you have for Republican. No, we are not. We have also given out at enquiries to people across the aisle to Democrats after all you know Kamala Harris is from my neck of the woods that I’ve tried desperately, even before she had become a VP candidate, even before she had run for president. I tried to give a platform but she politely refused but we will continue to do that and we will continue to seek anybody from the Democrats who would like to come to share their thoughts on this channel. By the way, this is just the beginning. You’re going to see a lot of heavyweights coming on our Channel and stay tuned.
Sir, with your permission, let’s move on to the next one. Biden is on a visit of Britain attending the G7 conference Biden and British PM BoJo or Boris Johnson hurdle on travel restrictions security and vaccines. We also saw that Biden has announced something similar to what Modiji had done that he is going to be making half a billion vaccines available for 92 countries, the same 92 countries that India also sent, I don’t know if it’s the same or not, you can correct me, sir, on the actual data. But it’s also important to note that Prime Minister Narendra Modi would be attending this via video conferencing. Sir, what do you think is happening? I mean, now everybody is just in, you know, camping in Cornwall.
Sridhar Chityala: Well, everybody is camped up in Cornwall and we touched on this topic in the last DGI. He was making his visit to Belgium. He was supposed to meet an address, which he did to of the NATO then you met the EU Representatives and then, he went to UK, you know, had the bilateral hurdle with Bojo or Boris Johnson. There are three things that concerned them one is obviously the vaccines they want to counter the diplomacy of China with the US lead or with a quad lead diplomacy. If you all recall, the vice president Kamala Harris, had bilateral, discussions or a discussion with Mr Modiji around the vaccines, and a whole slew of vaccine distributions came up as part of the discussions, even in, London, where they’re going to meet and discuss at the G7. This would be one of the topics.
On the bilateral side, there’s an attempt to open Britain to lift the travel restrictions. Britain is one of the topmost nations in terms of vaccinating its people. And they pretty much ready to receive and open the doors to international visitors, most notably the United States. Security here, we are talking about is the Indo-Pacific South China Sea security. We are also talking about the security across the pond as we say here, but, also of the Waters of the Baltic Sea which is notably to deal with the Russians. So, NATO is revived and Britain is now out of Europe but it is very much an integral part of NATO. So I think that security issues surround that. Glad that he is brought the Modiji point out, who is attending the or Mr Modi, is attending the Cornwall meet, it’s outreach. So he’s not the only one that’s going to be Australian Prime minister Scott Morrison, there is Moon, Moon Jae-in from South Korea, and then the South African president will also be at the meet. So it’s good that they’re all part of it.
Sree Iyer: And Back home Ilhan Omar’s anti-Israel, anti-US rhetoric opens rift in the House Democratic Caucus. This was a long time coming to this lady can’t control her statements. And I’m glad to note that our own party people are now standing up and speaking against her it was not just the fact that we at PGurus were pointing out some of these statements her as well as Rasheeda Tlaib very, very intemperate remarks sometimes. Sir, your thoughts, where do you think this is headed? Do you think that the Iron Lady, “the Iron Lady” now because she’s not able to control some other ladies? Nancy Pelosi is going to put a kibosh on Ilhan Omar.
Sridhar Chityala: What is come out is Nancy, Pelosi is supporting the Democratic Jews against the abuse of Ilhan Omar. Israel is a long-term ally of the United States. It doesn’t matter whether you are a Democrat or whether you are Republican. There’s one common theme was the support for Israel. Now, for Ilhan to come out and make such an irrational statement without understanding, the nuances are a reflection of our own personal mind rather than the constituents that she is representing. Not that she is representing the broad view of the US people or the US population. So, this is not going down well, and it is creating problems within the party. I think she did not stop there. You have seen Republicans being called racists, Americans being called racists. Now, Ilhan has gone one step further, besides branding Israel, she’s even gone on to say that it should be a called something equivalent to Taliban or terrorist and so on and so forth. So I’m most unwarranted by the US Representative and it’s amazing that we are living to witness these types of things coming out of the soil of the United States.
Sree Iyer: Unasked-for piece of advice for congresswoman Ilhan Omar, you know, have a checklist. Okay, so much funding, then you tell them, I will talk about you or in support of you two times and after that, you are done, don’t take any more commitments. okay. So, you have got funding from dubious institutions, fine, you’ve already made your statement, just move on. You have been elected to represent that particular district. There are other people other than those who voted for you, keep that in mind. I mean, she’s not alone sir, these days, people are so partisan that, you know, it begs your imagination, how low some of these politicians who got elected recently are stooping. This is a different country; different politician will come to that in a short while.
But, let’s move on to the infrastructure plan a bipartisan team of Democrats and Republicans reach a deal without increasing taxes and this needs ratification from other members. This is a very significant development in my opinion that they are trying to reach a deal or they’ve reached a deal without increasing taxes that is the most important thing as the country comes out of this pandemic, sir.
Sridhar Chityala: It’s very laudable that they have a self-funding scheme, which is to pay back. I would not use the word with no taxes. Notwithstanding the fact, the political spin is around, no taxes. There has to be, you’re going to see not in corporate taxes, you may not see the increase from 20 or 21 % to 28%. You may begin to see wealth tax and estate tax and personal taxes etc. So, I think the details to be awaited. But, what’s particularly disconcerting is basically, they started with about 564 billion. Then, we made our way up to 750 billion, then we made our way to 1 trillion. Now, it looks like we have made our way to 1.25 trillion-plus in this negotiated consensus, that is emerging between these Ted bipartisan Senators representatives from Republicans and the House side. Now, it’s only a matter of time because Biden came down from 2.25 to 1.75 when you actually look at the infrastructure needs which we discussed is less than 500 billion. So, padding up with all this money by way of debt doesn’t augur well, for the overall balance sheet, we will come to the overall balance sheet. There are early numbers that are coming out as to what the 2022 balance sheet would look like and we will report to report those numbers in one of the shows or have a special discussion around it but you know these numbers are sinking, the country more and more into debt.
Sree Iyer: Remember viewers, numbers are our forte, when somebody waddles into our territory, believe me when I say this thing, we are going to subject it to the utmost scrutiny.
Sir, the Keystone XL pipeline has been cancelled after the Biden order. This is the most unfortunate thing. This again to me ricks of the checklist, I got so much funding for the election. Yes, do this thing because the US was in my opinion sir, I could be wrong was the safety valve that made sure that the crude prices did not go out of control because of the OPEC machinations. But, now with Keystone being shut down, does the US still have that flexibility, your thoughts?
Sridhar Chityala: The whole attempt of this new Green Peace Accord and green energy policy, Environmental Protection is all about moving from fossil fuels into alternative energy and I think it remains to be seen whether the transition plan will be implemented if you ask any corporate exec or if you ask a management Theory Guru, he will tell you that whenever you are doing a transformation. You need to have a gradual as well as Progressive and methodical transformation. So that you go from the current state to the end state, the way the Biden administration is going about not following graceful migration, it is going from abrupt destruction to the Target end state, which is always difficult to implement. So, there is going to be significant consequences flowing both on the revenue side, as well as on the jobs front by constantly, now it’s shutting down, you know, various existing projects, and new projects plus projects that were approved have all been shunned by the Biden administration. Keystone is just one example at a significant example.
Sree Iyer: And Senator Blackburn says that Fauci chose Big Tech and China over the United States for the mess we are in. Again, this has been played down this has been the fact for a long time, March 2020. I can repeat, Dr Shiva Ayyadurai and I had a hangout where we mentioned that there is a big game plan about trying to bring in vaccines as a new money source for big Pharma and that Fauci was representing these Pharma interest that video got taken down by YouTube. I’m not done fighting yet. We will keep you posted on that. But, sir this again shows how much power some people have over, you know, controlling the narrative in this world.
Sridhar Chityala: I think that is the that is, unfortunately, the, what we live in a world of active managed mainstream Media, or activist managed mainstream Media or NGO funded mainstream media. So you’re going to have only biased prejudiced suppress information and the information being tickled out. Judicial Watch is actually going to for has filed a suit against both DHS as well as DNI on the suppression of information that has taken place around the Covid. And also, there’s another litigation that is likely to come up, which is whether the social platforms or Tech platforms, like Facebook, collaborated in suppressing the information. If you recall, anything that was propped up around Covid, fact-checker were being used and the information being suppressed. So it’s very sad, but that’s, unfortunately, the world that we Live in how we navigate that world is an interesting Paradigm. So to some extent, you know, in this channel for a DGI, you know, we are covering some of this issue to bring about what we hear and what we see and what we can analyze based on the facts that we know.
Sree Iyer: Now let’s take a look at India news, India’s agree, exports, grew by 17.34% to 41.25 billion dollars, and the momentum is expected to be sustained in the fiscal year 2022. To add to this, the fact that Israel is helping India to take agriculture to the next generation leap. This could mean a significant bounce in India’s agricultural export capability. Sir.
Sridhar Chityala: Indeed, food, water and clean air are the three main demands that are being placed on the world as we move forward. So food is definitely one of the biggest areas that India can contribute to and meet the needs of the hungry. When you take a look at, I mean, it’s very, very what you got a positive sign that there is a growth of about 17.5% and the export is around 41 billion dollars. So clearly this is an area where India can put its best efforts and Make it into a hundred billion dollars, bilateral, a hundred billion dollars exports. And the captive audience of more than 10 to 12 countries, those countries include the United States China, you know, Kuwait UAE Malaysia Iran. So you can name a large number of nations that are importing food from India. India’s only scratched the surface. These are effective, Basmati rice, cereal, maize, millet and other food products. Once, PLI program of Mr Modi is implemented and more participants come in and the ecosystem is developed, there is nothing that prevents other types of products like fruits and vegetables and other types of products to be packaged and quarantine packaged and exported driving the opportunity. Even for the farmers because one of the things is about these farmer reforms are how best to attract a price, which is greater than the MSP that I think the government offers. So, I think, this development of augurs quite well for India.
Sree Iyer: And, in other news, India Kuwait, relations is a great story to be told for Generations, says Kuwaiti Ambassador. Sir, I have heard from many, many people that the Indian expatriate workforce in the Gulf countries is one of the best because they are apolitical, they don’t choose sides. They come in, put in their hard work and they go back. I mean, this kind of praise, it’s about time. We started hearing from the contributions of the Indian Workforce that is been serving the Middle East for many, many years now sir.
Sridhar Chityala: So, it’s almost a surgical focus by the Indian Administration led by both Minister for External Affairs and Minister for Trade & Commerce. Believe it or not, around 2015-16, India’s bilateral trade with Kuwait was around $5 billion. Today it has grown to about $12 billion. It has doubled just in two quarter which is from October to March, I’m told the numbers are $5.7 billion. India is a net importer rather than an exporter. India’s critical energy needs are supplied by Kuwait. It is also a great opportunity for them to develop their West Asia security strategy with support. So what you are seeing here is that the bilateral relationship is augmented to attract both investments from Kuwait, Kuwait is got a significant amount of investments via the Sovereign fund, so India is trying to attract some of the Sovereign fund money into India for various projects. As you rightly said, several technocrats who make up the Kuwaiti ecosystem are of Indian origin. They basically power the economic activity within Kuwait. So that also is a very positive factor in terms of human relations. So the reason we are pointing this out is that there is a euphoric moment that is being celebrated to effectively say that we’re here and we want to do more business. I am sure there is also a competitive element amongst the GCC countries. India did a deal with Oman. So, Kuwait is ready to step up.
Sree Iyer: India says to The World Trade Organization members that we have no time to lose and conclude the patent waiver discussions by July end. This is so that India can ramp up its vaccine production. It’s a very, very important point. I hope that India successfully concludes this and moves on to become the vaccine supplier of the world. Your thoughts, sir.
Sridhar Chityala: I think the United States was one of the countries holding up. The United States’ both House and Senate amended the regulations to be supportive of this, what they call TRIPS – Trade Restricted Intellectual Property rights. So this will augur well when WTO wraps it up by July 2021 time scale. This is what both South Africa and India are asking for to ramp up. South Africa could be the beacon for the African continent before this virus begins to spread further.
Sree Iyer: Setting aside China, India becomes the first country to cross 250 million vaccine doses. This is a very impressive milestone. Sir, with your permission, shall I put up the second graphic? Take it away, sir.
Sridhar Chityala: The vaccine trajectory shows that India has crossed the United States in the number of vaccines doses given. This is notwithstanding the fact that it is still on a relative scale. You’re talking about one point four billion people versus 330 million people in the United States. But India is right up there in terms of the number of doses. There’s been a lot of criticism around the vaccination program and the number of vaccines. 250 million doses of vaccines is an amazing number notwithstanding, the fact, all the criticism that has been levied against India. The second point that I’d like to add is that now at least about 10 different companies, besides, the two big names, Covishield and Covaxin and then, of course, Sputnik, they’re all coming into the marketplace in India and each creating 10-20 million annual vaccines. Covishield and Covaxin itself are going to be about 170-200 million doses. Those are the revised numbers. So India is very much on time to hit the 1 billion doses sometime this year. The Indian government has also indicated that they would complete the vaccinations for the entire country by the end of the year, the child issue is still being discussed and debated, even if they slip by one quarter, it is still a very good number that they would have achieved. And a billion vaccines is quite a lot in a short span of time.
Sree Iyer: Nepal’s foreign minister seeks India’s support for covid vaccines. This is a very significant development because we saw that Nepal started tilting away from China and towards India again in the last week. And I think that steps are now becoming more and more accelerated. Nepal has always had a younger brother kind of a relationship with India. I think this augers well. Your thoughts, sir.
Sridhar Chityala: It augurs well. India supplied close to 2.1 million vaccines and they need more. The Nepali prime minister and the Nepali foreign minister have indicated that ‘We look forward to India supplying and supporting us and we are extremely thankful, even China has supported us. We are thankful. But India is our bigger brother.’ So hence it augurs well if we can come together and make sure that our needs are met as well by India.’ So there seems to be a reproachment and much more proactive policy rather than some of the rhetoric that we saw not too far ago.
Sree Iyer: India’s Active cases dropped to 1.168 million, with the total cases at 29.18 million and deaths at 359,676. These are very impressive numbers and I’m also hearing about the effectiveness of a new drug. Sir, can you shed a little bit of Light on that also, Irobactin, I think.
Sridhar Chityala: It has been field-tested and its efficacy ratio appears to be very good. It combats the variants. It can also be used, I think based on the initial trials, for the children and it follows a different pattern of science or pathological or biological formula. We have reported in DGI, as more and more research comes out we’re going to see vaccines and methodologies and formulations vastly different from what we saw in the first wave and probably even in the second wave as we get into the third wave, and fourth wave. I see people can ask me, is there a third wave and fourth wave? Yes, there is going to be a third wave and a fourth wave. Is it going to stay with us? Yes, this is going to stay with us because we are already talking about booster doses and integrating traditional virus with covid etc. So this has a significant mutational element to it. The fact that more and more news has come out in the past 18 months or so is a reflection that they may be saying the right thing by saying that this is going to be here and we need to combat it as part of a normal routine.
Sree Iyer: In part of global news, US-Taiwan officials discuss trade and plan meeting in coming weeks. The US Indo Pacific Commander requires more funding to contain China. Japan and Australia joined forces to tackle China’s economic bullying. So perhaps you can just combine all the observations into one point because we’re kind of racking up our time today. Go ahead, sir.
Sridhar Chityala: I think they want to legitimize Taiwan. Taiwan is also going to be in the G7 Summit, they are going to include a word on Taiwan. Japan has called Taiwan a country that has ruffled the feathers of the Chinese. The Indo-Pacific commander says the United States has lagged on the infrastructure that is warranted to combat China. So, therefore, he’s asking for more money. If you can recall in the Trump budget, there was a plan to enhance the security spent in the Indo-Pacific as well as the South China Sea.
Japan and Australia are saying ‘you’re not going to be curtailing imports and exports. You’re not going to levy further duties on imports and put subsidies on the export. We’ll know how to tackle this. So should there be a trade embargo coming from China then both Australia and Japan are saying we are partners? We have had bilateral trade for long years. We will combat it.
Sree Iyer: The US announces a $3 million reward for information on the attack of an Iraqi airport. And 2 drones were intercepted at the Ayn Al Asad Airbase. Amid the undeclared nuclear activity, Iran called the IAEA report unproductive. So a lot of things happening in Iran and Iraq, there was an attack and now the US has announced a reward for that and there seems to be a suspicion that it was a drone carrying nuclear material. Is my reading correct?
Sridhar Chityala: No, I think they’re two different pieces of news but they may be interconnected. So there was a drone attack. Two drones were intercepted and destroyed. They caused no casualty. Usually, whenever you have, in the Iraqi-US Air Base area an attack the natural suspicion is Iran. We’re not talking about anyone else is a natural suspicion. While this was going on, Iran has also gone public by saying despite a lot of activity that has been witnessed and reported by the IAEA. The report that has come out of this is being critiqued by Iran saying these types of reports by IAEA is counterproductive. So you can see that they are putting a soft and hard pressure. Soft pressure is through media, and the hard pressure is through some of these issues that are popping up be it in Israel, be it in Iraq, be it in Yemen, be it in other places such as the Persian Gulf. So you will have maritime issues. If you recall, we talked about a Refinery fire. We also talked about one of the big naval ships going down of Iran in the Persian Gulf and was not known. No information is available. So the objective is to combine. Iran seems to be at the epicentre of some of these various activities and something that is making daily headlines are around the world.
Sree Iyer: After NATO, Russia begins military exercises in the Pacific. NATO exercises concluded on June 3rd. Russian military exercise involves submarines, missile cruisers, anti-submarine warships, and MIG-21 interceptors. A lot of stuff going on with Russia, sir.
Sridhar Chityala: Russia is going to go toe for toe. It is going to combat activity to activity. You can see the impressive setup. I don’t need to expand further than what we have communicated. It is quite elaborate, they did the same in the Black Sea. Now they’re doing the same in the Pacific.
Sree Iyer: As Sridharji mentioned, we have entered the third wave of corona activities as South Africa now confirms that there is a third wave of corona in effect in South Africa.
Sir, with your permission, shall we take a look at markets now? In markets information, inflation jumps to the highest level in 30 years. The US 10-year drops to 1.469% and the 30-year to 2.16%. So the inflation is because of people having a lot of expendable money. What are your thoughts?
Sridhar Chityala: I don’t want to second-guess, but let me give you my view. My view is, there’s a recalibration of prices by virtue of limited activity. So, in other words, people are buying, They want to sell more to few people or fewer people, who are buying either online or buying by coming to the shop where the shops are open. There are a lot of lockdowns and shutdowns. Labour is not available. We have seen an increase in food prices, quite dramatic increases in food prices. We have seen an increase in fuel prices. Typically, these two things don’t get added to core inflation, but the inflation is now at 5%. On OECD the inflation is around 3.7%. But we are holding the interest rates. This is one of the amazing stories – inflation going upward, interest rates going downward. So, if you can afford, 2.15% in the United States, 30 years is tremendous. This less than 70 basis points difference between a 10-year rate and the 30-year rate. I don’t want to send that triggers to our viewers in terms of what some of the things that they can do when you have this type of narrow gap between a 10-year and a 30-year rate. But if you know how to manage money and how to use this capital then this is the best time. The Fed and the treasury feel that an aberration in interest rates is temporary and it will eventually come down. That’s one of the reasons why the rates today further dipped to about 1.44% on the 10-year, as you say unheard of.
Sree Iyer: Oil Rises about $70 with Crude settling at 70.12 and Brent at 72.41. Markets, despite all this hit record and S&P is at 4239, Dow at 34,466 and NASDAQ at 14,920. Here is an interesting thing that I have an opinion to offer on this and Sridharji please feel free to differ with me. Bitcoin and Crypto may soon be coming to your 401 k plan. I think there is a speed bump that people may have not noticed. These are my thoughts, of course, and Sridharji is a domain expert and he can correct me if he thinks that I am wrong.
What happened was in the colonial extortion about 67% of the Bitcoins were recovered by the FBI. The FBI found a way to penetrate into the Block Chain Market and, in fact, locate where they had gone and that is the way that you can actually get it. What the FBI did was a very interesting trick. I read the details of it, I’ll spare you the details. But essentially FBI managed to post itself as the legal recipient of the Bitcoin. And, therefore, they could essentially intercept and get back 67.5% of the Bitcoins that were used to pay the Ransomware. Now, this to me rings a lot of alarm bells sir, which means that it is not as impenetrable as it was made out to be.
Sridhar Chityala: No, I think we discuss this in one of our Crypto offsites. We are going to have little bumps on the road when any legal tender or crypto is not in a legal tender in the United States. It is a legal tender in a very small country called El Salvador and will soon be labelled legal tender. At least another two, three countries may announce very soon. While the recovery of the crypto that was paid as a ransom, you allude to certain points and how the location of the infrastructure of the crypto gives the government’s the access to intervene. What happens in circumstances when infrastructure is outside your jurisdiction poses an interesting question to the Crypto developers whether the US infrastructure should be in Russia, whether Russia’s infrastructure should be in Singapore. I don’t know what happens in those circumstances but setting that aside from the concept of anonymity as well as the recoverability of any attempts made to pay Ransom and other types of things by Crypto, the point that is coming out is that there is a demand that is growing from people. It is the demand that makes the difference in terms of being offered as a solution by mainstream institutions. We have already reported that Crypto will be available in your branches soon. You go to your branch and you say I want to buy Etherium, I want to buy Bitcoin, I want to buy Dogecoin, you will be able to pay cash and you’ll be able to get the coin just as you go to MGM Studios, you go to any of the Bellagio, and you can give cash and you’ll get the chips and you gamble. So, therefore, this is coming,
Now the retirement plans are saying if there is an opportunity to make a gain, let me say I’ll allow you to access and make 1%, 2%, 3% allocation. It won’t sink you but at least you have an opportunity to extend. If you somebody like a Maverick, you can do 70% allocation and make tons of money. And mind you, if Janet says we’re going to be making them compliant and making them pay tax, the best way is to put money in your 401k, defer that tax and let’s see what happens. If somebody like Trump comes back you know that your 401K drawdowns can have tax benefits. When you have Mr Biden like a person coming back, you are done. So, it means more the tax consequence of appreciated gains are realized gains, when you do the drawdown it is going to be problematic. This technology is going to be refined. The technology is going to be embraced and we have been attempting to do this for more than 40, 50 years alternate to cash. So we have tried smart cards, prepaid, we have tried different methods especially the smart cards didn’t take off but crypto seems to have legs by virtue of the market cap that it has achieved and by virtue of a large number of people who are trying to get behind this. Anyway, that’s my spill in the response to your question Sreeji, as to why despite speed bumps we will get along.
Sree Iyer: Yes, indeed, and that brings us to a close on today’s segment. We’ll be back again, bright and early next Monday morning and Sridharji, it was a great experience meeting you and many of the other people during my trip to New York and we want to be doing more things in the future. Stay tuned. Sridharji has come on board now, full time, he is going to be helping us out with a lot of the back-end programming stuff. In fact, he might be also hosting some programs himself. He has been doing it as a guest host. You can see more of his incisive questioning in the episodes to come. Stay tuned, do support us, subscribe to us, join our membership methods and please please, please pass the word along. Thank you very much. Namaskar, sir.
Sridhar Chityala: Thank you. Namaskar. Have a good weekend.
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