Sree Iyer: Namaskar, today is June 24th to Thursday and Welcome to Daily Global Insights with Sri and Sree. This is episode number 189. Here are the main stories.
In Global News, the UK signs a deal to enhance Ukraine, Naval capabilities. Sir, welcome to PGurus Channel and your thoughts.
Sridhar Chityala: Good morning, everybody and looking forward to an exciting day. My thoughts are that it’s great to see besides the EU, the UK stepping up, its efforts in enhancing and protecting Ukraine which is going to be under constant, incursions from Russian.
Sree Iyer: Chinese companies, make up one-third of sponsors of Euro 2020. I think it should be 2021 may be causing concerns in Europe, because 2020 is already over, your thoughts.
Sridhar Chityala: I think it’s postponed because of the Covid situations
Sree Iyer: Oh, I see
Sridhar Chityala: so, still calling it Euro 2020 being held in 2021. Well, you know 2020 was a year of pandemic. Everybody is aware these advertisements and sponsorships may have been done much, much ahead of time. They just don’t do it in 2020. This is not just as it relates to global Sports such as football but it also knows a lot of sports in the United States has sponsorship from Chinese companies. Obviously, in light of the Covid situation, the companies are raising concern that there is such wide advertising going on in the circumstances such as what the world is confronted and most notably Europe as well.
Sree Iyer: And the Chinese Communist Party is vulnerable and its rule could end with a coming coup warn experts. This has been talked about for a while, is it because of the plenary session that’s going to be starting soon.
Sridhar Chityala: Eight years of Xi Jinping is unlikely to step down, he is trying to extend this into your lifelong affair. There is a lot of issues, around the policies that Mr Xi Jinping is enacted and which the world has not liked. And for the first time, there is a unanimous view emerging outside of the Chinese perimeter. To take a very active stance, against China on a number of issues, ranging from Human Rights, border incursions, then, of course, the latest Covid situation, trade deals, the Belt Road initiative, which is now called the debt Road initiative, Etc. So, I think there is a growing consensus which is within the CCP to see whether there is an alternate leadership is required to turn down this rhetoric and bring China back and make it more towards the most cheered Nation. We also put up the Pew research poll and I mean I’m sure the CCP people are listening and watching to that poll you saw you there is a unilateral shift from the right of the gradient to the left of the gradient in terms of the public perception of China.
Sree Iyer: We are continuing on global news, the US Warships Transit Taiwan a week after the Chinese largest air incursion. Are these two related? I don’t think so, but maybe I could be wrong.
Sridhar Chityala: They’re very much related. There was a little bit of his silence, 28 planes of different denomination made an incursion into the Chinese air defence zone for the first time, not for the first time, but if a fleet of 28 planes, you know, fairly large in the incursion, the Chinese quite naturally repulsed it. And there was this feeling that you know, China is feeling, especially after Reagan was moved into the Persian Gulf. Whether there is slowing down or whether there is, you know, I took off the market, especially in the East China Sea, especially with Japan having its own challenges. So, the United Say no, and it sent its carrier right through the Taiwan Strait. So, there are related to that extend, sir.
Sree Iyer: Apple Daily confirms that it is shut down after the arrest of the editorial writer. I think this is a day that runs from Hong Kong, isn’t it?
Sridhar Chityala: It’s a daily run from Hong kong. It’s pro-democracy on the paper. And first, they had asked the staff and then the second they arrested the editorial writer, they said, you know, end of the story and they shut it down. And we also reported, what’s happening with the Taiwanese staff, I think either yesterday or the day before yesterday.
Sree Iyer: Iran’s atomic facility, has been substantially damaged in the attack say sources. But Iran is claiming that sabotage failed and that no damage and casualties occurred. Now, the United States is set to delay, the next round of Iran talks to hear from Israel on what they think about this. I think the new president from Iran is causing quite flutters, isn’t it?
Sridhar Chityala: Mr Ebrahim Raisi is coming from the right-wing side of the general disposition so he’s taken a very aggressive stance. We covered that two days ago. You know, he’s saying he’s not going to let down his theory on ballistic missiles, he is not letting down his views on how he deals with this Mafia or pro-Iranian groups around various parts of the country. He’s basically said, don’t put any conditions and let’s get back to the 2015 deal. The fact that a right-wing Iranian is saying, let’s get back to the 2015 deal is just a reflection of how poor the 2015 deal that was stitched up by Mr Obama and Biden during the specific tenure.
Getting back to this, the sabotage or the attempted sabotage on their nuclear agency building of the Iranian Authority. There is a belief that the third centrifuge was located in that specific building, there are three centrifuges, which is used by the Iranians for the enrichment of their nuclear material. This appears there is an intelligence report which says that could be the third centrifuge was operating from the building, you know, away from the potential target, but lo and behold, that’s not the case. It’s been attacked. If that is the case, if let’s assume that the assumption or the theory is correct, that would, this would really set the Iranian program back in terms of its enrichment.
Sree Iyer: And now, let’s take a look at United States news, Biden crime prevention strategy to focus on guns and hire more cops. While Senator Josh Hawley of Missouri wants to introduce a bill to hire 100,000 new police officers. See, first, they wanted to defund the police, they wanted to get rid of the police, and then chaos and riots. So, rip sawing back and forth, back and forth. I feel for the common man, you know, what happens, who do they turn to and why this kind of violent swings. Again, it tells us that there is more than one power at work from the White House, sir.
Sridhar Chityala: So I think the United States is clearly divided. It is not United and it’s very divided. The media has made sure that that is the case. So progressives have stepped in, or the Liberals have stepped in and they are very active on the liberal side of the media. The liberals would argue that the right-wing has stepped in and so, therefore, the right-wing has moved into, with extreme moved to the right-wing side of the media, which is far and few relative to the left-wing media. So once you take that into perspective, the people as well have stepped in. For example, you know I’m giving you a loan but it’s very important to answer. When a GOP made comment around the racial theory, that why it is being advocated as a course, within the Army. There’s one of the army generals reacted, which is to say it’s part of the history, why you objecting, we are not advocating anybody to legitimize or delegitimize which has formed the history that we are advocating or we are teaching to the people. So this is coming from the US Army, okay? So when you take this into account the fact is that there seems to be a growing momentum around narrative and an agenda, which is different to what we had witnessed in the past. Okay, so that’s just the context. Now, when you, when you look at Biden and Biden says, I want more police officers because there’s more shooting is not a, for the enforcement of the crime, enforcement of the criminals, it is, for making sure that those who are gun tottering or those who are carrying guns, must be punished or must be brought to the law and those who are going to shoot or must be brought to law. So, that is under the law that is the focus of Mr Biden to enhance the police officers. Whereas Mr Josh Hawley is saying, ‘no it is not just the guns. We have a crime problem and deepened police movement has demoralized police apart from resignations and other things. There is also your Progressive reduction, which means it’s an open slather, so that’s where Josh Hawley is coming from. So, you’re beginning to see, you know, policy differences in terms of why the law enforcement is being encouraged on one side and where the law enforcement is being focused on the other side.
Sree Iyer: Viewers keep watching, Josh Hawley, he is one of those people who actually supported Trump, when during the time, he was going through between November 20th and January 20th, you have DeSantis, the governor of Florida, you have Josh Hawley most likely Donald Trump and, and of course, I guess, Ted Cruz. So I can see four people who could be, you know, running for the 2024 ticket already. Let’s see how things play. There’s always ebbs and flows but you can see the stand they are all taking that gives you a hint into what they are thinking about.
So let’s move on. Trump says that he is the reason why Kamala Harris is visiting the Texas-Mexico border after he announced his scheduled trip with Texas Governor Greg Abbott. Senator Cruz says Biden and Harris have no interest to fix the Border crisis. I think both are right in my opinion. What are your thoughts are?
Sridhar Chityala: All are right. The fact is that you know, Biden and Harris have no interest to fix the border issue, very interesting. There is breaking news this morning as I came into the show, which says that the Biden administration is issuing a notification to the lower courts use the Obamacare ruling of the Supreme Court to basically address the objections coming from the GOP or the red states on the border surges. What is the Obama Care ruling? Obamacare ruling is by the Supreme Court 7-2 ruling is that it said oh you Republican states, this law has caused, no inconvenience, you have not demonstrated that it is causing inconvenience or you are impacted as a result. Therefore, this case is dismissed as a result. So now, what he saying is use it is precedence, all these surges are coming in. So please dismiss anything that is filed by the red states, to say what inconvenience is being caused to you, it is funded by a federal program. They are coming in. We are transporting them in buses funded by the federal. They are coming in, we are transporting them by Planes funded by federal, we are moving them into Progressive stage, not into your State and where there is accommodation available, for example, in New York, there is 8 billion dollars, money set aside to accommodate these people, plus increase taxes. So these are things that they are going to cite. So, therefore, what happens is that is the reason why they have no interest to fix the crisis, they only want to increase it, okay. Respond to the question Trump has basically announced next week, he is going with Greg Abbott and this whole bunch of Republican Senators including, you know, Josh Hawley and Tom Banks and then your Jim Banks and so on are likely to visit with him to look at the border situation.
So what does vice president Harris do? So, it becomes apolitical. So the word that is going around is veep is making a visit to the Border. Okay. So, veep is VP. So, the vice president is making a visit to the border. So that seems to be the situation. I don’t think there’s a solution for the border, notwithstanding, the fact, all these people making their ceremonial visit to the border side.
Sree Iyer: And the SCOTUS decision is a blow to unions in California case about Farm property rights. Chief justice Roberts cited, the fifth and the Fourteenth Amendment. The fifth Amendment specifically saying that private property cannot be taken for public use without just compensation. Sir, California, Agriculture, water rights, never-ending mess and this one is going to make where the pitch a little further into my opinions, sir, your thoughts.
Sridhar Chityala: It’s very interesting that because unionization is now part of one of the executive orders passed by the administration. So they went to the court and said the Union’s, the orchestration of the farmers in the forms. You know, the union groups must go and meet with them. And orchestrate this whole construct of the formation of the Union’s, for demanding wages, Etc. So SCOTUS has court has ruled, no, no, no, that is a private property when you’re going into private property and, you know, getting into this indoctrinated programs, now with there is no compensation, you have no right to go in and you know, make your own case in terms of what needs to occur within the private property.
Sree Iyer: Senator Schumer and Warren urge Biden to extend the student loan repayment moratorium, freeze by six months from September 30 2021 to March 31. I’m not very sure about the dates so please correct me if I’m wrong. It looks like it should be from September 30 2021 to March 31 2022. Let me know what your thoughts are?
Sridhar Chityala: I thought sir, you’re absolutely correct. It is from September 30, 2021, to March 31 2022. So they expire, on September 30th. What is a moratorium? All the students, who owe principal and interest on the student loans taken? They’ve been waived you to the Covid circumstances because of the contraction in the employment Etc, and the suffering that people were going through. So, there has been also unilateral cry, amongst the Democrats, which is to write out 50,000 of the loan to write a 100,000 of the loan to, You know, x amount of the loan, just to give you a context today, this is number two, debt in the US, kind of the debt industry, within the open debt industry, which is mortgages student loans, credit card, loans and personal loans. When you take these four loan categories, number two in the category is the student loans. It has gone to 1.7 trillion dollars, somewhere between 1.65 trillion was the last number that I counted to 1.7 trillion dollars. It is a huge debt burden, which is backed by the US government. Many people are struggling to cope with these loans and repayments many take the loans but don’t complete their studies and you know get into lots of difficulties as a result. So this moratorium is being sought. My personal view is the moratorium should be extended. When everybody else is getting the benefit, the students, who are the future of the country, should get the benefit from the moratorium. I’m not in support of writing off, you know, hundreds of thousands or millions or billions of dollars of debt, but I think to support the moratorium, which very much is needed for the community.
Sree Iyer: Now let’s take a look at the top 10 states with active Covid cases. Sir, with your permission, I’m putting up a picture. And that is where we are talking about, the number of cases that are active in the United States. I have it up now, sir. California is at the number one position with a total case of 3.8 million with recovered, 2 million and 1.676 million still active. So, California has the dubious distinction of being the number one state. But let us take a look at some of the realities here. So what exactly happened in terms of, you know what this surge, many of them, perhaps also came into California and now they are testing positive. I don’t know what your thoughts are, sir. I mean, please feel free to let me know. how you read this chart?
Sridhar Chityala: I have two observations one, first to dedicate and reveal to the world that every day you go to mainstream media publications, you will find that the number of cases in India rises the number of deaths in India rises to 4,000. The number of active cases rises by 65,000 to 100,000. The total number of cases in India during wave two, at its peak, rose to about 4.1 and 4.2 million. It is today around 623 will put up the chart. All you need to do is look at the US chart; nobody wants to talk about it. Nobody wants to mention, nobody even wants to assess because Mr Biden is at the helm. Anything which is negative, which is to do with Covid, either on vaccinations or vaccination drive or with the Active cases Mr Biden would be touted and put in the negative. So how do you kind of create a Curated narrative is basically hide the information. This is an astonishing number the US has 5 million active cases having started the vaccine early of which, I’m using my phone here, sorry, I have to look at the same numbers. So when you take a look at the number of active cases, when you say 5 million, 1.67 million is in California, pretty close to 30%, 30% of the Active cases in California, Virginian 610,000, Maryland 441,000, Kentucky 403,000, Washington 219,000, New York 218,000. Remember New York has the highest cases to start with when the wave started and it cascaded all over the country. But this is just a reflection as we finish wave two in the rest of the world and step into Wave 3, which is very much likely Dr Fauci has made a statement that we are very much going into Wave 3 even in the United States. And I think we listed the 10 plus countries which will be part of Wave 3. The United States is very much part of it. This is a staggering number that we have to deal with and the cumulative effect that is likely to happen. So that is the objective of putting this number. Please look at the data for all the nations around the world. Look at the active cases because that will then set the trend for you. What the consequences are likely to be as you move into pandemic wave 3.
Sree Iyer: Now let us take a look at Indian news. India is going to be testing a new variant of Agni-1, a nuclear-capable missile this month. The missile program of India continues to move forward and I think this is a welcome boost for the armed forces, sir, in fact, the country.
Sridhar Chityala: I think that the objective is to point out that India is not taking it idle. They’ve got a very very comprehensive defence program to act as a deterrent ranging from nuclear missiles to the new technologies that are being embedded into their fleet of planes. The space program that India has embarked on, the Naval program plus the tools that they are acquiring on the Naval side, drones that are being added into the armoury of the Indian Defence Forces. India has its own Brahmos missile, which is an indigenous missile that is now very much embedded into the front line of the LAC, as well as the Ladakh region. It is all very positive in terms of the defence developments of India.
Sree Iyer: Rural India beats urban in the most recently concluded vaccination drive representing 64%. I think this is a great sign. Although I must say that the densities in the urban areas are far more than rural, that is where they need to be stepping up, they need to be more aware. Do you think this trend will change?
Sridhar Chityala: The trend will change. Obviously, the reason being, something called ‘Vaccination Mela’ was organized, which was targeted very much around the rural areas, the specific reason being the covid Wave 3 is supposed to impact a lot of children. So a lot of mothers were vaccinated. The rural population still has got challenges around Health care and the Health Care facilities to that extent, I think that this is a very positive move. But your point is very valid that in conjunction with this, the urban vaccination programs also need to be stepped up. We saw some numbers – 8.6 million in a chart. I think, yesterday or the day before if I’m correct because you get data from India delayed by a day. As per the latest figures, it is about 6.4 million. As I look at the numbers today, it is around 5.3 million. So when you look at the data, there is an attempt to intermix this between rural and urban, but there’s a lot to be done. India’s vaccination adoption or penetration is only around 20% to 24%. I think they really need to lift up probably from around July when some of these big fellows are likely to step up their capacity.
Sree Iyer: Indian officials met Taliban leadership in Qatar amid the withdrawal of American forces from Afghanistan. I can understand that India still wants to keep the communication lines open, but with an entity that is not officially recognized. Usually, India deals with only those people approved by the UN. I don’t know how to interpret this. Sir, your thoughts.
Sridhar Chityala: There’s a growing feeling amongst the world community led by the United States, and it’s not just the United States, United States and broadly EU. The Taliban has been met either in the Qatari Embassy or they have also been flown into Europe. I have a feeling it is probably Geneva or one of those countries where they have met. They recognize that without negotiating with the Taliban there is not going to be peace in Afghanistan. If at all there is the word, “PEACE”. So, therefore, I think there is an encouragement from Biden Administration for India to play a little more active role. Those discussions seem to have occurred when the external affairs minister was here in the United States, if you recall for a week or five days, he met various officials, including Mr Antony Blinken and Jake Sullivan, the National Security advisor. So it’s perhaps egged on by that. There is more active engagement. India has been a reluctant partner and stepped away. It’s also possible that the president of Afghanistan is asking India to get a little more actively involved, so that can be the reason.
Now to your question, which is namely, is it correct or incorrect? If the world is engaged, I think India cannot be isolated. They at least must start talking, whether they do any constructive agreements is a different matter, but at least they must do the engagement, sir.
Sree Iyer: Moody’s cuts India’s GDP growth rate to 9.6%, cites vaccination rate as a risk, while the economists call for spending to protect the economy slipping down and deficits don’t matter. So this is the spending side, which we have been talking about. They need to increase the demand on the Indian consumer and this is one thing that the current government is very, very hesitant to do. I’m sorry to say this and this is something the whole world is done. Everybody has printed more currency. This is unprecedented what you are going through and in fact, we still don’t know the Delta variant. What kind of impact it’s going to create on the United States. It is just started. So I don’t know what the thinking is in India’s, mind chambers, I don’t know what exactly to make of this but clearly, there is a gap in the economic approach. That’s how I see it. Sir, feel free to correct me if I’m wrong.
Sridhar Chityala: So two observations. 9.6% is is a good number, the original forecast was between 12% and 14%. The lockdowns have, to some extent tempered it, who knows, India can still finish around between 10% and 12%.
With regard to the infusion of capital whether you call it debt, which creates a deficit or sale of assets which creates the infusion of capital by way of recapitalizing your balance sheet, by disowning some of the assets. But you need capital, either way, to augment and step up the program from the economy further slipping. There is no doubt about it, that you need the capital. So it’ll be interesting to see what the Finance Minister and the Prime Minister come up with as to how they’re going to fund many of the programs that are warranted and much needed to lift the economy from the clutches. The world has done it as you have rightly pointed out.
Sree Iyer: Indian cabinet extends the Gareeb Kalyan Anna Yojana program for five more months till November, thus, providing food rations to 800 million people, 80 crores, it’s almost 2/3 of the population of India.
Sridhar Chityala: It’s a great program. This is what Minister for External Affairs pointed out, ‘people make a lot of criticism and take pot shots from left media, such as New York Times, Washington Post, and CNN. They are all curated and manipulated by many left thinkers. But none of these people has the comprehension of both vaccinations as well as the social welfare program that is being put into place. Remember, in the United States, we have one of the massive, massive, social welfare programs, that is currently underway and continuing from where we left off in 2020. So, therefore, I think this particular program is a great program and the continuation of the augmentation that you are referring to from the earlier point, is much needed if you have to sustain, not only the demand but the consumption, which flows through some mechanism such as the funding.
Sree Iyer: India reaches 297 million people vaccinated milestone with one dose and 6.45 vaccinated on June 23rd. So, the way I see it, is the first dose, I think one in four has got it, but the second dose has not really gone through many hands, isn’t it?
Sridhar Chityala: The second dose in Indian vaccines, I looked at the protocols. In the United States, the difference between the first dose and the second dose is about 21 days, when you take Pfizer. When you look at Moderna, it ranges from 4-5 weeks. In India, I am told that the protocol between the first and second dose, the average meantime ranges from 2-4 months. So the second dose has been delayed. They have got two vaccines Covaxin and Covishield. Covishield is a variant of the AstraZeneca vaccine. It seems to have worked and it seems to be resonating well. They also have the J&J, a single-dose vaccine. So whether the variability is caused by a time delay between the first and second vaccine is causing the aberration is something that we need to study very closely rather than come to a conclusion. It seems to be the same in the United States notwithstanding the fact that we have only 21 days gap between the first and second vaccine.
Sree Iyer: Sir, I have the numbers on the display now about vaccinations numbers, the number of doses and so on and so forth. There’s anything that you would like to add, please feel free to do so and then we can move on to markets.
Sridhar Chityala: No, I think that the one chart which is about which is showing about, if I’m correct, they are almost pretty close to that big 297 million marks. So 300 million, India will be the second country to cross after the United States. I exclude China. You can see that the first dose is almost close to 245 million and the second dose is lagging behind at 5.2 million or 5.1 million which is effectively 20% of the first dose. As I said, whether there is a mean time delay as a result of the duration, time will tell. The second chart which is showing that the active cases have come down to 643,000. 643,000 is slightly less than the state of California. California is about 1.68 million so you can take it as 67 million, you can take 643 as 30% or you can take it as slightly above 50%, whichever way you cut it. But just the dimension of the number and this number is important to me as we go into wave-3.
Sree Iyer: Let’s take a look at Markets. Stocks posted a tame session with all indices maintaining more or less Tuesday levels. Brent crude has stopped at $75 a barrel and it is very much in the sight of $100 a barrel. Now, sir, if I remember correctly, under the second stint of the Obama regime the Shale production acted as a safety wall. In 2014, early 2015, crude was at $142 a barrel and then once Shale production came on line crude plummeted to like $21. From $142 to $21, it was a steep fall. And after that, it is slowly making its way back up. Now the Biden Administration which is surprisingly opposite to what the Obama Administration did, has completely shut down the Keystone Pipeline, thereby affecting a lot of Shale production at least in the North and South Dakota areas. I don’t know what is happening in the Texas areas. But this is essentially being facilitated by the United States.
Sridhar Chityala: It is being facilitated by the United States just as the United States facilitated the plummeting of the price, which you rightly alluded to. From $142 it came down between $20 to $30 price range a barrel. We won’t go into all the strategic drivers right now. We’ll probably discuss it in a separate fireside chat or dedicated session, but I think $100 a barrel is very much within the sight. And the United States will go from a net exporter to a net importer. There is not going to be a time window such a rapid time window to have all these electronic vehicles and the electronic charging points, and all these migration and transition to happen. It could take five years to ten years. Japan is a very good example. So when people talk about inflation, people must recognize energy and food prices are not included in the inflation, but you will begin to see much gas or petrol or gas is used in industrial production as well. It is not just used in locomotives or the cars or the automobile industry. So the story is that you’re going to see prices going up in a lot of adjacent Industries as a result of these price hikes that are feeding into the system. So, $100 is very much on Target as we predicted. Inflation, what the FED is going to do, and the policies are going to dictate the price theory as we move forward.
Sree Iyer: With that, we bring to a close our today’s session. Sir, maybe you can touch upon NASDAQ’s rise and rise, and then we can call it a day today. And I have one closing thought, but please go ahead, sir, about NASDAQ.
Sridhar Chityala: NASDAQ is the buffer. It comprises Tech stocks. Whenever there are gyrations in the market, which is around the value stocks. Then people put the money into the growth. So Tech has acted as a hedge and the buffer and right throughout the pandemic, the stocks that grew were the Tech. Why? Because it is long term, it is disruptive, it is transformative, and take is the one which is consumed extensively as a transformative tool. Doesn’t matter whether it is more cloud services, more zoom services, more types of online shopping, online content consumption, online entertainment, etc. So there you see the money going towards the Tech in the infrastructure. Especially in the United States, the Tech stocks comprise of microprocessors, semiconductors, also comprised of all the infrastructure companies, of course, the socio and the Ad-tech companies, as well as the entertainment companies, which is one of the reasons why you have seen Disney go up quite dramatically. We presented Disney and Netflix as interesting charts. We saw Amazon making an acquisition of MGM. So these are the reasons why I see the NASDAQ pointing to an uptick in the market.
Sree Iyer: My last thoughts about this Administration. We have not done a complete breakdown or looked at what Biden has accomplished in his first hundred days. I’m hoping Sridharji and I will be able to do it very very soon. Now, if I look back at these hundred days, there were a couple of things that this Administration did that was very much not needed because those, in my opinion, are going to make the difference between the Democrats keeping their lead in Congress and Senate or at least on par in Senate and losing it in 2022. These two things would be, one is the unmitigated completely open borders without really checking even for Covid tests. And the other one is shutting down this pipeline without giving enough time for the US to get its breath because you now are going to see a lot more job losses, a lot more problems and I can tell you this Administration is going to be completely absorbed doing those things and I’m afraid the bad news is already in. Sir, your thoughts before we wrap up today’s program.
Sridhar Chityala: I think, I endorse your sentiments. We have covered a lot. So let me give both the positive and the negative side. The positive side is, these child credits, child welfare programs are much much needed, so I give them credit for that. The continuation of unemployment benefits to the extent of supporting long-term unemployment is very much needed. Moratorium to the students on the student loans was very much needed. The housing sector, which employs a large number of people keeping the interest rates, whether they did it or whether they worked with the Fed to make it happen, is again very much needed. Because if the economy needs to come out, what you call a recovery economy, then clearly the housing sector has to lead that effort. But there’s no doubt on the consumer consumption, the retail side of the business, the retail sales have been skyrocketing, more on the online side rather than offline. But online people have been retooling themselves as to how to use the in-store people into helping and facilitating online sales.
What has been the disaster? The disaster has been very clearly articulated by you. The Border surge is a disaster. The economic packages that they have put to support these border surges are outlandish. The unwarranted defunding of the police program is almost encouraging people to commit crimes. This unilateral grant of these unemployment benefits is creating a situation. People do not want to come back to work. They say this government keeps being money, so why should I go back to work? To me, they really need to look at that and say, we’ll give you an incentive of whatever $200 if you get back to work. But within three weeks we give you $60 a week or $180 a week or whatever number that makes sense, if you don’t go back to work then we will be cutting. So it’s not cut down the unemployment but cut down based on an incentive for people to go back to work. We can go on and on, on some of these election reforms, filibusters, racial theory, and the worst of everything are shutting down the gas pipelines and capacity, cutting down the future capacity, are sending a signal to the oil markets, you can raise the prices. We will be very glad to support you with that. And last but not least is lack of will to bring China to the court or to be accountable and punished for the greatest disaster in human history that they have created is very, very disappointing. The Biden Administration is not even commenting and talking about it rather than a lukewarm response. You can go back and study history. This is the greatest human disaster caused by one single country and inflicted without discrimination across the world.
Sree Iyer: Thank you very much, Sridharji. We’ll be back again, bright and early tomorrow. Namaskar.
Sridhar Chityala: Namaskar. Thank you and have a wonderful day.