Big Buddha
Posted in women accessories on 08/30/2005 07:01 pm by adminBig Buddha
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![True Religion Title Buddha Patchwork Cap Hat $85 NWT Org No Crystal Version]](http://www.specialtybargains.com/images/e/300710361416_0.jpg)
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The Buddha Economy : Taking The Middle Path
Eastern cultures of Japan, China and India traditionally have been cultures that emphasize on Savings. How many times in India have you heard your grandparents and parents stress on Saving a good portion your hard earned money and investing it in an LIC policy (Jeevan Bima) or some Fixed deposit scheme to ensure that you have a good Savings for the future.
The Western states and particularly the United States has over the last few decades gathered the reputation of families living to a high degree on credit and debts. Average credit card debt per household with credit card in the U.S. is around $20,000 and the Total U.S. revolving debt (98 percent of which is made up of credit card debt) is estimated at $864.4 billion, as of January 2010. Many US families live paycheck to paycheck relying on their tax returns as a primary means of year end savings, which may be eventually used up in purchasing some coveted new electronics.
One tends to then wonder if the high savings rate of the eastern nations is traditionally a good thing and if it helps protect the nation's wealth against significant economic downturns.
Consider the Lost Decade of Japan in which Japan went through a similar crisis that the US is currently facing.
Just like the present US economic crisis, in Japan at the beginning of the 90s a combination of exceptionally high land values and exceptionally low interest rates briefly led to a position in which credit was both easily available and extremely cheap. This led to massive borrowing, the proceeds of which were invested mostly in domestic and foreign stocks and securities very similar to the Freddie and Fannie in the US. The Japanese Finance Ministry sharply raised interest rates in late 1989 abruptly terminated this bubble leading to a massive crash in the stock market. Japanese banks continued to keep injecting new funds into unprofitable "zombie firms" to keep them afloat, arguing that they were too big to fail. Thus economic expansion came to a total standstill in Japan during the 1990s.
Interestingly though the impact on everyday life was muted however due to the emphasis on Savings in the Japanese culture. This to a large extent cushioned the effects of the economic downturn, however note that the culture of Savings did not necessary prevent this economic downturn.
For a nations economy to be healthy currency must flow freely through it. Money needs to change hands and be free flowing. If the monies are locked up in Savings accounts and a large portion of the discretionary income is allocated to savings money does not freely circulate in the economy, leading again to economic stagnation.
Bottom line is that a high savings rate within a nation may be as detrimental to the economy as living on credit.
Just like the Buddha each nation needs to take the Middle path to ensure a Healthy and Growing economy which is resilient to economic downturn and also continues to grow by fostering GDP growth through Capital investment and by continuing to keeping currency "current", while keeping inflation in check.
India thus far has been able to maintain this Buddha Economy of focusing on Savings while continuing to spend a good portion of their discretionary income on consumer items and debt instruments. Continued investment in India by Multinationals and the rise in discretionary income will continue to fuel this growth. India is not affected by an Aging Population that is severely affecting growth in Japan or the declining dependency ration that China faces in the coming decades due to its one child policy. The emerging India is thus a nation that holds to its strong traditional values as a nation that saves wisely while embracing the western culture of consumer spending.
article by Prashant Ram
About the Author
Prashant Ram is a Senior IT Executive and Lead Business Analyst on Wall Street. He has over 10 years of diverse experience in IT consulting with extensive experience in Strategic IT Management , Business Development and Financial Trading systems. His Strategic IT initiatives include Organization Process improvement (including Six Sigma and CMM Level 5 practices). His Wall Street Experience and Expertise in Financial Trading Systems extends over diverse Trading Application including E-DAT/ECN Applications(NYSE and NASDAQ), Trading Algorithms and Online Trading Software.
He is the Author of various online resources with topics ranging from Financial Trading Systems, Project Management methodologies and Strategic Managements, to Emerging Ideas in Business Development for Global Organizations and India's continued growth as an economic power house in the next decade.
Prashant has an MBA from University of Massachusetts Dartmouth with specialization in Finance and a Masters in Computer Science (MS) also from the University of Massachusetts Dartmouth.
Why is Christianity not Big in the Middle East if it started there?
Like Islam and Judaism are, and they started their. Paganism is still big in India and China still believes in Buddha and all that.
But Christianity is very small in the Mid East. So why is Christianity like the only Religion that is not big where it started at?
On what unbiased authority do you base your assertion that the religions of India is Paganism? It is not Paganism, it is Hinduism, and it is an older religion than Christianity.
Christianity is not big in the Middle East because Islam came along and convinced the people there that it was a more viable religion than Christianity.
