Cryptocurrencies Must Die

AFTER the relentless hype about Bitcoin and other cryptocurrencies such as Ethereum, Solana, Dogecoin, LUNA, etc., for the last couple of years, we are now witnessing their complete meltdown. The hype was primarily driven by eye-popping increases in valuations of all the major cryptocurrencies. Bitcoin had gone from around USD 4,000 to USD 64,000, a sixteen fold increase, in 20 months. Other cryptocurrencies had even more ridiculous price increases in the same time period – Ethereum had a 50 fold increase, Solana 500 times, and LUNA had a 1,000 times increase.

Outcomes of the QUAD Meeting

THE month of May ended with a flurry of diplomatic activity from the US side in the Asia-Pacific region. Starting from US President Joe Biden, US administration officials made a beeline to our part of the world. Apart from his bilateral visits to Japan and Republic of Korea (RoK, South Korea), Biden’s time was occupied in meeting the leaders of Quad in Tokyo, launching a new initiative – the Indo-Pacific Economic Forum for Prosperity (IPEF). Given the war in Ukraine and NATO’s involvement, it is natural to be surprised with this high-level flurry of US activities in the region.

Neo-Liberalism and Anti-Inflationary Policy

CENTRAL banks all over the capitalist world are raising, or are about to raise, interest rates as a means of countering the currently rampant inflation, which is certain to push a world economy that is barely recovering from the effect of the pandemic, back towards stagnation and greater unemployment.Of course the Federal Reserve Board of the US which sets the standard in this respect for all other central banks, claims otherwise.

Karnataka: ‘Politics of Exclusion is Harmful’

K T JALEEL, former Kerala higher education minister, highlighted the importance of fighting communal ghettoisation and polarisation. “We should not allow India to be turned into a country like Pakistan. Secularism is India’s oxygen. Without secularism India ceases to exist,” he asserted. “Our nation is a secular country. India is inclusive of everyone. This tradition of secularism is what safeguards the Indian republic. India cannot progress if it segregates a community,” he added.

Fiscally Neutral UBI & Growing Corporate Tax Concessions: A Deceitful Paradox

THE “State of Inequality in India Report”, by the economic advisory council to the prime minister (EAC-PM), was released on May 18, 2022. The report prepared by the government body itself has highlighted that while the top 10 per cent of the Indian population accounts for one-third of all incomes earned, the income share of self-employed workers who are also the highest in number among the whole employed categories (45.78 per cent), happens to be the lowest.

EIGHT YEARS OF MODI REGIME: Relentless Attack on Democracy

THE BJP is conducting a fortnight campaign to celebrate the completion of eight years of the Modi government. The campaign seeks to highlight claims of the various achievements of the government regarding economic growth, infrastructure development, foodgrain production, social welfare schemes and foreign policy.

Assam: CPI(M) Delegation Visits Shalonabori Village

ON May 25, a delegation led by CPI(M) Assam state secretary Suprakash Talukdar, Central Committee Member Isfaqur Rahman and MLA Manoranjan Talukdar visited Shalonabori village at Batadrava area under Nagaon district to look into a case of alleged custodial death and police brutality.On May 20, Shafiqul Islam, a poor businessman and a resident of Shalonabori village, was arrested by the police on charges that are unclear. Later, the police reportedly demanded Rs 10,000 for releasing him and when that demand was not met, he was reportedly killed while in custody.

Karnataka Holds Women Agri-Workers Conference

The Karnataka Agricultural Workers Union held its Fourth Women Agricultural Workers Conference in Yadgir district which began with a rally and public meeting attended by thousands of women workers, on May 22. Presided over by state president Swamy Nityanand, it was inaugurated by CPI(M) Polit Bureau member Brinda Karat. Speakers included Agricultural Workers Union state secretary Chandrappa Hoskar and AIDWA leader, K Neela and others. A charter of demands including MNREGA workdays, minimum wages, equal wage for agricultural work and other demands were raised.

12th National Convention of Working Women: Intensify Struggles against Exploitation & Discrimination

THE 12th national convention of All India Coordination Committee of Working Women (CITU) held on 21-22 May 2022 at Ranjana Nirula Nagar, Nisha Roy- Shibani Sengupta Manch, Tagar Dey Hall (Binani Bhawan), Kolkata, West Bengal resolved to intensify struggles against the increasing exploitation and discrimination on women in general and working women in particular.On the occasion of the national convention, a public meeting was held on 20 May at Posta, Kolkata. The rally which was organised locally was attended by more than thousand working women and hundreds of local workers.

Supreme Court, Fiscal Federalism and GST

THE experience of GST during the past five years has been disappointing, to say the least. For four years, the IT backbone for its full implementation was not in place. Tax buoyancy has been far below expectations and with Covid the shortfalls have ballooned. Compensation payments were delayed and in arrears. And now as the compensation guarantee period is ending, most of the states are drifting to the brink of the precipice of sudden fall in revenue and inevitable fiscal crisis.

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