India is very different from the US.

Commenting on a previous post one Mr Sharma has expressed anger that S&P downgrades India's credit rating while keeping that of the US intact when the US has so much debt. The S&P did downgrade the US from AAA to AA+ on 5 August, 2011 for which its chief Deven Sharma had to resign. But India and the US are totally different. India has one billion people while the US has just 300 million with 3 times the amount of land. The dollar is the world's reserve currency which only the US can print. When the subprime crisis exploded the Obama government instituted a program called Troubled Asset Relief Program which distributed $700 billion to US and foreign banks to recapitalise them. General Motors, which was emerging from Chapter 11 bankruptcy, received $25 billion. Today General Motors is again the world's largest auto maker and is making profits. In 2008 the Federal Reserve bought $600 billion of Mortgage Backed Securities and in 2010 it bought $600 billion worth of Treasury Securities to increase liquidity in the market. This was called Quantitative Easing. India's total foreign exchange reserve is a mere $280 billion. Increasing money supply should cause the dollar to weaken and inflation to rise but inflation in the US is below 3% unlike over 10% in India. Countries such as China, Korea and Thailand buy up dollars to keep their own currencies weak so as remain competitive in exporting their goods. The RBI should never have allowed the rupee to strengthen to 42 to the dollar and, instead, should have bought dollars to keep the rupee at around 48. This would have increased our dollar reserves. The US has strong institutions headed by independent people. Federal Reserve chairman, Ben Bernanke used to be an economics professor at Princeton University. Our lot are civil servants, who are the most corrupt in the world, appointed by politicians to do their bidding. The US has the world's top education institutions which are independent of politicians. Harvard has an endowment fund of $30 billion while Yale has $20 billion. Here first Ramadoss tried to destroy AIIMS and now Sibal is trying to destroy the IITs. That is why the US has Google, Apple and Facebook while we have to do with " jugaad ". Because our politicians are trash they cannot tolerate excellence. The US has a strong legal system. John Edwards, a presidential candidate in 2004, barely escaped prison for misuse of campaign funds. They have District Attorneys who are elected and are free to investigate anyone. Here convicted murderer Manu Sharma was allowed out on parole to attend a wedding and that putrid slime, Rathore got a derisory 6 months for pedophilia. Freedom of speech is enshrined in the US constitution so people can and do question their politicians. Here the scum are constantly trying to censor the internet, cartoons and any criticism. RTI activists are being murdered regularly. Criminals love secrecy to hide their crimes. The US is not a paradise. Guns kill 16000 every year yet no one can ban guns. The US has carried out more genocides than any other nation. Yet Indians risk their lives to emigrate to the US. How many Americans want to emigrate to India?