Interesting TACs of the World (October 21 – October 27, 2024)

 

Summary – A top-down review of interesting calls and comments made last week in Treasuries, monetary policy, economics, stocks, bonds & commodities. TAC is our acronym for Tweets, Articles, & Clips – our basic inputs for this article.

Editor’s Note: In this series of articles, we include important or interesting Tweets, Articles, Video Clips with our comments. This is an article that expresses our personal opinions about comments made on Television, Tweeter, and in Print. It is NOT intended to provide any investment advice of any type whatsoever. No one should base any investing decisions or conclusions based on anything written in or inferred from this article. Macro Viewpoints & its affiliates expressly disclaim all liability in respect to actions taken based on any or all of the information in this article. Investing is a serious matter and all investment decisions should only be taken after a detailed discussion with your investment advisor and should be subject to your objectives, suitability requirements and risk tolerance.

 

1.Markets

First kudos to @MarkNewtonCMT for his call last week for a pullback & thanks to @SethCL for relaying it. Newton had called for a 5%-7% pullback thru mid-November. So much of this pullback is yet to come. But we did get a small correction early last week.

In contrast we have:

• J.C. Parets@allstarcharts – As the market has now fully priced in a second trump presidency, the S&P500 is about to enter the best 3 month period of the year: November – January. Here’s why that matters https://allstarcharts.com/2024-10-27/ignoring-seasonal-trends

What does our favorite short term guru say?

• Wayne Whaley@WayneWhaley1136 – THE OCT27-JAN27 S&P QUARTER WHEN ACCOMPANIED BY A STRONG TAILWIND
  • There’s a lot going on in the world and the upcoming Oct27-Jan27 Quarter will likely deviate from the norm as it does most years, however on avg, Oct27-Jan27 has historically been the best Quarter of the year, positive in 39 of the last 50 years for an avg 4.9% Quarterly gain. The S&P is currently up 41.06% over the last 12 months (Oct27-Oct27) which is the best Oct27-Oct27 since 1935 (42.45%) and begs the question as to whether such strength should impact our expectations for the upcoming traditionally strong Quarter.
  • Given that there aren’t a lot of +30% Type (Oct27-Oct27) years to compare to, it is difficult to draw a definitive conclusion, however, a summary of the results for past Oct27-Jan27 Quarters in those 27 years of the past 50 in which the trailing 12 months were up at least 10% is provided below for your viewing pleasure.
  • Note that the last seventeen Nov15-Dec7ths, dating back to 1972, have been positive. 
    Also worthy of note, all 15 of the following Oct27-Nov13 time frames were positive when preceded by a +20% trailing 12 months (highlighted in green). 

Having given kudos to short term negative Mark Newton, we now quote a longer term optimistic target from his colleague:

• Seth Golden@SethCL – Fundstrat’s Tom Lee: “Due in part to ongoing global labor shortage, Technology likely grows from 30% of market cap to 50%.” At 32%+, Information Technology sector has grown market cap weight 10% since 2022, and the highest weighting ever.” $SPX $SPY $QQQ $IWM $XLK $NVDA $AAPL $NDX

On the other hand,

• Richard Bernstein Advisors@RBAdvisors – Oct 25 – SPW/SPX correlation is the lowest in 30 years signaling a better opportunity to diversify than even the #Tech Bubble! Yet, all anyone wants to talk about is the #Mag7. Caution to the wind…

Now for a really out-of-consensus thought:

• Mike Zaccardi, CFA, CMT 🍖@MikeZaccardi – Oct 26 – $TLT following the seasonal pattern well. Setting up for a big Nov-Jan return?

 

If TLT delivers a big return, could semiconductors & especially $NVDIA be far behind?

• Larry Tentarelli, Blue Chip Daily@bluechipdaily – Oct 25 – $NVDA made new record highs this week, on a bullish chart that sets up for much higher. <I’m holding long here since May 2023>.

Check out Sections 2 & 3 below for new ideas & partnerships from NVDIA. 

Now to a big story that has paled somewhat:

• jeroen blokland@jsblokland – Crazy stat! #China’s Money Supply is double that of the United States. And now China will create even more ‘MONEY.‘ My latest blog on how Chinese #liquidity will lift many boats! https://jeroenblokland.substack.com/p/chinese-super-printer

And a look back to the big crisis in EM:

• Bespoke@bespokeinvest – The only other time since 1990 when the Dollar Index traded higher from the open to close 18 times in 20 days was during the 1997 Asian Currency crisis. Remember when the Thai baht was the most important indicator for global markets?

Now we move to discussions in some depth:

2. Jensen Huang & his zeal in expanding familiarity of AI 

Yes, we understand that NVIDIA is one company in AI & it is quite likely that we don’t know the big thoughts of other highly successful AI pioneers. But we have not seen these other pioneers demonstrate the zeal that Jensen Huang is demonstrating & the plans he is talking about. Nor have we seen any of the other AI entities build such a public presence in a large software provider economy like India. 

One non-tech example is the clip below in which Jensen Huang greets Bollywood actor-producer Akshay Kumar. Both are martial artists whose children are also proficient in martial arts. But why would Jensen Huang spend a portion of his public address with a Bollywood actor in a discussion of AI & NVDIA’s role in it? We can’t think of many CEOs who would do so. That shows to us Mr. Huang’s missionary zeal in using AI & its promise to make NVIDIA a household name in a large country like India.

And, as it happens, Akshay Kumar asked him to point out “something that AI cannot copy from humans; something what humans can do but AI can’t do“. Jensen broadened his answer to address the one huge fear about AI making humans, especially workers, redundant creating unemployment. Watch the clip.

Over 95% of Indian programmers & knowledge workers know who Akshay Kumar is, in our opinion. And by a simple friendly human conversation, Jensen has established the identity of AI in this huge crowd. As we said, we can’t think of any other AI CEO who is focused on making his/her brand so familiar in a likable way. 

By the way, Akshay Kumar came out of a middle class background; he was working in a gym teaching exercise to clients. A Bollywood talent spotter asked him if he would like to try out for a film role. Akshay said yes & his career moved up in a series of hits. Below is one of his early hits, a favorite of ours.

Yes, even though “guys just wanna have fun” as the song says, the motorbike riding shown below is not suitable for any one except professional riders.  This 2006 film is actually a gentle love story of a couple who accidentally meet in Canada with the eventual Bollywood result. 

 

The above presentation of Jensen brings us to the partnership he is building in India with some one who really thinks Big & has actually done some very Big things. 

3. Jensen with Mukesh – Two who think & accomplish BIG

About 7 years ago, Mukesh Ambani launched his ultra cheap cell phone Jio to make it reachable to just about every single Indian. And the cheap price also included a sizable data platform. As we recall, most ridiculed this idea because at that time Cell phones were deemed mainly for the rich. As just about everyone now knows, Jio & Reliance Infocomm became a huge success & ended up launching many platforms. 

Larry Fink of BlackRock recently said on CNBC a few weeks ago that BlackRock is discussing a joint venture with Jio Financial in the area of Long Range Retirement Planning in India. Facebook & Google are also involved with Jio in different ways. 

And going back about 25 years, Reliance built the huge refinery at Jamnagar in Gujarat that is now the largest refinery in the world. As we said, Mukesh thinks big and achieves Big results. As he said in the clip below,

• “Jio has gone from 158th in the world to number 1 in the world; … today we are the largest data compute in the world… our volumes are equal to AT&T, TMobile & Verizon combined... data costs $5 a Gb in US, $3.5 in Europe; in India Jio delivers data at 15 cents a Gb… “
• “… we are building infrastructure for 1 gigawatt which can be expanded to multiple gigawatts at one location; we already have Green Power; so we are not dependent on anybody else for power; we are building this so that we can scale it up … to multiple orders of magnitude ... “. 

Now think what is already built up & ready in India – Huge energy infrastructure; a massive data base of customer data via cell phones used by the massive population of India;  a very large base of computer programmers & computer training installations. That means, as Jensen Huang said in the clip below, India already has the Fly Wheel. 

Now is the time to elevate the computer & data technology to an intelligence technology that has the potential to elevate the entire population of India to a new intelligence age in which intelligence can be applied in a practical way, as Jensen & Mukesh say in the clip below:

• “We are announcing that Reliance & NVDIA are partnering to build AI infrastructure here in India”

Hear again what Mukesh says in the clip below:

• ”.. we are looking forward to be & have a development center where we can take NVDIA tools & train hundreds of thousands of developers in India to use all the enterprise tools, to use all the omniverse tools so that we can really apply in a practical way … this is just the starting of this intelligence age … it is a multi-decade journey”

Think what a huge opportunity this is for NVDIA. As AI becomes more usable & widespread, not only will the basic AI business expand BUT the company that will benefit the most will be the one whose AI tools are used by the majority of companies & users who will be trained to do so by an army of trained technicians. With a large army of trained professionals ready to implement & train on NVDIA tools, wouldn’t NVDIA benefit first & most?

And how will this benefit India? As Jensen said in the clip below:

• “… this is an extraordinary time for the world & this is an extraordinary opportunity for India to have precisely the conditions that such a large population & a large industry of computer scientists at a time when the computer industry is going to become the intelligence industry leveraging on everything that you know & your indigenous advantage of enormous amount of data, a large population of consumers to drive that flywheel of intelligence to data, data to intelligence & have the national will to do something about it ” 

And look what Mukesh Ambani said in the clip below:

• “I can assure you, like we did in data, a few years from now, we will surprise the world with what India & Indians can achieve in the intelligence market“. 

 

 

So ask yourselves, are we in an equivalent of the 1999 bubble or are we at a breakout point a la 1995?

Now going a bit backwards in technological capability, look what Germany announced last week – Germany to offer 90,000 skilled visas for Indians each year amid crisis. The previous limit was 20,000 visas per year. So the new limit is 450% higher per year. Another way to look at this increase is that “..  Currently there are over 200,000 people of Indian origin living in Germany …. in fields like medicine, technology, engineering and business .. “. So 90,000 visas per year means potential annual growth of 45% of the Indian Diaspora in Germany.  Watch Annalena Baerbock, Germany’s minister for foreign affairs, explain , during her visit this week to India, the why & what  red tape had to be cut to facilitate the new “skilled visas”:

 

4. “China’s Gift to India in 2020” now paying huge dividends? Thx to Putin &/or Canada + US State Dept?

The pre-last week crisis between China & India began roughly on June 15, 2020 with a clash between Chinese & Indian troops in the Galwan region in Ladakh. Those who need a refresher should begin with our article dated June 20, 2020 titled Galwan-Pangong – Back to 1962 War Capture; So Just a Beginning?

That intrusion by China was described by some on Indian TV this week as “China’s gift to India“. That clash resulted in more Chinese soldiers dying than Indian soldiers & that was the end of hostilities. What remained was the occupation of Indian territory by Chinese Army. Why was it a gift to India & Indian military? 

Because India went into an overdrive to build up its military infrastructure along the entire 3,600 km long India-China line of control.  Simultaneously, India made it clear to China, both privately & publicly, that there will be no more business developments with China UNTIL Chinese army RETURNS to its pre-2020 positions & there is peace across the entire line of control. India was then reminded that China has never retreated from any territory occupied by China. But India remained adamant.

China tried to tempt India in February 2024 into a discussion drive via a conversation between foreign minister Wang Ye & JaiShankar. Based on this conversation, a meeting between the two militaries took place on February 24, 2024. That meeting was a failure. So, as we described in Section 4 of our article dated March 17, 2024, India’s response was seen in the following steps Indian Military took (described Section 4.5 in the same March 17, 2024 article):

• last week’s addition of 10,000 combat-ready forces to a specific small section of the line of control within 50 minutes of Tibet’s Ngari Prefecture, occupied by China, 
• activation of the Sela Tunnel to enable Indian forces to move combat troops to Tawang at the Arunachal border,
• the public commissioning of the Seahawk choppers & the naval exercise with 2 aircraft carriers near Chinese-friendly assets in the Indian Ocean,
• the public test of MIRV-ed Agni-5 missile, that has been tested already without fanfare, and which can reach every part of China,
• the 3-services military exercise near the NaPakistan border. 

This tense situation persisted because Chinese President Xi Jin Ping was NOT at all willing to signal weakness by retreating from the territory that had occupied since June 2020. And India equally clearly sent a message that a war started by China might go wrong for China & that there will be no business relations with China UNTIL China retreated to the pre-2020 line of control. 

Remember the elections in India were just 2 months away at that time &, perhaps, China wanted to wait hoping that PM Modi might lose his electoral majority in June 2024 & China would get the same old pusillanimous government in India that they had browbeaten for decades before Modi. 

Fast forward to this month & notice that India’s position is now much stronger vis-a-vis China than it was in March-April 2024. PM Modi is firmly in control, Indian military has & continues to build its offensive capabilities vs. China AND India’s economic growth is firmly entrenched as the strongest in the world. 

Conversely, China has been forced to embark on a massive stimulus to reawaken Chinese financial markets & economy. After a big initial boost, the Chinese markets & economy have NOT reached the level they expected. And the doomsday predictions about China’s economic future continue among the global strategist community. Witness this week’s piece by Peter Zeihan titled China Faces Deflation as Economy Stutters

 

Zeihan’s final point is:

• “ … the question is whether they can some up with enough policy creativity to something new & its … since Chairman Xi has basically gutted its entire system of all decision makers but himself; … I don’t think the chances of that are very high“

Clearly such views have to be quietly voiced within the leadership of China’s ruling party & that cannot be a non-negative for President Xi. Even Xi has to wonder privately whether it makes sense to keep closed the door to the world’s fastest growing economy next door with whom China could easily share a mutually symbiotic relationship. On the other hand, how could Xi explain to his people why he retreated to the pre-2020 border vacating the land occupied by the PLA,, something China has never done in its modern history? 

And also ahead lay the huge risk of the US election in which both sides were unequivocally anti-China. Xi knows what candidate Trump has declared he would do AND he knows that candidate Harris would be forced to maintain the anti-China policies of the Biden-Harris team. 

Into this stepped President Putin of Russia who has a high stake in normalization of the China-India economic relationship. Clearly a non-unfriendly & possibly a co-operative China-India relationship brings more growth & power to Russia. It also solved the thorny problem of where Xi Jin Ping and Narendra Modi would meet to shake hands. Going to India would be somewhat negative to Xi & going to China would be somewhat negative for Modi. So how about the BRICS Summit in Russia?

• Velina Tchakarova@vtchakarova – Putin is the geopolitical glue between Xi Jinping and Modi for the two Asian giants to manage their strategic rivalry with pragmatism while avoiding big escalation. #RIC #BRICS2024 #geopolitics

What is the reaction of the Chinese people? Below is one sensible message we saw on X:

• Caveat Lector@cozyduke_apt29 – A commentary by 1002 Shenme, a known anti-India activist on Weibo since 2021: 
  • “For the past four & a half years, India has unilaterally set conditions. Our country has steadfastly refused, but now we have largely agreed to India’s demands.”
• Another comment on QQ, an instant messaging, software service and web portal went like this:
  • “China and India signed an agreement on the border issue, removing the ‘biggest stumbling block’ to restoring relations. Four years after refusing, we acceded to India’s demand. Whether this demand is fully fulfilled or not, whether we have imposed additional conditions, the result is that we will evacuate our outposts in these two areas, as India wishes.”

China’s Netizens Acknowledge Border Deal, Fault India, And A Veiled Warning

In contrast, look what Geopolitical Analyst Michael Kugelman, a long-time pro Napakistan writer, posted on X:

• Michael Kugelman@MichaelKugelman – BRICS is evolving and expanding, and capitalizing on growing global dissatisfaction with the West. “Ironically, India–perhaps the most Western-oriented BRICS member–is one of the biggest beneficiaries. My new analysis for @BBCIndia – “https://www.bbc.com/news/articles/cly2verz8ggo“
  • India enjoys deep ties with most new Brics members. Egypt is a growing trade and security partner in the Middle East. The UAE (along with Saudi Arabia, which has been offered Brics membership but hasn’t yet formally joined) is one of India’s most important partners overall. India’s relationship with Ethiopia is one of its longest and closest in Africa.
  • Brics’ original members continue to offer important benefits for India too.
  • Delhi can leverage Brics to signal its continued commitment to close friend Russia, despite Western efforts to isolate it. And working with rival China in Brics helps India in its slow, cautious effort to ease tensions with Beijing, especially on the heels of a border patrolling deal announced by Delhi on the eve of the summit. 
  • Additionally, Brics enables India to advance its core foreign policy principle of strategic autonomy, whereby it aims to balance relations with a wide spectrum of geopolitical players, without formally allying with any of them.
  • Delhi has important partnerships, both bilateral and multilateral, inside and outside the West. In that sense, its presence in an increasingly robust Brics and relations with its members can be balanced with its participation in a revitalised Indo-Pacific Quad and its strong ties with the US and other Western powers.
  • More broadly, Brics’ priorities are India’s priorities.

And let us not forget that the India-China deal provides a huge relief to Putin who escapes being trapped into a, at least perceived, subordinate to China role. And thanks to his visits to Russia & Ukraine & his hugs with both Putin & Zelensky, PM Modi is viewed as the best intermediator for peace discussions between Russia & Ukraine.  

Who knows PM Modi might invite the 47th US President, President Putin as Co-Chief Guests with President Zelensky as Honored Guest of the 2025 Republic Day parade in India! Of course, that would only be possible with a peace deal to be signed in New Delhi that stops that destructive war. Wouldn’t New Delhi be a fair neutral ground for that deal as Russia was the fair neutral ground for the China-India deal? 

We have deliberately chosen to NOT discuss the BRICS Summit & its new Payment System in this already long article. The real ramifications of the BRICS & the even newer Global South have not even been brought up in US media, let alone be understood. 

 

5. Contrast between Bloomberg & CNBC

Those who read our above sections about Jensen Huang & India should try to spend a minute or so listening to the utterly stupid & near zero-content clip on Sara Eisen’s show with a “wow, Jensen in India!” type exclamation last week. We usually find Ms. Eisen to be more circumspect & careful about the crap she allows on the shows she anchors. But this lack of smarts or even the lack of basic detail seemed pathetic for CNBC, let alone the more detailed Bloomberg. This is also true in general about commentary about India on CNBC Asia shows as compared to Bloomberg Asia shows. 

And CNBC on-air “talent” shows no ability to change their views as facts change on the ground. At least one anchor at Bloomberg seems different. Witness what we wrote about Bloomberg’s Haslinda Amin as recently as March 31, 2024:

• “For a succinct view about the relative attractiveness of China & India, watch & listen to the 2;47 minute clip below of Neeraj Seth, BlackRock’s CIO & Head of APAC. He is being questioned by Bloomberg’s Haslinda Amin, whom we respect for the longevity & intensity of her negative views of India. Her negativity is what makes her beneficial to listeners like us.”

But Ms. Amin was the rare anchor who brought us realistic & positive analysis of the results of the June 2024 election in India. Look what we wrote in our election coverage:

• “We would like to express our thanks to Haslinda Amin & her colleagues at Bloomberg TV for the help they provided this week to simple minds like us. We also wish CNBC would just let Tim Seymour be the voice of CNBC re market events in India.”

Witness also Ms. Amin’s detailed coverage of the Rise of India’s Private Space Firms posted on October 17, 2024:

 

Now witness the interaction between Bloomberg on-air “talent” about Germany signing the deal with India about “skilled visas”. We thoroughly enjoyed this frank intra-Bloomberg interaction between Anna Edwards in UK (with her why now question), Kriti Gupta (Kriti – what a horrific & wrong Brit-servile spelling!) and an honestly upset but stupid attack by Lizzy Burden (UK) on Sudhi Ranjan Sen (New Delhi) who answered correctly but politely (Bloomberg should send him for a quick lesson in hard TV-response from CNBC’s Joe Kernen). 

We don’t blame Suddhi Ranjan Sen for being somewhat diffident in his replies. After all, Bloomberg.com is run by an ex-Economist editor which is probably the most bigoted & negative outfit there is.  See how gentle we are in describing the Economist people!  

We have long maintained that the endemic problems in US Foreign Policy began with the passing of the Great FDR. That led to an uninformed & un-interested President Truman who got the British establishment to help his administration to handle the new Global responsibility he had inherited. 

That brings us to:

6. Churchill and or vs. Hitler

Sanjeev Sanyal was the Global Strategist & Managing Director of Deutsche Bank until he resigned in 2015 to join the PMO (Prime Minister’s Office) of the newly elected Prime Minister Modi. We urge all Bloomberg & CNBC people to watch his longish clip below that “delves deeply into how agencies, funded by George Soros, Rockefeller Foundation and Ford Foundation, influence politics and policy in India and other parts of the world“.

When you hear him, you will realize why the BRICS step is just first step in India Inc.’s dismantling of the western apparatus that spews distorted & often false propaganda about India. You will also realize how & why US TV networks & Newspapers are seeing their presence eroded in India. This will make it increasingly difficult for CEOs of Disney, Comcast & other networks to try for a share of the non-network business in India. As we said, listen to Mr. Sanyal below. 

Now focus on what he says at about minute 19:17 above:

• “was Churchill a demogogue or not? Seen as a Bengali, I don’t see him particularly differently than from how the Jews see Adolf Hitler” 

This would sound terrible to any unread & non-knowledgeable reader. But that is because they are ignorant of the historical facts. The analogy between the treatment of Jews in Hitler’s empire & the treatment of Indians & Africans in British empire was first made by the Great FDR as he refused to help Britain & Churchill unless they signed the Atlantic Charter, as you can read below.  

In fact, Hitler said publicly in 1932 that he got the inspiration & ideas about his treatment of Jews from the British treatment of Hindus. Anyone with about 10 minutes to spare should read our July 16, 2011 article titled Hitler & Churchill as Birds of a Similar Feather? Below are a few quoted attributed to Hitler & Churchill in Churchill’s Secret War, a published book authored by a Guggenheim fellow. 

Quotes of Hitler from Churchill’s Secret War:

• According to Hitler, if anyone had asked Lord Robert Clive by what right he had seized the riches of Bengal, he would have replied, “I am an Englishman!”. Racial superiority entitled the British to the possession of India, Hitler informed a student body in Munich…..
• The English, in particular, had achieved a “wonderful marriage of economic conquest with political domination
• The Russian space is our India.” Hitler elaborated. “Like the English, we shall rule this empire with a handful of men.”⁸

Quotes of & about Churchill from Churchill’s Secret War:

• Churchill exclaimed, “I hate Indians. They are a beastly people with a beastly religion.”⁵⁶ – 
• According to Amery, the next day he “went off the deep end in a state of frantic passion on the whole subject…….India by the beastliest people in the world next to the Germans … “Winston, after a preliminary flourish on Indians breeding like rabbits…….asked Leathers for his view.”³⁸ 
• More often that not the small, brown, fangless, and numberless Indians whom the frail old pacifist personified brought to Churchill’s mind a prey species. 
• Back in London, Churchill told his private secretary that “the Hindus were a foul race ‘protected by their mere pullulation (rapid breeding) from the doom that is their due (that being annihilation of all Hindus)

To get back to Mr. Sanyal, it is one thing to ignore what we had quoted or what one author had written with quotes from British diaries & publications. It is another thing to ignore the truth expressed by a Distinguished former Strategist and a prominent voice in the Indian Cabinet. Also note that the BRICS grouping of nations are quite likely to take up the issues of Europe’s colonial history & view Churchill as similar to Hitler. 

In this context, weirdly Germany is the sole European power that has the least colonial blood on its hands while Britain is the ultimate king of colonial massacres. In fact, some authors point out that Churchill’s Britain killed more Indians in 1942 than Hitler killed Jews during his entire reign. And the total number of Indians murdered in Britain 200-year history in India runs into figures as high as over 100 million.  

The real question is whether USA will dis-associate America from the British-NAZI colonial evils or continue to profess kinship between USA & UK-led colonial monsters? Where would a new & fair Values-based foreign policy lean?

In case you wonder where the Great FDR would have stood, we suggest that you read FDR’s beloved Atlantic Charter to get the answer. And do not forget that Winston Churchill only agreed to sign the Atlantic Charter under severe duress from FDR. And Churchill tore it up after FDR’s death. In this context, Churchill was actually worse than Hitler who died for his NAZI beliefs while Churchill hid them to protect his Brit-NAZI Empire. 

Those who doubt the enormous gulf between FDR & Churchill about The Atlantic Charter should read pages 30, 37 & 39 of FDR at War , 1941-1942 The Mantle of Command:

• “… the war that Winston Churchill was seeking – a war that preserved Britain’s colonial empire , while smashing Hitler and Hiroshito’s empires – was not what President Roosevelt saw in America’s tea leaves”  – page 30
• “Twentieth-century methods involve bringing industry to these colonies. Twentieth-century methods include increasing the wealth of a people by increasing their standard of living, by educating them, by bringing them sanitation – making sure that they get a return for the raw wealth of their community.” – FDR’s statement to Churchill = page 37
• “I can’t believe that we can fight a war against fascist slavery, and at the same time not work to free people all over the world from a backward colonial policy” – FDR on page 37
• “The Atlantic Charter … was a historic document: declaration in the great tradition of the American Bill of Rights, guaranteeing the rights of all nations – including British colonies – to Self-Determination, not conquest by rule of force. If the United States were to go to war, it would this time be for a noble cause.” – FDR views – page 39

This is also the essence of the Vishva-Mitra goal enunciated by PM Modi for Indian foreign policy, friend (Mitra) to the world (Vishva). This may not be the goal of BRICS; it is certainly against the core imperialism of President Xi. But it may become the center of the Global South that may either be adopted by a new UN Or the current UN might be broken into Global South & the new imperialists. 

In this context, the best American offense & defense against BRICS would be to return to FDR’s values & support the Global South, an effort that can truly bring America & India together in contrast to today’s approach of USA & UK celebrating UK’s enormous crimes. 

 

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