Thursday, October 2

Jobless Recovery

Alan Kohler points out that even when the market is recovering in developed nations it is not creating any jobs for the localites. His cries"Australia will become a nation of salespeople, waiters and - one sincerely hopes - journalists. The Mumbai Morning Herald, anyone?". Why these concerns were not developed countries become the grand father of the third world and try to dominate and be bullish on them. Dear Alan we feel the same when things like turmeric and basmati rice get patents.
    Blame India for that jobless recovery - "It is mostly a labour cost arbitrage play. An Indian PhD costs less than $US10,000 a year - 80 per cent below the starting salary of a similarly qualified person in the US. Indian universities are producing 2 million graduates a year, all of whom can speak perfect English."