www.outlookindia.com UMA SHASHIKANT

Imagine an information exchange into which all requirements for all imaginable goods and services are stored and available to all those who care to access it.

The world which we live in is a boring world of sequence. We study, then get a job; work and then get paid; pay taxes and then spend; spend and then save; save and then acquire assets. Think about it—the speed of this sequence is at the root of all costs, wastages and inefficiencies. If we enhanced its speed and also found out ways to parallel processing, what will happen to our abilities to earn and spend and save? What if we decide to ride technology and put this sequence on a fast track or better still, break this sequence and indulge in simultaneous processing of an infinite set of information?

Imagine an information exchange into which all requirements for all imaginable goods and services are stored and available to all those who care to access it. Imagine an encrypted electronic card that identifies you with your fingerprint—dna if you care—and automatically credits you when you earn and debits you when you spend. Imagine a world of totally anonymous dealings in money for you, no one knowing what you earn and spend. Imagine a world without currency notes. Imagine a world without transaction costs, income-taxes and inflation. That is the power of enabling a costless exchange for goods and services that spreads across the world.

That’s the future of money.

We have a positive rate of inflation today because we have to store purchasing power. We have to print currency that actually earns nothing to support all exchanges in the system. If all storage is in the form of deployed wealth and all spends are in the form of e-transfers, we need no currency. If all money in a system is "working", there’s no need for idle cash and inflation is zero.

We have transaction costs now as we think an intermediary can help us execute our deal. We pay the broker to get us accommodation in a new town. The broker’s cost has to come down if he looked at larger sets of customers and if the speed of matching a deal moves up. Information is the key to reducing transaction costs. What an information exchange that links to a system for wealth transfer will achieve is a higher velocity of money. If money and its uses ran a little more for all of us, we will do so much more with the same money. That’s the key to efficient use of money, which technology will help us get.

The best part of this dream is yet to begin. If an information exchange puts our earnings on fast track, can derivatives be far behind? There will be a near-explosion of futures and options on the information space—along with zillion exotics. You can use the credits your kid daughter gets for her birthday to buy ‘medicine futures’ in New Zealand. If she didn’t care for it, she would swap it for ‘creative photography’ in Venezuela—swaptions, which give her the option to swap the two, provided the national income futures of the two countries of study move the way she expected. The power of efficient exchange will be upon us and we could zip along costlessly exercising our options. Most illiquid assets will become liquid and our bankers will be busy managing our asset transactions and values for us, rather than staidly verifying signatures and passing cheques.

The icing on the cake is zero tax. Sitting in Mauritius, you, an Indian citizen, designed an aircraft that will be sold by the US to Zimbabwe for use in its project at Beijing. Your payments will flow into your accounts at Bahrain and Mumbai. Where was your income earned and where will it be taxed? The future of money, as I see it, will annoy governments no end. Current-day restrictions on encryption technologies is a well-known response to this "loss of control". Governments love to peep into our transactions. If all assets and transactions are electronic, tracking them is so easy. Governments may offer to actually file your tax returns for you, since they know all!

But the danger actually is in the intrusion into financial privacy, which democracies will refuse to suffer. The best-case scenario, then, is the total lack of control and the end of sovereignty. Income-tax has to go and we all will pay 0.01 paise on every rupee spent—and that would be more than enough for the government. Then government is a direct stake-holder in the speed of our information exchange, transfer of credit and velocity of money. Plus, communities will begin to create their own money and before we know it, there would be parallel money systems all over the world.

This is part of a future that’s already happened. Smart cards that enable an e-purse and also store a wealth of information have been around for a while. There are at least 1,500 private currency systems in the world, including Ithaca, which operates right under the nose of the world’s financial capital, New York. Everyone in the network logs in or draws out "Ithaca hours"—each equivalent to $10, for goods and services sold or bought. All earnings and spends are adjusted against the Ithaca hours and communities have discovered higher efficiency and harmony.

We’re on our way to creating our own money, storing and using it the way we like and doing all this with greater efficiency, zero tax, lower cost and with immense benefits. Walter Wriston, the former chairman of Citibank, had famously said, "Information about money has become almost as important as money itself." Indeed!

(The author is head, training and development, at Prudential icici Asset Management Co.)

www.wisinfo.com Posted Mar. 08, 2003 By John Dipko Gannett Wisconsin Newspapers

MADISON — Concern about rising gas prices has sparked a three-state request to look at whether fuel wholesalers and retailers are cashing in on tensions in the Middle East.

Wisconsin Atty. Gen. Peg Lautenschlager and her counterparts in Iowa and Illinois asked the Federal Trade Commission in writing Friday to study whether wholesalers or retailers are raising prices to record highs to take advantage of the situation in Iraq.

The letter to FTC Chairman Timothy Muris notes the American Automobile Association has accused some wholesalers or retailers of coming dangerously close to price gouging.

“I am urging the FTC to take action now to protect Wisconsin consumers,” Lautenschlager said. “While there are complicated factors driving the cost of gasoline, we must draw a clear line between free market fluctuations and out-and-out price-gouging at the pump, which we will not tolerate.”

Gas prices in the Fox Valley average about $1.75 per gallon of regular unleaded.

But Robert Bartlett, president of the Petroleum Marketers Association of Wisconsin, said it appears Lautenschlager’s advisers are unaware of fundamental market forces.

Bartlett said crude oil prices were $36.76 a barrel at the end of February, which is $14.39 more than the $22.37-per-barrel price a year earlier. Tensions in the Middle East and strikes in Venezuela have sent crude oil prices skyrocketing, he said.

“Retailers, just like consumers, are taking it on the chin right now,” Bartlett said. “Many retailers are reporting to me that they’re having a record unprofitable year, and many small retailers are financially very distressed at this point. So we resent any notion being promoted that implies Wisconsin retailers are taking advantage of consumers.”

John Dipko writes for the Green Bay Press-Gazette.

www.qctimes.com Last Updated: 2:27 am, Saturday, March 8th, 2003 By By Times Staff and wire services . The attorneys general of Wisconsin, Iowa and Illinois on Friday all but accused gasoline wholesalers or retailers of possible price gouging “taking advantage of the situation in Iraq by unjustifiably raising prices.” . “Suppliers and retailers should know that we are watching when it comes to protecting consumers at the pump,” Illinois Attorney General Lisa Madigan said. “Many factors affect the very volatile prices of gasoline, however, Illinois will act aggressively should companies cross the line that separates market forces from outrageous profits.

In a letter sent Friday to Federal Trade Commission Chairman Timothy Muris, Madigan, Iowa Attorney General Tom Miller and Wisconsin Attorney General Peg Lautenschlager said the American Automobile Association has said that companies are coming dangerously close to price gouging and has urged those companies to exercise restraint in the coming months. . They urged Muris to examine those markets and asked the agency to help determine whether there are any “price patterns not readily explainable by current market conditions or if the current market conditions are potentially being used as a ‘cover’ for collusive pricing.” . “We also will be vigilant for any signs of illegal collusion among retailers in our own states,” their letter states to Muris. “We have taken legal action in the past and certainly will do so again if there is any sign of such anti-competitive practices.” . In the Iowa Quad-Cities, a gallon of regular unleaded gasoline was selling Friday for an average price of $1.65, according to a report issued by AAA and the Oil Price Information Service, or OPIS. Mid-grade was selling for $1.74 and premium was going for $1.82. . But many factors figure into the much higher prices today. . A year ago — before the national strike in Venezuela cut that OPEC country’s oil production to a trickle; before war fears with Iraq; low U.S. stocks of crude oil and gasoline, and before a spike in natural gas prices that refineries use to run their operations. . The U.S. Department of Energy, or DOE, has said that despite rising prices, demand for gasoline continues to rise. The annual increase currently is at a rate of 2 percent. . Half of the more than 17 million barrels of oil used by the U.S. daily goes to gasoline, while another 25 percent goes to make diesel and jet fuels to transport products and people, according to the DOE. . Many parts of the country already have been paying $2 or more at the pump for a gallon of gasoline. Prices increased nationally this week to an average of $1.68, 54 cents higher than a year ago. The $1.76 a gallon average nationally forecast for April would be a nickel more per gallon that the record high of $1.71 set in May 2001, according to the Energy Information Administration, or EIA. . Even so, the EIA said those prices are a bargain compared to prices in 1981 if inflation were factored in. Using today’s dollar, drivers were paying the equivalent of $2.90 a gallon in March 1981, EIA officials said. . In 2001, then-Illinois Attorney General Jim Ryan cited dozens of gasoline stations, including some in the Quad-City region, with price gouging on Sept. 11, 2001, after terrorists attacked the United States. . He said at the time that people were charged prices of $4 to $5 per gallon Sept. 11. He called the price increases “unconscionable.” . The city desk can be contacted at (563) 383-2245 or newsroom@qctimes.com.

INTERESANTE MENSAJE DE JHONY QUIROZ

Hola a todos, les mando este mensaje de un abuelo muy conocido por nosotros . JHONY QUIROS el de la cancion Caracas espero que se acuerden, solo lleva minutos, de verdad es bueno leerlo, MUY INTERESANTE SU PLANTEAMIENTO.

Mensaje del compositor Johny Quiros

Abuelos y abuelas de Venezuela:

Soy un bisabuelo que camina escudriñando el suelo por el peso de 80 inviernos que llevo encima. Que muero de sufrimiento al ver que mi familia emigra y se desintegra huyendo de la dictadura que se avecina; que llora de indignación frente al televisor, cada vez que miro ese cuadro que protagoniza un salvaje corpulento, disfrazado de guardia nacional, lanzando de cabeza contra el pavimento a una frágil e indefensa dama.

Soy compositor musical, y, como tal, romántico y sentimental.

El presidente Chávez no había nacido aún, cuando yo me había declarado fervoroso Bolivariano --sin fines de lucro-- con mi pasodoble que popularizaron Alfredo Sadel, Billos Caracas Boys, Carlos Almenar Otero, el tenor Italiano Pino Barati y otros de la época, cuya estrofa final dice a la letra: 'Caracas, ciudad gloriosa, porque tú eres Caracas la cuna del Libertador'.

Otras de mis canciones han gozado de igual éxito, pero mi mayor logro es haberle dado a Venezuela 8 hijos, 18 nietos y 8 bisnietos, por ahora, fruto de 60 años de amores y feliz sociedad conyugal con mi Rosa Maria, lo cual debería ser nuestra mayor satisfacción, pero, en cambio, hoy día es nuestra gran preocupación. Les contaré por qué.

A fin de realizar grabaciones fonográficas, yo tenia que viajar periódicamente a Cuba. En la Habana viví la euforia contagiosa de la llegada de las tropas de la Revolución Cubana. Todo era júbilo y plegaria de esperanza.

Paulatinamente, todo aquel panorama luminoso y esperanzador se fue tornando tenebroso y lleno de terror. Empezó el exterminio humano de disidentes. Los más sortarios, después montado sumario, fueron fusilados frente al paredón y a las cámaras de televisión. Los desgraciados --entre ellos amigos, poetas, escritores y periodista--, después de torturados, se pudrieron en las cárceles de la isla.

Las fuerzas armadas fueron suplantadas por los círculos CHE-GUEVARIANOS que sembraban el terror en la población.

Todo lo que tuviera algún valor fue decretado propiedad del Estado. Lo que no fue saqueado fue expropiado: fastuosas y humildes viviendas, rascacielos, haciendas, industrias, comercio. Todo.

Los medios de comunicación fueron unificados, un solo periódico, una sola radioemisora encadenada, un solo canal de televisión.

También la pobreza fue unificada, pues el Estado monopolizó la riqueza. El Estado es el único capitalista que puede negociar con los capitalistas extranjeros.

En las escuelas y liceos se contagió la mente de niños y adolescentes con el virus de la Fidelidad. Fidel es el creador. Fidel es el salvador, Fidel es la religión. Se implantó la delación de hijos a padres, y el comunismo como sobrevivencia.

Ante lo que hemos visto, ¿quién puede dudar de que el presidente Chávez quiera emular a su mentor Fidel Castro? ¡Dios mío, ¿será posible que exista alguien tan desnaturalizado que quiera eso para Venezuela?!

Precisamente ésa fue la pregunta que hiciera el diputado Carlos Tablante a sus colegas bolivarianos. Como los malos cubanos, todos contestaron con un entusiasta '¡¡¡Siiiiii!!!' Imagínense cómo estaríamos hoy día, si hace 11 años, aquel 4 de febrero, el comandante Chávez hubiera triunfado con su golpe de Estado.

Dadas las circunstancias que estamos viviendo, ¿quién puede pensar que el presidente Chávez va a permitir elecciones o referendo alguno? Ya el lo dijo en Brasil, para que el mundo lo oyera: "Tengo mi rifle guardado, pero lo sacaré cuando sea necesario". Más claro no canta un gallo. Mi abuela María, con su alegoría retórica, diría: "¿Quién con una luz se pierde?"

El presidente Chávez, con el mismo cinismo con que busca en su bolsillo el crucifijo perdido para darle el beso de Judas, profana el nombre sagrado de Bolívar, para citar consejos de buen mandatario y burlarse de ellos haciendo todo lo contrario. ¿Recuerdan?

"¡Maldito el soldado que dispara su arma contra su pueblo!"

"¡Si el pueblo no quiere que yo mande, yo tampoco quiero mando!"

"Revolución Bolivariana" izando las banderas del Che Guevara. ¡Dios mí, qué descaro! ¡Cuánta farsa! ¿Qué podemos hacer para que el presidente Chávez se vaya? ¿Será necesario un baño de sangre para sacarlo de Miraflores? ¡Pues tenemos que hacerlo¡ Por supuesto que la sangre ser la nuestra, pues el tiene su rifle apuntándonos desde todos los ángulos.

La sangre de viejos no sirve para transfusiones, pero servirá para preservar la de nuestros jóvenes. De manera, pues, que ahora o nunca. Si el Presidente se atornilla en el poder, como pretende, tendremos que aguantarlo hasta que muera de viejo. Y, cuando eso suceda, correremos el riesgo de que nombre un sucesor, como lo hizo Fidel Castro con su hermano menor.

ABUELOS, ¡TENGO UNA IDEA!

Como yo todo lo di y nadie depende de mí, sólo me queda por dar lo poco que me queda de vida, y, si tuviera siete vidas como el gato, todas las daría por proteger a mi familia y lograr lo mejor para Venezuela.

Sé que todos los abuelos y abuelas de esta tierra bendita piensan como yo.

Propongo que los abuelos y abuelas encabecemos una marcha a Miraflores para arrodillarnos frente al palacio presidencial y rogarle al presidente que se vaya, más nada.

Sabemos que los COMACATES de nuestras Fuerzas Armadas necesitan ver la Avenida Urdaneta alfombrada de cadáveres para justificar su intervención..

Vamos a complacerlos, abuelos. vamos a saciar la sed de sangre de los francotiradores cubanos y la de los pistoleros bolivarianos del puente Llaguno.

Los más ancianos marcharemos primero. Y, hablando medio en broma y medio en serio, yo iré entre los representantes de los medios, me refiero a Graterolacho y a Oscar Yánez, el muy querido Chivo Negro, ambos dos viejos amigos o, mejor dicho, dos amigos viejos que se cubrirán de gloria si no les cunde el miedo.

Ese día al helicóptero de la Policía Metropolitana le prohibirán el vuelo, pero el mundo, y Dios desde el Cielo, estarán viendo quiénes nos dispararán y quiénes caeremos. Y cuando lleguemos triunfantes al infinito eterno, allá estará San Pedro recibiéndonos contento. En cambio ellos, el día que mueran y lleguen al Infierno, hasta el mismo Diablo los repudiará, por cobardes que asesinaron a sus abuelos. La Coordinadora Democrática tiene la palabra para la fecha y hora, pues los abuelos allí estaremos.

Johnny Quirós

C.I. 1.389.140

www.greenbaypressgazette.com Posted Mar. 08, 2003 By John Dipko Press-Gazette Madison bureau, jdipko@greenbaypressgazette.com

MADISON — Concern about rising gasoline prices has sparked a three-state request to look at whether fuel wholesalers and retailers are cashing in on tensions in the Middle East.

Wisconsin Attorney General Peg Lautenschlager and her counterparts in Iowa and Illinois asked the Federal Trade Commission in writing Friday to study whether gasoline wholesalers or retailers in the region are raising fuel prices to record highs to take advantage of the situation in Iraq.

The letter to FTC Chairman Timothy Muris notes the American Automobile Association has accused some wholesalers or retailers of coming dangerously close to price gouging.

“I am urging the FTC to take action now to protect Wisconsin consumers,” Lautenschlager said. “While there are complicated factors driving the cost of gasoline, we must draw a clear line between free market fluctuations and out-and-out price-gouging at the pump, which we will not tolerate.”

Gasoline prices in the Green Bay area average about $1.75 per gallon of regular unleaded, up significantly from a year ago.

But Robert Bartlett, president of the Petroleum Marketers Association of Wisconsin, said it appears Lautenschlager’s advisers are unaware of fundamental market forces at work in the industry.

Bartlett said crude oil prices were $36.76 a barrel at the end of February, which is $14.39 more than the $22.37-per-barrel price a year earlier. Tensions in the Middle East and strikes in Venezuela have sent crude oil prices skyrocketing, he said.

“Retailers, just like consumers, are taking it on the chin right now,” Bartlett said. “Many retailers are reporting to me that they’re having a record unprofitable year, and many small retailers are financially very distressed at this point. So we resent any notion being promoted that implies Wisconsin retailers are taking advantage of consumers.”

Price-gouging at Wisconsin gasoline pumps occurred in the days following the terrorist attacks of Sept. 11, 2001, when state officials took some 2,000 calls about gas stations charging top dollar for fuel.

Saving gasoline

The state Division of Trade and Consumer Protection urges consumers to use these tips to save money on gasoline purchases: • Easy does it. Fast acceleration and braking waste fuel and can lower your mileage by as much as 33 percent. • You don’t get any miles to the gallon when your car is idling. Drive immediately instead of letting the car warm up. Combine errands and avoid making lots of short trips. • If your owner’s manual recommends regular, don’t buy premium, which is 14 percent more expensive. • Check your car’s air filter. If it’s clogged, your fuel consumption can spike by up to 10 percent. • Check tire inflation. Just one tire under-inflated by 2 pounds results in a 1 percent increase in fuel consumption, according to the U.S. Environmental Protection Agency. • Travel light. Remove roof storage boxes and bicycle racks when not in use. Even when empty, they produce a drag that reduces mileage. • Call the Division of Consumer Protection at (800) 422-7128 if you think you’re not getting what you pay for at the gas pump.