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Trump views 50 years out of date, may trigger disruptive trade war: Paul Krugman (Lead)
New Delhi, March 17 (IANS) Criticising US President Donald Trump for his protectionist policies, Nobel Laureate Paul Krugman on Saturday accused him of not taking his job seriously and warned these measures lead to “risks of a disruptive trade war”.
“He (Trump) does not take the job seriously. He doesn’t say to himself that I am the most important official in the world, I have better do my homework for understanding the issue…
“He just goes that these are my gut feelings and hires people who make him feel good…that is a frightening prospect,” Krugman said at the News18 Rising India Summit here in response to a query on his perception of Trump.
On economic issues Trump’s gut feelings are “protectionist” and his views of America were “50 years out of date”, said the prominent economist.
“He wants America a heavy industrial country in the way it was when he was a young man. That is not just going to happen but he attempts to make it happen, which is extremely disruptive to America and to the global as a whole,” he added.
Krugman said he was till recently optimistic that Trump’s protectionist policies would not see the light of the day.
“Until about two weeks ago, I was quite optimistic that it would not happen. The reason was not because the President would get good economic advice but because the US businesses are invested in a globalised economy. All the investments the businesses have made is based upon the assumptions that the open trading system would continue.
“There is an enormous amount of fiscal capital and a large number of jobs are dependent on these value chains,” he said
Krugman said he had “assumed the influence of these business communities would be sufficient… that it would not happen”.
“I am less optimistic now…we have seen reasonably sensible Economic Council Head was fired, completely irrational tariff (was) imposed on steel and aluminium.”
According to him, the immediate issue is going to be a confrontation not with China, but with Europe as the “steel tariffs” will hit the continent. He said there are possible risks of a “disruptive global trade war”.
He explained the European countries act collectively as the European Union on trade and there could widespread retaliation against US products.
Also the possibility of falling relations on trade between the US and Asian countries including China becomes large, he said.
On the Chinese economy he said: “China is a financial crisis waiting to happen. China is an unbalanced economy…the country is sustaining itself with a credit bubble that is waiting to burst…There is a significant risk of a Chinese bubble burst.”
He also criticised the “strongman rule” in China.
Responding to query on reverse trend of localisation from globalisation, he said the possibility of this transformation is real and it had happened earlier but did not work out well.
Elaborating on the environmental footprint, he said shipping of goods is not a major source of greenhouse gases but coal-fired power plants are the major contributors, followed by private transportation.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.