Pervez Musharraf Declares Emergency in Pakistan

SR #: "If the KSE Index shoots up this week, or at least refuses to drop significantly, or, if it drops a bit and recovers sharply, that will be a vote of confidence from the capitalists and Mushy will go home free."

According to BBC:
"Pakistan's stock market slides 5%
Pakistan's main stock market has fallen nearly 5% as investors reacted to the emergency rule imposed by President Pervez Musharraf on Saturday....The fall was the biggest one-day decline on the Karachi Stock Exchange 100-share index for 16 months."

...i am not sure, if this is a sign.....since the same website states that the stock exchange has gone up 1000% since 2001!.....

...anyways, i think there are only two items which will make people realize that a comprehensive change in direction is needed in pakistan......one is Allah, and the other is India......

......people will revolt if something related to religion is involved.......the first tiny stages of this are visible in the soldiers not fighting against other fellow muslims.....

......the india factor is different.....up til now, pakistanis have had a living standard, generally, equal to (or perhaps higher) that their neighbors, with whom they culturally identify - afghanistan, india, bangladesh etc.....so people have not been too pushed on where the rest of the world is going......

........however, now india is pointed in one direction and pakistan in the other......even though, from whatever i have seen, both places are generally similar in terms of facilities and infrastructure........however, ten years from now, they won't be......india could be much further ahead....

that is when people in pakistan will rise up......one, because the whole concept of pakistan will be at stake......two, because while pakistanis have no problem in being beaten by other countries, they go nuts when beaten by india......kind of like the hockey matches.....as long as pakistan beats india, even if it finishes sixth or seventh, people are ok (as long as india is eighth)......

when everyone around in one's neighborhood is poor, one doesn't protest much, regardless of what is happening in disant neighborhoods.....however, when an immdeiate neighbor starts getting rich - specifically one with which their is direct competition - that is when people start getting upset and agitated and want change.....

Romair,

(when everyone around in one's neighborhood is poor, one doesn't protest much, regardless of what is happening in disant neighborhoods.....)

I wonder if that is not the reason why China embraced capitalism much more completely and almost a decade earlier than India. Becuase they had Japan and Korea to look upto in the backyard. While India had Pakistan and B'desh in its.

Regards

Re: # 177
[that is when people in pakistan will rise up......one, because the whole concept of pakistan will be at stake......two, because while pakistanis have no problem in being beaten by other countries, they go nuts when beaten by india......kind of like the hockey matches.....as long as pakistan beats india, even if it finishes sixth or seventh, people are ok (as long as india is eighth)......
]


India has already kicked Paki's rear end in every department and still there is no urgency from their side.

Re: # 177 bulleya ["..."Pakistan's ... stock market has fallen nearly 5% as investors reacted ... not sure, if this is a sign... same website states ... up 1000% since 2001!..."]

I would not take one day's market action as a sign of anything. That's the reason I wrote "...If the KSE Index shoots up this week... etc., etc..."

A week is the minimum I would wait before trying to read the tea-leaves. I do not have an intuitive comfort with the KSE's punter mass psychology, but I gather that there is a powerful mafia in Karachi that fcuks with the retail investor's mind and manipulates money flows. If that is true then today's rumor emenating from Karachi (that Mushy boy has been toppled by Pervez Kiyani) might have been the handiwork of those who were short stock futures and who may intend to stage a buying rally after dropping about 10 or 15%... Who knows, what games are in play? Let's wait a week (or more) till the dust settles down and then see if the flow of capital is into or out of KSE. The KSE is as good a surrogate as any to tell us whether capital is staying in or flying out of the country.

A significant and sustained flight of capital will seal Mushy's fate.

Mushy depends on about (AT LEAST) twenty thousand individuals' active support to keep his grip on country's jugular. Those twenty thousand, not all of whom are thugs and brutes, come at a price. So unless the capitalists (mainly large corporate entities) want to keep him around (because he suits their business needs) they will not channel the flow of funds his way. It's the same old universal principle, FOLLOW the MONEY...

...

1,000% rise [in KSE] since 2001...

The best performing stock market in the world today is that of Zimbabwe... UP 12,000% in the last one year. But no one is fooled by that. The country's currency has fallen so substantially in exchange value that the stock market's spectacular rise becomes like a meaningless joke. But this is an extreme example that illustrates my point... i.e., The rise in the nominal price of an index (like the DOW) that is denominated in a currency that is falling (like the USD) has to be examined carefully to see how much of the gain (if any) is real and how much is just "inflation"... This very much applies to the KSE because of the rupee/dollar mutah union.

The geniuses at our central bank and finance ministry have been stubborn pigs in their utter idiocy that the US Dollar's value and global status can NEVER be lost. These so-called financial wizards, these nincumpoop professionals have kept the Pak rupee "pegged" to the USD, which means that as the USD lost against the Euro from EUR 1.00 = USD 0.88 all the way up to EUR 1.00 = USD 1.45, so did the Pak Rupee. The USD Index fell from 122 back then down to a tad above 75 today, which means that the Pak Rs also lost similar value against the basket of currencies that make up the USD Index.

These same geniuses refused to even admit the idea that gold should be a part of the reserve mix and doggedly stuck to the USD, while the international price of gold went from $255/oz to $800/oz...

I know this because in 2002 I had the great displeasure of talking face to face with this arrogant and idiotic small man who was, at the time the director of state bank's foreign currency department and held the views I've alluded to above. He later admonished his subordinate, who had introduced me to him, because he was displeased with what I had said to his face... that his exclusively US dollar inclined policy was fucked up and that the SBP should diversify to gold and Euros as well... But that is the kind of 20,000 officials who run Phuckistan, and whom Mushy needs to keep well fed.

I'm sorry for this ramble about the state bank official, but I am sorry for this poor country that such misguided and short-signted people who have unrealistic exaggerated opinions of themselves, run important affairs. In the example I've quoted these half-wit professionals have cost the nation billions and billions and yet no one has been fired. China places such officials before firing squads. But then we'll never come close to China's dirt.

What were we discussing, now????

...SR

Reading the full text of Musharraf's address to the nation, one cannot help but sympathise with the president and give full support to him from saving Pakistan from its self destruction.

He may have violated the constitution. So what? Where is the greater good under the present circumstances? The opposition fuels fire for their own selfish gains.

The justice department is not at fault if it declares Musharraf's election unconstitutional. We must raise our hats to the Supreme Court of Pakistan. At the same time the president is not at fault to declare the state of emergency to keep the crisis under control.

One must under the present circumstances look at the broader picture for the good of the country. What Musharraf cannot do as a president with the joint responsibility of the chief of the armed forces, that any of your past elected prime ministers or the ones vying for this job can do? Has he not brought Pakistan to prosperity? Has he not elevated Pakistan to a near superpower? What are the accomplishments of your previous prime ministers and presidents? Do they not pale in comparison to what Musharraf has done for Pakistan?

So what if he continues to be the president under the current deteriorating state of affairs? Can the opposition not wait for few more months/years to grab power? What plans do they have to bring peace and prosperity to Pakistan? I am sure Musharraf will listen to them.

People of Pakistan, wake up. And remember since 1947 when you got your independence, for how many years you had real democracy in Pakistan. You have to learn to be democratic to enjoy democracy.

Laton k bhoot baton se nahih maantay.

What Musharraf did was totally right under the present circumstances. Have patience. He does not care to give up his presidency. He does care for you and your nation.

Is there any body more qualified than him to lead you under these difficult times of unrest and terrorism? Bear with him. Look at your history since your independence, and learn something from it. Don't be a lakir k fakir in interpreting the the legality of his position. See what's good for your country.

President Musharraf, my warmest regards to you. And may Allah help you in preserving peace and sanity in Pakistan, even though you may intend to violate constitution, temporarily.

May Allah bless you!

#181 Allah has a special place in hell reserved for this criminal. And for his chamchas.

Reference #182

Invoking hell will not bring peace, democracy and prosperity to Pakistan. If it does, then perhaps namaaz 10 times a day in stead of 5 will be doubly effective. And Allah will fulfill your duas at twice the rate.

Re: # 183

What a coincidence! Three Pavezes have come together to form a 'Trio of Power' in Pakistan.

Incidentally,'Parvez' is the name of an anti-prophet ruler of Iran who is considered to be guilty of blasphemy like Salman Rushdi by the Mullah.

I had a peon by this name. One day when I called him by this name he retorted, "Sir, don't call me by this bloody name as I have changed my name to 'Meboob'". I asked him why he did so. He said,"The Imam of our mosque told me that 'Parvez' was the name of an enemy of the Prophet and as such to be called by this name is sheer blasphemy".

What our Chowky Ulema say in this respect?

#180 Posted by SR on November 5, 2007 12:02:18 pm


These so-called financial wizards, these nincumpoop professionals have kept the Pak rupee "pegged" to the USD


Hmm..has pureland's forex gone up by that amount? It was 13 billion a few years ago and it's 16 billion now. Wouldn't the forex reserves go up more if they were buying $$ to keep the rupee pegged?

why are the cops wearing masks?

Michael Savage called mushy the gandhi of pureland and then went on to imply that purelanders are knuckle dragging savages who aren't ready for democracy. How badly do you have to screw up to get the kiss of death from der weiner nazi?

I suggest people who have never done anything in their lives except running third rate grocery stores should desist from frothing about economy and currency management.

Re: # 181

You say:

"What Musharraf did was totally right under the present circumstances."

Should it not be corrected to read:

"What Musharraf did was totally right under the circumstances he himself was responsible for presenting to the nation."

The imposition of emergency has once again unveiled the intention of our beloved mr president that he wants to retain power at any cost. in every other country constitution is considered as a sacred document but our general has just kicked it as a football. It has been done to eliminate the top judicial officers who he considered to be a road block on his way to becoming president of this nation for the next five years. In this 21st century we can find such political mess only in Myanmar whose military is following the practice of Musharaff regime. The thumb rule is SILENCE THE DESENTING VOICE WITH FULL FORCE!