Earlier, the United States Environmental Protection Agency (EPA) has established the nation’s first comprehensive Renewable Fuel Standard (RFS) program. At the recent press conference, Stephen L. Johnson, EPA administrator; and Nicole Nason, the National Highway Traffic Safety Administrator, discussed the essence of RFS program which is increasing the use of alternative fuels and modernizing CAFE standards for cars.

“The Renewable Fuel Standard offers the American people a hat trick – it protects the environment, strengthens our energy security, and supports America’s farmers,” said Johnson. “Today, we’re taking an important first step toward meeting President Bush’s “20 in 10″ goal of jumping off the treadmill of foreign oil dependency.”

“Increasing the use of renewable and alternative fuels to power our nation’s vehicles will help meet the President’s Twenty in Ten goal of reducing gasoline usage by 20 percent in ten years,” Samuel W. Bodman, the Secretary of Energy, said. “The Administration’s sustained commitment to technology investment will bring a variety of alternative fuel sources to market and further reduce our nation’s dependence on foreign sources of energy.”

“While we must look at increasing the availability of renewable and alternative fuels, we must also continue to improve the fuel efficiency of our passenger cars and light trucks,” said Nicole R. Nason, the Administrator of the National Highway Traffic Safety Administration (NHTSA). “As a part of the President’s “20 in 10″ energy security plan, we need Congress to give the Secretary of Transportation the authority to reform the current passenger car fuel economy standard.”

The RFS, as authorized by the Energy Policy Act of 2005, mandates that the equivalent of at least 7.5 billion gallons of renewable fuel be blended into motor vehicle fuel sold in the United States by 2012. The program is aimed at slashing petroleum use by up to 3.9 billion gallons and reducing annual greenhouse gas emissions by up to 13.1 million metric tons by 2012. It means that the program is preventing the emissions of some 2.3 million cars.

The RFS is an essential step toward meeting Bush’s call to slash the use of gasoline 20-percent within ten years. This could be done by switching to renewable and alternative fuel use to 35 billion gallons by the year 2017. The goal behind the RFS is the promotion of the use of fuels like ethanol and biodiesel. These alternative fuels are largely produced from American crops.

The program is also aimed at creating new markets for farm products. This is also done to increase energy security and promote the formulation of sophisticated technologies to help make renewable fuel cost competitive with the traditional gasoline. Additionally, the program establishes special incentives for producing and using fuels derived from cellulosic biomass. Examples of which include woodchips and switchgrass.

The RFS program requires major American refiners, blenders, and importers to use a minimum volume of renewable fuel annually starting 2007 through 2012. The minimum level or “standard” which is determined as a percentage of the total volume of fuel a company produces or imports, will increase on a yearly basis. For this year, 4.02 percent of all the fuel sold or dispensed to American motorists will have to come from renewable sources and that is approximately 4.7 billion gallons.

The RFS program is based on a trading system that provides a flexible means for industry to comply with the annual standard by allowing renewable fuels to be used where they are most economical. To achieve the goal of Bush Administration’s Alternative Fuel Standard (AFS), it is necessary to enforce the RFS. The latter requires the use of 35 billion gallons of renewable and alternative fuels in 2017. It is nearly five times the RFS target in 2012. The said program necessitates an in-depth study and Testing to come up with compatible DC sports cold air intake, engines and more.

Lauren Woods

COMING TO THE INFOWAR JUNE 3, 2009 www.infowars.com prisonplanet.tv Alex Jones Presents REFLECTIONS AND WARNINGS: AN INTERVIEW WITH AARON RUSSO A LEGACY OF FREEDOM THAT WILL LIVE ON In an historic final interview, filmmaker and music promoter Aaron Russo goes in depth on the insider-knowledge given to him by a member of the Rockefeller family. Russo was told– prior to 9/11– of plans to stage terror attacks, invade foreign nations, and kickstart a high-tech police state control grid that would track the populations’ every move with implantable RFID microchips. This information-packed presentation is filled with never-before seen footage. Throughout the film, Alex Jones breaks down the latest activities of the New World Order and how it ties into what Russo predicted. Aaron explains how the elite created the women’s liberation movement to break up the family and tax working women. Russo breaks down the deception of democracy– which is nothing more than mob rule guaranteed to produce tyranny. Russo also exposes the IRS & Federal Reserve. He blasts the unconstitutional and predatory institutions that have crippled the American Republic and crushed the people with bogus taxes, inflation and loss of privacy. Russo explains that he himself was persecuted in the late 80s by a criminal ‘retroactive’ tax scheme that attempted to levy new taxes on years already passed. As night falls on the Republic, Aaron Russo delivers a powerful call for the forces of liberty to rise and crush tyranny. Only then can the Republic be restored. THIS DVD INCLUDES: – Never-before seen behind the scenes footage – An exclusive interview with Aaron about his life – Aaron Russo radio interviews from the Alex Jones Show ORDER IT NOW OR DOWNLOAD IT IN HIGH-QUALITY

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Foreign Exchange Reserves (FER) is the surplus money or capital that a country parks or maintains in the foreign country in form of currency, bond and other kind of securities.

Foreign exchange reserves are the foreign currency deposits held by national banks of different nations. These are assets of Governments which are held in different hard currencies such as Dollar, Sterling, Euro, Yen, Gold, SDRs. The current FER of India amounts to $251.33 billion as on 14 Oct as declared by the RBI. This amount seems an alien like figure when we look back to the early 90’s when we had just enough reserves to meet our country’s demand for the next two weeks. The total FOREX reserves have risen from $3.96 billion in March 1990 to $251.33 billion as on 14 Oct 2007.

Movements in Foreign Exchange Reserves (at the end of March)

OBJECTIVE:

The objectives of my article are as listed below:

1.      To study and analyze the current methods RBI uses to manage our FER.

2.       Analyze how other c
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ountries like China, Abu Dabhai and Singapore with large FER manage their reserves and whether India can also opt for these processes to obtain higher ROI.

3.      I would like to list out various other innovative and new options and avenues towards which India can look to which will benefit the country and its people, for getting higher returns on its reserves while minimizing the risk involved; as the primary objective of having a reserve is to provide a cushion in case of any emergency or financial crisis. I would also like to forward these suggestions to the RBI.

LITERATURE SURVEY:

1. “Determining the Optimum Level of Foreign Exchange Reserves”,

By Sajikumar, Treasury Management. The Icfai University Press, November, 2005.

The author says that the increase in the inflows of the foreign reserves in the country by the route of ADRs, GDRs, FDIs, ECBs, portfolio investments, non-resident deposits and bank capital raises the question of an ‘optimum’ level of reserves. Further, he discusses about the reserve adequacy indicators: Trade related indicators (reserves should be equivalent to a few months of imports), Debt related indicators (reserves can meet the external repayment obligations without additional borrowing for one year- Guidotti rule) and money-related indicators i.e. reserves to broad money/ reserves to reserve money.

2. “Should India Use Foreign Exchange Reserves For Financing Infrastructure?”

By Charan Singh, Stanford Center for International Development, September 2005

The author states the primary objectives of maintaining forex reserves is safety and liquidity, maximizing returns is secondary. The forex reserves in India are managed by RBI in consultation with the Government of India. The opinion of the author is that India should not invest forex reserves in Infrastructure. Going ahead he says, infrastructure projects in India yield low or negative returns due to difficulties: political and economic — especially in adjusting the tariff structure, introducing labor reforms, and upgrading technology and the use of FER to finance infrastructure may lead to more economic difficulties, including problems in monetary management.

3.“Surging Forex Reserves: A Frankenstein’s Monster?”

By GRK Murti, Forex Markets, Current Trends, The Icfai University Press, November, 2005.

The author talks about the surging forex reserves of the country and states that the level of forex has surpassed the adequate level. The author further says that the hoarding of forex reserves in the overseas markets has made it a Frankenstein’s Monster. Hoarding means savings that is put aside for the future use and this also entails an opportunity cost to it. He also opines that the RBI should take the risk of deploying these reserves in infrastructure projects or retiring high cost existing debt.

4.“India’s Forex Reserves Deployment Dilemma”

By Priyanka Sugandhi, Forex Markets , Current Trends. The Icfai University Press, November, 2005.

The author has shown the dilemma being faced by the RBI in deploying its forex reserves by citing the costs and the benefits associated with the huge forex reserves. The benefits being the foreign currency liquidity enabling the economy to absorb shocks like during the oil crisis, and high forex reserves also depicts the ability of the economy to meet its external obligations. The costs associated being the opportunity cost of deploying the reserves into the developed countries which gives low returns as compared to what Indian Government pay to its domestic borrowings whereas the bond market in developed countries are very liquid and do entail very low credit risk.

ISSUE:

The unprecedented rise in Foreign Exchange Reserves (FER) in India has raised concern about its optimal size and appropriate utilization. The amount of FER in India is modest when compared to some of the other countries in the region, and it can be argued that the proposed plan may lead to more economic difficulties than anticipated benefits. Safety and liquidity are paramount in the management of reserves and these demand that reserves are held mostly in G-7 central banks or Treasury bills of the highest quality and the lowest yields. The usual favorite in the latter are those issued by the US Government. Bonds are no better. Investments in G-7 bonds too are characterized by low yields, given the low level of global interest rates. Every country needs a minimum level of reserves for imports, debt-servicing and market intervention to ward off possible speculative attacks on the currency.

 India followed a restrictive external sector policy until 1991, mainly designed to conserve limited FER for essential imports (petroleum goods and food grains), restrict capital mobility, and discourage entry of multinationals. The external sector strategy since 1991, though gradualist in approach, has shifted from import substitution to export promotion, with sufficiency of FER as an important element. As a result of measures initiated to liberalize capital inflows, India’s FER (mainly foreign currency assets) have increased from US$6 billion at end-March 1991 to US$251 billion at Oct 2007. The acceleration in the trend first emerged in 1993, as recorded by the rise in foreign currency assets, when India adopted the market-based system of exchange rates and then in 2001, when the current account recorded a surplus after a persistent deficit since 1978. India ranks sixth in the world in holdings of FER in 2007.

The recent surge in FER has occurred primarily because of an increase in:

1.      Work Remittance

2.      Exports

3.      Capital Inflow

The RBI being the custodian of the FER has to decide how to manage the FER. This job is by no means an easy task and the controversy that surrounds the usage of our FER still looms at large. Some skeptics say that FER are a cushion for the country in case of an economic crisis and help in bailing out the country in case of an emergency. However it wouldn’t be wise to let our FER just keep on piling up and not utilize them judiciously. We can utilize our FER to improve our infrastructure, which is very desperately needed to sustain the rapid growth we are witnessing in our country at this moment, we can also utilize our foreign reserves to repay our short term high interest term loans taken from foreign financial institutions, using reserves to acquire foreign assets including technology or we can also utilize our reserves for social welfare to eradicate poverty. The ways in which we can utilize our resources are endless but we must take care not to overdo it. However not utilizing our reserves has an opportunity cost attached to it as the RBI primarily invests and parks its reserves in low yielding US govt. bonds.

REFERENCES

1.   Cardon Pierre And Joachim Coche, “Strategic Asset Allocation For Foreign Exchange Reserves”, Risk Management For Central Bank Foreign Reserves, European Central Bank, May 2004.

      2. Dwyer Mark and John Nugée, “Risk Systems in Central Bank Reserves Management”

, Risk Management for Central Bank Foreign Reserves, European Central Bank, May 2004.

3.      Damodaran Harish, “The `Other Capital’ Factor In Forex Reserves Accretion”, Financial Daily. The Hindu Group of Publications, Wednesday, Jul 02, 2003.

4.      Patnaik Ila And Peter Pauly, “The Indian Foreign Exchange Market And The Equilibrium Real Exchange Rate Of The Rupee”, Ncaer, Delhi And University Of Toronto, February 2001.

5.      Sajikumar, “Determining the Optimum Level of Foreign Exchange” Reserves, Treasury Management. The Icfai University Press, November, 2005.       

6.      Singh Charan, “Should India Use Foreign Exchange Reserves For Financing Infrastructure?” Stanford Center for International Development, September 2005

7.      Sugandhi Priyanka, “India’s Forex Reserves Deployment Dilemma”, Forex Markets,Current Trends. The Icfai University Press, November, 2005.

8.       Murti GRK, “Surging Forex Reserves: A Frankenstein’s Monster?”, Forex Markets, Current Trends, The Icfai University Press, November, 2005.

Amit Singh Bisht

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From a United States, Canada and Western Europe perspective, we can examine the demand factor for foreign brides, and it doesn’t take long to uncover the reasons explaining the interest. For some of those living in the leading developed world, find something different or “exotic” can be the appeal. For others, the appeal may be to find someone from a different culture, who offers a fresh perspective, and arguably, a more natural and pure mentality not driven by the West’s competitive economics. The physical attraction is easy to pinpoint, as some of the world’s developing nations offer the most incredible women in the world – this is not debatable. Countries such as Russia, Romania, Colombia, Brazil, Argentina and Venezuela produce what many consider the best female talent available on the planet.

The potential reward of a woman from a foreign country and culture is real, but so are the risks. Some in natio
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ns such as the Philippines, Colombia, Russia and others in Eastern Europe have begun to cash in on this foreign interest, scamming foreigners out of millions of dollars each year. Scammers mix themselves in with the honest women on websites, typically, sending beautiful photographs and gaining the foreigner’s trust before asking for money, and more money. In addition to the relationship, advance fee and Internet fraud, there is the risk of blending two cultures in the form of language and cultural barriers, and pulling one away from his or her own home country to live. As in the financial markets, the risk-reward relationship here is directly related. For those willing to take sizeable risks, the potential reward can be substantial. On the other hand, it is wise to proceed with caution and do your homework to avoid the many pitfalls.

Is obtaining a beautiful and honest woman from Russia, Colombia or Brazil really an option? If so, what is the best way to make it happen? Based on experience we recommend visiting the country of interest in person, seeing not only the country’s women but also the culture first hand. If you don’t speak the language, seek out a woman in the country who speaks your language, at least basic conversation. This hurdle alone can save a great deal of money and heartache. Remember that with poverty (as in Russia, Colombia and Brazil) comes cases of women seeking financial gain, and nothing more. Approach women with a skeptical eye, and if visiting the country isn’t an option, use utmost caution and due diligence in screening these women. We recommend a confidential background check from a firm like Wymoo once any relationship starts progressing – before any money is ever sent. Too many people have lost big. That being said, there are no shortage of winners out there who are happily married.

Are there any websites that are immune to such cases of fraud? The answer, unfortunately, is no. No website is immune from gold diggers, relationship or advance fee fraud. It just isn’t possible to screen all the individuals paying for memberships on Internet matching sites. There are many beautiful women in the market. Sifting through those is only becoming more difficult.

Best of luck in the search,

A. Hathaway

A. Hathaway

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