We have come to Bombay to get a good look at India – at least the part of it you can see from a 10th floor room at the Taj Mahal Hotel. Which isn’t much. The air is too dense. Still, we can make out the figures of whole families eating and sleeping on the pavement near the dock.

We have never seen families sleeping on the pavement on Regent Street…nor on 5th Avenue. New York and London are great success stories. Turning the pages here, on the other hand, we read a failure story. It is the story of a people who haven’t got much. The world turned against them, relatively, at the beginning of the Industrial Revolution. But if the world turns long enough, it comes back to where it began. To make a long story short, we’re betting on rotation.

The secret of material success is simple enough. In

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By Martin Hutchinson
Contributing EditorMoney Morning

[Editor's Note: When Slate magazine recently set out to identify the stock-market guru who most correctly predicted the stock-market decline that accompanied the current financial crisis, the respected online publication concluded it was Martin Hutchinson, a veteran international investment banker who is one of Money Morning's top forecasters. It was no surprise to our readers: After all, Hutchinson warned investors about the evils of credit default swaps six months before the complex derivatives did in insurer American International Group Inc. Then, last fall, Hutchinson "called" the market bottom.

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India remains a …

by Manuel Alvarez-Rivera, Puerto Ricobr /br /Contrary to exit poll findings and widespread expectations of a closely fought race, India's ruling Congress Party - formally the Indian National Congress - and its allies won a clear victory in the general election held in April and May of this year, emerging well ahead of the right-wing, Hindu nationalist Bharatiya Janata Party (BJP). In all, the Congress-led United Progressive Alliance (UPA) won 261 of 543 seats in the Lok Sabha - the lower house of India's bicameral Parliament - and came within eleven seats of an absolute parliamentary majority, while the BJP-headed National Democratic Alliance (NDA) secured only 157 and the Third Front - composed of leftist and regional parties - captured 80 seats. Meanwhile, the new Fourth Front also fared poorly, obtaining just 27 seats, while the remaining 18 seats went to other parties.br /br /The Election Commission of India has ...