Giving * * * * * out of 5, ForeWord Clarion Reviews commented on Dr. Susmit Kumar's Casino Capitalism book (2012): "Frighteningly thought-provoking ... easily understood ... the Occupy Wall Street crowd will find vindication in this book." Please click here to read the entire review.

Please click here to see an enlarged version of Dr. Kumar's ad on his 3 books in India Abroad (April, 27, 2012).

Dr. Susmit Kumar obtained his Ph.D. from Pennsylvania State University. Before coming to the United States, he was selected in the prestigous India Administrative Service (IAS) and did its training at the Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie, India (August 1985-March 1986).

Dr. Kumar is the author of The Modernization of Islam and the Creation of a Multipolar World Order (Booksurge, January 2008). This book was an extension of his 1995 article published in Global Times, Denmark. In this article, based on the analysis of the social, political and religion environments in the Middle East, Dr. Kumar predicted the global rise of Islamic militancy due to the 1980s US intervention in Afghanistan, take over of Middle East and North African Islamic countries (including Saudi Arabia) by fundamentalist Muslims which may result in a temporary revival of Caliphate system and also its final outcome. In a 1996 article (Global Times, Denmark), he wrote, "Afghanistan was a Waterloo for the U.S.S.R. but it might become a Frankenstein for the U.S."

After the 9/11 attacks in 2001, Dr. Kumar sent proposals for a book, based on his 1995–96 articles, to several literary agents and publishing firms. None of them accepted his proposal, as he predicted the collapse of the American economy also, apart from the establishment of an Islamic empire, which would finally lead to modernization of Islam. None of the US publishing firms wanted to publish a book that predicted the collapse of the American economy. It is said that the 2011 bestseller Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown (by David Wiedemer, Robert A. Wiedemer, and Cindy S. Spitzer, Wiley, 2011) originally had a chapter that predicted the complete collapse of the American economy, which was taken out by the publisher. Hence Dr. Kumar decided to publish the book on his own, which came out in January 2008 The Modernization of Islam and the Creation of a Multipolar World Order (Booksurge). The book has 376 pages (500 words per page) and 640 endnotes. It took four years to write it. Chapter 6 (“The Collapse of the American Economy”) was finished in early 2007.

Susmit Kumar, Ph.D.

In 1991, India had to go to the IMF to get a loan because its FOREX was worth only three weeks of essential imports, and India was on the verge of default. One of the main reasons for this economic crisis was imports of luxury items during the late 1980s under the Rajiv Gandhi administration. India had to airlift sixty-seven tons of its gold reserves to London as collateral in order to get $2.2 billion from the IMF. In addition, India had to liberalize its economy and sell several of its profit-making public firms at throwaway prices to US firms such as Enron.

The trade deficit of India is increasing every year. In just eight years, the trade deficit of India quadrupled from $28 billion in the 2004–5 (April through March) financial year to $185 billion in the 2011-12 (April through March) financial year. India’s trade deficit with China has increased from $9.2 billion in 2006-7 (April through March) financial year to $30 billion in 2011-2 (April through March) financial year. On the other hand, the trade surplus of China increased from $177 billion in 2006 to record high of $298 billion in 2008. Since reaching a record high in 2008, trade surplus of China has dropped to about $180 billion a year due to the global economic crisis.

Susmit Kumar, Ph.D.

Due to the rise in investments in commodity markets, the global prices of commodities such as gas, corn, wheat, rice, and potatoes are going through the roof. These prices are not determined by demand and supply but by investors, who in almost all cases do not take physical possession of these commodities, except maybe precious metals, at all. In mid-2011, the gold price was up by 40 percent from a year earlier. This tremendous rise in gold price is not because of a sudden increase in the number of users of gold or a sudden drop in supply. The rise of price is due to investors. The same is true for the steep rises in consumer items such as gas, wheat, onions, corn, and potatoes.

Susmit Kumar, Ph.D.

(In response to an inquiry from a person of the Muslim community who objected on having common civil code in constitution)

Yes, you have a valid point about common code, i.e. there should be religious freedom. But why do you stop at choosing only civil code and not criminal aspect of Muslim code? If the court convicts a person, he will go to prison if he is a non-Muslim (Hindu, Christian, Parsi or Sikh), but if he is a Muslim, his limbs (hand/leg) will be cut off, eye put out or death by stoning according your Sharia law. Why do not you ask for this in India, i.e. criminal aspect of Muslim code? You can not choose what you like in your religion and discard what you do not like.

Susmit Kumar, Ph.D.

The rich people are not getting richer on their own, but with the help of government. The people on Wall Street are making hundreds of millions of dollars in bonuses while helping rich people to become ultra-rich who invest in Wall Street hedge funds. Due to government deregulations, the people in Wall Street have been making this much money using special (financial) instruments like Credit Default Swap or CDS, Short Selling, Derivatives, Options, Futures, Forward Contracts, participation of financial firms in commodity market, etc. These activities have no social value at all. They are not contributing anything to the general economy except, of course, that they increase the GDP of the nation, distorting the distribution of wealth. The government has authority to revoke or regulate these financial instruments.

Susmit Kumar, Ph.D.

For the last three decades, conservatives, especially Republicans, have been demonizing the government. But the truth is that the average citizen receives more services from the government than he or she gets from any of the Fortune top 50 firms. The government provides infrastructures (like roads and bridges), Social Security, Medicare, Medicaid, services after natural calamities (like hurricane, flood and tornado) and defense. The main driving force of any corporation is to generate profit. So why don’t the people on Capital Hill work to increase government revenue by increasing its income rather than giving tax-cuts to the rich? One point worth noting is that the rich people are not getting richer on their own, but with the help of government.

Susmit Kumar, Ph.D.

Pakistan was created by Muslim leaders like Muhammad Ali Jinnah and Liaquat Ali Khan who were originally from Hindu majority states in undivided India. Once these top leaders were gone (Jinnah died in 1948, Khan was assassinated in 1951), Pakistan became leaderless politically and the Pakistani army generals took over the country. The US supported these dictators and hence democracy could not take deep roots there. In all wars it has fought, the United States claims to be fighting for freedom and democracy. However, in all its Cold War battles it did not hesitate to deal repeatedly with military dictators instead of democratically elected leaders as they tend inevitably towards a socialist or participatory style of government. After the end of the Cold War, almost all countries are leading towards the path of peaceful democratic states, barring a few such as Pakistan and Afghanistan.

Susmit Kumar, Ph.D.

According to Paul Krugman, the economy is in the early stages of a third depression and it will probably look more like the Long Depression of the 19^th Century that followed the Panic of 1873 than the much more severe 1930’s Great Depression. According to him, the cost – to the world economy and, above all, to the millions of lives blighted by the absence of jobs – will nonetheless be immense.

            What we are witnessing is not the early stages of third depression. Instead it is the initial stages of economic collapse like 1990s Russian economy as predicted in my book Modernization of Islam (Booksurge, Jan. 2008). It took me 4+ years to write this book and I wrote the chapter “The Collapse of the American Economy” in this book in the early 2007. It is worth noting that Russian GDP decreasing by 45 percent during 1990s.