Here’s a very good read on “behind the scenes” making of the global financial crisis we are in today and how it all started with the U.S. home loans market and spiralled into a worldwide phenomena.
On a different note, I believe this whole crisis and the recent happenings have removed all doubts, confusion and hesitation, if there were any, about the rules of the game in the “Flat” world we live in today.
I can no longer ignore or be oblivious to what happens in a remote part of the world, 12 hours away from me, because whether or not I can earn my daily bread depends on that!
So, now that our fates and lives are so closely entwined, can’t we, as citizens of the world, use this as an opportunity to come together and resolve not only the current financial problems but also the problems that mar humanity once and for all – poverty, hunger, illiteracy, global warming, terrorism…
Perhaps this is our chance?
Read Full Post »
Dr. Manmohan Singh’s recent admission that our subsidy framework needs a rethink in context of the changed socio-economic landscape of the country, is, according to me, one of the few progressive statements he has made since taking on as the PM of the country. I sincerely hope it’s not mere words this time!
It’s probably also time that we as citizens start accepting what at least some of us (probably most) have long known – somebody needs to pay the cost of growth and development. As much as we would like to coil-up ourselves within the custom cocoons of irrational comfort woven by the ‘you-know-whos’ of our society, we need to understand that this is niether scalable nor sustainable!
When a politician promises ‘Free electricity for the farmers’, we should question how much is the cost and who’s going to pay for it?
When the cost of oil crosses 100$ a barrel but we still get to fill up our tanks for the same amount as last year, we should ask ourselves – who’s paying for this?
The answers to these questions may not be easy. In most cases they’ll be not. But we need these answers in any case lest the cost of free turns out to be so exorbitantly out of reach that by the time we discover it, we are already in deep debt and there’s no hope left.
Isn’t it much better to know that you are standing on the edge of a whirlpool than to realize that you standing in the eye?
Read Full Post »