Showing posts with label Financial crisis. Show all posts
Showing posts with label Financial crisis. Show all posts

08 April 2012

I will not enter into deals



I have been hit below the belt,
The agony is still being felt.

Please give me some time,
It is not just loosing a dime.

Well, it was a real hard blow,
I have seen harder ones though.

True, there is nothing so new,
When one has a different view.

The bruises will start to heal,
I will now take on with zeal.

This will also soon pass over,
As one starts with new fervour.

But, I will not change my values,
And, I will not enter into deals.

(Being hit below the belt can refer to a personal crisis but it can also refer to a larger crisis like the 2008 financial crisis or the current European crisis or even the problems that led to the Arab spring or other aspects that can be related to Easter or Passover or similar aspects in other religions. In such situations, one can replace I, me and my with we, us and our respectively. Further to have an impact while singing in a group, the first two lines can be repeated before every couplet. Keeping in line with the message from Easter/Passover one has kept the last line, and not the first one, as the title. For an earlier version, see Friends, give me some time, written on Good Friday.)


© Srijit Mishra, 8 April 2012, Easter/Passover

[Comment added on 13 April 2012: To move out from a low to high the poem could be recited twice. In the first instance, the first two lines are repeated before each couplet whereas in the second instance the last two lines are repeated after every couplet. Today is Maha Bishuba Sankranti/Bihu/Vishu. Have lots of juices for the upcoming summer and keep yourself well hydrated while humming the lines.]

Added 25 April 2012: On an academic front, if you are interested in Why Parties Enter Into Unfair Deals see the paper by Justin Malon.



27 October 2008

Financial Crisis, Mental Health and ...

The current financial meltdown, with its epicenter in the United States, has been having serious global repercussions. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange which had peaked to 21,206.77 in January 10, 2008 has fallen to 7,697.39 at 1330 hours before stabilizing at 8509.56 by the end of the day on October 27, 2008. On the eve of Diwali (October 28, 2008), this belies hope.

This will have serious implications on the mental health of the population. Particularly so, for those directly involved in the financial/stock market. There are already indications that sale of over-the-counter anti-depressants have increased. A possible fallout is increase in incidence of self-harm (suicides). The earlier East Asian Crisis and earlier financial crisis are witness to such occurrences. In India, as well as elsewhere, the public health system, the medical fraternity (particularly Psychiatrists) and other civil society groups like The Samaritans, Mumbai. Sooner or later such incidences would come to the media's notice. Before reporting, they should have a look at the World Health Organization's Preventing Suicides: A resource for Media Persons.

True, despite the unprecedented fall in the Sensex, the levels are still around what was reigning in October 2005. Some say, the correction was necessary, as the higher levels was more on account of an hype in the financial sector, rather than being in sync with good fundamentals in the real sector. It is the unregulated greed that has led to this situation.

A question that comes to mind is why such a fall would be associated with mental health leading to self-harm. An anecdote cited in some discussions on farmers' suicides would help. A farmer while comparing his situation to that of a labourer indicated that the latter has been living under dire circumstances, and of course needs attention, but our situation is akin to a fall in level. Recourse to self-harm is complex and multifaceted. But, if reductions in level is one of the risk factors then this is definitely the case with the current financial crisis.

It is also worth mentioning that the current financial crisis, the ethnic strife that one sees within the country as also elsewhere in the world, and the larger agrarian crisis which manifested in a food crisis globally are not independent occurrences. They are part of the larger scheme of things, which as some commentators say, involves displacement of people as well as displacement of ideas.

The agrarian/food crisis and the ethnic strife do reflect that something is fundamentally wrong in the real sector; it is not people-centric. The problem was accepted, but instead of addressing the problem the solutions tried to address the symptoms. Or, to put it in a different perspective, the emphasis was on means rather than the ends. To conclude, one would state "Business as usual is no longer an option." (IAASTD)

PS: The Interactive Panel of the United Nations General Assembly on the Global Financial Crisis, 30 October 2008, United Nations Headquarters had presentations by Joseph Stiglitz, Sakiko Fukuda-Parr, Prabhat Patnaik, Pedro Páez, Calestous Juma, and François Houtart.