The Credit Crunch

The founding fathers of the United States of America saw well into the future when they charted the course for the country. Thomas Jefferson the primary author of the Declaration of Independence who was also the President from 1801 to 1809, wrote a Decalogue of Canons for Observation in Practical Life, one of which was, “Never spend your money before you have it.”

Many would no doubt argue that it no longer holds true. The current financial crisis though is forcing people to observe this canon perhaps even more rigorously than it was intended to be.

The following are links to some stories that have helped me understand the current situation better. Trust it helps you too.

Bitten by the global credit crunch – A simple and humorous elucidation of how the lack of regulation has helped feed greedy financial institutions till they could no longer function and how their bad debts are being bought out by the US government. By Mick O’Reilly, Deputy Managing Editor of the Gulf News. October 10, 2008.

The credit crunch and its effects –Brien Donnellon’s article in the March 2008 issue of Swiss News gives the impression that Rating Agencies are also to blame for the current crisis.

Timeline: Global credit crunch – BBC News traces the crisis from April 2007. Published: October 6, 2008.

Imagine if there was no financial meltdown ...

The crisis with the American economy appears to have reached epidemic proportions. The next President of the United States of America will no doubt have his hands full, grappling with the crisis and leading the country in rebuilding the economy over the next four years or eight.

But what is the American legacy? Obviously one of heavy metal. Here's a story from ABC News about how they built a special store in 1924 for some very solid stuff. Read all about it here ...

The human spirit

'After a rip current swept the boy and his father out to sea Saturday, darkness fell, and the sound of rescue helicopters and boats grew faint until they were nonexistent.'

CNN reports an amazing story of a father and his autistic son who were swept out to sea and their dramatic survival and rescue after 12 hours in the Atalantic Ocean. Read all about it here ...

Trial by media?

I firmly believe there is more good in human beings than bad. In a court of law an accused is presumed innocent until proven guilty. Often though, the media report events in a manner that could permanently damage the lives of those accused, irrespective of their innocence or guilt. In the UAE, I find the identity of the accused is safeguarded by some newspapers using only the initials of the accused and not their names.

My mind is drawn to media coverage of two people accused of misbehaving on a public beach in Dubai. Even before the courts have had the occasion to try the case and make a determination, international media have published accusations, names, and photographs and virtually condemned the accused to a lifetime of ostracization.

Would it not be respectful of the courts and fair by the accused to await the decision of the courts?

Although the right to privacy is hotly defended particularly in the west, media intrusion is defended as a right to information.

In the past, those accused of sensationalism and undue intrusion into the private lives particularly of celebrities, were the tabloids. Today, the mainstream media appear to be following suit.

Could the mediated reality create a fundamental change in the way media itself is structured? Time will tell. Let’s wait and see.

The Blind Boy

I have little interest in most of the trivia that are circulated by friends and colleagues and end up in my inbox. Occasionally though, I must admit there are gems. Here's one that I received today which I guess would be appreciated by many, but particularly those in the media and humanitarian sectors. Thanks Charika.

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A blind boy sat on the steps of a building with a hat by his feet. He held up a sign which said: "I am blind, please help." There were only a few coins in the hat.

A man was walking by. He took a few coins from his pocket and dropped them into the hat. He then took the sign, turned it around, and wrote some words. He put the sign back so that everyone who walked by would see the new words.

Soon the hat began to fill up. A lot more people were giving money to the blind boy. That afternoon the man who had changed the sign came to see how things were. The boy recognized his footsteps and asked, "Were you the one who changed my sign this morning? What did you write?"

The man said, "I only wrote the truth. I said what you said but in a different way. "What he had written was: "Today is a beautiful day and I cannot see it."

Do you think the first sign and the second sign were saying the same thing?
Of course both signs told people the boy was blind. But the first sign simply said the boy was blind. The second sign told people they were so lucky that they were not blind. Should we be surprised that the second sign was more effective?

Moral of the Story: Be thankful for what you have. Be creative. Be innovative. Think differently and positively.

Invite others towards good with wisdom. Live life with no excuse and love with no regrets. When life gives you a 100 reasons to cry, show life that you have 1000 reasons to smile. Face your past without regret. Handle your present with confidence. Prepare for the future without fear. Keep the faith and drop the fear.

Great men say, "Life has to be an incessant process of repair and reconstruction, of discarding evil and developing goodness…. In the journey of life, if you want to travel without fear, you must have the ticket of a good conscience."

The most beautiful thing is to see a person smiling… And even more beautiful is, knowing that you are the reason behind it!!

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Floods cause humanitarian crisis in South Asia

Heavy monsoonal rains have triggered a humanitarian crisis in south asia. India is so far the worst hit with at least 2 million people reportedly displaced. Television reports showed Indian Prime Minister, Manmohan Singh speaking to journalists following an aerial survey of flood affected regions with Congress Party President Sonia Gandhi. The floods are reported to be India's worst in half a century. BBC News reported that the Prime Minister has described the floods in Bihar as a 'national calamity' and released an aid package worth $ 230 million.

Other countries affected are Pakistan, Nepal and Bangladesh. The situation has worsened with initial relief efforts proving inadequate due to the large scale flooding of areas not normally prone to floods. The disaster followed a breach in the banks of the Kosi river which originates in Nepal and Tibet and flows down to the Ganges river in India. The Kosi river has reportedly shifted 120 km in the past 250 years.

Reports:

IFRC Information Bulletin August 14, 2008

UN Nepal Information Platform

Indian Red Cross Society Flood Situation Weekly Update

Etihad to be main codeshare partner of SriLankan Airlines

Etihad Airlines will be made the main codeshare partner of SriLankan Airlines, Lanka Business Online reported today. Read all about it here ...