Did World Bank go wrong in banning Wipro-The Economic Times

This episode raises two sets of concerns. First, while the bank insists on holding the developing countries to the highest standards of transparency, its own actions remain shrouded in mystery. To-date, it has offered no explanation of why it took seven long years to act against Wipro. Did the World Bank rules change in the interim, which it then applied retroactively?

Or, did the bank realise one fine morning that it had failed to enforce the rules that had existed all along and then proceeded to enforce them with vengeance, turning Wipro into a sacrificial lamb? When and precisely what action did the bank take against its own staff members? Why the reluctance to reveal the timing and nature of actions and cause of departure of offending employees?

Also disturbing is the fact that the bank waited to make its decision public until a major corporate scandal in the country broke out. Judging by the comments on various newspaper websites, the bank’s press note has left the distinct impression that the Wipro leadership is cut from the same corrupt cloth as the outgoing Satyam leadership. Unsurprisingly, Wipro shares plunged 8% the following day. (via Did World Bank go wrong in banning Wipro- Software-Infotech-The Economic Times).

Three things...

First, the World Bank is actually a US-Euro Club - to fool the world, with the intentions of the Bretton Woods. The world should have never accepted what the West calls the World Bank.

And second, the World Bank list of banned entities were significantly, from two sectors - Software and Pharma. These are the two sectors where the US still has a lead - and the Indians are its biggest challengers. Generic pharma firms from Indiahave become world beaters - and the Indian software companies have built up US$50 billion a year business, in less than 10 years. These 50 billion dollars have come out of US pockets.

At least, the actions against Wipro and Nestor Pharma were pathetic excuses to ban a business - and no Third Party arbiter will uphold these actions.

Third, on January 9, Standard & Poor's announced that Greece, Spain and Ireland were on review for a possible downgrade, indicating that a Eurozone country could default.

Whats the Quicktake

These actions seem like offensive actions from the US - to undermine its competitors and to bolster US businesses. It makes me doubt about the Satyam saga. To carry the conspiracy theory thread forward, was there a Merrill Lynch-Ramlinga Raju 'deal'?

Modern day protectionism, huh?

Will 2009 be the year of sovereign defaults?

On January 9, Standard & Poor’s announced that Greece, Spain and Ireland were on review for a possible downgrade, indicating that a Eurozone country could default. If financial crises have taught us one thing, it is to take such “black swan possibilities” (as Nicholas Nassim Taleb would describe it) seriously. A sovereign default by a small country could wreak havoc on the markets for credit default swaps (CDS) and might even destroy financial institutions in other Eurozone countries. It could trigger panic rise in bond yields and the threat of contagion could turn into a self-fulfilling prophecy. A far more serious threat would be a cascading series of defaults that would eventually include one or more of the Eurozone’s large countries. The 10th birthday of Eurozone seems to be holding out ominous portents. (via Sunil Kewalramani: Will 2009 be the year of sovereign defaults?).

For the last 50 years, under the garb of macro-economic aggregates, total Government finances were seen as proxy for a nation’s economic health. And that assumption, based on faith rather than logic has been been inverted in the last 20 years.

While country and Governmental finances were analysed to within a hair’s breadth away from death, private debt and aggregates of private debt were given a cursory analysis.

As the ‘demand side’ economics crash-landed into the stagflation of the 70s , it gave way to ‘supply side’ economics. With increasing supplies, consumers needed money to buy the supply.

Welfare statism became unfashionable - and the Petro-Dollar alternative became available. Shortly, after Petro-Dollars, a new source of enthusiastic cheap funding became available - China. With Petro-Dollars and China competing for Western favor, a mountain of debt was within a realm of possibility.

With the arrival of ‘frothy Alan’ and ‘helicopter Ben’ and the ‘ménage à quatre’ was soon complete. The dollar hegemony allowed this build up of debt - and while China is acting as the injured party, it is time someone informed them of the Western concept of ‘caveat emptor’.

The more worrisome aspect is the desire to fall into Western arms - by many ‘developing’ economies, all over again. And leading the default league tables are the US and Britain.

The illustration of bathos! Indian policy-bureaucracy complex looking Westward for inspiration.

Indian journos deride legal reform as 'free-for-all crime'

On December 23, 2008, the Lok Sabha gave criminality a Christmas bonanza by passing a radically amended Criminal Procedure Code Bill along with seven other Bills, all of which were passed within a mere 17 minutes without any time-wasting frivolities such as debate and discussion which, in effect, prevents law enforcement authorities from arresting someone who has committed a crime which carries a prison sentence of up to seven years.

Instead of clapping behind bars the accused in such cases which include attempt to commit culpable homicide; voluntarily causing grievous hurt; cheating; outraging a woman's modesty; death caused by negligence; and assaulting the President the police will now have to issue a 'notice of appearance' to the individual concerned who will be expected to 'cooperate' with the investigation. (via Free-for-all crime-Subverse-Opinion-The Times of India).

Ignorant journalists like Jug Suraiya and his ilk, should not be eligible to benefit from such exemptions. These lap-top toting, ignorant journos are a new breed of 'angutha chaaps'. What these English speaking, Westernized journos, dont know and cant care about are these inconvenient facts: -

1. India has the lowest per capita prison population in the world.


2. India also has the lowest police-to-population ratio in the world.


3. India has the second highest national gun stock in the world.


4. India has the largest number of poor in the world.

Western systems of law and order predict that India should have the highest crime rate in the world - which is not true. India has low-to-average crime rate compared to the Rest of the World.

Juggy-boy - open your mind, before you open your mouth! Or is it before you open your 'laptop'?

Paris Hilton to tutor future Indian Prime Minister, Rahul Gandhi

Socialite Paris Hilton showed off her ignorance recently when she thought Gordon Ramsay was the British prime minister.

She said: “I love Britain. London is my favourite city in the world.” But when asked if she knew who the British prime minister was, she replied, “Yes, it’s Gordon Ramsay, isn’t it?” (via Paris Hilton thinks Gordon Ramsay, and not Brown, is British PM).

I think Rahul Gandhi needs to learn from Paris Hilton. After all, why was he wasting time with a nation which is 5 times over its GDP in debt. Why waste time with a nation which is today a nobody in manufacturing, services, currency - a nation in terminal decline in anonymity?

Rahul Gandhi’s dalliance with Milliband reminded me of Nehru’s dalliance with the Mountbattens. I am still unclear who Nehru was having an affair with - Lord or Lady Mountbatten?

And I think the reporters got it all wrong - why did this reporter think that Paris Hilton should know who the Prime Minister of Britain was?

Celebrating diversity is unity-The Economic Times

There is something that everyone else seems to get except the SEC A1+ (top-notch buyers), ‘modern’, English speaking, large metro, ‘progressive’, ‘cosmopolitan/ global’ Indian. That there is no single, pure, pan-Indian identity, ‘cleansed’ of ethnic/ linguistic/community or region origins and characteristics; and that despite their feverish search for it, there is unlikely to be one. Worse, that it may even be undesirable to have one. Their belief is that modern Indian utopia is to have many more of us shed our specific community-based origins and influences, and assume a more uniform Indianness — one that blends well globally, and does not make us stick out like the peacock (or a sore thumb) abroad. (via Celebrating diversity is unity- Comments & Analysis-Opinion-The Economic Times).

This is one excellent article by one of India's original market researcher.

Breaking all the shibboleths of Indian advertising, dominated by the English speaking, Westernized professionals and being successful, as . Rama Bijapurkar, has been as a market researcher, is surprising. I wish that Rama Bijapurkar would write more frequently - as she did earlier.

With the lowest levels of religious, ethnic, linguistic diversity, the sight of The West, strutting as a protector of freedom is a hoax. How can the West have a problem with Native American tribes (aka Red Indians) and the Aborigines - if there are none left. The West which has the highest levels of prison populations in the world - raucously reminds the world of lessons in freedom.

The Western pre-occupation with One God, One Book, One Holy Day, One Prophet (Messiah), One Race, One People, One Country, One Authority, One Law, One Currency, One Set of Festival are the root of most problems in the world.

And sometimes, it takes a Rama Bijapurkar to make the English speaking, Westernized, elite to wake up - and smell their own garbage.

India, Pak aren't neighbours; they are worlds apart-MJ Akbar-The Times of India

India and Pakistan are not neighbours. They are worlds apart.

1947 divided us, but did not separate us. We still met, through family and media. Separation came with war in 1965, instigated by fantasists like General Ayub Khan and Z A Bhutto. It extinguished the flickering embers of trust. Walls of regulations were raised to block knowledge, and then vision. If you do not see a neighbour he is not a neighbour. There are no neighbours in the huge apartment blocks of Mumbai, only adjacent numbers. (via India, Pak aren't neighbours; they are worlds apart-The Siege Within-MJ Akbar-Columnists-Opinion-The Times of India).

Another piece of solid analysis - by MJ Akbar.

Kashmir and the forgotten Sheikh

Sixty years after Kashmir threw in its lot with India, the state remains an enigma for policymakers. Even back then, the Kashmiri Muslims - the majority in the state - led by Sheikh Mohammad Abdullah, had defied popular perception that Muslim majority states would prefer joining Pakistan. Abdullah had snubbed Jinnah by refusing to even meet him when the latter came to the Valley in the hope of convincing the young leader to support Pakistan. (via The forgotten Sheikh).

An enigma, inside a puzzle wrapped in a mystery ...

Kashmir remains an interesting complication - from a historical perspective. It was Muslim majority - so Pakistan could take a technical refuge under the Indian actions in Junagadh and Hyderabad. Since, it had a Muslim majority, Pakistan could lay claim to it.

The Hindu ruler wished to remain independent - and then changed his mind - and decided to join India. The democratic leaders of Pakistan like Sheikh Abdullah also wanted Kashmir to be a part of India. Hence the legitimacy of Indian claim.

Colonial detritus

The jokers in the pack were the legacy Colonial rulers - in India and Pakistan. The Governor General of India was Mountbatten - and the Pakistani Generals and some Indian officials were British. The collusion between these colonial agents in the dying days of the Raj, has created a festering problem - which India and Pakistan are still fighting over.

We can continue with this problem for the next 60 years - without success. Instead, a better idea may be to put the Kashmir problem into a cryogenic chamber and revive this issue 50 years later.

Why are Indian consumers and companies so confident?

Even in the depths of a downturn, Indian consumers and companies are surprisingly confident, putting the country on top. Seven months ago ... consumer confidence in India had fallen 11 points to 122, the lowest in the last five rounds of the Nielsen Global Consumer Confidence Survey.

Since then, Lehman Brothers, the 158-year-old investment bank, has collapsed and the Detroit carmakers have been gasping for money. Still worse, in end-November, 10 gun-and-grenade-totting terrorists killed 192 people across Mumbai, the nation’s financial capital.

Even as all these events sink in, India has topped the latest round of the Nielsen survey with 114 points, a massive 30 points above the global average of 84. (via Consumers and companies are confident).

The Great Unease

Strange. In fact, very strange.

What gives Indian the confidence that things will improve? Year after year, such global surveys routinely show anxiety, unease, dread in Europe and USA. This sense of unease should be absent considering the prosperity levels, the best health-care systems, a welfare state, guaranteed unemployment benefits, their technology, their currency and their democracy.

The Indians and Chinese routinely are more optimistic - which should not happen considering the low income levels. Fancy theory apart, to my mind, it is the ‘sword fatigue’ in response to constant exposure by Western Governments (to which they are exposed) which causes this low optimism.

The only thing that worries Indians was the well being of their parents.

WB to give $3 bn to India for bank recap - The Financial Express

India expects to get USD three billion from the World Bank in two tranches by March 31, 2010, to help it recapitalise public sector banks, besides National Housing Bank and EXIM Bank.

The World Bank may most probably give the first phase of the loan by June this year, a senior finance ministry official said here.

He said 17-18 public sector banks as well as National Housing Bank and EXIM Bank require more capital. In total, Rs 20,000 crore is needed to recapitalise these entities. (via WB to give $3 bn to India for bank recap - The Financial Express).

Crumbs coming your way ...

The US is throwing a few bones, our way, to keep us quiet. While they continue the flooding the wold with these depreciating peices of paper. India is losing 10% of its foreign currency reserves every year due to dollar devaluetion. What we are getting fromn the IMF/WB duo is just 1% of this as debt.

And we have a few preening bureaucrats who think this calls for some self-congratulaions!

US-UK playing good-cop-bad-cop routine with India - Miliband's root-cause theory-The Economic Times

Mr Miliband, a root cause theorist, had on Thursday come out with a reality-challenged position that a resolution of Kashmir issue will end terror in India.

“When there is a terror attack in UK, do they believe that root cause lies in Northern Island or in their own policies. Why are they going for the root cause in India? The Mumbai attacks have no links to Kashmir,” Congress spokesman Abhishek Manu Singhvi told reporters.

Although the Congress spokesman steered clear of explaining that real cause of terror, Mr Miliband’s country has, for the past seven years, been maintaining that the world is experiencing transnational terror unleashed by those nurturing transnational grievances. (via No one roots for Miliband's root-cause theory- Politics/Nation-News-The Economic Times).

A patronizing Milliband made a visit and made a few remarks which must have gladdened a few jihadi hearts. Condoleeza Rice came a few weeks ago and made some remarks which have made a few jihadi hearts go black with rage. This is a good 'ole' good-cop-bad-cop routine. India and Pakistan would be dumb to fall for this.

We should stop wasting time in engaging with these terminally declining societies. We must get up and get going.

Little choice there.

Why India's education system is losing out...

In 2007-08, India sent over 94,500 students to American universities. They accounted for 15 per cent of the total international students' population in the United States. Experts believe that in a year or two, India would lose the number one position, it has held for the last seven years, to China.

Indian students spent about $2.36 billion, or Rs 11,800 crore (Rs 118 billion) at today's exchange rate, on their education in American universities ... many students from India may have gone to study at these universities after obtaining scholarships ... If that is the case for Indian students also, then the total spend by Indian students from their own pockets would be about Rs 7,300 crore (Rs 73 billion). (via Why India's education system is losing out....).

This article then goes onto how India could sharpen its edge to remain the 'top' supplier of ready made talent to the USA - and pay for that privilege. It talks about the poor state of Indian education system - without once mentioing about the exclusion of large masses of people on the basis of language.

Only English speaking people allowed into Indian higher education system!!

UK paedophile may walk free-The Times of India

A 62-year-old British national, who was arrested by the UK police on charges of sexually abusing several boys of a boarding school in Chennai over three years from September 2003, is likely to walk free in a fortnight because of a year-long delay on the part of Indian authorities in assisting the probe. (via UK paedophile may walk free-Chennai-Cities-The Times of India).

The do-good industry

An Australian do-gooder was arrested for sexually assaulting children of an orphanage in Puri. Powel Allen, an eye surgeon employed with the orphanage for the past four years, was arrested in Vishakhapatnam (Andhra Pradesh)Sometime back, two other orphanage administrators, and alleged pedophiles, Duncan Grant and Allan John Waters were convicted (their conviction is now under appeal-review).

Further back, Wilhelm and Lile Marti, a Swiss couple, again in the do-good industry, were granted bail in a paedophilia case. After bail, they promptly fled India.

Do we really need these do-gooders?

Mother Teresa, another do-gooder raised hundreds of crores in the name of Kolkatta's poor, A few hundreds of the Kolkatta's poor benefited from that money. But many missionaries rode on the backs of these poor Kolkattans, raising even more money. The PR machine of the Vatican has done a great job on this scam.

Even if India cant take care of its poor, we dont need these do-gooders!

Away!! Begone!

Should we say, 'Get thee behind me, Satan!!'

They have problems at home

Spain has 400,000 prostitutes (for a population of 40 million) who 'attract' 15,00,000 clients every day. That is quite a breakdown in the Spanish social system. Britain has 10,000 Muslim prisoners out 16,00,000 British Muslims. That is some number of prisoners to have.

And these very countries had the temerity to 'donate' Indian NGOs a humungous US$3 billion (nearly) last year.

May I suggest?

Keep your money and keep your do gooders at home. Your need is greater than ours.

Mass privatisation in Communist bloc led to surge in male deaths - Yahoo! News

Former Eastern Bloc countries that swiftly and massively privatised their state assets in the early 1990s, leading to a surge in unemployment, unleashed a wave of death among men ... The consequences hold stark lessons for China, India and other countries mulling reforms of their state sector, according to the study published by The Lancet.

Between 1991 and 1994, male deaths in Russia, Kazakhstan, Latvia, Lithuania and Estonia, where intense, fast-track privatisation took place, rose 42 percent, coinciding with a 305-percent increase in unemployment, its authors say.

They found that swift, massive privatisation of assets was generally correlated with a lightning rise in unemployment and a sharp increase in mortality among men aged 15-59. (via Mass privatisation in Communist bloc led to surge in male deaths - Yahoo! News).

This was the 'secret' behind Anglo Saxon wealth - the methodology of genocide of Native Americans and Aborigines.Australia, Canada and USA were amongst the largest producers of gold - in the last 200 years. These large countries funded the Wars of colonization and and the colonies were exploited to fund this genocide.

A point in example was the Indian War of 1857 against British colonizers. The Indian alliance did not have the 'loot' and the 'resources' that the British had - from the Caribbean colonies, from the Opium trade, or the licensed naval piracy by the British Crown.

In 1492, when Columbus landed in the West Indies, the native American population was 3 million (in the what is currently USA) and more than 10 million in the Americas - and they spoke a 600 languages. 300 years later, they had become tourist attractions. The British and the independent Americans were equally brutal with the Red Indians.

During the French and Indian Wars, Britain waged a biological warfare against the Red Indians by distributing small pox infected blankets to Red Indians. 70 years later, Andrew Jackson delayed (some say withheld) small pox medical supplies and vaccines from Red Indians. Treaty after treaty was made with Red Indians - which were broken time and again. And the man leading this campaign - George Washington The Great himself.

Indians later referred to Washington by the nickname "Town Destroyer," for it was under his direct orders that at least 28 out of 30 Seneca towns from Lake Erie to the Mohawk River had been totally obliterated in a period of less than five years, as had all the towns and villages of the Mohawk, the Onondaga, and the Cayuga. As one of the Iroquois told Washington to his face in 1792: "to this day, when that name is heard, our women look behind them and turn pale, and our children cling close to the necks of their mothers."

The White man coveted everything that the Red Indian had - but mostly, his life. This “land of the free” by all possible (and some impossible) means was soon made land free of the “natives and savages”. The vast prairie lands were expropriated - and the Cherokee Indians were marched out by the US army.

This march, Trail Of Tears, signalled the break of treaty by white Anglo Saxons. Land West of the Mississippi were to belong to the Eastern Indians ‘in perpetuity.’ The Red Indians resisted removal and forcible transfers. Their resistance was brutally crushed.

The entire Anglo Saxon race was against the very existence of the native Red Indian. The British Colonialists and the White Anglo Saxon settlers continued a scorched earth policy in their genocidal campaign.

Just like Romani Gypsy and Australian aboriginal children were taken away from their parents, Red Indian children were also removed. In different continents, at different times, similar tactics were used by Europeans and the Anglo Saxons in the colonies.

Next target - maybe the Islamic Middle East?

Seventh Indian killed in US

Exactly four years after he left for the US on Bhogi Pongal, 26-yearold Satyam employee N Akshay Vishal, a resident of Hyderabad, was killed in Arkansas. Akshay, who was shot at as he was returning from work, succumbed to bullet injuries while undergoing treatment at Methodist Medical Center in Little Rock Town, Arkansas, on January 14, a day after he was shot. He is the seventh Indian student or professional from Andhra to have been murdered in the US in the last 15 months. (via Satyam employee killed in US).

The important part is these incidents is the common factors: -

1. Most of thee victims are from Andhra Pradesh (in India) - which sends the largest numbers of techies and students from India.


2. All the seven victims were students or young tech workers.


3. These have happened with regularity. Every 45-75 days.


4. None of these students had any criminal record or involvement in any criminal activity or groups.

Seven murders in 15 months is too many to be a co-incidence.

What's happening?

Foreign workers being blamed for job losses in USA? Is there some racist group behind this. Is is the Ku Klux Klan? Indian groups had requested FBI to check this out.

Anybody out there?

• No foul play in Andhra woman's death in California: US police


• Andhra woman found dead in California


• Another Indian student shot at in US


• Killer of Indian-American CEO arrested in US


• Indian-American CEO of tech firm killed in US shooting


• Indian student from Andhra Pradesh killed in US


• File: Andhra cousins killed in US, cops clueless


• File: Family shocked over Andhra girl's murder in US


• File: AP cousins' murder in US: Family pays Rs 3L to get back son's body


• Soumya Reddy cremated in Hyderabad


• Twin murder in US: Cops recover gun


• AP girl's cousin also found dead in US


• FBI joins Indian girl's death probe


• File: Indian charged with AP girl's murder denied bail


• Indian student murdered in UK: Varsity officials meet parents


• 2 Indian students murdered in US
  
  
  
  • Indian students' murder: Reward increased
  
  
  
  
  • Indian students' murder: Motive still unclear

Crisis? Export it to the poor!

current trade negotiations did not get off the ground till after the September 11 terrorist attacks of 2001 in the US. For almost a year before the Doha talks were launched, there was not much progress on kicking off the kind of negotiations that the poor countries wanted: a genuine focus on livelihood and growth with equity. For most of 2001, the intransigence of developed countries had made any progress impossible. Even on September 1, 2001, a WTO mini-ministerial that was held in Mexico failed to resolve the impasse. But within weeks of the terrorist strike on the World Trade Centre in New York, the US and EU, then represented by Pascal Lamy, the current WTO chief, were pushing for a new round to revive the world economy from recession.

At that time, a sceptical African trade negotiator had pointed out that a majority of African economies had been in recession for about 10 to 20 years. “Do you think the current ‘recession’ affects us? The new round isn’t the answer to our recession.” He was voicing the view of some developing countries who felt the situation was being used to manipulate them into accepting a new round of trade liberalisation.

Similar concerns are being voiced now, too. (via Latha Jishnu: Have a crisis? Export it).

Kamal Nath will surely have prickly and stony path - if he wants to continue knocking at Western doors! The other option is to do a Third World trade agreement.

Anyway, bloated Government spending systems, a welfare state, declining productivity, aging populations, the last thing that the Third World needs to look at is a trade agreement with the West.

What should Indian film industry expect in ‘09?- Business of Bollywood-The Economic Times

India’s biggest money-spinner film was a Tamil film—Sivaji, starring none other than the superstar Rajinikant. Of course, there is the fact that the Aamir Khan starrer Ghajini is a remake of a Tamil film.

Even at debated figures, Sivaji's gross of over Rs 100 crore was unheard of for Indian films, leave alone any regional cinema. India’s status as the largest film industry in the world comes from the combined forces of 22 languages, including Hindi which released 1,146 films in 2007 (according to the Ficci Frames PwC E&Y report 2008).

Of the over 1,000 films, only 257 were Hindi with Telugu coming close with 241 and Tamil in third place with 149, Kannada with 111 and Marathi with 97. The figures changed to mostly lesser numbers for regional yet the order remains more or less the same. Even if Hindi films muscle in with more commerce making up approximately 45% of the total Rs 96 billion filmed market (apprx), the other 55% cannot be ignored. (via What regional film industry should expect in '09?- Business of Bollywood-Features-The Economic Times).

A few interesting aspects: -

1. The English media in India and the Westernized Indians snidely refer to the Indian film industry as Bollywood (Mumbai), Tollywood (Telugu film industry) Mollywood (Madras, Malayalam) Kollywood (Kodambakkam, Kolkatta) - as one would refer a poor country cousin.

2. Fact is the Indian film industry is driven by a completely different idiom, ethos when compared to Hollywood. In fact, Indian film industry itself is actually about 4-5 centres of film making (for different languages) - spread all over the country. Each of these centres have different film styles. So, the Indian film industry owes nothing to Hollywood - and Indians have difficulty in believing that. Hollywood is singularly unsuccessful in India.

3. The State is possibly the biggest drag on this industry - which is weighed down by heavy taxes.

4. The Mumbai industry remains dominated after a 70 years, by Punjabis and Muslims. There is something about (their cultural mix which enables) this dominance.

5. Isolated international success and limited (international) distribution organization of the industry, has stopped this industry from competing in the world markets. The completely different idiom and the creative mix, will create its own separate market.

6. Till about 10 years ago, Indian film industry was considered too 'infradig' to be studied, analysed or even understood - by the academia. That is slowly changing. Some interesting books and writers have emerged in the last 1 decade.

Desperate Obama adulation in India

YES, we can! India joined the now famous refrain when US voters rose in one voice as presidential candidate Barack Obama delivered his victory

Somewhere, though, there was a wistful tinge of, “Wish we had an Indian Obama!” And, even as the new US president gets set to take oath of office, Indians, fresh from 26/11, are still on the lookout for a leader who inspires.

India is crying out for a young, dynamic leader who stands by his words and people, someone who delivers.

Says Anu Aga, businessperson and listed amongst Forbes’ most powerful women, “It’s not impossible. Gandhi, the phenomenon, happened less than a century ago and is still part of living memory. Obama is a product of the times and has created hope and optimism all around. Now, we have to find our own Obama.” (via Desperately seeking… an Indian Obama!-Life-Sunday TOI-The Times of India).

What is it about Obama that inspires this lady?

Is it that after 250 years, a Black person has become a President of the USA - amidst growing fears that he will be assassinated? Is she fogretting how in "the spring of 1968 ... Rev. Dr. Martin Luther King Jr. and Senator Robert F. Kennedy were assassinated in a span of two months."

That this may be a token much like Kennedy, - the first and the last Catholic President in the USA? Is it inspiring, that after 200 years of being a republic, the US still has not elected a woman as a President?

Coming to Obama, according to this writer, is someone who is "young, dynamic leader (and) stands by his words and people, someone who delivers" ... On what basis is this statement made - because, Obama has furiously started back pedalling on his campaign promises, even before being sworn in. Pretty standard for the course, for politicians across the world.

Of course, the cynicism towards politicians amidst the Westernized Indian elite in India is not new or strange.

Why am I not surprised by this adulation of the West - from India's oldest English newspaper!

Black cat, white cat ... both are not catching the mice.

Treasury Secretary Henry Paulson isn’t the devil ... (but) on his watch the US has morphed into a huge debt-issuing machine ... (and) the US deficit will more than double this year to at least $1.18 trillion, the biggest since World War II. The CBO’s estimates don’t include the cost of the president-elect’s stimulus package, which will probably add at least $750 billion to the total over the next two years. Last year’s shortfall totalled $455 billion.

Barack Obama has even bigger plans.

“I spent most of the first two quarters of 2008 marvelling at the pace of Chinese reserve accumulation,” Council on Foreign Relations economist Brad Setser in New York wrote on his Web log this week. “I expect to spend the first few quarters of 2009 marvelling at the size of the US fiscal deficit.”

BEST CUSTOMER

All that borrowing could burst what Bill Gross, co-chief investment officer of Newport Beach, California-based Pacific Investment Management Co, calls a market with “some bubble characteristics.” That isn’t escaping officials in Beijing.

China owns $653 billion of Treasuries, and indications are that it’s losing its appetite for US debt. Expect Asia’s second-biggest economy to cut the share of dollars in its $1.9 trillion of reserves, and perhaps sharply.

The US needs China’s money more than ever.

The US is, after all, acting at the expense of its best customer. Just as shareholders abhor companies diluting their stock with new offerings, China’s debt managers can’t be happy with the Treasury’s plans.

Along with its Faustian bargain, one wonders if China risks a Madoffian one, too.

No, the Treasury isn’t engaged in a massive fraud of the kind allegedly perpetrated by financier Bernard Madoff. Yet the US’s $5.3 trillion government debt arena is looking more like a Ponzi scheme than a market.

MADOFF’S SCHEME

Madoff personifies the greed, lack of transparency and lost trust that has accompanied the US’s fall from grace. Even though sceptics raised concerns about the veracity of Madoff’s performance over the years, regulators failed to act. They believed Madoff’s assertions and figures. (via William Pesek: China risks the Madoff treatment from treasuries).

'Black cat, white cat, who cares as long as it can catch mice'

There are two frauds - one by the US Government on the world - and the other by the Chinese Government, on its own citizens. One is a democratic, capitalist, developed, modern G7 country. The other a authoritarian, communist, totalitarian, developing ancient culture. And they both seem to be committing some fairly large frauds.

So much for the 'superior', Western, democratic and model. It really does not matter if the cat is white or black - because they both dont seem to be catching the mice.

Developing - A bubble of books on bubbles …

the follies of the dotcom valuations and the subprime loans, that would really interest us because they were a ripoff.

To take just one example. A couple secured a loan for $1.5m (with no collateral whatsoever), bought a house for $1.16m, refurnished it for $333,000, lived happily in it for three years and then coolly walked off! Nobel laureate Paul Krugman’s “After the Money’s Gone” tells it all.

You can use any cliché to describe the Panic and its aftermath: lax lending, the lure of cheap money, greed or whatever. But the one that is really spot on about business specialists is Saul Bellow’s remark that “a great deal of intelligence can be invested in ignorance when the need for illusion is deep.” (via V V: How bubbles burst).

I swear I will throw up ... if one more book on these bubbles is written ...

The cause for these entire financial crises was too many dollars being printed by the US to buy products and services from poorer economies (like China) with pieces of paper. That is the root of the problem. We dont need a book to tell us this.

The review is better than the book. Especially the closing lines by Saul Bellow (given above).

Blood does not sleep - MJ Akbar-The Times of India

Saladin, the greatest of Muslim warriors, died of fever and old age on the morning of March 4, 1124. He was the iconic believer. Malcolm Lyons and D E P Jackson write in Saladin: The Politics of the Holy War, ''The imam Abu Jafar and al-Fadil were with him on the morning of March 4. The imam was reciting from the Quran. 'It is said that when he reached the words — There is no god but God and in Him I put my trust — Saladin smiled; his face cleared and he surrendered his soul to God'.''

On his last visit to Jerusalem, the holy city he had restored to Arab rule, in September 1123, he gave his fourth son, Abu Mansur al-Zahir, some immortal advice. As his son was about to leave, on October 6, Saladin kissed him, rubbed his hair fondly and said: be chary of shedding blood, ''for blood does not sleep''. He added, addressing his attendant emirs, ''I have only reached my present position by conciliation''.

Nine centuries later, blood has still not slept in that land. It keeps awake as a nightmare. No region in modern times has refused conciliation and invested as heavily in a nightmare. (via Blood does not sleep, stays awake as nightmare-The Siege Within-MJ Akbar-Columnists-Opinion-The Times of India).

And this is the difference between the 'Desert Bloc' and the 'Indic Bloc'. Gandhiji's non-violence was based on this premise that 'blood does not sleep'. The Desert Bloc has not learnt Saladin's lesson. India's ability to stay together, in spite of history never having seen a republic like India - is due to this belief. India has done well and much needs to be done. As long as India remembers that 'blood does not sleep', we will succeed. The day we forget that, we will go the way of others. The country model of the West is built on foundations of congealed blood of slaves, genocide and war.

Possibly, the US Congress must make this statement a part of swearing-in ceremony for every US President, Senator and Congressman.

India starts investing in Indian languages? - The Economic Times

On the ground, classical language status has meant substantial funds and awards. The solution to such vexed claims and counterclaims may rest in the central government giving up its partisan patronage of Sanskrit and Hindi, and providing the wherewithal for all languages. What languages are classical or not is best left to the scholars. (via Is classical language status meaningless?- Et Debate-Opinion-The Economic Times).

After 60 years ...

It has taken India 60 years to start with some small investments in Indian languages.

The Indian education system excludes a vast majority of Indians from the higher education system - which is predominantly in English. This puts a premium on English - and discounts Indian languages in the educational sweepstakes. The disadvantaged students who have studied in Indian languages ensure that their children get the ‘advantage’ of English education.

The negative effect this on Indian self esteem is not even a point of discussion here.

The principle of exclusion (a colonial idea), is a dominant marker of the entire Indian education system - rather than inclusion. British (and before that, Islamic rulers’) colonial-imperial practices supported foreign languages on the backs of the Indian taxpayers’ contribution - and actively worked on destruction of local cultures.

So, why does contemporary India persist with this policy.

Because all the high and mighty, finally want their children to ‘escape to the West’, with a good education from India - at the cost of India’s poor. This vested interest makes this policy go around.

And a lot of propaganda.

Western standards will decide Indian varsities rankings

The National Assessment and Accreditation Council (NAAC), an autonomous (Indian) body established by the University Grants Commission (UGC) to assess and accredit institutions of higher education in the country... has formed an executive committee to devise a framework and is also studying various university ranking models from China’s Shanghai Jiao Tong University’s (SJTU) Academic Ranking of World Universities (ARWU), the UK and Australia in order to develop its own grading scales.

HA Ranganath, director, NAAC, said: “We intend to introduce our own rankings, based on world class indicators, something on the lines of Shanghai’s ARWU. Such an Indian ranking formed by NAAC should be respected by institutions across the world.”

In its rankings, for instance, SJTU uses indicators like number of alumni who have earned a Nobel Prize or Fields Medal since 1901, number of researchers who earned a Noble Prize in physics, chemistry, medicine or economics and/or the Fields Medal in mathematics since 1911, number of highly-cited researchers in the fields of life science, medicine, physics, engineering and social sciences, number of articles published in Nature and Science between 2003-2007, and number of articles listed in Thompson Scientific’s Science Citation Index Expanded and its Social Sciences Citation Index in 2007, among others. (via Indian varsities will be ranked).

This is another case where Western standards will decide Indian rankings and perception. Will India (like China) take the Nobel prize to be a gold standard? Are all other awards and recognition of no value? Are citations by Third world academics and scientists, which Thompson's Citation Indices does not fully capture, without merit? More examination will finally be without meaning. Reductio ad absurdum.

These kind of rankings and measurements are ex nihilio - creating something out of nothing!

Need for Western approval

Needham, almost single-handedly, not only altered the prevalent views about China, but also challenged (and changed forever) dominant Euro-centric convictions on the origins of human knowledge. Truly, by the end of his life, Needham had taught many more people than he realized, what it means to take the long view. India, too, needs such a champion. (via Piercing the Wall).

Ravi is showing off

Joseph Needham, Master of Caius College, Cambridge, is the subject of this pathetic book review. And the writer of this review is Needham's ex-student, Ravi Bhoothalingam - ex-President of Oberoi Hotels and a Director at ITC & VST, India's largest tobacco conglomerate, Head of Personnel at BAT Plc.

I would have little objection if his entire trip was to display his Cambridge alumni status. Or the fact that his ex-professor is the subject of a book.

Like me ... love me ...

It is sad, when in the closing line of his review, he says that India needs a Western 'champion' - like China. For one from the post-independence generation, Ravi's craven need for Western approval, the banging of the head at colonial altars, is surprising, (at least to me).

Is the Indian nation so bankrupt, that it needs foreign help for others to recognise Indian achievements in the past, present or future? How does it help India if a few Westerners admire Indian achievements? Should modern India focus on achievement, here and now - or focus on obtaining Western admiration for past achievements of Indians in history?

Indians are the 2nd largest gun owners in the world

Tamanchas (also known as desi katta, a locally made gun) are ... illegal and indigenous weapons that are ... Priced anywhere between Rs500 and Rs1,000, depending on the quality, ... can be bought easily in the grey markets in UP, Delhi and Mumbai ...

Tamancha, panchfera (that fires five bullets), desi rifle, revolver—all are available locally for a fraction of the price of the real thing. Their clients seek them out through special agents and they are paid money in advance ... These were craftsmen whose forefathers had crafted daggers and firearms for the Syeds, Lodis, Pathans and Moghuls, and knew all there is to know about smelting, welding and forging weaponry.

The villagers are ... buyers of firearms in this region. Everyone here who must guard his crops and share in irrigation waters and travel to cities every now and then carrying cash, sports a tamancha. And having a gun under your pillow is considered a style statement in villages.

Most criminal acts, according to the police in western UP, are committed with this weapon. In case of police raids and during chase, it is easy to abandon this unlicensed weapon since it cannot be traced back to the owner. Occasionally, the police may also procure kattas or tamanchas from these factories. These are then “planted” during raids.

Meerut Kotwali, Sohrab Gate, Islamabad, Sardhana, Ganeshpur, Khurja, Dadri, Ghaziabad, Muzaffarnagar, Budhana, Shamli and Saharanpur areas are said to have thriving factories. In 2008, the police apprehended 2,213 people in Meerut, 3,369 in Ghaziabad, 1,700 in Bulandshahar, 2,165 in Gautam Buddha Nagar, 592 in Baghpat, 1,571 in Saharanpur and 1,604 in Muzaffarnagar for keeping illegal arms.

Six tamanchas could be produced, ... in under 2 hours in his factory. He had learnt the art some 25 years ago and was now so experienced in crafting firearms that given a sample, he could create a copy of any sort of gun within two weeks.

It may be a crime in the eyes of some, masterji said philosophically, but he considered himself an honourable man who was bringing up a family on his hard-earned wages. (via Uttar Pradesh: the land of la tamancha - Economy and Politics - livemint.com).

Some very interesting points come out from these reports.

1. These guns cost Rs.1000-1500 (US$20-US$30). At these costs, rampant criminalization of Indian population is very possible - and probable. So, why has that not happened?


2. Most of these gun smiths are Muslims - and if the myth of the 'oppressed Indian Muslim' was true, then these guns would have been used for a mayhem, terror and crime.


3. One report states that UP alone has 900,000 licensed fire arm holders and India has 4 crores (40 million) guns. Another report estimates more than 3 lakh illegal firearms in New Delhi alone. Estimates of the national stock of guns in the US varies between 40 million to 50 million households which own 200 million guns.


4. Interestingly, UP, Bihar and Madhya Pradesh were at the heart of the British Raj - and the land grab from the peasants to the zamindars first happened here - especially, after 1857. Is that the reason for the lawlessness in this region?


5. This was also the theatre of the 1857 War by Indians against the British Raj, which raged on for about 4-5 years. Obviously, guns were not imported - but produced locally. Were these the gunsmiths that had supplied the Indian armies with guns and munitions?

So, how come India has lowest prison population, low-police-to-population ratios and the low-to-average crime rates?

Let Cuba in from the cold, and Obama is the perfect man to do it | Comment is free | The GuardianL

The Cuban revolution began 50 years ago ... with its charismatic and bearded leadership descending from the hills, young men in their 20s brandishing guns and seizing the cities, and calling for land reform ...

Castro began his epic quarrel with the United States - through the US abolition of the sugar quota, the arrival of Soviet oil, the CIA invasion at the Bay of Pigs, and the missile crisis of 1962 ... Faced with the implacable hostility of the United States, Fidel decided that he had no alternative except to ally himself with the Soviet Union.

What struck me most was to find an island full of black people. The revolutionary leadership could hardly have been more white ... Fidel's enlistment of the black population was his astutest move, being echoed in the United States (where he stayed in Harlem on a visit to the United Nations) ... The only political movement in Cuba that had enrolled black people ... was the Communist party, and Fidel (long before his move towards the Soviet Union) had turned to the local communists for help in reaching out to the urban population, both poor and black. The white racist element in the Cuban population had tolerated a black president such as Fulgencio Batista, who had kept the black population under control; they were alarmed by a white man like Fidel who appeared to be mobilising the black people against them. (via Richard Gott: It's time to let Cuba in from the cold, and Obama is the perfect man to do it | Comment is free | The Guardian-ellipsis mine).

Elephants in the room ...

Richard Gott (the writer of this post) claims that he is a history student ... which makes this post very remarkable.

In the entire post of 1150 words, he mentions the word slave only once - while the entire history of Cuba for the last 200 years has been about slavery. He is surprised by the number of Blacks in Cuba - which was the largest slave colony in the Spanish Empire - after the fall of Haiti.

The Cuban revolution began in Haiti more than 200 years ago - and Fidel Castro has but been one, in a long line of revolutionaries who tried to break free from their enslaved past.

For a history student, can this be ignorance or a more likely attempt at 'whitewash' ...?

US antagonism ...

The hostility of the US has its roots in this struggle - when US refused to recognize Haiti for a 60 years after the overthrow of the colonial Spanish Government which used the Haitians as slaves. US 'bought' Cuba from Spain - and hence this hostility. The US feels that they 'own' Cuba - and, of course, other and large parts of the world.

For more than two centuries now, the US has been actively working with an agenda of 'racial superiority' which has resulted in slavery and then repeated interventions and manipulation in South America. They have used force and power to derail economies and politics of emerging countries. The example of Haiti's failure and Cuba's desperate struggle to survive drove Fidel Castro into the arms of Soviet Russia.

Is that so surprising, Mr.Gott ...?

Why is Richard Gott so surprised ...

It is the 'white wash' of history - and the 'tarring' of protagonists which is a matter of concern. Haiti's (and also Cuba's) crime - they refused to accept the racial agenda of the US. They (including a 'White' like Fidel Castro) wanted to build a 'free society' for people - without colour being a factor. Perhaps all Whites are not like Richard Gott.

And that is, perhaps, why Richard Gott is so surprised.

No relief for Kandhamal churches on disputed land

The district administration, after a recent survey, has found that the Divyajyoti pastoral centre at K Nuagaon, where a nun was raped, and 134 other Christian institutions that were destroyed by rioters had been built up on disputed land. The pastoral centre, therefore, might not get the state’s financial aid for reconstruction.

“On the government order, the administration held a survey and found that of the 195 institutions, which were partly or fully desecrated, as many as 135 are on disputed land,” an official disclosed. “Disputed plot means land that belongs to forest or tribals,” he added. (via No relief for Kandhamal churches on disputed land).

In Kandhamal, from 70,000 Christians in 1991, the number increased to 117,950 (by 66%), by 2001. Of these 47950 conversions, only two were done after notifying the district collector, as required by the law.

These conversions went unreported - as these conversions would then disqualify the Panos converts to gain benefits meant for Hindu Scheduled Caste benefits and lose their allotment of reservations in government jobs. The Kandhas, who make up 52% of the population, own less than 10% of the district land. This figure is disputed and rival estimates go to as high as 60% - but exact figures are not available.

Blatant Proselytization

A web dictionary defines proselytization as "To induce someone to convert to one’s own religious faith.” This above quoted article details three interesting aspects of the Kandhamal uproar.

1. There has been a large scale demographic change in this area. Today, Christians in this area exceed 100,000 - and up from 60,000 to more than 100,000 in the last few years.


2. The bigger issue - is the misrepresentation of caste and religious denomination for obtaining undue benefits. Benefits for backward Hindus were being claimed by the Christians while declaring themselves as Backward Hindus.


3. The 3rd is land. Traditional landowners have been dispossessed of their land - and the new converts have become the new ‘rentier’ land owners.

Thus what is being given a communal and religious colour is more a case of dispensing and cornering of benefits. The fourth element that is now coming out is that these Church activities are being carried out on illegally occupied land.

Behind this ...

But, who is funding this proselytizing activity? Recent data from the Government reveals that India receives about US$3 billion of charity to NGOs. The biggest donors are US, Germany, the UK, Switzerland, Italy, Spain, the Netherlands, Belgium, Canada and France.

This US$3 billion is a huge amount of money. Pakistan went to the IMF for less than US$4 billion.

War clouds weigh down Indo-Pak trade winds- Foreign Trade-Economy-News-The Economic Times

The war rhetoric fogging South Asia is threatening to derail Indo-Pak bilateral trade, which is heavily skewed in India’s favour. While this may make Indians sit up and take notice, it could turn out to be a double whammy for our neighbour. (via War clouds weigh down Indo-Pak trade winds- Foreign Trade-Economy-News-The Economic Times).

This is the kind of opportunity that India should be looking for. Increasing trade with Pakistan can be the productive way to engage Pakistan - and make it behave. A billion dollars in trade can make Pakistan a different country. After all, they went to the IMF for some US$3 billion.

A trade embargo on Pakistan would be far more effective than troops movements can be.

Will Indian diplomats ever learn?

Muslims in India are under pressure, post-Mumbai - Economy and Politics - livemint.com

Leaders of India’s 140-million-strong Muslim community have denounced the 26-29 November Mumbai attacks and thousands of Muslims have marched in protests against the bloodshed. It has been the strongest rejection yet of Islamist violence by Muslims.

“We have lost our children in the Mumbai attacks too. And we, as Indians, share a common grief and demand justice,” said Maulana Mehmood Daryabadi, general-secretary of the All-India Ulema Council, one of the biggest groupings of Muslim sects.

In Muslim neighbourhoods in the capital, residents observed low-key celebrations during an Islamic holiday in December.

Imran Ahmed, a bookseller, did not buy any new clothes for his children during the festival and did not distribute kebabs to neighbours as he does each year.

“So many people were killed by the terrorists. How could I celebrate?” asked the bearded bookseller, sitting outside his shop in the narrow, congested streets of Old Delhi. (via Muslims in India are under pressure, post-Mumbai - Economy and Politics - livemint.com).

Krittivas puts out some swill again

In an earlier article, Krittivas Mukherjee had written how Indian debtors were prostituting their wives to money lenders in rural India - with out any source or data or frequency of incidents.

In his latest story (now joined with another Westernized bhadralok brother, Bappa Majumdar), they write about how afraid Indian Muslims are after the 26/11 Mumbai attack. Does he have data on how many Indian Muslims were attacked by Indian Hindus after 26/11? To put that in perspective - after 9/11 in the US, more than 200 attacks occured in the US on 500,000 Sikhs in a US population of 30 crores (300 million). I am not even counting attacks on 'guilty' Arabs and other Muslims. Let us not even talk about the Afghan and Iraqi invasions by the US - after 9/11.

Muslims cannot be patriotic ...

When Krittivas writes "That anger is mixed with fear of a backlash" he seems to imply that Indian Muslims cannot be reasonable, patriotic - and hence their anger against these attacks and subdued celebration were forced.

His source and authority for this statement - a (possibly senile, nearly) 80 year old journalist, whose claim to fame was his imprisonment more than 30 years ago by Indira Gandhi during the emergency. What is the data? None.

Their view of India ...

According to Krittivas, India is after all a country, where "in a country where Hindu nationalists often whip up anti-Muslim sentiment after such attacks." How many such incidents have ocurred where anti-Muslim sentiment in India has been whipped up? How many Muslims have been affected? No data. Sweeping statements. Would he like to mention any other country where such a large minority Muslim population, has greater freedom and opportunity.

Minorities in India

Muslims in India are persecuted as "Official figures show Muslims are under-represented in government jobs and the judiciary." Would he also like to show that a few years ago, the richest Indian (Azim Premjee) and the highest political post (APJ Kalam) in the country were held by Muslims. Would he like to show any other country where Muslims have greater freedom - and comprise such a large population? Maybe France, where they are not allowed to dress as they please. Or Britain where nearly 0.6% of the Muslim population is imprisoned.

Prison Population in India

Yet he does make a point how Muslims "are over-represented in the prison populations in many Indian states." Yet does he give any comparative statistics? None! Does he mention that India anyway has the lowest prison population in the world. That Muslim prison population in India is about 75,000 from 14 crore Muslims - compared to 10,000 from 16 lakhs in Britain.

Divide et impera

His knowledge of history is further revealed when he writes how "Centuries of rule of Hindu-majority India by mediaeval Muslim invaders drove a wedge between the two communities". Would he like to know how the Morley Minto reforms communlaized India. How divide et impera was British state policy in India.

That the Deoband School, which he quotes earlier, which rivals the Al Ahram Mosque of Egypt in authority, was against the formation of Pakistan.

Who was responsible for the Partition ...

He would however, not like to hold the British Raj responsible for "the blood-soaked birth of Pakistan, carved out from Muslim-majority areas of India in 1947." The abdication by the Colonial British administration, its response to the communal riots, are conveniently ignored. These riots managed by criminal elements were given a free hand by the British administration, to 'demonstrate' to the world, that Hindus and Muslims could not live together. It took Gandhiji to disarm this population.

He however does not miss to write about "communal riots in Gujarat in 2002, when around 2,500 people, mostly Muslims, were hacked and burnt to death" - against 200 attacks across US of the Sikhs.

Well paid hacks ...

This kind of propaganda does not wash in the West anymore - but when it lands on Indian shores, and carried by Indian media, this kind of glop makes me think of censorship ...

And flogging ...

On a Single Day, Five Banks Are Robbed in New York City - NYTimes.com

Bank robberies have also increased across the country. Last week, there was a string of four major “take-over style” robberies in one day in San Diego, and major cities, including San Francisco, Houston and Milwaukee, have all seen drastic spikes in bank robberies this year, said Michelle Renee, a former banking industry executive who tracks bank robbery trends.

“It’s well documented that during a recession, bank robberies go up,” she said. “But also, this time of the year is the busiest time for bank robberies. So you combine those two together and it becomes a dangerous time for bank employees.” (via On a Single Day, Five Banks Are Robbed in New York City - NYTimes.com).

Can poverty be a reason for crime ...

If recession, poverty and hardship were valid reasons for robbery, theft or crime, then: -

1. India with the largest population of poor


2. Highest crime rate must also be an Indian feature


3. India must also house the largest prison population


4. India must have also the largest police and jail staff

None of this is however true in India.

Is it difficult to imprison people?

Increased imprisonment of suspected criminals can be easily enabled by lowering burden of proof and creating legislation which will allow for incarceration.

For instance, the various laws under which disproportionately large number of African-Americans were disenfranchised and /or imprisoned in the US. Or the large number of Muslims have been imprisoned in the UK.

And that brings us back to the central question ...

How is it that India has the lowest prison population, the lowest police-to-population ratio and an average crime rate?

Behind the paradox is 4000 years of history ...

Euro Zone Adds Slovakia, excludes Turkey - WSJ.com

To the sound of midnight fireworks and pealing church bells, Slovakia joined the euro zone, putting it under the shared currency's protective umbrella amid a world financial downpour _ and underscoring the former Soviet bloc nation's economic progress.

The small alpine nation on Thursday became the 16th country to adopt the euro, a European Union project which also celebrates its 10th birthday this New Year's Day. With Slovakia, the currency will be used by 330 million people with an annual gross domestic product of more than four trillion euros ($5.6 trillion). (via Euro Zone Adds Slovakia As Its 16th Country - WSJ.com).

For 10 years, Turkey has been struggling to join the EU - and they have been given a 10 year time table, after which they may be able to join the EU. In the meantime, two-bit countries like Slovakia has been fast-tracked into the EU.

Any guesses, why?

Did I hear anyone say Islam?