Thursday, September 10, 2020

Observations on ACK Bagha Jatin

When we talk about a great personality, we usually only just talk about what he did at that point in time when they did an act of greatness and seldom think about their childhood and how their childhood and experiences they gathered while growing up shaped who they would essentially become. This is actually quite common sense but we never as a rule care about how our past experiences have laid the path ahead. In this regard, the Amar Chitra Katha project is a paradigm changer. Almost all books I have read mention the Individual's past and give us a few examples as to show how the attributes of greatness were already in the child. This reminds me of the tamil proverb விளையும் பயிர் முளையிலேயே தெரியும். This may not be true in all cases though. There are always exceptions. 

An example comes to mind. When the villagers tried to rescue Jatin when he got stuck in the weeds, both mom and Jatin, the young child, tell them he would get out of the mess himself. Imagine how this must have seemed to the villagers who saw a child battling the entanglement he had got himself into. And here was one who refused their help.  Any other child would have been terrorised. This kind of individuality is extremely rare in a child, one that can come not just from physical strength but strength of a higher nature. It is a mental conviction that went with the times. Bengal was then the sprouting ground of nationalism, of a new renaissance that India had never witnessed before. This certainly has the element of the West to it. Bengal in that sense was the best of both worlds: the east and the west. Indians had long resigned to their fate and accepted foreign rule with open arms. If a foreign force came to conquer them, it was God's will. There was no fighting spirit in the masses. Some did try, but this was not permanent. The Light had long gone. Along with the Light, Force had gone. But any point has its saturation. Bengalis may have collectively said, "Enough is enough. I will tolerate this no more! Let us RISE and FIGHT!" They had become conscious of greatness of their own culture and then rose to fight. Without this sense of awareness, fighting alone would have led to only a  temporary result. Bengal thus symbolises the rise of the Brahminic Kshatriya. 

Jatin was one among those great personalities who exhibited such values early in their lives. This single incident from his childhood shows how India was ready to take responsibility for the mess she had caught herself in. For the last 8-9 centuries. She had to clear her own mess, which she did, like Jatin. Thus rose the mighty  Bengali Kshatriya. His weapons were not swords but the cannons of culturally refined words that carried in them the seeds of national consciousness and the nascent spirit of unity. 

Life was the battling ground of these Kshatriyas, something India had long sacrificed to seek the Spirit. If everything ultimately has its purpose, India's act of sacrifice must too. The ever evolving Spirit is not content with what it gains. India in the 18th century was still the richest region in the world, accounting for 25% of the world's GDP but perhaps she wanted to shoulder responsibility for the world's leadership and stepped down voluntarily so others could rise. How could she step down voluntarily? Muslims and the English were mere tools she used to accomplish this purpose. England had not attained the strength necessary to rise to take the role and so Muslims were chosen first. When the conditions were conducive, the English came. Remember, those ones who conquered her in form and not her spirit were traders from England who were perhaps receptive to the force of her calling. They responded to her call for leadership when others didn't. I thus see the whole process as India's own Descent into Inconscience, her own experiment. 

Immediately after the incident, Jatin's mother fell ill. People are in our lives for a reason. The moment she thought Jatin was capable of handling himself and India, which she had subconsciously entrusted to him, she left her physical body, She had seen at the subtle level what Jatin was capable of. She was a poet after all! An act, an accomplishment may be said to be completed on a specific day, but the success starts when the ideal takes root in the being. In that one sense, she must have been a prophet. 

After the famous episode with the tiger, the doctor tells Jatin he may have to amputate the right leg, Jatin says no, not because he is afraid or anxious about his future. How could he fight the British in his handicapped condition is the first thought he has!  Jatin was a conscious embodiment of this unyielding aspiration to rise above the shackles of self-imposed foreign rule, a burning flame in the hearts and minds of Bengalis. 

Evil I have read only comes to make Good more perfect. Essentially, it comes to Good to do it Greater Good.  The English used treachery and several other substandard means but all the designs they schemed ended up intensifying the efforts of the "natives"! Jatin had be under arrest for 15 months for what was to come next: his soul had to get ready for the greater responsibility he had to shoulder. And that was to take the role of Sri Aurobindo as a successor. To rise to that challenge, treachery by the British was a means, not the only means, but a necessary tool that had lent itself to service. 

The first strike the revolutionaries planned after Jatin's leadership for February 21, 1915, did not take off. They had smuggled arms from allied powers who used and exploited the revolutionaries quest for independence. The "Enemy's enemy is my friend" logic was thankfully not made to work by some divine scheme. Note the date, it is no coincidence. In this sense, even before Subash Chandra Bose, Jatin pioneered this technique. Whether it's right or wrong we need not judge. When we enter the subjective age, such errors are bound to take place. Is it inevitable then? Mother says no. She has a solution. A magical potion called Sincerity. But Sri Aurobindo says any development is not perfect in the first few attempts. It takes time. Jatin's example thus falls into this category. India needs this uprirising, what was wanting was the discrimination from whom they sought help. To their credit, they did not know Germany was then an Asuric force. 

In the history of Kings, they have all been advised to go away somewhere as a temporary escape so they could come back armed and with time in their favor. But this was not be in the case of Jatin. Even when his compatriots forced him to flee, he didn't. He had come to serve a purpose and he did in the time he got. He wanted to die for the country and he did. 

Today also happens to be the 105th dealth anniversary of Jatin.   


Wednesday, May 20, 2020

Mr. Vedantham: A review

Vedhantham is a simple, good man who sees good luck turning his life around, It's a common man's tale. There is no evolution in any character. The man is ordinary. Lacks strength. But has the gift of writing. His father is an adopted son of a very rich man and dissipates all the money, just to please mercenary people. The very person, "Vairam", who cheats the father cheats the son too. Vedantham loses everything. His house, property and his BA degree, which he fails. 
Luck arrives in the name of Swamy, who enters Vedantham's life and turns his whole life around. Who Swamy is, what he does for a living, why he chases Vedantham, we are not told. Perhaps, it's the scheming author's plan to help a man who is bent on not wanting to help himself. Vedantham is timid, doesn't reveal all his plans to Swamy who revolves around Vedantham's life, even if Vedantham doesn't want it. It's like Mother trying to help us with her Grace and we hiding our real intentions from her. Due to this lack of receptivity, Vedantham gets cheated by two sweet talking rogues. Still, Vedantham hasn't learned his lessons. He is bent on learning only through trial and error methods, much like the rest of us. His resigned attitude to life is sometimes irritating. But a keen eye for details would tell us he reflects the reader, for the reader is no better. It is said we get irritated or mad at people who resemble us. 
Chellam is a poor, uneducated girl who is Vedantham's murai pen, athangaal, Vedantham's aunt's daughter, who has only seen sorrow in her life. The mother daughter duo get cheated by another wealthy person, a relative who relishes in their sorrow. Vedantham can't stand up for them, ends up losing his own money to the man. Perhaps it's his rasi for all we know. 
Chellam and Vedantham want to get married but they face many difficulties in between. They lose touch when Vedantham is made to go to Calcutta, and that's when Swamy decides to fix a match for Vedantham. Vasantha is a beautiful educated girl whom Swamy thinks would make a good match for Vedantham. But Vedantham hides his true intentions and runs away from Swamy whenever he is approached on the subject of consent to the marriage. Eventually, Vedantham and Chellam get married with the grace of Swamy, who happens to be related to Vedantham's athimber-- athai's husband, and who had been a gem of a man. 
Vedantham has an unwavering devotion to Chellam, he never once thinks about another girl. Chellam intuitively knows he may stumble across many beautiful, educated women and may forget about her. But Vedantham is too busy battling misfortune to even pay heed to another woman! But misfortune may not be the only source of intensity. This is illustrated when Singam, Swamy's brother, urges, almost pushes Vedantham to write a story that finally wins him the recognition he seeks and the money he wants but doesn't know how to retain. At that exact moment, Vairam appears in his life again and seeks money with the ruse of ill health. Vedantham happily gives away under a sense of obligation, which makes the reader wonder whether Vedantham will ever outgrow Vairams and other mercenary people. How then does he succeed? Well, to know the answer, we will need to realise it's the story of our life. We are unreceptive Swamys floating around us willing to help. Only, we are busy driving them away. 

Monday, April 20, 2020

The glory of India and some insights I gained from ACK stories

Amar Chitra Katha gave away a month of free access to their books and my free trial ended today.

As they say everything happens for a reason, this period in which I read many stories of brave Indians and about old puranas, taught me more than I ever hoped to learn in these few days.

Here are a few things I thought were most interesting:


  • Harishchandra, the King who was known for his Truth, was the son of the famous Trishanku, the deformed King who wanted to enter the heavens but was later stuck in between heaven and earth. Sages those days had a lot of enmity and jealousy: Agastya cursed Trishanku. Viswamitra considered Agastya his arch rival and so, wanted to show his powers. 
  • Whenever sages cursed others, they lost the power gained through their penance. 
  • All leaders who fought for the freedom struggle, were selfless. They renounced power. Sardar Vallabhai Patel should have become the first PM but when Gandhi requested him personally that Nehru be made the PM to which he said yes immediately.
  • Devas and Asuras were Sage Kashyapa's sons. I thought Asuras were born to Asuras, but no. 
  • Kalpana Chawla wanted to go to the US for her master's but wanted her father's permission before she could go. His father had gone to USA and returned only a few days before the application submission deadline. He immediately processed her passport and sent her, thought she thought he would never send her to a foreign nation. 
  • The stories of Ambedkar, Ishwar Chandra Vidyasagar , Lokmanya Tilak and Kalpana Chawla, are extremely  inspiring.
  • It's interesting they dont have a book on Sri Aurobindo and the Mother. 
  • The Mahabharata is a tale of revenge. Through and through. Now I know why we are not encouraged to read it. There are many examples of this. Dhrona and Drupada, Saguni and Bheeshma, Bheema and Duryodana, Pandavas and Kauravas etc. 
  • The first time Duryodhana did something bad and tried to poison the Pandavas, Gandhari wouldnt believe it. She supported him. If only he had been scolded and given a good talking to, would he have become the person he became? 
  • The name Magizhmathi we see in Bahubali was a real kingdom. A famous ruler was Kartaveeryarjuna, who even defeated Ravana, the mighty. 
  • Ravana, Vibeeshana and Kumbakarna did extreme penance and Brahma appeared before them. Kumbakarna was a mighty asura, stronger and had the power to crush the devas, So, Indra, fearing destruction, went to Saraswati and sought her blessings. When Kumbakarna opened his mouth to ask blessings, Saraswathi made him ask "I want to eternally sleep." 
  • Shiva once gave a rakshasa a deadly boon without thinking: any person the demon places his palm on would be burnt to ashes. The demon ran after Shiva scaring him. Vishnu later came to help. 
  • Queen Razia Sultana was the first and the last Sultana (female Sultan) of the Mughal dynasty. She was unconquerable and was later betrayed and killed by her own brother. 
  • The stories tell us the Gods are as human as we are. They also make mistakes. 
The stories thus are ripe with symbolism and lessons. The youth today needs to know the value of our freedom and high values. 




Thursday, April 16, 2020

Recreating art

Here is my entry for the Recreating Paintings project. I chose a BTS poster. It is not a painting, but it is still art.





Tuesday, September 15, 2015

We need some group activity

How do you all like the idea of a group activity?

We started with disciplines but I really wonder if any of us even remembers the disciplines now.

Can you think of some activity, fun or serious, that we can undertake just so we make work or life more fun and alive?

Pl share your thoughts.

Wednesday, August 12, 2015

Sundar Pichai starts a Wiki war

Yesterday, a wiki war erupted in K.K. Nagar ... my area.

 Sundar Pichai has become the CEO of Google. Larry Page is re-organizing the company by slimming Google and bringing it under a bigger brand named Alphabet. Loyal, passionate, marketing- head, Vinay Menon a.k.a Sundar Pichai got the top post. You might wonder why a wiki war started with this news. It sounded very silly to me, when I read that schools are competing to own Sundar Pichai as their own. He had lived in K.K. Nagar during in his school years and with this fact, people figured out(kind of) his schools, marks, friends etc.

 Wiki wars are interesting as a lot of people dedicate their time and energy over a sentence or a word in a wiki page. They re-edit data in the page over and over again. Once I read on a wiki war on the wedding dress of Kate Middleton, but this news is so close to home and very silly. Why are we so obsessed with such information?

Monday, July 27, 2015

Further notes on the Greek Financial Crisis

“The European Monetary Union, as many of its critics maintain, looks a lot like the pre-1913 gold standard, which imposed fixed exchange rates on extremely diverse economies.”

Greece was not a member of the gold standard for most of the gold standard period.  The situation among the economies in the periphery (Greece one among them) varied. These economies were financially less developed and, therefore, needed access to international financial markets in order to finance both private and public investments. At the same time, their fiscal policy institutions lacked credibility and international investors were reluctant to lend to them at low interest rates without gold or foreign exchange clauses in loan contracts. Thus, for the capital-scarce peripheral economies, participation in a system of hard pegs, such as the gold standard, addressed the problem of dynamic inconsistency in monetary policy, providing them access to international capital markets at lower interest rates than would otherwise have been the case. Countries such as Greece, the fiscal institutions of which could notconform to the system’s fiscal requirements, were forced off the gold standard. The price they paid for fiscal profligacy was much higher interest rates than the peripheral participants of the gold standard.

In contrast, under the euro, Greece was able, upon entry, to borrow at near-core interest rates and at the same time, in the absence of an adjustment mechanism, remain a member without undertaking fiscal adjustment. Indeed, the case of Greece between 2001 and 2009, the year in which the Greek crisis erupted, illustrates the absence of an adjustment mechanism.

While the stock of government debt rose by €147.8 billion from 2001 through 2009, domestic holdings of that debt declined by €22.1 billion. Foreign holdings of Greek government debt rose by €169.9 billion, accounting for more than the overall increase in debt. Consequently, the share of Greek sovereign debt held by Greek residents fell from 56.6 percent to 21.3 percent while the share held by nonresidents rose from 43.4 per-cent to 78.7 percent.

Greek banks were large net sellers of Greek government debt. At the time of Greece’s entry in the eurozone in 2001, Greek banks held very large portfolios of Greek government bonds, a result of the requirements of the country’s highly regulated financial system of the 1980s and 1990s rather than the banks’ free choice of portfolio composition. This fact is demonstrated by the winding-down of the banks’ holdings of Greek government paper following the liberalization of the financial sector that was completed in the mid-1990s. They used the proceeds received from the sale of the Greek sovereigns, in part, to lend to the private sector. Consequently, credit to the private sector surged, especially from 2001 until 2008; credit growth to the private sector accounted for the bulk of the large expansion of total credit during 2001 to 2009.

As the Great Recession that began in the U.S. in 2007–2009 spread to Europe, the flow of FUNDS from the European core countries to the periphery began to dry up. Reports in 2009 of fiscal mismanagement and deception increased borrowing costs; the combination meant Greece could no longer borrow to finance its trade and budget deficits.

A country facing a “sudden stop” in private investment and a high debt load typically allows its currency to depreciate (i.e., inflation) to encourage investment and to pay back the debt in cheaper currency, but this is not an option while Greece remains on the Euro. Instead, to become more competitive, Greek wages fell nearly 20% from mid-2010 to 2014, a form of deflation. This resulted in a significant reduction in income and GDP, resulting in a severe recession and a significant rise in the debt-to-GDP ratio.

In February 2010, the new government of George Papandreou (elected in October 2009) admitted a flawed statistical procedure previously had existed, before the new government had been elected, and revised the 2009 deficit from a previously estimated 6%–8% to an alarming 12.7% of GDP. In turn, the 12.7 percent figure would undergo further upward revisions, so that the outcome was a deficit of 15.6 percent of GDP.

In November 2009 DubaiWorld, the conglomerate owned by the government of the Gulf emirate, asked creditors for a six-month debt moratorium. That news rattled financial markets around the world and led to a sharp increase in risk aversion. In light of the rapid worsening of the fiscal situation in Greece, financial markets and rating agencies turned their attention to the sustainability of Greece’s fiscal and external imbalances. The previously held notion that membership of the eurozone would provide an impenetrable barrier against risk was destroyed. It became clear that, while such membership provides protection against exchange-rate risk, it cannot provide protection against credit risk.

The major factor underpinning Greece’s large and growing current-account deficits was the decline in net public saving (what the govt saves from its tax revenue). Net private spending is what the households save from their disposable income.

Thomas Friedman said in New York Times, “Greece, alas, after it joined the European Union in 1981, actually became just another Middle East petro-state ― only instead of an OIL well, it had Brussels, which steadily pumped out subsidies, aid and euros with low interest rates to Athens.”
  
Interest rates on long-term government debt soared from the low single digits prior to the crisis to a peak of 42 percent in early 2012.

To whom does Greece owe money?

Greece owes around €56bn to Germany, €42bn to France, €37bn to Italy, and €25bn to Spain.

The Greek government also owes private investors in the country around €39bn, and another €120bn to institutions including Greek banks.

The role of France and Germany in the Greek Crisis
The majority of the Greek debt was owned by private banks before the Troika bailout to which the German and French taxpayers didn't owe a thing. And yet the French and the German governments converted in essence of what was a private-sovereign arrangement to a sovereign-sovereign agreement, in essence artificially making the Greek situation into a sovereign debt crisis. The effects of that were massive, because previously Greece would have declared bankruptcy and had its debt rearranged in a deal with its creditors, and then within weeks the economy would return into normalcy and music would have started playing as it was before.

However the effects of that agreement and converting Greek debt into a sovereign debt was that now the IMF got involved which meant that austerity measures were imposed. Now, whenever IMF intervenes, it does so using its facility for purposes like these, called the IMF Stand-By Arrangement. The arrangement is for jump starting the economy and get it out of a slump. This happens by applying austerity measures, which is accompanied by readjustments in the debt position of the country which is being jump started. However in Greece's case there was no readjustment in Greece's debt profile. There was no adjusting the cash flows for debt payments being done in a way to ebb the repayments' effects on drastically altering the economy. Iceland, Hungary all used the same facility, and saw readjustments in their debt situations, but not Greece. So in effect those austerity measures' benefits got swamped completely by the massive debt payments, which collectively resulted in the shrinking of the economy.

Impact of the US banking crisis on Greece
In 2008, when the U.S. housing market collapsed, the European banks lost big. They mostly absorbed those losses and focused their attention on Europe, where they kept lending to governments—meaning buying those countries’ debt—even though that was looking like an increasingly foolish thing to do: Many of the southern countries were starting to show worrying signs.

By 2010 one of those countries—Greece—could no longer pay its bills. Yet despite clear problems, bankers had been eagerly lending to Greece all along.

That 2010 Greek crisis was temporarily muzzled by an international bailout, which imposed on Greece severe spending constraints. This bailout gave Greece no debt relief, instead lending them more money to help pay off their old loans, allowing the banks to walk away with few losses. It was a bailout of the banks in everything but name.

While the Greeks have suffered, the northern banks have yet to account financially, legally, or ethically, for their reckless decisions. Further, by bailing out the banks in 2010, rather than Greece, the politicians transferred any future losses from Greece to the European public.

Along with the common currency came a wave of regulatory changes that provided the banking sector with more opportunities for growth—and the chance to become the fool. The rule changes enabled the banks to treat the debt of all euro zone countries equally; Greece, as far as the rules were concerned, had the same risk as Germany.

The markets had thought differently, with Greece having to pay more to borrow than countries such as Germany. The northern banks, seeing easy money, started lending to Greece, happily receiving higher fees for the “same risk.”

It was the beginning of a self-fulfilling feedback loop with the banks at the center. Southern Europe (especially Greece), started borrowing more, allowing them to buy more, which caused them to grow, which collapsed the cost of their borrowing, with led them to borrow more, and so on.

The buying spree benefited everyone, especially the northern European countries. The South boomed as things got built and bought, and the North boomed as factories churned out products to sell to the South. The banks sat in the middle, happily taking a spread.

This feedback loop was uniquely European, dependent on the false sense of stability provided by a common currency, which amplified the bankers’ naive belief that a country could not default.

This loop kept going until the sheer weight of the debt amassed by Greece became too huge for the markets to ignore. It kept going until the markets, shocked by the U.S. housing crisis, prompted skepticism, which forced Greek borrowing fees to rise. The European banks, in too deep to stop, were still willing to lend, but others less so.

By 2010 this could go on no more. The markets refused to lend more to Greece and a bailout was necessary.


References
The Gold Standard, the Euro, and the Origins of the Greek Sovereign Debt Crisis
Greece's debt percentage since 1977, compared to the average of the Eurozone https://en.wikipedia.org/wiki/Greek_government-debt_crisis#/media/File:Greek_debt_and_EU_average_since_1977.png