Blog@GraceJunction

The news that I read today was the second of its kind coming out of the U.S as a result of the Global economic crisis. Another one of the non resident Indian brutally killing his family, this time it is Lakshminivasa Rao Nerusu. Originally from Andhra Pradesh, Lakshminivasa had lost his job a few days ago and was in a state of depression. He brutally killed his 37 year old wife, 14 year old daughter and 12 year old son. He had inflicted grievous injuries to the head and neck areas of his victims, sadly they were also his loved ones.

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This is how the 63rd session of the General Assembly began this year. The Secretary General, as usual, addresses the gathering.

“Mr. President, Excellencies, Ladies and Gentlemen: Welcome to the opening of the general debate of the 63rd session of the General Assembly. It is customary for the Secretary-General, on this occasion, to assess the state of the world and to present our vision for the coming year. We all recognize the perils of our current passage. We face a global financial crisis. A global energy crisis. A global food crisis. Trade talks have collapsed, yet again. We have seen new outbreaks of war and violence, new rhetoric of confrontation. Climate change ever more clearly threatens our planet. We often say that global problems demand global solutions. And yet … Today, we also face a crisis of a different sort. Like these others, it knows no borders. It affects all nations. It complicates all other problems. I refer, here, to a challenge of global leadership.”

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(Re-post from March 17th, 2008)
Read carefully. I wrote ‘Great Suppression’ and not ‘Great Depression’.

1929 is etched in world history as the year that caused a great and dramatic meltdown or downturn of the world economy. The depression had devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices, and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most. Though the slump started in many countries much before 1929, it was the US downturn that really brought it down. (more…)

Lehmann Brothers is not the only people to be facing the brunt of the economic slowdown but rather it’s also the layman on the streets who is equally suffering. One of the major reasons of this worldwide financial crisis is the piling delinquencies and defaults on loans which have left all major financial institutions reeling under the pressure of mounting losses and the increasing pressure from the investors and management to salvage all that is slipping out of their hands.

The effect of the monster sub prime crisis has lifted its ugly face in India as well. Most of the financial institutions are going through a tough face, cost cutting at its peak, hiring freezed and firing and laying off employees seem to be the way forward. The only people who seem to be keeping their jobs are the Collection and recovery agents, the nightmare for any defaulting customer. (more…)

Last week I happened to visit a nationalized bank after a long time. Frankly speaking I expected to see some changes in the office premises and the attitude of the employees. Not that all of them were the same always, but there were some branches whose employees were extremely helpful and courteous but I was talking about the approach adopted in these competitive times.

When I went to the counter to enquire, the officer just pointed me to another desk without even looking up at me. When I confirmed the direction, he just nodded and seemed to not care. The next experience was not too good either, a middle aged lady was handling some customers and wore a frustrated look, probably because of handling a continuous flow of customers from the morning. My problem seemed to evoke some interest on her face when she realized that she can get some easy deposits but that too disappeared when she came to know that I wanted to continue it at another branch of theirs. What followed were the same old pointers with fingers without much human touch. (more…)

Every morning I approach the news papers with the fear of getting de-sensitized. Today for instance, The Times of India, Ahmedabad Edition carried news about an act of unnatural proportions – Man having sex with a calf! The matter was brought in to light due to the animal protection activists you may read the entire article here.

Thank God, there are at least some people in the society (People for Animal) who think that there is something called as evil / wrong and the matter was brought to light. A voiceless animal found some one who could fight for its cause; unfortunately our big mouthed society has none! (more…)

His glittering teeth would have got him millions of rupees had he been noticed by any toothpaste/toothbrush manufacturing companies. I had always found it one of the most endearing smiles in the world. But that day it was devoid of all that spirited charm and excitement.

I asked him, “What happened Pappu?” (that’s what they called him. Plus, I never bothered to ask him his real name)

“I was really enjoying my vacation back home in Rajasthan. I had really begun deciphering my cousins’ school textbooks but my uncle called me back to Ahmedabad,” said the 7-year-old.

Like many boys of his age, Pappu has been working at this tea-stall in front of my office building. And while I may try to be righteous enough and complain to my colleagues of how these kids are deprived of their basic rights, I end up like others apparently doing nothing about it (while it is now I realise I could have done something about it…not that it’s too late.) (more…)