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India Signals Its Position

‘World of Wall Street had certainly ended’ – The Financial Express.

India called on the world body to use its universality to coordinate an international response, which is crucial to overcoming the crisis.

During a discussion on the annual report of UN chief Ban Ki-moon, Indian Ambassador Nirupam Sen attacked the Secretariat for ignoring the economic crisis that is now “crushing” the poor around the globe and for lacking any vision for the future or how the organisation could help developing countries deal with the serious looming challenges.

The ‘Relevance’ Of UN

The value of the of this criticism of the UN, is clearly symbolic – to signal India’s position of a broad based, multi lateral financial system, based on equity.

Kamal Nath had suggested a multi-lateral body to manage the world financial system – unlike the closed, extractive Bretton Woods system.

Without The G-7

It may be a good idea to move this system, with out the G-7 to start with – and invite them at a later stage, along with the rest of the world. The entire value, of the bankrupt G-7, will be delays, improve their bargaining position with false representations – and continue with systems for transfer of earnings from poor to the West.

The Twin Pits

The West already has two systems in place. The Euro and the Dollar-IMF-World Bank troika. They dont need us – as they keep telling us. Let us take their word.


The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping – and unprepared. But, not 2ndlook – who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

  1. Dsylexic
    October 8, 2008 at 12:18 pm

    From the article “Sen said, adding that the free market, like free love, had come to an end. ”

    I agree with the other points made by Sen,but the above remark shows the dangers of such rhetoric.No free market existed in the US. Assuming that crony capitalism is the same as free markets is a serious problem.

    Supporters of free market dont agree with the behaviour of the US free markets at all -which is essentially corporatism.

    Sen betrays his leaning towards socialistic tendencies with such uninformed rhetoric.

  2. October 9, 2008 at 2:24 pm

    Free markets are an oxymoron. Either markets are free or you cannot call them markets. Similarly, words like crony capitalism, cowboy capitalism are an oxymoron – Capitalism is about cronyism and about cowboys and their ilk.

    These political concepts hide more than they reveal – especially, to Indians who are completely innocent of concepts like slavery, etc.

    But the biggest humbug of them all is free-market capitalism! It is the marriage of Snow White and the Seven Ogres. How can markets work in slave oriented political set ups or a system that works in cahoots with corporations whose very purpose is to subvert markets.

  3. Dsylexic
    October 10, 2008 at 11:10 am

    I agree that what we have today is a system where big corporations in concert with academia and governments call the shots, pillaging and getting rich at the cost of the poor.. But I have NO faith at all that the current Indian leadership has any clue about what to do.

    Here is one of them ,Vyalar Ravi,asking for an Asian system since he finds both socialism and capitalism reprehensible:


    And his grand wisdom: “”The absence of regulation can and does create a moral hazard,” he said, adding, “the menace of forward trading in commodities or short selling in stock market” posed a grave risk to the sustainability of markets”

    This is laughable and needs to be treated with derision.Its like shooting the messenger.He is really saying that the futures market and a bunch of short sellers are killing the world economy?. Why doesnt he blame Greenspan?.Why doesnt he blame the greed of the wall street .Why doesnt he blame profligate governments worldwide?.That is the moral hazard in the system -the govt itself is a big part of it.

    Our current leaders havent learnt any lessons at all.

  1. October 24, 2008 at 8:42 am
  2. October 26, 2008 at 10:54 am
  3. March 21, 2009 at 5:33 pm

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