It is the financial regulators who get regular beating for jumping ahead of the curve in monetary policy management. They also figure as the convenient punching bag for being behind the curve too, at other times. The Bank for International Settlements (BIS), headquartered in Basel, Switzerland, tasked the Basel Committee on Banking Supervision (BCBS) with recommending capital standards that could prevent bank failures. The BCBS’s evolution gained salience as the global standard setter through the three BASEL Accords of 1988, 2004 and 2010. These accords attempted to standardise the definition of ‘bank capital’ and the methodologies to compute the minimum requirement to support a bank’s balance sheet. These recommendations endeavoured to insulate the financial sector from bankruptcies of financial intermediaries. But bank failures continued to surface even after the accords. Were the BIS and the BCBS behind the curve?The learnings from bank failures formed the raft of recommendations from the first to the third accord of BCBS. While the first accord took a one-size-fits-all approach, the BCBS turned more risk sensitive through Basel 2, and suggested incentivising banks to save on regulatory capital on the basis of asset quality. Yet the likes of Lehman Brothers and Northern Rock Bank folded up in 2008. The BCBS realised that Northern Rock failed the rock test because of inadequate robustness in their asset-liability management rather than asset quality concerns. Their over-dependence on wholesale resources and assets and the sudden drying up of liquidity in these instruments threw up liquidity risks, though the bank did not carry significant asset impairment risks. As a fallout of this fiasco, the BCBS introduced Capital Conservation Buffer (CCB) as additional capital to buttress the banks’ balance sheets and address liquidity concerns. They also recommended Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) which banks have been complying with, to insulate them from liquidity risks.The abrupt folding up of Silicon Valley Bank (SVB) on March 10 2023 is another instance of these capital-related prescriptions being found to be inadequate to address liquidity risk. Was the BCBS behind the curve or Gregory Becker, the Chief Executive Officer of SVB Bank, ahead of the curve? What led Becker to jump ahead? He has grown with the bank for more than three decades and has been heading it since 2011. His groundbreaking outreach to start-ups has made the bank’s name synonymous with the innovation sector and Silicon Valley is home to technology and homecare companies. The bank found itself vaulted into the group of top 20 banks in the United States. SVB’s stock joined the S&amp;P 500 index in 2018. It carried customer liabilities close to $ 175 billion. The journey since 1983 has been rosy and juicy and it has an office in Bengaluru, touted as India’s Silicon Valley city.As part of Fed Reserve’s endeavours to stay ahead of the curve amidst the Covid-19 pandemic, there was an unremitting infusion of liquidity into the system. The central banks of other nations too merrily followed suit. When the Fed Reserve had to grapple with roiling inflation, it began pulling the trigger for rate hikes. The benchmark US Ten-Year sovereign curve touched 4.01 % on March 9, 2023 from the low of 0.54% on 21st April 2020. The start-ups and the public in general found it difficult to fund their needs after the 347 basis points rise in the benchmark yield curve.They began demanding funds from banks, SVB included. SVB had to offload its investments in US Treasuries to meet the liquidity needs. The liquidity came at a heavy price. As interest rates had gone up, the price of treasury bonds had dropped. The resultant failure to generate liquidity dented the capital base of SVB. It announced a stock sale to shore up capital. The market is self-fulfilling. The stock lost 60% in a single day. The capital raising plan had to be shelved. Before Gregory Becker could retrace the curve, the Federal Deposit Insurance Corporation (FDIC) stepped in on March 10 and placed the bank under receivership. While the deposit liabilities of SVB are at $175 billion, the FDIC offers insurance protection only up to $250,000 to each retail investor. The financial loss to the public in an economy that is staring at recession is humungous.The collateral damage to the financial sector has been contagious. Other banking stocks lost $52 billion in market value on a single day.The tussle between the devas and asuras as to who will hold the head and tail of the serpent Vasuki while churning the milky ocean for Amrut is well known. Similarly, the tussle between regulators and market functionaries will always exist. The BCBS may push for Basel Accord “n”, yet the likes of Gregory Becker would be nudged by avarice to jump the curve.Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a><div class="mdp-liker-box after-content two-buttons style-border-fill row-right" style="--mdp-liker-bg-color-active:rgba(255, 33, 40, 1);--mdp-liker-bg-color-hover:rgba(255, 33, 40, 1);--mdp-liker-bg-color:rgba(255, 33, 40, 1);--mdp-liker-border:1px;--mdp-liker-radius:50px;--mdp-liker-text-color-active:rgba(255, 255, 255, 1);--mdp-liker-text-color-hover:rgba(255, 255, 255, 1);--mdp-liker-text-color:rgba(255, 33, 40, 1);box-sizing:border-box;font-size:initial;font-weight:initial;margin:0px;padding:0px;" id="mdp-liker-21667" data-memory="on"><div style="align-items:center;box-sizing:border-box;display:flex;justify-content:space-between;margin:0px;padding:0px;"><div class="mdp-liker-description" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:medium;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;max-width:60%;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">&nbsp;</div></div></div> &nbsp;

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It is the financial regulators who get regular beating for jumping ahead of the curve in monetary policy management. They also figure as the convenient punching bag for being behind the curve too, at other times.

SVB collapse: Ahead of the Curve? Or Nudged by Avarice?

<p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Onaiza Drabu, writer and Anthropologist hailing from Jammu and Kashmir in conversation with VM Deepa, Executive Editor, The AIDEM. In this conversation, the Kashmiri folklorist draws from her experiences in her childhood to youth and analyses them in the contemporary context. A unique interaction that delves deep into Kashmir’s social, political and cultural dynamics.<hr><p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a>

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Onaiza Drabu, writer and Anthropologist hailing from Jammu and Kashmir in conversation with VM Deepa, Executive Editor, The AIDEM. In this conversation, the Kashmiri folklorist draws from her experiences in her childhood to youth and analyses them in the contemporary context. 

Kashmir’s Troubled History Through the Eyes of a Writer

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Even as a limited ceasefire with Hamas was being finalised on November 22, with a deal to release 50 hostages over a period of four days, Israeli Prime Minister Benjamin Netanyahu reiterated that the war in Gaza will not stop with this.

The Gaza War: Changing Journalism, Journalists

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The passing of Comrade N. Sankaraiah marks the end of an era in the Indian Communist movement. The veteran leader of the Communist Party of India (Marxist) – CPIM- and one of the oldest Communist leaders of the country was 102 years old. 

Adieu, Comrade N Sankaraiah

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Israeli Prime Minister Benjamin Netanyahu has said that he wants to permanently end the threat to Israel from Hamas. He has said that he wants to demilitarise Gaza and establish security control in Gaza. 

The Long-Term Consequences of Israel’s Genocide and Its Ethnic Cleansing of Palestinians

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Turmoil, Triumph (of sorts) and Tyranny In a Decentralisation Platform Marred By Caste Oppression

<strong style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(33, 37, 41);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;letter-spacing:normal;margin:0px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">‘Déjà vu- Where the past meets the future’ <span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">is a documentary directed by national award-winning film-maker and scientist Bedabrata Pain. It is a “time travel” audio-visual documentation that shows how agriculture and small farmers were literally crushed by the so called agrarian reforms implemented in the USA four decades ago. Pain and his team were inspired to carry out this painstaking documentation spanning several months and large parts of the US when they witnessed the struggle of Indian farmers against the Narendra Modi regime’s farm laws. Real developmental vision includes knowing what not to do too, points out Pain. Watch the full interview here.

Déjà Vu- How Agrarian Reforms Similar to India Destroyed US Agriculture

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Tamil Nadu’s Three Year Long Demand to Abolish NEET Gains Fresh Traction Amidst New Controversies

<span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">In this detailed interview, Professor Jawahar Nesan, former Vice Chancellor and a key member of the Justice AK Rajan committee formed by the Tamil Nadu government points out that the NEET examination system has defeated its own proclaimed objectives at all levels and the only alternative left for all stakeholders, including the Union government is to scrap it completely. He pointed out that NEET has failed at the level of academics, in terms legal relevance and most importantly in the realm of social justice in the education sector. Watch Here.

Scrapping NEET Only Alternative, It Has Defeated Proclaimed Objectives

<img src="https://strapi.bangalore2.com/uploads/IMG_20240710_WA_0050_770x470_570ed9b858.jpg" alt="IMG-20240710-WA0050-770x470.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_IMG_20240710_WA_0050_770x470_570ed9b858.jpg 245w,https://strapi.bangalore2.com/uploads/small_IMG_20240710_WA_0050_770x470_570ed9b858.jpg 500w,https://strapi.bangalore2.com/uploads/medium_IMG_20240710_WA_0050_770x470_570ed9b858.jpg 750w," sizes="100vw" width="undefined" height="undefined"><div class="post-body clearfix single-blog-header single-blog-inner blog-single-block blog-details-content" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:17px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;"><div class="entry-content clearfix" style="box-sizing:border-box;counter-reset:footnotes 0;margin:0px;padding:0px;">The Platform of Central Trade Unions (CTUs) and several independent federations have called for immediate withdrawal of the three new criminal laws aka the Bharatiya Nyaya Sanhita, which has come into effect from July 1.Urging the government to revert to the earlier laws, a joint statement issued by 10 CTUs said the changes “should be discussed in public domain before adopting and implementing them,” as these changes have been “forced on the people without proper consultation, even ignoring the suggestions given by the parliamentary committee, and without making the draft publicly available.”<img src="https://strapi.bangalore2.com/uploads/bharitya_663cd4faef.jpg" alt="bharitya.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_bharitya_663cd4faef.jpg 234w,https://strapi.bangalore2.com/uploads/small_bharitya_663cd4faef.jpg 500w," sizes="100vw" width="undefined" height="undefined">“The justification that these are meant to replace the British-era laws, is false as it retains all the provisions of the earlier laws, making some of them even more stringent. For example, Section 124 of IPC, which is meant to punish sedition (a typical British Raj enactment) has been retained and it’s provision for 3 years imprisonment, has been enhanced to 7 years! Any gatherings of people and the leaders of the gatherings can be declared terrorists. All Trade Union activities can be brought under this provision,” read the statement signed by INTUC, CITU, AITUC, SEWA, HMS, AIUTUC, AICCTU, UTUC, LPF and TUCC.&nbsp;Read the full statement below:Statement issued by the Platform of CTUs on three new criminal laws on 8th July, 2024.&nbsp;<h2 style="box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:25px;line-height:1.2;margin:0px 0px 15px;padding:0px;text-align:left;">3 new criminal laws need to be withdrawn</h2>The common people are likely to be unaware of the far-reaching implications of the 3 new criminal laws that have been implemented from 1st July, 2024.It is to be noted that:These laws have been forced on the people without proper consultation, even ignoring suggestions given by the Parliamentary Committee, without making the draft publicly available.The justification that these are meant to replace the British-era laws, is false as it retains all the provisions of the earlier laws, making some of them even more stringent. For example, Section 124 of IPC, which is meant to punish sedition (a typical British Raj enactment) has been retained and it’s provision for 3 years imprisonment, has been enhanced to 7 years! Any gatherings of people and the leaders of the gatherings can be declared terrorists. All Trade Union activities can be brought under this provision.More over various sections have been renumbered, which will lead to confusion and may cause huge pendency of cases – with present 6.4 crore cases pending in the lower courts already becoming unmanageable – over the next few years.The case law, built up over more than 100 years of use of the laws which were replaced, will be of no use and the litigants, the lawyers, the judges will be struggling to reach Constitutional conclusions.The SHOs have been vested with all the powers to register an FIR, i.e. to register one, will also be their discretion, unlike the earlier provision, under which it was the right of every citizen to file an FIR. The police custody duration is increased from existing 15 days to 90 days. The police are empowered to book case against peaceful protestors and Gheraoing workers for their genuine demands. This may usher in a Police Raj to suite the oppressive designs of the ruling dispensation and its mentors. Even prevailing term in the definition clauses “Court of Justice” to depict courts is just re-termed to be only “Court”.Already it had a backlash from truck drivers across the country due to severe provisions related to hit and run cases, the government had to step back and say that those sections will not be implemented, but they have not repealed them.There is also an objection that Hindi is being imposed on people who do not have that as their language. Even Article 348 of the constitution and the Official Languages Act mandate that the texts of all enactments of Parliament and legislatures should be in English.It has even been suggested that instead of the mess created, a five page document could have been circulated, suggesting the amendments to the existing laws.In short, this is another chicken brained step by this government, similar to the demonetisation in 2016, only more dangerous, to suite the interests of neo liberal forces unleashing onslaughts on the rights of people restructuring criminal jurisprudence.The Platform of the Central Trade Unions, independent Federations and Associations urges the government to scrap these laws and revert back to the earlier laws. Any changes proposed should be discussed in public domain before adopting and implementing them.Signatories:INTUCAITUCHMSCITUAIUTUCTUCCSEWAAICCTULPFUTUC</div></div>

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Scrap 3 New ‘Dangerous’ Criminal Laws, Demand Central TUs, Independent Federations

Malayalam (ml)

Tamil (ta)

English (en)

Hindi (hi)

Telugu (te)

Kannada (kn)

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Dancing To Her Tune

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An Unwritten National Autobiography

<img src="https://strapi.bangalore2.com/uploads/images_1_6258d15665.jpeg" alt="images-1.jpeg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_images_1_6258d15665.jpeg 245w,https://strapi.bangalore2.com/uploads/small_images_1_6258d15665.jpeg 500w," sizes="100vw" width="undefined" height="undefined"><div class="post-body clearfix single-blog-header single-blog-inner blog-single-block blog-details-content" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:17px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;"><div class="entry-content clearfix" style="box-sizing:border-box;counter-reset:footnotes 0;margin:0px;padding:0px;">People who read literature in India knew him, MT Vasudevan Nair. Language was no hurdle for his works to reach out beyond the state borders of Kerala. While Malayali diaspora took a handful of nostalgia along to the places they went, a little bit of MT was also in that.Today, the big business of literature finds translators to translate anything that moves. All tetrapods of literature are given awards that stink of corporate imperialistic nexus. But MT belonged to a different era when blood recognised blood, genius recognised genius. He got translated not once but several times.Basheer, Takazhi and MT were the triumvirate that could transcend the borders and stand tall among the Indian modernist literature. Yes, MT’s literature also had a fair amount of auto-fiction but he hoodwinked it with the magic of text. He was a persuasive minimalist both in writing and in person.An unsmiling MT could generate generations of readers who could smile through tears. MT wrote about a collapsing social structure that divested the old feudal class with their ill-gotten properties. But their social capital remained intact and could exert a lot of influence among the readers by becoming the surrogate emotional ethos of a transition time of Kerala’s socio-political history.<figure class="wp-caption aligncenter" style="border-width:0px;box-sizing:border-box;clear:both;display:block;height:auto;margin:15px auto;max-width:100%;padding:0px;vertical-align:middle;width:1196px;" id="attachment_31084" aria-describedby="caption-attachment-31084"><img src="https://strapi.bangalore2.com/uploads/mt_1024x575_251dd09907.jpg" alt="mt-1024x575.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_mt_1024x575_251dd09907.jpg 245w,https://strapi.bangalore2.com/uploads/small_mt_1024x575_251dd09907.jpg 500w,https://strapi.bangalore2.com/uploads/medium_mt_1024x575_251dd09907.jpg 750w,https://strapi.bangalore2.com/uploads/large_mt_1024x575_251dd09907.jpg 1000w," sizes="100vw" width="undefined" height="undefined"><figcaption class="wp-caption-text" style="box-sizing:border-box;display:block;font-size:15px;line-height:20px;margin:0px;padding:12px 0px 0px;text-align:center;" id="caption-attachment-31084">MT during his Interview with Sabha TV (Watch <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:0.4s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/watch?v=NttnjeaVqn0">Here</a>)</figcaption></figure>When society evolved into a different being altogether, MT turned to the treasure trove of myths and itihasas to eke out allegories that explained the pain of loss, of class, roots and love. His literature spat on the face of bigotry, whether it was religious or familial. He was so stoically poised in his literature that none could have challenged him and expelled him from the world of literature.MT’s literature spoke of love and separation as vehemently as he wrote about the changing social complexions. But he was not sentimental. There was something in his writing that touched some chord in every reader. Before initiating themselves into Ambedkarite politics, the Dalit ideologues also, in their torturous nights of youth, pined for MT’s characters.Those who call the modernists, Dad Vibes, have really lost the sight of the forest while focusing on shrubs and thicket. MT was a forest that moved, as in the great tragedies. He remained a serious writer while the post modernists fell in the trap of publishers and wrote lightning stories and became laughing stokes.MT remains, so is the MT critique. That’s the beauty of a great writer’s life and of course, death.</div></div>

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MT: A Forest that Moved

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An ‘Overture’ Stringing The Pope, Yesudas and the ‘Songster Chaplain’

<img src="https://strapi.bangalore2.com/uploads/1_cc9df0fe47.png" alt="വലതുപക്ഷവുമായുള്ള-സംവാദത്തിൻ്റെ-വ്യർത്ഥത-1.png" srcset="https://strapi.bangalore2.com/uploads/thumbnail_1_cc9df0fe47.png 245w,https://strapi.bangalore2.com/uploads/small_1_cc9df0fe47.png 500w," sizes="100vw" width="undefined" height="undefined"><div class="post-body clearfix single-blog-header single-blog-inner blog-single-block blog-details-content" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:17px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;"><div class="entry-content clearfix" style="box-sizing:border-box;counter-reset:footnotes 0;margin:0px;padding:0px;">When old age shall this generation waste,Thou shalt remain, in midst of other woeThan ours, a friend to man, to whom thou say’st,“Beauty is truth, truth beauty,—that is allYe know on earth, and all ye need to know.” (John Keats, Ode on a Grecian Urn)<img src="https://strapi.bangalore2.com/uploads/6_904b2e9f2a.jpg" alt="6.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_6_904b2e9f2a.jpg 147w,https://strapi.bangalore2.com/uploads/small_6_904b2e9f2a.jpg 470w," sizes="100vw" width="undefined" height="undefined">Siddharth Tagore, Founder Director of Delhi’s <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:0.4s;" target="_blank" rel="noopener noreferrer" href="https://www.facebook.com/artkonsultindia/photos">Art Konsult</a> Gallery is no more. He cannot be contained in such a cold statement, so matter of fact like death itself. Besides the gallery, he founded magazines such as Art and Deal, Travel and Deal and many other publications. Even when he knew that he wouldn’t make any profit out of the publications, he invested money in them because he knew art wouldn’t survive without the literature surrounding it.&nbsp;Yet another venture of Tagore’s was an auction house, namely Art Bull. The name was perfect for a bullish art market of the 2000s. But the glitch was this: Siddharth Tagore was not bullish. Nor was he bearish. He was cherubic, complete with a benign smile on his face and a burning cigarette between his fingers. Whenever I came out after having a meeting with him, I would ask myself, was he cut for this business?&nbsp;Tagore could have been a poet and dreamer like his internationally renowned namesake of yesteryears.. After the pandemic period I met Tagore after a gap of four years at the Visual Art Gallery, India Habitat Centre where Art Konsult had organized a group exhibition. After the inaugural function, I shook hands with him and I realized that his hands had lost the firm grip though the warmth remained. “I have not been keeping well,” he told me.&nbsp;<div class="gallery galleryid-31051 gallery-columns-3 gallery-size-full" style="box-sizing:border-box;margin:30px -8.96875px 0px;padding:0px;" id="gallery-1"><figure class="gallery-item" style="border-width:0px;box-sizing:border-box;display:inline-block;height:auto;margin:0px 0px 1rem;max-width:33.33%;padding:0px 8.96875px 17.9531px;text-align:center;vertical-align:top;width:262.609px;"><img src="https://strapi.bangalore2.com/uploads/c_768x993_a7cec9742c.jpg" alt="c-768x993.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_c_768x993_a7cec9742c.jpg 121w,https://strapi.bangalore2.com/uploads/small_c_768x993_a7cec9742c.jpg 387w,https://strapi.bangalore2.com/uploads/medium_c_768x993_a7cec9742c.jpg 580w," sizes="100vw" width="undefined" height="undefined"></figure><figure class="gallery-item" style="border-width:0px;box-sizing:border-box;display:inline-block;height:auto;margin:0px 0px 1rem;max-width:33.33%;padding:0px 8.96875px 17.9531px;text-align:center;vertical-align:top;width:262.609px;"><img src="https://strapi.bangalore2.com/uploads/b_768x985_3f8fb449e6.jpg" alt="b-768x985.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_b_768x985_3f8fb449e6.jpg 122w,https://strapi.bangalore2.com/uploads/small_b_768x985_3f8fb449e6.jpg 390w,https://strapi.bangalore2.com/uploads/medium_b_768x985_3f8fb449e6.jpg 585w," sizes="100vw" width="undefined" height="undefined"></figure><figure class="gallery-item" style="border-width:0px;box-sizing:border-box;display:inline-block;height:auto;margin:0px 0px 1rem;max-width:33.33%;padding:0px 8.96875px 17.9531px;text-align:center;vertical-align:top;width:262.609px;"><img src="https://strapi.bangalore2.com/uploads/a_7888f94e4b.jpg" alt="a.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_a_7888f94e4b.jpg 121w,https://strapi.bangalore2.com/uploads/small_a_7888f94e4b.jpg 385w,https://strapi.bangalore2.com/uploads/medium_a_7888f94e4b.jpg 577w," sizes="100vw" width="undefined" height="undefined"></figure></div>Then on another occasion, at the same gallery, I met him again, this time without the crowd. He preferred to wear a pair of fading blue jeans and white shirt, a reminder of those romantic 1970s when every youth in West Bengal dreamt of poetry, love and revolution. Jeans and Shirt were the uniform of love and revolution. I think, when Tagore came to Delhi as a young man, he carried those qualities along, plus his sense of dressing. Lovers in those days smoked rather constantly and drank Old Monk Rum.&nbsp;On that day when I met him, Tagore told me that he had quit smoking, which was news to me. I couldn’t have imagined the man without a cigarette between his fingers or at least a packet of cigarettes to fuss with. I understood the gravity of the situation.&nbsp;Then again, we met when Praveen Upadhyay of the Progressive Gallery at Laddo Sarai organized a talk session with art professionals that included Tagore, Prayag Shukla, Vinod Bharadwaj and myself. Tagore was supposed to talk about the art market. When the mike was handed over to him, he fussed with it for a while and said that he always wanted to make it big by promoting young artists, but somehow, he never made huge business.<figure class="wp-caption aligncenter" style="border-width:0px;box-sizing:border-box;clear:both;display:block;height:auto;margin:15px auto;max-width:100%;padding:0px;vertical-align:middle;width:689px;" id="attachment_31054" aria-describedby="caption-attachment-31054"><img src="https://strapi.bangalore2.com/uploads/7_768x511_149563fe01.jpg" alt="7-768x511.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_7_768x511_149563fe01.jpg 235w,https://strapi.bangalore2.com/uploads/small_7_768x511_149563fe01.jpg 500w,https://strapi.bangalore2.com/uploads/medium_7_768x511_149563fe01.jpg 750w," sizes="100vw" width="undefined" height="undefined"><figcaption class="wp-caption-text" style="box-sizing:border-box;display:block;font-size:15px;line-height:20px;margin:0px;padding:12px 0px 0px;text-align:center;" id="caption-attachment-31054">Siddharth speaking to the media at Art Konsult</figcaption></figure>Then I remembered Tagore telling the same during the market boom years that lasted in India for around ten years starting from 2005 to 2015. In 2008, the world market had collapsed, but the Indian art market using its cunning and reserve withstood the pressures and dragged the impending failure for a few more years only to revive itself by the beginning of the third decade of the new millennium.&nbsp;Had Tagore acquired a penchant for failure despite his resilience in running a gallery, publications and an auction house for over three and a half decades ? Did he enjoy calling himself a failure in the art market? Was he romantically involved with the idea of failure even when he kept others who were with him in the business, floating? I don’t know for sure. But Tagore remained grounded and rooted; he tried his best to keep himself away from the nefarious market practices.&nbsp;There were a few people who stood with Tagore in his highs and lows (lows that lasted for not some months but for years together), never deserting him, following his orders. Prashant Seal and Rajula Bisht are two people I remember. These two people have been so close to his heart and even after his twin daughters joining him in the business, both Seal and Bisht never lost their position as the confidantes of Tagore. He loved them like family.&nbsp;I met Siddharth Tagore in 1995. He had started Art Konsult in Hauz Khas Village. Meena Tagore (now Meena Varma) was with him then. Late Vijayan Kannanpally was the editor of Art and Deal. With the growth of art scene, Tagore’s gallery also grew in stature. Art Konsult was one of the few A listed galleries in the city. Tagore took it to South Delhi’s art district, Laddo Sarai during the boom years and later relocated it to Hauz Khas again.&nbsp;<figure class="wp-caption aligncenter" style="border-width:0px;box-sizing:border-box;clear:both;display:block;height:auto;margin:15px auto;max-width:100%;padding:0px;vertical-align:middle;width:562px;" id="attachment_31055" aria-describedby="caption-attachment-31055"><img src="https://strapi.bangalore2.com/uploads/0_768x512_88eabd3bbc.jpg" alt="0-768x512.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_0_768x512_88eabd3bbc.jpg 234w,https://strapi.bangalore2.com/uploads/small_0_768x512_88eabd3bbc.jpg 500w,https://strapi.bangalore2.com/uploads/medium_0_768x512_88eabd3bbc.jpg 750w," sizes="100vw" width="undefined" height="undefined"><figcaption class="wp-caption-text" style="box-sizing:border-box;display:block;font-size:15px;line-height:20px;margin:0px;padding:12px 0px 0px;text-align:center;" id="caption-attachment-31055">Siddharth Tagore with art critic and curator Jyoti A Kathpalia at the Art Konsult, New Delhi</figcaption></figure>It was in his Laddo Sarai phase that I joined him as the Editor of Art and Deal. It was the same when he decided to start Art Bull and Travel and Deal. I brought out around ten issues of Art and Deal between 2010 and 2013, with a gap in 2012 when I joined the United Art Logistics to establish the United Art Fair. Tagore literally lent me to the other organization with a promise that I could walk into the editor’s office at any time that I wanted. And I did go back.&nbsp;As a part of Tagore’s team, he gave me full freedom to edit the magazine and curate exhibitions. I curated a few shows and introduced a few new artists of which some are very reckonable names in today’s art scene. The exhibition ‘Merging/Submerging’ was a showcasing of contemporary photography art and ‘R.A.P.E’ (Rare Acts of Political Engagement), an all-woman show responding to the brutal murder of Nirbhaya in Delhi. This exhibition was a super hit and was discussed in all the print and television media. Art Bull did do a couple of exhibitions and auctions. I did not take much interest in it though Tagore hoped that his auction house could change the scenario and also break certain monopolies. Tagore also initiated an Art History Lecture series which I conducted on his behalf.&nbsp;Siddharth Tagore remained true to his calling. With a kind of detachment, he sponsored exhibitions that he knew well, would not bring any business. He was an avid collector of folk and tribal art and together with Meena Varma, he initiated an organization called ‘Art of the Earth’ for promoting the folk and tribal art of India, much before the ‘folkploitation’ of today’s art market became rampant. Tagore helped whoever came to him with a request for an exhibition or an immediate financial relief. &nbsp;<figure class="wp-caption aligncenter" style="border-width:0px;box-sizing:border-box;clear:both;display:block;height:auto;margin:15px auto;max-width:100%;padding:0px;vertical-align:middle;width:640px;" id="attachment_31053" aria-describedby="caption-attachment-31053"><img src="https://strapi.bangalore2.com/uploads/3_e1734762508660_669x1024_7c977a7959.jpg" alt="3-e1734762508660-669x1024.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_3_e1734762508660_669x1024_7c977a7959.jpg 102w,https://strapi.bangalore2.com/uploads/small_3_e1734762508660_669x1024_7c977a7959.jpg 327w,https://strapi.bangalore2.com/uploads/medium_3_e1734762508660_669x1024_7c977a7959.jpg 490w,https://strapi.bangalore2.com/uploads/large_3_e1734762508660_669x1024_7c977a7959.jpg 653w," sizes="100vw" width="undefined" height="undefined"><figcaption class="wp-caption-text" style="box-sizing:border-box;display:block;font-size:15px;line-height:20px;margin:0px;padding:12px 0px 0px;text-align:center;" id="caption-attachment-31053">Siddharth Tagore signing the <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:0.4s;" target="_blank" rel="noopener noreferrer" href="https://amzn.in/d/4TijcgO">book</a> “Ganika- In the visual culture of the 19th-20th Century India” at the Art Konsult</figcaption></figure>&nbsp;<img src="https://strapi.bangalore2.com/uploads/4_560x1024_090314e000.jpg" alt="4-560x1024.jpg" srcset="https://strapi.bangalore2.com/uploads/thumbnail_4_560x1024_090314e000.jpg 85w,https://strapi.bangalore2.com/uploads/small_4_560x1024_090314e000.jpg 273w,https://strapi.bangalore2.com/uploads/medium_4_560x1024_090314e000.jpg 410w,https://strapi.bangalore2.com/uploads/large_4_560x1024_090314e000.jpg 547w," sizes="100vw" width="undefined" height="undefined">When artists in Calcutta packed their wares and set out for Delhi, they knew Siddharth Tagore was there if nothing else worked (perhaps he was their primary destination), along with cigarettes and Old Monk Rum. He never discouraged the people who came to him with a clear intention to exploit. He was not cautious about relationships that brought him a fair amount of heartburn. As I said elsewhere, Tagore was a poet in his heart, with a heart ready to bleed for love and art.</div></div>