<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;">The sub-prime crisis upended the U.S.&nbsp;economy in 2007. President George W.&nbsp;Bush found it convenient to arraign the&nbsp;credit&nbsp;rating&nbsp;agencies for the fiasco. They&nbsp;had a harrowing time facing the crisis of confidence.<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;">Jharkhand-born Deven Sharma had just moved in to head Standard &amp; Poor (S&amp;P) in the U.S. Four years later, Standard &amp; Poor found it appropriate to downgrade the U.S. Government’s long-term debt rating from AAA to AA-. Barack Obama was at the helm then. He too fumed and fretted against the rating agencies. Senator John Kerry chose to dismiss it as “Tea Party Downgrade”. Damned if you, damned if you do not! Deven Sharma resigned from S&amp;P after 18 days of piloting this rating downgrade, which was the first of its kind in 70 years. The Federal Bureau of Investigation (FBI) went after Deven Sharma. Has the Enforcement Directorate in India taken a leaf out of this witch-hunting?<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;">Deven’s&nbsp;team found the debt ceiling stand-off as the reason for this downgrade. This announcement was on a Friday. The markets tanked&nbsp;next Monday. S&amp;P 500 lost 6.5% on first day after the downgrade in 2011.&nbsp;The benchmark U.S.&nbsp;ten-year sovereign bond yield, ideally, must have climbed. But it dropped, possibly at the intervention of the U.S.&nbsp;Federal Reserve.<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;">Twelve years later, Paul Taylor, CEO of Fitch Ratings, decided to bite the bullet. His agency had sent out a downgrade warning in May. It too downgraded the U.S. from AAA to AA+. This announcement was made after the markets closed on Monday. Will he last the next 18 days? The ides of August need to be watched. Deven of S&amp;P could not withstand the 18-day war of Mahabharata! Beyond the debt ceiling standoff, deteriorating governance concerns and fiscal profligacy have combined to press Fitch to effect the downgrade.<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;">A&nbsp;day&nbsp;after the downgrade in 2023, S&amp;P 500 shed 1.38%, NASDAQ Composite Index lost 2.17% and&nbsp;the&nbsp;benchmark U.S.&nbsp;ten-year sovereign yield rose by 2.4% to 4.08%. On the second day,&nbsp;the yield&nbsp;was&nbsp;further up at 4.11%. A rating downgrade reflects heightened default risk. But&nbsp;the credit&nbsp;default&nbsp;swap&nbsp;levels have remained unmoved.&nbsp;Perhaps, a&nbsp;one-notch dip&nbsp;from the top&nbsp;is too far away from default.&nbsp;If the safe haven theory should hold good, gold&nbsp;price&nbsp;must have gone up. But it dropped by 0.5% to $1934 per ounce, as in 2011. Down the line, will any rating agency downgrade&nbsp;the&nbsp;rating for&nbsp;gold!<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;">Just like the market, reactions of people who matter have been on predictable lines. Janet Yellen, the Secretary of U.S. Treasury and Jerome Powell, Chairman of Federal Reserve, have rebuffed the rating action, accusing Fitch of relying on inaccurate data. Are they questioning their own data? While Fitch is now aligned with S&amp;P on U.S. debt rating, Moody’s is still maintaining the AAA rating.<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;">Globally, ten economies still retain the AAA rating by Fitch and 11 by S&amp;P. Of the 11, Canada is rated AA+ by Fitch. Australia, Denmark, Germany, Liechtenstein, Luxembourg, Netherlands, Switzerland, Norway, Sweden and Singapore make up the rest of the ten. (<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" data-saferedirecturl="https://www.google.com/url?q=http://www.tradingeconomics.com/&amp;source=gmail&amp;ust=1691653641233000&amp;usg=AOvVaw3Gpzon2CBq7cUoAL7ccqor">www.tradingeconomics.com</a>) India too can boast of a double A in its rating, albeit with a “B” at the front and 3 at the end, making it “Baa3” with astable outlook, pecking it at the lowest of investment grade rating.<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;">Let us look at the following data across&nbsp;the&nbsp;U.S.&nbsp;(AA+), Australia (AAA) and India (Baa3) to&nbsp;understand&nbsp;if such rating divergences really reflect underlying weaknesses or perceived strengths. Data is as of March 2023, sourced from&nbsp;<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" data-saferedirecturl="https://www.google.com/url?q=http://www.ceic.data.com/&amp;source=gmail&amp;ust=1691653641233000&amp;usg=AOvVaw1GkBAcS29auPQ6qURFN3rU">info.ceicdata.com</a>.&nbsp;<figure class="image"><img src="https://strapi.bangalore2.com/uploads/image_2023_08_09_141331714_1_d4d939a500.png" alt="image_2023-08-09_141331714 (1).png" srcset="https://strapi.bangalore2.com/uploads/thumbnail_image_2023_08_09_141331714_1_d4d939a500.png 245w" sizes="100vw" width="245"></figure><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:center;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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Investment Grade Ratings/Source: <a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;font-family:Manjari;font-size:15px;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:center;text-indent:0px;text-transform:none;transition:all 0.4s ease 0s;white-space:normal;widows:2;word-spacing:0px;" target="_blank" rel="noopener noreferrer" href="https://www.ceicdata.com/en">CEIC</a><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;">With the government debt to GDP remaining at 121%, the U.S. economy is puffing along on borrowed money. The next table will reveal that the holding of this debt by the U.S. is negligible, bracketed with others at 2%. This is also corroborated by the high external debt to GDP ratio of 96%. Yet, the U.S. perceived itself to be safe for more than eight decades! At 7%, the U.S. has the highest fiscal deficit to GDP among the three. Fitch has rightfully expressed heightened concerns on fiscal profligacy. U.S. citizens appear to have been so pampered with social security and health benefits that they forgot to save for themselves. Their gross savings rate is at negative 18%. “Yatha Rajah, thatha Prajah”. Just like the government, the citizens are also enjoying living on borrowed funds. Yet, US claims to be safe haven!<figure class="image"><img src="https://strapi.bangalore2.com/uploads/image_2023_08_09_141447561_2_9ec2a8151b.png" alt="image_2023-08-09_141447561 (2).png" srcset="https://strapi.bangalore2.com/uploads/thumbnail_image_2023_08_09_141447561_2_9ec2a8151b.png 245w" sizes="100vw" width="245"></figure><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:center;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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Foreign Holders of U.S. Debt/Source: <a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;font-family:Manjari;font-size:15px;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:center;text-indent:0px;text-transform:none;transition:all 0.4s ease 0s;white-space:normal;widows:2;word-spacing:0px;" target="_blank" rel="noopener noreferrer" href="https://www.federalreserve.gov/">US Federal Reserve</a><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;">Asia (led by China) holds 70% of U.S. debt. The U.S. is bracketed with others and still comes to less than 2%. Clear examples of leveraged economies that preach to the corporate world on high gearing!<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;">It is high time U.S.&nbsp;citizens made themselves aware of the sixth verse in Bhagavad Gita Chapter 3.<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;">karmendriyāṇi&nbsp;sanyamya&nbsp;ya&nbsp;āste&nbsp;manasā&nbsp;smaran indriyārthān&nbsp;vimūḍhātmā&nbsp;mithyāchāraḥ&nbsp;sa&nbsp;uchyate&nbsp;(Chapter 3:6)<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;">Those who restrain the external organs of action, while continuing to dwell on sense objects in the mind, certainly delude themselves and are to be called hypocrites.<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;" dir="auto">The mention of the “mithyachara” by the Lord is about the hypocrites, who find it convenient to huff, puff and rebuff as per their convenience.&nbsp;The ones who extoll the&nbsp;“façade” in Johari Window need to remove their facades fast.<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;"><img src="https://strapi.bangalore2.com/uploads/KSFE_ad_1024x1024_1_efada5f369.webp" alt="KSFE_ad-1024x1024 (1).webp">

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The sub-prime crisis upended the U.S. economy in 2007. President George W. Bush found it convenient to arraign the credit rating agencies for the fiasco. They had a harrowing time facing the crisis of confidence.

Huff, Puff and Rebuff at the Rating Downgrade

Television tells you many things even in an era of untruth, if you know what to look for. As a practised viewer and reporter, I’m lucky. I know to look past the text of Modi’s speech at the U.S. Congress and listen to the applause.The first thing that struck me is how the claps kept coming at regular intervals in exactly the same strength, as if exactly the same number of hands were clapping at the same intensity to the ministering of an invisible conductor. The sound came from the upper section of the hall in the Senate, where an occasional camera positioned at a wide angle threw a glance at pliant Indians in raptures as their leader spoke.Modi was rolling out a speech with trademark Indianisms, which is a polite way of saying that it was replete with stock phrases and homilies that brought on one round of applause after another.“Standing here, seven Junes ago…” said Modi with a dramatic flourish, “…the hesitations of history were behind us.” Whatever that’s supposed to mean, you or I may ask, not the professional clappers.Encouraged by the sounds from above to say more, Modi kept the gems flowing.“Through the long and winding road we have travelled, we have met the test of friendship.” You could almost hear the heaving Indians ushered in to the top benches of the Senate shouting ‘sixer, maar diya!’<img src="https://strapi.bangalore2.com/uploads/images_5_2_fab04cdd5b.jpeg" alt="images-5 (2).jpeg"> Narendra Modi is US CongressThen, an extraordinary thing happened. Modi quoted from the Hindu scriptures in Sanskrit, as he is given to doing.“Ekam Satta, Vipra Bahudha Vadannti.”This was followed by the same ecstatic applause before he read the translation in English. It was amazing that an entire section of the U.S. Senate could now understand Sanskrit.The translation was read while the claps were in progress.“The truth is one but the wise express it in different ways,” Modi explained.Could I be imagining this? Was I a hyperactive viewer? But it happened again.<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;">“<a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;font-family:Manjari;font-size:18px;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-indent:0px;text-transform:none;transition:all 0.4s ease 0s;white-space:normal;widows:2;word-spacing:0px;" target="_blank" rel="noopener noreferrer" href="https://www.nbcnews.com/video/watch-indian-pm-modi-s-full-address-to-congress-184163909824">Our vision is, sabka saath, sabka vikaas, sabka vishwaas, sabka prayaas</a><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;">” (See 20:36 mins)This time, our multilingual Senate understood Hindi before Modi could follow through with the English version.There were other observations I made, less about the semantics, more about the troubling substance of Modi’s speech. There was the spinning of the usual Hindu nationalist yarn that India has overthrown a thousand years of slavery, implying that India was unfree under Mughal and pre-Mughal medieval rulers.There was the blatant and cruel joke of the Prime Minister talking of cooperative federalism at a time when back at home, Manipur burned because of the lack of precisely the kind of federalism Modi was pontificating about and the Delhi government was protesting against the constant attempt by the Centre to snatch away autonomy from a government by an opposition party.This made me raise bigger questions of the farcical performance at hand. Where is the word democracy in this show, if a Senate in search of money and an Indian market has to kowtow to a visiting dignitary in this way. The upper stalls were reverberating with war-cry like gasping chants of `Modi-Modi’ peppered with whistles.If America calls itself the world’s oldest democracy, where does it hide itself after such a display? On the one hand, America is replete with government-funded think tanks acting as self-appointed arbiters of democracy. It creates storied telling the world where it stand on the democracy index.On the other hand, Americans are well aware of how capital can twist and distort democracy into an ugly mobocracy that can literally rip the insides of their White House to shreds. They are barely back from precisely such a precipice so they know what a megalomaniac who likes to preen in public can do. They’ve seen it. The Senate that clapped and allowed clapping has seen it.But all of us glued to our television screens watching the speech could also see Vice President Kamala Harris keep a steely stoicism as she sat directly behind the Hindu dictator, her Indian roots called into play as part of the programme.We ought to know how to read the signs. The same tropes play out whether it is the pre or post-Trump regime. Biden, Obama, Trump are all conflatable into one big business ball prepared to pay the price, any price, any act to run their local markets and keep local voters happy.While this show runs to full house, let us now call into play the last such choreographed act when Obama was at the helm. Circa 2016, Modi’s rock-star type show at New York’s Madison Square Garden. Cameras hovering over the audience rows showed people in skullcaps all sitting together. That must have taken some doing. It was another level of absurdist theatre where you would need to imagine what would have had to play out if indeed all Muslims entered Madison Square at the same time and booked seats next to one another.Google the video. Then let’s imagine what we are supposed to.Says one Muslim to another in this imaginarium: “Hey, do you know Modi is coming to town? Let’s book tickets together and oh don’t forget your skullcap. And listen, let’s get all our friends to come watch how much we love Modi and let’s show him we care by entering the hall together sitting in one place.”“Yes, let’s all do that, what a good idea.”If world politics is about which leaders are shunned and who is feted, if America sits in judgement on who is democratic and who should be in a G 8 group or the United Nations Security Council, then it has a lot to answer for. And we, the enraptured viewers have even more to think about, as we sit eyeballs and ears peeled for this display.Should we stop looking in the official places for holding up the image of liberty equality, fraternity? Where should we turn to instead to understand the true value of freedom and dissent? If the 99 percent matters, if Black Lives and Dalit Lives Matter, can we stop using vacuous references to the democracies like world’s largest and world’s oldest? Also, should we turn our gaze elsewhere for a freedom index?Can we look at how Taiwan is fighting the monolith that is China? Can we look at aboriginal movements in Australia and New Zealand? Can we ask the LGBTQi in Brazil how they bent the votes against Bolsanaro? Can we look at a post-apartheid South Africa? And the next time when someone uses hyperboles such as ‘the world’s biggest’, ‘the world’s oldest’, greatest’, ‘fastest’, and ‘fattest’, can we collectively agree that these are salesman-politicians in Teflon democracies and look away?This article was first published in The Wire. <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;">The article can be read <a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;font-family:Manjari;font-size:18px;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-indent:0px;text-transform:none;transition:all 0.4s ease 0s;white-space:normal;widows:2;word-spacing:0px;" target="_blank" rel="noopener noreferrer" href="https://thewire.in/politics/us-senate-modi-applaud-sanskrit">here</a><a style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;font-family:Manjari;font-size:18px;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-indent:0px;text-transform:none;transition:all 0.4s ease 0s;white-space:normal;widows:2;word-spacing:0px;">.</a>

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Television tells you many things even in an era of untruth, if you know what to look for. As a practised viewer and reporter, I’m lucky. I know to look past the text of Modi’s speech at the U.S. Congress and listen to the applause.

The Amazing Grace of the US Senate That Clapped When Modi Spoke in Sanskrit

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“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, 

COP27; Hopes and Despair

This year’s Economics Nobel Prize is a cruel joke. It has been presented to three economists, one of whom is Ben Bernanke, former Chairman of the Federal Reserve.The citation reads: “Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond, and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.”<img src="https://strapi.bangalore2.com/uploads/image_2022_10_11_150403103_768x504_40e2f59e28.png" alt="image_2022-10-11_150403103-768x504.png"> 2022 Economic Sciences Nobel Prize laureates Ben Bernanke, Douglas Diamond and Philip DybvigSeriously? Ben Bernanke was in charge of the U.S. economy from 2005 onwards, and his policies were responsible for the great recession of 2007-08. As the Chairman of the Federal Reserve, it was his job to stem the tide of toxic housing mortgages that were spreading rampantly in the United States. He failed at his primary job and caused the crisis. He was asleep at the wheel. His irresponsibility caused the banks to fail.This man’s policies crashed the world economy. And then he gave a free pass to the criminals who caused the crisis because they were “too big to fail.” And he gets an award for “how to make banks less vulnerable in crises” and “why avoiding bank collapses is vital?” Ask those families that lost everything how they feel about this.What of his policies after the crash, for which the folks in Stockholm are rewarding him? Bernanke was responsible for the introduction of the irresponsible practice of printing money, also known as Quantitative Easing, which has now led to soaring inflation all over the world. The global economy, and banks everywhere, are expected to crash like never before because of this inflation, coupled with the effects of the Ukraine war.The U.S. could get away with printing money because it has reserve currency. But thanks to its reckless policy of denying access to Russia to the dollar-based system, countries around the world have lost faith in the U.S. dollar, and are moving to de-link their economies from the dollar. China has greatly reduced its holdings of U.S. Treasury Bonds. Russia had been doing this for the past eight years, a key reason why Western sanctions have not hurt it as much as the West hoped they would.Other countries have seen what is happening. If the U.S. could try to kill Russia’s economy, one day it might try to do the same to them. In economic terms, the U.S. used the nuclear option against Russia, as it were. So, countries are moving quietly away from the dollar and back, after 50 years, to gold-backed currencies.Many of the economic crises that have ravaged the world are due to the world leaving the gold standard. After the Bretton Woods Conference in 1944, which led to the dollar becoming the world’s reserve currency, it was decided that the value of the dollar would be pegged to the price of gold. This was a rational system.But in 1971, U.S. President Richard Nixon took the decision to de-link the dollar from the price of gold. But the dollar still remained the reserve currency of the world. The net effect was that the U.S. could keep printing money whenever it needed it to finance its wars – in Vietnam, Iraq, Libya, Afghanistan, and so on. The U.S. financed these wars by selling its bonds to foreign countries and loading them with dollar securities because it could print as many dollars as were needed to finance those bonds. <img src="https://strapi.bangalore2.com/uploads/Untitled_1_768x507_2dfbe51e6f.png" alt="Untitled-1-768x507.png">The New York Times – August 16, 1971However, in the last few years, countries have been dumping the dollar. This becomes obvious when you look at the interest rates offered by U.S. treasury bonds. When the demand for your bonds goes down, you have to offer higher returns on your bonds so that people will buy them. How much demand for US bonds has gone down can be seen from the fact that, from a low of 0.6% on July 26, 2020, the interest rate on US bonds has jumped to nearly 4% today.<img src="https://strapi.bangalore2.com/uploads/unnamed_e1665479717523_682x1024_45c30d8b06.jpg" alt="unnamed-e1665479717523-682x1024.jpg"> US10Y: U.S. 10 Year Treasury – Stock PriceWorthless DollarEssentially, the US dollar is increasingly becoming worthless, and nobody wants to hold it any longer. The two countries that have been aggressively dumping the dollar are Russia and China. And the reason their action is U.S. sanctions. Under Trump, the U.S. engaged in a trade war with China, and that spooked the Chinese. Since 2014, the U.S. has been imposing sanctions on Russia. All these sanctions have led to the world viewing the U.S. as an unreliable partner who is capable of capriciously trying to destroy the economies of other countries, a perception that was only strengthened by its all-out economic war against Russia after its invasion of Ukraine.And so, the US is going to be left holding a huge pile of paper dollars that nobody wants. This is going to end its superpower status.All this is a consequence of the groundbreaking and unprecedented (in U.S. history) decision by Ben Bernanke to start printing money.And for this “achievement” of his – the destruction of the American economy (admittedly, not complete yet), the Nobel Committee has decided to award the Prize to Bernanke.If anyone should have gotten the Nobel Prize in economics for the housing crisis, it is Raghuram Rajan, because in 2005, he flagged the issue of the crazy housing bonds in a conference to Ben Bernanke, and was ridiculed at the time by Bernanke.<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;"> Actually, I agree with the decision to award a Nobel to Bernanke. Only, it was the wrong prize. He should have been awarded the Peace Prize.<hr><h4 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;letter-spacing:normal;line-height:1.2;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(247, 168, 16);display:block;margin:0px;padding:0px;text-decoration:none;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(0, 0, 0);display:block;margin:0px;padding:0px;text-decoration:none;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a></h4>

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his year’s Economics Nobel Prize is a cruel joke. It has been presented to three economists, one of whom is Ben Bernanke, former Chairman of the Federal Reserve.

A Nobel for Economic Disaster

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The ideal of self-determination is a problem that has faced mankind for long: From the League of Nations  to the United Nations Organisation, in the aftermath of the Second World War, and beyond, to the current conflicts raging in Ukraine, the  world has failed to find lasting answers to this vexing issue.

The Problem of Self-Determination: Challenges and Opportunities

<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;">ഉക്രൈൻ യുദ്ധത്തെപ്പറ്റി, അതിന്റെ വരാനിരിക്കുന്ന ഗതിവിഗതികളെപ്പറ്റി ഏറ്റവും പുതിയ വിവരങ്ങളുമായി, റഷ്യൻ പ്രസിഡന്റ് വ്ലാദിമിർ പുടിന്റെ സീനിയർ അഡ്വൈസറും റഷ്യയിലെ സിവിൽ സൊസൈറ്റി ആൻഡ് ഹ്യൂമൻ റൈറ്റ്സ് എന്ന ഏജൻസിയുടെ മേധാവിയുമായ വലേറി ഫദീവുമായി സുപ്രസിദ്ധ ഇന്ത്യൻ മാധ്യമ പ്രവർത്തകൻ സയീദ് നഖ്‌വി നടത്തിയ അഭിമുഖ സംഭാഷണം. പുടിൻ സർക്കാരിന് വേണ്ടിയുള്ള മാധ്യമ സമ്പർക്ക പരിപാടികളുടെ മേൽനോട്ടച്ചുമതലയും വലേറി ഫദീവിനാണ്.<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;">A Global Special Program by The AIDEM- an interview with Valeri Fadayev, Senior Advisor to the Russian President, Vladimir Putin, by renowned foreign affairs journalist of India, Saeed Naqvi. This interview reveals the latest information about the Ukraine war and Russia’s strategies and plans for the coming days.

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A Global Special Program by The AIDEM- an interview with Valeri Fadayev, Senior Advisor to the Russian President, Vladimir Putin, by renowned foreign affairs journalist of India, Saeed Naqvi. 

Sanctions hitting Europe more: Valery Fadeyev, Putin’s Advisor

Russia has accused the US of developing bioweapons in Ukraine. This accusation came after US officials admitted there were “biodefense” labs in Ukraine that were basically run by the US. The US said it was worried that these biodefense labs might fall into Russian hands, which would enable them to use bioweapons against Ukraine.Let’s unpack this a little.In 1972, the whole world agreed to a UN convention banning the production of bioweapons. 183 countries signed the convention.But there was one problem. There was no verification clause.In other words, this was merely an honor system.Further, the convention allowed “biodefense” efforts – basically efforts to protect a country against bioweapons.Indeed, the US has a massive biodefense lab infrastructure, started in 2002, located in Fort Detrick, Maryland.Now the problem is that moving from “defense” to “offense” is not very hard. If it were, the US government would not be so worried about its labs falling into Russian hands.So, the other question is, is the US secretly violating the 1972 treaty and also exploring offensive uses of these pathogens?The answer is, we don’t know, and we cannot know, because these programs are classified, and the 1972 convention does not provide for any verification.So all we have is the US government’s word that it is not developing offensive weapons at these labs.It depends on how much you trust the US government.Just remember that they have lied to us before. Such as in Iraq in 2003.So, do I trust them? No, I personally do not. I think the Russian claims might be true. You might say, that is speculation. Yes. But in this area, everything is grey.And, regardless of whether the US is actively developing bioweapons or not, the worry they have that the Russians can use their “defense” technology to develop “offense” weapons easily tells me that if they so wish, the US could easily use their own defense capability to develop bioweapons.And it is simple logic if you think of it. If you want to defend against a possible bioweapon, you must first create that bioweapon. Only then can you figure out how to defeat it. So every biodefense tool must carry with it the knowledge of creating bioweapons. And it is not enough to just defend against the pathogens that are known today. You must anticipate new pathogens that the enemy might create. So you must first create these deadlier pathogens so that you can find ways to defeat them.In other words, these “biodefense” labs are simply a legal way of developing bioweapons technology and getting around the legal requirements of the 1972 treaty. And therein lies the tale of US apprehensions and Russian accusations.<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-15814" 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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Russia has accused the US of developing bioweapons in Ukraine. This accusation came after US officials admitted there were “biodefense” labs in Ukraine that were basically run by the US.

On US “BioDefense” Labs in Ukraine

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US President Joe Biden’s statement linking the October 7 Hamas strike on Israel to India-Middle East-Europe Economic Corridor has added a new dimension to the ongoing conflict in the Gaza region. 

The India-UAE-Europe Economic Corridor and Hydrocarbon Factor in Palestine Region

<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;">Renowned international affairs journalist Saeed Naqvi analyses the significance of the United Nations Security Council resolution calling for an immediate ceasefire in Gaza. Naqvi’s special focus is on how the resolution would impact relations between the USA and Israel and what medium – long term relevance it has for West Asian politics as a whole. The resolution was passed 14-0 after the US desisted from vetoing the measure, in a shift from the position it had held throughout the current war, which started in early October 2023.<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;">Naqvi points out that this is a big shift that underlines the steady decline of US hegemony in international politics. Watch the full interview with Venkitesh Ramakrishnan here.

Gaza Ceasefire: The Larger Import of the UNSC Resolution for the USA, Israel and West Asia

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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>

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