The Exploding Debt in Europe
By Kashan Wali, exclusive to the PTH
Wealth cannot be artificially created
Finance in a real world relies on underlying wealth of a society. Governments cannot create wealth by printing money. Print too much money and it will lose its value. A fall in the value of money leads to inflation. Inflation viciously attacks the value of savings of the population. As population loses the stored wealth, the population becomes dependent on the state. State has to pay more now for healthcare, education and in extreme situation, food and shelter for population that is going poorer by the day. Either way, unless the underlying wealth (net output of goods and services produced) does not increase, a country cannot become wealthier.
Let’s say state tries to pull another trick here; it starts borrowing heavily from the investors to boost its cash reserves. A smart market will quickly catch on to the trick as it analyzes the conditions of the local economies to see if this state has good books and stable revenues. If investors decide that the state cannot pay off its liabilities in the future, it will charge a lot more in interest rate to justify taking that excessive risk. Investors may decide not to lend at all to a government running shady practices.
The Swiss have voted not against towers, but Muslims. Across Europe, we must stand up to the flame-fanning populists
By Tariq Ramadan guardian.co.uk, Sunday 29 November 2009
It wasn’t meant to go this way. For months we had been told that the efforts to ban the construction of minarets in Switzerland were doomed. The last surveys suggested around 34% of the Swiss population would vote for this shocking initiative. Last Friday, in a meeting organised in Lausanne, more than 800 students, professors and citizens were in no doubt that the referendum would see the motion rejected, and instead were focused on how to turn this silly initiative into a more positive future. Continue reading
By Yasser Latif Hamdani
This was written in response to an Indian poster who suffers particularly from the ailment of which Oscar Wilde spoke unfavorably once upon a time. Since the arguments are the usual : cliched, hackneyed and ill-informed chest thumping on why India is better, why two nation theory was wrong, why Pakistanis suck, why Pakistan is a failed state, I thought I’d put up this response for the general education of this jingoistic Indian type. I’ve always thought that these gungho Indians (not all though- there are so many fine Indians we know who can’t be put in this bracket) act like the newly rich of the world and therefore their attitudes towards Pakistanis and the rest of the world smack of a lack of class, manners, decency or sense of balance and proportion.
Dear Indian poster,
You keep repeating your mantra that India is secular because of the Congress and its one nation idea but the fact is that your constitution itself was authored by a man who opposed Congress’ conception of one nation. Read B R Ambedkar’s writings especially on the issue of separate electorates for the Dalits and Scheduled Castes. In every way B R Ambedkar’s politics was closer to the two nation theory than one nation theory. And yet this fellow gave you the secular Indian constitution… and if you read the ICA debates you would see just how hard B R Ambedkar had to struggle to keep Gandhian and Hindu Majority’s ideas out of the Indian constitution. Continue reading
By Yasser Latif Hamdani
In 1946, Jinnah met a group of students at Mamdot Villa in Lahore. A chair was brought out for him to sit down but he chose to sit down on the grassy lawn with the students. He began by telling them he had worked hard and made a lot of money and owned houses in Delhi, Bombay, Karachi and was looking for a house in Lahore. Why, he asked, was then he going all over India at an age when he should retire. One of the students opined because he had the love of Islam in his heart. Another said something else. Finally Jinnah answered : In India you can either be an Indian or a Muslim but never an Indian Muslim. This is the rationale for Pakistan. Continue reading
Indus Valley’s secrets to remain buried: Insecurity forces archaeologists to abandon excavations
By Afnan Khan
LAHORE: Foreign archaeologists involved in excavation work to explore the Indus Valley Civilisation in Pakistan have left the country due to the war-like situation.