Tag Archives: Europe

THE GREAT RECESSION, THE EUROPEAN FISCAL CRISIS AND LESSONS FOR PAKISTAN. Part 3: The European Debt Crisis

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.

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My compatriots’ vote to ban minarets is fuelled by fear

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

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Pakistan, Two Nation Theory and Secularism: Response to an Indian Poster

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

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The Idea of Pakistan- Towards a More Holistic Understanding

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

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Upholding Universal Human Rights

By Anthony J. Aschettino

As the world continues to shrink due to advances in communication and travel, disparate cultures who may have had limited contact with one another suddenly find themselves intermingling on a daily basis. Whereas less than a century ago the average American or European might have little to no understanding of Arab or Chinese culture, today, thanks in a large part to the internet, one can not only read up on culture from these areas but also watch indigenous programming and listen to ethnic music on a daily basis. The same can be said for the average person in those regions, and the result of this exchange is that now more than ever the world has truly become one large global community. The problem with this is that, as the world grows smaller, different cultures can and do come into conflict with one another and this has led to no end of debate about whether certain aspects of different cultures are legitimate in modernity. Continue reading

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Niqab/Burqah Not The Issue Between Islam and France

 
French President Nicolas Sarkozy’s recent call for a parliamentary commission to look into whether the burqa should be banned in public has once again raised a contentious issue. Continue reading

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Indus Valley’s Secrets To Remain Buried

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.
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