Hindsight

In December 1998 I wrote this comment as a response to a debate on the "fall of communism". It makes splendid reading now following the "fall of capitalism".

The ideology of historicist Marxist science fiction has now been superceeded by the historicist triumphialism of liberal capitalism as represented by the thought and work of thinkers like Francis Fukuyama. The increasingly strident and self righteous tone of the ideology of free markets and economic globalisation is as disturbing as the threat represented by any other doctrinaire world domination type of ideology such as communism, socialism, national socialism etc. People need to resist and question the assumptions being foisted on them now of the triumph and moral certitude of unbridled free marketism and the causal linkage being posited between political and intellectual freedom, and capitalism.

Irish President Visits UAE

Recently the President of Ireland visited the United Arab Emirates. The Irish community of the UAE were invited to a reception at the lavish Emirates Palace Hotel in the national capital Abu Dhabi. The reception boasted good food and free flowing beverages. A group of UAE based Irish musicians entertained the gathered Gaels. Unlike Irish public houses, the reception room at the hotel allowed guests to smoke and provided high quality ashtrays. The atmosphere was excellent with that amazing Irish capacity to combine formality with an air of relaxed cordiality and familiarity that I term "Celtic protocol". The President delivered an impressive "Celtic protocol" speech. The gathering was delighted to hear of the plans to open an Irish embassy in Abu Dhabi. In these increasingly difficult times I felt the event had an air of a rapidly fading former reality. The affluent and optimistic feel of the reception- with the Irish ex-pat community celebrating a close relationship between two small economically dynamic nations seems archaic and nostalgic already. Even as we all stood there listening to the speech, the cold winds of the quickly unravelling world economic and financial system could be felt blowing round our well heeled feet!

Toxic Bank?

The current liquidity crisis and increasingly perilous state of the banking industry begs the question...what next?
Some are calling for a 'toxic bank' solution. A 'toxic bank' is an institution where bad debts from other banks would be pooled and managed.
I hate to say "I told you so"
...http://dondealga.blogspot.com/2006/01/strategia.html in which I presented the Malaysian Danaharta/Danamodal experience for buying up bad loans and helping get the banks working again.

Don't know if the spetic tank bank concept is workable given the enormous scale of the debt problems afflicting the financial institutions, however what is apparent is that there needs to be urgent action taken. The concept of the toxic bank taking on bad debts freeing up banks from crippling liabilities and NPLs allowing them to move forward implies a shift of the debt burden to the tax-payers. It is touted as a solution based on experience from Sweden in the 1990s. The other key plank on which a toxic bank solution is premised is that the regular banks must write down their bad assets. A toxic bank will itself become "toxic" if it buys bank debts at inflated prices.

Flying....low!!!

Today we heard news of the heroic airline pilot who averted major disaster with his skill and cool handling of a striken aircraft. He reflects great credit on his profession and his business.
Unfortunately much of the airling industry reflects not much more than shoddiness and incompetence. From the boorishness of Ryanair's Michael O'Leary to the insensitivity of US airport security staff airline passengers experience ever lower standards of "service" and the industry continues its descent to bus station standards. Here is a sad tale of incompetence and disdain towards passengers as manifested in the attitude of the cabin crew of an international airline once known for its excellence.
http://rads-lifeanditsblows.blogspot.com/