Some thoughts on current International Financial Crisis

Professor Gautam Kaul, Professor of Finance at University of Michigan is teaching a free course on Finance through coursera.com which offers courses for free by top faculties from top universities.

In the syllabus, there is a very significant statement. He says:
 
“Read the Economist as often as you can; it has some thoughtful pieces. However, recognize that you need to develop the habit of reading material critically; just because something is published in a reputable outlet does not mean that the author knows what he/she is talking about. I guarantee you that there is no one out there who really understands what our current financial crisis, or even the crisis in the 1930s, is all about.

MKR Comment:

All pundits and politicians, see them as a simple economic problem and try to fix the crisis by tinkering with fiscal and monetary polices. However, many of us who have been exposed to theosophical ideas can easily see the current crisis causing suffering to a lot of people are just symptoms generated by serious actions of the Nations.

If I want peace, prosperity and happiness at home, I should try to do what I can to create peace, prosperity and happiness in all my activities during the day. If on the other hand, I create suffering and trouble every day in the work I do outside the home, how can I hope peace at home.

What applies to an individual applies to a Nation as well. My thinking is if a Nation seeks peace, prosperity and happiness for its citizens, the Nation should act seeking peace and prosperity in all its activities affecting other Nations. One can see this is simply Karma in action.

The long term welfare of any Nation and its citizens cannot be achieved without the Nation pursuing the goal of peace and prosperity everywhere around the world.

There is an very ancient saying which is repeated even today in India (as part of many rituals) which says "Let there be peace and prosperity for everyone." Surely, there should be some truth behind it.

MKR

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Comment by Christian von Lahr on October 1, 2012 at 4:41am

$30 trillion dollars is in the hands of very few people via their International banks ... their objective is to get REAL money from governments by enticing them to borrow, they take the REAL money and leave the governments to convice their people to PAY back the loans with interest; they succed and the people say OK, [ M A K E ] some more money.  It is ONLY when those few are have difficulty getting the REAL money (backed by actual Gold bars, for example) ... that a crisis ensues.  We're fighting and debating the WRONG problem.  It's like being ill and treating the symptom, and NOT treating the actual cause (which is what we all tend to do, and why Pharmaceutical companies have so much power).  Governments, in order to convince us they are working for us, give us these little problems like financial crisis, war, political issues simply to preoccupy us and keep us under control, and dependant .. really.   At some level, INDEED, all the issues are absolutely real ... but they DID NOT have to be. Therefore, we are essentially puppets, being manipulated or manuevered in some orchastrated production ... not trying to be cynical, that simply seems to be the way the world works.  There is us, and there is the 0.001% who are really pulling the strings (AND, they have legislated their own invisibility and untouchableness.) 

Comment by Hari Menon on September 25, 2012 at 12:48am

Dear Ram,

        Food , Clothing and Shelter being the primary needs of any human being -  cannot be done away with . Economics as a philosophy and as a science has its roots in the recognition of this very basic axiom . 

Undoubtedly economics as a science has progressed to a very high level - but underlying all the postulates of any economic theory are highly philosophical . ethical and Spiritual particulars.  It is not just profit - profits came later and it was never meant to represent the utterly abhorrent and usurious practice that is carried out in the sense of the word as is today .  It was defined as ''remuneration for risk taken '', whilst Rent was the income of the landlord from property and Wages for labour and interest for usage of money and taxes for infrastructural provisions by authorities, All noble in itself and the definitions are pretty much applicable to all countries of the world (developed/developing/undeveloped) even today . 

As you have rightly pointed out without peace none of this is sustainable , peace is the bedrock of civilization and enlightened rulership is the cornerstone for development of "historical culture'' (if I may so put it ) . What is forgotten by many is that human beings as a species wherever they are or who ever they may be have a common culture bereft of country and religions and education and circumstances - a failure to recognize this leads to corruption of institutions and into the merging of behaviour and character in words that are made for the purpose and are inimicable to life and living conditions . Morphing of Ideas and a "quickening'' of the pulse of the world by use of inappropriately coined words by people of no substance (Policticians and Academics) lead to a perpetuation of error in the common intellect - it is a vicious circle .

Institutions are impersonal and embody a vision endowed at its creation , but people come and go corrupting institutions - every government in every single country is degraded and corrupt . We can talk about visionaries - that time is long gone - visionaries are a product of the times , an age of hope and light - they give us institutions and ideals . If a better world is to be envisioned -(if you ask me ) aristocracy of the mind has to be cultivated which will lead to right thinking in the intellect . Better for the individual than for the state and sciences.

Comment by Capt. Anand Kumar on September 24, 2012 at 10:03pm

One of the major achievements of the Industrial Revolution which brought so many benefits to the humanity has been the separation of politics and economics from the spirituality. The turmoil around us is a natural consequence of that. We may like to think about creating a social order which will be built around spiritual values of oneness and sharing. However until the time the practitioners of spirituality tend to believe that politics and economics is not their business, it appears an impossible task.

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