World Economy: Dangerous Phase Ahead

lehman

Although US President George Bush and Henry Paulson, the US Treasury Secretary have stated that “Washington was committed to minimising the impact of the painful economic shifts of the present crisis”, the shock resulting from the abrupt demise of the Lehman Brothers investment bank sent the world share market into a nasty downward spin.

A recent report says that “Asian stock markets tumbled Tuesday amid growing fears of a global financial crisis as investors reacted to the demise of two of Wall Street’s biggest names, Lehman Brothers and Merrill Lynch.” More here…

The Times of London reports: “Fears of a global financial meltdown grew yesterday as the world’s biggest bankruptcy plunged markets into turmoil. Another of US capitalism’s biggest institutions, Merrill Lynch, is to be swallowed by Bank of America in a $50 billion takeover to save it from collapse.

“The majority of the bank’s 26,000 staff around the world are expected to lose their jobs. The collapse of Lehman came after the US Treasury refused to bail out the embattled 158-year-old bank, a crucial shift after its support in March for a Wall Street rescue of the failing Bear Stearns.” More here…

Author: SWARAAJ CHAUHAN, International Columnist

Swaraaj Chauhan describes his two-decade-long stint as a full-time journalist as eventful, purposeful, and full of joy and excitement. In 1993 he could foresee a different work culture appearing on the horizon, and decided to devote full time to teaching journalism (also, partly, with a desire to give back to the community from where he had enriched himself so much.) Alongside, he worked for about a year in 1993 for the US State Department's SPAN magazine, a nearly five-decade-old art and culture monthly magazine promoting US-India relations. It gave him an excellent opportunity to learn about things American, plus the pleasure of playing tennis in the lavish American embassy compound in the heart of New Delhi. In !995 he joined WWF-India as a full-time media and environment education consultant and worked there for five years travelling a great deal, including to Husum in Germany as a part of the international team to formulate WWF's Eco-tourism policy. He taught journalism to honors students in a college affiliated to the University of Delhi, as also at the prestigious Indian Institute of Mass Communication where he lectured on "Development Journalism" to mid-career journalists/Information officers from the SAARC, African, East European and Latin American countries, for eight years. In 2004 the BBC World Service Trust (BBC WST) selected him as a Trainer/Mentor for India under a European Union project. In 2008/09 He completed another European Union-funded project for the BBC WST related to Disaster Management and media coverage in two eastern States in India --- West Bengal and Orissa. Last year, he spent a couple of months in Australia and enjoyed trekking, and also taught for a while at the University of South Australia. Recently, he was appointed as a Member of the Board of Studies at Chitkara University in Chandigarh, a beautiful city in North India designed by the famous Swiss/French architect Le Corbusier. He also teaches undergraduate and postgraduate students there. He loves trekking, especially in the hills, and never misses an opportunity to play a game of tennis. The Western and Indian classical music are always within his reach for instant relaxation. And last, but not least, is his firm belief in the power of the positive thought to heal oneself and others.

Share This Post On

2 Comments

  1. Bush & co say:

    ““Washington was committed to minimising the impact of the painful economic shifts of the present crisis”
    *****
    Well, there you go!

    Rest easy.

  2. Bush & co say:

    ““Washington was committed to minimising the impact of the painful economic shifts of the present crisis”
    *****
    Well, there you go!

    Rest easy.

Submit a Comment