But not now. Not when scientists are saying we have less than fifteen years to save the world from skidding towards the brink of an environmental precipice.

One of the plans mooted to contain global warming is building forest sinks. You would have read in your school that trees use carbon dioxide and give out oxygen, now our policy makers are hell bent on turning this school lesson into a weapon to fight global warming. Checking deforestation, reducing the use of wood, aforestation, are sold as substantial steps to check global warming.

America is one of the champions of this method of combating global warming, so is Australia. Australia has succeeded in meeting is Kyoto protocol targets by simply reducing deforestation. Even as its industries have continued spew out toxic fumes. Such issues are soft solutions if not downright frauds.

It is clear that they have not been carefully thought out. Even if we switch to using other materials, like plastic, or glass, instead of wood, these things would still have to be produced. And the production would add even more to global warming than cutting wood does.

We must also remember that carbon dioxide is not the only pollutant; which means that forests would not be able to fully absorb global warming even if they are planted in a sufficiently large scale.

As long as we continue to use the planet’s resources as callously as we do now there is really no way to stop global warming.

We need substantial cuts in the emission levels, and we need it fast. Governments have been avoiding this issue because the only way this can be done is by rolling back industrialization, something that no government wants to do. Who would agree to roll back the movement - industrialization - that was supposed to be the cure to virtually all the evils of the world ? Which was supposed to unlock the potential of the earth and herald a golden age sans poverty? That even today is pushed as the panacea to all the ills of the developing world?

But the writing is on the wall, and it is time our leaders recognized it.

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Image courtesy Greenpeace

The story so far is as follows: (abridged for easy digestion). Iran, a signatory of NPT, is developing a nuclear program which it says is only for peaceful generation of electricity. US, and its ally in the gulf region, Israel, feel that this is only a subterfuge for a nuclear weapons program. At the very least Iran is seeking to have the capacity to develop nuclear weapons, even if it does not actually develops them. So that in the event of a war it can quickly scale up its activity to build a nuclear weapon. With about 200 Israeli nuclear bombs sitting in its immediate neighborhood, it cannot be faulted on its strategy. America too realizes that what Iran is actually seeking is nuclear weapons capability, not actual nuclear weapons and is determined that it should not have that capability.

It has tried its utmost to browbeat Iran into curtailing off its nuclear program. It has also used its heft in the International forums to subdue Iran diplomatically. But the Iranians have proved more than a match for them in this arena. Not only have they avoided severe forms of sanctions, they have managed to get the world opinion firmly in behind them.

Seeing that its diplomatic efforts are not going anywhere, with the Iranians getting closer to a full nuclear cycle everyday, the US has resorted to gunboat diplomacy. It has sent several of its warships to the Persian gulf to build up pressure. It has also sold 5000 bunker buster to Israel and 30 F-15 aircrafts. The idea is, even if the US does not attacks, Israel would do the needful. Of course with the help of American F-15s and bunker busters.

Israel has been responding by purchasing more military hardware from the Russians and demonstrating it prowess in the sea. Earlier they had tested a precision guided, radar evading anti ship missile. Now they say they have perfected a ’smart bomb’ named appropriately enough Qased. Quased means messenger in Persian, so the idea is that the use of any of these ’smart bombs’ would make sure that the US got the message.

via The New York Times

Photos from here

The US lost the moral high ground which it had assumed during the campaign after Abu Ghariab. It soon became apparent that it would also lose in fulfilling its avowed objectives - that of bringing democracy and peace to Iraq - and now it seems clear that it would also have to make an undignified exit. It has not reached the stage where people will have to be airlifted out of the US embassy roof, but seems to be getting there.

Earlier this year a surge in the number of ground troops had been touted as the panacea to the problems the US was facing in Iraq. The surge took place with nearly 25000 troops finding their way to Iraq. But the problems remain as bad as ever. People continue to die in sectarian conflict everyday. The Iraqi police and military seems to be nowhere near being competent enough to handle the problems on their own and the infrastructure seems to have completely gone to pieces following the war and occupation.

Meanwhile US troop casualties have continued to mount. Now AP reports that the US military would focus on reducing the number of troops in Iraq in 2008, coupled with training for the Iraqi personnel.

Though the exact timing of the withdrawals have not been finalized yet, it is speculated that the additional troops that were sent to Iraq this year would be withdrawn by summer next year. It is not yet clear whether the troops would be reduced further.

President Bush who had till now strongly opposed the idea of a climb down, is also indicating that he would give his consent to a troop reduction.

It seems clear that the US would now look to extricate itself from the quagmire that Iraq has turned into as soon as possible. UK has already made known its intent to withdraw its troop from Iraq in the near future. But with their withdrawal Iraq would be left to the militias, as the Iraqi force seems nowhere near capable enough to contain them. And what havoc they would play, that is still hidden in the womb of the future.

via AP

image from here

So the major question on your mind would be: a) What is it all about?; and b) should you be bothered?

Lets answer the second question first: Yes, I think you should be bothered. But first be clear as to what it is all about.

‘Subprime lending’ as the terms itself indicates, is lending money to underqualified borrowers. There are a lot of borrowers who have bad credit history, loans to them would be categorized as subprime loans. Then there are those who do have a good credit history but do not wish to disclose essential details about their assets and financing, these too are placed in the sub prime category. Subprime lending is much more risky as the chances of default is comparatively higher. It is also much more lucrative as lenders charge much more citing the above reasons.

During boom times these markets can be extremely profitable as the chances of defaults goes down as there is enough money in the market for everyone. But when the situation reverses, and the economy goes into a depression, it sets off a series of defaults that can cause havoc in the market. If A has borrowed from B and then lent it to K, then A would not be able to pay back his money to B if K defaults. Thus A and B both will be affected if K defaults on his payments.

This is what is happening in the American market right now. Many people who did not have enough assets to back their loans borrowed money to buy houses during the housing boom. Often these prices were grossly inflated. They believed they’d be able to sell the houses to someone else for still higher prices. So when the housing bubble burst, these people were left with houses they’d brought at high prices and with loans they were not able to repay.

They thus became the first to set of the chain reaction which slowly is overtaking the entire US debt market. All those funds that were exposed to the housing market are now suffering crippling losses. Bears Sterns and PNB Paribas has suspended operations of those hedge funds that were exposed to the housing markets.

Now these are really large financial institutions. They have operations spread all over the world, especially in the developing world, which includes India. Their losses in one market would make them tighten credit in other markets like India. So all those companies that had been banking on them to supply money for expansion/acquisition plans would be left high and dry without any funds. Interest rates, floating interest rates would go up, increasing the cost of loans for all the companies. Not only will this in turn affect the bourses which will lose heavily, but can also have a trickle down effect on the prices of day to day commodities. So if you are a person who invests in trade markets you should tighten your seat belts as there are losses in store for you. Even if you just a salaried person you should worry because sooner or later prices would go up because of this crisis.

But do not worry unnecessarily. We have not reached the stage where commodity prices starts to go up. Who knows we may not reach that stage at all.

Whatever reasons you visit it for; the enduring impression that you will carry with you, long after the taste of Biryanis, kebabs and the sun drenched view of the grand monuments have faded away, would be of the syncretic nature of the city itself.

The city unselfconsciously mixes different cultures, different people, different architectural styles, in something so typically Hyderabadi, that they are as recognizable as the character played by Amir Khan in the Coca Cola ad.

THE QUTUB SHAHI TOMBS

A visitor to the city cannot do better than start his sightseeing tour from the Qutub Shahi tombs, probably the most magnificent architectural pieces from the Qutb Shahi era. These tombs were built by the Kings of the Qutb Shahi dynasty to mark their final resting place. Seven generations of the Qutb Shahi dynasty lie buried here, along with nobles, notables and even the favorite eunuchs. The tombs are situated in beautifully landscaped gardens which still exist in all their pristine beauty.

Structurally these tombs are square, domed structures, one or two storey high. Typically they have four minarets in their four corners and arched gateways. The entire parapet is adorned with fine filigree work that lends a curious delicacy to the stone edifice. The tombs of the kings are distinctly different from those of other, lesser, mortals. They have a crescent shaped structure on their facade to distinguish them, and are built on a more expansive plan. It is easy to identify features of both Hindu and Persian architecture in these monuments.

GOLCONDA FORT

From the Qutub Shahi tombs you can either trek the 3 kms that lie between Qutb Shahi tombs and the Golconda fort or take some form of transport. If it is autorickshaw that you choose then be careful to pay only the meter fare. The hyderabadi autowallahs, like autorickshaw drivers everywhere, have a nose for sensing out greenhorns and fleece them unabashedly.

The fort used to be a magnificent structure, during the time of the Qutb Shahi kings, its present state of ruin was brought about by Emperor Aurangzeb, who in conquering Hyderabad, almost completely destroyed the fort.

But the remnants are still impressive enough to merit a visit. One can still, for example, experience the fine acoustical effect of hearing a mere clap performed at one of its gates (Fateh Darwaza) at the farthest point of the fort, the Bala Hisar pavilion; which is almost a kilometer away. The Darwazas are fine architectural structures in themselves and probably the most important part of the fort. Of which, the Fateh Darwaza, so called because Aurnagzeb’s victorious army marched in through it, and the Balahisar darwaza are the grandest.

THE CHARMINAR

Let us now come to the most symbolic monument of Hyderabad, without seeing which a visit to the city would not be complete; the Charminar. The Charminar is aptly named. The four minarets rising out from the four corners of the monument are it’s most prominent feature. It is said to have been built by Sultan Quli Qutb Shah to pay a tribute to the memory of his hindu wife Bhagmati. The monument, by its use, is actually a mosque, with mehrab and other regular mosque features on its top floor. The four sides of the monument faces the four cardinal directions, north, south, east and west. This monument used to serve as the central point of old Hyderabad in the days of the Sultans and the Nizams.

MECCA MASJID

Just off Charminar is the famous Mecca masjid. One of the grandest mosques in India and the 7th largest in the world. Mecca mosque displays the features of both Deccan and Mughal architecture. The construction of the mosque started in 1614 by Quli Qutub Shah, but was finished by Aurangzed in the year 1693, a period of 78 years.

The mosque can comfortably accommodate 10,000 worshippers. Its colonnades have been built by massive, monolithic blocks of granite. The minarets, comparatively speaking appear stunted. They are not really commensurate with the massive proportions of the mosque.

CONCLUSION

While you are in Hyderabad, walk through Mir Alam’s mandi, and the Pattaharghati road. You would find yourself amidst a throng of shops and sellers which would leave you with an indelible impression of Hyderabad now. Hyderabad is the physical symbol of the confluence of many different cultures and it has played host to a variety of people.

It is perhaps the only city that enjoys a past unbroken by pillage and plunder. While Delhi and Lucknow, the two other grand old cities of medieval India suffered terribly during the rising of 1857, Hyderabad escaped it unscathed. Even in the medieval times after its invasion by the Mughal monarch Aurangzeb, the city did not suffer from any further invasions. It is therefore not surprising that it has preserved more of its past than either Lucknow or Delhi. In Hyderabad the past is still a living presence.