Editor,
Most people wonder why the price of petrol has been fluctuating so frequently in the past three years or so. The simple explanation is that the price of petrol has been deregulated to bring it more in line with the international market price. But what most people will find surprising is that the recent hike in the price of petrol has got something to do with a press conference held by the chairman of the American Central Bank, Ben Bernanke. Bernanke announces that the current phase of quantitative easing might come to an end somewhere in the middle of 2014 if the U.S economy continues to show signs of improvement. This would make the Federal Reserve manipulation of the financial market by pumping in 85 billion dollars each month to the U.S economy by buying in the government debt that investors have been reluctant to invest in since the start of the financial crisis, no longer necessary. The financial market simply freaks out at this announcement and it sends shockwaves across the stock markets around the world since the quantitative easing by the Federal Reserve has been supporting the global financial market for the past two years or so.
In a recent television interview with an English news channel the famed economist Raghuram Rajan who is the chief economic adviser to the Indian government points out that the unprecedented fall or depreciation in the value of the Indian rupee has got something to do with what Ben Bernanke has to say. A fall in the Indian rupee against the dollar in turn means that imports across all sectors will become more expensive and petrol is one item that will be most affected by a fall in the rupee. We don’t need to rack our brains to understand that the global economy has become so integrated like never before and that the global financial system is like a tinderbox that can catch fire at any moment if the policy makers of the rich and the powerful countries of the world continues to ignore the ominous warning signs that are threatening to rip the already fragile world economy apart. Unfortunately most of us have locked common sense which is the key to understanding the current state of the world economy in a cell inside our brain. It’s high time we opened our minds to what is happening in the world because as someone once said, “The mind is like a parachute. It doesn’t work unless it is open.”
Yours etc.,
Gary Marbaniang,
Via email
Protect good bureaucrats
Editor
It is heartening to see two ex- bureaucrats , Toki Blah and K L Tariang in their letters to the editor (ST June 13, 2013) openly express their support and appreciation for the present Deputy Commissioner, West Jaintia Hills District, when he imposed a ban on the destructive limestone mining at Nongtalang village. At the time when the majority of our bureaucrats are afraid to act justly because of fear of political intimidation and also because of lack of protection , such moral support from the veteran seniors will give hope and encouragement to those who dare to act in the best interest of all, in spite of the odds and the predictable consequences. It will also make them realise that there are responsible people in the society who still favour the brave . It would be good if other retired bureaucrats likewise openly air their views and opinions in the public domain through such letters or articles on issues which concern the welfare of the citizens. This will send a message to those who tend to misuse their power for self interest that they are under the scrutiny of more and more well informed and public spirited citizens. This should definitely make a favourable impact in the long run.
Yours etc.,
R Sawkmie,
Shillong-4
PDS anomaly in Golf Links
Editor,
The Public Distribution System (PDS) in Golf Links locality suffers from several anomalies. (1) The public address system never intimates or informs the public residing in the locality regarding the distribution date as is normally done in other localities within Shillong. (2) By the time one gets to know about it, the PDS dealer has already closed the shop and refuses to distribute the same while the shop is open. And, when explanation is sought from the dealers they always point out that the date for distribution of PDS items has lapsed. (3) Most of the people who are day labourers are deprived of the much needed ration facilities. (4) The undistributed ration items are being sold off in the open market for their own profits.
I urge the Deputy Commissioner (Supply) to please intervene in the matter. The Dorbar Shnong too should take immediate steps to ensure regular supply of good and improve the flow of information so that the marginalised section can benefit
Yours etc.,
Manbha L.
Via email