Eldon-Online

Hungry Bankers

With bankers ranking around, or maybe just under, politicians in the popularity ratings, having fallen well behind lawyers but still just maintaining a lead over sex offenders, I note that they now appear to have encountered hard times. That said, certain investment bankers are not having to pull in their belts too tightly, as Howard Winn (In his "LaiSee" column - South China Morning Post) pointed out the other day when he showed scant pity towards Lloyd Blankfein's huge drop in salary to a miserable USD12m. (I note, Howard, you generously called the amount "earnings").

 But not ALL bankers are in easy street. I was much intrigued by a report in that purveyor of quality news in Britain, "The Sun" newspaper the other day where it told the tale of a banker (a female one) who was reportedly jailed for 15 months after biting off the top of a gentleman's ear. The poor chap was having a quiet drink with friends - well maybe not that quiet as it was a stag night - when the lady rushed over and bit off the ear. Even after conviction it remains unclear what caused the attack.

Surely you can picture the situation. With bankers being vilified everywhere, with self- esteem clearly at an all time low, and faced with the prospect of maybe being made redundant or worse, or losing large chunks of pay just like Mr. Blankfein, it is leading bankers to resort to desperate measures. But whereas in the past they only wanted blood - now they apparently want flesh too.

 Actually, you could be forgiven for thinking that I have a long term hatred of bankers, but having been one for 40 years that would be a trifle hard to countenance. I feel very sorry for the victim in the case above, but I have to say that the banking profession - or parts of it anyway, seem to do nothing but thumb their noses at the fact that times have - or certainly should have - changed.

 I have been involved recently, wearing one of my variety of hats, in a series of structured discussions with bankers in cities around Asia, and somewhat less structured conversations in the Middle East. All were commercial banks. And the discussions have had a thread of similarity attached, in every place; the perception of banks and the people who work in them. I have to say, it is less marked in Asia than it seems to be in Europe particularly. But share prices are affected across the Board and it matters not whether you are a good, clean, unbailed-out bank, you are nevertheless tarred with the same brush as those who have not been so clever.

But there is not much point in complaining, because people won't listen anyway. You actually have to do something for yourselves. Every bank I have spoken to brought up the subject of service. I agree. In a world where banking products are easily copied, and where they cannot be differentiated significantly, your points of competitive advantage revolve around service. A breadth of product offerings sure, as long as you do them well, and deliver them easily, effectively, and efficiently - and talk to your client base to find out how they have changed.

 In Asia as well as in the Middle East, the demographics are different as are the expectations, from region to region and country to country. If you are 55 years old, and running a financial institution where the average age of your clients is 32, do you actually know what they want - or are you giving them what you think they should have, delivered in what they at least would consider to be an old fashioned way?

 If that is what you are doing, it won't help to change the public perception of bankers, who will become more and more depressed and instead of biting off your hand for new business, they will be biting off your ears!

Is It Just Me?

 While the world to our west continues to stumble and shake its way through a wide variety of woes, uncertainties and yes, silliness, there are at least some things happening in Asia that should give us present and future hope. Myanmar for one is high on my list - and here I think the whole world, for once, is holding its breath in unison hoping that nothing will derail the positive changes that have taken place in that country recently.

And although you may see it differently from me, the recent publicity given to the ousting of a highly placed political leader in China is a positive change. A public display of disaffection related to someone of such a high rank would not have been thinkable until fairly recently. Possible links to crime notwithstanding.

Asia continues to mature ... to come of age, with of course the notable exception of North Korea – but that is a completely different story, and perhaps one that has a different ending in store. Watch that space, I suggest.

 Meanwhile the west wobbles.

Job figures in the USA once again, and as commented on ad nauseam in these columns, have not proved to be as robust as had been hoped. It should never be a surprise. But it led once again to the inevitable sell-off in the stock markets. Europe, meanwhile, meanders towards the odd election. In particular President Sarkozy is looking a little healthier after his handling of the outrage in Toulouse, but although gaining on Francois Hollande he is far from being out of the woods. The future for saving the Eurozone if Hollande is elected looks bleak. And Britain's Conservative Government is looking less and less in touch with the people, even though some of the things they are trying to do are possibly sensible - but the way in which they are being introduced is winning no friends.

The media everywhere is still bashing the bankers indiscriminately. Gotta hate someone – and take the heat off yourself!!

And whilst in the West, some oddities and some amazements. 

Like the idiot who jumped into the River Thames during the annual Oxford versus Cambridge boat race, and who could have lost his life as a result, (a wish of his apparently), protesting again elitism. His five minutes of fame (and let's hope the media just ignore him from now on), ruining the hard work and sweat of 18 athletes who have devoted their lives to reaching this achievement. Eloquently stated by Oxford’s rower Will Zeng when he wrote:

 “When I missed your head with my blade, I knew only that you were a swimmer, and if you say you are a protester, then no matter what you say your cause may be, your action speaks too loudly for me to hear you. I know with immediate emotion, exactly what you were protesting. You were protesting the right of 17 young men and one woman to compete fairly and honourably, to demonstrate their hard work and desire in a proud tradition. You were protesting their right to devote years of their lives, their friendships, and their souls to the fair pursuit of the joys and the hardships of sport. You, who would make a mockery of their dedication and their courage, are a mockery of a man.”

Pictures of the grinning Boat Race “protestor” will hopefully be replaced by something less enjoyable to him when he gets jailed without any attendant publicity.

But of course, the “protest” has far wider implications. In an Olympic year in London, how many more people in a misguided, or purely publicity-seeking venture, will try and create disruption to events being contested by hard working, dedicated, single minded and, in many cases poor, representatives from around the world.

 And staying with the oddities theme, I read that the authorities in New York are cracking down on the use of potentially offensive words in school tests. Amongst the words bizarrely (okay, bizarre to me anyway, perhaps not to you) banned by the city’s Department of Education are “dinosaurs”, which might offend creationists; “birthdays”, as Jehovah’s Witnesses do not celebrate them; and “homes with swimming pools”, because not everyone has one. Quite!

Oh dear! Whatever next, or is it just me that thinks the world has gone mad!!

Earth Hour - Beijing Gets With The Programme

It's Earth Hour on 31 March 2012, and it's just gone 8:30pm. The lights have gone out, so it is a romantic candle lit dinner for one in a Beijing restaurant. (Not a problem; I enjoy my own company!) But Beijing ... a city where the many critics of China will naturally assume they wouldn't pay the slightest attention to the idea of conserving energy. But oh no! Think again. There is hardly a light in sight other than candles and my unfriendly iPad - or none that I can see anyway - although in an attempt to keep the food cooked there is some oven light. And interestingly, the noise level has dropped. The traditionally raucous restaurant has conversations taking place in hushed undertones.

I am pleasantly surprised, and wonder what other cities are doing - both in China and outside. And what this exercise,this global initiative, well-meaning as it may be, is actually achieving. An increased level of awareness about energy conservation? Maybe. A permanent change in behaviour? Probably not. At least not yet!

In the West - yes, maybe there is a greater awareness of the  damage that the lack of environmental control can bring - although I still see little evidence of it being practiced in some places, unless we run events like this on a regular basis as a reminder.

It is a little like people going on a diet and once they have lost the weight they wanted to, then saying to themselves that they have achieved their objectives, and going back to their previous eating habits. The lights switched off tonight - most especially in homes and in empty office buildings, will undoubtedly be on again tomorrow night.

China has pollution problems, as does Hong Kong (semantics - I KNOW it is a part of China), but I am also increasingly convinced that they are becoming more and more aware of the problems. Taking the whole issue seriously, and believing that "education" is part of the solution to the problem.

Certainly tonight, in my part of Beijing anyway, the hour has been fully embraced, and I mean fully - although now the lighting has returned to normal I guess I might have avoided those foods splashes on my shirt if I could have seen what I was doing - but then again, maybe not!

I hope the laundry process, especially the stain remover, is environmentally friendly!!

And The REAL Winner Is .....?

On the one hand - Hong Kong, but on the other?? I really must stop sounding like an economist ...

Talk about fluctuations. The early favourite losing almost all momentum from the outset, and even though the gap narrowed towards the end, the clear winner based on strength, skill and tenacity was .... definitely Fiji!

Oh! You thought I was talking about that other event - the annointing of Hong Kong's next Chief Executive? (Well, you can't really call it an election can you, when hardly anybody votes). More about that in a minute.

But over the weekend, Hong Kong was at its best. As a tolerant host of the Cathay Pacific/HSBC Rugby Sevens, welcoming hordes of overseas visitors, some of whose behaviour and habits would seem outlandish but which was all pretty good natured. I have not seen the attendance figures, but I would be surprised if they were not a record. And - yes I am biased - but so good to see the "auld alliance" back together of Cathay Pacific and HSBC - and even better to see helping to present some of the prizes, HSBC's former Chairman Sir Willie Purves whose early involvement in the Sevens set Hong Kong off on the track of creating what surely must be adjudged one of the best Sevens tournaments in the world. No, THE best Sevens!! Hong Kong does it very well, and although our police force were at full stretch on Sunday with the various events going on - they were unobtrusive. Good for them! Good for us!

And for the other event? What was apparently pre-ordained, was not to be.

But after all the shenanigans at least we were spared the ignominy of having re-runs and second votes. And if the outcome was not what you wanted - sorry, that's life. But you know what - having got it over can we just now get on with it? 

That of course is unlikely to happen. Already we have the analysts, the re-analysts, the commentators who commentate on the comments made by the analysts all trying to give their definitive opinions on what happened, what went wrong, what went right, who is to blame. Is it really any surprise that the first four letters of the word analyst are so wonderfully descriptive?

I thought Henry Tang's description of why he didn't get the position were the most sensible of the whole campaign - "I didn't get enough votes". Well said Henry. I think it is a shame that whoever was advising you did such a bad job, and it is also a pity if the powers that be decided to hang you out to dry, in the interests of - well - themselves really.

The facts seem simple:

a)    CY Leung has received the mandate to be CE of Hong Kong for the next five years.

b)    For whoever is paying attention to us - China in particular, the rest of the world, our trading partners, our competitors (think Singapore, think Shanghai) - we need to demonstrate that Hong Kong is somewhere to be taken seriously, and that we have a lot to offer.

c)    We have had an acrimonious and debilitating run up to the events of this last weekend, making us look rather juvenile. We have some ground to recover.

If we want to drive Hong Kong further into "backwater" status, then let's just carry on as we are, but if we have any pride left in our city - and the Rugby events of the last weekend have left a very positive impression in the minds of many well-placed visitors - then now, right now, is the time to move on.

That includes trying to ensure that C Y Leung is willing to fulfill many of his statements, recognising that the "Occupy Hong Kong" movement under the HSBC Building in Central has made its point (apparently - because I never did see the point of it) and it is time to pack up and move "because you are achieving nothing other than making our city look untidy", and learning from the experiences we have just gone through in how to mismanage public relations.

There is much to be done, and as usual - it is up to us! The "blame" games shouldn't even start. What's done is done - get over it. Wouldn't it be nice if for once we could all try and pull in the one direction and to do what is right for Hong Kong? Then we will know the identity of the REAL winner.

 

Meanwhile ... Back In The Real World

As Hong Kong waits with breathless anticipation for further raunchy revelations or alleged underground illegalities to emerge, aimed at besmirching the candidates in the race for election as the city's next Chief Executive, the world around us meanwhile has been witnessing some rather more serious issues that should be commanding greater attention from our somewhat parochial media. 

Elections, for want of a better or more accurate description, have taken place in both Russia and Iran during the last few days. The North Koreans meantime have, once again, successfully pulled the wool over the eyes of a number of countries by offering to talk about the cessation of their own nuclear ambitions in return, as usual, for food to feed their starving masses. And the odious Assad continues to kill his Syrian countrymen, women and children without conscience or any regard for humanity. Like father like son, I guess.

In the case of Russia, the election result which gave back Mr Putin the Presidency he had temporarily had to give up, came as no surprise. Well, maybe not entirely true. While the result was never in doubt in the minds of the foreign community, it surprised the people inside Russia who had been protesting en masse against his "leadership". Perceived to have had a tear in his eye when acknowledging the cheers of his supporters (he said it was the cold wind that caused the damp eyes), maybe he was crying about the fact that he had to pay people to stand and wave their flags in his support.

 But although this was supposed to have been a fair and democratic process, there are certainly not many (actually, not any) people I have spoken to who believe it to have been the case. Allegations of fraud are rife, amid concerns that this marks a reversion to the bad old days of dictatorship. We can but hope not.

On the face of it, better news from Iran - but is it? 

In the 2 March elections for the legislature, a high turnout of voters saw a great amount of support for those allied to Supreme Leader Ali Khamenei against President Mahmoud Ahmadinejad. Almost ensuring that Ahmadinejad will not be re-elected President next year. And while the Supreme Leader is not exactly a fan of the West, he is potentially less volatile than the current President.

But how will the President react to this result - given his history? Probably quite badly, but maybe not immediately. There has been much talk in defence circles recently about the heightened level of concern surrounding Iran's nuclear capability and its attitude towards Israel. There is also concern being expressed by the same circles about Israel's potential action - rather than its reaction. The major question being "who strikes first". Not, you will notice, an "if" - but almost a foregone conclusion that a pre-emptive strike is more probable than possible. That surely is worrying.

And still in the Middle East - what about Syria? A matter for the Arab League to sort out -  Western forces really should not intervene, but this is getting to be too much. Whilst I can understand the comment made by a former British Ambassador to Syria who said that even if Assad goes the same way as Gaddafi and Mubarak - hopefully the former in my view - there is no guarantee as to what we might get by way of replacement. A regime not so cold blooded as Assad surely, but then again and regrettably, when the first wave of euphoria at the toppling of Assad is over there will be many scores to settle. Acting under orders or not, you won't get much sympathy from a mob baying for retribution. 

Yes, North Korea has pulled it off once again. How many times is this?  "If you give us some food we will be happy to talk about not proceeding with our nuclear capability"  At least feeding some of the people is the right thing to do from a humanitarian perspective, but come on people - been there, done that, or prove me wrong - Please!! And by the way - nothing on the discussion table about stopping nuclear supplies to Iran?

But, you say, why should any of this bother Hong Kong? We have no political strife, only political satire. We are economically okay. What does a Russian election, a bit of North Korean kabuki which we have all seen before, and the actions of some mad people in the Middle East have to do with us?

Well, potentially quite a lot actually.

If Russia reverts to its old ways, repression, communism, "four legs good, two legs better", markets around the world will get nervous, and China is a little close in proximity to Russia.

North Korea will remain quiet for a little while, as it has done in the past while it consumes its food (not sure who gets it, but looking at the size of the new leader I can make a guess). But then it will start to get a little belligerent again, as it has done in the past. Let's think about this. The "boy", to remain in power, needs the support of some octogenarian generals who will see, at last, an opportunity to do something they have wanted to do for a long time. Something dramatic. They won't care, but China is a little too close for comfort.

If Ahmadinejad wants to make a point to the Supreme Leader that he still has power and, like a cornered snake, decides to attack first then any semblance of stability in the Middle East goes out of the window. This will of course impact the developed world, in the midst of its fragile recovery, and it will impact China. 

And if China is impacted, so too will Hong Kong be, because most of our eggs have been invested in the land mass to the north of us!

It is not a comfortable situation in which we find ourselves, while we hide our sniggers behind our hands at the discomfort being felt by at least one of the candidates for Chief Executive. But if the global situation is not enough to concern us - or at least make us aware that there is a real world out there - also give some thought to the reaction of Beijing to our Hong Kong blues! Could they by now be fed up with their potential poster child? Will they now say enough is enough? They had their chance, but now Shanghai is going to be positioned as the financial centre for China while we really do become what others have predicted - just another city in China.

Our fate, I would argue, is clearly in our own hands.

Syria - No Excuse For China!

 

I know that through my Blog I have sometimes been described as an apologist for China. If it is the impression I give, so be it, even if I do not agree with the "label". But I do admit to having been conscious for a long time that many in the West fear China without understanding it. They want nothing more than to see China fall flat on its face, so they can continue to do as they have always done without having to face the inevitable economic competition that China brings. They do not want to acknowledge the progress made by China, certainly economically, and at a somewhat slower pace – socially.

My Blogs have therefore, where appropriate – and generally avoiding the “politics” of it all on which I am less qualified to comment – been an attempt to maintain a balance and keep matters in some sort of perspective. This does not make me blind to the faults of China, of which there are many, and accept that anything China does is okay.  Syria is a case in point.

The United Nations may not be the most effective body in the world, but in matters of global security it is the best we have got. If there were serious alternatives I guess they would have found them by now. It is a forum for the nations of the world to express their views on issues of the day, and there can be no more pressing issue than that of the murderous Assad regime in Syria. Frankly, as I have said before, this is an issue that the Arab nations themselves should deal with, and indeed the Arab League has been active for once, following its remarkable absence in the case of Libya where it basically hid behind the Western forces and used them as their shield to defeat Gaddafi.

Surely, the wanton murder – for there is no other word to describe it – of civilians under a brutal and despotic regime should be a cause for concern of any nation of right minded people. How can it be that China (and Russia of course), in full consciousness, does not share in the condemnation of such acts? The view expressed by the Russians (and presumably shared by China) – that approval of the UN resolution might lead to a Western-driven attempt to overthrow another Arab regime - is frankly ludicrous. The Arabs themselves want to overthrow the regime. The majority of the people in Syria, it would seem, want to overthrow their Dictator. But are currently powerless to do so. 

So with China’s veto of the resolution, the killings continue indiscriminately. 

I honestly cannot believe that the vast majority of the Chinese I know, if not all – were they able to express their views in something as simple as a referendum for example – think they should allow this situation to continue unchecked. 

One final thought. In the late 1970’s China started to emerge into the world rather like a newborn baby. It was huge in size, but unsophisticated in thought.  A rather gangly ungainly “teenager” was how I described it. Fast-forward 35 years, and there is no doubt the country has made huge positive strides in so many areas. But China is now looking outside its boundaries for future supplies of food, raw materials - and oil, of course. Its reserves and wealth have made it a major part of the global economy, with aspirations perhaps to run world bodies like the IMF for example. But if it is not prepared to be a part of the world, a humanitarian world, then the shutters will inevitably start to fall.

Russia is already falling backwards. I sincerely hope that China does not follow suit.

Pause for Breath!

As an exhausted world staggers and crawls to the end of another Gregorian calendar year, how many of the players - major and minor - just wish the world could stop for a week to provide room to breathe, create and implement some sensible solutions, and put us all back on track? 

But even if this were to happen, would it actually make any difference, given the size of the burden we have to resolve?

Sadly, I suspect not. And news this morning from Britain is that more young people are expected to file for debt protection over the coming weeks, as their costs have blown out over the holiday period. As the line from the Pete Seeger song “Where Have All the Flowers Gone” says “When will they ever learn” And if they decide not to file for protection, where will they get the money from to repay their debts? - well it won’t be the Banks. It will more likely be the “payday advance” companies. Legal entities where a recent search (five minutes ago on a comparison web site) suggests that the interest rate is around 1,737% p.a. Read that number again and carefully; it is correct - and just in case you still don't believe me, it should show up if you just click here; 

 What happened to the definition of “usury”?  Such laws were repealed in Britain in the 19th century - and in the USA in 1980 by Jimmy Carter. A case for a revival perhaps?

But this is not intended to be a Blog about personal debt, or spending over the holidays to keep the children happy. It is more about the fact that 2011 has, for many people, been a difficult year. It is not just sovereign debt, political shenanigans, personal debt, unemployment - it is also the wider issues surrounding the world in general. Climate change, underemployment, the growing wealth gap, and it is something we need to take charge of ourselves.

Do not necessarily expect the current crop of politicians to have the answers (there are exceptions), but try to elect people not because they want to do things that are election-winning populist, but because they want to do things that are right... things that will address the problem of having an elephant in the boat.

 I do not want to end the year on a note of despondency, but on one that is positive.

A positive note that asks that section of the banking community involved to stop thumbing their noses at Governments and the public at large by demanding bigger bonuses, as if nothing has happened . (As the chair of a remuneration committee for a public company, I have just turned down a management-recommended fee increase for directors even though the current fees are below the average, on the grounds that the existing fees are “fair” for the amount of work involved. I am happy to say there were no dissenting voices).

A positive note that asks politicians not to think about the next election and their success or otherwise in such elections, but work out (and then implement) solutions that are practical and positive.

A positive note that asks media everywhere to become rather dull and report unusual things ... like “facts”, and positive news, instead of seeking out the “sensational” and interpreting things to suit their own spin.

A positive note that wishes everyone good or better health in 2012, and courage to do the things that need to be done now - rather than letting things ride and creating escalating problems for our children and grandchildren.

We may have “lost” 2011, and there is no II button available where we can pause for breath. The world moves on - and with the right attitude and commitment, we will succeed.

I am heading to Africa soon to visit a school in North Eastern South Africa that we support to see how they are doing, and January Blogs may be a little light as a result.

In the Chinese Astrological tables, next year is the Year of the Dragon and I, for one, hope his fire hasn’t gone out.

Happy and Healthy New Year.

 

Getting It Right - For Once!

"But my prediction is that in 2011 the "Dear Leader" will become the "Dearly Departed Leader" ."

Rather scarily, in December 2010 at an Economist Magazine event in Hong Kong called "The World in 2011", and in my Blog dated 20 December entitled "Whatever Next" I made the above prediction (alongside four others, in the hope I would get at least one right!). Although I was the "public face" of that prediction, in all honesty it was a joint effort. The creation mainly of my good friend and Canadian collaborator who eventually persuaded me that it was possible.

Today, 19 December 2011, we received the news that it has happened. Kim Jong Il, North Korea's leader for the past 13 years is no longer. Dead, apparently from a heart attack on 17 December.

The second half of the prediction as to the future of Kim's son will still need to be followed carefully.

The world may be nervous about the possible repercussions of a power struggle affecting the rest of the world, but personally I do not think it will amount to much. I do think that this could be the opportunity the world needs to start making inroads into North Korea. Kim Jong Un, 28 years old and "The Great Successor", despite his European "education" is understood to be a complete under-achiever of limited ability and intellect. On the one hand, this could be a dangerous, if not lethal, combination. But on the other hand - is this the opportunity "the Generals" crave? Hopefully the diplomacy has already started - and the world is on the same page. China has a major role to play here, and it can be statesmanlike and responsible within the global context.  

As a person who has never been happy about making predictions - especially about the future (partly because my success rate has not been high) - getting one as big as this right (I think I got them all right actually - but the others were dead certainties) inevitably means that my forecasting days are over.

My crystal ball has never been better than that of anyone else, which remains the case, but it is always nice to get one right occasionally, particularly when you were beginning to doubt yourself. Always go out on a "high", they say. Quit while you are ahead. And that really is what I should do without tempting fate.

But ... with the Eurozone crisis unresolved, French elections that could turn everything upside down, the establishment of the new leadership in China, and a still uncertain Middle East ... there are many possible topics for predictions. None of them, however, are likely to be positive and I think that 2012 is going to be generally gloomy, but with a lot of hard work and probably considerable compromise, we will come through it and be facing the end of next year with renewed confidence. 

 

Barbarity Is Not A "Cultural Difference".

No cartoons this time around. Not in the mood for humour as I read once more about the barbarity of certain members of this world in which we are all supposed to live in harmony together. Barbarity disguised (excused even?) in the name of "cultural differences". I am sorry but there can be no place today for the actions of men principally in parts of the Islamic world - particularly in Pakistan, Bangladesh and Afghanistan with regard to women.

I have been described in comments on my Blog as an apologist for China, which I do not think I am, preferring instead to try and balance anti-Chinese Western driven rhetoric. China, a country with many imperfections which, nevertheless, is trying to improve and has done pretty well from a standing start of only a little over 30 years.

I have been described, also in comments on the Blog, as being anti-American. A comment that again I would defend, supported by many of my American friends many of whom who have actually agreed with my comments.

And I have been described to my face, accusingly, of being an Arab-sympathiser; actually by someone who has never lived in that region, no less. And on the basis that much of the world sees any Arab as a potential terrorist, I would defend myself against that comment on the basis that I know many Arabs who are perfectly decent and reasonable men - and women. And yes, there are indeed some genuine cultural differences in Islam that I completely respect.

But if Islam wants to know why it has a bad name - here is one place to start which is just not defensible.

So called "honour killings", for example, where women have been killed because they have brought "shame" to their community by just talking to the wrong person. This seems to happen in Britain, but if you want to carry out an honour killing in Birmingham England, you cannot - or should not - expect to be saved because you are "culturally different". There are laws in Britain against this sort of thing, and despite attempts in some quarters to make the country religiously neutral by making even the wishing of Happy Christmas seem somehow inappropriate, Britain is still predominantly Christian. 

And  now the recent reports out of Bangladesh where a man cut off his wife's fingers because she wanted to study is not - at least to my mind - a cultural difference. It is a pure act of barbarism and has no place in our world. It follows on from an earlier report of the man who gouged out his wife's eyes, also because she wanted to study.

We are not supposed to intervene in the affairs of other countries, but how can one stand back and allow this sort of thing to happen? Okay, so human rights groups are demanding life imprisonment for this crime, but will they get it? It will be interesting to see if the media keep an eye on it and follow up. Certainly the comments from the police chief in Bangladesh would not give me comfort that this will be treated very seriously. "He was enraged", said the Chief, "He was jealous." Draw your own conclusions!

In an attempt to bring some balance to my thoughts, the west has not always behaved properly either - but it was a few centuries back with things like the Catholic led Spanish Inquisition, and the Puritans with their witch trials. We have learnt from those mistakes. And this is the 21st Century. And whatever your religious persuasion, barbarity is NOT amongst them and is not condoned in Islam either. 

While on this rather depressing subject, I just want to share with you a link sent to me the other day by an old school friend. I hope you can open it, and that you will watch it through. It's not long and will cost you nothing, but it provides a story of hope. It is organisations like the Hoshyar Foundation, and my old and continuing favourite Room to Read that are doing so much to try and change the world for the better. Particularly by educating girls and women.

 

Isn't It Time To Bite The Bullet?

Back to Europe yet again for this Blog because, whether we like it or not, what happens there is ultimately going to affect us here in Asia. It is all very well for us to continue to pat ourselves on the back and say we are in good shape in places like Hong Kong, but I think we would do well to remind ourselves of the Boy Scout motto “Be Prepared". 

But before I spread more gloom and despondency, as in recent writing, I remarked to a good friend a day or so ago that after all this prevarication, on and off discussions, no decisions, and “will they won’t they” diplomacy, it was probably time that the major players took a deep breath and decided to bite the bullet

Talented man that he is, I got this by return.

 

An original, no less.

But he doesn’t stop at creating cartoons. We were discussing the European events in September or October in the wake of a stock market up-turn, - “a frenzy of blind optimism”, he said, "rather flimsily based on rumours that European leaders were suddenly ready to act”. “Where did that come from" he added "they hadn’t taken any action in the previous 18 months, so “sudden” was rather unlikely”. And so it has been proved.

Clearly one cannot take a snap decision over something as complex as this, but by the same token one cannot delay forever. There is certainly no shortage of advice out there from the media, the professionals, the laymen and the politicians, but little consensus beyween them. Suggestions run the gamut of reverting to the original Eurozone members and letting the "new" joiners either sink or swim in another pond. That, to me as a non-expert, seems to be a reasonable suggestion, but it leaves the big question of what do you do with the remaining 21 members? Anarchy in their own countries perhaps, spreading into the rest of Europe? It would seem there are enough people out there who are ready for a fight.

Or let Germany move out from the Eurozone and do its own thing. There appears to be a growing swell of public opinion in that country which runs along the lines of "how much longer are we expected to bail out people who cannot balance their own books?" The trouble for Germany would be that going it alone would see an appreciation of their currency that would have an immediate impact on its ability to export and earn revenues, bringing Germany to its knees.

There are more variations on a theme than those written by Elgar. But the time has come for real leadership from a group of politicians whose re-election hopes must be made secondary to the main role of resolving the crisis. They would work together with organisations including the IMF, and the financial community and the European Governments with a view to coming to a decision - and then implementing it! (I saw an article today that said the IMF should not get involved – or at least the non-European members should speak up against a bail out coming from the Fund. A short sighted view, I think, because this is a global problem).

It is important to get this resolved because the longer it drags through the winter months, and the uncertainty lingers, the more chance there is of matters turning ugly – and they will not just be economic issues but social ones. “Occupy Wall Street” will become focused on real issues and develop a sense of purpose. It will spread. We can do without that .

And for us in Asia, we are not immune. China is going through a leadership change that will take months to settle down, and the current level of inactivity will continue. We have our own – and rather ridiculous – “Occupy the space under the Bank because it is covered, but protest about the property developers” movement in Hong Kong, and also a leadership election. Korea is moving into an election year in 2012, while Japan seems to be having trouble keeping a Government at all. And that’s just the politics. Economically in Asia we are beginning to feel the effects of reduced orders, and rising inflation. Unemployment too, is an issue amongst the “young” populations particularly in South East Asia – which will lead to a testosterone imbalance, and add more anger and fuel to the fires of unrest that are already bubbling under the surface.

And from a crisis that had its origins in the USA – an economy that itself is still not out of the woods – and has spread with alarming and amplified effect vengeance into Europe, we need a resolution before it gathers more potency and hits us.

There is no “soft” option really – and measures that will actually resolve the problem are likely to be painful – but something has to happen, and be followed through.

Now is the time to bite that bullet.