The World We Live In !!

UNITED NATIONS: A United Nations agency UNFPA has said in its report that India lags behind Pakistan in literacy rate as the literacy rate here in Pakistan is much more higher than that of its rival neighbor.

According to report, total 32.3 percent male while 60.4 percent female aged above 15 years are literate in Pakistan,

But however, on the contrary to aforementioned calculation, there are only 23.1 percent male and 45.5 percent female aged over 15 years enjoy education in India.

via Pakistan ahead of India in literacy rate: UN.

Hugh Tomlinson and James McLean
Times Online

The engine of the black Corvette revved to a gasket-popping roar. Its driver leant out of his window. He was dressed in traditional Arab robes but wore a rubber wizard’s mask. He held an aerosol aloft and directed a jet of party foam into the air. Four-wheel drives plastered in pictures of Dubai’s Royal Family roared their engines back in approval. The cacophony was deafening.

On the opposite carriageway smoke billowed from the spinning back wheels of a new Land Cruiser as the driver pressed the brakes and floored the accelerator. This was the favourite way for many of the fervently patriotic and car crazy Emiratis to mark National Day in Dubai this week, the 38th anniversary of the founding of the United Arab Emirates, and one of the biggest celebrations of the year.

A mile away at the new Marina Yacht Club, Western expats were also working their way into a party mood. Deferential Filipino staff served a foamy lobster broth as an amuse bouche between courses. Beer and cocktails loosened tongues and a knot of dancers formed in front of the band. Tens of millions of pounds worth of powerboats bobbed at their moorings beneath the revelry on the terrace. Behind the boats a dozen skyscrapers framed the view, a few of the lights in their thousands of flats were on. “It’s so beautiful here,” said a pretty young Anglo-Indian woman clutching a large glass of chilled white wine and taking in the scene.

Welcome to the modern equivalent of the last days of Rome. The failure of Dubai World, one of the Emirate’s flagship companies, to honour a debt due last month has rocked this city state to its foundations. By any conventional logic Dubai is now a busted flush. Read more…

India is condemning another generation to brain damage, poor education and early death by failing to meet its targets for tackling the malnutrition that affects almost half of its children, a study backed by the British Government concluded a week ago.

The country is an “economic powerhouse but a nutritional weakling”, said the report by the British-based Institute of Development Studies (IDS), which incorporated papers by more than 20 India analysts. It said that despite India’s recent economic boom, at least 46 per cent of children up to the age of 3 still suffer from malnutrition, making the country home to a third of the world’s malnourished children. The UN defines malnutrition as a state in which an individual can no longer maintain natural bodily capacities such as growth, pregnancy, lactation, learning abilities, physical work and resisting and recovering from disease.

In 2001, India committed to the UN Millennium Development Goal of halving its number of hungry by 2015. China has already met its target. India, though, will not meet its goal until 2043, based on its current rate of progress, the IDS report concluded.

“It’s the contrast between India’s fantastic economic growth and its persistent malnutrition which is so shocking,” Lawrence Haddad, director of the IDS, told The Times. He said that an average of 6,000 children died every day in India; 2,000-3,000 of them from malnutrition. Read more…

U.S Treasury Secretary Timothy Giethner

The kerfuffle about current New York Federal Reserve Bank Chairman Stephen Friedman’s purchase of some Goldman stock while the Fed was involved in reviewing major decisions about Goldman’s future—well-covered by the Wall Street Journal here and here—raises a fundamental question about Wall Street’s corruption. Just as the millions in AIG bonuses obscured the much more significant issue of the $70 billion-plus in conduit payments authorized by the N.Y. Fed to AIG’s counterparties, the small issue of Friedman’s stock purchase raises very serious issues about the competence and composition of the Federal Reserve of New York, which is the most powerful financial institution most Americans know nothing about.

A quasi-independent, public-private body, the New York Fed is the first among equals of the 12 regional Fed branches. Unlike the Washington Federal Reserve Board of Governors, or the other regional fed branches, the N.Y. Fed is active in the markets virtually every day, changing the critical interest rates that determine the liquidity of the markets and the profitability of banks. And, like the other regional branches, it has boundless power to examine, at will, the books of virtually any banking institution and require that wide-ranging actions be taken—from raising capital to stopping lending—to ensure the stability and soundness of the bank. Over the past year, the New York Fed has been responsible for committing trillions of dollars of taxpayer money to resuscitate the coffers of the banks it oversees. Read more…

The global financial crisis has evolved into a worldwide recession of epic proportions. Analysts fear the sudden slump which has followed the credit crunch could even rival the Great Depression of the early 1930s and lead to global stagnation.

But who is responsible?

The bursting of the housing bubble and the collapse in confidence throughout financial markets was not caused by one individual or a single decision, so pointing the finger of blame is a near-impossible task. But Times Money has given it a shot anyway. Here are ten suggestions for the nine men and one woman responsible for the mess we’re in.

The 10 people most responsible for the recession – Information House.

The IMF said international trade volume was expected to plunge by 11 per cent this year [AFP] The International Monetary Fund has predicted that the global economy is set to shrink 1.3 per cent in 2009 – the deepest recession since 1945. The world economy was likely to grow by 1.9 per cent next year, the global financial institution said, but that depended on measures taken to fix the ailing global financial system. “The longer this goes on, the longer and the deeper will be the recession,” said Olivier Blanchard, the IMF’s chief economist, in Washington on Wednesday. The grim report came as financial officials gather in Washington for meetings of the G7 and G20 nations, as well as of the IMF and its sister institution, the World Bank. Three months ago, the IMF had projected a global growth rate of 0.5 per cent, although last month it warned of a deep recession.

Via  Al Jazeera English – Business – IMF: World economy ‘to shrink

NEW YORK (Reuters) – Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

“We witnessed the collapse of the financial system,” Soros said at a Columbia University dinner. “It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”

His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.

Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.

“I don’t remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world,” Volcker said.

(Reporting by Pedro Nicolaci da Costa and Juan Lagorio; Editing by Gary Hill)

Story Via : Yahoo News

DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

Article Via The NYTimes. Continue reading Read more…