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Wednesday, November 14, 2012

Rubin's follow up

Well, well! A day after I post my views on the US fiscal situation citing Robert Rubin's 2003 book, the man himself comes out with an Op-ed on the same subject in NYT.  And we both think the issue needs to be addressed by President BO decisively in his 2nd term.  Here is the complete op-ed.

November 12, 2012

The Fiscal Delusion

NOW that the election is over, Washington’s attention is consumed by the looming combination of automatic spending cuts and tax increases known as “the fiscal cliff.” That combination poses risks, including economic contraction and erosion of confidence in government. But it also offers a chance to address our unsustainable and dangerous fiscal trajectory.
Much of the current energy around establishing sound fiscal conditions is focused on plans that theoretically would both contribute revenue to deficit reduction and significantly reduce individual income tax rates. Though hugely appealing, that’s a tall order.
These plans rely on reducing or eliminating many tax deductions, exclusions and the like, known collectively as tax expenditures. Reducing tax expenditures to pay for both lower personal income tax rates and deficit reduction may seem like a politically attractive alternative to raising tax rates or cutting entitlements or other spending.
However, many of these tax expenditures are important and popular policy programs on which people now rely. They include the deductibility of mortgage interest, charitable contributions and the exclusion from income of employer-provided health insurance. Some tax expenditures should be cut back and reformed. But when the substantive effects and political realities of large-scale reductions are examined, it becomes clear that there would not be sufficient savings to reduce tax rates and also cut the deficit.
Not long ago, a former senior official involved in the federal budget process told me that various senators used to meet with him periodically and argue for reducing tax expenditures. He would say that was a good idea, and then go down the list of large tax expenditures. At each one, the senator would say, “Oh no, we can’t do that,” and at some point the senator would repeat his proposition and the conversation would end.
The nonpartisan Congressional Research Service examined the full range of existing tax expenditures and concluded that, “Given the barriers to eliminating or reducing most tax expenditures, it may prove difficult to gain more than $100 billion to $150 billion” a year. But most plans based on reducing tax deductions and other expenditures project revenues of three to four times that amount. And the 1986 Tax Reform Act, cited as an example of lowering rates through tax expenditure reductions (called base broadening), left all of the major individual tax expenditures largely unchanged.
The plans that reduce both tax rates and deficits, like the impressive work by the Simpson-Bowles commission, have served a great public service — raising awareness of our fiscal risks, bringing Democrats and Republicans together, providing a framework aimed at stabilizing debt at an acceptable level, and recognizing the need for substantial revenue increases and spending cuts.
However, these same plans also pose a serious risk to achieving the very objective they seek. If we invest too much time and effort pursuing plans that ultimately prove undesirable and unworkable, we may go down a road that leads nowhere. Then we would be forced to search for a new solution when it will almost surely be too late. In effect, we will have pursued the policy equivalent of a wild-goose chase only to discover that, to mix metaphors, the tax expenditure goose doesn’t have enough golden eggs.
Advocates of extensive tax expenditure reduction argue — correctly — that all deficit reduction choices involve substantive costs and are politically difficult. They then suggest that, when compared to other possibilities, substantially more cuts may be doable than the Congressional research numbers suggest.
Maybe, but I think that’s unlikely when compared to the alternative of restoring the topmost tax brackets to their Clinton-era level.
Raising tax rates for those with the highest incomes challenges the supply-side proposition that even moderately higher rates would hurt growth. President Bill Clinton’s 1993 deficit reduction plan increased income tax rates for roughly the top 1.2 percent of incomes. Opponents said this would lead to recession. Instead, we had enormous job creation and the longest economic expansion in our history.
A recent report by the Hamilton Project, an economic policy project on whose advisory council I serve, reviewed 23 studies of the impact of tax-rate changes on the propensity to work and found that most of them concluded there was no meaningful effect. Tax expenditure reductions, on the other hand, will not raise nearly the revenues needed for sufficient deficit reduction without increasing taxes on the middle class significantly and are likely to disrupt important social and economic goals, though many economists don’t acknowledge that.
When you compare raising the marginal rates for roughly 2 million Americans to phasing out health insurance exclusions that would affect 150 million Americans — even if some reform should be done — I don’t think it’s a close call substantively or politically.
We should let the Bush high-end tax cuts expire, with an achievable, progressive reduction in tax expenditures. And we should have spending cuts, including entitlement reforms, equally matched by revenue increases. The entire program — including budgetary room for public investment and a moderate upfront jobs package — could be enacted now and deferred for a limited time with a serious mechanism to guarantee implementation.
For plans that both reduce deficits and lower rates, some suggest that, instead of raising the top two brackets to Clinton-era levels, we can find the same revenues by limiting tax expenditures for those groups. That would have some meaningful negative policy impacts, unlike increasing the top rate. The bigger problem is that such a step would yield only a fraction of the necessary revenue, requiring higher taxes on the middle class.
The pressure of the fiscal cliff, the fact that doing nothing is not viable, and the distance to the next election all combine to make this a special opportunity to meet our fiscal imperative. We need an open, cleareyed debate so we don’t squander it. 

Robert E. Rubin was Treasury secretary from 1995 to 1999 and is a co-chairman of the Council on Foreign Relations.

Sunday, November 11, 2012

Rubin's In an Uncertain World

               Just finished reading “In an Uncertain World” by former US Treasury Secretary and later Citigroup Chairman, Robert Rubin.  After the 2008 Crisis burst on the international scene, alongwith former Fed Chairman Alan Greenspan Rubin had come in for criticism that he had helped engineer the repeal of the Glass Steagall Act which allowed commercial banks to undertake investment banking business.

This book however was published much before (2003) the GFC 2008 and essentially is an account of Rubin’s time in Goldman Sachs and later as Treasury Secretary in Clinton Administration from 1995 till 1999. It was certainly an eventful period in the annals of modern finance and would be remembered for a chain of economic crises which started in Mexico, followed by East Asia, then Argentina and finally the Russian default which also led to the failure of the LTCM hedge fund in the US.

Rubin provides details of how the Clinton Administration dealt with each one of these crises and more often than not the global economy came out more bruised than before from each one of them.  Given that Obama got re-elected as President just last week, I will discuss and record two themes here from the book.

1.       The Uncertain World: Rubin analyses his ideas about uncertainty and how he understood it and coped with it in life.  Following are his “principles” as framed by him:

                                 i.            The only certainity in life is that nothing is ever certain.

                               ii.            Markets are good, but they are not the solution to all problems.

                              iii.            The credibility and the quality of a nation’ policies matter for its prospects than anything United States, the G-7, or the international financial institutions can do.

                             iv.            Money is no substitute for strong policy, but there are times when it is more costly to provide too little money than too provide too much.

                               v.            Borrowers must bear the consequences of the debts they incur – and creditors of the lending they provide.

                             vi.            The United States must be willing to be defined by what it is against, as well as what it is for.

                            vii.            The dollar is too important to be used as an instrument of trade policy.

                          viii.            Optionality is good in itself.

                             ix.            Never let your rhetoric commit you to something you cannot deliver.

                               x.            Gimmicks are no substitute for serious analysis and care in decision making.

 

I quite like the last idea.

2.       The other theme is the US fiscal deficit.  The deficit which had come in to existence after the dot com bust (the US actually had a fiscal surplus by the end of the Clinton presidency)  has continually ballooned and thanks to the Bush wars and the GFC US today is battling with the worst ever fiscal deficits in history.  After Obama’s re-election the debate rather the battle over deficit reduction is now out in the open.  Over the last decade, the Republicans have taken complete leave of their senses on this subject.  The Party of No, as they are now called, have applied all sorts of perverted logic in order to preserve the tax cuts for the rich while at the same time calling for cuts in the welfare programmes which largely benefit the poor.  Rubin has very cogently explained the Clinton Administration approach towards the reduction of deficits and once again it is up to a Democrat president to stand up to the combined idiocy of the Republicans who seem to have learnt no lessons despite overwhelming evidence that the Reagan’s supply side economics regarding (also known as Dynamic Scoring) tax cuts for the rich is not working.

Thus I feel that Obama has the weight of history behind him and in the coming months we may witness bloody battles with the GOP over deficit reductions.  As Obama has clearly been handed a clear victory by the Americans, Republicans would be fighting with their backs against the wall.  If Obama succeeds in getting his plans through, there would be an adverse impact on the risk markets. But as was shown in the recent fall in Dow and which did not translate in a similar fall in the Indian equities, I think this was a small trailer of the movie that I expect to play out between mid-December till mid-January but an Obama victory will over the next 4 months to 6 months would be clear boost for the risk markets. 

Wednesday, October 17, 2012

Gandhi's Words that can Inspire

1. ON LIFE

"My life is my message."

2. ON BEING A SOLDIER

“I regard myself as a soldier, though a soldier of peace.“

3. ON FAITH IN HUMANITY

“You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty."

4. ON NONVIOLENCE

“Nonviolence is the first article of my faith. It is also the last article of my creed.”

5. ON THE SEVEN SINS

“Seven social sins: politics without principles, wealth without work, pleasure without conscience, knowledge without character, commerce without morality, science without humanity, and worship without sacrifice."

6. ON TRUTH

“An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it. Truth stands, even if there be no public support. It is self sustained.”

7.ON THE "STILL SMALL VOICE"

“The only tyrant I accept in this world is the 'still small voice' within me. And even though I have to face the prospect of being a minority of one, I humbly believe I have the courage to be in such a hopeless minority.”

8.ON LIBERTY

“I’m a lover of my own liberty, and so I would do nothing to restrict yours.”

9. ON FORGIVENESS

“The weak can never forgive. Forgiveness is the attribute of the strong.”

10. ON THE NATURE OF MAN

“A man is but the product of his thoughts. What he thinks, he becomes."



Sunday, October 7, 2012

( I dont know why I am publishing this but I feel I must)

Sandi McCann of Boulder, Colorado, remembers a particularly vivid October morning four years ago, when she was hustling off to work. She was worrying about her college-aged daughter’s tuition money, which was evaporating in the falling stock market, and generally feeling burned out at work and in her personal life.

The 51-year-old McCann was good at her marketing job. She’d been doing it for nearly 30 years, and up until now, her six-figure income had provided adequate security for herself and the daughter she was raising on her own. Also, she was quick to admit, the adrenaline rush that came from working with high-profile clients was addictive. But the work was never inspiring, and now it was draining her energy and spirit.

It didn’t help that McCann was still reeling from her divorce. She’d left her husband more than a year earlier after discovering he had cheated on her and siphoned hundreds of thousands of dollars out of their joint account and into a secret money market. The divorce took months to finalize, and by 2008 she was still dealing with the legal aftermath.

But McCann gritted her teeth and soldiered on. She was doing what she felt she had to do and never stopped long enough to consider whether she was living a life she desired.

Until that October day in 2008. Late for work, she rushed out of the house, and the spring-loaded backdoor slammed, trapping her index finger and stopping her in her tracks.

“I just stood there and wailed,” she remembers. “I cried because of the pain but also because it was a metaphor for my life."

That feeling of being trapped in an unfulfilling routine is common among people in their late 40s and 50s. When faced with an empty nest, a changing body and, often, a desire to jump off the career fast track, they tend to question whether they are happy or feel satisfied, says John Seeley, a personal growth coach in Newport Beach, Calif., and the author of Get Unstuck: The Simple Guide to Restart Your Life.

Discovering that the answer is “No!” can be a jolting realization. But there’s an upside to this kind of reality check: It can launch you toward a life of greater accomplishment and contribution.

The Power of Having a Life Purpose

People become energized when they have a meaningful goal to pursue, says Patricia Boyle, a neuropsychologist at the Rush Alzheimer's Disease Center in Chicago. When we are driven to do something that we feel makes a difference in the world, we are infused with positive emotion, energy and vitality, and our risk of cognitive decline also drops.

“Participating in activities that bring fulfillment, that connect you to what’s important to you, will help you function better and even flourish,” Boyle says.

The Japanese call this state ikigai, or having a reason to get up in the morning or the belief that life is worth living.

This isn’t to say that you’ll be totally blissed out and giddy once you hit upon a goal that fires you up. Often the things people are driven to do are loaded with challenge and adversity — like helping underprivileged kids or quitting a high-paying career to write a book — but you’ll also experience a sense of accomplishment simply by pursuing those things that feel significant.

Discovering Whether You’re Stuck

At first, though, most of us don’t even notice when we’ve gotten ourselves in a rut. We’re so busy keeping up with our work obligations, managing the household and paying the bills that we have little time or energy left to explore our own interests — or evaluate whether what we’re doing is on track with our desires, Seeley says.

People can carry on like that for years or even decades until they, like McCann, get a wake-up call.

6 Warning Signs That You May Be Stuck

According to Seeley and Boyle, these are indicators that you could be in a rut:
  1. You feel as though something is missing.
  2. You feel uncomfortable even with the familiar.
  3. You no longer know what you like to do.
  4. You feel rundown and may come down with repeated colds or contract an illness.
  5. You begin showing up late for work or you have a hard time getting out of bed in the morning.
  6. Your spouse complains that you’re acting withdrawn or unmotivated. 
(MORE: 3 Secrets of Successful Midlife Reinvention)

Reconnect to Your Passion
 
The good news is, once you recognize that you’re in a funk, there are plenty of things you can do to get out of it. Unlike depression, Seeley says, stuckness doesn’t dull your desire to learn or have unique experiences. You don’t lose your sense of curiosity or interest — they’ve just been simmering on the back burner too long. The way out of this stalled state is to find out what’s really cooking by turning up the heat.
 
Boyle and Seeley suggest four good strategies:
  1. Flashback to move forward. What did you once enjoy as a child or young adult? Give it a try now. If you liked to dance, get your groove on again. Was cooking your thing? Take a culinary class. Just thinking about the fun you had in your younger days will help you plug into your innate creativity and get you thinking about what might excite you now.
  2. Check out different activities. Novelty is the antidote to stagnation. The way to create some movement in your life is to try something new and experiment a bit. Sure, you’ll find plenty that you don’t like, but you’ll also uncover a few pleasant surprises.
  3. Consider your legacy. By midlife, we have a bit of perspective and a sense of our values and priorities. Think about what they are for you then ask: Do I spend some time each day in support of these qualities? If you don’t, rearrange your schedule and pay daily attention to the principles you care about most and the things you want to be known for.
  4. Give back. Mow your neighbor’s lawn, deliver meals to the homebound, help out at a school. You’ll experience the good feelings of a helper’s high and may even discover your ikigai. 
McCann began trying several news things, while still in her corporate job, to find a way out of her stuckness. In her off time, she intensified her yoga practice and trained to become an instructor. She altered her diet and replaced processed and packaged items with healthier whole foods, and she began meditating.
 
Slowly, she realized that the more she pursued new avenues, the less satisfying her old path was — and the less willing she was to continue down it. In 2011, she quit her marketing job, and for months lived off a small severance package and savings. She vacillated between exhilaration from her newfound freedom and utter panic about what she would do next. But the strong conviction that she was doing the right thing kept her going. 

McCann realized that she’d felt the deepest sense of joy and purpose when she'd helped to care for her dad's terminally ill wife, while she was still working. Now, with different possibilities before her, she was moved to do more of that work. In January 2012 she started a new career providing care and assistance to people who needed help aging in place.
 
The Courage to Fly
 
It takes guts to ditch what you’ve been doing to survive and to go looking for something that will allow you to thrive. But whether you're working full-time or have the financial flexibility to jump ship and immerse yourself in something new, the search can begin now. And when you find your own ikigai, you’ll shift from a life spent idling in neutral to one that revs you up and drives you into the day.
 
“You’ve got to let go of the trapeze bar and be OK suspended in midair for a while,” McCann says. “Yeah, you're probably going to fall a few times. But you’ve got to be willing to let go if you’re ever going to fly.”  

Polly Campbell writes and speaks on personal development and spirituality topics. She is the author of Imperfect Spirituality: Extraordinary Enlightenment for Ordinary People.
 

Thursday, July 5, 2012

Better late than never

A long and an unanticipated break from blogging and I am not too proud of it.  As usual, yours truly was being lazy to the z.  So, here I am sitting in my office feeling a bit 'I dont want to do anything right now'.  To make amends for the missed entries (there should have been around 100 more by now) here is a funny distraction to amuse you (?) my nameless, ghost reader:

(What you see below are the more famous Yogi Berra's malapropisms sourced from Wikipedia)

1. Always go to other people's funerals; otherwise they won't go to yours.

2. When You Come to a Fork in the Road, Take It

3. The future ain't what it used to be.

4. I knew the record would stand until it was broken.

5. I really didn't say everything I said

6. "I looked like this when I was young, and I still do."

7. What Time Is It? You Mean Now

8. I really didn't say everything I said. [...] Then again, I might have said 'em, but you never know.

9. If people don't want to come to the ballpark how are you going to stop them?

10. If the world were perfect, it wouldn't be.

11. If you ask me a question I don't know, I'm not going to answer.

12. If you can't imitate him, don't copy him.

13. If you don't know where you're going, you might not get there.

14. It ain't over 'till it's over.

15. It gets late early out there.

16. It's déjà vu all over again.

17. Little things are big.

18. Ninety percent of this game is half-mental.

19. Nobody goes there anymore. It's too crowded.

20. Pair up in threes.

21. Thank you for making this day necessary.

22. We made too many wrong mistakes.

23. Berra says this is part of driving directions to his house in Montclair, New Jersey. There is a fork in the road, and whichever way you take, you will get to his house.

24. You can observe a lot by watching.

25. He was on a passenger jet at the time, so he was not sure in which time zone he was.

Wednesday, March 28, 2012

India in 1 day (NY Times)

March 23, 2012

India in One, Two or Three Weeks By GUY TREBAY

THE connection between travel and a Coco Chanel dictum may not be that obvious. The French designer once purportedly said that a woman should stop before leaving the house, gaze in the mirror and then remove one piece of jewelry. The operative principle was to simplify.
In travel it is seldom acknowledged how routinely people pile on excess. And while this may not hold true on cruises or Club Med, where the biggest daily challenge is finding the proper level of SPF, among independent travelers the tendency is to take on countries, regions, continents, galaxies.

From the placid vantage of a laptop, the world looks manageable. In real time, the degree of travel difficulty unfolds in agonizing increments. Did I really think I could fit all that into a week? I did.

Across almost three decades of travel I’ve often noted the general custom; I’ve inflicted it on myself. And it occurs to me that in few other places are Chanel’s words of advice better applied than India, a country my passports inform me I have visited more than 20 times. Assuming, perhaps, that the first trip to that compelling and bewildering country will be their only one, friends cram itineraries full to the point where misery is a guarantee. Thus my advice to pals heading to South Asia is to appraise the itinerary with a ruthless eye and then, long before heading to the airport, strike something off.

First-timers to India tend to be guided unvaryingly (and sensibly) around the so-called Golden Triangle (Delhi/Agra/Jaipur). This route, straightforward enough on paper, requires some discernment to get right. A policy of less is more is always sensible in India, in order to limit the shock the place inevitably delivers to an average Westerner’s system.

A question often posed is whether a week is enough time to cover the birthplace of three great faiths — Hinduism, Buddhism and Jainism. The answer, reasonably, is no. But travelers are not reasonable people, and it is distinctly possible to absorb the essence of India in CliffsNotes form.

The One-Week Trip

It is useful to start in the capital. A city created, like great geological formations, of time-sculptured and overlapping strata, Delhi is seven cities at least and almost as many civilizations collapsed, accreted and jumbled into one.

Despite its shambolic beginnings and ambient tumult, Delhi is a pleasing city to visit, in part because it retains swaths of forest greenbelt — its broad avenues, its traffic roundabouts and other useful systems bequeathed by the imperial nannies of the British Raj. Compared with the horn-honking frenzy of industrial tech centers elsewhere in the country, Delhi remains notably civilized. It is, as is often noted, Washington, D.C., to Mumbai’s New York.

START IN DELHI

A week in India, I tell friends, axiomatically begins with two days in the capital (for simplicity’s sake I am referring to time spent in-country; nearly a full day is lost traveling to India from the East Coast of the United States). And, if budget permits, I advise them to book into one of the city’s fine, though pricey top-tier hotels. There is a reason for this. Delhi is ever sprawling, and the premium you pay at hotels like the Taj Mahal or the Oberoi for a central location and for “amenities” like potable tap water (even ice is safe in such places these days), knowledgeable concierges, well-trained staff and, yes, consistent electrical service is repaid a thousandfold by reduced time in traffic and a placid digestive tract.

Because I believe that denial is the only plausible treatment for jet lag, after the usual 1 a.m. arrival and witching-hour check-in, I tend to sleep what few hours remain before dawn, setting the alarm for breakfast so that I can launch myself into the first day.

Some intrepid types navigate the city on the newly extended and, from all accounts, efficient Metro. In the interest of time-saving, I just flag down a cab at the hotel taxi rank. In most Indian cities the beloved Hindustan Ambassador taxi, its buglike design little altered since 1958, has begun to vanish, replaced by more modern vehicles. In Delhi, though, the Ambassador remains a reassuringly constant presence. No less comforting is the off-meter flat rate many drivers remain willing to accept. While this rate is subject to change at any time, in my experience it has held surprisingly steady for more than a decade: 1,000 rupees (or about $21 at current exchange rates) hires a car for 50 miles or eight hours.
While every guidebook instructs visitors to start out by seeing the lanes of Old Delhi, the Mughal sites like the Red Fort and the colossal mosque known as Jama Masjid, I gave up on the noise and crowds and filth of Old Delhi long ago. I advise friends to save their awe instead for the next phase of the journey, for Agra and the Taj Mahal, for Emperor Akbar’s little-visited tomb at nearby Sikandra, and for Fatehpur Sikri, the evanescent red sandstone city that lies about 20 miles down the road from the great and, in my impious view, overrated shrine to love.

But I’m getting ahead of myself. Back in the capital on one’s first day in the country, I recommend bypassing the old city to have a driver convey one instead in early morning to Rashtrapati Bhavan, now the presidential residence, though built for the British viceroy and thus a cornerstone of Sir Edwin Lutyens’s New Delhi and symbolic centerpiece of the British Raj. Heightened security has made it difficult to experience this complex of government buildings except at some distance or through gates. So I tend to have the car park on a side road while I stroll the broad Rajpath, which leads downhill from Raisina Hill to India Gate.
Few remnants of the colonial presence in India survive as nearly intact as does Rashtrapati Bhavan; fewer still evince comparable architectural modesty — a notable feature for an array of buildings designed to express imperial might.
This may be the place to note the presence of animals in urban Indian settings, the cows that still turn up on New Delhi medians despite laws that ban their presence; the white stallions trotting through traffic on the way to a wedding ceremony; the goat flocks being herded along the four-lane blacktop in Tamil Nadu. At Rashtrapati Bhavan, the wildlife takes the form of impertinent monkeys that fling themselves across the facades of the red sandstone pavilions, tails looping from domed chhatris, prehensile thumbs hitched on to crevices of pierced-sandstone jali screens as they nonchalantly delouse themselves.
From Raisina Hill and the presidential residence, I typically have my taxi drive on to the National Museum, whose survey collection provides a fine grounding for visitors in need of a playbook to India’s cultural and religious multiplicities. After this, I have a late lunch at one of several downtown outposts of a restaurant called Nathu’s Sweets, a Delhi institution noted for its Bengali home-cooking and unctuous desserts.
The Nathu’s branch I frequent occupies a corner of the antiques enclave called Sunder Nagar Market, and thus is convenient for a leisurely afternoon tour through the Aladdin’s-cave-like emporiums there, places like Ladakh Art Gallery or Bharany’s, a shop whose presiding, though occasionally absent spirit is C. L. Bharany, a wizened ancient with a sharp sense of business and an expansive philosophy of life.
That’s plenty for one day, especially on little sleep: head back to your hotel, I tell friends. Order a club sandwich and watermelon juice and sack out.
On Day 2, I tend to set out early for South Delhi and for the austere and distinctly phallic minaret at Qutb Minar, or else spend time at the seldom-visited Sikh Gurudwara Bangla Sahib, or at an obscure ruins near the woodlands of Mehrauli known as Jamali Kamali Masjid.
Few locals even know of this mosque complex named for a Sufi saint interred beside his male lover. I’d never heard of it before being taken there by Bim Bissell, the irrepressible matriarch of the family behind the Indian handicrafts emporium chain Fabindia.
On our visit, Bim mentioned to me offhandedly that when her children were young, the family customarily packed food for al fresco meals at Jamali Kamali. It seemed somehow characteristic of both Bim and her city that it was a natural thing to picnic with your children at a tomb.
After my morning outings, I tend to make my way to Basil and Thyme for lunch. This simple and surprisingly inexpensive cafe is in a bungalow in Santushti Shopping Complex, itself set behind the walls of New Wellington Camp, Air Force Station, a shopping complex much favored by Delhi’s retail-mad leisure class.
Here, the chef, Bhicoo J. Manekshaw — now closing in on 90 and retired from the stove — continues to devise menus offering fresh, unfussy fare best categorized under the rubric of what was once called “butler food” in India. Over lunch of cold-poached salmon or roast chicken with black mushroom stuffing, washed down with fresh lime soda, it is easy to forget that outside Santushti’s gated walls is a tumultuous city of 14 million and that one is not just passing time before catching the 5:05 to Cos Cob.
After lunch I poke around at Santushti, stopping in at Anokhi to see the new offerings produced by this Jaipur-based company specializing in hand-block printed fabrics, and at Tulsi, the small shop run by the designer Neeru Kumar. From there I move on by taxi to Baba Kharak Singh Marg, an avenue that juts like a radial spoke from the central roundabout of Connaught Circus.
Baba Kharak Singh Marg is among the last remaining streets in India where it is possible to find an array of government-sponsored emporiums, places that, in a drowsy and state-subsidized way, promote the specialist crafts that are fast disappearing from the Indian scene. From Andhra Pradesh comes iron and silver filigree work called Bidriware; from Orissa, paintings on palm fiber; from Rajasthan, white-on-white patchwork appliqué; from Assam, the naturally golden silk called muga; from Kashmir, the lacquerware that is pretty inescapable in India or, for that matter, at ABC Carpet & Home.
If fatigue threatens, this experience can be condensed by stopping in at Kamala, a well curated omnibus crafts shop run by the Crafts Council of India, at the end of the state shop parade.
(Of course, if one happens to be in Delhi on a weekend, it is worth ditching the country club lunch at Santushti to splash out on the buffet at the Threesixty restaurant in the Oberoi hotel. The most steroidal bar mitzvah feast has nothing on the Oberoi’s buffet, a prime example of the notion that in India too much is hardly ever enough — although, of course, for much of the population too little is a grim and permanent condition.)
Fortified by lunch, and as a preparation for the journey to Agra, I urge friends to head straight for Humayun’s Tomb. For decades this monument was a travesty — its fountains and watercourses barren, its lawns moth-eaten, its ancient palisades in peril of imminent collapse. Wasps had built vast bulbous nests in the pointed Mughal archways; shanty dwellers had built their own improvised nests in crevices of the monument walls.
Though evocative in decay, Humayun’s Tomb is no less so today, restored with funds from the Aga Khan Trust for Culture, and in all of Delhi or even of India, there can be few places lovelier than Humayun’s Tomb at sunset, when the waning light of day outlines the tiled dome and eagles hang in the thermals above the nearby Yamuna River.

ON TO THE TAJ MAHAL
From Delhi, I typically hire a car and driver through the hotel travel desk and head to Agra. And while I would prefer not to spend a night in this shamefully polluted city, this is the only proper way to visit the Taj Mahal.
What I mean is that the Taj Mahal seen in the glaring sun of an Indian midday, as happens when you reach it after arriving from Delhi, can seem as ghostly blank as an overexposed photo. Seen at dusk or dawn, however, the structure’s marmoreal surface magically absorbs and reflects the ambient colors of sky and clouds and even a hint of the orangy pollution belched out by nearby industries.
Upon arrival at Agra on one’s third day in India and having risen to see the great monument near dawn, it is usual to press on to Jaipur on a route that takes you first to Fatehpur Sikri, among the most evocative ruins in India.
Unlike the Taj Mahal, which impresses but rarely moves me, this city abandoned in the 16th century is a deeply atmospheric place, rising as it does from farm fields in the middle of seemingly nowhere. A complex of meeting halls, women’s quarters, courtyard gardens and stables for elephants, Fatehpur Sikri was occupied for a mere 14 years before a shortage of water forced its abandonment. Like all lost cities, it is a screen onto which one is free to project any narrative of your choosing. It is a poetic place, as even the wild parrots scribbling their vivid green arabesques above the old minarets seem to know.
From there I continue on to Jaipur, the fabled Pink City, which is, by Indian standards, not that old (17th century) and by any reasonable estimate, not so roseate, either. Still, Jaipur must be seen for at least three reasons: the City Palace; a hilltop redoubt outside town called Amber (pronounced Amer) Fort; and Gem Palace, which is not a palace at all.
Even an hourlong tour of City Palace, a multistory ancestral home of the high-living Anglophile Maharajahs of Jaipur, provides a tantalizing peek into the voluptuary lives of the acquisitive royals, who collected miniatures by the yard, silver by the ton, carpets seemingly by the mile.
At Amber Fort, the ruling Kachhawa clan lived and ruled from a hilltop redoubt of red sandstone and white marble, where the fused influences of Hindu and Muslim architecture are only part of the pleasure of place. The fort is best reached on elephant back (a bit of tourist hokum that is well worth it) and is notable both for interiors that feature the latest technological innovations of earlier ages — cascading water running down marble ramps provided an early form of air-conditioning — and views of the barren Aravalli range.
It makes sense to save Gem Palace for last because it is the sort of place that yields up its secrets slowly. Chambers filled with cases of jewels and silver lead into each other, and serious shoppers will often find a member of the Kasliwal family — which has run the place for generations — beckoning them into a back room for glimpses of treasures not kept on public view.
Gem Palace is one of those purveyors passed around like a secret among cognoscenti, though realistically it’s not much of a secret. Eventually everyone from the philanthropist Anne Bass to Giorgio Armani to Aunt Tillie has wandered in at some point. The greater challenge is getting out without losing your shirt.
That then is the one-week plan. You might return to New Delhi and fly home, or else stay on and — doubling the available time — use this same basic format for an itinerary easily expanded to encompass places a bit farther afield. The following itineraries can be managed in chunks of two to three days and accordingly the first stop after Jaipur is Jodhpur, my favorite among the cities of Rajasthan.
Two Weeks is Better

DIVE INTO RAJASTHAN
Jodhpur, like the other cities noted below, can probably be adequately enjoyed in two days and is an easy hop by plane from Jaipur via Delhi or Mumbai and an easy place, as well, in which to find hotels at every price. I have tested them all, from the funky stucco pavilions of Ajit Bhawan to the businesslike Hari Mahal. There is, though, only one ideal place to lay one’s head in this desert outpost, and that is the Indo-Saracenic pile called Umaid Bhawan Palace.
Last of the mega-palaces built over a century-long building spree by Indian maharajahs, Umaid Bhawan is sometimes likened to a Victorian railway station and invariably said to have been built as a charitable work-relief program for a region beset by a prolonged and killing drought. Believe what you like, the place can be reliably said to belong to its resident owner, the Oxford-educated Gaj Singh II, 64, the Maharajah of Jodhpur, who inherited the immense pile at age 4.
A vast and haunting palace, replete with Bohemian chandeliers, gilt tête-à-têtes and taxidermied trophies bagged during ancient shikars, Umaid Bhawan sits atop a low hill and overlooks another of Gaj Singh’s properties, the great citadel of Mehrangarh Fort.
Umaid Bhawan is now operated in partnership with Taj Hotels Resorts & Palaces, and it must be said that a certain amount of its quiddity was lost in hotel-chain translation. Still, the palace retains its time-stopped aura and, perhaps alone among the great Rajasthan palaces, easily conjures an era when palace ladies led segregated, gossipy lives in the secluded zenana, when the gallants of the legendary Jodhpur polo teams played fierce chukkers and returned to drink stiff whiskies in a bar where, to this day, a stuffed black bear stands upright with a drinks tray balanced in its paws.
A visit to Jodhpur logically starts with a trip to the hilltop citadel of Mehrangarh Fort, where, up a series of ramps and past the studded elephant gates is a historical fortress museum almost without parallel in India.
Gaj Singh II was an early adopter of Western-style curatorial practices, a welcome anomaly in a country so stuffed with antiquities that treasures are often carelessly left by their owners to be devoured by white ants or to rot in the dust. The Mehrangarh collection includes silver elephant howdahs, Jodhpur school miniatures, arms and armor, and textiles. The fort itself, though massive, stupendous and ominous when seen from afar, is surprisingly intimate and homey within: a series of mirrored chambers of pleasure and rest.
From the sinuous ramparts of Mehrangarh there are fine, expansive views of the surrounding Thar Desert and — barnacled to the flanks of the fortress — the traditional houses of the city’s Brahmins, all painted Krishna blue.



TAKE A DRIVE TO UDAIPUR



From Jodhpur I go on to Udaipur, again booking a driver and car for a road trip that Google Maps pegs at precisely five hours and 20 minutes. At a guess, the geniuses at Google Maps have never actually seen an Indian road. I myself find a useful rule of thumb when in India to double the estimated road time and average things out.



Winding slowly uphill through sere desert and a region inhabited by a pacifist tribe called the Bhils, the drive from Jodhpur eventually crests the Aravallis before descending into a startlingly verdant landscape of cultivated fields.



Only by traveling overland are you able to visit the Jain Adinatha Temple at Ranakpur, an ineffable monument of marble whose hall contains either hundreds or thousands of intricately carved columns, depending upon whom you ask. It is an austere place, one whose ecstatic carvings create an atmosphere of quietly humming spiritual intensity, something like a fission lab for souls.



A fine (and, essentially, the only) stopping-off point at Ranakpur is Maharani Bagh Orchard Retreat, a former country house still in the family of the Maharajah of Jodhpur. Set amid gardens and fruit groves, the hotel is right off a main artery where, come evening, one can watch the traffic of barefoot pilgrims heading toward the temple as red-turbaned Rabari tribesmen head the opposite way with their herds of sheep or goats.



The end point of this particular road trip is Udaipur, a lovely though to my mind essentially dull spot whose chief points of interest are the finely conserved City Palace of Maharana Udai Singh II, the renowned Taj Lake Palace hotel and the ritzy Oberoi Udaivilas overlooking Lake Pichola from shoreside just outside of town. Udaipur is a great place to unwind, though. For those lucky enough to put up at Lake Palace, there is a ready excuse for enforced idleness, since the only way to reach the hotel or leave it is by boat.



Three Weeks, Divine



HEAD TO THE DESERT



For more leisured travelers, and bucket list types, I advise a longer journey, one that heads from Udaipur, by road, for the majestic destination of Jaisalmer, a desert city that is among the oldest of Rajasthan’s fortress citadels, a once sleepy place whose tourist potential has been exploited as ruthlessly as its conservation has been sadly allowed to decline.



Conservation groups are actively working to preserve this fragile monument, where ancient havelis, or merchants’ houses, with lacelike screen walls of wood or stone crowd narrow lanes. Their main task is to keep the fortress walls from outright collapse. In doing so, however, they hope to preserve the ineffable stillness of this golden walled island surrounded by the sand sea that is the Thar Desert, historically known as the Land of Death.



One can easily spend two days or more wandering the narrow lanes, where buildings crowd in on one another (and where pedestrians used to have to yield to cows). Time has a funny way of seeming to stretch infinitely before one in Jaisalmer, during days spent visiting the jewel-box Jain temples dedicated to Rishabhdevji, Sambhavanathji and Ashtapadi, idling on rooftop cafes drinking lassi or scanning the desert from the fortress walls.

STUMBLE INTO AN OASIS
And when you have had enough of that, you can move on to other and even more obscure desert cities, my favorite among them being the rough-and-tumble city of Nagaur, home to a fine citadel
complex known as Ahhichatragarh-Nagaur Fort.
A 200-mile overland journey from Jaisalmer, Nagaur is a challenge to take up only after getting your travel legs in India. The drive is rough and dusty, and when years ago a woman friend and I first fetched up there, dust caked our clothes and filled every uncovered orifice, and our fillings had nearly shaken loose from our teeth. We swore bitterly as we banged on the padlocked fort doors, like Dorothy in Oz, until the gates creaked open and a turbaned figure beckoned us inside.
And there in a courtyard not far from a 17th-century stable block, we found a cluster of luxurious tents, their walls made from hand-block printed cottons, their camp beds covered in thick quilts, the private baths fitted out with showers that rained hot water.
If it is true that in India a traveler is often tested by the tumult, the hustle, the dirt, the pollution, the first-world prices and sometimes second-rate service, the inevitable upturned palms and the overall din, it is also the case that as the advertising campaigns promise, India is in fact incredible.



How else to explain the experience we had of emerging from our private showers at Royal Camp, Nagaur Fort (open only from October to March) to find that we were the only guests at the fort, the sole patrons being served cocktails by a freshly kindled wood fire in a broad Mughal courtyard under the cold black dome of desert sky?



A delicious Rajasthani thali meal was presented on a table set up in an ancient pavilion. Perhaps too much terrible Indian wine was consumed. In our individual tents the bedcovers had been turned down and desert chill staved off by hot-water bottles discreetly tucked into the beds. Delirious sleep overtook us. When we awoke, we found that our plans to stay just a night had suddenly changed.



And that is something I forgot to mention, how in India time is oddly elastic, everything fraught with challenge and wonders so inevitable that it makes sense to allow for enormous changes at the last minute (to swipe Grace Paley’s wonderful phrase). In India the plans you made at home are seldom the final word on the matter. Do yourself a favor and keep that in mind.



IF YOU GO



DELHI



MODERN AMENITIES, LUXURY SERVICE



Taj Mahal Hotel, New Delhi (1 Mansingh Road; 91-11-2302-6162; tajhotels.com).



Oberoi, New Delhi (Dr. Zakir Hussain Marg; 91-11 2436-3030; oberoihotels.com/oberoi_delhi).



IMPERIAL MIGHT



A walk down the Rajpath will take you from Rashtrapati Bhavan (presidentofindia.nic.in/rb.html), the presidential residence, to India Gate.



ALADDIN’S CAVES



Sunder Nagar Market (Mathura Road, south of Purana Qila).



Nathu’s Sweets (2 Sunder Nagar Market; 91-11-2435-2435; nathusweets.com).



Bharany’s (14 Sunder Nagar Market; 91-98728-01419; bharanys.com).



SOUTH SIDE



Gurudwara Bangla Sahib (Cannaught Place, at Ashok Road and Baba Kharag Singh Marg; banglasahib.org).



Jamali Kamali Masjid (in the archaeological village in Mehrauli).



Baba Kharak Singh Marg (off Cannaught Circus).



Santushti Shopping Complex (New Wellington Camp, Air Force Station, Race Course Road).



MUGHAL MONUMENT



Humayun’s Tomb (at the end of Lodi Road at Mathura Road)



AGRA



The Taj Mahal. Sunrise or sunset are the best times to take in the famous white marble mausoleum.



Fatehpur Sikri (Uttar Pradesh, Agra District).



JAIPUR



City Palace (Kanwar Nagar, Tripolia Bazar; 91-141-408-8888; msmsmuseum.com).



Amber Fort (Delhi-Jaipur Highway, 20 minutes north of Jaipur).



Gem Palace (M.I. Road, near Mahavir Marg; 91-14-1237-4175; gempalacejaipur.com).



JODHPUR



Umaid Bhawan Palace (off State Highway 61; 91-29-1251-0101; tajhotels.com).



Mehrangarh Fort (P.B. No. 165, Fort Road; 91-29-1254-8790; mehrangarh.org).



UDAIPUR



Adinatha Temple (about 3 hours, 50 minutes south of Jodhpur in Ranakpur).



Maharani Bagh Orchard Retreat (off State Highway 32, Ranakpur; 91-22-6150-6363; nivalink.com/maharanibagh).



City Palace (City Palace Complex, off Battiyanni Chohtta, northeast Lake Pichola).



Taj Lake Palace (Lake Pichola; 91-29-4242-8800; tajhotels.com).



Oberoi Udaivilas (91-29-4243-3300; oberoihotels.com).

NAGAUR
Ahhichatragarh-Nagaur Fort (91-29-1251-2146; mehrangarh.org/t_nagaur.htm).

Royal Camp Nagaur Fort (91-22-6150-6363; nivalink.com/campnagaur).

GUY TREBAY is a reporter for The New York Times.





Friday, March 9, 2012

When death is your fellow commuter

This week, a close colleague of mine lost his wife. And even though she was suffering from a serious ailment the death was completely unexpected and premature.  I read somewhere that loss of spouse is the most stressful event in a person's life.  I pray that my colleague has the strength to bear his loss and so does their son who is in the middle of his major examinations.

I have always been intrigued and puzzled by mortality.  On one hand it forces one to evaluate one's life and almost invariably you end up feeling  the futility of it all.  On the other hand it just benumbs you.  I mean it is like you are having a great life, all is well and just what you wanted and then, BOOM! Death strikes and a family is a member less.  Like you just walked into a wall and took a nasty jolt on your head.  Complete and utter puzzlement, for the next few moments the mind is just frozen, no pain, no registeration of the blow, no nothing.  We humans are used to using objects, persons and sounds as reference points to create our world around us.  As such when a person leaves, my world is an important piece less.  It is not complete now and I am at a loss to believe that it is the same world which was there earlier.  How can it be? The mind refuses to accept  the new state of affairs.  In other words, what one finds weird is that the world still exists even when a part of that world is now gone forever. 

And yet, mortality has a strange beauty that is equally compelling.  The sense of 'zero' in face of death is also a glimpse of the fundamental truth.  What truth am I talking about? Honestly I am not sure but if I were then perhaps it wouldnt be the fundmental truth anymore.  For isnt it said that the truth is indefineable or inexpressible.  A brush with mortality (someone else's as one's own is outside the scope of this piece) is a brush with the "force" for want of a better word.  And in that sense death is not some boring dull event to be quickly forgotten.  It is like a visit by a rarely seen comet.

 In our fragile lives, births are almost always rejoiced over.  This is mostly because birth of a child is seen as one's own accomplishment, an addition to my family, my next generation, the carrier of my name into eternity and so on.  While most parents thank God for blessing them with a child, it still remains their personal achievement.  On the other hand death is seen as an act of injustice against the family of the deceased.  I am trying to argue that both events are two sides of the same coin.  Both are equally powerful images of the 'force'. 

And thus death too is my fellow passenger in this journey of life.  One day it will get up from its seat, walk through the aisle, stop by where I am sitting and tell me that the next stop is ours.  My nameless ancestors left us, one day my parents will get down and then I too will hold thy hand and disembark from the bus.  The sweet humdrum of life and death will continue, the journey goes on...

Saturday, March 3, 2012

Humdrum sweetness of Life

The four people sitting on the mat were concentration personified.  The youngest of them, a four year old due to his age kept the chatter going.  If you watched closely, three of them were engaged in a mechanical operation of high precision.  This is how the process went: first the person responsible for making dough balls would deftly turn out the balls and pass them on to the roller.  The roller took the ball and using a wooden roller pin would press the ball in to extremely flat circular shapes.  Next she would pass this almost skin thin shape back to the ball maker who would then use a wet ear bud to moisten the outer periphery. 
The ball maker then passed on the slighty wet circular sheath of dough to the third member of the team.  She, the oldest and most experienced, would collect in the small of her palm a specified amount of prepared sweet paste which was the stuffing for the delicacy.  After placing the stuffing in the center of the sheath she would fold it by bringing together the ends of the covering and pressing them together.  And now comes the moment when the artist would affix her signature. The shape resembled a seal lying on its side.  The lead artist would hold the thin edge of the delicacy and using her thumb and index finger pullout the skin and then fold it back and she now repeats the same action over and over again till she she reached the other end.  It now actually resembled a rather motionless seal whose thin side was somewhat corrugated.

The pastry is now deep fried in pure butter till its slightly golden red.  And as some of you might have guessed by now, we are ready to partake the yummy "Gujiya". 
Let me now introduce the members.  My mother, my wife and my daughter.  The youngest guy is my son who with his incessant chatter and entreaties to his mother for some of the sweet paste provided the background music.
A beautiful day in our lives, the feeling of family reinforced even more as my parents return to Delhi tomorrow.  However, I go back to savouring this precious moment and of course the mouth watering gujiyas.

Tuesday, January 3, 2012

Happy 2012

With the Mayans having made dreadfull prophecy about 2012 some thousand years ago humanity has seldom been as nervous entering a new year.  For me the dreadfull part is that 2011 saw rather dismal activity on the blog. But lets try and make up for all that this year.  So resolution for this year - Number of posts for 2012: 250, one for each working day.  And second part of the resolution: Own posts in 2012: 150.

In order to cock a snook at the Mayans who I otherwise love, a new Jokes label! I am starting with one sent by my business partner, Dalip Chandiramani in Singapore. Here goes:


An easily understandable explanation of derivatives market and the crisis


Heidi is the proprietor of a bar in Detroit . She realizes that virtually all of her customers are unemployed alcoholics and, as such, can

no longer afford to patronize her bar.

To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks consumed in a ledger (thereby granting the customers loans).

Word gets around about Heidi's "drink now, pay later" marketing strategy and, as a result, increasing numbers of customers flood into Heidi's bar. Soon she has the largest sales volume for any bar in Detroit.

By providing her customers freedom from immediate payment demands, Heidi gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer, the most consumed beverages. Consequently, Heidi's gross sales volume increases massively.

A young and dynamic Vice President at the local bank recognizes that these customer debts constitute valuable future assets, and increases Heidi's borrowing limit. He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics as collateral.

At the bank's corporate headquarters, expert traders transform these customer loans into DRINKBONDS, ALKIBONDS and PUKEBONDS. These securities are then bundled and traded on international security markets.

Naive investors don't really understand that the securities being sold to them as AAA secured bonds are really the debts of unemployed alcoholics. Nevertheless, the bond prices continuously climb, and the securities soon become the hottest-selling items for some of the nation's leading brokerage houses.

One day, even though the bond prices are still climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Heidi's bar. He so informs Heidi. Heidi then demands payment from her alcoholic patrons. But being unemployed alcoholics, they cannot pay back their drinking debts. Since Heidi cannot fulfill her loan obligations, she is forced into bankruptcy. The bar closes and her eleven employees lose their jobs.

Overnight, DRINKBONDS, ALKIBONDS and PUKEBONDS drop in price by 90%. The collapsed bond asset value destroys the bank's liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community.

Suppliers of Heidi's bar had granted her generous payment extensions and had invested their firms' pension funds in the various BOND securities.

They find they are now faced with not only having to write off her bad debt but also with losing over 90% of the presumed value of the bonds. Her wine supplier claims bankruptcy, closing the doors on a family business that had endured for three generations. Her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 150 workers.

Fortunately though, the bank, the brokerage houses, and their respective executives are saved and bailed out by a multi-billion dollar, no-strings attached cash infusion from their cronies in the Federal Government.

The funds required for this bailout are obtained by new taxes levied on employed, middle-class, non-drinkers who have never been in Heidi's bar!!!



****

Keep Similing :-)