05-01-2021

TUEsdAY, jANUARY 5, 2021
4
What the world will look like after Covid
Acting Editor & Publisher : Jobaer Alam
e-mail: editor@thebangladeshtoday.com
Tuesday, January 5, 2021
Haldar must get
punished for his
crimes
The name P K Haldar shall forever live in infamy in
Bangladesh. He is the person who has almost singlehandedly
masterminded and executed a plan that led to
the siphoning off of some 3,5000 crore Taka into
foreign accounts. He is now safely in Canada after
achieving this stupendous feat of money laundering.
There he has had no problem in buying real properly
and living a life of super abundance and luxury with his
criminally gotten wealth.
Of course, the monies don't belong to him in any way.
The same were kept deposited in his so called leasing
company for higher yields by thousands of
unsuspecting individuals in Bangladesh. But now these
hapless people are in utter ruination. They have lost
their entire savings in the swindle in most cases and are
suffering a wretched life of great poverty and
hopelessness unsure that there is even a small ray of
hope of their getting even a part of the money back. A lot
have been written and reported aboutHaldar's
crookedness and sheer looting of people's money. There
is no reason to duplicate the effort here. But the relevant
question that begs for an answer is : how long our
authorities will take to lay their hands on the collar of
this heinous criminal in his safe foreign haven and bring
him handcuffed to Bangladesh to stand in the dock ? So
far we know, our laws enforcement authorities were
seeking to get the cooperation of the Interpol to fetch
him to Bangladesh . But that was about two months ago.
What have they done in the last about eight weeks to
make sure that Interpol issues a red alert and does the
necessaryto ensure the return of this criminal to
Bangladesh as a captive at the fastest ? Not enough, it
seems. This slag is probably allowing Haldar to plot
more mischief in his host country to at least avoid arrest
through legal tangling or to try other sneaky means.
Needless to say, people in Bangladesh, specially
thousands of the affected ones, are screamig rightfully
for his immediate internment in Bangladesh and
squeezing out his unearned wealth to be able to
compensate them. But in vain, it seems.
Recently, as per mainstream media reports, even
judges of the High Court were seen in tears as they
heard the harrowing accounts of suffering by even many
eminent citizens who are the victims of Haldar's
swindling operations. Many of the victims are unable to
pay for their hospitalization, to buy food for their
children, to pay rent, etc. as they have no money left
after Halder's theft of their resources. Indeed, the
bloods of millions and millions of our countrymen are
probably boiling with rage from knowing about the
miseries of these innocent people in the face of
apparently casual initiatives on the part of the law
enforcement machinery to compel Haldar to
compensate for his sins.
We expect our administration and law enforcers to
tremendously step up their efforts to bring Haldar back
to Bangladesh. To this end, government of Bangladesh
(GOB) will have to initiate exclusive and urgent
communication with the Canadian government to
impress on them the seriousness of the case . The
Canadian government will have to be told that
misunderstanding may occur in bilateral relations
between our two countries if they do not act on this
matter with exclusivity and exceptionally in relation
with their immigration rules to enable the extradition of
Haldar to Bangladesh immediately.
For the longer term, it is equally important for GOB
to tell their Canadian counterparts that gradually but
firmly an impression is forming in the minds of the
rank and file of the population of Bangladesh that many
notorious swindlers, money launderers. murderers and
other criminals of Bangladeshi origin are finding it too
easy to hoodwink Canadian immigration laws and to
find safe shelter in that country to perpetuate in their
crimes with a sense of immunity.
Hopefully, such initiatives and follow up efforts on the
part of GOB will lead to changes in Canadian
immigration laws and monitoring their
implementation to make it impossible for the
continuation of this state of affairs which is found
hugely adverse by us. As it is recent media reports in
Bangladesh have been awash with accounts of looters of
various stripes in Bangladesh settling down in
important Canadian cities in community form. One
such area in Toronto has been named as Begumpara
which is reportedly full of the likes of P K Haldar who
are comfortably living a life of great enjoyment there
caring nothing for law and legality and the crimes they
committed in Bangladesh.
We are on the verge of a global
transformation. All we need is the
right major crisis for the next world
order." - David Rockefeller
Mankind has gone through many crises
during its evolution. All those crises have
pushed humanity to discover new frontiers
and go through new experiences.
But modern human civilization has never
faced a crisis like the Covid-19 pandemic,
which affects so many different frontiers of
lives and is far beyond the control and
comprehension of any single field of
knowledge.
It is not only about a virus infecting people
all across the world; the pandemic has also
exposed the fragility of our health-care
systems, institutions, governments, the UN
and WHO, as well as the lack of coordination
among them.
The current crisis is not about the pandemic
alone but also about its far-reaching
consequences on human behavior. Measures
like mass quarantines, lockdowns, new laws,
tracking, and surveillance of citizens will likely
continue to affect our lives.
The most likely effect will be on mental
health. Human beings are inherently social,
not solitary, creatures. So if their social contact
falls below their expectations, they begin to
feel lonely, and that is stressful and
depressing.
The stress of loneliness degrades mental
and physical health through behavior such as
self-harm, adjustment disorder, and posttraumatic
stress. Post-pandemic behavior will
see fewer social contacts as trust among
members of the human community will hit an
all-time low.
A new type of human being will emerge
whose daily behavior and thinking will differ
The 14th-century Arab traveler Ibn
Battuta described AlUIa as a beautiful,
large village that has palm groves and
water resources.
In modern times, AlUla is also the name
of the surrounding region, and this unique
destination is finally unveiling its rich
heritage to the world. Located in Saudi
Arabia's northwest, AlUla is an
extraordinary example of the Kingdom's
wonderful culture and deep-rooted history.
As a place of exceptional human endeavor,
visitors to AlUla are immersed in a capital of
ancient kingdoms.
Archaeological research in Saudi Arabia
reveals sites more than 1 million years old.
Here in AlUla, recent discoveries chart
more than 200,000 years of human history.
Evidence of settlements can be traced back
to 5,000 years BCE, when previously
nomadic North Arabian tribes started to lay
down roots, routines and traditions, making
AlUla their permanent home.
AlUla was once a vital crossroads along
the famous incense-trading routes running
north from southern Arabia into Egypt and
beyond. Today, through a diverse offering of
heritage, nature, arts and culture, and
adventure tours, AlUla is a year-round
boutique and fascinating tourist
destination.
Hegra is Saudi Arabia's first UNESCO
World Heritage Site and is one of four main
heritage sites for visitors to discover. Best
known for its remarkably well-preserved
tombs - 111 to be precise, of which 94 have
elaborately carved facades - Hegra was
established 2,000 years ago by the
Nabataean Kingdom.
Today, visitors can tour the site with a
"rawi," the name given to a special group of
The writer is a professor at the Lahore
School of Economics and former vice
chancellor of the Pakistan Institute of
Development Economics.
THE consensus amongst the economic
policymaking triumvirate in government -
finance, planning and State Bank - that an
IMF-prescribed economic stability package
was the only solution to Pakistan's
economic ills and road to eventual growth
has begin to show cracks. And as in previous
times, it is the Planning Commission that
has fired the first shot across the bow of the
State Bank and the finance ministry.
At a recent meeting of the Monetary and
Fiscal Policy Coordination Board, the
Planning Com mission purportedly argued
for three vital policy changes that lie at the
heart of the current economic policy stance of
the government. The first to reduce further
the interest rate; the second to hold the
exchange rate at near its current rate (Rs160)
and not allow it to be dictated by market
forces alone; and the third to pursue
supporting fiscal policy measures to stimulate
the nascent economic recovery seen in the last
from what they were before the outbreak.
They are likely to behave more rationally than
emotionally.
The generation born after the pandemic will
think differently from the pre-pandemic
generation. Cleanliness and hygiene will
become a major preoccupation and spending
on health by both individuals and
governments a top priority.
The current political, legal and economic
systems will have to adapt to this new
generation. Behavioral changes will force
businesses and brands to look for new
inventories and strategies to get accustomed
to new realities.
Digitization trends will likely increase with
the adoption of virtual media for all sorts of
experiences, whether shopping, transactions,
sales, or accounting.
There is no doubt that Covid-19 will leave us
a complex legacy, but will this be the last of
such events, or are we entering a period of
"black swan" events?
"Black swans" are surprising events that
had been thought to have a very low
probability of occurring. These events appear
evident in hindsight but lie outside the path of
RAVi KANT
predictions or normal human expectations.
Generally, average human brains
understand events or things that are
repeatable and discussible. But looking at the
current situation, the term "black swan"
needs redefinition, as the gap between the
attributes of such events, such as a class of
uncertainty and our intuitions about
randomness, is widening as the world
becomes more complicated and
interconnected.
When we entered the 21st century, there
was a lot of optimism and hope. Many people
Keynes' theory suggested that increases in government
spending, tax cuts, and monetary expansion
could be used to counteract depressions and sustainable
growth. Until Keynes came along, economics
was decidedly supply-side, which places
demand at the center of macroeconomic activity.
it is buying that supposedly drives an economy
forward, not producing.
PHiLLiP jAmEs jONEs
saw it as the dawn of a new era, or the start of
a new world. But within two decades, the
world has seen some major black-swan
events such as 9/11, the Indian Ocean
tsunami, the global financial meltdown, the
Fukushima nuclear disaster, and now Covid-
19.
The upcoming decades will bring a lot of
uncertainties and randomness in the global
order, which may increase the probability of a
black-swan event. Almost every memorable
technological advancement is a black swan.
Subjects such as economics, epidemiology,
nutrition science, quantum physics, and
AlUla a fitting venue for GCC summit
local guides who not only offer fascinating
insights into the sites and the people who
lived there, but also stories from their own
family history and the AlUla community.
The ancient capital of Dadan is another of
AlUla's sites that is now open for tourism.
Archaeologists still have much to uncover
about this city, which dates back to the 9th
century BCE and was the capital of the
kingdom of Dadan before the Lihyanites
took over and made their presence known
by erecting colossal statues of their kings.
Jabal Ikmah, near Dadan, has been
termed the "open-air library" and is home
to more than 500 inscriptions, written in
the precursors to Arabic, as well as scripts
from other civilizations, including Aramaic,
Palmyrene, Greek and Latin. Many of the
writings help to shed light on ancient beliefs
and practices. One can feel the presence of
the ancient people who shared their stories
via these rocks, and it is these inscriptions
that have earned Jabal Ikmah the unofficial
name of "the whispering canyons."
AlUla is an extraordinary example of
Saudi Arabia's wonderful culture and deeprooted
history.
As of February this year, visitors will also
be able to access AlUla Old Town. An active
restoration project, AlUla Old Town is
RAsHid AmjAd
located in the narrowest part of the AlUla
valley and is looked down on by AlUla
Castle, a citadel dating to at least the 10th
century.
Continuously occupied from the 12th
century until the 1980s, the settlement, with
its mud brick houses, intricate urban
pattern, outstanding fort, and the remains
of its arts and crafts, is of tremendous
historical significance.
At present, more than 900 properties
have been identified, including 400 shops
and five "rahbas," or town squares. A path
through the town has been carefully
restored, allowing visitors to experience for
At present, more than 900 properties have been identified,
including 400 shops and five "rahbas," or town squares. A
path through the town has been carefully restored, allowing
visitors to experience for themselves what living in AlUla Old
Town would have been like.
themselves what living in AlUla Old Town
would have been like.
Outside of the heritage sites, the unique
rock formations dotting the desert
landscape, as well as the lush, green oasis,
make AlUla a nature lover's dream
destination. The AlUla region offers some of
the most beautiful and unique landscapes in
the world. Throughout this stunning desert,
you will discover sand-drifted canyons, redrock
cliff faces and unique outcrops and
rock formations - all surrounded by vast
expanses of desert sand. These
imagination-spurring rock formations -
which have, over time, developed names
Growth versus stability
few months and led by large-scale
manufacturing and the construction sector.
Further, many of the participants
reportedly went on to express doubt over
the claims of the commerce ministry of
rising exports. They presented figures that
total export earnings were less in the first
five months of the current financial year as
compared to last year and the improvement
in the current account was due to a sharp
contraction in imports and an unexpected
boon in remittances. The large devaluation
had not yet shown the benefits expected of
it, despite the upturn in December.
The State Bank avoided entering into a
debate on these contentious issues by
feigning to preserve its independence in
deciding interest rates and exchange rate
policy. Instead, it said the positive role in its
accommodative monetary policy had been
to reduce sharply the interest rate in a timely
manner and introduce other support
measures to the private sector to cushion
the downturn due to Covid-19 as well as
help the current economic upturn.
The finance ministry held back its cards
on the government's future economic policy
stance (perhaps keeping in mind its present
negotiations to revive the stalled IMF $6
billion support programme) though it is said
to have opposed a further cut in the interest
rate. However, much like the State Bank, it
wanted to take its share of the credit,
pointing to the fiscal stimulus provided
primarily in the form of direct income
support to the poorest households that had
been seriously affected by loss of income
and employment due to the economic
downturn resulting from Covid-19.
Talk and claims aside, the time of
reckoning is fast approaching and the
government must deliver on its promises
with less than two and a half years left in
power. Political imperatives must now take
the upper hand and economic policy
accordingly follow suit. The prime minister
expects his economic team to deliver.
But what path to take? Retain stability as
the primary goal - follow IMF
conditionalities and revive the stalled IMF
programme? Or say goodbye to the IMF (for
the umpteenth time), and on a wing and a
psychology are not linear domains like
engineering, astronomy and biology.
An "outside context problem" is a sort of
thing that most civilizations will encounter
just once. To illustrate an outside context
problem, let's imagine an artificial intelligence
that becomes aware of itself and somehow
gets access to the Internet. The entire fate of
humanity will be in the hands of that digisuperintelligence.
Rapid developments in AI with no
regulation at present may prove to be an
excellent case for such a scenario. If that digisuperintelligence
has a goal and humanity
just gets in the way, it will destroy humanity
without any hard feelings, much as we destroy
the environment for our economic
development without caring about its impact
on the ecosystem.
So we need constantly to question our basic
assumptions about predictions for the future.
We need to build a system or model that not
only responds better to such events but also
minimizes the impacts of shocks.
The 20th century belonged to
Keynesianism, as much of the world's
government policy decisions were based on
keeping in mind John Maynard Keynes' 1936
book The General Theory of Employment,
Interest and Money.
Keynes' theory suggested that increases in
government spending, tax cuts, and monetary
expansion could be used to counteract
depressions and sustainable growth. Until
Keynes came along, economics was decidedly
supply-side, which places demand at the
center of macroeconomic activity. It is buying
that supposedly drives an economy forward,
not producing.
Source: Asia times
like "Elephant Rock," "Face Rock," "the
Dancing Rocks," and "Rainbow Rock" - add
to the wonder of AlUla.
Excitingly, there is now an increasing
range of guided tours available, allowing
visitors to fully appreciate this stunning
landscape. We have hiking trails with
options of desert or oasis, a cycling trail, and
stargazing or moonlit night-time
experiences. As of this month, our new bike
park will be operational, along with zip line
and buggy experiences.
A unique place like AlUla attracts a
unique group of artists and creatives, and it
would be remiss not to mention some of the
more recent wonders of AlUla. The venue
known as Maraya, which means mirrors in
Arabic, is an architectural masterpiece. This
multi-purpose entertainment venue in the
Ashar Valley was designed by Italian
architects Gio Forma and is at the center of
AlUla's world-class events ambitions.
Wrapped in mirrors to simulate a dazzling
desert mirage, it is the world's largest
mirrored building, according to Guinness
World Records.
Having already hosted the likes of Lionel
Richie, Andrea Bocelli and a conference of
Nobel Prize laureates, it is here that the
2021 GCC leaders' summit will be held on
Jan. 5. AlUla is delighted to have been
chosen to welcome the region's leaders for
this important event. This will be the first of
many auspicious gatherings of minds in
AlUla, as meetings, incentives, conferencing
and exhibitions (MICE) organizers will be
drawn to the rich history of AlUla as a place
of human ingenuity and cultural exchange
for millennia.
Source: Arab news
prayer opt for reviving growth through a
mixture of strong fiscal and monetary
stimuli.
Those who support the 'stability' approach
would argue that an artificially spurred
economic revival (as happened in the
Musharraf years) by reducing further
interest rates below the inflation rate and an
unaffordable fiscal stimulus through deficit
financing and cheap money will be shortlived.
It could also spark double-digit
inflation which has only now shown signs of
receding. Also, artificially holding down the
exchange rate will haunt one as imports will
shoot up and reserves come crumbling
down. And there would be no IMF to turn to!
Yet the case for opting for stimulating
growth and fuelling the nascent recovery is
a very strong one. Growth will create jobs
and spur new investment. Most
importantly, only a broad-based economic
recovery will allow economic gains to be
shared with the large informal economy and
small businesses.
Source: Dawn