മഹായുദ്ധഭൂമിയില്
ഞാണൊലികള്
കിന്നരനാദമായി മാറുമ്പോള്,
സൈന്യവേഗങ്ങള്
ചന്തമാര്ന്ന നൃത്തരൂപമെടുക്കുമ്പോള്
എന്നെ തേടിവവരുന്ന
അവസാനത്തെയീയമ്പിന്റെ കവിത
ഹാ! എത്ര മനോഹരം.
I am jotting down as it comes(only when a system is available!), Includes malayalam posts also. Download a proper malayalam font for reading preferably Karthika or anjalioldlipi
മഹായുദ്ധഭൂമിയില്
ഞാണൊലികള്
കിന്നരനാദമായി മാറുമ്പോള്,
സൈന്യവേഗങ്ങള്
ചന്തമാര്ന്ന നൃത്തരൂപമെടുക്കുമ്പോള്
എന്നെ തേടിവവരുന്ന
അവസാനത്തെയീയമ്പിന്റെ കവിത
ഹാ! എത്ര മനോഹരം.
രണ്ടുനിമിഷങ്ങൾക്കിടയിലെ
അനന്തകാലം;
അശ്വവേഗങ്ങളുടെ പെരുവെള്ളം;
താഴ്വാരമാകെ തുളുമ്പി നിൽക്കുന്നു
സിംഹാരവം പോലെയീ മൗനം.
അർദ്ധത്തിൽ നിന്നും
അർദ്ധാദ്ധാർതയിലേയ്ക്ക്,
അർത്ഥം മറയുന്ന സൂക്ഷ്മത്തിലേയ്ക്ക്
സെക്കന്റ് സൂചിയുടെ ഹൃദയത്തിലേയ്ക്ക്.
ധവളപൂരിതം
ഉജ്ജ്വലമോഹനം
സ്ഥൂലകാലങ്ങൾക്കിടയിൽ
ഒളിഞ്ഞിരിക്കുന്നയെന്റെ ഭുവന്
എന്റെ വേരുകളിൽ
നനവിന്റെ സംഗീതമൊരുക്കി
ദൈവത്തിന്റെ മാത്രം ലിപികളിൽ
അവർ എഴുതിയിരുന്ന വരികൾ;
അവയെ ഞാൻ എത്ര മാത്രം സ്നേഹിച്ചിരുന്നു!
അവരില്ലാത്ത
ഈ മണ്ണിന്റെ ഏകാന്തത
എങ്ങനെ?
ചില നേരങ്ങളില് ഞാന് അങ്ങനെയാണ്
ചില നേരങ്ങളില് ഇങ്ങനെയും
അങ്ങനെയുമിങ്ങനെയുമല്ലാതെ
പിന്നെ ഞാനെങ്ങെനെയാകണം?
ആര്ക്കുവേണ്ടി?
ഒരിക്കല് എനിക്കുവേണ്ടിയെഴുതി
ഞാനഴുകിയില്ലാതായി;
പിന്നെ നിനക്കുവേണ്ടി,
നീ അലിഞ്ഞില്ലാതായി.
ദൈവമേ,
ഇനി ഞാനാര്ക്കുവേണ്ടിയെഴുതും
ഒരു ബുദ്ധനായാണവൻ പിറന്നത്
കരച്ചിലോ ബഹളമോ കൂടാതെ!
ഓടിക്കൂടിയ ഭിഷഗ്വരവൃന്ദം;
അലമുറയിട്ട ബന്ധുജനം;
മരുന്നും പ്രാർത്ഥനകളുമായി
അവനെ ആദ്യമായി കരയിച്ചു.
അങ്ങനെ, കണ്ണീരില്ലാതെ കരയുന്ന
വെറും മനുഷ്യനായി
ആകാശത്തിൽ നിന്നുമവൻ പൊഴിഞ്ഞു വീണു.
പിന്നെയവന്റെ ഏങ്ങലടികളും
വിലാപവും നിവർത്തുവാൻ
ശതാബ്ദങ്ങളോളം
ഒരു പിപ്പലമരം കാത്തിരുന്നു.
സ്വസ്ഥമായിക്കിടന്നുറങ്ങിയ കവിയെ
പ്രേതരാത്രിയുടെ രണ്ടാംയാമത്തിൽ
അലറിക്കൂടിയ ആസ്വാദകർ
വിചാരണ ചെയ്യുന്നു.
നിന്റെ തിളച്ചവരികൾ
ഈ രാത്രിയിൽപോലും
ഞങ്ങളുടെ കുഞ്ഞുങ്ങളുടെ
സ്വസ്ഥതയറക്കുന്നു.
നിന്റെ വാക്കുകളിലെ കറുപ്പു
ഞങ്ങളുടെ ഗ്രന്ഥ്പ്പുരകളെ
പ്രണയങ്ങളോടൊപ്പം
എരിയിച്ചു കളയുന്നു.
കൊടും രാവിന്റെ ശൈത്യം
ഇറ്റിറ്റുവീഴുന്നക്രൂരകാലങ്ങളിൽ
ഊഷ്മാവരുളിയകമ്പിളികൾ
നീ വെട്ടിനിറുക്കുന്നു.
പ്രതീക്ഷകളുടെ ജീവാരുവിയിൽ
വിഷ്ച്ചാറ് പകർന്ന നിൻ കവിതകൾ;
വാകുകൾ ഭക്ഷിച്ച ഞങ്ങളുടെ
ഉദരങ്ങളിലർബുദം പിറക്കുന്നു.
സ്വന്തം കവിതയുടെ കൊലക്കയര്
മുറുകിയ്യാഴങളിലെറിയപ്പെട്ട കവി
പട്ടുമ്മെത്തയില് നിന്നും
പിടഞ്ഞെണീക്കുന്നു
നിന്നിലേയ്ക്ക്
നൂൽപാലങ്ങളും
കുറുക്കുവഴികളും വിട്ട്,
പൊള്ളുന്നയുരുളൻ ക്കല്ലുകളുടെ
ആത്മാക്കളലറിവിളിക്കുന്ന
താഴ്വാരങ്ങളിലൂടെ;
ദൈവമേ,
നിന്നിലേയ്ക്ക്
രാജവീഥികളില്ലല്ലോ?
ദൈവത്തിലേക്കുള്ള നൂല്പ്പാലമാണു നീ എന്നു എഴുതി തീര്ത്തിരുന്നു. എല്ലാ കുറുക്കുവഴികളും വിട്ട് അവനിലേക്കു ഞാന് നടക്കേണ്ടിയിരിക്കുന്നു. പൊള്ളുന്നതെങ്കിലും സഫലമായ യാത്ര.
ഓരോ പ്രണയവും
കടന്നുവരുന്നത്
കവിതകളുടെ തളിരിലകൾ
പൊടിച്ചുക്കൊണ്ട്.
ഏകാന്തവൃക്ഷത്തിന്റെ
നിറഭേദം;
ആഹ്ലാദത്തിന്റെ ചിലപ്പ്.
ആകാശത്തിന്റെയീത്തുണ്ട്
എന്നേക്കുമൊതുക്കുവാൻ
കാലപ്രവാഹത്തിനെ
ധ്യാനിക്കുന്ന നിശ്ശബ്ദവൃക്ഷം.
എങ്കിലും സംവത്സരങ്ങൾ
സമ്മാനിക്കുന്ന മോതിരങ്ങൾ
ഏറ്റുവാങ്ങിയവൻ
ശിശിരത്തെ മുഖാമുഖം കാണുന്നു.
********************************************************
“When you touch a tree, you become a tree” – a dialogue from 8th Day.
“അവർ ഇടയനില്ലാത്ത ആടുകളെ പോലെ പരിഭ്രാന്തരും നിസ്സഹായരുമായിരുന്നു"
Never did I imagine
The autumn would come such soon,
And furious freezy winds
Will challenge my budding hopes.
Towards the horizon
My branches yearned to console you.
But, I should respect your space.
My roots shouldn’t hassle
Your streams of life.
I can do only this-
Raise my naked branches to eternity
And pray for you.
Each moment
Throbbing sighs, Rosary prayers
Till my love see her spring.
” നമ്മുടെ സമാധാനം
രണ്ടു കതിനകളെ കൂട്ടിയിണക്കുന്ന
വഴിമരുന്നിന്റെ ഇടവേളയാണ്,
അതു തീ കാത്തിരിക്കുന്നു! “ സമാധാനം – ചുള്ളിക്കാട്
എനിക്കു വിശ്വസിക്കാൻ പറ്റുന്നില്ല
എന്റെ കൈവിരലുകളിൽ നിന്നും
വാക്കുകളൊഴുകുന്നു.
പ്രപഞ്ചത്തിന്റെ ശൂന്യഗർത്തങ്ങളിൽ
അവ നൃത്തമൊരുക്കുന്നു.
ഓരോ കോശങ്ങളിലും
നിന്നുമൊരായിരം കാഹളധ്വനി മുഴങ്ങുന്നു
എല്ലാ കെട്ടുപാടുകളും സ്വയമഴിയുന്നു.
ദൈവത്തിനും എനിക്കുമിടയിലെ
നൂല്പാലമാവുകയാണു നീ.
ഞാൻ അഴിഞ്ഞില്ലാതവുന്നീ നിമിഷം.
ഒരു ധ്യാനഗീതം പോലെ
വീശിയടിക്കുന്ന ഹേമന്ദമാരുതൻ.
കൊഴിഞ്ഞലിഞ്ഞു തീർന്ന
അഹംബോധങ്ങൾ.
പച്ചിലകളെ സ്വപ്നംകാണുന്ന
കെട്ടഴിഞ്ഞ ശാഖി.
ഈ നിമിഷത്തിന്റെ പൂർണതയാവട്ടെ നീ.
These poems happened during Easter holidays Day 1 day 2 Day 3. First time, the spirit of a lonely tree possessed me. Some more tree poems are to follow. My love I am sure it was unconditional, as I always believed it should be.
Day 1 back home
Why do I wait for messages,
As if from the heaven above
A sign for each moment;
On my bluish mobile screen
Each beep, I hope in you.
One more night has passed
What do I still wait for?
For hope is eternal,
The wait for love, such long!
How do I know whether you are
A Realist or a romantic
A believer or a rationalist;
But I love this moment
And I become this moment
Peeling me away into
the nakedness of this moment.
****************************************************************
Day 2
How shall I love you?
Like an old tree yearning for the love
Of the sky seeking bird?
It will extend the arms for it
Will let the burns in the heart as the comforting nests,
Ask for nothing
But a silent plea to return
And fill the vacuum.
My love should be a soaring kite
Unattached by the string;
Still enjoying you in the expanse of sky
Hoping you will feel my shivering hands
And a heart that prays to the heaven.
Love should be set free, unfettered by conditions.
*************************************************************
This morning,
I saw the foot prints of a poet
In my courtyard,
In the bluish bit of morning sky,
Imprinted by the migratory birds of love!
**************************************
I don’t know
Whether these words will ever reach your hands;
Whether you will kiss my drenched words;
The warmth in a numbing frost;
A dew drop in my deserted wastelands!
***************************************
footline: Such a doomsday prediction, my words never reached her :-(
നിറഞ്ഞു നിൽക്കുന്ന ശൂന്യത
പ്രകമ്പനം കൊള്ളുന്ന മൗനം
ഞാനും നീയും തമ്മിൽ
രഹസ്യങ്ങൾ കൈമാറുന്നു.
മുന്തിരിപ്പടർപ്പുകൾക്കിടയിൽ,
ഈടയസംഘത്തിന്റെ മേച്ചിൽപ്രദേശത്ത്,
കത്തുന്ന സൂര്യന്റെ മരുഭൂവിൽ
നമ്മൾ പരസ്പരം മന്ത്രിക്കുന്നു.
ഞനെന്നും നീയെന്നുമില്ലാതെ
മഞ്ഞേന്നോ വെയിലെന്നോ തിരിക്കാതെ
നിന്റെ ജീവജലത്തിന്റെ ഒഴുക്ക്
എന്റെ വരണ്ടതടങ്ങളെ ഊർവ്വ്വരയാക്കുന്നു.
വിലാപങ്ങളുടെ പെരുമഴതോർന്നു
മഹമാരിവീശിയടിച്ചു തകർന്ന പട്ടണം
നിന്റെ സ്നേഹത്തിൽ പുതുക്കി പണിയുന്നു
നിന്റെ ഹൃദയാഗ്നിയിൽ ചുട്ടവാക്കുകളാൽ
ഞാൻ നിന്നെ സ്നേഹിക്കുന്നു
നദിയിലേയ്ക്കാര്ത്തനായി പായുന്ന
കൈത്തോടു പോലെ;
ഭൂമിയെ ചുംബിക്കാൻ കുതറി വീഴുന്ന
ഒരു മഴത്തുള്ളി പോലെ;
കൊടുംകോലാഹലത്തിന്റെ നഗരത്തിൽ
തന്റെ അന്ധഗായകനെ
തിരയുന്ന ബാംസുരി പോലെ
പച്ചിലച്ചാർത്തുകളിൽ
സുരക്ഷിതമായ കിളിക്കൂടു തേടുന്നു
എന്റെ നഷ്ടകാമനകാലത്തിൻ
അപൂര്ണസ്വപ്നങ്ങളുടെ നിറവിനായി.
ഇതന്റെ പ്രേമലേഖനം.
കൊടുങ്കാറ്റിന്റെ ആരവങ്ങള്ക്കിടയിൽ
ഒരു മെഴുതിരിവെട്ടത്തിന്റെ ജ്വലനം.
നിത്യാന്ധകാരത്തിന്റെ കല്ലിച്ചസന്ധ്യയിൽ
എന്നിലുണര്ന്നിരിക്കുന്ന അകക്കണ്ണ്.
സ്വപ്നങ്ങളുടെ വ്യാഖ്യാനം
ദുര്ഗ്രഹമായി ചിതറിതെറിക്കുന്ന
ബിംബകരാളതകള്ക്കിടയിൽ
അപ്രാപ്യമായ സംഗീതപ്രവാഹം.
ചിതറിയവര്ണ്ണങ്ങൾ
നിന്റെ ചിത്രത്തിൽ
പൂര്ണ്ണത കണ്ടെത്തെട്ടെ.
Oh, gentlemen, Prophets,
Don't ask the trees for their names
Don't ask the valleys who their mother is
From my forehead bursts the sword of light
And from my hand springs the water of the river
All the hearts of the people are my identity
So take away my passport!
Jamaat E Islami(JI) founded by Maulana Maududi touts itself as the reformist face of Islam or the sole Islamic renaissance movement. After Maududi chose to live in
This article wants to cover the synoptic view of Maulana Maududi, aiming to lay bare the ideological foundations of JI. In principle, they are an anti-thesis of the very fundamentals, our nation is based on. Maududi should be primarily considered as a politician rather than any religious scholar. Fundamentally, he treats Islam not as a religion but as a political party aiming to establish the reign of Allah over the earth. It uses contemporary terms and procedures to smuggle into the public discourse, the medieval structures and archaic systems. It was the treatise by Maududi on Jihad which gave the philosophical foundations to all the political Islamists who clearly stress the aim of Islam to be the regime change and how it is impossible for a Muslim to live disciplined in a nation like
In his view “ Islam is neither a community nor a religion. Instead, it is a revolutionary concept of toppling the global social structure and building up Islamic state on lines of its theory and ideologies. Muslim will be the trans national revolutionary brigade gathered together to implement its revolutionary plans and targets. Jihad is the continuous struggle and the revolutionary zeal to accomplish these aims” - Later he identifies Islam as political party whose existence is challenged if it doesn’t embark on its project for toppling the regimes and establishing the Islamic state. It eschews tolerance to other people as it shouldn’t matter to a Muslim, because his existence finds it’s meaning only in an Islamic state or in the struggle for it.
These strict definitions and ultimatum for a Muslim clearly is an open challenge to the secular and pluralist foundations of our state. Maududi himself was nonchalant about the ramifications it could have on the Indian Muslims, which can feed oil onto the fiery flames of Hindu Nationalist extremities. After the anti-Ahmadiya movement which was spearheaded by JI Pakistan and the alleged attempt for a civil war under him, before the Justice Munir Commission, he presented his testimony which tells it all.
Commission: If we have such a theocratic Islamist government, would you allow
Answer: Defintely. I have no qualms, even if they treat Indian Muslims worse than untouchables and Sudras. I have no issues even if they have no participation in their government and have all their civil rights annulled. In fact such a condition already exists there.
Commission: If there starts a war between Indian and
Answer: Their duty is all very unambiguous. Join us. Do not fight along side
How can Jamaat I Islami Hind who still hasn’t steered off any bit from Maududi’s directives be trusted at least to have a legal existence. Its foundations as well as its dangerous adherence to Pan Islamist Jihadist strategy are inimical to our very survival and the indigenous Muslim Community. Now it looks very strange, how could a sane person still use their platform to lecture on secularism and polemics against cultural Fascism?
Fascist Essentials of JI
Maududi’s stance on Secularism, Democracy and Nationalism are even more disastrous for any one in
“ The modern culture which disastrously guide the contemporary intellectual, moral, civilizational, political and economic systems is based on three essential priciples 1) Secularism 2) Nationalism 3) Democracy” “ From our view, these three principles are erroneous beliefs. Not only just erroneous, but we firmly believe them to be responsible for all the adversities to which humanity has been enslaved. In fact, our hatred is against the very same principles. We will have to struggle against it, pulling up all our strength.”
He is detailing why they are dangerous- Nationalism inhibits the trans-National Islamic systems. Democracy as it conceptualizes the sovereignty of people, doesn’t provide space for the Divine authority( all laws are to be framed only by God! Man has no role in it), Secularism secludes religion into the private realms of individual.
Foundations of our nation is challenged by these Maududi dictates. For Maududi, only possible administration would be a theo democracy chaired by the council of Clerics. It amounts to totalitarianism in its worst form, where the power to interpret the divine laws rests only with them and no one can challenge its authority.
Although the aim of JI “Hukumatai Ilahi” has been cosmetically altered by
The nature of that regime is more clarified by Maududi himself, detailing the punishment for an apostate. Any renegade from Islam, later he equates it with JI, is to be punished with death. Thus Maududi effectively builds up an anti-thesis to modernity, aiming nothing less than a medieval Islamic system. He is ruling out any reformation reflecting the changing interpretations as demanded by the time. His intolerance for any other sects not valid under his own definitions is also elucidated by the campaign of hatred and violence he spearheaded against Ahmadiya sect. His campaign smacked clear parallels with the Italian Fascists and Aryan Nazism which thrived on the emotional and religious fervors of a country.
Credentials of Maududi!
Maududi wanted a political reading of Quran, devoid of any concern for its ethics and morals. He treated all other dimensions in the totality of politics of Islamism. A perplexing fact is, a man who was not so proficient in Arabic went on to interpret the nuances of Quran! He was well versed in Urdu, but couldn’t read and write Arabic with confidence. There are numerous instance and anecdotes by other distinguished names to testify this. With his half baked Arabic he went on to derive completely revised (perverted) meaning for the important concepts of Quran. About “four technical terms in Quran”, he boasts himself to unravel the meaning of those terms so far inscrutable to the Arabic scholars and Quran interpreters. Thus, the four terms “ Ilah, Rabb, Ibadath, Deen” which traditionally understood as “God, Guardian ,Worship, Religion” were deconstructed along his political lines associating connotations about reign, ruler and nation. Thus the basic terms were tweaked out of the milieu of faith and superimposed over his political convictions. The same way, he assigned threatening meanings to the basic rituals of Muslim life. Salah (prayer), Sawm(Fasting), Zakat(Alms giving) and Hajj thus were treated by him as military trainings imparted by Islam to its members to establish its domination and struggle. Thus, JI stands for political ambitions of Maududi rather than the Islamic Politics as some want to project.
Trans National Experiences
JI and Maududi inspired a spate of political Islamists harking back to the 14 th century and condemning all kinds of modern evolutions. Muslim Brotherhood Ideologue, Syed Qutb was one among the staunch admirers of Maududi. Muslim brotherhood was effectively machinated by the imperialist forces to destabilize the progressive Nassar regime in Egypt as well as to stymie the Pan Arabic Nationalist spirit. The numerous fundamentalist organizations which imbibed from the ideological grounding of JI later went on to serve the interests of Imperialism in Afghanistan, Bosnia, Chechniya and countless bloody battles. JI in Bangladesh was the most reactionary collaborators with Pak in Bangladesh. They were instrumental in massacring thousands of secular nationalists and freedom fighters. Their Razakars are still remembered in Bangladesh with utter anger and contempt. Pakistan is the glaring example for the misadventures in the outing of JI umbrella. Practically, it catapulted Pak back into the dark ages by its virulent campaign against films and modern institutions. In Kashmir it sprouted the secessionist campaigns resulting in Hurkatul Mujahudeen. SIMI in India had been the offspring out of the JI umbrella who went a step beyond their parents, literally following the dictates of Maududi.
Kerala Scene- Façade of People Movement!
In Kerala they were hibernating for 4 decades finding it tough to raise its hood as its principal tenets inhibited them from any association into the public domain of an unIslamic nation. But later, in the last 2 decades it is trying to sneak back into the mainstream under the veneer of identity politics and populist issues. The curious case of JI is its non denial of any of the contra-modern tenets espoused by Maudidi, and the simultaneous self projections as the protectors of Secularism and freedom of expression. It was Madhyamam Editor O Abdurahman who had written in support of death to the apostate (Islam and rationalism). The same editor bemoans the shackles on the creativity in India by Hindu Fascists. These contradictions are the thematic feature of any JI articles. They will be hooting to rout the free woman of Taslima Nasrin , but at the same time bleeding their heart at the injustice on freedom of MF Hussain. If we analyze the Madhyamam weekly, it delves on all the exploitations and injustices, under the vast sky, but wont dare to touch any issues brooding in their own community. Their agenda is very clear- destabilizing the political institutions taking the aid of disillusioned left extremists who are all ready to malign the concept of state itself. They want to portray the mainstream society as havens of Upper class hegemony and terror and want to portray the minority as perpetual victims whom no mainstream institution can guarantee any succor. Only JI can lead them! To an extent, JI is leading the grunting discontented members who are cajoled into the Pan Islamist networks to take up arms by preparing them through the ideological training imparted by Maududi preaching.
The irony is still multiplied when JI Kerala cant afford to translate all the books by its founder Maududi which will back fire in a politically and socially more conscious society like kerala. Even if they do, they cant do it with full justice to the original text, seeking ameliorated translations. Many volumes of Maududi dealing with Purddah, Punishment for Apostates and Jihad were thus left not translated by an otherwise active Islamic Publishing House. Whatever it tried, it wasn’t successful in its mission for the suzerainty over the Muslim population of Kerala. So, nowadays JI is out with their own Youth Movements Solidarity pretending to be actively involving in all the basic issues and putting on the mask of Leftism. JI is also venturing to build its own political party in the recent future. Ask any of these Solidarity Social Justice champions about secularist thoughts of Maududi or women liberation, they will quickly change the subjects and shirk away from you. Historically, it would be the ironical twist to the political disattachment practiced by them since the Independence; also, a portent signal to the much dangerous identity based Pan Islamist Politics. And we cant expect in their eventual contribution, anything radically different from their brotherhood in Pakistan and Bangladesh. Its the duty of a politically and socially conscious civil society and political establishments to exercise a check over JI's political overtures and machinations. The monster of Pan Islmaist Maududism must be confined to its archaic texts alone!
The year 2008 was a real watershed in the history of financial markets and governing paradigm as a whole. The virtual suzerainty and infallibility held by neo liberal laissez-faire which had been doctored on the globe unchallenged for three decades suddenly lost into vapor. Its proponents publicly confessed of their ignorance. The virtual icon of deregulation era, Alan Greenspan had to admit what they believed was wrong. The market is fallible and its self regulation is an unfounded myth and an oxymoron. How else should we judge the dramatic meltdown happening right in front of us? Financial giants melted down leading to a virtual evacuation of Wall streets. Firms like Lehman Brothers which had withstood the storms of two World wars withered down with a whimper. One after another, starting from Bear Stearns, financial giants especially the most espoused Investment Bankers crumbled down struck by the Frankenstein they had been raising. For the time being Keynes has come back trouncing the monetarism of Milton Friedman and likes. The neo liberal regime which was unblemished since the Reagan era has established itself as a failed ideology.
Keynes had rightly pointed out the deficiency of capitalist system- its innate incapacity to distinguish between “speculations” and “enterprises”. As rightly predicated by him , “when enterprise becomes bubbles in whirlpool of speculation”, economy which is slated to be the by product of “ activities of a casino” will be visited by the violent turns of crisis. Whirlpool of speculation was such unleashed in the last decade comparable only to the scene of pre-1930s with the financial capital and markets, hegemonized all aspects of industrial capital and main street activities. Its whims and caprice were celebrated and keenly followed by global media which in turn acted as trumpet holders of the new order.
For a better clarity its inevitable to reflect on the financial market structure designed after the 1970s. Banking sector itself underwent a drastic paradigm shift in this era. Till then, US was considered a well regulated and stable banking sector. Soon, the deregulation fundamentalists dismantled even the last vestiges of existing frameworks. The sound monitoring network framed after 1930 depression underwent an overhaul with new catchy “self regulation”. “Lend and Hold” principles of core banking were forced to be jettisoned to suit the new order of financial “innovations”. It was believed “deregulation breeds innovation”. A new set of glamorous cavaliers appeared in the form of Financial Engineers. However as Joseph Stiglitz had pointd out recently “ the innovators were too intelligently designing new products to circumvent even the last resorts of regulatory frameworks”. They were such successful in their mission and the world collapsed! Regulatory frameworks were circumvented by the liaison of Financial and Banking services. One stop financial servicing centers captured the limelight, when processing fees and securitization commanded the sway over the outdated margins between lending and borrowing. ”Originate and Sell” thus becomes the underlining mantra for successful bankng model. Assets of security are no more held by the banks but pooled packaged and sold to the investors charging a processing fee along with it. Thus the risk was distributed all around the market among various stake holders, thus designing multi layered complex environment impossible to decipher. Associated frameworks of regulations of each layers were found inadequate to obtain the complete picture and the end result was the catastrophe we are seeing around us. Every one is at a panic stage not knowing when the risk pops up and running around the corners wailing for bail outs. The loss of confidence in the altars of financial capital was soon reflected onto the industrial sectors with the already weak real income generation.
Self regulation and much touted “new states of equilibrium” was breached once the loss of confidence resulted. The mutual insurance between the financial players not only spread the instability, but also brought the whole sector into a stand still once a domino was let to fall. Hypocrisy was soon let open by the fervent appeals from apparatchiks of laisseze faire denouncing all forms of regulations, but begging for Federal bailouts. Credit Rating agencies who are to be paid by the security generating bankers, kept on giving the much wanted AAA ratings till the last week of havoc and when their credibility itself was dragged to ignominy. Once the sub prime mortgages started failing, all the hidden risks started rising up in tandem, bubbles of assets got small pricks and the whole system was in turmoil.
Government action also saw a wild swing with al sorts of monetary measures running out of options with Federal rates plummeting to the lowest ever possible. Fiscal measures and active government intervention regained the space with vengeance. Demand for radical make over of International monetary frameworks ascended. The monetary readymade crisis solutions advised by IMF to developing countries so far was thrown into dustbin by now beleaguered Rich nations exposing the hypocrite and ideological fallacies promoted by these institutions. Now one wonder, how extensive was the damage posed on the South American and East Asian countries by advices of the IMF and international policy makers during the crisis of 1990s.
Thus 2008 showed itself to be a recrystallizing episode with its strategic lessons. The role of the state is to be ascertained more by the tragic episodes which was caused the recklessness of market. Glamour of financial engineers and mesmerizing products revealed the whirlpools we were subjecting ourselves. Greater call for regulations and controls with vigilant activism of state is demanded as well as for violent shake up of global medias who missed the crucial junctures rejoicing themselves in false prides of bubbles. It must be an eye opener to all financial media who couldn’t see any wrong with the massive hundred billion Ponzy schemes of Madoff! More over, at least as a rhetoric,