Links for 28th February, 2019

  1. “India holds the dubious distinction of having the worst non-performing loan ratio among the world’s major economies, having surpassed Italy. The Reserve Bank of India said in December that the ratio for banks fell for the first time since 2015, though it’s still “high for comfort.” A $190 billion pile of soured and stressed debt has cast the future of some lenders in doubt and curbed investments.”
    There actually isn’t that much more to read at the link, but the chart is instructive. Also bear in mind that it is quite unlikely that the data is accurate – this is not a criticism of the IMF, but rather of the banking system itself in both Italy and India.
  2. ““Let there be no misconceptions about who protects [JeM]. Pakistan is small potatoes . . . True global power shielding Jaish is China. As death toll rises today, let nobody forget how China has consistently blocked action against Jaish,” tweeted Shiv Aroor, a television reporter specialising in military and strategic affairs.”
    China’s blocking of India’s move to have Masood Azhar declared a terrorist has been an issue that hasn’t recieved as much attention, both within and outside India, as it should have. But the reason reading this article makes sense is because it’s a good way to think about how China’s bargaining position as regards this issue is slightly weaker now, given it’s trade wars with the USA.
  3. “All it takes is a half-hour at this intersection in Lagos, the sprawling metropolis in Nigeria, to begin fearing this city. White oil tankers crawl along both on and beneath an overpass on the multilane Apapa Road, making their way out of the Niger River delta. Zipping around them are black-and-yellow rickshaws and minibuses, with sweaty passengers clinging to the doors. Every few meters, a truck hits the brakes with an ear-splitting shriek, the clouds of exhaust mixing with the diesel fumes of the generators. The foul air hangs like a thick blanket over the corrugated metal slums to the right and left of the street. Just 30 minutes at this intersection is enough to make you want to flee this city — a megalopolis that is growing faster than almost any other place on earth.”
    Who can predict the future? Short answer: don’t bother trying. One thing that makes economics so endlessly interesting is reading conflicting views – if you recall the article on The Empty Planet the other day, this one is in direct contradiction – at least in terms of the theme, if not the data itself. Der Spiegel reviews three different countries and the challenges they are facing, and will face, on account of population growth.
  4. “Nobody is expecting the prince to do anything about Pakistan and India being on the brink of a war yet again. Like all little princes he does not have to pick sides or make a choice. When he visits India this week, he is expected to sign more investment deals. The Pakistani government calls his visit historic, and Indian officials call it historic. But only people with no sense of history call every passing chariot a historic event. The prince is playing with Pakistan and India because he is being temporarily snubbed by the boys and girls of the West, the ones he really wanted to play with.”
    Mohammed Hanif is dismissive of the storm in the teacup that is Prince Mohammed’s visit to India and Pakistan. Sometimes, having that perspective helps contextualize the visit, and it’s inevitability. Think from a game theoretic perspective: what choices did Saudi Arabia, Pakistan, India (and China have)?
  5. “If these behaviors add up to consciousness, it means one of two things: Either consciousness evolved twice, at least, across the long course of evolutionary history, or it evolved sometime before birds and mammals went on their separate evolutionary journeys. Both scenarios would give us reason to believe that nature can knit molecules into waking minds more easily than previously guessed. This would mean that all across the planet, animals large and small are constantly generating vivid experiences that bear some relationship to our own.”
    The Atlantic explores a veterinary hospital in Delhi, Jainism, birds (crows in particular), fish, consciousness and a temple in Gujarat – all in one glorious article. Worth it in particular for the theme of consciousness – but much else besides as well!
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