How quickly can morality change?

This question has been going through my mind quite often last few days. Not least because of what is going-on in world politics. When it comes to world politics, a large portion of it is invariably US politics and US role in world theater. In this respect, the principal point of interest is undoubtedly the unprecedented surge in popularity of Donald Trump, the business man turned tv personality turned politician. But, precisely at that point the story looses its innocence. because, Mr. Trump with his open condoning of torture to bigoted remarks about women, religious minorities and even foreign countries in general is promising a future too dark to comprehend if he gets elected to the White House. Now, that is a point that people of US as a whole has to comprehend and confound. But, my objective was to draw parallel to another episode in history not too distant.

Barely 10 years ago, the then US administration of President Bush (Jr.) was facing unprecedented criticism at home and abroad over the treatment of prisoners. More critical was the use of torture (waterboarding) as a tool of national security! The debate was so intense that some big fishes in the administration had to leave because of controversy surrounding their role in that unfolding saga of torture and human rights. For their support though tacit, both the President and Vice President were hugely criticized all around. And, subsequently this also had some role in the impending debacle of the republican party at the hand of Democrats led by then Senator Obama.

But, the point is something (in this case, torture of prisoners), which was deemed outright illegal by most and so looked upon by international community has now just 10 years down the line become almost acceptable. Promise of using torture, now part of Mr. Trump's electoral promise, even draws huge roar of support from his fan base! More alarmingly, this fan base in broadening each day. So, one has to conclude indeed moral standard can change quickly, in this case in less than a decade! It happens even more quickly when the overall Geo-political situation is in a state of flux and when general psyche of a population is artificially pressurized. Under closer scrutiny, it can be summarized that - by negatively impacting any of the basic impulses (hunger, security, shelter), it's possible to transform the psychological state of a population in general to a level where even the unacceptable becomes quite acceptable; moral definitions quickly shifts!

Past the Super Tuesday in US Election Primaries

I started to write a post with the title 'Ahead of the Super Tuesday...' because of what I would call a low-key epiphany that dawned on me regarding the shape of things to come. But, time is always a spoiler taking me to places,  keeping my hands full and keeping the world away from getting a glimpse of these important premonitions. Anyway, here I am....

Now that we are past the Super Tuesday, we all are witness to the fact that Mr. He Who cannot be named is amassing an almost unassailable momentum in One of two of the major parties' nomination battle in the USA. Yes, you heard me right! almost unassailable momentum!!! He is still far from that safe zone in terms of delegate count, but, boy! How amazingly he has adjusted his sail in the path of that 'wind of change'. Or, is it 'madness of change'!!!! I will let you decide.

This is probably one of those terrible times, when common people in their collective stupidity completely looses track. Now, many would argue somehow the people are always right in the end. Wrong! Fallacy!! Well, maybe most of the time. But, just like a game of chance, there comes once-in-a-generation moment, when people collectively make a blunder, price of which is dearer than a major earthquake. Examples are strewn all over history, I will not waste time by drawing parallels here. If you want, you can find easily. But, the funny part is politicians although generally divisive, bickering and prioritize self interest over all others have actually got sense of what terrible possibilities are afoot. Although generally more prone to making mistakes, politicians have actually got it right this time! Which can be seen in the more cautious way they are veering toward the crazy option or the slow pace of delegate count. But, the commoners? They are acting real cheap! As if they are bewitched like the kids of Hamelin! No amount of cautions, advice or lambasting is good enough to steer them from destruction. Like head strong kids, all advice to act otherwise are only fueling their speed downhill!

Someone can argue, who cares, let them face the consequence of their action. But, the problem is USA is the leader of the World. Whatever happens here impact the lives of other people, no matter whether they want it or not. Naturally the person who will lead this great nation (for at least 4 years) can cause irreversible changes to the lives of countless millions, with his or her action or inaction. So, the choice you are making or will make in primaries are not trivial decisions. Although some 'once-smart-doctors-now-politicians' think 4 years are a small enough time to do a test run on a political novice, but you should understand better. It is no time to play games. You still have time to reverse the trend, but only if you all collectively pull together; only if you decide to prove all skeptics like me wrong; and only if you decide to show that USA is the greatest nation on earth, because it has the greatest people on Earth!

Ahead of the Super Tuesday in US election primaries

15 March 2016 (as I started to draft the article on that day)

Yesterday,  two important things happened that will impact the lives of people in #Bangladesh for years to come. Let us talk about the first One that took place first.

Dr. Atiur Rahman, the Governor of the Central bank or the Bangladesh Bank as it was Christened, resigned from his post after 7 successful (disputed by many) years following the incidence of money being illicitly siphoned of the central bank reserve. That the money stolen was part of the reserve kept in US Federal Reserve Bank in New York is but a small anecdote. The actual incidence of stealing actually happened in early February, and the Bangladesh Bank people in their infinite wisdom manged to keep it secret from the other branches of the State for almost a month! This move, politically and administratively an error of horrendous proportion, probably cost the fellow his job. Nevertheless, it is how things unfolded in reality and by the time I am putting pen to paper, this Holywoodesque story captured the imagination of the country and to some extent that of some parts (banking & finance) of the world. So, why or how it happened is anybody's guess and subject to dozens of investigation. Therefore, I will conveniently bypass those questions (for you to be wiser from mainstream media) and focus on a more fundamental question.

Bangladesh Bank, which was formed in the immediate aftermath of the bloody liberation war (in fact, 16th Dec 1971 or the Victory day of Bangladesh is the official Birthday of Bangladesh Bank), many would argue, never really came out of the shadow of the Executive branch of the government. It was  directly and indirectly controlled by the ministry of Finance. Therefore, It came as no surprise that once the Bank got its first 'Independent thinking' Pilot in Dr. Atiur Rahman, there would be a host of powerful people who would hate the very idea of the central bank having its own strategy and a path to achieve those strategy. To be more specific, the bank under his leadership focused on bringing the un-banked poor (the vast majority of the populace who were mostly out of formal banking system) into the banking system. He understood early that the brick and mortal approach will itself not achieve his dream. Rather, Dr. Atiur aimed to do this by utilizing the phenomenal growth of mobile technology, through encouraging mobile banking even to the extent where he formulated regulation for motivating commercial banks to have mobile banking arms. He also implemented a '10 taka bank account' for the rural poor (an account for 10 cent only), that attracted praise and following from the Prime Minister of India himself. Did his approach work? According to a feature published in the Daily Star (23rd March 2015), these strategies brought in 55 million people into banking sector, with 25 million mobile banking accounts and 10 million '10 taka' accounts targeting farmers! Towards financial inclusion | The Daily Star Well, that should be called a success even by the most cynical. However, bringing people into the scion of formal banking in itself is not the end, rather it opens up opportunities and economic emancipation in many other ways (including, but not limited to influencing how expat workers choose to send money home!) that I think is beyond debate. Now, praising the erstwhile Governor is not the idea of this write up, rather, to focus on the issue of central bank independence. So, it was beyond doubt that the central bank was gradually taking a more autonomous form. But, why is it important for a central bank to have independent thinking?

Well, to answer in plain words, central banks are for people's economic right what judiciary is for people's moral and legal right. A balancing act against the all powerful Executive branch, preventing it from implementing vested agenda or policies with too narrow a focus or politically motivated. Central banks also have the research capability and know how regarding economic and monetary matters that departments with in executive branch are not likely to have. All in all, importance and necessity of central bank independence is unquestionable. Example???? Just look at the major and successful economies of the world and you will not see any detractors to this doctrine. There can be varying degrees to that freedom, with the system of USA allowing most freewill to it Federal Reserve Bank (ironically, from where this current debacle of Bangladesh central bank started causing all those dominoes to fall). Fate sometimes can work in miraculous way indeed! However, it's important for people of Bangladesh to not get blinded by the rage of loosing all those hard earned money to robbers. It will not be prudent in infinite hatred to the outgoing Governor forget all the good things happened due to having an free thinking economist in the helm of Bangladesh Bank. And, the worst thing would be to give a free reign to the executive branch to reestablish their blindfold control on the central bank and trust, given the slightest opportunity the vested groups will gleefully gobble up the chance. And, without even a polite thank you!

So, what should be your course of action? Stop taking part in the slanderous and often suicidal discussion centering on how incompetent the outgoing management of central bank was. Rather focus on how to carry on the good deeds forward.
(I took too much time on topic number one, so, the 2nd one will have to wait for the next post). Thank you.