Android is open (only to OEMs)

Could it be any worse for Android devices not manufactured (designed or OEMd) by Google?

Sony Ericcson says here "We believe the features included in the Android 2.1 phone are on par with, and in many cases better than, a vanilla installation of 2.2 #X10"

Which means, an Xperia owner is in Sony Ericcson's walled garden now!

Where are my creative blabbering juices!?!?!?

Its been a long time since I blogged, and each time I think of blogging about something, I'll have no access to the browser and when I have the access, I dont blog!

About Me

This post is nothing about me. its about about.me

If that sounds weird, then the effort I put in to come up with this post didn't go waste ;)

Well, I have been trying this new service called http://about.me which is so awesome, I had to blog it!

Its simple: you have a bunch of online identities/presence, and about.me helps you bring all this in one place, with an awesome splash page style profile, that lets user access/view all your online content from one point.

The Nostalgic Weekend (July 10, 11 - 2010)

Last 48 Hrs: Awesome drive on the NH-4 from Bangalore (a part of the Golden Quadrilateral), then on to the slightly potholed NH-13 from Chitradurga towards Sholapur, followed by an hour's drive on a well potholed road. Reached the village - Kottur, where I spent 5 awesome years of my childhood. Visiting the place almost after 8 years.

Visited the Guru Kottureshwara Temple (quite famous among the devout), sought blessings. Bought quite a lot of souvenirs.

Met (primary/secondary) school friends, ate the super awesome mirchi bhajji (7 green chillies, wondering if I was getting a little masochistic), had dinner at two of my school friends' places, and again at home. Slept overnight at the grandparents' 60+ year old house.

Started the morning with some before-after pics with brother (same locations, trying our best to give the same poses as given in the 20+ yr old photos).

Should I mention the nostalgia of playing on the swingboard (a swing, with a big flat board, capable of seating two people, sitting next to each other) which is also 50+ yrs old? Did the customary touching the ceiling with my toes while swinging =). [I must admit I was a little scared knowing the age of that metal chain and the hooks that made up the swing]

Had breakfast at uncle's house, with fresh off the tava chapathis, eating a little more than stomach full, only to realize that mistake when visiting another family friend immediately after the breakfast. Had the second meal of the day at FF's place, half hour after the stomach full breakfast I had.

then visited a cousin, had Nth cup of tea and left for a neighbouring village - Ujjini, the temple of our house-god (MaruluSiddeshvara) is located. Today (Sunday, 11th July) being amavasya (new moon), the temple was choc a bloc with devotees, and yet, my grandparents braved the crowd, stood in the line, and all of us went in, with the temperature + humidity inside of the temple reaching quite close to that of the sauna, sought the blessings. After Ujjini, we were on our way back to B'Luru.

Once in B'luru, dropped grandparents' back home, went to  brother's in-laws place and had an awesome Andrha style dinner, cooked to perfection, with me hogging without thinking once about my poor stomach that took in everything I shoved in my mouth.

Came back home 30 mins past midnight, had to stay up to watch the world cup finals, to see Spain win the world cup.

And finishing up this blog about this nostalgic weekend at 2:45 am! Had to blog it!

IMF loan to Greece: unwarranted favour

Few Indians are interested in Greece’s fiscal crisis, or the proposed IMF loan of 15-25 billion as part of a European rescue package. But Indians should worry. IMF resources raised for low and middle income countries are being diverted to bestow a special favour on a rich European country. 

    Greece’s problem is European, and should be tackled by its rich European brethren. It should not dip into limited IMF funds raised for poorer countries. 

    The global financial system was paralyzed in September 2008. All trade credit to India vanished. So did foreign loans to Indian corporates. Foreign institutional investors, who earlier poured billions into India, pulled out $9 billion in 2008. The situation was worse in other developing countries. The IMF’s lending capacity of $250 billion proved pathetic when trillions in global finance vanished. 

    So, in 2009 the G-20 agreed to triple the lending resources of IMF. Many developing countries contributed, including India, knowing they might need this in the next crisis. None dreamed that the expanded facility would be used to bail out rich members of the eurozone like Greece, Portugal or Spain. 

    Yet it is now clear that in a worstcase scenario, these countries will require the mother of all bail-outs. A JP Morgan economist has calculated that $750 billion might be needed by Greece, Portugal and Spain. Greece alone might require $150 billion, and might go bust even after that. Bond markets fear that Greek bondholders may lose 30% of their money. 

    Next in the firing line is Portugal. Its fiscal deficit is much smaller than Greece’s but it has a very large private sector debt. Also in the firing line is Spain, a big country of 47 million people. More distant but nevertheless in the line of fire is Italy, one of the biggest economies in the world. 

    This is a European problem, not an IMF problem. Why not? Because the IMF was created to deal only with balance of payments problems. The eurozone countries have fiscal problems (high government deficits), but no balance of payments problems. Eurozone countries have given up their individual central banks and currencies, and instead created the European Central Bank, which issues euros in place of old domestic currencies. Banks of eurozone countries get euros without any hurdle from the European Central Bank. So, these countries have no balance of payments problems. 

    But many have fiscal problems. During the 2007-09 recession, all governments greatly expanded fiscal deficits as an anti-recession stimulus. But some European economies did not respond to the stimulus, and they now have huge fiscal deficits but no rapid growth that rebuilds government revenues. Once, government bonds of all eurozone countries were rated triple A. But Greece’s bonds have been downgraded to junk. Portuguese and Spanish bonds are under pressure, and even Italian bonds are exhibiting discomfort. 

    Now, the eurozone cannot afford to let Greece, Portugal or Spain go bust. The political and economic damage would be immense. European banks are the main holders of Greek, Portuguese and Spanish bonds, and a bond default by these countries would wreck the entire European financial system. So, European governments have agreed, reluctantly, to rescue Greece. 

    Why have they dragged the IMF into this European issue? First, rather than be tough on Greece themselves, rich Europeans find it convenient to leave the disciplining to the IMF. Second, they want the IMF to take up part of their financial burden. The IMF will lend at 3.5%, whereas the Europeans will lend to Greece at 5%, and this will provide the Europeans with an interest subsidy. 

    No such privilege would ever be extended to a developing country. Greece is getting a special deal because its fellow-Europeans dominate the IMF. 

    Poorer countries dare not stand up to Europe. But India can. It can raise a serious technical objection. The articles of association of IMF say it can lend only for balance of payment problems. And Greece has a fiscal problem, not a balance of payments one. Some economists say fiscal and balance of payments are related. True, but the distinction was nevertheless made when creating the IMF. 

    Absent the IMF, other eurozone countries will pick up the full rescue tab, out of sheer self-interest. They have more than enough financial muscle, and should not raid the limited coffers of the IMF. 

    If they need the IMF as a tough cop, let them use it as a technical consultant, not a lender. Tough cops have their uses the world over, but do not usually lend to those they are disciplining.


This article appeared on Times Of India - Bangalore edition dated 02-May-10, under the section Swaminomics, by  SWAMINATHAN S ANKLESARIA AIYAR