New Clear Vision

A Gandhian Answer to Financial Collapse

by Michael N. Nagler

Last Monday the Dow Jones industrial average fell 634.76 points; the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the S&P 500 index declined.

It is easy to blame bipartisan bickering for the impasse that led to Standard & Poor’s downgrading of the American debt, and in turn the vertiginous fall of the Dow. This bickering — this substitution of ideology for reason, of egotism for compassion and responsibility on the part of lawmakers — is a national disgrace; but while it failed to fix the problem, we must realize that it did not cause it. The cause — and potential for a significant renewal — lies much deeper. (more…)

Deconstructing the Mass Spectacle of Consumption

by Mira Kamdar

The groom was Lalit Tanwar, son of a leading New Delhi-based Congress Party politician, Kanwar Singh Tanwar. The bride was Yogita Jaunapuria, daughter of Sukhbir Singh Jaunapuria, a former member of the Legislative Assembly. The Indian news media estimated that between 18,000 and 30,000 guests attended the March 2011 wedding, including a Who’s Who of India’s Bollywood stars, leading industrialists, and some senior politicians — up to and including Prime Minister Manmohan Singh. The groom’s arrival in a new BMW was beamed on giant television screens to the assembled thousands. In addition to their daughter’s hand in marriage, the bride’s family also bestowed on her husband a new Bell 429 helicopter, which sells for upwards of $5 million. The full price tag for the nuptials was estimated variously at between $22 million and $55 million. (more…)