India Insight

Joke 1
Joe Blogger had a cheque returned last week. They said it was due to “Insufficient Funds.” Now, Joe’s not sure if they meant his account or the bank’s?

Joke 2
There are two sides to a bank’s balance sheet – the left side and the right side. On the left side, there is nothing right, and on the right side, there is nothing left!

My cell phone has been bombarded with forwarded jokes like the ones above ever since the global financial crisis started. At least some people have their sense of humour intact despite the troubled times. Some might even thank God for such small mercies.

The BSE Sensex which has been hurtling down in a merciless downward spiral for the past 8 months has seen a Monday morning surge. The index is up more than 7 pct on assurances from finance minister P Chidambaram that the government was working on more measures to improve liquidity.

But will liquidity revive the markets and restore confidence?

For its part, India’s top private sector lender ICICI has unleashed an unprecedented information drive (on TV, by email and SMS) to assure depositors that all is well with the bank.

If you want a break from a global financial meltdown, the launch of Bentley’s latest luxury car in India can be welcome relief – and show that the rich are still doing what they do best. Buying unnecessary things.

It means you can, in my case, leave behind an office full of tired journalists hunched over ever more depressing data, and ignore TV screens showing grimfaced politicians and weepy traders.

Out there somewhere, someone has the cash to buy the ‘New Continental Flying Spur Speed’ Bentley – even if that somebody isn’t you.