From Fannie Mae and Freddie Mac to Lehman Brothers and to AIG suggest one thing—not something but everything is bad with world economy today. It seems untameable even after successive bailouts. However, I am not here to paint a gloomy picture of world economy busting with debts and certainly not to propagate the idea of worst economic tipping point since Great Crash of 1929. Instead, let us see, how we should deal with the crisis. The solution lies in the process of creation of crisis itself. Greed, more greed and still more greed for profit to invest in projects after projects overlooking the viability is the reason of crisis. Ultimately, it led the financial institutions to the vortex of taking more risk to counter the loss after failure of some unviable projects earlier funded. With time, these institutions have plunged into whirlpool of loss. Although financial experts, with time, have created a sense among common populace that economics is not the bread of lesser mortals, but believe me, it follows certain universal rules. The first and foremost is don’t be greedy. The second one is practice self containment—not to overindulge in profiteering. The third one is be transparent about money matters. And last but not the least be responsible. Perhaps all the above simple rules were ignored by our so called great financial institutions and their still greater masters who are running them. Learn fast or you will not last long! Also bailouts will not last long.

Just create the following situation in your mind’s eye: you are in the hot seat of quiz show and Big-B, the inimitable host of Kon Bonega Krore Pati, is ready with his next question. What is Nadal?- blasts Big-B. You might be thinking, how Big-B can be wrong? On the other hand, you may be thinking about the poor English grammar of Big-B, so much so that he doesn’t know the difference between what and who. Well, Big-B might have been wrong if the question was set specifically for a sports quiz. On the other hand, if the question above led you to the never-to-be-tired Spanish tennis superstar Rafael Nadal, your conviction can’t be said wrong either. Let me break the jinx, you are correct in your first idea- an icon can’t be, and is not in the present case, wrong. Well, Nadal, in the question, is the name of an asteroid, named after the fierce Spaniard. Discovered in 2003 by the Astronomical Observatory of Mallorca, from where Nadal hails, the obscure asteroid with a 4-kilometer diameter, originally named 128036, has been rechristened as Nadal in honour of marathon Wimbledon victory over world number one, Roger Federer in 2008. While going through the news item, I got the answer of why my son was so ecstatic about Nadal’s victory in recent past. It’s the rebirth of an asteroid! However, the heavenly bodies hovering up there from time immemorial may question the wisdom of rampant renaming business down here. It was destined to be – I thought, albeit celestial bodies, far older than 22-spring-old Spaniard, may differ.

My better half coined the term: ‘He-mother!’ I was about to yell when she narrated the item of the ABC News, originally reported by People magazine, about Thomas Beatie, the Oregon-based US man who has given birth to a baby albeit he can’t breast-feed the baby. In the same breadth she told about the most sticking part of the news that the man of 34 springs kept female reproductive organs intact when he legally became a man 10 years ago. I stopped her and double checked the word legally that she just narrated. She nodded her head in affirmation. She was euphoric about the fact that a woman can be father and, at the same time, a mother too! Nothing is astonishing in our era that a woman has got converted herself to man after surgery and hormonal treatment, solemnised marriage and has been living happily thereafter as a man with his now-46-springs old wife Nancy, I was thinking. It was other thing that the baby, a girl-child, was conceived through artificial insemination using Mr Beatie’s own eggs and donor sperm. The only thing I was wondering about how a woman can be LEAGALLY man keeping her female reproductive organs intact! More fascinating is the reported statement of his wife after the delivery: HE’s going to be the father, and I’m going to be the mother. ‘Just forget all those he or she business,’ she cracked my thought-web, ‘Let’s Cheers! Long live baby with thy parents!’

Two recent incidents of housing market of the United States and biofuel policy worldwide have some similarities. Both the catastrophes are the consequence of overdose, albeit intention behind the two was different.

The motive behind the first one is the zeal to make swift profit while the second for one, it was over-enthusiasm to save environment. The first one created 18.5 million empty homes in the US. Here the private builders were involved and hence we shrugged off the matter in unison over a cup of tea. The champions of environment were involved in the second one to create a greener future. Growing numbers said it, and the rest possibly started thinking while scanning through reputed dailies and watching with curiosity the countless TV chats in the recent past that switching over to biodiesel will end most of the odds, if not all, related to escalating carbon footprints. And see what have shaped as outcome: the biodiesel policy, if Oxfam report is finally accepted by one and sundry has pushed 30 million people into poverty. And remember, this was done in the name of saving the earth in future.

It is always prudent to analyse the cause and effect relationship. The first one will result in drop in US dwelling prices. Although the ripple of subprime mortgage crisis has arrived in Asia too and discussed much. The second one, done for a noble cause, has already contributed up to 30 per cent to the global rise in food prices. A far more dangerous revelation of biofuels actually changing land use for palm oil and forcing farming to expand into areas of vital carbon sinks, the forests and wetlands, defeat the original agenda of clean environment. Many other studies seem to illustrate that the energy acquired from the biodiesel will be fewer than the energy used to produce it.

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