Archive for June 28th, 2009

Sunday, June 28, 2009

Dalai Lama on Global Financial Crisis

Dalai Lama in an interview with the German paper Die Welt, June 20

Welt: The market doesn’t settle it, but you don’t believe in regulation either. Then what do we need?

Dalai Lama: I call it a responsible free market economy. In the end it depends on the individual. It depends on the individual sense of moral responsibility, self-discipline, values. The financial crisis is no crisis of the market economy itself, but a crisis of values.

Is he right? It is probably true that people who put profit above everything else (including reasonable risk management) will always find ways around regulation. And there weren’t only bigwigs involved. A lot of “ordinary people” showed an incredible faith in incredible returns on investment, too. A kind of faith that may justifiably be labeled greed, and demand generates supply.

The crisis is a reminder that things can’t be left to the market alone, but also a reminder that regulation alone won’t do.

Sunday, June 28, 2009

Common Ground and Differences

Zeng Jinyan was at the Film Festival and Art Exhibition of Sexual Diversity (多元性别艺术展) in Songzhuang Art District earlier this month. She was there with friends, but also ran into some familiar state security people, such as the head of the Tongzhou District Public Security Bureau. State security had three pictures removed for being “too nude”, and made sure that no posters were placed outside the venue. A member of the Songzhuang Art Association briefly mistook Zeng for a plain-clothed member of state security.

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Related: Is China quietly coming out?, Chronicle Herald, June 18

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