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Monday 12 November 2012

Italian government sues S&P anf Fitch


S&P and Fitch accused of market manipulation in Italy

Italian prosecutors have filed charges against Deven Sharma, the former president of Standard & Poor’s, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis.

A closeup taken on December 31, 2011 in Lille, shows triple
Italian prosecutors claim downgrades from S&P and Fitch destablised Italy and exacerbated the eurozone debt crisis Photo: AFP
Prosecutor Michele Ruggiero has asked a court in Trani, Italy to indict five S&P employees and two from Fitch Ratings for market manipulation, in a move that could trigger a raft of similar claims against rating setters around the world.
Mr Ruggiero, who has pursued the agencies since they placed Italy on negative watch last summer, accused them of “aggravated and continuous…market abuse”. He claimed they leaked “biased and distorted information” about Italy’s financial stability to traders.
In a statement, he said the rating agencies had tried to “destabilise Italy’s image, prestige and credit confidence on the financial markets, alter the value of Italian bonds by depreciating them [and] weaken the euro”.
As well as Mr Sharma, president of S&P from 2007 and 2011, the operational director for Fitch, David Riley, was also named in the legal filings.
Claims against Moody’s Investor Services were dropped. Fitch failed to return calls for comment. 
In a statement, S&P said: “These claims are entirely baseless and without any merit as our role is to publish independent opinions about creditworthiness according to our public and transparent methodologies, which we apply consistently around the world.
The agency added: “We will continue to perform our role without fear or favour of any investor, debt issuer or other external party and to defend our actions, our reputation and that of our people”.
Italy’s sovereign debt, which stands at 120pc of GDP and is the second highest in the eurozone after Greece, has been a focus for traders and investors for months. After warning about its concerns in May 2011, S&P downgraded Italy’s sovereign debt in September 2011 by one notch to a single-A rating. Another downgrade followed in January of this year, by two notches to BBB-. Fitch followed in February by downgrading Italy from A+ to A-.
Mr Ruggiero’s case was triggered after two consumer rights groups claimed the downgrades had been leaked to traders before being announced and had triggered big losses on the stockmarket in Milan.
If the Trani judge gives the go-ahead, it could be a test-case for dozens of other efforts to sue the credit rating agencies. Despite widespread criticism for failing to realise the debt they were rating as AAA was highly toxic, the agencies have so far managed to protect themselves from prosecution by claiming that their ratings are only opinions. In America, they have claimed protection under free speech rules.
More than 60 cases against the agencies are thought to have been filed around the world following the financial crisis but none with much success.
A breakthrough came three weeks ago when an Australian court ruled that S&P misled 12 councils in Australia by awarded a AAA rating to derivatives products created by ABN Amro which imploded less than two years after they were sold.
In July, McGraw-Hill, the American owners of S&P, admitted in a filing that US regulators, including the Securities & Exchange Commission and the Department of Justice, are investigating S&P’s ratings of structured products.

When Brian Eno met Ha-Joon Chang



Brian Eno has a new album out. How best to explain it? By hooking up with radical economist Ha-Joon Chang to debate everything from finance to free jazz and dogs in parks. Caspar Llewellyn Smith joins in
Eno and Chang in conversation
‘Let’s find a place in between’ … Eno and Chang in conversation. Photograph: Martin Godwin for the Guardian
It's a very Brian Eno notion: rather than submit to a normal interview, the 64-year-old polymath wants to talk about his new album through a conversation with the economistHa-Joon Chang. Inevitably, the discussion, which takes place in Eno's office in Notting Hill, London, barely touches on the record, Lux; instead, it ranges over another of his new creations (an app called Scape), the value of art, and why numbers are like sausages. We also cover the real reason why rightwing Americans won't admit that the war in Iraq was a mistake.

Buy it from amazon.co.uk

  1. Buy the CD
  2. Download as MP3
  3. Brian Eno
  4. Lux
  5. Warp Records
  6. 2012
Eno met Chang through an editor at the latter's publisher. The 49-year old economist is something of a star in that increasingly starry calling, ever since the publication of his 23 Things They Don't Tell You About Capitalism – a book described by the Guardian as "a masterful debunking of some of the myths of capitalism". Born in South Korea and now teaching at Cambridge University, Chang admits to being a fan of early Roxy Music – but, as soon becomes apparent, he and Eno have more in common than that.
Brian Eno: There's an issue we're both interested in – this middle ground between control and chaos. Some economists say you can only have a control model or a chaos model, that you're either a socialist or it's all about the free market. Whereas you say: "Let's find a place in between."
This happens to be an issue with the music I make. It's made for a place somewhere between architecture and gardening. It's not a situation where I'm finessing every tiny detail. I basically set a process in motion and then watch it happen. A lot of the design work is prior to the thing starting, rather than trying to keep control of it once it has started. You try to design the process carefully enough so you get the results you want and don't have to intervene.
Ha-Joon Chang: That's the approach I use in my economics. Central planners thought they could control everything, but there are always elements of uncertainty and surprise. But they then try to control even those. At the other extreme, we have those free-market economists who think there need to be no rules – even that it's OK to kill your competitor. Then you have a system that runs amok because everyone is cheating everyone in trying to beat them. The illusion that this rule-less system can organise itself has been proven completely mistaken – but we still have people wanting to believe in these extremes.
BE: And people saying, well, if you don't believe in that one, you must believe in this one.
HJC: I've read quite a few readers' reviews of my book on Amazon, saying, "Ah, he criticises the free market, he advocates central planning." I don't do that for a minute! But this is our black and white, dichotomous way of thinking – which has really been harmful.
BE: One of the things you're doing when you make art, apart from entertaining yourself and other people, is trying to see what ways of working feel good, what feels right. What gets the results you want? And for me, it isn't top-down architecture that does that – but it's not chaos, either. I don't want to do free jazz! Because free jazz – which is the musical equivalent of free marketeering – isn't actually free at all. It's just constrained by what your muscles can do. It turns out that anything that is called free anything isn't really. It's just constraints that you don't recognise.
HJC: It's a point I make in my book, when I say there's no such thing as a free market. The argument being that in all markets, there are some rules about what you can trade, how you can trade. We think some markets are free only because we totally accept those underlying rules. We just don't see them any more.
BE: You talk about child labour, don't you?
HJC: That's right. In the 19th century, a lot of people were against outlawing child labour, because to do so would be against the very foundations of a free market economy: "These children want to work, these people want to employ them ... what is your problem? It's not as if anyone has kidnapped them ... " But today even the most rightwing economists don't advocate bringing child labour back, because they've got to accept the idea that children have the right to enjoy their childhood and a proper education.
BE: This turns out to be something that happens a lot. Once you've grown to accept something and it becomes part of the system you've inherited, you don't even notice it any longer. We don't even think that not employing children is anti-free market.
So whenever you talk about the free market – or free jazz! – what you really mean is "constrained by rules that we've stopped thinking about". This seems a long way off music, but when you set out to make something, you might just inherit all the ways of making it. If you're a Tin Pan Alley songwriter, you don't question the fact that there are 84 notes on the piano. You're not bothered by the fact that you can't get in between two of them – these are just the ground rules of the working situation. But I did want to question something about composition, and not just because I am a disagreeable sort of person, but because I noticed I liked music that wasn't made by either of these sets of rules. It wasn't command-economy music and it wasn't free-market music. It wasn't top-down architecture, and it wasn't free jazz. I'm referring in particular to things in the mid to late 60s like Terry Riley's piece In C. Have you heard of this piece?
HJC: No.
BE: It's a very interesting example of some very simple rules that produce something very rich. There's a score, and there are 52 bars, and each bar is a slightly different phrase in the key of C. It can be played by any number of musicians, and the rule is that they all start together, all playing to the same tempo, and they keep playing the first bar as many times as they want – each one. But then when you want – say you're playing clarinet – you can move on to bar two, and then you keep playing bar two. And then when you want to move on to the third bar ... well, the piece starts to separate out, and if there are 20 musicians, they might all be playing a different bar, but on top of one another, and it's all in C, so everything works together. So the piece has this beautiful characteristic: it starts out in unison, and gradually it becomes richer and richer and richer. And then they all have to end together, so they gradually converge back.
To make that piece by top-down writing would be impossible … but it's very beautiful.
HJC: And it's different every time?
BE: Yes. That's important. So this is one of the things that the composer has to accept: he or she can't precisely predict the outcome. This is what command economy people have trouble with.
HJC: Exactly.
BE: They're not happy with uncertainty.
Caspar Llewellyn Smith: You talk about a top-down process, and I can imagine what you mean with a composer – someone like Mozart, or even Riley … but where does something like folk music fit into this?
BE: Closer to Riley, I would say. There you have certain musical memes that get passed around, and never faithfully copied. That's the interesting thing. He hears a tune of mine, and thinks, "Oh, that's good, I'll play that." But his version is going to be different from mine. It's very genetic, actually. Whereas classical music was supposed to be perfectly replicable: the score was the ultimate authority.
CLS: Ha-Joon, presumably every economist has their own idea of how the world should be organised. So isn't it a very real problem when politicians come along, with their own agendas, and screw everything up?
HJC: Oh yeah, but my view is that we don't live by bread alone. We have to accept political considerations, and cultural and social considerations …
These days, economics has become such an all-encompassing way of thinking that everything is supposed to justify its existence by how much money it makes. Are you making enough money as a university? Are you making enough money as a classical orchestra? I think it's a fundamentally wrong approach to life. Because economics might be the foundation, if you like … but if you try to create a world in which everything is driven by money and the market, the world will be a much poorer place.
Imagine if all those kings and dukes hadn't commissioned those crazy cathedrals, paintings and music … we'd still be living in sticks and mud. Because none of those things made any economic sense. Human beings' capacity to "waste time" is a miracle – but that's exactly what art is for.
BE: Ha-Joon came up with a good title for a book that I might write: "A Total Waste of Time"!
CLS: Are these questions increasingly urgent, because over the course of the last couple of decades, that rightwing mindset has won out – we have rightwing figures now who, 20 years ago, would have been beyond the pale?
HJC: Absolutely. These ideas have penetrated so deeply into our society, it's poisonous.
BE: It's not only money, it's also other forms of accountability. Look at education in this country. I've just had two daughters go through the system here, and nothing mattered at all, as long as they could get through their A-levels. It doesn't matter if you don't actually understand a word. I could see some of their friends who were good at remembering things, but had no clue at all about what they were talking about, who got A stars.
HJC: In that system, curiosity is actually a great disadvantage. Which means that any creativity gets lost.
BE: It's to do with the act of quantification. It's part of the money thing: something that you can put a figure to immediately assumes a sort of authority, even if it doesn't deserve it.
What is the value of a park? You can't quantify it. We keep them because we've inherited them. But I'm sure there'll be a rightwing movement in the future that says, "Parks? What are they for? People just wander about in them – and there's dog shit all over the place. What's the point of that? A great big piece of real estate in the middle of London that could be generating income – we can quantify that." Quantification is a big temptation for society because it looks like control.
HJC: People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they're like sausages: you don't know what they really are until you cut into them. Once you know, you become very sceptical ...
I'm not against numbers. You need some numbers, to work with. Life would be impossible otherwise. But we've made these numbers into fetishes.
Of course, the more obscure a number is, the more people tend to think it is objective. If you say that the average American goes through three tubes of toothpaste a year, they kind of believe you. But if you say it's 3.72 tubes, they think: "Wow – that must be correct."
Art is not the only area affected by this quantification – education has been affected, family relationships, too – but I think art is the most endangered area of life. It's not obvious how something makes money. Sometimes, you have an artwork that you think is terrible, but then some billionaire is prepared to pay a huge amount for it, and suddenly it becomes valuable. And you are supposed to like it because it's expensive, and it must be expensive because it's worth it. So even the values within the art world are distorted.
BE: When I went to art school, the choice was to enter the art world or the pop world, and a lot of my teachers were disappointed I took the pop route because they thought I was a promising fine artist. But one of the reasons I did is because I thought it was inherently healthier. It had a quasi-democratic basis that the art world doesn't have at all. Tom Wolfe says something in his book The Painted Word about how four curators, 12 collectors and six critics determine an artist's career. Something like that.
This is why the art world has such incredible inertia, because once those people have invested their highly important opinion in something, they're very unwilling to change it. Whereas if you've bought an album by a band but then you don't like their second one, you just say, fuck it, the second one isn't any good.
CLS: And of course, today, you wouldn't even buy that record, you might just stream it.
HJC: Once again, you have to strike a balance between control and the market. Without some very rich guys a lot of great art would never have existed – so control isn't necessarily bad. But if you have only that, then art stagnates; it rots, if only a few powerful people are in charge. So you need a combination.
Your way of encouraging people to make their own music with your new app, Scape, is a good example of a different sort of approach to working.
BE: You drag shapes on to a screen to create a picture, and each shape has its own sound, with its own set of hidden rules. For instance, "when a lot of things are happening at once, I'm going to default into another mode of playing"; or "I only play in the evenings" – that sort of thing. Each piece of music becomes a little musical ecology.
HJC: I've been a big fan of your music over the years. When I was growing up in South Korea in the 70s and early 80s, the country was too poor to buy original records. Everything was bootlegged. The sound would be terrible: we used to call them tempura shop records – it sounded as if someone was deep-frying them.
This new album, Lux, was originally created for a specific space in Turin [the Great Gallery of the Palace of Venaria]. It's very interesting to think of a building as something more than just a physical structure: it's also about its surroundings, its light, and its sound. People don't tend to think of this, but our sense of a building can really be affected by its sound.
BE: Especially with this building, because it has the longest reverberation you can imagine. You snap your fingers, and the sound goes on for 11 seconds. It's a gallery connecting two palaces, actually. It's about 100 metres long, 15 wide and 10 high and any sound you make in there just spreads ... Treating sound as a physical material was only really possible from the time of recording onwards. As soon as people started making recordings, they took sound out of time and put it into space. It goes from being transitory and ephemeral to being something you can almost handle. I call that the materialisation of music. So everything I've been doing, really, has been to do with realising sound can be a material: if you're now thinking about a building, this can be one of the materials you can consider.
CLS: Ha-Joon, what do you make of the success in the west now of Korean pop: K-pop?
HJC: Gangnam Style! Initially a lot of it was really bad imitation of what was going on in Britain and America, but now they've found their own voice. Watch this space, because I think there'll be more interesting stuff coming out of it.
BE: Nearly everything good starts from imitation.
HJC: It's actually a good illustration of how art can be done in a very non-hierarchical way. The success of this guy, Psy, is because he didn't try to protect his work too much: he let everyone copy and create their own versions. So you have versions with Voldemortfrom Harry Potter ... my children are hooked on finding Matrix versions. Some are actually brilliant!
BE: It's a brilliant idea to make something that, like a module, can be plugged into any part of the culture.
CLS: Ha-Joon, in your book you write about different varieties of capitalism.
HJC: One of the general themes is that there are many different ways of organising the system. Different countries do things in different ways. Types of capitalism have different strengths and weaknesses. The problem is that in the last 30 years, we've been told there's only one way of organising capitalism, and it's the American-style free-market way. Countries are put under pressure and they have to rely on, especially if they're poor, foreign aid from rich countries, or they have to borrow money from the IMF. It's one of the reasons this crisis has happened.
There have been a lot of discussions about what needs to change, but there's been a lot of resistance, and popular sentiment hasn't been as coherent as it would have been in an age with strong trade unions and so on.
I'm not too hopeful. But if not now, when? If you can't learn the lessons from the biggest financial crisis in three generations, then we have a problem.
CLS: Ought culture try and shape the debate, or is that not its role? Brian, you've taken a stand on a number of political issues.
BE: I think the way culture changes things is slightly different from that. I've always disliked propaganda and shied away from artists' using their ability to manipulate emotional triggers – which is what artists do - in support of a political message, because I think it's a trick. I would like people to agree with me because they agree with my arguments, not because I'm good at music. So if I take a position publically, of course I get attention because I'm known through my music, but I don't try to support the position in that way.
Culture does change the way we think, just not in the propagandistic way. Art can be a model of how otherwise something could be done. How else it could be? When you see a piece of art, and you think, "Wow, that's wonderful", part of you wants to know, "And how did it get to be that way? Ah, it got to be that way by that mechanism. This is how it's done."
To give you an example of something I don't particularly respond to myself: Jackson Pollock was the expression of a philosophy, and that philosophy said, "If I just let it all come out of here and I'm not going to try to control it all, that's going to work." I don't particularly agree with it. But that picture is a way of thinking about that idea. And very often a work of art is a way of looking at the outcomes of an idea. It's very clear in novels – in fact, the most clear example is in science fiction: you describe a world, and you try to describe how if things were like that, they would turn out. That "what if?" question is a central question that makes human beings successful creatures. We are capable of saying what if this, and what if that, and comparing those outcomes. We love that question, and art is one of the ways we keep rehearsing our ability to answer it.
HJC: It's a great point. The problem is more with the way people think and not the content of it. Human beings are very prone to this black-and-white dichotomous thinking, so if you're a socialist country you allow no market and squash any dissent, if you're a capitalist country you're supposed to – although in fact, many countries don't – you're supposed to put profit and economic growth before any human values. But paradoxically, these two ways of thinking are the same, in the sense that they have this one grand principle to which they are willing to sacrifice everything. This is why when many communists give up communism, they become ardent free-market supporters.
BE: It's a cliche: the ex-Trot.
HJC: I know quite a few ex-Trots who work in the IMF. So if you understand art in the same way Brian does, it gives you the ability to think about alternatives, think about possibilities.
BE: It allows you to think about uncertainty. One of the characteristics of people, whether on the left or the right, is that they can't tolerate uncertainty. They don't want a system with any leaks in it. They want to think they're capable of battening everything down – and if only people would fucking stick to the rules, it would work. When those systems don't work, it's always because, in their opinion, somebody didn't play the game correctly.
HJC: Yes, it's never their principles that are wrong, it's the people who are the problem.
BE: This is why so many rightwing Americans still say Iraq would have been a good war, if only we had sent in more troops in the beginning, if only we'd done this or we'd done that … They will not admit that Iraq wasn't a good war.
CLS: There is explicitly political art – look at the case of Pussy Riot at the moment, for example. So there's a range of ways of going about things.
BE: Well, of course there's a complete spectrum. Although I do often wonder how much of the politics of Pussy Riot the people who support them understand.
HJC: As a consumer, I don't create art, but I think whatever the message is, art has to touch you. I like all kinds of music – classical, pop, rock, electronic. Somehow, as a consumer, you know when something is good and when something is bad.
CLS: It's interesting that you use the word "consumer" – that we live in a world now in which art is something you consume, not something you practise. Art becomes a ready-made lifestyle.
HJC: Yes, but I took two years of piano lessons when I was seven and eight, and that was it.
BE: That's more than I took.

Sunday 11 November 2012

All Indians must have the courage to face up to our past and present

By Anil Dharker

Was V S Naipaul right or was Girish Karnad right? The sound and fury generated by the controversy at Literature Live!, Mumbai’s literary festival, has obscured one important aspect of our national life: we are afraid of our own history.




Let’s recap for a moment how the controversy began. Naipaul was given the Landmark Lifetime Achievement Award at the festival. This aroused Karnad’s ire: the award should not have been given, he said, because Naipaul was anti-Muslim . In his non-fiction books, Naipaul’s stance, according to Karnad, is to depict Indian Muslims as “raiders and marauders” and so, in effect, Naipaul has “criminalised a whole section of the Indian population as rapists and murderers.” “I have Muslim friends and I feel strongly about this,” Karnad added.



I have Muslim friends too, and i feel strongly as well, not about our shared history but about the state of the community in our country today. That feeling has been strong enough for me to be a trustee of Citizens for Justice and Peace, an NGO which (among other things) has taken up multiple cases on behalf of the Muslim victims of the 2002 Gujarat massacre. As a direct result, many people including Maya Kodnani , a former minister in the Modi government and Babu Bajrangi, the Bajrang Dal leader, have been sentenced to long prison terms. My strong feelings, therefore , are not just emotional but take the practical shape of righting today’s wrongs.



But should that blind me to our history? Right from the 12th to the 15th century, Afghan and Central Asian invaders like Mohammad Ghori and Mahmud Ghaznavi came as marauders and plunderers: they came to loot (places like the Somnath temple were immensely rich and obvious targets ), and even to destroy local religions like Hinduism and Buddhism. The sacking and burning in 1193 by the Turk, Bhaktiyar Khilji of the Nalanda library, one of the greatest places of learning, and whose collection of books was so extensive that it took three months to be gutted, is a case in point. Hampi, which is now a Unesco Heritage site, was burned down by the Bahamanis , an act of vandalism which took days. Later, the Mughals led by Babar may have come, not as raiders but as settlers, but they did proselytize. Emperor Aurangzeb’s depredations were extensive and go far beyond the Shivnath temple: when you think that Ahilyabai Holkar rebuilt as many as 350 temples in and near Varanasi, you realize how far-reaching the damage was.

This is a rather jumbled, and hurried look at our history, but it makes the point that in spite of the enlightened rule of emperors like Akbar (notably), Jehangir and Shahjahan, a great deal of the nation’s heritage was wilfully destroyed by Afghan, Turk, Central Asian and Mughal invaders and rulers. You can overstate the case, as Naipaul does, by seeing in the Taj Mahal only the ‘blood and sweat of slave labour’ (you can say that of the pyramids too), but that’s only overstating the case, not making one up. By stating it, you do not become anti-Muslim.



That’s the important point. Girish Karnad , like a lot of secularists who want to see present-day India live in a harmonious blend of communities, bends over backwards to gloss over the negative aspects of Islam in our history, because of the harm this reiteration can cause to present-day Muslims. (In his attack on Naipaul, for example , Karnad said off-handedly , “Oh, I do admit some temples and monuments may have been destroyed by the Mughal".

I belong to that group of secularists too, and i would not be writing this article if it weren’t for the recent controversy. But we need to remind ourselves about something that should be obvious: Yes, it’s true there was a Ram temple where the Babri Masjid stands; yes, it’s true that the temple was demolished and a mosque built on the site-… But it’s also true that over the many years after this happened, not too many people were bothered either about the now-decrepit mosque, nor the once existing temple until L K Advani and the BJP made it an issue to revive its electoral chances. The Babri Masjid demolition and the subsequent riots did not happen because people like Naipaul wrote their versionsof history.



Sadly, the laudable wish to ensure that today’s Muslims are not victimized any more than they are, also prevents secularists from lashing out at the pronouncements and actions of the ultra-orthodox in the community, for example the recent edict banning women from entering the sanctum of Mumbai’s Haji Ali dargah. Our silence only helps those in the minority community who stop it from moving into modernity. It’s something we need to face squarely, as squarely as we need to face our history.

Do online courses spell the end for the traditional university?

Publishing, music, shopping, journalism – all revolutionised by the internet. Next in line? Education. Now US academics are offering world-class tuition – free – to anyone who can log on, anywhere in the world, is this the end of campus life?


Carole Cadwalladr

The Observer, Sunday 11 November 2012



A thing of the past? University graduates at Cambridge. Photograph: Trigger Image/Alamy

Two years ago, I sat in the back seat of a Toyota Prius in a rooftop car park in California and gripped the door handle as the car roared away from the kerb, headed straight towards the roof's edge and then at the last second sped around a corner without slowing down. There was no one in the driver's seat.



It was the prototype of Google's self-driving car and it felt a bit like being Buck Rogers and catapulted into another century. Later, I listened to Sebastian Thrun, a German-born professor of artificial intelligence at Stanford University, explain how he'd built it, how it had already clocked up 200,000 miles driving around California, and how one day he believed it would mean that there would be no traffic accidents.



A few months later, the New York Times revealed that Thrun was the head of Google's top-secret experimental laboratory Google X, and was developing, among other things, Google Glasses – augmented reality spectacles. And then, a few months after that, I came across Thrun again.



The self-driving car, the glasses, Google X, his prestigious university position – they'd all gone. He'd resigned his tenure from Stanford, and was working just a day a week at Google. He had a new project. Though he didn't call it a project. "It's my mission now," he said. "This is the future. I'm absolutely convinced of it."



The future that Thrun believes in, that has excited him more than self-driving cars, or sci-fi-style gadgets, is education. Specifically, massive online education free to all. The music industry, publishing, transportation, retail – they've all experienced the great technological disruption. Now, says Thrun, it's education's turn.



"It's going to change. There is no doubt about it." Specifically, Thrun believes, higher education is going to change. He has launched Udacity, an online university, and wants to provide mass high quality education for the world. For students in developing countries who can't get it any other way, or for students in the first world, who can but may choose not to. Pay thousands of pounds a year for your education? Or get it free online?



University, of course, is about so much more than the teaching. There's the socialising, of course, or, as we call it here in Britain, drinking. There's the living away from home and learning how to boil water stuff. And there's the all-important sex and catching a social disease stuff. But this is the way disruptions tend to work: they disrupt first, and figure out everything else at some unspecified time later.



Thrun's great revelation came just over a year ago at the same TED conference where he unveiled the self-driving car. "I heard Salman Khan talk about the Khan Academy and I was just blown away by it," he says. "And I still am." Salman Khan, a softly spoken 36-year-old former hedge fund analyst, is the founding father of what's being called the classroom revolution, and is feted by everyone from Bill Gates (who called him "the world's favourite teacher") down.



The Khan Academy, which he set up almost accidentally while tutoring his niece and nephew, now has 3,400 short videos or tutorials, most of which Khan made himself, and 10 million students. "I was blown away by it," says Thrun. "And frankly embarrassed that I was teaching 200 students. And he was teaching millions."



Thrun decided to open up his Stanford artificial intelligence class, CS221, to the world. Anybody could join, he announced. They'd do the same coursework as the Stanford students and at the end of it take the same exam.



CS221 is a demanding, difficult subject. On campus, 200 students enrolled, and Thrun thought they might pull in a few thousand on the web. By the time the course began, 160,000 had signed up. "It absolutely blew my mind," says Thrun. There were students from every single country in the world – bar North Korea. What's more, 23,000 students graduated. And all of the 400 who got top marks were students who'd done it online.



It was, says Thrun, his "wonderland" moment. Having taught a class of 160,000 students, he couldn't go back to being satisfied with 200. "I feel like there's a red pill and a blue pill," Thrun said in a speech a few months later. "I've taken the red pill, and I've seen wonderland. We can really change the world with education."



By the time I sign up to Udacity's beginners' course in computer science, how to build a search engine, 200,000 students have already graduated from it. Although when I say "graduate" I mean they were emailed a certificate. It has more than a touch of Gillian McKeith's PhD about it, though it seems employers are taking it seriously: a bunch of companies, including Google, are sponsoring Udacity courses and regularly cream off the top-scoring students and offer them jobs.



I may have to wait a while for that call, though I'm amazed at how easy Udacity videos are to follow (having tips and advice on search-engine building from Sergey Brin, Google's co-founder, doesn't hurt). Like the Khan Academy, it avoids full-length shots of the lecturer and just shows a doodling hand.



According to Brin, if you have basic programming ability – which we'll all have if we complete the course – and a bit of creativity, "you could come up with an idea that might just change the world". But then that's Silicon Valley for you.



What's intriguing is how this will translate into a British context. Because, of course, when it comes to revolutionising educational access, Britain has led the world. We've had the luxury of open access higher education for so long – more than 40 years now – that we're blasĆ© about it. When the Open University was launched in 1969, it was both radical and democratic. It came about because of improvements in technology – television – and it's been at the forefront of educational innovation ever since. It has free content – on OpenLearn and iTunesU. But at its heart, it's no longer radically democratic. From this year, fees are £5,000.



In America, Thrun is not the only one to have taken the pills. A year on from the Stanford experiment, and the world of higher education and the future of universities is completely different. Thrun's wasn't the only class to go online last autumn. Two of his computer science colleagues, Andrew Ng and Daphne Koller, also took part, with equally mind-blowing results. They too have set up a website, Coursera. And while Udacity is developing its own courses, Coursera is forming partnerships with universities to offer existing ones. When I met Koller in July, shortly after the website's launch, four universities had signed up – Stanford, Princeton, Michigan and Pennsylvania.



Just four months later, it has 33 partner universities, 1.8 million students and is having venture capital thrown at it – $16m (£10m) in the first round. And it doesn't stop there. It's pretty remarkable that Coursera and Udacity were spun out of the same university, but also the same department (Thrun and Koller still supervise a PhD student together). And they have the dynamic entrepreneurial change-the-world quality that characterise the greatest and most successful Silicon Valley startups.



"We had a million users faster than Facebook, faster than Instagram," says Koller. "This is a wholesale change in the educational ecosystem."



But they're not alone. Over at Massachusetts Institute of Technology, Anant Argarwal, another professor of computer science, who also cites Khan as his inspiration (and who was, in a neat twist, once his student), has launched edX, featuring content from MIT, Harvard, Berkeley and the University of Texas System.



Argarwal is not a man prone to understatement. This, he says, is the revolution. "It's going to reinvent education. It's going to transform universities. It's going to democratise education on a global scale. It's the biggest innovation to happen in education for 200 years." The last major one, he says, was "probably the invention of the pencil". In a decade, he's hoping to reach a billion students across the globe. "We've got 400,000 in four months with no marketing, so I don't think it's unrealistic."



More than 155,000 students took the first course he taught, including a whole class of children in Mongolia. "That was amazing!" says Argarwal. "And we discovered a protƩgƩ. One of his students, Batthushig, got a perfect score. He's a high school student. I can't overstate how hard this course was. If I took it today, I wouldn't get a perfect score. We're encouraging him to apply to MIT." This is the year, Argarwal says, that everything has changed. There's no going back. "This is the year of disruption."



A month ago, I signed up for one of the Coursera courses: an introduction to genetics and evolution, taught by Mohamed Noor, a professor at Duke University. Unlike Udacity's, Coursera's courses have a start date and run to a timetable. I quite fancied a University of Pennsylvania course on modern poetry but it had already started. This one was 10 weeks long, would feature "multiple mini-videos roughly 10-15 minutes in length", each of which would contain a number of quizzes, and there would also be three tests and a final exam.



It's just me, Noor, and my 36,000 classmates. We're from everywhere: Kazakhstan, Manila, Donetsk, Iraq. Even Middlesbrough. And while I watch the first videos and enjoy Noor's smiley enthusiasm, I'm not blown away.



They're just videos of lectures, really. There's coursework to do, but I am a journalist. I am impervious to a deadline until the cold sweat of impending catastrophe is upon me. I ignore it. And it's a week or so later when I go back and check out the class forum.



And that's when I have my being-blown-away moment. The traffic is astonishing. There are thousands of people asking – and answering – questions about dominant mutations and recombination. And study groups had spontaneously grown up: a Colombian one, a Brazilian one, a Russian one. There's one on Skype, and some even in real life too. And they're so diligent! If you are a vaguely disillusioned teacher, or know one, send them to Coursera: these are people who just want to learn.



Four weeks in, Noor announces that he's organising a Google hangout: it's where a limited number of people can talk via their webcams. But it's scheduled for 1am GMT on Sunday morning. I go to sleep instead. However I do watch the YouTube video of it the next day and it's fascinating viewing. Despite the time, Richard Herring, a train driver from Sheffield, is there, bright and alert and wanting to tell Noor how much he's enjoying the course.



"Richard!" says Noor. "Nice to meet you! Your posts are amazing. I often find that before I have a chance to go in and answer a question, somebody else has already answered it, and it's often Richard. Thank you."



"I just love science," says Richard. "I was never any good at school, but I've just picked it up along the way. It's a brilliant course. To get something like this without paying anything is marvellous. I'm loving it."



So is Sara Groborz, a graphic designer who was born in Poland but now lives in Britain. And then there's Naresh Ramesh, from Chennai, who's studying for a degree in biotechnology, and Maria, who lives in the US and is using the course to teach her students in a juvenile correction institute. Aline, a high school student in El Salvador, comes on. She took the course, she says, because she goes to a Catholic school where they don't teach evolution. "And you're the best teacher I've ever had!" she tells Noor.



How gratifying must it be to be a teacher on one of these courses? When I catch up by email with Noor the next day, he writes. "I'm absolutely LOVING it!" By phone, he says it's one of the most exciting things he's ever done.



What's more, it means that next semester he's going to be able to "flip the classroom". This is a concept that Khan has popularised and shown to be successful: students do the coursework at home by watching the videos, and then the homework in class, where they can discuss the problems with the instructor.



There are still so many issues to figure out with online education. Not least the fact that you don't get a degree out of it, although a university in the US has just announced that it will issue credit for it. At the moment, most people are doing courses for the sake of simply learning new stuff. "And a certificate, basically a pdf, which says this person may or may not be who they say they are," says Noor.



And while computers are excellent at grading maths questions, they're really much less hot at marking English literature essays. There's a preponderance of scientific and technical subjects, but the number of humanties courses is increasing with what Koller says is "surprisingly successful" peer assessment techniques. "It can't replace a one-to-one feedback from an expert in the field, but with the right guidance, peer assessment and crowd-sourcing really does work."



And in terms of content, the course I'm doing is pretty much the same as the one Noor's students take. At Duke, they have more interaction, and a hands-on lab environment, but they are also charged $40,000 a year for the privilege.



It's a lot of money. And it's this, that makes Udacity's and Coursera's and edX's courses so potentially groundbreaking. At the moment, they're all free. And while none of them can compete with traditional degrees, almost every other industry knows what happens when you give teenagers the choice between paying a lot of money for something or getting it for nothing.



Of course, education isn't quite an industry, but it is a business, or as Matt Grist, an education analyst from the thinktank Demos tells me, "a market", although he immediately apologises for saying this. "I know. It's terrible. That's the way we talk about it these days. I don't really like it, but I do it. But it is a market. And universities are high-powered businesses with massive turnovers. Some of the best institutions in Britain are global players these days."



Grist has been looking at the funding model of British universities, and sees trouble ahead. The massive rise in fees this year is just the start of it. "We've set off down this road now, and if you create competition and a market for universities, I think you're going to have to go further." He foresees the best universities becoming vastly more expensive, and the cheaper, more vocational ones "holding up". "It's the middle-tier, 1960s campus ones that I think are going to struggle."



When I ask Koller why education has suddenly become the new tech miracle baby, she describes it as "the perfect storm. It's like hurricane Sandy, all these things have come together at the same time. There's an enormous global need for high quality education. And yet it's becoming increasingly unaffordable. And at the same time, we have technological advances that make it possible to provide it at very low marginal cost."



And, in Britain, the storm is perhaps even more perfect. This is all happening at precisely the moment that students are having to pay up to £9,000 a year in fees and being forced to take on unprecedented levels of debt.



Students, whether they like it or not, have been turned into consumers. Education in Britain has, until now, been a very pure abstraction, a concept untainted by ideas of the market or value. But that, inevitably, is now changing. University applications by UK-born students this year were down almost 8%. "Though the number who turned up was much lower than that," Peter Lampl, the founder of the Sutton Trust, tells me. "They were 15% down."



The trust champions social mobility and nothing accelerates that more than university. "That's why we're so keen on it," says Lampl. "We're monitoring the situation. We don't know what the true impact of the fees will be yet. Or what the impact of coming out of university with £50,000 worth of debt will have on the rest of your life. "Will it delay you buying a house? Or starting a family? People compare it to the States, but in America one third of graduates have no debt, and two-thirds have an average of $25,000. This is on a completely different scale."



And it's amid this uncertainty and this market pressure that these massive open online courses – or Moocs as they're known in the jargon – may well come to play a role. There are so many intangible benefits to going to university. "I learned as much if not more from my fellow students than I did from the lectures," says Lampl. But they're the things – making life-long friends, joining a society, learning how to operate a washing machine – that are free. It's the education bit that's the expensive part. But what Udacity and the rest are showing is that it doesn't necessarily have to be."



The first British university to join the fray is Edinburgh. It's done a deal with Coursera and from January, will offer six courses, for which 100,000 students have already signed up. Or, to put this in context, four times as many undergraduates as are currently at the university.



It's an experiment, says Jeff Hayward, the vice-principal, a way of trying out new types of teaching "I'll be happy if we break even." At the moment Coursera doesn't charge students to receive a certificate of completion, but at some point it's likely to, and when it does, Edinburgh will get a cut.



But then Edinburgh already has an online model. More than 2,000 students studying for a masters at the university aren't anywhere near it; they're online. "And within a few years, we're ramping that up to 10,000," says Hayward.



For undergraduates, on the other hand, study is not really the point of university, or at least not the whole point. I know a student at Edinburgh called Hannah. "Do you have any lectures tomorrow?" I text her. "Only philosophy at 9am," she texts back. "So obviously I'm not going to that."



She's an example of someone who would be quite happy to pay half the fees, and do some of the lectures online. "God yes. Some of the lecturers are so crap, anyway. We had a tutorial group the other day, and he just sat there and read the paper and told us to get on with it."



Max Crema, the vice-president of the student union, tells me that he's already used online lectures from MIT to supplement his course. "Though that may be because I'm a nerd," he concedes. "The problem with lectures is that they are about 300 years out of date. They date back to the time when universities only had one book. That's why you still have academic positions called readers."



I trot off to one of them, an actual lecture in an actual lecture theatre, the old anatomy theatre, a steeply raked auditorium that's been in use since the 19th century when a dissecting table used to hold centre stage, whereas today there's just Mayank Dutia, professor of systems neurophysiology, talking about the inner ear.



He's one of the first academics signed up to co-deliver one of the Coursera courses come January, although he defends the real-life version too: "Universities are special places. You can't do what we do online. There's something very special in being taught by a world leader in the field. Or having a conversation with someone who's worked on a subject their whole lives. There's no substitute for this."



There isn't. But what the new websites are doing is raising questions about what a university is and what it's for. And how to pay for it. "Higher education is changing," says Hayward. "How do we fund mass global education? There are agonies all over the world about this question."



There are. And there's no doubting that this is something of a turning point. But it may have an impact closer to home too. Argarwal sees a future in which universities may offer "blended" models: a mixture of real-life and online teaching.



Coursera has already struck its first licensing deal. Antioch College, a small liberal arts institution in Ohio, has signed an agreement under which it will take content from Duke University and the University of Pennsylvania. And a startup called the Minerva Project is attempting to set up an online Ivy League university, and is going to encourage its students to live together in "dorm clusters" so that they'll benefit from the social aspects of university life. Seeing how the students on Coursera and Udacity organise themselves, it's not impossible to see how in the future, students could cluster together and take their courses online together. For free.



There's so much at stake. Not least the economies of dozens of smallish British cities, the "second-tier" universities that Matt Grist of Demos foresees could struggle in the brave new free education market world.



At Edinburgh, fees are having an effect – applications are down – but "most students seem to see it as maƱana money," says Jeff Hayward. "It's still hypothetical at the moment."



But this is the first year of £9,000 fees. An English student at Edinburgh (it's free for Scottish students), where courses are four years, is looking at £36,000 of debt just for tuition. And maybe another £30,000 of living expenses on top of that.



These websites are barely months old. They're still figuring out the basics. Universities aren't going anywhere just yet. But who knows what they'll look like in 10 years' time? A decade ago, I thought newspapers would be here for ever. That nothing could replace a book. And that KITT, David Hasselhoff's self-driving car in Knight Rider was nothing more than a work of fantasy.



CASE STUDY Genetics for railwaymen

RICHARD HERRING, 45

Train driver, Sheffield



"I was on Richard Dawkins's website and I read about the course - introduction to genetics and evolution. I looked it up and saw it was being offered by a really good university, Duke, and I thought, what's the catch? And there isn't one. It's marvellous. I can't believe it's available for free. I'm absolutely loving it.



"The only qualification I've got is a bronze certificate in swimming. I left school with no qualifications, nothing. But I got interested in philosophy and then science and I just love learning about things. I've always got a book in my hand. What's great about the course is that you can pause it, and rewind, and rewatch it until you get the hang of it. I used to be a steelworker where you had to learn a lot of new things, and I find I have to keep at it, and then it eventually clicks.



"I actually paid for a home tutor a few years ago to teach me calculus and I did send off for a prospectus from the Open University, but it was too expensive. For me, it's not about getting a qualification, it's for the sake of learning. I'm really enjoying the forum. The way that Professor Noor interacts with it and that there are students from all over the world, some of them with a whole load of letters after their name. I just love the environment. I don't have that at work – it's a very northern, working class sort of place, so I'm just not pushed in that direction.



"I've already signed up to a whole load of other courses: I've enrolled on a philosophy one, and I'm going to brush up on my algebra, and there's a cell biology one which I think will be an interesting extension to this." CC

Saturday 10 November 2012

Britain And India: A Convenient Scapegoat In A Time Of Economic Crisis





By Colin Todhunter



07 November, 2012

Countercurrents.org



India is likely to be told this week that Britain plans to slash its 280 million pounds a year aid to it following growing domestic pressure on Prime Minister David Cameron to stop funding emerging economic powers such as India at a time when Britain is in serious economic crisis.



International Development Secretary Justine Greening during her visit to New Delhi is expected to discuss a timetable for winding down British aid commitment to India. She is expected to make it clear that the UK’s commitment to India will change radically at the end of the current eight-year 1.6 billion pound programme which lasts until 2015.



The idea to cut aid has been building for some years and has received added impetus from recent events. In 2011, Cameron led one of the largest-ever business delegations to India, comprising six cabinet ministers and around 60 business leaders. He lobbied heavily in favour of supplying India with the British built Eurofighter. But in 2012 as Britain seemed destined to lose the contract for 126 fighter jets, the knives came out in Britain – both for Cameron and for India too.



Instead of the British media attacking the sordid nature of the heavily taxpayer-subsidised arms industry and the way its massive profits are made by stoking tensions and war, it saw better mileage from cashing in on fear mongering by telling the public that the apparent loss of the contract to the French company Dassault, which makes the Rafale fighter, could jeopardise thousands of British jobs. It would have been much more constructive for the media to have regarded the loss any jobs in the arms sector as an opportunity to reinvest arms industry subsidies in more socially useful ventures, such as renewable energy.



As a backlash over India’s decision, however, sections of the public and various self-appointed opinion leaders took it on themselves to also apportion blame to India by linking the loss of the contract to the issue of aid. They were quick to point out that the British Government’s aid package is around 15 times larger than what France sent to India in 2009.



They asked, “Where is the trade dividend?” – especially in light of former International Development Secretary Andrew Mitchell saying that the aid relationship with India is very important and its focus included seeking to sell Typhoon jets. He made it clear that aid was linked to trade. In order to get the government off the hook, this stance (and claims that aid was being used as a bribe) was soon being strenuously denied by various members of the government in light of the French seemingly bagging the prize.



Public pressure has subsequently grown over sending aid to India, especially at a time when massive public sector job losses and slashes to services are being made in Britain. The issue has certainly struck a chord with sections of the British public.



Egged on by politicians and the media, sections of the public began to ask why should the overburdened British taxpayer give aid to a country with 300 billion dollars worth of foreign reserves and year on year growth that has been over 8.5 per cent? It did also not go unnoticed that India has funds not just for its own aid and space programmes, but for nuclear weapons too, while Britain itself has no space programme and has been debating scaling down its own nuclear weapons systems.



Many in Britain also questioned why aid should be given to India, which has an economy on course to overtake Britain’s in the next ten years, and that, according to financial advisers Merrill Lynch, has 153,000 dollar-millionaires – a number that grew by 20 per cent in just one year, compared with Britain’s own increase of less than one per cent.



The argument proceeded along the lines that India might do better to scrap its space programme, aircraft carriers, nuclear weapons and its huge aircraft buying programme worth billions and redirect all those funds to invest in improving the plight of the poor.



And then there was the matter of giving money to India being a waste anyhow, seeing that rich Indians and politicians have salted away billions in Swiss bank accounts since independence. The accusation is that much aid money to India is thus chewed up by corruption and fraud. The lavish spending of India’s rich has been targeted too, with much focus on multi-storey Mumbai penthouses, Formula 1 and the like.



Cut through the tabloid-type hysteria and the media’s agenda, and there is indeed a certain logic behind many such criticisms. But what has often been ignored during this tirade against India is that, as a strategy for poverty alleviation and within the broader context, the impact of aid is minimal at the very best.



There is no denying that, despite India’s rising power on the world stage, poverty remains rife and the country is home to a third of the world’s malnourished children. India’s annual average income per person is around 2.5 per cent of Britain’s.



However, much of the hardships are today fuelled by rising inequality brought about by neoliberal economic policies. Inequality in India has increased significantly since it opened up its economy in the early 1990s (1). India’s rich elites have benefited enormously, and this has often been at the expense of the poor. Look no further than the real estate speculators and the land grabs from the poor, the rising obesity levels and the persistent malnourishment, the corporate rich and the theft of natural resources in the tribal areas and the high GDP and the low poverty alleviation statistics. Aid is like using a plaster to stem a burst dam.



Regardless of whether India even wants this relatively small sum of aid in the first place from it’s former colonial oppressor, which so many Indian politicians have openly stated it patently does not, it’s a pity that sections of the British media and certain politicians do not highlight the fact that the sum given by Britain to India is anyhow only less than one per cent of Britain’s debts – hardly a drain on the British economy as it is too often made out to be. It’s also a pity that they don’t focus more on the real drain placed on the British economy via the hundreds of billions that are being picked from the pockets of ordinary Brits via bank bail outs, corporate subsidies and fraud and tax avoidance and evasion by the rich.



According to economics professor John Foster (2), the aggregate wealth of Britain’s richest 1,000 people was in 2010 some 333 billion pounds. In 2010, Britain’s aggregate national debt was half that amount. In 2009, the top 1,000 increased their wealth by a third, meaning that the amount they actually increased their wealth by in just one year was half of the national debt!



But that is a taboo issue. It’s not up for public debate or scrutiny. It’s not to be questioned. The dirty machinations of capitalism are to be hidden away – preferably in an offshore bank account.



Much easier to point the finger at India in order to divert attention from the predatory capitalism that continues to fuel Britain’s economic woes and exacerbate poverty in India. Much easier to use aid to India as a convenient whipping boy.



But can we expect much better? Not really. The British press, politicians and establishment mouthpieces have been using welfare provision within Britain itself as a convenient scapegoat for capitalism’s failings for decades!



Wednesday 7 November 2012

What will the BCCI do with all this Power?



All empires lose power. But their achievements - and their sins - long survive them. The judgement of history will not celebrate the gaining power, or even clinging on to it, but the manner in which power was exercised.
For Indian cricket, that is now the only question that matters. Everything else follows from that central debate. No one doubts that India is now cricket's preeminent power. Money will continue to pour in, sometimes faster, sometimes slower. Contracts will come and go. Alliances with other cricket boards will form and then dissolve. These things will matter a great deal in the short term, little over the long term.
Because the big picture is settled: India is the country everyone wants to tour; India has the IPL; India is the country with the biggest markets and revenues; India has the loudest voice and the deepest pockets. India cannot quite do whatever it pleases, but it has far more autonomy and power than any other nation.
But what will India do with all this power? That is the issue. What is its vision for the world game? Has it even thought about it? Or has the thrilling accumulation of power been all-consuming? Has it acknowledged the responsibilities that follow?
Recent evidence suggests not. Consider its attitude to the future of Test cricket. The BCCI talks a good game about safeguarding the most precious form of the sport, but has done very little about it. Indian cricket has long endured the fact that the showpiece events of the Test match calendar, such as the Boxing Day Test, have been scheduled to suit other cultures. But nothing is now stopping India organising a home Test schedule that will attract the most local attention and the biggest crowds. If India wants to make every home Test match a major event, how about creating a bespoke Test match calendar - the right venue on the right date - to coincide with the prospect of drawing decent crowds?
The BCCI has been perfectly happy to block out international cricket during the IPL window. How about blocking in some high-profile Test matches, organised around Indian holidays, with the same kind of precision and determination? Test cricket needs help. The BCCI can provide it.
India has long aspired to leadership of the world game. But it should aspire to provide not only new leadership but better leadership. It is often said that England ruled international cricket for too long and with too much introspection. The first three World Cups were all hosted by England. Why was London the seat of cricketing power? The simple answer, I suppose, is because it always had been.
That is why I have long argued that there are some very good reasons for the game's axis of power to move to India. India has vastly more cricket fans than the rest of the world added up together. Democracy, in a way, has trumped history.
But do many people doubt, that for all their conservatism, the grey-haired Englishmen who once ran cricket did so largely for the right reasons, in the right spirit, in the hope that they were acting as custodians of the game? Does the same apply to the moneymen who drive decisions today?
All sports have an uneasy relationship with money. And, of course, entrepreneurs and marketeers have their role in the development of sport. But sports are never only businesses, especially not cricket. The game is manifestly very different from the more market-driven American model. American sports always follow the same pattern: the matches nearly always happen in America, and this product is sold around the world. So while global markets may evolve, the identity and flavour of the sport remains essentially American.
Cricket is different. It is a world game that serves many different constituencies. The dictates of the market cannot be allowed to determine who survives or dies. If international cricket consisted of franchises competing in a free market, Pakistan - let alone Zimbabwe and Bangladesh - would have folded and gone bust long ago. But cricket needs its precious breadth and diversity. So it must nurture the weak as well as the strong.
 
 
All sports have an uneasy relationship with money, but sports are never only businesses, especially not cricket
 
World cricket is not just a business. It is an organic being. The well-being of the whole influences the health of every aspect. That is why the leadership of world cricket is more like the stewardship of a trust than a straightforward business. India has a wonderful opportunity to show how well it can serve and administer a precious world enterprise.
International sport has a huge role in shaping a nation's global reputation. India should think carefully about the signals it sends when the BCCI makes sudden demands on broadcasters. For many people around the world, cricket is the only prism through which they see India. First impressions count.
Just think of the kudos New Zealand gains through the achievements and culture of All Black rugby. A nation of three million people produces not only the best team but a sporting dynasty that is an example to the rest of the world. The All Blacks do not trifle with their traditions and responsibilities. Even without the equivalent power exercised by Indian cricket, New Zealand's rugby punches far above its weight - in terms of victories and reputation.
I write as someone who loves India and Indian cricket. The piece of advice that most changed my cricket career came from Rahul Dravid. "Go to India," he said, "bat there, but also just spend time there." I flew myself to India several times in my early 20s and did just that. My exposure to Indian cricket and culture ranks as one of the most formative and valuable experiences of my life.
That was one of the reasons, when my father became seriously ill seven years ago, that I took him to India in the weeks preceding his operation. I knew he would be inspired and revived by the experience. One day we walked around the well-preserved Fatehpur Sikri, the city built by Emperor Akbar in the 16th century. We stood in the courts of justice, we read about Akbar's policy of religious tolerance and his system of fairer taxation. We heard the story of Elizabeth I dispatching an envoy to express England's admiration.
Fatehpur Sikri was the seat of power for only 14 years. Its legacy? Elegance, tolerance and, briefly, an example to the rest of the world.
What will be the legacy of the BCCI's period as the most powerful court in world cricket? They should start thinking about that now. Power can fade as quickly as it arrives.

Hedge funds betting millions against Britain's high street


Hedge funds are betting there will be blood on the high-street this Christmas as Britain’s retail stocks dominate a list of big short positions that has been published for the first time.




The secretive financiers have bet millions of pounds that companies including WH Smith, Home Retail Group, Ocado, Sainsbury, Tesco and Dixons will fall in value, according to a list published under new rules by the Financial Services Authority (FSA).
Lansdowne Partners, one of London’s best known hedge funds, has short sold 0.63pc of the value of Tesco - a £163m bet that the supermarket’s shares will fall. The Mayfair-based group has a 2.51pc short position in WM Morrisons, worth £159.8m.
GMT Capital, an American group, has built up a 3.56pc short position in Carpetright - which is worth just £16.3m but is the third biggest position of the list relative to the size of the company.
Barrington Wilshire, another US fund, has a bet against Mothercare worth £8.24m or 3.18pc of the company’s market value. Two hedge funds have revealed big short positions in Marks & Spencer, whose shares rose 1.18pc yesterday despite revealing a 10pc slide in profits.
Jim Chanos, the famed US short-seller who runs Kynikos Associates, has a 2.52pc short position in Asos, the online fashion retailer. 
The biggest short position by percentage of market value is Greenlight Capital’s bet against Daily Mail & General Trust. The fund manager David Einhorn has built up a short position of 4.4pc of the company worth £80.7m.
But in terms of monetary value, Glencore has attracted among the biggest bearish bets. Och Ziff has a 0.82pc short stake worth £202m in the mining giant which is trying to merge with Xstrata. Elliot Management has a 0.71pc short stake in Glencore worth £175m.
The list, which is the most comprehensive view of bearish bets ever seen, follows the introduction of European rules that came into force on November 1. Under the regulations, all short positions worth more than 0.2pc of a company’s market capitalisation have to be revealed to the regulator. Positions of more than 0.5pc of the market value have to be published.
Hedge fund managers, who prove their worth by making money in markets that go down as well as up, are concerned that the disclosures could hamper their efforts.
Experts in London, where more than 80pc of Europe’s hedge funds are based, argue that short selling improves efficiencies in the markets. But European politicians have held the opaque trading practises responsible for volatility in the markets.
On Tuesday, fund managers said the rules unfairly penalise independent funds while allowing the big investment houses to keep their short positions secret.
Tim Steer, a fund manager at Artemis, said: “Under the rules, managers have to disclose a net short position so big asset management groups can hide their short positions because somewhere they will have a fund that has long-only positions which cancel them out. Pure hedge funds are being penalised because their short positions could antagonise companies.” Investment houses that have hedge funds as well as long-only funds are absent from the list, including Blackrock, JP Morgan Cazenove and Jupiter Asset Management.