The sun has finally set on what has been a wild roller coaster year leaving us dazed and breathless at the same time. Unimaginable events have taken place and the pace of events has been unprecedented.
In fact, 2008 can be called the Black Swan year. “Black Swan” is a concept coined by Nassim Nicholas Taleb, author of Fooled by Randomness and The Black Swan – The Impact of the Highly Improbable.
A Black Swan is a highly improbable event with three principal characteristics – its unpredictability, its massive impact and, after it has happened, our desire to make it appear less random and more predictable than it actually was.
This year has seen a series of continuous Black Swan events both in
Let me try and recount some from an Indian perspective….
- The stock market crashes in January and October has been a severe and traumatic experience. Millions of investors suffered large losses.
- The commodity meltdown was unexpected, sharp, sudden and deep. This has hurt investors, companies and thousands of businesses. Large losses have meant businesses have become ultra cautious.
- Hyper - Inflation in oil prices and its equally sudden and inexplicable fall has left deep scars on the Indian fiscal scenario. Food inflation has led to a piquant situation.
- Series of terror acts climaxing with the Mumbai attacks have had such a deep impact on our collective psyche, that even a month later we are not too enthused on celebrating the onset of the New Year. The mood is somber and most have preferred to stay at home.
Well we also have had our share of successful black swans. These have been in the pipeline for some time and we should be seeing the fruits soon –
- Launch of the Nano – showcased the capability of the Indian brand of frugal engineering and world class quality.
- The Chandrayaan launch has been a harbinger of sorts. I believe that this small step will eventually lead to great leaps for
in the coming three – four decades. India
- The IPL T20 cricket tournament has the potential of redefining cricket as a game and spectator participation
It is normal to magnify the bad memories and make light of the good. The mind has a tendency to blindly accept the negative and doubt the positive.
At this critical juncture and as we march on to a new page on the calendar, our confidence is dented, we are angry at our political class and frustrated at our inability to be assertive and take decisive action against Pakistan. We are also staring, perhaps for the first time, at job insecurity, pay cuts and a possible economic slowdown.
In the midst of all this gloom - Hope Springs Eternal in the Human Breast
We shall bounce back!!!
I feel that we have so much going for us and there is so much work yet to be done, then why are we so despondent? We just refuse to recognize our strengths and find strange comfort wallowing in despair. The so-called economic woes are temporary and there is no need for IRRATIONAL PESSIMISM.
I would like everyone to believe that the best years lie ahead of us. The onus is on us to make this possible. Please share your thoughts and optimism and those believing otherwise do come here – we may have a cure for you.
Let me end this post wishing my blogger fraternity a GREAT YEAR AHEAD.