Bloomberg: The Dalai Lama, Tibet’s exiled spiritual leader, blamed a lack of spirituality among people today for the global financial crisis. The Buddhist monk, speaking during a weeklong religious seminar in the Indian holy city of Varanasi, told followers that “rampant corruption in the world” is due to a decline in culture and spirituality. “People have become selfish and materialistic, which has led to the economic slowdown,” the 73-year-old Nobel Peace Prize winner said in an address at the Central Institute of Higher Tibetan Studies yesterday, Indian state-run broadcaster Doordarshan reported. The U.S. housing slump that began in 2007 has developed into a worldwide crisis that forced central bankers to cut interest rates to near zero to unlock credit markets, pushed governments to bail out their biggest banks amid $1 trillion of writedowns, and sent titans like General Motors Corp. and American International Group Inc. begging for bailouts.
Pope Benedict XVI, reflecting on the crashing stock markets and financial turmoil, said in October that money “is nothing” and the only solid reality is the word of God. “He who builds only visible and tangible things like success, career and money, builds the house of his life on sand,” the 81-year-old pontiff told bishops at an assembly in the Vatican.
Hey it it is time to seriously consider reading the teachings of the Great Confucius in Di Zi Gui.
* Bloomberg: 1) Euro falls to one month low versus Dollar on ECB rate view this Thursday.
2) RBS sees growth in China may slow to 5% this year. 3) Germany has agreed to spend an additional USD66.8b in the next 2 years, its second attempt to stem the worst recession since WWII in Europe's largest economy.
* FT.com: Ireland blames UK for engineering Sterling's slump.
* Aussie and NZ dollars fall on worsening outlook for world economy. As at yesterday, 1 AUD=RM2.44, 1 NZD=RM2.06
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