Daily Archives: September 15, 2008

Gideon Rachman

Yes, I am aware that the global financial system is in meltdown. But here in Delhi, the big news is that the prime minister of Nepal is staying at my hotel. And he is not just any old prime minister of Nepal: “Prachanda” (his nom de guerre) is a former Maoist guerilla, who waged a ten-year-war against the government, before winning power in elections. The businessmen I met filing into meetings with him at the hotel seemed rather tickled by his revolutionary past and kept saying – “He’s a Maoist you know”, and roaring with laughter.

The combination of a prime ministerial presence and the weekend bombings in Delhi means that security is tight around the hotel – at least in theory. When I set off the metal detector this afternoon, the security guard watching me just laughed – and then bowed deeply.

Despite all the Delhi bustle, I find it hard to stop my mind drifting off in the direction of Wall Street. Is this the long-awaited final crisis of capitalism? They don’t seem to think so here in India where – after years of failed socialism – they are now rather keen on capitalism. Read more >>