The world economy cannot sustain any further rise in the oil price, the International Energy Agency’s chief economist warned as oil prices rose toward a record high for the year.
Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery.
“If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery,” he said of oil prices on Friday, when the European benchmark was around $70.
European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
Fears have been raised over recent months that the inflationary effect of higher energy prices could impact the monetary measures taken by western governments to get their economies out of recession.
Nicolas Sarkozy, French president, and Gordon Brown, UK prime minister, called for better scrutiny of energy markets at the G8 meeting last month in Italy, and the US commodities regulator began hearings last week that are likely to result in more limits on oil futures trade. UK regulators are also considering whether energy futures markets are adequately controlled.
However, Mr Birol said that efforts to curb oil speculation were “a good step”, but were not going to significantly reduce prices.
Mr Birol said poorer countries such as those in sub-Saharan Africa would be particularly hurt by higher energy prices. “They will go through a . . . vicious circle of debt as they did a few years ago in order to finance their oil imports,” he said.
The real problem, he said, was declining investment in oil production, which if anything had worsened in recent months.
“If there is a continuation of declining investment in the upstream sector, in a few years’ time we may have major difficulties.”
He said Chinese demand would be an important determinant of oil prices, and the worldwide supply and demand balance could become very tight if other countries began to grow in 2011 or 2012.
World crude oil prices reached up to $147 in July 2008, but crashed to below $40 by the end of the year.
Francisco Blanch, commodity strategist at Bank of America, said the tolerable range of oil prices appeared to be somewhere between $70 and $80, with $80 being the upper limit of the band for developed economies. At $90-$100 a barrel he said even China could be affected.
He said that lower prices of oil and other commodities late last year was probably more beneficial to the global economy than any government stimulus effort. “This whole recovery is based on more liquidity being added to the system, when in fact the problem is we didn’t have enough oil,” he said.
Wednesday, August 05, 2009
Raksha Bandhan
Raksha Bandhan (the bond of protection in Hindi and Panjabi) is a Hindu festival, which celebrates the relationship between brothers and sisters. It is celebrated on the full moon of the month of Shraavana (Shravan Poornima).[1][2][3][4]
The festival is marked by the tying of a rakhi, or holy thread by the sister on the wrist of her brother. The elder brother in return offers a gift to his sister and vows to look after her same while an elder sister returns offers to her younger brother. The brother and sister traditionally feed each other sweets. It is not necessary that the rakhi can be given only to a brother by birth; any male can be "adopted" as a brother by tying a rakhi on the person, that is "blood brothers and sisters", whether they are cousins or a good friend. Indian history is replete with women asking for protection, through rakhi, from men who were neither their brothers, nor Hindus themselves. In 16th century, Rani Karnavati of Chittor sent a rakhi to the Mughal Emperor Humayun when she was threatened by Bahadur Shah of Gujarat. Humayun abandoned an ongoing military campaign to ride to her rescue.
The rakhi may also be tied on other special occasions to show solidarity and kinship (not necessarily only among brothers and sisters), as was done during the Indian independence movement.
Origins
The origin of the festival is mostly attributed to one of the following mythological incidents:
1. Indra's fight with Vritra - Indra, the king of devtas (gods), had lost his kingdom to the asura (demon) Vritra. At the behest of his Guru Brihaspati, Indra's wife Shachi tied a thread around her husband's wrist to ensure his victory in the upcoming duel.
2. Draupadi and Krishna during the Rajsuya yagya - After Shishupal's death, Krishna was left with a bleeding finger. Draupadi, the wife of the Pandavas, had torn a strip of silk off her sari and tied it around Krishna's wrist to stop the flow of blood. Touched by her concern, Krishna had declared himself bound to her by her love. He further promised to repay the debt many fold. Many years later when Draupudi was about to be shamed by being disrobed in front of the whole court by her evil brother-in-law Duryodhana, she called on Krishna to help her, and he did by divinely elongating her sari so it could not be removed.
Other significant myth's, revolving this sacred festivial, have been passed down for generations in families across India.
History
There are many references to the significance of the Rakhi festival in Vaishnava Theology. Many of these significant historical facts are still not known or recorded.
Vritra-Indra
The origin of this festival is usually traced back to the historical incidents of Indra's fight with Vritra-Indra that resulted in Indra's loss. Then, his wife had tied a thread around his wrist and empowered it with divine powers to make sure Indra emerged victorious in the duel that followed.
Krishna and Draupadi
Another incident is the one from the epic Mahabharat that concerns Krishna and Draupadi, the wife of the Pandavas. She had torn a strip of silk off her sari and tied it around Krishna's wrist to stop the flow of blood Krishna was so touched by her action that he found himself bound to her by love. He promised to repay the debt and then spent the next 25 years doing just that. Draupadi in spite of being married to 5 great warriors and being a daughter of a powerful monarch only trusted and depended wholly on Krishna.
Krishna repaid the debt of love during "Vastra haran"(removing of clothes forcefully) of Draupadi. Draupadi's "Vastra Haran" was done in the assembly of King Dritrashtra, when Yudishter,her husband lost her in gamble,at that time Krishna indefinitely extended her saree, so it could not be removed, to save her pride.This is how He paid his debt towards rakhi tied to him by Draupadi.
King Bali and Goddess Laxmi
According to another legend the Demon King Bali was a great devotee of Lord Vishnu. Lord Vishnu had taken up the task to guard his kingdom leaving his own abode in Vaikunth. Goddess Lakshmi wished to be with her lord back in her abode. She went to Bali disguised as a Brahmin woman to seek refuge till her husband came back.
During the Shravan Purnima celebrations, Lakshmi tied the sacred thread to the King. Upon being asked she revealed who she was and why she was there. The king was touched by her goodwill for his family and her purpose and requested the Lord to accompany her. He sacrificed all he had for the Lord and his devoted wife.
Thus the festival is also called Baleva that is Bali Raja's devotion to the Lord. It is said that since then it has been a tradition to invite sisters in Shravan Purnima for the thread tying ceremony or the Raksha Bandhan.
Yama and the Yamuna
According to another legend, Raksha Bandhan was a ritual followed by Lord Yama (the Lord of Death) and his sister Yamuna. Yamuna tied rakhi to Yama and bestowed immortality. Yama was so moved by the serenity of the occasion that he declared that whoever gets a rakhi tied from his sister and promised her protection will become immortal.
Raksha Bandhan celebrations in India
While Raksha Bandhan is celebrated all over the country, different parts of the country mark the day in different ways. These celebrations happen to fall on the same day, and may not have anything to do with Raksha Bandhan itself or Rakhi.
Tying of rakhi
Perhaps the single most important way of celebrating Raksha Bandhan is by tying the rakhi. A sister ties a rakhi to the wrist of her brother. The tying of a rakhi signifies her asking of her brother for his protection and love for the sister and repay her with a small gift. The brother in turn, accepts the rakhi, confirms his love and affection for his sister. It is a family event where all members of family, dressed in finery, gather and celebrate. The tying of rakhi is followed by a family feast.
On this day the sisters also tie a 'loomba' to the bangle of their brother's wife. A loomba is a loop of string with a charm or some other item attached to the loop of string. This charm or item then dangles from the bangle. The sisters then receive money from their sister's in law.
Rakhi Purnima
Rakhi is celebrated as Rakhi Purnima in North India as well as in parts of Northwest India. The word "Purnima" means a full moon night.it is also called as rakshabhandan.
Nariyal Purnima
In western India and parts of Maharashtra, Gujarat, and Goa this day is celebrated as Nariyal Purnima. On this day an offering of a coconut (nariyal) is made to the sea, as a mark of respect to Lord Varuna, the God of the Sea. Nariyal Purnima marks the beginning of the fishing season and the fishermen, who depend on the sea for a living, make an offering to Lord Varuna so that they can reap bountiful fish from the sea.
Kajari Purnima
In central parts of India such as Madhya Pradesh, Chattisgarh, Jharkand and Bihar this day is celebrated as Kajari Purnima. It is an important day for the farmers and women blessed with a son. On the ninth day after Shravana Amavasya, the preparations of the Kajari festival start. This ninth day is called Kajari Navami and varied rituals are performed by women who have sons until Kajri Purnima or the full moon day.
Pavitropana
In parts of Gujarat, this day is celebrated as Pavitropana. On this day people perform the grand pooja or the worship of Lord Shiva. It is the culmination of the prayers done through out the year.
The festival is marked by the tying of a rakhi, or holy thread by the sister on the wrist of her brother. The elder brother in return offers a gift to his sister and vows to look after her same while an elder sister returns offers to her younger brother. The brother and sister traditionally feed each other sweets. It is not necessary that the rakhi can be given only to a brother by birth; any male can be "adopted" as a brother by tying a rakhi on the person, that is "blood brothers and sisters", whether they are cousins or a good friend. Indian history is replete with women asking for protection, through rakhi, from men who were neither their brothers, nor Hindus themselves. In 16th century, Rani Karnavati of Chittor sent a rakhi to the Mughal Emperor Humayun when she was threatened by Bahadur Shah of Gujarat. Humayun abandoned an ongoing military campaign to ride to her rescue.
The rakhi may also be tied on other special occasions to show solidarity and kinship (not necessarily only among brothers and sisters), as was done during the Indian independence movement.
Origins
The origin of the festival is mostly attributed to one of the following mythological incidents:
1. Indra's fight with Vritra - Indra, the king of devtas (gods), had lost his kingdom to the asura (demon) Vritra. At the behest of his Guru Brihaspati, Indra's wife Shachi tied a thread around her husband's wrist to ensure his victory in the upcoming duel.
2. Draupadi and Krishna during the Rajsuya yagya - After Shishupal's death, Krishna was left with a bleeding finger. Draupadi, the wife of the Pandavas, had torn a strip of silk off her sari and tied it around Krishna's wrist to stop the flow of blood. Touched by her concern, Krishna had declared himself bound to her by her love. He further promised to repay the debt many fold. Many years later when Draupudi was about to be shamed by being disrobed in front of the whole court by her evil brother-in-law Duryodhana, she called on Krishna to help her, and he did by divinely elongating her sari so it could not be removed.
Other significant myth's, revolving this sacred festivial, have been passed down for generations in families across India.
History
There are many references to the significance of the Rakhi festival in Vaishnava Theology. Many of these significant historical facts are still not known or recorded.
Vritra-Indra
The origin of this festival is usually traced back to the historical incidents of Indra's fight with Vritra-Indra that resulted in Indra's loss. Then, his wife had tied a thread around his wrist and empowered it with divine powers to make sure Indra emerged victorious in the duel that followed.
Krishna and Draupadi
Another incident is the one from the epic Mahabharat that concerns Krishna and Draupadi, the wife of the Pandavas. She had torn a strip of silk off her sari and tied it around Krishna's wrist to stop the flow of blood Krishna was so touched by her action that he found himself bound to her by love. He promised to repay the debt and then spent the next 25 years doing just that. Draupadi in spite of being married to 5 great warriors and being a daughter of a powerful monarch only trusted and depended wholly on Krishna.
Krishna repaid the debt of love during "Vastra haran"(removing of clothes forcefully) of Draupadi. Draupadi's "Vastra Haran" was done in the assembly of King Dritrashtra, when Yudishter,her husband lost her in gamble,at that time Krishna indefinitely extended her saree, so it could not be removed, to save her pride.This is how He paid his debt towards rakhi tied to him by Draupadi.
King Bali and Goddess Laxmi
According to another legend the Demon King Bali was a great devotee of Lord Vishnu. Lord Vishnu had taken up the task to guard his kingdom leaving his own abode in Vaikunth. Goddess Lakshmi wished to be with her lord back in her abode. She went to Bali disguised as a Brahmin woman to seek refuge till her husband came back.
During the Shravan Purnima celebrations, Lakshmi tied the sacred thread to the King. Upon being asked she revealed who she was and why she was there. The king was touched by her goodwill for his family and her purpose and requested the Lord to accompany her. He sacrificed all he had for the Lord and his devoted wife.
Thus the festival is also called Baleva that is Bali Raja's devotion to the Lord. It is said that since then it has been a tradition to invite sisters in Shravan Purnima for the thread tying ceremony or the Raksha Bandhan.
Yama and the Yamuna
According to another legend, Raksha Bandhan was a ritual followed by Lord Yama (the Lord of Death) and his sister Yamuna. Yamuna tied rakhi to Yama and bestowed immortality. Yama was so moved by the serenity of the occasion that he declared that whoever gets a rakhi tied from his sister and promised her protection will become immortal.
Raksha Bandhan celebrations in India
While Raksha Bandhan is celebrated all over the country, different parts of the country mark the day in different ways. These celebrations happen to fall on the same day, and may not have anything to do with Raksha Bandhan itself or Rakhi.
Tying of rakhi
Perhaps the single most important way of celebrating Raksha Bandhan is by tying the rakhi. A sister ties a rakhi to the wrist of her brother. The tying of a rakhi signifies her asking of her brother for his protection and love for the sister and repay her with a small gift. The brother in turn, accepts the rakhi, confirms his love and affection for his sister. It is a family event where all members of family, dressed in finery, gather and celebrate. The tying of rakhi is followed by a family feast.
On this day the sisters also tie a 'loomba' to the bangle of their brother's wife. A loomba is a loop of string with a charm or some other item attached to the loop of string. This charm or item then dangles from the bangle. The sisters then receive money from their sister's in law.
Rakhi Purnima
Rakhi is celebrated as Rakhi Purnima in North India as well as in parts of Northwest India. The word "Purnima" means a full moon night.it is also called as rakshabhandan.
Nariyal Purnima
In western India and parts of Maharashtra, Gujarat, and Goa this day is celebrated as Nariyal Purnima. On this day an offering of a coconut (nariyal) is made to the sea, as a mark of respect to Lord Varuna, the God of the Sea. Nariyal Purnima marks the beginning of the fishing season and the fishermen, who depend on the sea for a living, make an offering to Lord Varuna so that they can reap bountiful fish from the sea.
Kajari Purnima
In central parts of India such as Madhya Pradesh, Chattisgarh, Jharkand and Bihar this day is celebrated as Kajari Purnima. It is an important day for the farmers and women blessed with a son. On the ninth day after Shravana Amavasya, the preparations of the Kajari festival start. This ninth day is called Kajari Navami and varied rituals are performed by women who have sons until Kajri Purnima or the full moon day.
Pavitropana
In parts of Gujarat, this day is celebrated as Pavitropana. On this day people perform the grand pooja or the worship of Lord Shiva. It is the culmination of the prayers done through out the year.
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