Will We Have a Global Currency?

Reuters reported today that Japan, Germany and Canada, and Japan pledged new measures to confront the financial crisis.

The Belgian government officially collapsed over the weekend.

In neighboring Belgium, King Albert consulted political leaders after the government collapsed following its botched attempt to bail out financial group Fortis.


Prime Minister Yves Leterme tendered his government's resignation on Friday after a report by the Supreme Court found signs of political meddling to sway a court ruling on the future of the bank, a victim of the credit crunch.

This worldwide nature of the crisis, and the multinational efforts to meet it, call for extraordinary measures. Could one of those measures be to create a global currency? Some advantages:

• It simplifies commerce between countries
• It provides stability to volatile currencies
• It lessens the fluctuations for global organizations, that may buy materials in one country, have manufacturing in another, and sell in another.

People that won't like it:

• Companies that make money from the cost differential. There will still be a cost differential, just as San Francisco is more expensive than Topeka Kansas, although they use the same currency.
  
• Individuals that make money betting on the foreign exchange.
  

Is that really such a bad idea? :-)

-Paula

Status of Professional Businesswomen in India

In the past, the Indian traditions followed from ages never allowed a ‘Woman’ to rule the business world like her male counterpart could. In this country, women play a prominent role in the well-being of her family. It may be due to this reason, Indian Women were discouraged from holding high managerial roles of the corporate world over the last decades.

The courage and determination exhibited by many enterprising women of the country to revolt the traditional rules has helped ‘Indian Women’ find a more respectable status in the society and encouraged the new generation to follow. Currently, India is undergoing the feminist phase that U.S. went through during the early ‘70s. The advent of globalization encourages educated middle class women to take up opportunities to build her own dreams and excel in professions which were earlier perceived as complete male domain.

Although it’s quite ironic that ours is a nation where maternal mortality rates are among the worst in the world, yet the country can boast of the world’s largest number of professionally qualified women when compared with developed countries.

I would personally state the impact of the increased role of the private sector, the IT boom and the increase in the number of MNCs that have sprung up all over the country are among the notable reasons behind the success of the professional businesswoman of the country-in both professional and public sphere.

Have you changed your business travel plans or habits because of terrorism?

A very dear friend of ours lives in Mumbai.

In fact, she persuaded me to drink coconut water (an excellent cure for "traveler's tummy") in the Sea Lounge in the Taj Mahal hotel, across from the Gateway to India monument on the Mumbai waterfront last March.

She works at the Times of India and was in the neighborhood of the recent attacks in Mumbai. In fact, the Times of India building was fired upon. We had not heard from her for several days and did not know what to think, but I'm relieved to report she's unhurt. She just didn't have access to email for a few days. She watched the Taj and the Oberoi go up in flames.

My husband and I were discussing the events in Mumbai over the weekend, while sitting in a restaurant in Salt Lake City. Ironically, while we were sitting there, we saw lights through the window and heard sirens outside. There had been a very bad car crash outside the restaurant.

This put these events in perspective for us. We are concerned for the safety and happiness of our friends and family, wherever they are, and we take what precautions we think are prudent when we travel, but the fact remains that the statistical likelihood of being harmed in a terrorist attack is so low it is almost negligible compared to everyday risks like driving a car or crossing the street in our own neighborhood.

Would I return to Mumbai tomorrow? Absolutely. Would I stay in the Taj or the Oberoi? Absolutely, if they're open. They are beautiful, historic, wonderful hotels and will be so again.


I posted the question on my Linked In profile, and wanted to share some of the responses with you:

Have you changed your business travel plans or habits because of terrorism?

Here are the responses I received.

_________________________________

No. But, I am keeping extra time for obvious checks and delays at check-points during travel.

I am avoiding meeting people in soft targets, and keeping the entry and exit routes in perspective while entering a crowded place.

Subhas C Biswas
Trainer, Consultant and Auditor (9001, 14001, 16949 & 18001). subhascb@gmail.com
______________________________

I will probably be staying at less high profile hotels for future trips to locations that may be targeted.

Other than that and the points mentioned by Subhas, I will not make any changes.

Martin Kubler FIH
International Hotelier
__________________________

I have made allowances for longer delays at airports for security checks and certainly I pay more attention to the news of what is going on at my destination. On the whole NO.

Oussama Salah
Head of Quality Assurance and Safety at AJA
________________________

I continue to travel as I have always done even after 911. If an incident of terrorism had occured somewhere today I will not be rushing over there but if I had to go there in a week or two I have no problem in visiting that city on business. Terrorism has become a worldwide threat and we should not let that get on top of us. We need to stay on top!

Cheers

Raja
International Strategic Business Consultant, Life Science, Animal Health, Pest Control, raja@biznezconsultant.com
______________________________

Dear Paula,

I was at the SF airport while all hell broke loose in Mumbai. And honestly it was very frustrating considering that I had at least 4 meetings while I was in US where the decision-makers were to visit us in India between Dec and Feb and my first reaction was that they will now not come. But I spoke with them on Friday and they all plan to stick by the initial itinerary irrespective!

So, I think that today a business traveler’s mentality is so attuned to terrorism that such incidents rarely have effect on their direct and physical dealing with any region globally. I mean you could be in Paris, New York or Joberg and still be under as much threat.

Of course unless you are talking about war zones where chances are that on any given day you would get caught in crossfire, that being said I think while visiting India fighting pollution, water-born diseases and traffic is a bigger challenge than terrorism!

On the whole I am kind of happy that the security checks at both airports and hotels will get ramped-up, it will make me feel more secure. I will make more time for all of that.

But other than that me or anyone I know personally is no way changing travel plans because of the utterly sick yet freak incident in Mumbai.

Thanks,

Viraj
Viraj Kalra
Vice President Animation and Media at Planman Technologies

PS - I read the content you sent across earlier and I think it is a great read and as informative as it gets.

_______________________

Given the overall freak-out of 9/11 and the London-based cell that sparked the liquids bans/restrictions, Mumbai's attacks won't have that much of an impact on domestic US or US to EU business travel. For all of the horror of Mumbai, the US DHS "alert" is so high as it is that the attacks didn't even register a blip. (No doubt the fact that the US has so little influence on Indian domestic policies plays the most significant role here.)

That said, I would encourage President Obama's DHS people to drop the daily security "alert" from Orange back to Green. We've had seven years of "high-alert" conditions now, it's the norm. Put some respect back into the system, and then TSA could raise green to yellow for things like Mumbai.

Edward Branley
Storage Area Networking Expert (HDS & EMC), Published Author, New Orleans Historian, Streetcar Historian/Afficianado
________________

Hi Paula,

I have changed any plans. I think it would be a shame if anyone did, albeit appropriate precautions should be taken by all including the authorities. We just can't let terrorists run our world.

Josh.
Josh Chernin
General Manager, Itinerant Writer, and Decent Little League Coach

______________

No. I plan to work at home just the way I was before Mumbai.

Serously, I told my friend Kevin Wall that I'd head to Mumbai this week, to help hold together the Live Earth-India concert that was scheduled for Mumbai on Dec. 7, but Al Gore, Wall, and Rejendra Pachauri canceled the event. It is easy for me to say since my name isn't on the line for it, but I do feel that it was the wrong move, and that Gore was a fraidy cat for pushing the other two partners to cancel.

First of all, there's so much vigilance, Mumbai is going to be one of the safer mega-cities for a while. Terrorists hit where people aren't looking, not where they ARE. So it is kind of naive to back out bc of a 'heightened threat level.'

Second, they could've scaled back the concert into something very small, somber and symbolic, all Indian artists, and it would have been an even more important event than any kind of 'Bon Jovi Against Global Warming' concert would have been...but they backed out. It was a gigantic opportunity and they missed it. Sad but true. This has a down-impact for sure on travel and smothers what could have been the first positive news from Mumbai since the attacks.
Links:

• http://www.gamechangers.com

Mike Bonifer
Author, Educator, CEO at GameChangers

___________________________

Unfortunately, I've been forced to cancel today's arrival in Bangkok and travel via Singapore. On the return portion of the trip, I hope to be able to stop in Bangkok. I will be careful. But I refuse to allow terrorists to keep me from traveling. I could more likely be killed jay-walking in Paris or in NYC.

Links:
http://www.bonjourparis.com
http://www.tripso.com

Karen Fawcett
President at Paris New Media, LLC & BonjourParis.com

____________________________

Paula,
Can you predict where the next terrorism attack will take place? I can't, so how should I change my plans for business or pleasure?

If people begin to run scared of a perceived attack, then they win! My ego will not permit it. Which city will you give up:
NY
Paris
LA
Madrid
London
Dublin
Jerusalem
Cairo
Mumbai
Amman
Argentina
What have I forgotten?

Adrienne Sasson
Travel Specialist (LION) at Rubinsohn Travel

_____________________________

Nope, I have not changed any travel plans. But surely staying away from gatherings or any other crowded places

Pooja Gupta
Project coordinator at Brickwork

________________________

Hallo Paula,

Thank you for this question - which is interesting because the welfare of our global economy, even in these uncertain times, depends for a great deal on the continued exchange of capital, goods and services worldwide.

As far as I am concerned, I guess I wouldn't cancel a businesstrip to Mumbai if the business requires my traveling there. It seems to me that there is no more actual danger, either in Mumbai or anywhere in the world, than one would come across in Belgium when negotiating the ring road around Brussels, or any road of the sorts, during rush hour.

As a matter of fact, terrorist threats pose a problem all over the world, and no less in Europe than anywhere else. I guess we will just have to learn how to cope with a lasting feeling of unsafety and uncertainty created by our current political turmoil.

I realize that this attitude of mine might well be influenced by the mere fact of my belonging to an at first sight insignificant national citizenship (Belgium). I am not quite sure that I would be as much at ease if I would be holding an American passport.

However: Even for Americans, the news might not be all that bad, for, as Fareed Zakaria has mentioned in his much acclaimed The Post American World (2008), "It seems that we are living in crazily violent times, but don't believe everything you see on television. Our anecdotal impression turns out to be wrong. War and organized violence have declined dramatically over the last two decades."

So, it appears that, maybe, our world and our global exchange situation isn't in such bad health after all.

Kind regards,

Michaela Broeckx
International & Intercultural Business Trainer

Links:
http://www.fareedzakaria.com/

________________________________

What do you think? Reply below or write to paula@ravenwerks.com

Is Now a Good Time to Consider a Venture in the US?

I wrote this as an introduction for 16 Vital Questions, A Primer for Indians Traveling in the U.S. ICFAI Books will be publishing this book soon as a guide for students and interns from India planning a sojourn into the U.S. for work or school.

But I thought it would be particularly relevant to the group here as well since we talk about multicultural issues and the interdependence of our economies!


Introduction –Is Now a Good Time to Consider a Venture in the US?

Mr. Muralidaran, the General Manager at ICFAI Books, wrote me a question last night that gave me pause.

In view of the recent happenings in the US (financial crisis, recession in the economy, job cuts, and the presidential elections) I was wondering whether you would like to make some modifications to your book.

My first thought was that I didn’t want to change or add anything.

The information in the book is as complete as we can make it, barring the usual volatility of situations. Everything is still true and correct. The opportunities in the U.S. are always changing, but there are always excellent opportunities here for bright, ambitious people.

But then I started thinking about all of the parents that will read this book as they consider educational and professional opportunities for their children. My son Michael (we call him Mickey) just moved into the dorms and started as a freshman at the University of Nevada Las Vegas, which is about six hours by car from where we live. As a parent, this still seems like it’s a very long way away. If the best opportunity for his particular desires and ambitions had been literally halfway around the world, I would have had some trepidation. I would want to know everything I could find out about the place he would be spending time. These decisions bear careful consideration and what we’ve been reading and hearing in the news is enough to make anyone second-guess a good decision.

I decided that 16 Vital Questions can’t be published without some mention of the unprecedented activity of the last three to six months.

Economics and politics work in cycles, like the weather. We know that every year there will be winters and summers, as well as some unpredictable “storms.”

Economics – The cycles of the stock market are well known. Recent banking failures give us all pause. These organizations made bad financial decisions and, although there is disagreement among Americans about whether government (taxpayer) money should be used to sustain and repair them; the decision for better or worse has been made and we will find out how things progress.

The long-term implications are unknown, but history tells us that the United States has a very resilient economy. This may be the “winter” part of the economic cycle. There is lots of discussion about how long or cold the “winter” may be where the next storms might happen, but no one doubts that there will be a recovery. The very size, diversity and complexity of the U.S. economy create new opportunities out of every failure. If stockholders who held shares during the Great Depression of the 1920s (the worst financial crisis in our history) had simply held on to their stocks for one or two years, their holdings would have come back to their previous value.

The Financial Times of London reports today (11/18/2008)

Economists believe that the US has been in recession since April and will remain there until the middle of 2009, according to a survey by the Federal Reserve Bank of Philadelphia.

This is actually excellent news for anyone planning an education or venture in the US. Prices for housing, fuel and food are lower than usual at the moment; and as the economy improves, (as it certainly will in the next one to three years) there will be more opportunities in that follow.

It’s not a bad time to begin a career in the US, if one can find a solid opportunity in a growth industry in some parts of the US. Unemployment is higher than usual at the moment, and it may be prudent to look very carefully at the finance and heavy manufacturing industries until we know more about how events will play out in the next few months. But there are industries that are doing very well.

Two examples of heavy manufacturing depend a great deal on a variation of product and region - The automotive industry in Detroit Michigan is laying people off, but the Cessna small airplane factory in Independence Kansas has not even slowed down.

Good opportunities can be found if you research variations within an industry and look in different parts of the country.


Politics – Barack Obama’s election has created excitement among young people all over the world.

Last night, (11/17/2008) my blogging buddy Rajani Paniker from Bangalore posted this on the Ravenwerks Blog:

The Chancery Pavilion at Bangalore witnessed Obama’s supporters eagerly waiting for the latest U.S. Presidential election updates. When the final results were telecast on the television, a loud cheer was heard and people were found hugging and congratulating each other. . . .

Events here in the US impact India much more than they did several years ago, and events in India are watched from the United States with much greater interest as we find our companies, economies, friendships and families more interconnected than ever before.

Conclusion -

I look forward to an era of continued cooperation, collaboration and prosperity between the U.S. and India. In four years, when my son Mickey graduates from college, I expect that we will be back to the “summer” part of the cycle yet again. If you, or your loved ones are able to make a trip, I hope that the cycles of economics and politics work in your favor. I am sure that traveling and commerce brings us better understanding, prosperity and friendship.

Warm regards and best wishes in your endeavors and travels,

-Paula Williams
www.ravenwerks.com
Transcending Boundaries

Election of Barack Obama and Bangalore

Barack Obama led the Democrats to a sweeping victory in the U.S. President elections recently. His victory was rejoiced in all parts of the world. As the world celebrated this historic victory, India was not far behind. Although the election was held at the United States, rallies by the Bangalore techies were conducted during weekends to induce awareness among people on the importance of Obama’s Victory. Obama supporters from India were found Texting, calling up, emailing friends and relatives in the U.S. to cast their vote for him.

The Chancery Pavillion at Bangalore witnessed Obama’s supporters eagerly waiting for the latest U.S. Presidential election updates. When the final results were telecast on the television, a loud cheer was heard and people were found hugging and congratulating each other at the Chancery Pavillion. The Barack Obama Bangalore Fan club has nominated volunteers to attend his oath taking ceremony to be conducted on Jan 20^th of 2009 and have decided to donate $4, 100 to his election fund. Along with the World, Bangalore rejoices Obama’s Victory in the hope of better global economic and political stability.

The Misplaced Arrogance of Some Foreigners

My friend Ange "the cactus" has pointed out one HUGE reason to do research before undertaking any international business travel or projects with multicultural teams. Sometimes misinformation can lead to some HUGE misunderstandings.

I cannot stress the danger of making assumptions enough!

http://thisbluemarble.blogspot.com/2008/11/misplaced-arrogance-of-some-foreigners.html

Sometimes, friends should be frank. Ange can always be counted on for that!

-Paula

Two tales of misplaced fear

I'm interviewing women for my upcoming book on international business travel for women, and learning a lot about fear. Many women don't travel because they're worried about things that could happen. Well, things will happen, whether at home or abroad, both good and bad.

Rinku Sood, a retail specialist, related a story about how she set off alarm bells in an airport in China with a bag she was carrying for her boss, Mr. Sharma. Raising the level of anxiety, Rinku was traveling with a pregnant colleague who was suffering from stomach distress.

Apparently Mr. Sharma is a vegetarian and he carries food and utensils with him when he travels, and the bag he had asked Rinku to carry happened to have a knife in it.

Between recent terrorist activities and difficulties with the language barrier, our friend Rinku could have ended up in a Chinese prison - she said she was having unpleasant scenes from old movies running through her head while the police were called.

Eventually, cooler heads prevailed, the situation was explained and Rinku was able to catch her flight with her sick friend.

The other story also involves a knife - in this case, a teenager at a high school had helped a friend move over the weekend, and in the untidy mess of kitchen stuff a knife had fallen to the floor of the car, and remained there unnoticed, until . . .

The boy drove his car to school as usual on Monday and parked it in the school parking lot. Later that day, a security guard at the school was walking around the parking lot and happened to see the shiny knife sitting on the floor of the car. (Recently publicized events of violence in schools apparently came to his mind.) Since the school had a no-tolerance policy for weapons, the boy was EXPELLED from SCHOOL while an investigation ensued.

School officials interviewed the kid's friends, parents and teachers to ensure that he wasn't depressed, suicidal or crazy, and eventually he was allowed to return to school.

The point (bad pun) of both of these stories? We live in a society where most fear is misplaced and causes much ado about nothing. If we live among other people, we have to live with the fact that they have the potential to do us harm, with or without a knife. We just need to recognize that the probability of that that potential usually amounts to nothing.

We can't eliminate all risk, just be rational about it. The probability of staying home and dying from heart disease (due to stress, overwork and inactivity) is much greater than the probability of death or injury from anything that could happen while traveling internationally.

But for some reason, our fears are all in the wrong place.