Bhutan’s happiness conference at UN amid financial crisis back home

  1. Share
    @DRUKgyalkhab People are already painting a fairyland-like image of Bhutan in New York. It’s an insult to some Bhutanese sentiments
  2. Share
    GNH must have bottom-up approach.Trickledown failed. Wasting money on GNH conferences.Irony is,I am sure,it’s happening in a five star hotel
  3. Share
    happiness in New York. Crisis back at home. Our leaders losing it???
  4. Share
    What is "Gross National Happiness" ? Explained by Morten Sondergaard
  5. Article from national newspaper Kuensel on the crisis  

    You have Nu 100 in your pocket, but Nu 80 belongs to friends, from whom you borrowed money and need to pay back.That is the state of the Bhutanese economy, according to latest figures maintained by the central bank. http://www.kuenselonline.com/2011/?p=28774

  6. More from Kuensel

    In 2007, Bhutan’s Rupee borrowings were INR 4B, and in 2008 the government of India extended a standby credit facility, from which Bhutan could borrow Rupee of up to INR 3B, at a lower rate of interest than that of the State Bank of India.In 2010, Rupee borrowings increased to INR 8B, and to INR 11B in 2011, with domestic consumption growing faster than exports to India.The government has been meeting with the Indian government, requesting them to increase the limit of borrowings by an additional INR 3B for the government of India standby facility, and SBI borrowings to INR 10B, in April this year.

  7. The country is now rationing rupee and new loans for construction and vehicles are suspended. An informal rupee black-market mushrooms along the India-Bhutan border where rupee, actually pegged to the Bhutanese ngultrum, is sold at a rate as high as 30%. Meanwhile, Bhutan borrows rupee from the State Bank of India at a 10% interest to meet the shortage. The pursuit of Gross National Happiness is expected to address issues including over indulgence in materialism or to put it in simple terms, money. 
  8. GDP does not reflect happiness goal, a press release on the conference

    This emerging international consensus was manifested in July last year when 68 countries joined Bhutan to co-sponsor a UN resolution on “Happiness: Towards a holistic approach to development,” which was adopted by consensus by the 193-member United Nations. The resolution stated that “happiness is a fundamental human goal and universal aspiration; that GDP by its nature does not reflect that goal; that unsustainable patterns of production and consumption impede sustainable development; and that a more inclusive, equitable and balanced approach is needed to promote sustainability, eradicate poverty, and enhance wellbeing”.
  9. Bhutan Opposition Leader tweeted a blog where he predicted the crisis
  10. Share
    My first rupee shortage blog post, written more than three years ago bit.ly/xh0JSK
  11. Share
    “No Indian rupees, no meat, it is a simple as that” – Meat Shop owner fb.me/IfPU5VUf
  12. Share
    Rupee issue. RMA GOV: Reality#6 We have been mindlessly buying importd stuff n discarding our own products including red rice and vegetable
  13. Share
    I wished this Rupee Crisis happened ages ago,so that we learn how 2 sustain ourselves, rather than depending on India for evry little things
  14. Share
    By the way in today’s Kuensel, I conveniently skipped reading Dasho Ura’s piece on GNH. Sorry but it is almost the same thing always
  15. Share
    @needrupzangpo the alternate development/economic paradigm that PM is talking abt in the west must be applied here, first
  16. Share
    Sermonising on #Happiness elsewhere is an egregious disrespect for the Bhutanese bearing the consequences of the rupee problem
  17. Share
    A short history of Bhutanese currency t.co/n9yUcGB5 #Bhutan #currency #Himalayas
  18. And @NYTimes wrote an article on the conference.
  19. Share

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s