We have witnessed the "worst policy mistake in a generation," if economist Vincent Reinhart is right in his criticism of the Federal Reserve's actions regarding Bear Stearns.  Today's Wall Street Journal brings us that glad tiding, along with the news that airfares rose 10.2% last month and will go higher if industry merger efforts are successful.  But things could be worse--you could be an Olympic torchbearer.

We're learning why the torch has stirred such an uproar in anticipation of the Summer Olympics in Beijing.  Today's New York Times reports that the symbolic flame will make its way to Hong Kong on Friday, as protesters are preparing for another round of demonstrations there.  As we saw yesterday, much of the furor has to do with the nation of Tibet and more specifically with the Dalai Lama.  Who is he?  What is he?

It's always best to let people tell their own story, so I'll summarize the biography on the Dalai Lama's website.  He was born Lhamo Dhondup on July 6, 1935 to a farming family in northeastern Tibet.  At the age of two he was recognized as the reincarnation of the 13^th Dalai Lama, Thubten Gyatso.  We'll discuss the institution of the Dalai Lama later.

"His Holiness" (the typical way to address the Dalai Lama) began his monastic education at the age of six.  At the age of 23 he was awarded the equivalent of a doctorate in Buddhist philosophy.  He became the political leader of Tibet after China's invasion in 1949.  After the failure of the 1959 rebellion, he was exiled to Dharamsala in northern India, where he leads the Tibetan government in exile.

In 1987, His Holiness proposed a "Five Point Peace Plan" which would establish Tibet as a zone for peace in central Asia.  In 1988 he elaborated on his proposal that Tibet become autonomous in culture and religion while China would take responsibility for the region's foreign relations and military defense.  In 1992, His Holiness announced that he would transfer his political authority to an Interim President once Tibet becomes a free nation again.  In 1989 the Dalai Lama was awarded the Nobel Peace Prize for his non-violent struggle to liberate Tibet.  He has traveled to more than 62 countries on six continents, but describes himself as a simple Buddhist monk.

The current Dalai Lama is the fourteenth in a line which began with the first Dalai Lama, Gedun Drupa, born in 1391 in central Tibet.  His given name was Pema Dorjee.  He started a tradition which continues to this day and has touched much of the world.  How is the Dalai Lama chosen?  What does he do?  Let's continue tomorrow.

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