Categories
Video

This man’s office has the world’s best views

Categories
Links

Linkfest:Jan 07, 2013

Some stuff I am reading today morning:

NSE refuses to pay for freak trade by Emkay Global (ET)

UP cane growers forced to sell below SAP (Businessline)

Sahara must explain where it got the money for London hotel purchase (Firstpost)

The economy is bottoming out (Mint)

Tax free bonds may get the axe (BS)

The rise of high end finance work in India (AjayShah)

Why Warren Buffett keeps buying Wells Fargo (GuruFocus)

Patriots and Psychopaths (Mediacrooks)

Should this trader make a comeback? (SMBTraining)

Why potash prices have crashed (Quartz)

Turkey offers two options for people with nothing nice to say about its markets (Dealbreaker)

Categories
Video

Alcohol aware glowing ice cubes

Dhairya used to be my neighbor in Mumbai !

Categories
Links

Weekend Mega Linkfest:05 Jan 2013

Some interesting off beat reads for the weekend:

K Klutch Klan -How Tamil Nadu was turned into a family estate (Tehelka)

Merc is worship (Open)

Pune maybe India’s grumpiest city (Caravan)

Rapes won’t stop this way (Newslaundry)

How online romance is threatening monogamy (Atlantic)

A pickpocket’s tale (NewYorker)

The 10 craziest things employees tried to expense last year (Businessweek)

How the tree frog has redefined our view of biology (Smithsonian)

Obesity and health (Economist)

How heirs of Mao’s comrades consolidated unimaginable wealth in China (Bloomberg)

Dish Network, the meanest company in America (BusinessWeek)

Don’t stop running (TheAwl)

How much Tech can one city take? (SanFrancisco)

Best bargain adventure holidays in 2013 (Guardian)

Regressive narratives (GreatBong)

Unscripted encounters with Dibakar Banerjee (Caravan)

How UPS moves 2000 packages every 17 seconds (Engadget)

The bluffer’s guide to Tequila (GQIndia)

Car Review: BMW M5 (TeamBHP)

An old woman and her dogs (JaiArjun)

Categories
Music Quotes

The beat goes on

When the Fed now writes $85 billion of checks to buy Treasuries and mortgages every month, they really have nothing in the “bank” to back them. Supposedly they own a few billion dollars of “gold certificates” that represent a fairy-tale claim on Ft. Knox’s secret stash, but there’s essentially nothing there but trust. When a primary dealer such as J.P. Morgan or Bank of America sells its Treasuries to the Fed, it gets a “credit” in its account with the Fed, known as “reserves.” It can spend those reserves for something else, but then another bank gets a credit for its reserves and so on and so on. The Fed has told its member banks “Trust me, we will always honor your reserves,” and so the banks do, and corporations and ordinary citizens trust the banks, and “the beat goes on,” as Sonny and Cher sang. $54 trillion of credit in the U.S. financial system based upon trusting a central bank with nothing in the vault to back it up. Amazing!-from Bill Gross