Archive for July 5th, 2016

Yanis Varoufakis and Noam Chomsky discuss Greece, Europe and State of economics

July 5, 2016

This is as good as it gets. Yanis Varoufakis and Noam Chomsky discuss several issues under the sun. This happened before Brexit (26 Apr 2016) and has been recently put on Yanis Varoufakis’s website.

NOAM CHOMSKY: Well, we can talk about the neoliberal assault on the world’s population in the last generation, which you’ve written so brilliantly about.

YANIS VAROUFAKIS: What strikes me given the last quite eventful year of my life, what really strikes me is the major disconnect between the philosophy and ideology of neoliberalism and that which I encountered when negotiating, inverted commas negotiating, when being dictated by the greater good of the neoliberal international financial establishment. Think about it. If you take the great libertarians, the great neoliberals, who castigate all tax-funded activities, and you consider the reason why I’m here today and I’m not still the minister of finance of Greece. Why? It’s because I refused another hundred billion smackers, dollars, of tax-backed loan to my insolvent government, which the creditors insisted that I should take.

NOAM CHOMSKY: The three-year loans.

YANIS VAROUFAKIS: It’s astonishing, so here it is, here you have the international monetary fund, the European Central Bank, and the European commission insisting that our bankrupt state takes on another hundred billion, under conditions that guarantee we will not be able to repay the taxpayers of Europe that will be granting us that money, and that comes from neoliberals, who supposedly are against all tax-funded loans to government, and who supposedly believe that an insolvent entity doesn’t have the moral right to take on more loans.

NOAM CHOMSKY: But as you point out, what is it, 90 percent of those loans go to French and German bankers.

YANIS VAROUFAKIS: That was the first loan. This loan it would go from the one pocket of the creditors to another pocket of the creditors so they would maintain the pretense that Greece was not bankrupt. But effectively what I’m trying to say is the intense hypocrisy of the neoliberal establishment, which is not really even interested in sticking to its own neoliberal ideology. This is just nineteenth-century power politics of crushing anyone who dares stand up to them and say a simple word, “No.”

Read the rest for more details. Lots of stuff in there..

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Customers voice concerns over merger between SBI and State Banks/SBI Associates

July 5, 2016

As govt announced SBI’s merger with State Banks, there was opposition over State Bank of Travancore merger by Kerala State. However, Govt went ahead and passed the merger. This was basically due to the fact that monetary and banking matters lies with the Centre. States can just oppose but it remains there. Opposition of Bank Unions matters more.

In another twist, now customers have voiced concerns over the merger. Why? SBI will miss the personal touch of these small state banks:

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Why Myntra abandoned its app-only strategy…

July 5, 2016

Myntra made headlines by deciding to go only the app way and shut its website. The headlines had to rewritten soon as it had to relaunch its website.

What explained this move? Well, people continue to prefer desktop shopping..

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Should India’s Mutual fund industry have its Jan Dhan moment?

July 5, 2016

Nice piece by Gajendra Kothari of Etica Wealth Management.

He says MF industry needs its own Jan Dhan moment when overnight so many people got access to bank accounts. He says even insurance industry has much higher accounts than MFs:

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