Archive for September 21st, 2016

Indian financial media continues to spin stories on Indian central bank….

September 21, 2016

One does not like writing such posts but just can’t help it. There is only so much one can ignore.

The positive spinning of news on Indian central bank continues to be a big issue.  Despite central banking exposed widely across the world, we are continuously made to believe of godly powers of people at helm of Indian central bank.

Came across this recent piece which  again tries to spin a story. It argues how the new chief  has had the best start this century as far as bond markets are concerned.

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The Trade of the Century: When George Soros Broke the British Pound

September 21, 2016

Rohin Dhar has a nice piece narrating the trade of the last century:

In 1992, George Soros brought the Bank of England to its knees. In the process, he pocketed over a billion dollars. Making a billion dollars is by all accounts pretty cool. But demolishing the monetary system of Great Britain in a single day with an elegantly constructed bet against its currency? That’s the stuff of legends.

Though it occurred just two decades ago, Soros made his nation-shaking bet in a very different time. Back then, hedge funds hadn’t yet entered the public consciousness, restrictions on capital flowing from one country to another were just lifted, and the era of the 24-hour news cycle had just begun. 

To appreciate how Soros made a fortune betting against the British pound requires some knowledge of how exchange rates between countries work, the macroeconomic tools governments use to stimulate economies, and how hedge funds make money. Our readers are invited to correct us if we stumble in explaining any of these concepts. 

And so onwards with the story of how George Soros led a group of traders to break the entire foreign currency system of Great Britain—and profit handsomely at the expense of British taxpayers and others who were on the wrong side of the greatest financial bet of the 20th century.

Read the whole thing..

The civic drama of Socrates trial

September 21, 2016

Prof Josiah Ober Stanford University (majoring in political science and classics) has an interesting piece on trial of Socrates. He says the Conventional wisdom sees Socrates as a martyr for free speech, but he accepted his death sentence for a different cause.

The trial and sentence show Socrates was not above the law:

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Facelift defacing 1,250-year-old Ulsoor temple…

September 21, 2016

There is nothing more irritating to see a shoddy cement job on historic sites. It just looks ugly and spoils all the beauty. We  just can’t get our acts together on preserving history.

Bangalore’s centuries old Ulsoor temple is another victim of such a job:

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