Archive for November 8th, 2017

Central Bank of Mauritius completes 50 years: A glimpse of its monetary and banking history…

November 8, 2017

The Central Bank of Mauritius completed 50 years recently and inaugurated a money museum named after their first Governor.

Th current chief Mr Rameswurlall Basant Roi gives a terrific speech on the occasion covering both monetary history of the region and the future with crypto currencies. Though, one has read some interesting speeches from previous Governor Bheenick as well

He points how  Mauritius had its own era of free banking:

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In Ancient Greece, coins with the owl of Athena traded throughout the known world and beyond!

November 8, 2017

Interesting set of Tweets on JP Koning’s handle:

In Ancient Greece, coins with the owl of Athena were so common that the proverb Γλαῦκ’ Ἀθήναζε (an owl to Athens) was like coal to Newcastle..

Hmm..Didn’t know about this… Central bankers who claim to be owls (and neither hawks nor doves) have history backing them..
More on these coins here…Read, read and read..

Bundesbank to study the tricky history of German central banking during Nazi period…

November 8, 2017

Interesting bit and one is already looking forward to read the findings of this monetary history project:

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Tamil Nadu has stringent laws against moneylending at exorbitant rates. Why does it persist then?

November 8, 2017

Vinita Govindarajan has a piece in Scroll:

On October 23, Essakkimuthu, a daily wage labourer from Kasidharmam village in Tirunelveli, Tamil Nadu, took his wife and two young daughters to the District Collectorate. There, the 28-year-old doused his family and himself in kerosene and lit the match. While his wife and children died soon after, Essakkimuthu was hospitalised for a few days before he succumbed to his injuries.

A picture of the blackened body of Essakkimuthu’s 18-month-old child lying face-down on the ground made it to the cover of the popular Tamil magazine Junior Vikatan, and subsequently to social media, sparking shock and outrage across Tamil Nadu.

Essakkimuthu had borrowed Rs 1.45 lakh from a moneylender in Tirunelveli, identified as Muthulakshmi. The labourer had already repaid over Rs 2 lakh, but the moneylender was allegedly harassing him for more. According to his brother Gopi, Essakkimuthu had filed complaints at six weekly grievance redress meetings held at the collectorate. But the police did not act against the moneylender, Gopi alleged, because they work in collusion with moneylenders in the area.

Asked about this, the collector, Sandeep Nanduri, told The Hindu, “We will concentrate on this serious issue by forming a police special squad to enquire into the complaints pertaining to usury.”

This bit on types of credit, linking of caste networks with credit is always amazing to read:

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