Here is nice read I found somewhere on the net describing the current economic scenario. Read it even if you dont know crap about markets :
Once there was a little island country. The land of this country was the tiny island itself. The total money in circulation was 2 dollars as there were only two pieces of 1 dollar coins circulating around.
(1) There were 3 citizens living on this island country. A owned the land. B and C each owned 1 dollar.
(2) B decided to purchase the land from A for 1 dollar. So, now A and C own 1 dollar each while B ownes a piece of land that is worth 1 dollar.
* The net asset of the country now = 3 dollars.
(3) Now C thought that since there is only one piece of land in the country, and land is non producible asset, its value must definitely go up. So, he borrowed 1 dollar from A, and together with his own 1 dollar, he bought the land from B for 2 dollars.
* A has a loan to C of 1 dollar, so his net asset is 1 dollar.
* B sold his land and got 2 dollars, so his net asset is 2 dollars.
* C owned the piece of land worth 2 dollars but with his 1 dollar debt to A, his net residual asset is 1 dollar.
* Thus, the net asset of the country = 4 dollars.
(4) A saw that the land he once owned has risen in value. He regretted having sold it. Luckily, he has a 1 dollar loan to C. He then borrowed 2 dollars from B and acquired the land back from C for 3 dollars. The payment is by 2 dollars cash (which he borrowed) and cancellation of the 1 dollar loan to C. As a result, A now ownes a piece of land that is worth 3 dollars. But since he owes B 2 dollars, his net asset is 1 dollar.
* B loaned 2 dollars to A. So his net asset is 2 dollars.
* C now has the 2 coins. His net asset is also 2 dollars.
* The net asset of the country = 5 dollars. A bubble is building up. Continue reading The bubble that burst
No fruits for your anticipation : My barber isnt from Fleet street … Me back home unharmed … Except for my hair …
Spoiler : Well .. The title has got nothing much to do with the content of this post. Its just the song that I was listening to while writing this post and wondering if it did have something to do with the post .. Another spoiler: Most people wont know what I am talking about 😛 .. Whatever ..
So I am remembering the unusually rainy day when I arrived this place dreamy eyed two years ago. As I’ve already blogged about my adventures in the year to follow, I’ve decided to recall and post some incidents that happened this year ..
So here are some notable incidents that happened this year :
So if you are like me who checks your Last.fm profile to see if the tracks you are listening to are showing up on your profile more often than you check your scrapbook AND you listen to a lot of music on your Symbian v3phone ? Here is a good news for you, now you can scrobble whatever you listen to on your phone to Last.fm. And its a freeware too .. 🙂
So the answer to our prayers is a little application called Mobbler. Just let it run in background and listen to music on your phone and it will do what it says. You can either be online and post to Last.fm in realtime as you listen to the music or you can be offline and it will queue up your songs list and submit it when you go online. Very handy if you are listening to music in Offline profile.
I’ve been using it on my Nokia N73 for a more than a week now and I differed writing this post untill I was satisfied that it really does work. And now you can hear me say that. So if you have a compatible mobile phone, then just download and install it on your phone… And start mobbling .. 🙂
State Bank of India has finally launched a much awaited feature for its online banking customers : third party transfer. Earlier users could transfer funds only among SBI group’s branches using OnlineSbi but now they’ll be able to transfer funds to any bank : ICICI , Bank of Baroda , PNB .. (you name it ) .. Now you can transfer funds to any branch of any bank that is participating in RBI’s NEFT network (some 32000 branches on the last count).
SBI will use RBI’s NEFT service for interbank transfers. There is no minimum amount limit for NEFT. The amount will be credited to the beneficiary within 3 hours in normal course of business. And if you want to transfer funds above INR 1 Lakh, you may use RTGS. With RTGS, the funds will be settled instantaniously .. As of now there is no service charge applicable for this service. Here’s some info on the service taken from SBI’s Online Banking FAQs: