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Wednesday, April 23
Recipes for Disaster (NYT Sunday Book Review)
by
ronjon
on April 23, 2008 02:00AM (PDT)
...In light of the present [economic] crisis..., however, two eco-millenarian novels — an old one called “Ecotopia,” by Ernest Callenbach, and a new one, WORLD MADE BY HAND (Atlantic Monthly, $24), by James Howard Kunstler — are worth a look...
Literary utopias tend to emerge when an appropriate niche opens up. The niche that suited “Ecotopia” in the early 1970s and the one that now accommodates “World Made by Hand” have certain similarities. Shortages and unrest in the Middle East foreshadow the end of oil. A brewing recession gives rise to doubts about our economic fundamentals. An unpopular president wages an unpopular war. And across the country, a growing eco-consciousness raises hope that a different system might replace classic, marauding American economic progress. ... more »
Tuesday, April 22
Anatomy of an Economic Collapse (NYT Sunday Book Review)
by
ronjon
on April 22, 2008 11:19AM (PDT)
...In his brief but brilliant book, “The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash,” [Charles R.] Morris describes how we got into the mess we are in, with bankers making loans that they expected to sell to investors through ever more complex securities...
One of the most important aspects of the financial architecture that is now collapsing was the way it allowed investors to believe they could make perfectly safe investments when they financed very risky loans. Or, as Morris puts it, “Highly rated bonds magically materialize out of a witches’ soup of very smoky stuff.” He adds, “Very big, very complex, very opaque structures built on extremely rickety foundations are a recipe for collapse.”
The collapse is now under way. In recent years Wall Street profits were built on leverage and on taking risks that were obscure both to regulators and even to the top managements of the banks themselves. Every three months now, we see banks disclosing huge losses from risks that they had never admitted they were taking.
No one — not investors, not managers, not regulators — is sure when this process will end. And that uncertainty has created a credit freeze, with lenders reluctant to lend both because they do not know whom they can trust and because they fear they may need the money to cover losses that are yet to materialize. As the recession gathers steam, there are likely to be more corporate failures than there need to be, because credit has gone from virtually free to all but unavailable. ... more »
Friday, April 11
When luxury [in India] is not a six-figure sum
by
ronjon
on April 11, 2008 02:00AM (PDT)
...Everyone has their own view of what constitutes luxury. My definition—and this is hardly original—is this: Luxury is time, customization and discreet luxe. The reason I like my definition of luxury is because it appeals to the egalitarian in me. These three things—time, customization and discreet luxe—can be experienced at every price point.
Customization, for instance, be it bespoke clothing or a customized pair of shoes, is easily had in India, what with our embarrassment of riches with respect to craftspeople, artisans, and traditional handicrafts. -- At Good Earth homes, an eco-community outside Bangalore, I came across a wonderful way to customize architecture. Instead of grids, their windows have whimsical metal sculptures of animals created by indigenous Bastar tribals. It supported local artisans, served its purpose of being a window grid and was laugh-out-loud playful. ... more »
Thursday, April 10
Who's on Top in Tech-Readiness?
by
ronjon
on April 10, 2008 12:42PM (PDT)
...the Global Information Technology Report... assesses 127 economies on scores of factors ranging from the cost of mobile phone calls and available Internet bandwidth to the quality of higher education. Not just a catalog of technical specifications, the report weighs these measures to determine which economies are best positioned to compete in the information-intensive 21st century economy.
The conclusion, as in previous studies, finds Nordic countries grabbing five of the top 10 slots, with Denmark and Sweden placing No.1 and No.2 for the second year running. Credit widespread Internet usage, supportive government policies, and good education. The U.S. came in at No.4, up three positions from last year. Although the U.S. gets top marks in innovation and education, it's pulled down by "red tape and rigidities" that stifle its business environment... more »
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