Twin peaks - The final dossier

Got this amazing book right from the Amazon warehouse in Kentucky, USA


Blue rose - the paranormal division within FBI ala X Files



Mark Frost is the co-creator of Twin peaks along with David lynch and is probably the reason for the dramatic elements in the series as if it was left to Lynch we would be having a weirder and confusing series (as if it could get even more weirder).

Not many novels are written in the form of inter office memorandums. This is a complete compilation of FBI memos which hopefully explain the missing elements in the recently concluded season 3.

This starts with an autopsy report

A Silent Voice Review

Found this wonderful japanese movie. Another movie which deals with complex emotions like the effects of bullying in elementary school. A very insightful perspective from a little bully to an introverted person and his eventual realization of his psychological struggles
A Silent voice by Reiko Yoshida

This review by IGN

Finding redemption in friendship. By Alex Osborn

At first glance, A Silent Voice may appear to be an elaborate warning about the destructive effects of bullying, but labeling it as such simply wouldn't do the film justice. In unearthing the serious and ugly consequences of persecution among peers, K-On! director Naoko Yamada's beautifully animated film—based on Yoshitoki Ōima's manga—delivers an emotional and redemptive journey through the depths of depression to uncover the meaning of friendship.

Upon transferring to a new elementary school, a hearing-impaired girl named Shoko Nishimiya (Saori Hayami) is preyed upon by her unrelenting peers, including the mischievous Shoya Ishida (Miyu Irino). The way in which his "harmless" teasing, which is initially written off by their teacher, quickly spirals out of control, is portrayed in a disturbingly believable fashion, underscored by the subtle peer pressure that propels Ishida's actions. All the while, the bullying has left Nishimiya guilt-ridden, as she blames herself for a disability she can't control. This is beautifully evidenced in her evocative facial expressions, which go a long way in communicating the pain and frustration of someone who can't express themselves verbally.

Nishimiya timidly introduces herself to the class

Instead of demonizing Ishida and making him out to be a one-dimensional jerk, A Silent Voice flips the script, making Ishida not only someone you sympathize with, but someone you can't help but root for. When Ishida's bullying reaches a breaking point, he finds himself ostracized by his peers, which exposes an even greater view on the cruelty of youth and how quickly one's so-called friends can turn on them to protect their own skin.

Filled with loneliness and self-resentment, Ishida slips into a severe state of depression that is expertly teased in the flash forward that opens the film. In an effort to escape the pit of despair that traps him, a high school-aged Ishida sets out make amends, which serves as the narrative springboard for this story of redemption.

Exit Theatre Mode

What follows is an emotional coming-of-age journey about opening up to others and learning to forgive oneself. While a romantic element is present, it serves to complement, rather than overshadow, Ishida's pursuit of the true meaning of friendship, which, according to Ishida's bushy-haired classmate Tomohiro Nagatsuka (Kenshō Ono), "lies somewhere beyond things like words and logic."

Likewise, the expanded view into Ishida's home life, as well as that of Nishimiya's, provides additional context for understanding the mental states of both Ishida and Nishimiya, thereby heightening the emotional impact of their actions (both past and present) and the ripple effect it has on those closest to them. One particular scene during which Ishida's mom confronts him about his dire physiological state is extremely effective in hammering home the wide-reaching impact of depression, however insular it may seem to the person crippled by its effects.

Ishida's stark 180-degree turn from being an ignorant, self-absorbed bully to an emotionally bankrupt teenager, humbled by a desperate desire to atone for the sins of his elementary school days, is entirely believable, thanks to the brilliant pacing and expertly woven narrative threads that create an emotional coherency to the progression of his character. As someone whose childhood friendships were built in service of self-gratification, Ishida's road to establishing genuine friendships is a cathartic journey that nearly everyone will be able to relate to in some capacity.

Ishida awkwardly attempts to establish a friendship with Nishimiya

Kyoto Animation is widely regarded as one of Japan's most talented animation studios, and A Silent Voice certainly lives up to the studio's pedigree. The dynamic camera offers multiple perspectives of any given scene, providing a real sense of place and preventing the film from ever feeling visually stagnant. Likewise, the camera's varying focus goes a long way in not only adding to the film's visual appeal, but outwardly reflecting Ishida's internal state. Shots of the ground provide a first-person perspective of Ishida's downcast disposition, and accompanying shots of the bustling crowd around Ishida, with only his face in focus, reinforce his detachment from those around him. The film goes so far as to superimpose purple X's on the faces of those to whom he's estranged, and while this visual cue initially appears a bit unnecessary and distracting, the way in which it's handled over the course of the film, right up to its emotionally rousing end, ultimately justifies its inclusion.

The gorgeous backgrounds must also be praised for their lovingly-crafted, painterly aesthetic, which marry beautifully with the varied, yet coherent character designs. From the sunshine-soaked, lush outdoor locales to the dark and rainy streets that reflect the headlights from passing nighttime traffic, each and every setting is incredibly detailed and a sight to behold.

The only minor gripe I have with A Silent Voice is the inclusion of one particular song amongst an otherwise subdued and moving score. The somber and introspective tones that accompany the harrowing flashforward that opens the film come to an abrupt halt when The Who's "My Generation" blares as we're transported back in time to see a young Ishida playing with his friends. While the song may suit the mood of that sequence when taken in isolation, it feels out of place in the greater context of the story and tonally incongruous with the rest of the film. Conversely, the rest of the soundtrack is appropriately subtle and sparse, given the film's subject matter, and comes to an emotionally satisfying climax at the very end.

A Silent Voice Shoya seeks redemption years after the way he led his class in bullying a young, deaf girl named Shoko. This link directs to a retail affiliate. IGN may receive a commission from your purchase. The Verdict

A Silent Voice realistically portrays the horrible consequences of bullying and uses it as the foundation for an emotional coming-of-age story about a teenager's battle with depression and his quest for redemption. The film's brilliant pacing and expertly woven narrative deliver an empowering story that will stick with you long after the credits roll. The beautiful backgrounds, well realized characters and stunning animation go a long way in elevating the film's emotional impact, making for one of the most touching and powerful movies I have seen all year

How UK property act as a safe haven for Black money

Found this interesting article on globalwitness.org

WHAT’S THE PROBLEM?

The ability to hide and spend corrupt funds overseas is a large part of what makes grand scale corruption not only possible but attractive. Through the financial system money earnt from shady deals and crimes such as bribery, drug trafficking, and modern slavery can be laundered clean and enjoyed in places like the UK. Global Witness investigations have revealed how London’s high-end property market is one of the go-to destinations to those who want a luxury bolthole in a desirable location which will give their dirty money the veneer of respectability. At least £122bn worth of property in England and Wales is owned by companies registered offshore, and – according to the NCA – 75% of properties whose owners are under investigation for corruption made use of this kind of secrecy.

HOW DOES IT WORK?

It goes like this: a public official steals money from the state budget, stashes it in an anonymous company registered in an offshore tax haven, and uses the anonymous company to buy luxury property in London. The public official and their family enjoys safe haven in a high-end bolthole while their fellow countrymen and women are denied the public services that should have been invested in.

In buying a luxury property or expensive development, the corrupt can invest huge amounts of dirty money in one go. Given the UK’s strong rule of law and respect for property rights, the asset is secure. It also will likely increase in value. And if the asset is a mansion, it has the added bonus of giving the corrupt and their family a luxury home in which to enjoy their criminal proceeds safe from recrimination in their country of origin.

Anonymous companies – companies where the real owners remain hidden from public view – are critical to the corruption strategy. It is quick and easy to set up layer upon layer of these companies, making it almost impossible for law enforcement to track down the real human being behind the money.

It is currently completely legal for anonymous companies to buy UK property. This means that it is far too easy for the criminal and corrupt to launder money through luxury property, hiding the real owners behind anonymous companies, often registered in offshore havens that offer secrecy – such as Bermuda, Panama, or the British Virgin Islands.

EXAMPLES OF CORRUPTION RISKS IN THE UK PROPERTY MARKET



In 2015 Global Witness revealed how Maxim Bakiyev, the son of former Kyrgyz President Kurmanbek Bakiyev, lives in a £3.5 million mansion in Surrey, despite being convicted in his homeland of the attempted murder of a UK citizen and corruption. The Belize-based anonymous company that is being used to hide the ownership of the Surrey mansion can be linked to an alleged money-laundering scheme used to get the funds out of Kyrgyzstan.

Link to guardian article

Global Witness also revealed how big chunks of Baker Street are owned by a mysterious figure with close ties to a former Kazakh secret police chief accused of murder and money-laundering. In 2009, an unknown individual acquired a network of offshore-owned anonymous companies which in turn invested in £147 million worth of prime property. Documents seen by Global Witness reveal how the managers of these companies are linked to Rakhat Aliyev, a former Kazakh secret police chief found hanged in an Austrian prison in February 2015 while awaiting trial for the murder of two bankers in his home country.

Looks Whos back

Just go this book yesterday. Already 50 pages in.... It is an unique perspective on Hiler's psyche

Shes a rainbow

Legion.....

Books.......

The Punisher : Trailer

After the disappointment of the Iron fist and the Defenders, I thought I was wasting my hours on the dull and drab meandering of the lower tier of Marvels superheroes

But this "Metallica" Punisher has got me excited

Madurai Souljour

Ilanghai Thamizhan Rap

Steins Gate : 0 (The Return)

Hell Yeah!!!!!

Twin peaks returns : David Lynch

Thanks to Deadly premonition for introducing me to Twin peaks

Chester Bennington ....... RIP

THE band of my teens......it was pathbreaking music at that time and non one has recreated that magic since.

The truth about exercise

Why Chinas Wechat is the ultimate "Super App"

Some cool Macbook accessories

How the Calibri font is bringing down Pak PM

Cause it was widely available only in 2007....

The Handmaids tale - OST

Such a haunting soundtrack for an intense series.

Spiderman E3 trailer

NBA Finals - Locker room Parody

The Leftovers - Final scene

Next to the Japanese anime, this is one of the rare tv series which is not afraid to deal with complicated subjects....





I believe she is telling the truth, she did go to the other place otherwise they wouldnt have made it a point at the start of the episode where she clearly states that she does not lie to the french people.
But the fact that she saw her family after all the hardship and decided that they were happy in their new lives and decided to go back is consistent with her character trait.

Goodbye to a series which was all about references and motifs and it was good that we got a week to ponder upon each episode cause if this series was binged then probably the references would have gone above our heads.

Kendrick Lamar - DNA

I got, I got, I got, I got
Loyalty, got royalty inside my DNA
Cocaine quarter piece, got war and peace inside my DNA
I got power, poison, pain and joy inside my DNA
I got hustle though, ambition, flow, inside my DNA
I was born like this, since one like this
Immaculate conception
I transform like this, perform like this
Was Yeshua's new weapon
I don’t contemplate, I meditate, then off your fucking head
This that put-the-kids-to-bed
This that I got, I got, I got, I got
Realness, I just kill shit 'cause it's in my DNA
I got millions, I got riches buildin’ in my DNA
I got dark, I got evil, that rot inside my DNA
I got off, I got troublesome, heart inside my DNA
I just win again, then win again like Wimbledon, I serve
Yeah, that's him again, the sound that engine in is like a bird
You see fireworks and Corvette tire skrrt the boulevard
I know how you work, I know just who you are
See, you's a, you's a, you's a
Bitch, your hormones prolly switch inside your DNA
Problem is, all that sucker shit inside your DNA
Daddy prolly snitched, heritage inside your DNA
Backbone don't exist, born outside a jellyfish, I gauge
See, my pedigree most definitely don't tolerate the front
Shit I've been through prolly offend you
This is Paula’s oldest son
I know murder, conviction
Burners, boosters, burglars, ballers, dead, redemption
Scholars, fathers dead with kids
And I wish I was fed forgiveness
Yeah, yeah, yeah, yeah, soldier’s DNA
Born inside the beast
My expertise checked out in second grade
When I was 9, on cell, motel, we didn't have nowhere to stay
At 29, I’ve done so well, hit cartwheel in my estate
And I'm gon' shine like I'm supposed to
Antisocial, extrovert
And excellent mean the extra work
And absentness what the fuck you heard
And pessimists never struck my nerve
And that’s a riff, gonna plead this case
The reason my power's here on earth
Salute the truth, when the prophet say
I got loyalty, got royalty inside my DNA
(This is why I say that hip hop has done more damage
To young African Americans than racism in recent years)
I live a better, fuck your life
(5, 4, 3, 2, 1)
This is my heritage, all I'm inheritin'
Money and power, the makin' of marriages
Tell me somethin'
You mothafuckas can't tell me nothin'
I'd rather die than to listen to you
My DNA not for imitation
Your DNA an abomination
This how it is when you're in the Matrix
Dodgin' bullets, reapin' what you sow
And stackin' up the footage, livin' on the go
And sleepin' in a villa
Sippin' from a Grammy and walkin' in the buildin'
Diamond in the ceilin', marble on the floors
Beach inside the window, peekin' out the window
Baby in the pool, godfather goals
Only Lord knows, I've been goin' hammer
Dodgin' paparazzi, freakin' through the cameras
Eat at Four Daughters, Brock wearin' sandals
Yoga on a Monday, stretchin' to Nirvana
Watchin' all the snakes, curvin' all the fakes
Phone never on, I don't conversate
I don't compromise, I just penetrate
Sex, money, murder—these are the breaks
These are the times, level number 9
Look up in the sky, 10 is on the way
Sentence on the way, killings on the way
Motherfucker, I got winners on the way
You ain't shit without a body on your belt
You ain't shit without a ticket on your plate
You ain't sick enough to pull it on yourself
You ain't rich enough to hit the lot and skate
Tell me when destruction gonna be my fate
Gonna be your fate, gonna be our faith
Peace to the world, let it rotate
Sex, money, murder—our DNA

Is the NBA finals riggged?

NBA finals : The trilogy

An article from TheGame Haus
2017 NBA Finals Preview

 The 2017 NBA Finals are set and the wait is finally over. The world gets to see the Golden State Warriors matchup with the Cleveland Cavaliers for the third-straight year in the Finals. It is the grudge match of all grudge matches. Everyone has been waiting for this series since the season tipped off on Oct. 25, 2016. Some have been waiting for this since Kevin Durant signed with the Warriors in July. This third fight between the Warriors and Cavs will be bigger than the “Thrilla in Manila”.

The Golden State Warriors went 67-15 this season following a record-breaking 73-win season in 2016. Golden State also broke the record for most wins over a three-year span.
This Warriors team is actually better than last year’s team thanks to the signing of Kevin Durant. The Warriors took it easy in the regular season because their goal all year was to meet the Cavs in the Finals.
Golden State made quick work of their playoff opponents. They swept all three opponents in a tough Western Conference. What the Warriors have done this postseason has been impressive and they sent a message. Winning the Finals is an obsession to them and nothing else is considered acceptable.
The Cleveland Cavaliers have not had it as easy as the Warriors. Cleveland went 51-31 and finished as the second seed in the East. The Cavs really struggled in the second half of the season. After Jan. 1st the Cavs went 26-24. They looked bad defensively and some started to question whether or not they were capable of another Finals run.
All those questions were put to bed quickly once the playoffs started. The Cavs easily swept the Pacers and Raptors before meeting the top-seeded Celtics in the conference finals. Cleveland then wiped Boston off their home-court in embarrassing fashion. Boston stole game three but all that did was delay the inevitable. Cleveland went on to finish the next two games easily to reach the finals for the third straight year.

The first year these two teams met in the Finals was in 2015. Kevin Love had been hurt in the first round and would miss the remainder of the playoffs.
Game 1 of the Finals dealt another injury to a Cleveland star. Kyrie Irving went down with a fractured kneecap in the first game of the series during overtime. Golden State would win that game and win the series 4-2 to capture its first title in 40 years.

Many called the Warriors title tainted claiming that they would not have won the championship had the Cavaliers been healthy. They were champions without respect and it was their mission to prove they were worthy of the crown.
LeBron had failed to bring a title to Cleveland and many were wondering if it was the right move to leave Miami. The criticism was high despite him averaging 35.8 points per game, 8.8 assists per game and 13.3 rebounds per game while shooting just 38.9 percent from the field. Just as the Warriors were determined to prove they were worthy of the crown, LeBron was determined to bring a title home.

Cleveland and Golden State would meet again in the 2016 Finals for a rematch. Kevin Love and Kyrie Irving were both healthy for this matchup and many thought the Cavaliers would prove they were truly the better team. Coming into the Finals the Cavaliers had only lost two games in the East.
The Warriors had a much tougher road in the West. They had to comeback from being down 3-1 in the Western Conference finals. Throughout the playoffs, Steph Curry and Andre Iguodala were dealing with nagging injuries. They played through those injuries but were not at full strength and expanded tons of energy just to get to the Finals.

In the beginning of the series, none of that seemed to matter. Golden State took a 2-0 series lead and had the largest combined margin of victory in NBA Finals history. Cleveland would win Game 3 and Golden State won Game 4 to take a 3-1 series lead. In that game, Draymond Green was assessed a flagrant foul, setting his playoff total to four, resulting in a suspension for Game 5. No team had ever come back from down 3-1 in the NBA Finals.

Cleveland was able to win Games 5 and Game 6 to force an epic Game 7.
After six games the teams were tied in games won and total score. It was as close as a series as it could ever be and the final game of the year would truly decide a champion.

In Game 7, LeBron James blocked a late layup attempt by Andre Iguodala that set up a game-winning 3-pointer by Kyrie Irving. The Cavs won Game 7 93-89 and ended a 52-year championship drought in the city of Cleveland.
The Warriors had lost in the Finals and believed that had Iggy been healthier he would have dunked the ball. Golden State fans also believed that Curry wasn’t healthy and that if Draymond had not been suspended they would have won Game 6 and the series.


Fast forward to now and here we are set for round three. The Warriors added superstar Kevin Durant to help them get back to the Finals for a third-straight season. The Cavaliers added minor pieces but have made it back to defend their title.

Golden State ended a 40 year drought and Cleveland ended a 52-year drought.
As mentioned earlier the Warriors enter the Finals 12-0 and the Cavaliers enter the Finals 12-1. Both teams sprinted to the Finals as fast as possible, and as rested as possible.

In round three, there are no excuses. Both teams are healthy and both teams will be rested. It is time to put up or shut up. It is time to make a mark on history.
Who’s era is it really? Without trying to predict too far ahead, it is unlikely these teams meet for a fourth straight Finals appearance.

Cleveland comes into the Finals averaging 116.8 points per game while Golden State comes in averaging 118.3 points per game. Both teams are great offensively but the team who plays the best defense will win this series.
There are so many fun matchups the world gets to see in this series as well. Steph Curry and Klay Thompson versus Kyrie Irving. Draymond Green versus Tristan Thompson, LeBron James or Kevin Love.

The most intriguing though is when Kevin Durant and LeBron James match up against one another. Two of the best players in the world will fight it out to be called the champion.

This series will go down in history. At the end of the day, the Warriors are going to win because they have just too much firepower. They lost last season by four points in Game 7. Adding Kevin Durant to the mix will just be too much. All eyes are on the Finals to see who really is the best between these two franchises.
The new greatest rivalry in sports will write the newest chapter this summer, changing legacies forever.

Prediction: Golden State Warriors 4-2



I agree with the above prediction by TheGameHaus. GSW should be able to win this one based on the talent on paper. I have some doubts on Steph curry as he usually comes up short in the finals. The first year Iggy showed his resilience for the Warriors to get though a severely depleted Cavs. so I believe the Durant addition would be a saving grace for them. But it is tough to count Lebron out. The way he motivates his team and somehow manages to get the best out of them by putting them in positions they can excel. Remember how Delly looked like a top 10 player against Steph in 2015 finals. GSW still can outlast an epic performance from Lebron, just assume Lebron is able to shutdown Durant, it has to be Lebron defending cause I dont see anyone else doing it. A simple pass to Draymond with Kevin Love or Tristan against him would be sufficient to take advantage of the matchup. Last year,Cavs attacked Steph defensively but they missed Bogut and Draymond protecting the basket for most of the series. So even if Kyrie attacks Steph there should be Durant(who has shown tremendous improviement in his defensive skills) ,Dray (if he manages to keep off suspension) & JAVALE MCGEE to alter and block shots. Not to mention that GSW went 12-0 without any output from Klay. So all analysis points to the Warriors taking the title. If Cavs still manages to take the title without any injuries on GSW then we have to accept Lebron is on his way to surpass Jordan and Durants legacy would be on hold.
Makes up for a great time for the basketball fans though they have to endure a boring regular/playoff season.

Jumpcuts : Iphone vs Android

Focus - Vaibhav Bundhoo

Kimi No Na Wa

Due to my tight TV/Movie viewing schedule, not to mention the renewed interest in reading novels. I have put my anime interest to the backburner. I decided to rather wait for any top reviewed anime. So i was waiting till i noted this..

Kimi No Na Wa



I downloaded the movie in good jiffy speed of 20mins Thanks to my vodafone connection.

CREATOR



My first impressions from this movie has to be the detailed lighting and cinematography in the anime. How is it possible that Japanese animators achieve to portray emotion, atmosphere and human interactions more realistic than the billion dollar creations of Hollywood. It is a testament of their unflinching dedication to telling a "human" story.

Though i dont want to dwell on the story which is reminiscent of the time bending, mind bending saga of Haruhi Shizumiya.I believe the story did look incomplete with probably a second or third chapter left before the ending. ala you would feel somewhat of an abrupt ending.

It is the following motifs which makes this movie incredible

REAL LIFE PLACES

The anime depict real places in Japan.See the side by side comparison of places and the anime imageries







SHINTO RELIGIOUS REFERENCES

Shinto religion believes the connection of the human with their KAMI - spiritual energy which is frequently mentioned in the movie

The famed Kagura dance performed by Mitsuha



The red string of fate

It references the connection between people who are destined for each other.The red string which Mitsuha makes for Taki.As Mitsuhas family has the power to connect with people as evidenced by the conversation with her granny which suggests both her granny and mom has the same capability. The fact that her family performs the religious shrine ceremony might be associated with their powers.

It symbolises the link between Mitsuha and their association. When in 2013 Mitsuha gave the red string to Taki, he wasnt aware of her. But 3 years later it enabled them to switch places which they initially though to be a dream. When the comet destroyed the place, Taki still had the connection to Mitsuha as he was wearing the string. Also note that he was drawn to the shrine in the underworld which holds the.....



"kuchikami sake" which is believed to contain half a soul of Mitsuha which enables the connection to still exist. Also note that Taki leaves his memories of Mitsuha as "offer" to the underworld which enabled him to save Mitsuhas town. Similar to Mitsuha who left the "sake", his offer of the memories also lead to him forgetting about Mitsuha.

Also note that Taki returns the red string just before they forget each other thereby breaking the link between them



The message in hand

It should be noted that when she asks him to write his name so that she never forgets him, he didnt write hiw name but rather states I love you.. this was intentional on his part as he knew that any empirical evidence of his existence would be erased as part of the breaking of the string - connection between them, so he just expressed his love which would atleast keep the feeling intact. He knew about this as evidenced by the erasing of all the calendar notes and messages from his phone about Mitsuha.So it is possible that he did it on purpose.



Also note that even Mitsuha doesnt write her name as the hiragana character which she started to write was not "mi" suggesting it was something else.

there are also other motifs like the multiverse and the infinity symbol in the lake. All these references and motif make this anime memorable. "Kimi no na wa"

The Walking dead : A New Frontier

This telltale series has to be one of the best. Interestingly find this more intriguing than the tv series

A Monster calls - Best scene

This is the best movie I have seen this year till now. Every parent should say these words to their child....

The wise mans fear

The second installment of the Kingkiller chronicles



This was his newest way to waste our time. At the beginning of every lecture he demanded an interesting fact he has never heard before. Ofcourse, Elodin himself was he sole arbiter of what was interesting, and if the first fact you provided didnt measure up,or if he had already knew about it , he demanded another and another till he has convinced that the fact amused him.


He pointed at Brean "Go
Spiders can breathe underwater - she said promptly
Elodin nodded - good. He looked at Fenton

Theres a river south of Vintas that flows the wrong way .Its a saltwater river that flows inland from the Cinthe sea

Already know about that

Emperor Ventoran once passed a law

Boring

If you drink more than two quarts of seawater you will throw up

............Thats a good one. Elodin pointed at Uresh

You can divide an infinity an infinite number of times and the resulting pieces will still be infinitely large.But if you divide an non infinite number an infinite number of times the resulting pieces are non infinitely small.Since they are non infinitely small but there are an infinite number of them.if you add them together their sum is infinite. This implies any number is infact infinite.

"'Wow..................Uresh your next assignment is to have sex. If you do not know how to go about it , meet me after class.......%^&&&

Enjoying reading this book

Liars Poker

The book Im reading now



By Michael Lewis the author of The Big Short

Warren Buffet HBO Documentary

UFC 209 : Robin Black preview

It is the passion which Robin brings makes him one of the best MMA Analyst

White House bars major news outlets from the press briefing

 The  discord between media and the White house under President Trump has no signs of waning with actions like these

............... From Washington post article by Callum Borchers..............



The White House on Friday barred news outlets — including CNN, the New York Times, Politico and the Los Angeles Times — from attending an off-camera press briefing held by spokesman Sean Spicer, igniting another controversy concerning the relationship between the Trump administration and the media.

The Wall Street Journal, which did participate in the briefing, said in a statement that it was unaware of the exclusions and "had we known at the time, we would not have participated, and we will not participate in such closed briefings in the future."
The Washington Post did not have a reporter present at the time of the gaggle.
CNN's Sara Murray went on air to describe what happened:

We lined up. We were told there was a list ahead of time, which is sort of abnormal, but we put our name on a list. And then when we went to enter, I was blocked by a White House staffer, who said we were not on the list for this gaggle today.
Now, normally, if you were going to do something like this — an extended gaggle, off camera — you would have one person from each news outlet. As you know, we have multiple people from CNN here every day. So, if you're going to do something beyond a pool, which is sort of the smallest group of reporters that then disseminates the information, you would have one person from every news outlet.
That is not what the White House was doing today. What the White House was doing was handpicking the outlets they wanted in for this briefing. So Breitbart, the Washington Times, the One America News Network — news outlets that maybe the White House feels are more favorable were all allowed in, whereas I was blocked from entering, Politico was blocked from entering, the New York Times, the L.A. Times. All of these news outlets were blocked from going to a gaggle.

White House Correspondents' Association President Jeff Mason called in to CNN to say the organization is “still getting information about” the decision, adding:

They clearly wanted to have a gaggle that was not on camera and was not the full press corps today. We don't object to there being briefings like that that aren't always on camera, but we have encouraged them when they want to do something like that ... [to] still do it in the press room and do it in a place where all the reporters have a chance to ask questions.
So, we've made that clear, and we're going to continue to have discussions with them about that. And we're not happy about how this happened today.

The Post's Executive Editor Marty Baron issued the following statement:

“It’s appalling that the White House would exclude news outlets like the New York Times, CNN, Politico, the Los Angeles Times, and BuzzFeed from its publicly announced briefings. This is an undemocratic path that the administration is traveling. There is nothing to be gained from the White House restricting the public’s access to information. We are currently evaluating what our response will be if this sort of thing happens again.”

White House deputy communications director Raj Shah insisted this was all much ado about nothing

But New York Times Executive Editor Dean Baquet declared that “nothing like this has ever happened at the White House in our long history of covering multiple administrations of different parties.”


BuzzFeed editor in chief Ben Smith, whose outlet also was excluded, added this: "While we strongly object to the White House's apparent attempt to punish news outlets whose coverage it does not like, we won't let these latest antics distract us from continuing to cover this administration fairly and aggressively."

Ben Wizner, director of the Speech, Privacy and Technology Project at the American Civil Liberties Union called the White House's move "yet another disturbing example of the Trump administration’s contempt for the vital role a free press plays in our democracy."

White House press secretary Sean Spicer himself had previously criticized the idea of limiting media access to the White House. Two months ago, in a panel discussion, he said open access for the media is “what makes a democracy a democracy versus a dictatorship.”

But in recent days, the president has grown increasingly critical of what he calls the "fake news media. Hours before the limited-access gaggle, Trump devoted much of an address at the Conservative Political Action Conference to bashing the media.
“A few days ago, I called the fake news media the enemy of the people, and they are,” the president said. “They are the enemy of the people.”
Fox News anchor Bret Baier quickly discouraged gloating on the right, noting that his network's rivals showed solidarity when the Obama White House tried to freeze out Fox News eight years ago

In 2009, the Obama administration attempted to exclude Fox News from a round of TV interviews with “pay czar” Kenneth Feinberg. Jake Tapper (then of ABC, now of CNN) stood up for one of his network's “sister organizations” during a press briefing.
“Can you explain why it's appropriate for the White House to decide that a news organization is not one?” Tapper asked Robert Gibbs, the White House press secretary at the time.
Rival networks refused to conduct interviews with Feinberg unless Fox News was granted one, too.
Fox Business Network told The Post that one of its reporters, Blake Burman, also was blocked from participating in the gaggle. Fox News chief White House correspondent John Roberts said on air that his network will join others in protesting the exclusion of certain outlets

SuperBowl 51

So glad that I woke up early to watch  Superbowl 51 Normally I don't have much interest in American football but Superbowl intrigued me. It is the most watched sporting event in the united states and probably generates most of the revenue for the league in a single day which they couldn’t earn for the entire year

That's why the sponsors clamour to pay premium ad rates to capture the eyeballs till now I have only seen two Superbowl live and on both the occasions the patriots have won.

 

The first time Seattle almost made an amazing comeback but faltered at the last play where they elected not to go with Marshawn Lynch and the final pass got intercepted. The second time was last Sunday

This Superbowl would go down in history as one of the best. But I believe Atlanta choked at the end. All they had to do was hold the ball and consume time. NFL is not like basketball where the ball needs to be in play for the time to start.So it was unusual for a team to lose like that.

But it was so surreal that it looked like a fairytale script set for everyones sweetheart Tom Brady. Sometimes I feel major sport events are scripted. The SuperBowl ending, Federer coming back to win a GrandSlam etc. But it would be so diaappointing if the conspiracy theory comes true.

Anyways I dont have much interest in NFL but Im glad I watched it live.

Budget 2017 : PWC analysis

I came across this analysis from PWC on the Indian Budget 2017.

I have highlighted certain points which caught my eye

Immediate Benefits of Demonetisation

a) Increase in Bank deposits with a resultant decline in Interest rates

b) Decline in real estate prices

c) Increase in financial system savings

d) Increase in digitilization

e) Increase in income disclosure and the resultant impact on increased revenue collections

Income Declaration Scheme

The Scheme which allows for a one time effective tax rate of 45% on undisclosed income. This has lead to a total collection of around 65,000 crores i.e around 145 thousand crores of previously undisclosed income has now become white.

Direct Tax Dispute Resolution Scheme

Settling retrospective disputes with Indian government.The Scheme waives off interest and penalty if the principal involved in the retrospective taxes are paid.

Budgetary Income Split

Borrowings and other liabilities - 20%

Corporation tax    -  19%

Union excise duties - 15%

Income tax - 14%

Non tax revenue 13%

Service tax and other taxes - 9%

Customs - 8%

Non debt Capital receipts 2%


Budgetary Expense split

Central Sector Scheme - 23%

Other expenditure 22%

Interest payments - 18%

Defence 9%

Centrally sponsored scheme 9%

Subsidies 9%

Finance Commission and others 5%

States shares of taxes and duties 5%

Personal Income tax

The rate of income tax is reduced to 5% from 10% for income between INR 2.5 lacs and INR 5 lacs. This is likely to bring tax saving of around 12,875 INR.

Surcharge

A surcharge of 10% on tax payable is proposed for individuals having an income of INR 50 lakhs to INR 1 crore

Long-term capital asset 

The holding period in respect of immovable properties to qualify as long-term capital asset has been proposed to be reduced to 24 months from 36 months.

The base year for computation of capital gains for old capital assets acquired before 1April, 1981 has been proposed to move to 1 April, 2001. Now the cost of acquisition of assets acquired before 1 April, 2001 shall be allowed to be taken at fair market value as of 1 April, 2001

Domestic company 

Corporate tax rate reduced to 25% (plus applicable surcharge and education cess) for

domestic companies having total turnover/ gross receipts in the previous year (2015-16)not exceeding INR 500 million. In other cases, the tax rates remain unchanged at 30%(plus applicable surcharge and education cess).

It is weird that the Government has not changed the tax rates for partnership firms and LLPs which is still fixed @ 30.9%. I believe 90% of the LLPs would be less than 500 million INR turnover and the Government has made it impossible for them to continue when they can easily convert into a company and get the 5 % tax benefit. Is this an oversight by the Govt or they are now campaigning against them ?

Assessment appeals and other provisions

Reduction in time-limit for revising return of income

The existing provision allows the taxpayer to revise return of income at any time before

the expiry of one year from the end of the relevant assessment year or before the

completion of assessment, whichever is earlier.

In order to expedite assessment, the above time frame for filing revised return has been curtailed. It is now proposed that the taxpayer would be eligible to revise its tax returnonly up to the end of the assessment year or before the completion of assessment,whichever is earlier. 

The proposed amendment shall be applicable w.e.f 01 April, 2018 onwards

Restriction on cash transactions 

As a measure to discourage generation and circulation of black money, insertion of new provisions to curb cash transactions of INR 3,00,000 or more and consequential penalty provisions for contravention of such provisions.

It is proposed to insert a new section 269ST, which will provide that no person shall

receive an amount of INR 3,00,000 or more:

(a) In aggregate from a person in a day;

(b) In respect of a single transaction;

or (c) In respect of transactions relating to one event or occasion from a person

otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.

It is also proposed to insert a new section 271DA to provide for levy of penalty on a

person who receives a sum in contravention of the provisions of the proposed section

269ST. The penalty is proposed to be equal to the amount of such receipt.

The said penalty shall however not be levied, if the person proves that there were good

and sufficient reasons for such contravention.

The proposed amendment shall be applicable w.e.f 1 April, 2017 onwards

The Name of the Wind.......

Perhaps the greatest faculty our minds possess is its ability to cope with pain. Classic thinking teaches us of the four doors of the mind, which everyone moves through according to their need.

First is the door of sleep. Sleep offers us a retreat from the world and all its pain.Sleep marks passing time, giving us distance from the things that have hurt us. When a persn is wounded they will often fall unconscious.Similarly ,someone who hears traumatic news often swoons or faints.This is the minds way of protecting itself from pain by stepping through the first door.

Second is the door of forgetting.Some wounds are to deep to heal.In addition some memories are too painful and there is no healing to be done.The saying 'time heals all wounds' is false.Time heals most wounds. The rest are hidden behind this door.

Third is the door of madness.There are times when mind is dealt with such a blow it hides itself in insanity.While this may not seem beneficial , it is.There are times when reality is nothing but pain and to escape that pain mind must leave reality behind.

Last is the door of death.The final resort.Nothing can hurt us after death, or so we have been told...

The Name of the Wind - Kingkiller Chronicles

Many people will call "'The Kingkiller'' Series by Patrick Rothfuss as one of the best Fantasy novels of recent times. Encouraged by all the reviews I decided to buy the books.It is a 2 part series as of now....

We follow the story of Kvothe'.One of the coolest names around in a wild mythical world of Gods, Demons, Arcanists...

I have stolen princesses back from sleeping barrow kings.
I have burned down the town of Trebon.
I hav spent the night with Felurian and left with both my sanity and life
I was expelled form the University at a younger age than most people are allowed in.
I tread paths by moonlight that others fear to speak of during day.
I have talked to Gods,loved women, and written songs that make the miinstrels weep.

My name is Kvothe. You may have heard of me

Dunk and Egg series

Ever since I started watching one of the best channels on Youtube 'emergency Awesome' I was always fascinated by the Dunk and egg series of George RR Martin.

Charlie (the creator of the channel) always 'provide such an insightful and intriguing review of GOT which basically covers all the bases and no easter egg or references miss him.

So I decided to buy the Dunk and Egg series novella (3 stories in one book) "'A Knight of the Seven Kingdoms"

It was a hardcopy and I have already finished the first part.

This is the first time I have experienced GRRM writing style and I should say it was quity pacy. I could see that he is very particular about creating the environment of the world and ensuring that his characters go through all the daily rituals of a human being like how often do you take a bath, what do you wear and most importantly ..... the food. There is a lot of food talk in his writing, no wonder he is so fat he must be really overjoyed while describing all the "'meat and mead" talk.

By the way it is an illustrated novel so it kind of took me back to school.
   

TED Future of working class

Why FLipkart & OLA is calling for protectionism

An opinion in Times of India

By Tarun Davda

First things first. As a VC, I'm a strong believer in open markets and believe healthy competition leads to better outcomes for all involved, especially consumers. Since our economic liberalisation in 1991, we've seen that foreign competition has helped our own companies build better products at more competitive prices, while becoming more nimble and customer focused. At the same time, foreign investments in sectors across retail, aviation, pharma, technology, etc. have helped unleash a new era of daring Indian entrepreneurs who have the courage to dream big and have created some of India's most well-known and valuable companies.

 A couple of days ago, we all witnessed headlines screaming that Flipkart's Sachin Bansal and Ola's Bhavish Aggarwal are allegedly "seeking government protection in their battle against global rivals". You can read the articles here and here . Not surprisingly, there has been a barrage of opinions on social media, with many criticising our local heroes for seeking government protection. Before taking sides, lets first understand the issue more deeply. At the risk of being unpopular, I thought I'd share my own views on this topic. To be clear, I don't know Sachin Bansal and have never met or discussed this with him. However, Bhavish is a founder very very dear to me and we're fortunate to be early investors in Ola. I'm more familiar with Ola and hence this post is more about Ola-Uber and less about Flipkart-Amazon, even though many of the same issues apply. Anyone who knows Bhavish, will tell you he is among the most audacious entrepreneurs this country has produced. It takes someone special to go against the mighty Uber and stay ahead of them despite all odds. So why is Bhavish raising this issue and why now? What is the real issue beyond the sensational headlines? Ola's Bhavish Aggarwal and Flipkart's Sachin Bansal

The Issue I believe many people have misunderstood Sachin & Bhavish's position. Here 's the video of their statement — take 5 minutes and see what they actually said. They aren't against competition. They aren't afraid of competing against global companies. They aren't against foreign capital or anything else the media would have you believe. Far from it — their own companies are dependent on large doses of foreign capital. They also know that fighting against their global peers has helped them improve their own service — a net positive for everyone. So what is the issue then? Simply put, their argument is that global rivals are indulging in an unhealthy market practice known as "capital dumping". They are channelizing money from profitable markets abroad to fund irrational spends and losses here in India. This is to drive local competitors out of the market by "buying" market share. And the single goal of such a practice has always been to eventually monopolize and exploit the market to its fullest potential. This dubious strategy is considered anti-competitive in many jurisdictions and is illegal under competition laws. Read more about anti-trust, capital-dumping, predatory-pricing and more here on Investopedia. If you look at the difference in gross margins of the few consumer internet companies in question, in their home markets vis-a-vis those in India, the difference is telling. Their negative gross margins in India are a far cry from the profits they earn in their home markets. This is in stark contrast with other MNC firms that fairly compete across industries like FMCG, Pharma and even certain internet segments like Search and Social Networking, and establishes their land grab approach to market share. Estimated Gross Margins of MNC firms operating in India The WTO defines anti-dumping as "If a company exports a product at a price lower than the price it normally charges in its own home market, it is said to be "dumping" the product. Indian laws were amended with effect from 1.1.95 to bring them in line with the provisions of the respective GATT agreements.


India has effected anti-dumping in the past across sectors like banking and pharma which has helped create local giants like ICICI Bank, HDFC Bank, Sun Pharma, Dr. Reddy's among others. Read this excellent document to know more on the topic. While this is more in the context of goods, a similar principle ought to apply for services. By market estimates, Uber, selling at negative margins, burns over INR 3000 Crore (US $450 Million) per year in India — this is significantly more than Ola's burn rate despite Ola being much larger. In a letter to investors dated September 7th, Uber mentioned that it plans to further reallocate a significant amount of resources to India from China, where it recently sold its business to Didi. Product Innovation Innovating for consumers and solving real on-the-ground problems takes a serious hit because of capital dumping. I personally don't recall a single meaningful innovation that Uber has launched for the Indian market. All its growth here has come from throwing money at drivers and consumers. Not to forget, they have blindly copied many of Ola's local innovations — some have failed, while others have done them some good. But that isn't good enough for the ecosystem, because capital should never be allowed to stifle innovation. Ola's innovations are far beyond technology and category customizations e.g. by building an offline booking feature, they've not just allowed people to access mobility in no-network areas, but have inspired other apps across verticals to solve for poor connectivity in smaller towns. By quickly launching Ola Credit after the recent Demonetization, they've actually helped keep tens of thousands of Indians away from serpentine ATM queues. Or take Ola Play, a paradigm shift in the mobility and ride-sharing experience. Innovation has a direct impact on our nation's development; both as an inspiration for other companies and entrepreneurs, as well as for creating value for customers in the long run. In fact, innovation is the solution to sustained price optimization, not capital dumping.

A Level Playing Field So what are Sachin and Bhavish really asking for? All they are saying is let's create a level playing field, one where foreign companies aren't using profits they generate in their home geography to subsidise their product in India, with the singular motive of killing local players. They aren't here for charity. No business is. Amazon generates profits in the US, Uber also claims its profitable in the US. How does one compete with these giants if they have access to funding and profits from their home geography while you are dependent on funding alone? Eventually, capital sources will dry up and will lead to monopolistic behaviour by the one who survives. What's in the long-term interest of Indian Consumers? Make no mistake. Having sustainable competition is the best solution in the long term that will benefit consumers. That alone will ensure prices are fair and quality services are being provided, while both players generate reasonable profits. None of the global giants want that. They see India as a large market they want to own for decades and so are indulging in "capital dumping" with the hope that eventually local startups will run out of capital to compete and they can run a monopoly business in India. Once local rivals are out, they will raise prices. That hour-long cab ride you took to work for under Rs 100 will seem like a distant memory. Who knows what the new price will be, but suffice to say it will be significantly higher with sufficient markup to recuperate their losses. And the driver subsidy — it will vanish overnight. Case in point — here 's what happened in China where prices doubled overnight after the Didi-Uber merger.

 The Way Ahead Given the scorching pace of growth of Indian internet companies, there is an urgent need to define and problem solve for the issues outlined above. Should this issue have been raised earlier? Absolutely. Did we as an industry fail in our duty to foresee and address these issues sooner, possibly. But there's never a bad time to discuss the right things. We are seeing the emergence of India's first wave of tech mega-corns and this is new territory for all of us. Moreover, the degree of undercutting on price has intensified in recent times with the intent to drive out local players. There's a fine line between price undercutting for promotional purpose v/s unfair market practices like capital dumping. How do you decide what constitutes capital dumping? I don't claim to have the answers but at-least a recognition and discussion of the core issue will help us all gravitate towards a practical solution that is in the long-term interest of consumers. It's disturbing that so many smart people have been quick to diss our local heroes without so much as a second thought. Let's understand these issues and the ramifications they will have on our country, let alone the nascent startup eco-system. India will be better served if we have the Flipkart's and Ola's thrive to become large platforms that can match and do even better than what their global peers do in their home markets. They will inspire a new generation of entrepreneurs who will believe they too can compete against the mightiest and have a shot at victory. Whether we like it or not, we are all long Flipkart and Ola — their decline will hurt the entire tech eco-system. And when they win (that doesn't mean their global peers must lose, they just need to stop their strategy of capital-dumping and compete fairly), our country will never be the same again. We can recreate the magic that happened in Silicon Valley and China. It will open up a rush of capital and lead to a new wave of innovation, the kind our country hasn't witnessed before. And our local heroes will be the ones leading that wave. And for that, they don't need protection, just a level playing field.

Harvard Business Review article on Demonetisation

By Bhaskar Chakravorti

India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it. Prime Minister Narendra Modi launched a surprise in early November, demonetizing 500 and 1,000 rupee bank notes. Modi’s war on cash is not without international precedent: Singapore, for example, withdrew its largest currency recently; the European Central Bank eliminated the 500-euro bank note; South Korea plans to eliminate at least all coins by 2020. And yet India’s initiative had the potential for chaos.


Here’s why: the government effectively took 86% of cash out of circulation in an economy that is close to 90% cash-reliant. One of Modi’s strongest motivations for this action was corruption — to expose undeclared “black” money, i.e. income illegally obtained or not declared for tax purposes, in Asia’s third-largest economy. But the government seems to have failed in meeting this objective. As of December 3, about 82% of the demonetized bills, amounting to about $185 billion, had been deposited in bank accounts and validated to be legitimately earned money (or legitimized after any additional taxes owed are accounted for). In other words, very little of the estimated $2 trillion black money estimated to be stashed overseas has been captured.

In the meantime, retail and wholesale markets have stalled around the country. Supply chain transactions, real estate deals, and even weddings and funerals have been frozen. Consumers are coping with lines that are frustrating even for Indians used to standing in lines or waiting for basic services. People up and down the income spectrum are dealing with changing cash withdrawal policies and empty ATMs. The nation’s status as the world’s fastest-growing big economy has been severely imperiled and its currency risks being further devalued, a situation made worse by prospects of a strengthening dollar after the U.S. election. Sounds bad, right? But there is a question that hasn’t been asked: Is there a digital upside to this crisis? A digital idealist might argue that the demonetization move is a welcome shock necessary to get a cash-intensive society weaned off its addiction and onto modern systems of digital payments. Indeed, since the chaos erupted, the prime minister has tweeted: “Time has come for everyone, particularly my young friends, to embrace e-banking, mobile banking & more such technology.” He has urged the other side of the market to digitize as well: “I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world,” he said in Hindi on television, encouraging mobile banking applications and credit-card swipe machines.

This is an unusual form of digital disruption of an enforced kind, about as far as one can get from the textbook kind. Consider a few of its most salient aspects: This drastic shift affects the world’s fastest growing large economy, a population of 1.25 billion, and consumers whom we have identified as bearers of some of the highest “cost of cash” in the world (see our HBR article: “The Countries that Would Profit the Most from a Cashless World”). In other words, if a significant amount of the country’s payments were digitized, the benefits would be monumental. This disruption originates not from one of the e-wallet insurgents or from one of the global payments mega-players, but has been engineered top-down by the government. The biggest beneficiaries of this disruption, arguably, would be the incumbents, i.e. Reserve Bank of India, India’s central bank, and the banking institutions. According to our study, the Cost of Cash in India, these institutions spend $3.5 billion annually in currency operations costs. Ironically, the primary losers in this disruption, at least in the near term, are the consumers themselves. The disruptive action did not originate in a small segment of the market; it was launched nationwide. The burden has been regressive, as it has been hardest on the poor and the unbanked, who have had to forgo wages to stand in lines or have lost jobs because of non-functioning markets. So can the demonetization shock push digital payments into the mainstream? Some early reports are suggesting that, indeed, it has had an effect. The leading digital payments players have experienced a bump since the demonetization experiment began. That said, it is important to keep in mind that this bump builds on a low base. According to a 2013 Mastercard study, India was in the “Inception” category of both absolute level of cashlessness and the trajectory of change. Furthermore, there are three fundamental structural factors to be mindful of as we understand the Indian context: India’s ties to cash are strong, even by developing country standards. India uses a lot of cash by any measure. Our Cost of Cash in India study found a remarkably high level of cash usage even when compared with other emerging markets and otherwise digitally under-evolved countries, according to our Digital Evolution Index, reported earlier in HBR. The ratio of money held in bills and coins to the amount held in demand deposit and savings accounts in India was 51%, as compared to Egypt (29.3%), South Africa (8.9%), and Mexico (8.7%). Moreover, the value of notes and coins in circulation as a percentage of GDP in India was 12.04%, compared to 3.93% in Brazil, 5.32% in Mexico, and 3.72% in S'outh' Africa

 There are strong reasons underlying this degree of cash reliance. Consider some of the most significant ones we found when we analyzed the 2014 landscape. Most Indians lacked the means to use non-cash payments, even if they want to. India’s infrastructure for payments was growing, but from very modest beginnings. Fewer than 35% of Indians above the age of 15 had used a bank account. Less than 10% had ever used any kind of non-cash payment instrument. Less than 3% of the value transacted used cards in the year ending March 2014. The growth in value of ATM transactions had far outpaced the growth in the value of card payment transactions. Moreover, in India, the total value of ATM transactions increased more than five times between 2007 and 2012, from about 3 trillion to about 18 trillion rupees, while the value of card transactions barely doubled in the same period from 1 to 2 trillion rupees. Despite the improvement in telecommunications, India lagged its peers in mobile payments. Fewer than 2% of Indians had used a mobile phone to receive a payment, compared to over 60% of Kenyans and 11% of Nigerians. Financial inclusion policies are bank-led rather than telecom-led. Much of India’s recent approach has focused on the supply side of financial inclusion. The priorities of the Reserve Bank (RBI), India’s central bank, are to promote safe, efficient, accessible, inclusive, interoperable, and robust payment systems. India has addressed these priorities both through the creation of national champions, such as the National Payments Corporation of India (NPCI) and its subsidiaries. The result is that India has built the capacity to clear and settle payments. Access to that infrastructure on a sustainable and profitable basis is a key reason behind India’s investment in universal identification (known as Aadhaar)-enabled payments services. The problem is that RBI chose a bank-led model over a telecoms-led one to achieve its financial inclusion goals. As a result, telecoms firms had only recently been allowed to enter the payments space in India, and were limited only to partnerships with banks. Compare this situation to that of Kenya, for example, where a surge in mobile payments has been engineered by the efforts of Safaricom, the major telecom company. The net result of a bank-led approach has been an insufficient investment in the necessary digital infrastructure and inadequate marketing of its potential uses and benefits. Consumers have been left unaware of how they might use mobile phones for services other than communications, texting, or Facebook.


The costs of cash to the Indian consumer are among the highest in the world. In our analyses of the cost of cash across over 70 countries, we found that the cost of cash to consumers – in terms of time spent to get cash and fees — are high in some of the world’s most populous countries. Unsurprisingly, cost to Indian consumers was among the highest. When weighted for population, India fared poorly in terms of ATM access compared to even lesser-developed countries, such as Kenya, Nigeria, or Egypt. Moreover, smaller cities in India had larger problems. Long before the current crisis, we found that residents of Delhi spent 6 million hours and $1.5 million to obtain cash, while residents of Hyderabad spent 1.7 million hours and $0.5 million to do the same. Hyderabadi consumer costs were about twice as high as that of Delhiites on a per capita basis. With this structural understanding in mind, how do we evaluate the potential impact of the demonetization move in getting digital payments past a tipping point? I would argue that, despite the high costs of cash, telling people – as the prime minister did — to go cashless is putting the cart before the horse. The horse in this case is the digital infrastructure and establishing a threshold of trust in the system; beefing up this digital ecosystem should come first. India’s digital state (it ranked 42nd out of the 50 countries we studied in our Digital Evolution Index), does not engender the threshold of trust needed for cashlessness to take hold in a meaningful way. Despite a billion mobile phone subscriptions, just about 30% of Indian subscribers use smartphones. A little over a third of the population has internet access. India lacks infrastructure needed to reliably expand access. Connections are patchy and unreliable and there is great disparity in connectivity: 70% of those with mobile internet access are in cities; only 17% of Indian women use the internet, according to the Pew Research Center. With women responsible for much of household purchases, this does not provide a strong foundation for the spread of digital payments where it really counts. According to Google India and The Boston Consulting Group, by 2020, digital transactions will happen at 10 times the current level. That may well come to pass; maybe demonetization may serve as the needed catalyst. But let us be clear: in the absence of a systematic and concerted investment in digital infrastructure and Internet access, cash will stubbornly resist wholesale digital displacement. It is useful to keep in mind that any form of currency, cold hard cash or digital, involves an “equilibrium mindset” — a mutually self-reinforcing logic — whereby the parties across a transaction must share a belief in the currency and trust that it works and holds value. If there is a shadow of doubt that affects one party’s trust in a particular form of currency, the other will prefer to not rely on it. Cash, unlike digital alternatives, has the benefit of being acceptable (almost) everywhere. If there is concern about the viability or acceptability of digital payments, venturing forth without cash will make consumers feel insecure. When we studied current habits in India, in the Cost of Cash in India, we found that there is great level of comfort in keeping moderate to significant levels of cash in hand, especially in small towns and rural areas. Even credit card users keep significant amounts of cash in hand, and they keep higher balances. The proportion of respondents who keep more than 2,000 rupees as minimum cash in hand is 29% in case of credit card users, as compared to 12% in case of cash-only users. The average amount of minimum cash carried by cash-only users or “debit cash and cash” users is relatively lower than the amount carried by credit card users. The proportion that carried minimum cash in the range of 100 – 500 rupees was 13% among credit card users, as compared to 27% among the cash users. What seems like a major push from physical to digital money will, in reality, happen at a slow pace. While I do not intend to demonize the demonetizers, this unfortunate crisis is a case study in poor policy and even poorer execution. Unfortunately, it is also the poor that bear the greatest burden. Editor’s note: We clarified how money that’s deposited in banks is considered legitimate. 


 Bhaskar Chakravorti is the Senior Associate Dean of International Business & Finance at The Fletcher School at Tufts University and founding Executive Director of Fletcher’s Institute for Business in the Global Context.

AIB Demonetisation circus

SHENZEN SILICON VALLEY OF HARDWARE