An insider's view of the Reserve Bank of India Duvvuri Subbarao's term as the governor of the Reserve Bank of India from 2008 to 2013 was an unusually turbulent period. The global financial crisis erupted; India was in the throes of a decade-high, stubborn inflation rate, followed by a sharp depreciation of the rupee. This was also a time when questions about the breadth of the RBI's mandate, autonomy and accountability became subjects of debate in financial circles and in the media at large. Who Moved My Interest Rate is an authoritative account of the dilemmas and quandaries he confronted while leading the Reserve Bank through these extraordinary economic and political challenges.
THE #1 INTERNATIONAL BESTSELLER WITH OVER 28 MILLION COPIES IN PRINT! A timeless business classic, Who Moved My Cheese? uses a simple parable to reveal profound truths about dealing with change so that you can enjoy less stress and more success in your work and in your life. It would be all so easy if you had a map to the Maze. If the same old routines worked. If they'd just stop moving "The Cheese." But things keep changing... Most people are fearful of change, both personal and professional, because they don't have any control over how or when it happens to them. Since change happens either to the individual or by the individual, Dr. Spencer Johnson, the coauthor of the multimillion bestseller The One Minute Manager, uses a deceptively simple story to show that when it comes to living in a rapidly changing world, what matters most is your attitude. Exploring a simple way to take the fear and anxiety out of managing the future, Who Moved My Cheese? can help you discover how to anticipate, acknowledge, and accept change in order to have a positive impact on your job, your relationships, and every aspect of your life.
A comprehensive and profoundly relevant history of interest from one of the world’s leading financial writers, The Price of Time explains our current global financial position and how we got here In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk. All economic and financial activities take place across time. Interest is often described as the “price of money,” but it is better called the “price of time:” time is scarce, time has value, interest is the time value of money. Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. The financial world now finds itself caught between a rock and a hard place, and Edward Chancellor is here to tell us why. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.
The New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk. If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.
NATIONAL BESTSELLER • In this “gripping” (TechCrunch), “eye-opening” (Gayle King, Oprah Daily) memoir of mental illness and entrepreneurship, the co-founder of the menswear startup Bonobos opens up about the struggle with bipolar disorder that nearly cost him everything. “Arrestingly candid . . . the most powerful book I’ve read on manic depression since An Unquiet Mind.”—Adam Grant, #1 New York Times bestselling author of Think Again and host of WorkLife At twenty-eight, fresh from Stanford’s MBA program and steeped in the move-fast-and-break-things ethos of Silicon Valley, Andy Dunn was on top of the world. He was building a new kind of startup—a digitally native, direct-to-consumer brand—out of his Manhattan apartment. Bonobos was a new-school approach to selling an old-school product: men’s pants. Against all odds, business was booming. Hustling to scale the fledgling venture, Dunn raised tens of millions of dollars while boundaries between work and life evaporated. As he struggled to keep the startup afloat, Dunn was haunted by a ghost: a diagnosis of bipolar disorder he received after a frightening manic episode in college, one that had punctured the idyllic veneer of his midwestern upbringing. He had understood his diagnosis as an unspeakable shame that—according to the taciturn codes of his fraternity, the business world, and even his family—should be locked away. As Dunn’s business began to take off, however, some of the very traits that powered his success as a founder—relentless drive, confidence bordering on hubris, and ambition verging on delusion—were now threatening to undo him. A collision course was set in motion, and it would culminate in a night of mayhem—one poised to unravel all that he had built. Burn Rate is an unconventional entrepreneurial memoir, a parable for the twenty-first-century economy, and a revelatory look at the prevalence of mental illness in the startup community. With intimate prose, Andy Dunn fearlessly shines a light on the dark side of success and challenges us all to take part in the deepening conversation around creativity, performance, and disorder.
In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments. - Written for buyers of real estate, not mortgage lenders - Balances theory with increasingly complex practices of commercial and residential mortgage lending - Emphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making
From the USA TODAY bestselling author of Sweet Thing and Nowhere But Here comes a love story about a Craigslist “missed connection” post that gives two people a second chance at love fifteen years after they were separated in New York City. To the Green-eyed Lovebird: We met fifteen years ago, almost to the day, when I moved my stuff into the NYU dorm room next to yours at Senior House. You called us fast friends. I like to think it was more. We lived on nothing but the excitement of finding ourselves through music (you were obsessed with Jeff Buckley), photography (I couldn’t stop taking pictures of you), hanging out in Washington Square Park, and all the weird things we did to make money. I learned more about myself that year than any other. Yet, somehow, it all fell apart. We lost touch the summer after graduation when I went to South America to work for National Geographic. When I came back, you were gone. A part of me still wonders if I pushed you too hard after the wedding… I didn’t see you again until a month ago. It was a Wednesday. You were rocking back on your heels, balancing on that thick yellow line that runs along the subway platform, waiting for the F train. I didn’t know it was you until it was too late, and then you were gone. Again. You said my name; I saw it on your lips. I tried to will the train to stop, just so I could say hello. After seeing you, all of the youthful feelings and memories came flooding back to me, and now I’ve spent the better part of a month wondering what your life is like. I might be totally out of my mind, but would you like to get a drink with me and catch up on the last decade and a half? M
All of us love to spend. But before we can do that, we have to have earned or saved some money. Only sovereigns don't have to: they can print money, or borrow; in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results - inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. After centuries of ruinous experiences, some governments learnt, others haven't, to control themselves, create self-governing Central banks and let them manage money and regulate banks. Sometime in 2015, news of unsustainable bad debts (non-performing assets or NPAs) in the Indian banking sector started to first trickle out, and then became a flood. In the forefront were some of India's largest government banks, and a series of tycoons who were running their empires on unpaid debts. The banks' problems landed on the table of Urjit Patel when he became Governor of Reserve Bank of India in September 2016. Based on thirty years of macroeconomic experience, he worked out the '9R' strategy which would save our savings, rescue our banks and protect them from unscrupulous racketeers. In this book, he explains the problem and how it blew up; and how he would have resolved it if he had not been prevented.
