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<ul class="summary-list"><li><keyword id="6386585" type="UNKNOWN" weightage="60" keywordseo="Barclays">Barclays</keyword> CEO <keyword id="192032" type="PERSON" weightage="60" keywordseo="Jes-Staley">Jes Staley</keyword> talked up his bank's standout first-quarter performance in a new interview.</li><li>Staley said Barclays had no exposure to the <keyword id="11012164" type="UNKNOWN" weightage="60" keywordseo="archegos">Archegos</keyword> or Greensill debacles.</li><li>The CEO also said he expected the <keyword id="124474" type="PERSON" weightage="60" keywordseo="UK-economy">UK economy</keyword> to have its best year since 1948.</li></ul><a href="https://markets.businessinsider.com/stocks/bcs-stock">Barclays</a> CEO Jes Staley sat down with <a href="https://www.youtube.com/watch?v=N1deQLTsQ-M">Bloomberg</a> on Friday to discuss his company's first-quarter performance, growth seen in the UK and US economies, India's battle with COVID, the <keyword id="10310934" type="UNKNOWN" weightage="60" keywordseo="hybrid-work">hybrid work</keyword> environment, and more.In the interview, Staley also said Barclays didn't have any involvement in the <a href="https://www.businessinsider.com/family-office-insiders-brace-for-regulation-after-archegos-lobbying-sec-2021-4">Archegos</a> or <a href="https://www.businessinsider.com/greensill-capital-bankruptcy-bluestone-resources-lawsuit-fraud-loan-fintech-finance-2021-3">Greensill</a> debacles and talked up the record quarter investment bankers had at the firm.Barclays turned in a <a href="https://markets.businessinsider.com/news/stocks/barclays-q1-performance-earnings-profit-revenue-share-price-2021-4-1030369904">record pre-tax profit</a> of £2.4 billion on revenues of £5.9bn in the first quarter of 2021.The results beat analyst consensus estimates for a pre-tax profit of £1.75 billion on revenue of £5.15 billion from analysts.<h3>Here are Staley's eight best quotes from the interview, lightly edited and condensed for clarity:</h3><ol><li>"We are projecting out economic growth in the UK north of 6%. It should be the strongest year of economic growth in the UK since 1948. I think we're all seeing very robust numbers in the US. A lot of this is being driven by the extraordinary rollout of the vaccination program. In the UK, over half the population now has been vaccinated."</li><li>"The capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> have been incredibly robust. The central banks have used their balance sheets to inject an enormous amount of liquidity into the system. Since the pandemic, Barclays has underwritten north of £1.3 trillion of debt and equity. The economy is very liquid the capital markets have grown significantly. Just the credit capital markets alone have grown 40% in the last two years."</li><li>"We have no involvement in Archegos and no involvement in Greensill, which was good for our risk function. Our impairment numbers were low in the first quarter, but really driven by what we call our stage three losses our actual credit losses are down significantly and that's reflected in the impairment number."</li><li>"India's a very important country for us. We announced last week we distributed £1 million of medical supplies across some key cities in India…we have about 20,000 employees in India. It's our second-most populous country after the UK…we're letting our employees take leave if they need to stay home to take care of a loved one…it does put an additional burden on our call centers in the UK."</li><li>"We calculate that right now household deposits (in the UK) are running at £200 billion higher than they would be normally. When the economy reopens, the consumer has got £200 billion of firepower to increase their spending which would clearly drive an acceleration of economic growth."</li><li>"In our equities business we were up close to 100% year-over-year in our fixed business we were slightly off of a very strong quarter last year, but overall the investment bank generated a return on capital of over 20%, one of the most profitable levels this bank has had in well over a decade. That led to profitability for the bank overall of 15%, which is virtually triple what we did in the first quarter of last year."</li><li>"First and foremost, will be the health and wellbeing of our colleagues. I think many of them would like to come back into the office to reconnect with their colleagues. That physical presence, I think, is important for people, but also the pandemic has taught us that we can be quite flexible. So I don't think you'll see a strict mandate from Barclays."</li><li>"I think a lot of people at the margin will be rationalizing their real estate footprint. I think we will do that as well. But our main location…will continue to be the headquarters for the bank, and we'll continue to use the full building."</li></ol>

Barclays CEO Jes Staley discussed his bank's performance, the Archegos debacle, and growth in the UK economy in a new interview. Here are the 8 best quotes.

Beirut, Jul 8 (AP) The lines snaked around the block. Then they swelled to fill the whole street, before they turned into a raucous mob of men shoving to the front of the line. There at the exchange bureau, they could buy rationed dollars, the hottest commodity in Lebanon. The small Mediterranean country's financial meltdown has thrown Lebanese into a frantic search for dollars as their local currency's value evaporates. To get the precious hard currency, they must navigate labyrinthine regulations, exploiting any loopholes they can to rescue their earnings. Every transaction, from doctor fees to store purchases to rent, is negotiated day by day, juggling the tumbling Lebanese pound and multiple, changing dollar exchange rates. Those who can are snapping up luxury goods or real estate, trying to use their dollars trapped in bank accounts frozen by the cash-strapped authorities. The turmoil is deepening resentment of the political elite and the once flourishing banking system - and fueling desperation. "They are going to crash us into a wall," Chris Georgian, a 25-year-old student, said, trying to buy $600 at an exchange bureau to send for his university fees in Armenia. Last week, a 61-year-old man apparently distraught over his economic situation shot and killed himself on a Beirut commercial street, one of multiple suicides during the crisis. Despite survival skills honed by political tension and wars, nothing prepared Lebanese for having to line up to buy money. During the 15-year civil war and Israel's invasion and occupation of the south and Beirut, there may have been queues for water or bread, but Lebanon was always flush with dollars. Since 1997, the local currency, the pound, was pegged at around 1,500 to the dollar, and Lebanese used the two interchangeably. That stability was built on what experts say was essentially a Ponzi scheme that let banks and the elite profit while allowing Lebanese to live beyond their means. Successive governments borrowed from private banks to finance massive public debt and pay for vital imports like fuel - but also luxury goods - eating into depositors' dollar accounts. Most of those deposits were from Lebanese expats attracted by high interest rates. It collapsed when remittances and direct foreign investments plunged in recent years. In the ensuing liquidity crunch, the pound has lost nearly 85% of its value. Tens of thousands have fallen into poverty, wages are worth only a fraction of what they once were, and prices are skyrocketing - stripping Lebanon of its trademark joie de vivre and vibrancy. Chain retailers have shut down, unable to import or price goods with the fluctuating rates. Some vendors have either closed or only take payment in dollars. Dollar accounts have been frozen, and those trapped dollars have become "Monopoly money" with no value outside Lebanon, said Dan Azzi, a former banker and analyst. He coined a name for that currency, the "Lollar" or Lebanese dollar. People began hoarding cash dollars, getting relatives living abroad to transfer dollars, which - unlike frozen local accounts - can be withdrawn from the bank. Some sell gold for dollars. "We buy gold at the highest price $39-$55 and in cash," reads one jeweler's marketing telephone message. The peg remains in place officially, even as the black market price of a dollar has spiraled to at least five times that. Meanwhile, authorities imposed rationing on exchange bureaus, limiting how many dollars a person can buy and setting a rate higher than the peg but lower than the black market. That fanned the raucous lines. Some bought dollars only to sell them on the black market. New phone apps cropped up to keep track of multiple rates. "Isn't all this humiliating?" said Elie, a security guard keeping order at an exchange bureau. "When senior officials were making money, we were getting some of it. Now they aren't anymore, so they deny it to us," he said, declining to give his last name because of his job. Many scramble for ways to use their trapped "Lollars," fearing they could eventually lose them completely. Lines formed outside luxury retailer Louis Vuitton because it was selling at a rate half the black market. Others use stuck dollars to settle bank loans, still valued at the official peg. Azzi estimates loans up to $15 billion have been paid already. Ghassan Frem, a dentist, paid a friend's loan of over $30,000 with his "Lollars." She paid him the money in an account abroad. It is a win-win: He uses his "dead" dollars, and the friend settles her loan at a discount. Meanwhile, Frem bought $950-worth of new air conditioners on his credit card. The trick is: He pays his credit card bill at the official rate with pounds he bought on the black market for far fewer dollars. Many use this loophole, buying merchandise or doing renovations whether they need it or not, to rescue trapped dollars. (AP) RS RS

Hottest commodity in Lebanon's economic chaos: The US dollar

<div class="KonaFilter image-container display-table"><div><div class="image on-image">TransferWiseTransferWise founders Kristo Käärmann, left, and Taavet Hinrikus.</div></div></div><ul class="summary-list"><li>UK-based fintech TransferWise has launched TransferWise for Banks in the US, which allows bank partners to add its cross-border payments into their own apps and websites.</li><li>US banking partners can now integrate TransferWise's API into their infrastructure.</li><li>"The company has all the components to have a successful listing," said CEO Kristo Käärmann. Though TransferWise does not seem to be in a rush to IPO.</li><li>TransferWise announced a third straight year of profitability last week.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>UK fintech startup TransferWise has just inked deals with a US digital bank and a credit union that will offer its international money-transfer services through those companies' own apps.This means the US banking partners can now integrate TransferWise's API into their infrastructure, giving their customers the ability to use TransferWise via the lenders' client-facing platforms to transfer money internationally. That marks the first US agreements where TransferWise is layering its technology into existing banks. The cross-border payments company founded in 2011 is already live with TransferWise for Banks in Europe, where neobanks like the UK's <a href="https://www.businessinsider.com/monzo-integrates-transferwise-2018-6">Monzo</a> and larger institutions like France's <a href="https://www.businessinsider.com/transferwise-bpce-groupe-partnership-2018-6">Groupe BPCE</a> have signed on.Small-business digital lender Novo and the Stanford Federal Credit Union, which serves Stanford University along with other tech companies in the San Francisco Bay area, are among the first US partners for TransferWise's banking product. In June, <a href="https://markets.businessinsider.com/news/stocks/novo-becomes-first-u-s-digital-banking-platform-to-integrate-with-xero-s-accounting-platform-to-revolutionize-fintech-for-small-business-1028292732">Novo announced a partnership</a> with cloud accounting provider Xero. "The exciting thing that the banks are telling me is that just by integrating TransferWise, they suddenly become hyper-competitive for international payments," TransferWise CEO and cofounder Kristo Käärmann told Business Insider.The bank partnerships build on TransferWise's peer-to-peer approach, which pairs up people across borders who want to make money transfers in different currencies. The company says that P2P model is what allows it to charge lower fees than more traditional methods. TransferWise says it charges fees around 1% for cross-border transfers, whereas the global average cross-border transaction fee is closer to 7%. It says that more than 20% of its transfers are delivered in less than 20 seconds.In the US, TransferWise <a href="https://www.businessinsider.com/transferwise-launches-borderless-accounts-and-debit-cards-2018-1">launched</a> a borderless account and debit card last year - that card works around the world and lets people pay regardless of the currency they are spending in.Earlier this month, global money-transfer firm MoneyGram, long seen as a cash-to-cash business, announced that it will now offer real-time, digital peer-to-peer direct deposit to Visa debit cards. That means that using the MoneyGram app or website, users will be able to send money to any Visa debit card. There is a fixed $1.99 fee per transfer, and the service will only be available in the US for now. Read more: <a href="https://www.businessinsider.com/moneygram-and-visa-launch-direct-to-debit-card-payments-2019-9">MoneyGram launches direct Visa debit card payments</a>The TransferWise launch with US banks comes a week after the company reported strong revenue growth and a <a href="https://www.businessinsider.com/transferwise-reports-third-straight-year-of-profits-2019-9">third straight year of profitability</a>.The company says it serves some 6 million people around the world, and processes some $4.9 billion in domestic and cross-border customer payments every month. It has more than 1,700 employees in 12 global offices, and said when it released its latest financials that it is planning to hire 750 more in the next year.Käärmann said that TransferWise is looking for partnerships with both larger institutional banks and newer challenger banks. But smaller firms may offer the most logical opportunity."We certainly see that the smaller banks are faster, more nimble adopters. It's easier to integrate into their tech stack," said Käärmann.Read more: <a href="https://www.businessinsider.com/transferwise-reports-third-straight-year-of-profits-2019-9">TransferWise, a fast-growing money transfer startup valued at $3.5 billion, just turned in a third straight year of profit</a><h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">TransferWiseTransferWise offers borderless accounts and multi-currency debit cards.</div></div></div></h2><h2>The journey of listing</h2>TransferWise doesn't seem to be in any rush to join the ranks of startups that went public this year and are now <a href="https://www.businessinsider.com/tech-ipo-struggling-to-keep-investors-happy-uber-fiverr-lyft-2019-9">trading below their IPO price</a>.TransferWise's last fundraising was a secondary share sale, which <a href="https://www.businessinsider.com/transferwise-valuation-doubles-after-secondary-share-round-2019-5">brought their valuation to $3.5 billion</a>. This kind of fundraising, which gives early investors and employee shareholders an opportunity to realize returns, can relieve pressure on a startup to rush toward an IPO."The market has given us the flexibility where we can raise funding in private markets and we can bring on investors by offering liquidity to our employees or early investors," said Käärmann. "We can do all those things without embarking on the journey of listing."Read more: <a href="https://www.businessinsider.com/tech-ipo-struggling-to-keep-investors-happy-uber-fiverr-lyft-2019-9">Tech IPO injury report: Some of the biggest names in tech have taken a beating after going public this year</a>"The company has all the components to have a successful listing," he said. "If we're going to go on the journey of listing, we have to rationalize it from our customer's perspective."Käärmann said that the company still has plenty of work to do in the international payments space."We are very early in fixing the international payments, or international money in general," he said. Käärmann is confident that TransferWise will be able to achieve its goal of changing the international payments industry by offering cheaper and faster services than legacy banks."It was really just a hypothesis back then, until a couple of years ago when we reached profitability. That's when the hypothesis actually became true," Käärmann said.TransferWise investors include Lead Edge Capital (which backed Uber and Spotify), Andreessen Horowitz (early backer of Facebook and Lyft), Valar Ventures (backer of Stash and N26), and entrepreneur Richard Branson.<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">TransferWiseTransferWise markets itself as a revolution.</div></div></div></h2><h2>Balancing product development with marketing</h2>We asked what TransferWise may have done differently to achieve profitability six years after its launch in 2011. "Where tech companies and other startups trip up more often is in marketing," Käärmann said. "The more expensive the marketing package, the more you'll have to charge your customers," he said, emphasizing that the math is pretty simple. "So many startups that get tripped up on this, and let their marketing costs balloon without really bringing in the customers that are willing to pay for that."TransferWise markets itself as a revolution in international payments, appealing to a global customer base that is drawn to transparency and efficiency. To be sure, it's engaged in its own high-profile campaign - Tan France, of Netflix's Queer Eye, is the face of TransferWise's borderless account and debit card."His personal story resonates well with why we launched the borderless account, and why we started issuing the debit card," said Käärmann. France is from the UK, lives in Salt Lake City, UT, and films Queer Eye in LA. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/jake-bernstein-panama-papers-offshore-banking-shell-companies-2018-2">How the super-wealthy hide billions using tax havens and shell companies</a></h3> <div> </div> </div>

Cross-border payments startup TransferWise just inked its first US partnerships with lenders, including digital bank Novo. We chatted with its CEO about the launch, and why an IPO is still far off.

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> made a bold move and declared Rs 500 and Rs 1000 currency notes as void starting midnight. 
 In his address to the entire nation, Modi said the decision was taken to clamp down on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. 
 
He urged Indians to bear with temporary hardships in the implementation of the new rule. 
 
"We are No 1 in rate of economic growth. Despite some progress, India still ranks at No 76 in world rankings for perception of corruption,” said Modi. 
 
Modi said persons holding old notes of Rs 500 and Rs 1000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016 without any limit. 
 
He also made other important points during his address to the nation. 
 
Here’s the full text of his speech 
 
 
My dear citizens 
 
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us with an onerous responsibility. In the context of BRICS, it was being said that the “I” in BRICS was shaky. Since then, we had two years of severe drought. Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank. 
 
In this effort for development, our motto has been ‘Sab Ka Saath Sab Ka Vikas’: We are with all citizens and for development of all citizens. This Government is dedicated to the poor. It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress. 
 
The Pradhan Mantri Jan Dhan Yojana, 
 
the Jan Suraksha Yojana, 
 
the Pradhan Mantri Mudra Yojana for small enterprises, 
 
the Stand-up India programme for Dalits, Adivasis and Women, 
 
the Pradhan Mantri Ujjwala Scheme for gas connections in the homes of the poor, 
 
the Pradhan Mantri Fasal Beema Yojana and Pradhan Mantri Krishi Sinchai Yojana to protect the income of farmers, 
 
the Soil Health Card Scheme to ensure the best possible yield from farmers’ fields, 
 
and the e-NAM National Market Place scheme to ensure farmers get the right price for their produce 
 
—these are all reflections of this approach. 
 
In the past decades, the spectre of corruption and black money has grown. It has weakened the effort to remove poverty. On the one hand, we are now No. 1 in the rate of economic growth. But on the other hand, we were ranked close to one hundred in the global corruption perceptions ranking two years back. In spite of many steps taken, we have only been able to reach a ranking of seventy-six now. Of course, there is improvement. This shows the extent to which corruption and black money have spread their tentacles. 
 
The evil of corruption has been spread by certain sections of society for their selfish interest. They have ignored the poor and cornered benefits. Some people have misused their office for personal gain. On the other hand, honest people have fought against this evil. Crores of common men and women have lived lives of integrity. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. We hear of vegetable vendors who return excess money given by customers. 
 
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. 
 
Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. 
 
Brothers and sisters, 
 
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money. We began our battle against corruption by setting up an SIT headed by a retired Supreme Court judge, immediately upon taking office. Since then 
 
• a law was passed in 2015 for disclosure of foreign black money; 
 
• agreements with many countries, including the USA, have been made to add provisions for sharing banking information; 
 
• a strict law has come into force from August 2016 to curb benami transactions, which are used to deploy black money earned through corruption; 
 
• a scheme was introduced for declaring black money after paying a stiff penalty; 
 
My dear countrymen, 
 
Through all these efforts, in the last two and a half years, we have brought into the open nearly 1 lakh 25 thousand crore rupees of black money belonging to the corrupt. Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Or by reports of cash found in gunny bags? 
 
The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on. 
 
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years. 
 
Brothers and sisters, 
 
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. 
 
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken. 
 
1. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. 
 
2. Thus you will have 50 days to deposit your notes and there is no need for panic. 
 
3. Your money will remain yours. You need have no worry on this point. 
 
4. After depositing your money in your account, you can draw it when you need it. 
 
5. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. 
 
6. Apart from depositing your notes in your bank account, another facility will also be there. 
 
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 
 
8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. 
 
9. There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 
 
10. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form. 
 
11. On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card. 
 
12. This will be raised to four thousand rupees later. 
 
13. Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November. 
 
14. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. 
 
15. This is for the benefit of those families whose members may be unwell. 
 
16. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription. 
 
17. For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. 
 
18. For 72 hours, five hundred and thousand rupee notes will be accepted also at 
 
• Petrol, diesel and CNG gas stations authorised by public sector oil companies 
 
• Consumer co-operative stores authorised by State or Central Government 
 
• Milk booths authorised by State governments 
 
• Crematoria and burial grounds. 
 
These outlets will have to keep proper records of stock and collections. 
 
19. Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender. 
 
20. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. 
 
21. One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 
 
Brothers and sisters, 
 
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress. 
 
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days? I have full confidence that every citizen will stand up and participate in this ‘mahayagna’. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. 
 
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success. 
 
My dear countrymen, 
 
Secrecy was essential for this action. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed. The Reserve Bank, banks and post offices have to make many arrangements at very short notice. Obviously, time will be needed. Therefore all banks will be closed to the public on 9th November. This may cause some hardship to you. I have full faith that banks and post offices will successfully carry out this great task of national importance. However, I appeal to all of you to help the banks and post offices to meet this challenge with poise and determination. 
 
My dear citizens, 
 
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes. After careful consideration, this was not accepted. Now as part of this exercise, RBI’s recommendation to issue two thousand rupee notes has been accepted. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced. Based on past experience, the Reserve Bank will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation. 
 
In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely. Now, we again have an opportunity where every citizen can join this mahayajna against the ills of corruption, black money and fake notes. The more help you give in this campaign, the more successful it will be. 
 
It has been a matter of concern for all of us that corruption and black money tend to be accepted as part of life. This type of thinking has afflicted our politics, our administration and our society like an infestation of termites. None of our public institutions is free from these termites. 
 
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience. They will not support dishonesty. 
 
Once again, let me invite you to make your contribution to this grand sacrifice for cleansing our country, just as you cleaned up your surroundings during Diwali. 
 
Let us ignore the temporary hardship 
 
Let us join this festival of integrity and credibility 
 
Let us enable coming generations to live their lives with dignity 
 
Let us fight corruption and black money 
 
Let us ensure that the nation’s wealth benefits the poor 
 
Let us enable law-abiding citizens to get their due share. 
 
I am confident in the 125 crore people of India and I am sure country will get success. 
 
Thank you very much. Thanks a lot. 
 
Namaskar. 
 
Bharat Mata Ki Jai.

PM Modi ends Rs 500, Rs 1000 currency notes. Read his full address here

At Rosemead High, generations of students were harassed or groomed for sex as they tried to get an education

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>YouTube via TheFederalistSociety</td></tr></table><keyword id="1413734" type="PERSON" weightage="60" keywordseo="Paul-Singer">Paul Singer</keyword>, the billionaire founder of hedge fund Elliot Management, believes there are still deadly, fundamental flaws in the global economy.
Another Lehman moment, he writes in his latest letter to investors, could come upon us easily, as financial institutions are still holding massive books of derivatives, private equity, and other illiquid investments.
Yes, Singer admits, <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> are probably trying to decrease their positions in these assets, but we can't tell by how much based on the numbers they're reporting. One can only assess that the industry is still risky, opaque, and overleveraged.
But, Singer still has faith that these problems can be fixed — that, if the governments around the globe collaborate to take certain measures, the system can be simplified.
In his letter he lays out nine points for how that aim can be achieved.
<ul>
<li>All investors, traders, institutions and counterparties, regardless of size and regardless of whether they are customers or end-users, should put up the same initial margin. In the case of derivatives in which the initial margin is less than 30% of notional value, two-way daily mark-to-market should be required. Special rules may be needed for completely matched trades in which institutions, nominally principals, are mainly intermediaries. But such trades create a lot of counterparty risk, so this area needs to be carefully studied in light of the widespread use of “netting” agreements today. </li>
<li>The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion. This way illiquid assets held by bankrupt entities can be handled in an orderly fashion without systemic risk, but the trading positions can keep going unless mark-to-market payments are not being made (in which case the defaulting party would trip the trigger for a termination event). </li>
<li>Governments need to be authorized to provide “open bank assistance.” The convolutions of Dodd-Frank aimed at “avoiding” this tactic are ludicrous and will prove to be extremely costly to the system.</li>
</ul>
<ul>
<li>Accounting rules need to change to provide investors with much more information about the sensitivity of bank holdings to various parameters, including: exposure to interest rates at different parts of the curve; exposure to moves in equity prices; currency relationships; delta and vega exposures to various underlyings; curve risk; what portion of positions is perfectly matched versus what portion is not matched. </li>
<li>Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting. </li>
<li>Regulatory regimes should be rationalized to eliminate inconsistent oversight of various instruments that represent exposure to particular assets. </li>
<li>Derivatives trading should be standardized and as much as possible moved to clearinghouses. Margin rules for bilateral contracts must be made more uniform. A rule recently proposed by regulators (based on a Dodd-Frank mandate) provides numerous exceptions to margin-posting requirements for OTC swaps trades. Each such exception leads to more fragility and less safety for individual counterparties and the system as a whole. </li>
<li>A globally-integrated study should be undertaken about how to ensure that deposit insurance does not support proprietary trading activities (as distinguished from enabling banks to make whole loans). </li>
<li>Position sizes must be significantly reduced from current levels. As a result, financial institutions would not be any more leveraged than their customers. The reduced profitability of these institutions would be a small price to pay for the dramatically increased stability of the world’s financial system.</li>
</ul>
What Singer is proposing is an end to a global <keyword id="1739404" type="ENTERTAINMENT" weightage="60" keywordseo="Too-Big-To-Fail">Too Big To Fail</keyword>. But it's not that he wants banks to be out on their own; quite the contrary. He sees that banks are a utility that may, from time to time, need government assistance. That's fine, he says, as long as they're making mark-to-market payments.
If they're not, the banks will trigger a "termination event." Yikes!
Here in the U.S., Senators <keyword id="174956" type="PERSON" weightage="60" keywordseo="Sherrod-Brown">Sherrod Brown</keyword> (D-OH) and <keyword id="335940" type="PERSON" weightage="60" keywordseo="David-Vitter">David Vitter</keyword> (R-LA) have proposed legislation to end Too Big Too Fail, but it's not nearly this comprehensive — where their bill is black and white (fail or no fail) Singer understands that there is a significant gray area.
The only point where the Brown/Vitter bill directly agrees with Singer is on risk-weighted assets. Otherwise, Singer is on a different plane, and it's something to consider.

Billionaire Hedge Funder Paul Singer's 9-Point Plan To Save The Global Financial System

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311"></a><a href="http://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311">MacMillan</a></div></div></div>When assessing economic health and policies, it's helpful to reference theory and past experiences.
Unfortunately, many people love to reference ideas that are just false.
In Chapter 8 of his book "<a href="http://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311">Pragmatic Capitalism</a>," Cullen Roche challenges several widely accepted economic concepts that are actually harmful to our understanding of the financial world.
Titled "Economic And Monetary Myths That Persist," the section identifies 11 misleading ideas that keep coming up. We paraphrase here:
<h3>Myth 1 - The United States Is Going Bankrupt</h3>
People have a tendency to think of the U.S. government's balance sheet as the same as an ordinary household's. This leads to the fear that the U.S. will default on its debt obligations, like Greece, and fall into a recession and crisis.
Why it's false: Unlike a business or household, the U.S. government has the ability to tax, print money and borrow funds at a rate given by the central bank. It also is supported by a unified federal government, central treasury, and a central bank.The main problem with the country's deficit isn't how much it has available to spend, but the impact this spending has on the rest of the economy. The real limitation to U.S. spending is inflation, which would come from providing too much liquidity to the private sector.
"This is a vastly different issue than the constraint the US media usually focus on with regard to the budget deficit and the US government's ability to afford its spending. For the public policy debate to become pertinent, we need to move from the idea of solvency to government spending's impact on the productive base of the economy," Roche said.
<h3>Myth 2 - Quantitative Easing Is Debt Monetization And Will Cause Hyperinflation</h3>
Quantitative Easing (QE) is when the Federal Reserve uses open market operations and banking reserves to achieve lower interest rates. The idea of QE is often associated with money printing and hyperinflation.
Why it's false: In QE, the actual value of net assets doesn't change, just the composition of those assets. Roche likens it to switching from a savings account to a checking account. Because the underlying assets and operations don't increase, QE doesn't lead to an increase in money or inflation. QE can cause an increase in prices and demand for private credit, private sector assets, and balance sheet health.
"QE's primary mechanism is through its ability to alter psychology, thereby keeping rates lower than they might otherwise be. The magnitude of the rate effect is hotly debated and almost impossible to quantify," Roche said. "I think QE has some effect on interest rates and therefore positively impacts private investment and debt burdens. These are positive overall outcomes for the economy but difficult to quantify."
<h3>Myth 3 - Central Banks Exist Solely To Enrich The Bankers</h3>
The power and influence of the central bank can be overstated and misleading. The Fed's close relationship with banks has resulted in the theory that its only purpose is to serve and assist the banks.
Why it's false: Over time, the Federal Reserve has taken on more monetary policy and responsibility when banks are in trouble. But its basic responsibility as a clearinghouse is making sure the payments system is functioning. Without this, there would be little to no regulation at all in banking.
"The central bank exists in large part because the alternative to that setup is letting the banks run a nineteenth-century payments system in which their risk management goes largely unregulated or unmanaged by any outside body," Roche said. "This public-private hybrid system has teh appearance of a conflict of interest because the central bank serves not only the banks, but also the government. But on the whole the design is a fairly rational compromise between a purely public or purely private system. It's by no means perfect, but it's also not the conspiracy theory some make it out to be."
<h3>Myth 4 - A Credit-Based Monetary System Is Unsustainable</h3>
Disasters like when the housing bubble burst are a good indicator of unstable credit-based monetary systems. However, this is exaggerated in the belief that debt is always a bad thing, and fundamentally unsustainable.
Why it's false: In accounting, one person's liabilities are another person's assets. A loan from the bank means a loan liability for the borrower, and a loan asset for the bank. What determines whether this will be a good or bad liability is the value to be gained from that loan. Roche used housing as an example: If you use your loan to buy a house, that house becomes an asset worth more than what your current liquid assets could attain. This can be used to create more value now. "By allowing us to bring our future spending into the present, debt can allow us to also bring future production or a superior living standard into the present. There is a cost for this (the loan), but the overall impact of the debt really depends on how wisely you're using the debt," Roche said.
<h3>Myth 5 - The Free Market Can Solve All Our Problems</h3>
When dealing with policy, some extremists will argue that letting capitalism go unchecked will inherently resolve problems in the market. 
Why it's false: It's possible to have too much of a good thing. Capitalism, when left alone, will solely pursue profit maximization and naturally turn into monopolies. Unregulated monopolies mean minimized wages, employment, consumer loss, and increased inequality. A well-run government has the ability to keep capitalism from becoming corrupt and harmful. "This doesn't necessarily mean we should chain down capitalists and make it undesirable or exceedingly difficult to pursue business activities, but I think we have to be careful about the idea that unchecked capitalism with necessarily serve the best interests of a society as a whole through a purely free-market system," Roche said.
<h3>Myth 6 - Consumers Matter More Than Producers</h3>
Markets are rarely in perfect equilibrium, and economists often debate whose interests matters more, producers or consumers? And people have a tendency to value consumer benefits more than producers.
Why it's false: It all depends on where the business cycle and credit cycle is. "The answer to this question about consumers and producers is not that one is more important than the other, but that both matter throughout the business cycle, and understanding potential policy or economic needs is mostly about understanding where we are in the cycle," Roche said. "Additionally we should view producers and consumers as two sides of the same coin. To multiply that coin we need not only health consumers but vibrant and innovative producers."
<h3>Myth 7 - Saving Finances Investment</h3>
The idea that savings equals investment, or S = I, is a common but oversimplified view on financial transactions. 
Why it's false: Roche divides this into two different flaws. The first flaw is the idea that savings come from a set supply of loanable funds. However, banks can create loans and deposits simply by expanding their balance sheets, marking up both its assets and liabilities. "When a bank extends credit, it does not necessarily decrease its revenues, consumption, or income. It is a pure balance sheet change created from thin air," Roche said.
The second flaw is thinking of savings and investment as a simple transaction, and failing to take the results of saving into account. Roche offered an example scenario: "What if, instead of consuming your $50, you purchased a $50 production line ... Then you own a productive $50 nonfinancial asset. You have not consumed your income and it has not declined; your level of investment has increased by $50. In addition the seller of the production line will experience an increase in saving. Their saving has increased without your having dis-saved. Therefore in the aggregate investment often creates saving."
<h3>Myth 8 - The IS-LM Model Can Properly Explain The Economy</h3>
The IS-LM model, which stands for Investment-Saving, Liquidity-Money, is used in modern macroeconomics to understand the relationship between real output and interest rates.
Why it's false: The IS-LM model incorrectly assumes that saving finances investment, and that there is a held supply of savings available for banks (addressed in Myth 7). It also assumes that if savings increases, interest rates go down and investment goes up. This leads to the false belief that lower consumption and smaller government deficit would create more loanable funds. The creator of the model has even referred to it as a "classroom gadget," even though it is still widely used in people's understanding of economics.
<h3>Myth 9 - Growth Of Money Equals Inflation</h3>
Similar to S = I, the economic equation MV = Py is often misrepresented, where M is money supply, V is the velocity of money supply, P is the price level and y is the real GDP. According to MV = Py, increasing money supply and velocity of money spent can lead to inflation. This equation is then simplified into "growth of money equals inflation."
Why it's false: The main problem with this assumption is an extremely vague definition of the word "money." Economists generally use bank reserves and cash, but these only have an indirect impact on lending because they are not limited to a set amount of reserves. M also ignores other factors that make up financial asset value aside from money. Instead, M is mainly affected by the demand for loans by credit-worthy customers. 
"Could more money lead to higher inflation? Of course," Roche said. "Does an increasing money supply automatically mean we are worse off or experiencing a decline in our living standard? It most certainly could, but the assumption that 'more money equals inflation' won't really tell you whether more money and potential inflation are actually good or bad."
<h3>Myth 10 - Hyperinflation Is Caused By Printing Money</h3>
Related to Myth 9, many people believe hyperinflation is a high rate of inflation caused by printing too much money. 
Why it's false: According to Roche's research, hyperinflation's root cause is actually severe economic circumstances which resulted in an increased money supply. These include: a collapse in production, government corruption, loss of a war, regime changes, and ceding of monetary sovereignty. "While government debts and deficit spending can exacerbate a hyperinflation, they have not generally been the cause of hyperinflation but rather the result of other political and economic events," Roche said.
<h3>Myth 11 - Economists Have All The Economic Answers</h3>
To close, Roche warned against taking what economists have to say at face value. 
Why it's false: Economic models are meant simulate reality, but are almost impossible to test on an entire economy. Therefore, much of what economists work with is theoretical and prone to guesswork. "Making matters even worse, much of modern-day economics has become politicized as economists are called on to advise on major policy using only theory and conjecture. Much of economics involves conforming a political bias with a worldview," Roche said. "Every school of economics has a specific ideology, and the political lines are clearly drawn. This doesn't even approach science. It's more like religion."
<a href="http://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311">Roche's book goes on sale Tuesday</a>.

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