Hot Money / Under The Rain

Hot Money - Under The Rain

Rain is a great opportunity to take photographs of thinks that would otherwise be a little bland. And, good light always helps. Then, all that remains is composition.

An anonymous quote, often attributed to Mark Twain reads: "A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain".

If you've been following the news lately, that is exactly what just happened in a number of "emerging markets": Turkey, Brazil, Russia, India, China and South Africa. In Turkey, global bankers withdrew their hot money causing the interest rate to go up from 7.75 to 12 percent overnight. Hot money is capital moving from one country to another in order to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts. The back-and-forth makes banks and investment companies billions, while "sovereign" economies are simply fucked.

The Day We Fight Back

Song of the Day: Rain - Dragon (1983)
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