Swifter, Higher, Stronger: Whither?

The Olympic motto Citius, Altius, Fortius is a Latin phrase meaning Swifter, Higher, Stronger. This is pretty much also the essence of modern notions of progress. Swifter transport is considered better. Offices in ever higher buildings are sought after. Every nation wants to be stronger than the other. Pause a second, where are we headed? Swifter, higher, stronger but whither? Towards an exciting future? Maybe. Or maybe it is pointless to talk about a destination. Savour the journey. Exactly. Are we able to savour life's journey? Or are we lost in a never ending pursuit of faster cars/computers, better houses/mobile phones, stronger finances, more of everything?

Watch this delightful video that brings home the need for reducing consumption. Better technology mostly serves to improve the efficiency of the means of production. If the time and other resources gained in the process are merely employed to further increase production, then all we have done is to encourage even more consumption. No amount of technology can protect the earth if the efficiency gains result in even more consumption. As Mahatma Gandhi said "The earth has enough for everyone's needs, but falls far short of a single man's greed."

Interested in more of this kind of thinking? Read about the slow movement and about the death march of modern civilization.

Businessworld: Volume 27, Issue 34, Best Before 14 Jan 2008

This issue of Buisnessworld has a new look - all very nice and dandy. Then I look at the newly laid out, sharp and slick contents page. One irritant seems to have become even more prominent after the redesign. The top of the page says:

Businessworld 14.01.08

What! its only 7th Jan today. What the @#*$ do you mean "For the week 8-14 January 2008, Released on 7 January 2008." One, I don't believe it came off the press today and reached me in Bangalore. Two, I am pretty sure I could have purchased it from a news stand over the weekend (5-6 Jan). Third, what does it mean to say this issue is for the week 8-14 Jan? Should I not read it today? Should I shred it on 15th Jan? Silly commercial gimmick isn't it? - luring readers into picking up the copy even if it is a week old. Never mind the absurdity of a week that starts on a Tuesday (8th) and ends on a Monday (14th).

I guess its all part of the numbers game. Everyone does it so why be left behind? Dear BW, your content is good, I'd read that Tata interview even I came across this copy 6 months later. Go easy on the gimmicks.

Sincerely
A mildly irritated subscriber.

Can seventymm serve the long tail well?

I have been using seventymm for about a year now and I am quite happy with the service. I am a typical long tail customer; local movie rental shops typically don't stock what I like. Seventymm gives me choice of titles and choice of when-to-watch. Not having to return movies with 3 or 4 days is a big deal for me.

Unfortunately, it seems that they are exploring the idea of limited duration lending for the basic plans. I suspect this is because most of their customers are asking for the latest popular titles. So they can either stock a thousand copies of every new movie or ask customers to keep waiting till the others return their copies. Or they can say "return within 4 days". But why impose this condition on people who are renting out less in-demand titles?

Seventymm should consider grading their titles and fix lending durations accordingly. Recent/popular titles should be returned in 4 days. Other titles need not have limited duration lending. This will help customers like myself. Is anyone listening?

Save on pre EMI interest

EMI payments on a housing loan do not start before complete disbursement. If the loan is disbursed in multiple installments, banks charge pre EMI interest till the date of first EMI. Pre-EMI payments are pure interest - they do not contribute towards loan repayment. A 10 lakh loan at 10% interest will attract a daily pre-EMI of Rs.274 (10% * 10 lakh / 365 days). That's about 8200 rupees a month. Worth saving, isn't it?

Try to go in for single disbursement. Even here, there is a catch. Generally there is a fixed date at the start of every month (say the 1st of each month) to start off your EMI cycle. If you take your single disbursement cheque on the 15 of Jan, your first EMI can only start on 1st Feb (at least two of the biggest home loan companies say so, I suspect this is a way of making easy money). Therefore you will be charged pre-EMI interest for 16 days (15th Jan to 1st Feb). The only way to escape this is to take disbursement on the 31st of Jan (basically one day before their regular monthly date). Often, the consumer is made aware of this at the last moment (when the property seller is hassling him for payment) and he cannot delay the disbursement. So he ends up writing an extra unforeseen cheque.

Hope this saves you from getting milked.