Roundup: S&P +0.81%, Dow +0.45%, Nasdaq +1.16%, London -1.44%, Germany -0.24%, France -0.56%. At pixel: Nikkei +1.40%, Hang Seng +0.67%
#marketing gone bad: J.P. Morgan’s attempt to gather questions on Twitter for a star investment banker turned into a #badidea. The hashtag got hijacked, with questions ranging from “Which Twilight movie is your favorite?” to “Did you always want to be part of a vast, corrupt criminal enterprise or did you ‘break bad’? (Twitter)
Mr Rajan: “There is no fundamental reason for volatility in the value of the rupee. As explanations we are left with fears about what others will fear and do as an explanation for what is going on.” (FT, USDINR)
Forget about taper. Prepare for more QE. Yellen: “Unemployment … is still too high … At the same time, inflation has been running below the Fed’s goal of 2% and is expected to continue to do so for some time. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.” (Fed)
Do you remember peak oil? “The reason why no new significant oil deposits were discovered in the 1980s and 1990s is because… at $20 a barrel it did not make any economic sense to go out and try and discover new oil. In hindsight, you drive oil to $147 barrel and lo and behold, five years hence the world is swimming in oil. It really is that simple.” (FT)
And the US shale juggernaut continues to roll on. Bakken Shale, is about to start pumping 1M barrels of crude per month by December. Eagle Ford Shale in south Texas, hit the 1M/month milestone this past May, while the Permian Basin got there in May 2011. (SA)
The basic-income movement: give everybody free money. Why? Because it is “coherent and harmonious,” with a dash of “beauty” thrown in. Every month, every Swiss person would receive a check from the government, no matter how rich or poor, how hardworking or lazy, how old or young. (NYT) We call it “government job” in India.