Tuesday, June 26, 2012
Monday, June 25, 2012
Apple's failed products
A list of failed products from Apple's stable, but has it stopped them ?
“Underpowered, overpriced, and underutilized – that pretty much describes everything that came out of Apple in the mid-90s," a PC World journalist once said, summing up Apple's (AAPL) interesting failures.
Some were ahead of their time, some were outstripped by newer technology. Some of Apple's flops represented the triumph of aesthetics over functionality, and some were felled by the ascendancy of market reality over magical thinking.
What constitutes Apple's “failures”? Products that sucked up man hours and development funds, were released commercially and then, for myriad good reasons or none, ceased to exist. Here are 10 examples.
Silver plate
“Underpowered, overpriced, and underutilized – that pretty much describes everything that came out of Apple in the mid-90s," a PC World journalist once said, summing up Apple's (AAPL) interesting failures.
Some were ahead of their time, some were outstripped by newer technology. Some of Apple's flops represented the triumph of aesthetics over functionality, and some were felled by the ascendancy of market reality over magical thinking.
What constitutes Apple's “failures”? Products that sucked up man hours and development funds, were released commercially and then, for myriad good reasons or none, ceased to exist. Here are 10 examples.
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Designed as a battery-powered laptop that would work as well as a desktop computer, the Macintosh Portable boasted the innovative plan to use SRAM to help with battery life. Unfortunately, once the battery ran down, there was no way to reboot the computer on AC power. That it cost as much as a used car and, at 16 pounds, strained the definition of “portable,” didn't help matters. After only a year in production, it was discontinued. |
A Frankenstein mix of a gaming console and a PC, the Pippin's downfall was two-pronged: at $600 in 1996 dollars, it was three times the price of the more nimble and functional and better equipped Nintendo N64. And as for connecting with the Internet – the Pippin's 14.4kbp speed, glacial even for dial-up, made it easier to just not go online. |
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This design debacle came in an array of Jellies colors, but the cutesiness couldn't compensate for the awkward round shape. The mouse was difficult to maneuver and the push button frustratingly evasive, even after Apple tweaked the design to include a small indentation. The mouse also had an inherent and unprofitable left-hand bias – the 2-foot cord only barely reached around from the left-side USB port of most Apples. |
A forward-thinking project, the Newton was both an operating system and the world's first personal digital assistant – in fact, the PDA got its name from Apple CEO John Sculley. Although the iPad uses a different OS, the Newton was essentially its precursor. At the time, the market was looking for small, smaller, smallest, and at a nearly iPad-sized 8-by-5 inches, the Newton didn't fit the bill. Like other failed Apple products, the Newton was priced higher than its functionality warranted. Once the smaller, cheaper Palm Pilot hit the market, the Newton PDA was toast. Though the tablet is gone, a version of the OS is still around as an open source project. |
One of the first digital cameras, the QuickTake succumbed to leaps in digital photography technology and the profusion of established camera companies offering them. Kodak andFujifilm (FUJIY) separately collaborated with Apple on versions of the QuickTake, which was meant, predictably, to work only with a Macintosh. The camera stored eight photos at a maximum resolution of 640x480 and had no focus or zoom. You couldn't preview pictures on the camera or delete individual pictures, and since Apple isn't actually in the business of making cameras, the QuickTake was quickly overtaken by more competent, less proprietary competitors. |
eWorld was Apple's attempt at a Mac-only version of the early America Online network. At its peak, the service had 115,000 subscribers compared withAOL's (AOL) 3.5 million. Like AOL, eWorld offered an insular online world and limited access to the outside Internet with its proprietary browser and e-mail system. eWorld failed primarily because Apple was too distracted by its massive financial problems to market it or price it competitively. Intimidated by the larger market share held by former contractual partner AOL, Apple decided to cut its losses and focus on sure things. |
Although its 8x8x8 design was distinctive enough to land it a spot in the Museum of Modern Art's collection, the G4 Cube was overpriced, a fatal flaw that had had taken down other Apple creations. Apple's own Power Mac G4, though not a design marvel, cost some $200 less for the same capabilities and things the Cube's design precluded, like expandability and a fan. The G4 Cube price didn't include a monitor, it tended to overheat, and early versions often came off the line with cracks in the case. In short order, Apple's own rapid advances in processor speed made the Cube the computer version of the Polaroids of the era – of cult value only. |
Apple's collaboration with Motorola on a phone that stored and played 100 iTunes failed, alright – and not just for Apple. Jonathan Rubinstein, then head of Apple's iPod division, expressed his deep commitment to the ROKR he'd helped bring into existence when he mused days after the release, "Is there a toaster that also knows how to brew coffee? There is no such combined device, because it would not make anything better than an individual toaster or coffee machine. It works the same way with the iPod, the digital camera or mobile phone: it is important to have specialized devices." His eerily unprescient remarks came on the heels of Motorola CEO Ed Zander's meltdown once he discovered Apple had simultaneously released both the ROKR and its nemesis. "Screw the nano,” Zander said during a 2005 Silicon Valley press conference. “What the hell does the nano do? Who listens to 1,000 songs? People are going to want devices that do more than just play music.” True, but not true enough to save the ROKR. |
Silver plate
Social Innovation
Is there an innovation that is not social ?
When we go out developing business solutions, process re-engineering or convergence, what is the goal behind it ?
Is the idea to make best product in the market or most useful & meaningful ?
BlackRock : 5 Reasons To Underweight India
A new paper from the BlackRock Investment Institute, “When the Elephant Gets Sick: India at a Crossroads,” elaborates on these downsides of the Indian economy and offers a few more.
Here’s the paper’s list of five things currently wrong with the Indian economy.
1. Fiscal and current account deficits are hurting India’s capacity to finance growth.
2. High inflation and a weak rupee currency limit the Reserve Bank of India’s (RBI) maneuvering room to cut interest rates, and current relatively high interest rates put a damper on economic activity.
3. Policy-making is slow-moving and erratic (thanks to a logjam of bills and official probes), and the probability of much-needed reforms in the near future is low.
4. Domestic consumption underpins India’s 7% economic growth, but there are signs it’s faltering.
5. As India is a major oil importer and is the world’s No. 2 gold consumer, the country’s current account can be negatively impacted by energy and gold prices.
In light of these economic problems, the Institute, like me, expects the Indian market to trade down in the near term. As the paper points out, Indian “equities could dip by 10% in the next six months if global investor sentiment sours further.”
While the Institute also sees the Indian market as a potential long-term opportunity, noting that investors able to handle volatility could see a 10% to 15% upswing over the next 18 months, I’d remain cautious on the market for the next year or so and use it to balance overweights to China (MCHI) and Taiwan (EWT). In fact, this position has worked well since I started advocating it in February.
And perhaps more importantly, the problems with the Indian economy highlighted above don’t just matter for the Indian market. Just as China’s economic fate is important for the global economy, so too is India’s. As the Institute points out, India was a top-five contributor to global growth in 2011 and it has the world’s 11th largest economy. As a result, a further faltering India would only add to global investor anxiety and would be a negative for global equities.
Sunday, June 24, 2012
Silver Plates for Eating
The Health Benefits of Using Silver Plates for Eating
Introduction (approx. 200 words): In today's fast-paced world, where convenience often takes precedence, the significance of traditional practices and their health benefits are often overlooked. One such practice that deserves attention is the use of silver plates for eating. For centuries, silver has been cherished not only for its aesthetic appeal but also for its numerous health benefits. In this article, we will explore the advantages of using silver plates for dining and how they contribute to overall well-being.
Antibacterial and Antimicrobial Properties (approx. 400 words): Silver possesses inherent antibacterial and antimicrobial properties that make it a valuable material for eating utensils. Studies have shown that silver has the ability to inhibit the growth of harmful bacteria, including Escherichia coli (E. coli) and Staphylococcus aureus. These properties can help prevent foodborne illnesses and promote better hygiene in the kitchen.
Natural Preservation of Food (approx. 400 words): Silver has the remarkable ability to naturally preserve food. When food comes into contact with silver, it undergoes a process known as oligodynamic effect, wherein the metal ions present in silver act as a natural preservative. This effect helps to inhibit the growth of bacteria, fungi, and other microorganisms that cause food spoilage. By using silver plates, one can enjoy the benefits of naturally preserved and healthier meals.
Enhances Flavor and Aroma (approx. 400 words): Silver plates have been revered for their ability to enhance the flavor and aroma of food. When food is served on silver, the metal interacts with the taste buds, stimulating the senses and intensifying the flavors. Silver's thermal conductivity also helps to retain heat, ensuring that the food remains warm for a longer duration. The result is a more enjoyable dining experience with heightened taste sensations.
Reduction of Allergies and Asthma Symptoms (approx. 400 words): Many individuals suffer from allergies and asthma triggered by certain metals. However, silver is considered hypoallergenic, making it an excellent alternative for people with metal sensitivities. Unlike materials such as nickel or stainless steel, silver rarely causes allergic reactions, providing relief for those prone to allergies or asthma. Using silver plates can help create a safer dining environment for individuals with sensitivities.
Anti-Inflammatory Properties (approx. 400 words): Silver is known for its anti-inflammatory properties, which can have positive effects on the body. When silver comes into contact with food, it releases trace amounts of silver ions, which are believed to have anti-inflammatory effects. These ions can potentially help in reducing inflammation in the body and promoting better digestion.
Positive Energy and Mindful Eating (approx. 400 words): Silver has long been associated with positive energy and mindfulness. In Ayurveda, an ancient Indian system of medicine, silver is believed to balance the body's energies and enhance overall well-being. Using silver plates for eating not only adds an element of beauty to the dining experience but also encourages mindfulness and conscious eating habits, leading to a healthier relationship with food.
Conclusion (approx. 200 words): Incorporating the use of silver plates for eating can be a simple yet significant step towards improving our overall health and well-being. From its antibacterial properties and natural food preservation to its ability to enhance flavor and reduce allergies, silver offers numerous benefits. Additionally, silver's association with positive energy and mindfulness adds a deeper dimension to the dining experience. By embracing this age-old tradition, we can enjoy not only the aesthetic appeal of silver plates but also the tangible health advantages they provide. So, why not bring a touch of elegance and health into your dining routine by considering the use of silver plates?
Saturday, June 23, 2012
LNG Propulsion - A Cool Idea?
What technologies could be available for an airliner entering service in 2045 that would not be ready in time for aircraft fielded in 2030? That's what NASA asked when it awarded Boeing a year-long extension to its concept studies for "N+3"-generation airliners flying around 2030-35.
What would another 15 years of technology development make possible? One answer: liquified natural gas (LNG) propulsion - in a hyper-efficient airliner already stacked with fuel-saving, emissions-minimizing advances.
Graphics: Boeing
In NASA's generational terms, N+3 is three generations on from today's 737 and 777. Boeing's "N+4" study, the final results of which were submitted at the end of February, looked another generation further into the future, targeting the 2040-50 timeframe.
When Boeing, Lockheed Martin and Northrop Grumman submitted their N+3 reports in 2010, NASA noticed they left a lot of interesting technologies on the shelf because they would not be mature enough for use in aircraft entering service around 2030-35.
So the N+4 study was intended to help NASA identify which of those immature ideas it should start looking at now, as it takes 20 years or more to get a technology ready for the big time in this industry.
The starting point was Boeing's 154-seat SUGAR* High N+3 concept (above, top), with its high aspect-ratio, low induced-drag, truss-braced wing. This was updated with 2045 engine technology, both ducted turbofan and open-rotor unducted fan, then Boeing added LNG fuel to produce the SUGAR Freeze.
The fuselage had to be stretched (above, bottom) to accommodate the fore and aft cyrogenic LNG tanks (Boeing Research & Technology principal investigator Marty Bradley admits the forward tank location is a "problem area" and needs more work).
NASA's goal for N+3 is to reduce fuel burn by 60% from today's CFM56-powered 737-800. Adding N+4 airframe and engine technology to the SUGAR High gets it to around -54%, moving to LNG fuel gets it to -57%, and switching to unducted fans takes it to -62%.
While LNG might not seem an obvious choice for a future aviation fuel, it offers lower fuel burn and emissions as well as potential cost and availability benefits, the study concludes. The US Energy Information Administration's latest annual outlook projects increasing natural gas production and continued low prices through to 2035.
Cryogenic LNG also would be an enabler for fuel-cell hybrid electric propulsion and a step towards clean liquid-hydrogen fuel, Bradley says. But there are environmental concerns with methane emissions from LNG production, as well safety and infrastructure issues to be overcome, and Boeing's study recommends further study.
Boeing also looked at the potential of adding solid-oxide fuel cells to power an aft thruster (above) that ingests the fuselage boundary layer and re-energizes the wake, reducing drag. Fed with hot engine-core air, the fuel cell would power a 3,000shp superconducting motor driving a 60in fan housed within a slender composite nacelle.
In the most technology-laden version of the SUGAR Freeze, the aft boundary-layer ingestion (BLI) device is coupled with unducted-fan (UDF) hybrid engines that are powered by LNG fuel and a 2,200shp electric motor driven from the solid-oxide fuel cell (SOFC).
Add all those acronyms together and you get: LNG + UDF + SOFC + BLI = a SUGAR Freeze with a 64% fuel-burn reduction relative to a 737-800, beating NASA's goal. You also get a bucketload of risk, which is why NASA would need to start working on these technologies sooner rather than later if this concept is ever to become a reality.
While the N+4 study is complete and the technology roadmaps delivered to NASA, Boeing is continuing work under an N+3 Phase 2 contract. This is focusing on further modeling and wind-tunnel investigation of the truss-braced wing and hybrid-electric propulsion of the SUGAR Volt N+3 concept - pictured above in its latest iteration with the batteries mounted in pods under the wing.
* SUGAR = Subsonic Ultra Green Aircraft Research
NOTE - this post was updated on 3/22 with a new, and better, SUGAR Freeze artist's impression from Boeing.
What would another 15 years of technology development make possible? One answer: liquified natural gas (LNG) propulsion - in a hyper-efficient airliner already stacked with fuel-saving, emissions-minimizing advances.
Graphics: Boeing
In NASA's generational terms, N+3 is three generations on from today's 737 and 777. Boeing's "N+4" study, the final results of which were submitted at the end of February, looked another generation further into the future, targeting the 2040-50 timeframe.
When Boeing, Lockheed Martin and Northrop Grumman submitted their N+3 reports in 2010, NASA noticed they left a lot of interesting technologies on the shelf because they would not be mature enough for use in aircraft entering service around 2030-35.
So the N+4 study was intended to help NASA identify which of those immature ideas it should start looking at now, as it takes 20 years or more to get a technology ready for the big time in this industry.
The fuselage had to be stretched (above, bottom) to accommodate the fore and aft cyrogenic LNG tanks (Boeing Research & Technology principal investigator Marty Bradley admits the forward tank location is a "problem area" and needs more work).
NASA's goal for N+3 is to reduce fuel burn by 60% from today's CFM56-powered 737-800. Adding N+4 airframe and engine technology to the SUGAR High gets it to around -54%, moving to LNG fuel gets it to -57%, and switching to unducted fans takes it to -62%.
While LNG might not seem an obvious choice for a future aviation fuel, it offers lower fuel burn and emissions as well as potential cost and availability benefits, the study concludes. The US Energy Information Administration's latest annual outlook projects increasing natural gas production and continued low prices through to 2035.
Cryogenic LNG also would be an enabler for fuel-cell hybrid electric propulsion and a step towards clean liquid-hydrogen fuel, Bradley says. But there are environmental concerns with methane emissions from LNG production, as well safety and infrastructure issues to be overcome, and Boeing's study recommends further study.
Do you learn from making mistakes ?
Mistakes Matter Too: Why We Should Share Our Failures, Not Just Our Successes
Let's judge people not just by their successes but by their best screwups too. Or at least that's what I proposed a few years back to Google HR -- that Googlers add "My Biggest Mistake" to their Google Resume (the Google Resume being an internal accomplishments CV that employees maintained primarily for purposes of promotion reviews. It has since largely been replaced by other evaluation templates). Larry Page believes audacious goals are the only ones worth going after because even if you fail, you've likely made more of a difference than completing easier tasks. So why not call out those failures and their associated lessons? Here was my rationale:
Learning organizations embrace failure in addition to success. Negative examples are cited often in the culture of military and health care, where admitting mistakes kills a career and even opens you up to liability. While reading about this toxicity I became concerned that Google was suffering a bit from the "we're all A Students" problem. Google Resumes were lovingly manicured and groomed to impress reviewers - everyone was so successful! Sure the occasional post-mortem was conducted if something really went wrong, but these were isolated to the team + their management, and rarely attached to an individual (other than those who in the cover of darkness received low performance reviews and were encourage to find another project). Yes, maybe some of the learnings were folded back into our company-wide processes and thus everyone benefits, but there was no way to browse this valuable information, or to ID the battle-scarred individuals for deeper introspection through 1:1 chat.
On top of this halcyon view of ourselves, we were actually filled with folks who had just crazy amazing backgrounds. Like, "See that dude, he invented Python." Holy shit, that can be kind of intimidating when you start to think everyone around is a perfect supergenius. I find that even when you respect someone it's humanizing to know that, yes, they screw up too sometimes. That's why events such as FailCon have gotten a momentum in the tech community.
Also, Google was in a general hypergrowth period from a headcount perspective which means norms & defaults are very important as signals of what matters in a culture. Without those, you lose the fabric. Culture frays. So I did something strange: I added "Biggest Mistakes & Lessons Learned" section to my resume and outlined three times I f'ed up.
Then it started spreading - pinged a few folks I knew and asked them to add it. And they asked a few more. I suggested it on the company wide Ideas@ list. It wasn't like it "went viral," but if I recall correctly a few dozen folks made the addition to their Google Resume, which was cool. With this minor success in hand I began a campaign to make it an official part of the Google Resume template. You see, defaults matter. Think about the forms you fill out - those boxes make a difference. They signal to you what's important. What's expected of you. Norms > rules.
Unfortunately I kind of got the brush off and it was suggested that I just continue the grassroots effort. Now, this isn't a knock on our HR team - we have one of the most progressive - and aggressive - people operations groups out there. I have been impressed with their analytic thinking and ability to get stuff done. I just think they were wrong on this one :)
Although Google has maintained a strong culture, I still believe there's opportunity to help share our mistakes internally - and externally - in order to accelerate the cycles of innovation. Let's not make the same error twice is a powerful goal. But actually now I'm thinking even larger than Google's internal resumes. Hey LinkedIn, how about making "Mistakes" a default field on your Profiles?
Source - http://www.hunterwalk.com/2012/04/mistakes-matter-too-why-we-should-share.html
Investing In Green Infrastructure
(By Donald Marron) Twenty years ago, world leaders gathered in Rio de Janeiro to grapple with climate change, biological diversity, and other environmental challenges. Today they are back again, but with much less fanfare. If my Twitter feed is any indication, Rio+20 is getting much less attention that the original Earth Summit.
One item that deserves attention is greater emphasis on getting business involved in protecting the environment. For example, two dozen leading businesses–from Alcoa to Xerox–teamed up with The Nature Conservancy on a vision for The New Business Imperative: Valuing Natural Capital (interactive, pdf).
The report lays out the business case that natural resources have real economic value, even if they aren't traded in markets, and that protecting them can sometimes reduce costs, maintain supplies, soften the blow of future regulation, and build goodwill with customers, communities, and workers. All kind of obvious, at one level, but nonetheless useful to see in print with examples and commitments.
One item that caught my eye is the potential for "green" infrastructure to replace "gray":
Strong, reliable manmade ("gray") infrastructure undergirds a healthy marketplace, and most companies depend heavily on it to operate effectively and efficiently. Yet increasingly, companies are seeing the enormous potential for "natural infrastructure" in the form of wetlands and forests, watersheds and coastal habitats to perform many of the same tasks as gray infrastructure — sometimes better and more cheaply.
For instance, investing in protection of coral reefs and mangroves can provide a stronger barrier to protect coastal operations against flooding and storm surge during extreme weather, while inland flooding can be reduced by strategic investments in catchment forests, vegetation and marshes. Forests are also crucial for maintaining usable freshwater sources, as well as for naturally regulating water flow.
Putting funds into maintaining a wetland near a processing or manufacturing plant can be a more cost- effective way of meeting regulatory requirements than building a wastewater treatment facility, as evidenced by the Dow Chemical Seadrift, Texas facility, where a 110-acre constructed wetland provides tertiary wastewater treatment of five million gallons a day. While the cost of a traditional "gray"treatment installation averages >$40 million, Dow's up-front costs were just $1.4 million.
For companies reliant on agricultural systems, improved land management of forests and ecosystems along field edges and streams, along with the introduction of more diversified and resilient sustainable agriculture systems, can minimize dependency on external inputs like artificial fertilizers, pesticides and blue irrigation water.
To encourage such investments, where they make sense, lawmakers and regulators need to focus on performance–is the wastewater getting clean?–rather than the use of specific technologies or construction.
Source - http://www.istockanalyst.com/finance/story/5911535/one-idea-from-rio-20-investing-in-green-infrastructure
What is Islamic Banking?
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari'ah (Islamic rulings) and its practical application through the development of Islamic economics. The principles which emphasise moral and ethical values in all dealings have wide universal appeal. Shari'ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services considered contrary to its principles. While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to provide an alternative basis to Muslims although Islamic banking is not restricted to Muslims.
Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shari’ah, known as Fiqh al-Muamalat (Islamic rules on transactions). Islamic banking activities must be practiced consistent with the Shari’ah and its practical application through the development of Islamic economics. Many of these principles upon which Islamic banking is based are commonly accepted all over the world, for centuries rather than decades. These principles are not new but arguably, their original state has been altered over the centuries.
The principle source of the Shari’ah is The Qur’an followed by the recorded sayings and actions of Prophet Muhammad (pbuh) – the Hadith. Where solutions to problems cannot be found in these two sources, rulings are made based on the consensus of a community leaned scholars, independent reasoning of an Islamic scholar and custom, so long as such rulings to not deviate from the fundamental teachings in The Qur’an.
It is evident that Islamic finance was practiced predominantly in the Muslim world throughout the Middle Ages, fostering trade and business activities. In Spain and the Mediterranean and Baltic States, Islamic merchants became indispensable middlemen for trading activities. It is claimed that many concepts, techniques, and instruments of Islamic finance were later adopted by European financiers and businessmen.
The revival of Islamic banking coincided with the world-wide celebration of the advent of the 15th Century of Islamic calendar (Hijra) in 1976. At the same time financial resources of Muslims particularly those of the oil producing countries, received a boost due to rationalisation of the oil prices, which had hitherto been under the control of foreign oil Corporations. These events led Muslims' to strive to model their lives in accordance with the ethics and principles of Islam.
Disenchantment with the value neutral capitalist and socialist financial systems led not only Muslims but also others to look for ethical values in their financial dealings and in the West some financial organisations have opted for ethical operations.
Origin
The origin of the modern Islamic bank can be traced back to the very birth of Islam when the Prophet himself acted as an agent for his wife's trading operations. Islamic partnerships (mudarabah) dominated the business world for centuries and the concept of interest found very little application in day-to-day transactions.
Such partnerships performed an important economic function. They combined the three most important factors of production, namely: capital, labour and entrepreneurship, the latter two functions usually combined in one person. The capital-owner contributed the money and the partner managed the business. Each shared in a pre-determined share of the profits. If there was a loss, the capital-provider lost his money and the manager lost his time and labour.
Commercial Banks in Muslim Lands
Western commercial banks date from about two and a quarter centuries ago, when the western world was dispensing with moral and ethical considerations in economics. When the Muslim world came into contact with the west, Muslims had two choices:
a) To accept commercial banking, arguing that the interest charged by them did not contain the element of riba prohibited in the Qur'an; or,
b) To accept that interest charged was riba and try to develop an alternative system of banking.
But ancient Muslim institutions, such as the Shari'ah courts, had been made ineffective by the colonial powers. Muslims had no alternative but to work with the colonial institutions, including commercial banking.
Nevertheless, during the 19th century, several religious scholars argued that the term riba referred to loans for consumption, which people found it difficult to repay, and not to commercial banking loans, where the debtor can repay from the profits.
But the Qur'an makes no distinction between loans for consumption and loans for productive purposes. So their views were rejected. As a consequence, modern commercial banking did not make much headway in Muslim countries and to this day the presents of the conventional framework still dominates the national financial system.
Early Western PLS Proposals
Equity-participation systems had been proposed at various times of economic crises in the United States and Latin America. The most ardent proponent of these was American Economist, Henry Simons (1899 – 1946), who, in the 1930s, argued that the traditional fractional reserve banking system was inherently unstable and should be replaced by two separate financial institutions:
Deposit banks, which would maintain 100% reserves. They could not fail the depositors and could not create or destroy effective money. They would simply accept deposits.
Investment trusts, which would perform the lending functions of existing banks. Such companies would obtain funds for lending by selling their own stock.
Simons' call for a distinction between the payments and portfolio functions of banks, and for 100% reserve requirement in the former, was rejected at the time, but interest in Simons' ideas has remained.
Many reasons have been advanced for the possible instability of the traditional banking system. Simons suggested that the basic flaw was that as a crisis develops and earnings fall, banks make loans to increase reserves. However, each bank can do so only at the expense of other banks and thus some banks become insolvent.
The bank failures in the U.S. during the 1980s revived interest in equity-based proposals and the separation of the payment of deposits from the portfolio activities of banks. The proposals made were strikingly similar to the Islamic systems now being implemented, at least on the deposit side. But the Islamic system goes further, requiring that loans made by banks should also be equity-based.
Islamic Banks in the 20th Century
When, in the1960s, Muslim thinkers began to explore ways and means of organising commercial banking on an interest-free basis, economists dismissed their work as wishful thinking.
But, in 1963, in Mit Ghamr, in Egypt, the first Islamic interest-free bank came into being. Mt Ghamr was a rural area and the people were religious. They did not place their savings in any bank, knowing that interest was forbidden in Islam. In these circumstances, the task was not only to respect Islamic values concerning interest, but also to educate the people about the use of banking.
The following types of accounts were accepted:
a) Savings accounts
b) Investment accounts
c) Zakat accounts
No interest was paid on savings accounts, but withdrawals could be made on demand. Small, short-term, interest-free loans for productive purposes could be made. Funds in investment accounts were subject to restricted withdrawals and invested on the basis of profit- sharing. The zakat account attracted the official amount of zakat.
The Mit Ghamr project was successful, as deposits increased from 1963 to 1966. The bank was cautious, rejecting about 60% of loan applications and the default ratio was zero in economically good times. But project was eventually abandoned for political reasons. Nevertheless, it had shown that commercial banking could be organised on a non-interest basis.
Correlation of heartbeat and music
~Your heartbeat changes with the music you listen to!~
Music can be so powerful it can affect your mood, brainwaves, and even your heartbeat! It turns out that when we listen to music our body reacts to the sounds we hear.
If a person listens to rock or techno, their heartbeat will involuntarily speed up.The opposite is true if someone listens to more calming or instrumental music.
Music is so influential it can alter your heartbeat, pulse rate, blood pressure, decrease your muscle tension, and even affect your body movement and coordination!
Friday, June 22, 2012
Handheld Augmented Reality
Even in an increasingly virtual environments, physical space matters. The rise of accessible augmented reality technologies makes physical location matter more. Place-based social media like Foursquare have done tremendously well in attracting both users and attention. Who, or what, will be the Foursquare of Augmented Visualization and Interaction? Companies like Layar are taking an active stab at it. But Apple's IOS and appstore ecosystem — as well as Android's and Microsoft/Nokia's new innovation efforts — now makes it far easier to link visual overlays, "enotations" and virtual Post-It notes to geo-spatial coordinates. In other words, don't just read the Foursquare comments but "see" graffiti, sketches, maps and comments simply by peering through your tablet or mobile phone. Instead of "taking" pictures and images, it lets you "see" them as a function of the "augmented reality" layer of data and information stored in the digisphere.
A store like Macy's or Home Depot could use augmented reality layers to let people see underlying details of clothes or tools that a simple tag or QR code might not. Indeed, expect a tussle between retailers and product suppliers over whose "augmented reality" deserves in-store primacy. We may see "augmented reality" fees replace stocking fees as part of physical retailing business models. But that's a battle for beyond 2012. What's next is the first wave of mobile devices becoming augmented reality viewers for their users. Expect to see QR code/augmented reality mashups as a 2012 investment to facilitate the virtual transition.
Source - http://blogs.hbr.org/schrage/2011/12/six-innovative-ideas-to-watch.html
Source - http://blogs.hbr.org/schrage/2011/12/six-innovative-ideas-to-watch.html
Lighting room with a pep bottle
Thinking out of box.. And this is just that. In today's world, how do we light our room? Bulb with filament at the core, tubelights, candles etc. There are places in this world where people mostly spend the day in dark room with no lighting.
Brazillian engineer has come out with an ingenious solution. A solar bulb. The bulb we are talking about is 2 litre pep bottle filled with water and bleach. The water diffracts the light, letting it spread throughout the house instead of focusing on one point. The bleach keeps the water clear and microbe-free.
Solar Bottle Bulb as it is known in the scientific circle is now a lighting source for thousands in Philippines & Brazil.
Reach the author at aahadqj@ gmail.com
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