New Money in An Ancient Land

A fleeting, ethereal piece published on Granta about the newly rich in Delhi. Quite a strikingly different world from the one that used to exist a couple decades ago. Just like in Russia, Brazil, and China - the economic liberalization has produced a new strata of newly rich who are grappling with what to do with the seemingly endless wealth that is now on their fingertips. A sales girl in the article blurts out:

‘When someone comes in here looking to buy a Bentley, we don’t ask him what he’s driving now. Just because he drives a BMW doesn’t mean he can afford a Bentley. We ask if he has a jet or a yacht. We ask if he has an island.’

And as usual there is the predictable lamention of the existing rulers who see the crass attitudes of the newcomers:

'You see, there are two kinds of rich. There are people who’ve had money for a long time and they don’t give a f*** who you are. They’ll be nice to you anyway. Like I’m nice to people. You may get bored being around them, because all they talk about is how they’ve just got back from Cannes or St-Tropez, but they won’t kick you out. But the people who’ve got rich in the last five years, they turn up at a party and the first thing they do is put their car keys down on the table to show they have a Bentley. They don’t know how to behave.’

Very different portrait of a city from that of Mumbai, which was painted so vividly by Suketu Mehta in Maximum City. I hope Khuswant Singh writes a contemporary update to his absorbing historic novel about Delhi someday.

And now the AIG post-mortem

Another piece of the jigsaw puzzle - as the world pieces together the making of the subprime bomb. Michael Lewis writes about the dealings at AIG.