Crisis watch, 17 November

TED spread	2.10
S&P 500 returns	-4.17%
VIX	66.3
Nikkei 225 (9:20 AM IST)	+1.17%
US Financials index	-5.75%
ICICI Bank ADR	-6.56%
Call rate on 15th	6.58%
Currency futures (9:19 AM IST)	48.99

• RBI moves once again.
• Seven elements of the policy response by Ila Patnaik.
• Editorial in Financial Express on NREG as automatic stabiliser
• Meghnad Desai worries about the fiscal situation of the G-7 in Financial Express.
• Editorial in Financial Express on FMPs.
• Declaration of the G-20.
• Jayanth Varma on financial sector soundness in Financial Express. I also closely watch stock market valuations of banks.
• Some improvements on rules about commodity derivatives transactions by Indian firms on overseas markets.
• Banks seem to have started raising deposit rates in an attempt to hoard liquidity. Also see this story in Hindustan Times.
• M. Govinda Rao in Business Standard on the fiscal position.
• Sugata Ghosh in Economic Times describes how RBI is inching closer to the joys of exchange traded derivatives, away from their traditional bias in favour of OTC derivatives.
• Business Standard gets it on short selling.
• An editorial in Indian Express.
• An editorial on dollar liquidity in Financial Express.
• The House of Tata is making progress on raising some cash. Of the $2.7 billion transaction, roughly a fourth goes into Tata Sons.
• Read and participate in a good discussion on credit rating agencies that was none of my doing.
• John Cochrane on whether this is a good time to buy US equities.
• Article by Richard Milne in Financial Times about how large firms are overcoming the infirmities of banking on the subject of their supply chain.
• Understanding the problem of liquidity by Lasse Heje Pedersen, on voxEU.